# EDGAR Filing Document

**Accession Number:** 0001065698
**File Stem:** 0001193125-26-069015
**Filing Date:** 2026-2
**Character Count:** 908050
**Document Hash:** 2398b18abd08f5f8505c48f4fe3194f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-069015.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001193125-26-069015

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08879
- **FILM NUMBER:** 26674838

**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'? 1fbc416a-4191-48b7-bd2c-15107450cd6d

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

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

#### December 31, 2025

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

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| Initial Class | $5 | 0.05% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Conservative Allocation Portfolio (fund) provided a total return of 10.00%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Portfolio Blended Index (Blended Index), generated a return of 12.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

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

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

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

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

* Top contributors to performance relative to the MFS Conservative Allocation Portfolio Blended Index:

Within non-US equities, the fund's exposure to the MFS International Intrinsic Value Portfolio supported relative performance as the developed non-US value segment posted strong results during the reporting period. 

Within fixed income, the fund's exposure to both the MFS Inflation-Adjusted Bond Portfolio and MFS High Yield Portfolio aided relative performance, given strength in these market segments. 

* Top detractors from performance relative to the MFS Conservative Allocation Portfolio Blended Index:

The fund's diversified exposure across all funds within the US equity segment, with the exception of the MFS Growth Series, detracted from relative returns. Additionally, lagging relative performance across the majority of the strategies within the US equity segment also weighed on relative results as the funds generally underperformed their respective benchmarks. 

Within non-US equities, lagging relative performance for all funds further hindered relative performance. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2255790.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 10.00% | 3.09% | 5.70% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |
| MFS Conservative Allocation Portfolio Blended Index ∆ | 12.50% | 4.70% | 6.29% |

---

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

The MFS Conservative Allocation Portfolio Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **12/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 29.00% |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) | 9.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

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

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

Visit mfs.com/perf/vit3ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 226917579 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 18 | Portfolio Turnover Rate (%): | 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2255792.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Series | 15.5% |
| MFS Limited Maturity Portfolio | 11.1% |
| MFS Inflation-Adjusted Bond Portfolio | 10.0% |
| MFS Government Securities Portfolio | 10.0% |
| MFS Global Governments Portfolio | 8.0% |
| MFS Research Series | 6.2% |
| MFS Value Series | 6.0% |
| MFS Research International Portfolio | 5.3% |
| MFS Growth Series | 5.2% |
| MFS High Yield Portfolio | 5.0% |
| MFS Mid Cap Value Portfolio | 4.0% |
| MFS Mid Cap Growth Series | 4.0% |
| MFS International Growth Portfolio | 2.1% |
| MFS International Intrinsic Value Portfolio | 2.1% |
| MFS Global Real Estate Portfolio | 2.0% |
| MFS Institutional Money Market Portfolio | 1.5% |
| MFS New Discovery Value Portfolio | 1.0% |
| MFS New Discovery Series | 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| Service Class | $31 | 0.30% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Conservative Allocation Portfolio (fund) provided a total return of 9.72%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Portfolio Blended Index (Blended Index), generated a return of 12.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

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

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

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

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

* Top contributors to performance relative to the MFS Conservative Allocation Portfolio Blended Index:

Within non-US equities, the fund's exposure to the MFS International Intrinsic Value Portfolio supported relative performance as the developed non-US value segment posted strong results during the reporting period. 

Within fixed income, the fund's exposure to both the MFS Inflation-Adjusted Bond Portfolio and MFS High Yield Portfolio aided relative performance, given strength in these market segments. 

* Top detractors from performance relative to the MFS Conservative Allocation Portfolio Blended Index:

The fund's diversified exposure across all funds within the US equity segment, with the exception of the MFS Growth Series, detracted from relative returns. Additionally, lagging relative performance across the majority of the strategies within the US equity segment also weighed on relative results as the funds generally underperformed their respective benchmarks. 

Within non-US equities, lagging relative performance for all funds further hindered relative performance. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2255965.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 9.72% | 2.83% | 5.43% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |
| MFS Conservative Allocation Portfolio Blended Index ∆ | 12.50% | 4.70% | 6.29% |

---

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

The MFS Conservative Allocation Portfolio Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **12/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 29.00% |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) | 9.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

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

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

Visit mfs.com/perf/vit3sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 226917579 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 18 | Portfolio Turnover Rate (%): | 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2255961.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Series | 15.5% |
| MFS Limited Maturity Portfolio | 11.1% |
| MFS Inflation-Adjusted Bond Portfolio | 10.0% |
| MFS Government Securities Portfolio | 10.0% |
| MFS Global Governments Portfolio | 8.0% |
| MFS Research Series | 6.2% |
| MFS Value Series | 6.0% |
| MFS Research International Portfolio | 5.3% |
| MFS Growth Series | 5.2% |
| MFS High Yield Portfolio | 5.0% |
| MFS Mid Cap Value Portfolio | 4.0% |
| MFS Mid Cap Growth Series | 4.0% |
| MFS International Growth Portfolio | 2.1% |
| MFS International Intrinsic Value Portfolio | 2.1% |
| MFS Global Real Estate Portfolio | 2.0% |
| MFS Institutional Money Market Portfolio | 1.5% |
| MFS New Discovery Value Portfolio | 1.0% |
| MFS New Discovery Series | 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS New Discovery Value Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Initial Class | $89 | 0.88% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS New Discovery Value Portfolio (fund) provided a total return of 3.08%, at net asset value. This compares with a return of 17.15% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Value Index, generated a return of 12.59%. 

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

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

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

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

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Value Index:

Security selection within both the industrials and energy sectors supported relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Value Index:

Security selection within the materials, health care, communication services, and consumer discretionary sectors held back relative returns. 

Security selection within the consumer staples, financials, and information technology sectors also weakened relative results. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2257106.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 3.08% | 8.48% | 10.58% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index ∆ | 12.59% | 8.88% | 9.27% |

---

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

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

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

Visit mfs.com/perf/vit3ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 44253475 | Total Management Fee ($)#: | 398398 |
| Total Number of Holdings: | 137 | Portfolio Turnover Rate (%): | 50 |

---

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

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 97.1% |
| Money Market Funds | 2.9% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.5% |
| Industrials | 13.1% |
| Information Technology | 9.5% |
| Health Care | 9.0% |
| Consumer Discretionary | 8.8% |
| Real Estate | 8.1% |
| Materials | 7.5% |
| Energy | 6.8% |
| Utilities | 6.6% |
| Consumer Staples | 1.8% |
| Communication Services | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Prosperity Bancshares, Inc. | 1.4% |
| Popular, Inc. | 1.3% |
| NCR Atleos Corp. | 1.3% |
| First Interstate BancSystem, Inc. | 1.2% |
| Columbia Banking System, Inc. | 1.2% |
| First Hawaiian, Inc. | 1.2% |
| Hancock Whitney Corp. | 1.1% |
| Plains GP Holdings LP | 1.1% |
| Portland General Electric Co. | 1.1% |
| Cathay General Bancorp, 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.

VDVIC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS New Discovery Value Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $115 | 1.13% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS New Discovery Value Portfolio (fund) provided a total return of 2.88%, at net asset value. This compares with a return of 17.15% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Value Index, generated a return of 12.59%. 

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

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

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

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

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Value Index:

Security selection within both the industrials and energy sectors supported relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Value Index:

Security selection within the materials, health care, communication services, and consumer discretionary sectors held back relative returns. 

Security selection within the consumer staples, financials, and information technology sectors also weakened relative results. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2257281.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 2.88% | 8.22% | 10.30% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index ∆ | 12.59% | 8.88% | 9.27% |

---

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

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

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

Visit mfs.com/perf/vit3sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 44253475 | Total Management Fee ($)#: | 398398 |
| Total Number of Holdings: | 137 | Portfolio Turnover Rate (%): | 50 |

---

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

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 97.1% |
| Money Market Funds | 2.9% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.5% |
| Industrials | 13.1% |
| Information Technology | 9.5% |
| Health Care | 9.0% |
| Consumer Discretionary | 8.8% |
| Real Estate | 8.1% |
| Materials | 7.5% |
| Energy | 6.8% |
| Utilities | 6.6% |
| Consumer Staples | 1.8% |
| Communication Services | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Prosperity Bancshares, Inc. | 1.4% |
| Popular, Inc. | 1.3% |
| NCR Atleos Corp. | 1.3% |
| First Interstate BancSystem, Inc. | 1.2% |
| Columbia Banking System, Inc. | 1.2% |
| First Hawaiian, Inc. | 1.2% |
| Hancock Whitney Corp. | 1.1% |
| Plains GP Holdings LP | 1.1% |
| Portland General Electric Co. | 1.1% |
| Cathay General Bancorp, 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.

VDVSC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| Initial Class | $4 | 0.04% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Growth Allocation Portfolio (fund) provided a total return of 12.18%, at net asset value. This compares with a return of 17.88% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Portfolio Blended Index (Blended Index), generated a return of 18.09%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

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

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

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

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

* Top contributors to performance relative to the MFS Growth Allocation Portfolio Blended Index:

Within non-US equities, the fund's underweight exposure to the MFS International Intrinsic Value Portfolio supported relative performance as the developed non-US value segment posted strong results during the reporting period. 

Within fixed income, the fund's exposure to both the MFS Inflation-Adjusted Bond Portfolio and MFS High Yield Portfolio aided relative performance, given strength in these market segments. 

* Top detractors from performance relative to the MFS Growth Allocation Portfolio Blended Index:

The fund's diversified exposure across all funds within the US equity segment, with the exception of the MFS Growth Series, detracted from relative returns. Additionally, lagging relative performance across the majority of the strategies within the US equity segment also weighed on relative results as the funds generally underperformed their respective benchmarks. 

Within non-US equities, lagging relative performance for all funds further hindered relative performance. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2256167.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 12.18% | 6.19% | 9.22% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 17.88% | 14.42% | 14.82% |
| MFS Growth Allocation Portfolio Blended Index ∆ | 18.09% | 9.73% | 10.37% |

---

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

The MFS Growth Allocation Portfolio Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **12/31/25** |
| Standard & Poor's 500 Stock Index | 54.00% |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) | 21.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

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

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

Visit mfs.com/perf/vit3ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 342861746 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 18 | Portfolio Turnover Rate (%): | 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2256170.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Series | 11.0% |
| MFS Research International Portfolio | 10.3% |
| MFS Growth Series | 10.2% |
| MFS Research Series | 9.2% |
| MFS Mid Cap Value Portfolio | 9.0% |
| MFS Mid Cap Growth Series | 9.0% |
| MFS International Intrinsic Value Portfolio | 5.2% |
| MFS International Growth Portfolio | 5.1% |
| MFS High Yield Portfolio | 5.0% |
| MFS Inflation-Adjusted Bond Portfolio | 5.0% |
| MFS Global Real Estate Portfolio | 5.0% |
| MFS Total Return Bond Series | 4.5% |
| MFS Global Governments Portfolio | 4.0% |
| MFS New Discovery Value Portfolio | 2.0% |
| MFS New Discovery Series | 2.0% |
| MFS Institutional Money Market Portfolio | 1.5% |
| 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| Service Class | $31 | 0.29% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Growth Allocation Portfolio (fund) provided a total return of 11.87%, at net asset value. This compares with a return of 17.88% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Portfolio Blended Index (Blended Index), generated a return of 18.09%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

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

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

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

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

* Top contributors to performance relative to the MFS Growth Allocation Portfolio Blended Index:

Within non-US equities, the fund's underweight exposure to the MFS International Intrinsic Value Portfolio supported relative performance as the developed non-US value segment posted strong results during the reporting period. 

Within fixed income, the fund's exposure to both the MFS Inflation-Adjusted Bond Portfolio and MFS High Yield Portfolio aided relative performance, given strength in these market segments. 

* Top detractors from performance relative to the MFS Growth Allocation Portfolio Blended Index:

The fund's diversified exposure across all funds within the US equity segment, with the exception of the MFS Growth Series, detracted from relative returns. Additionally, lagging relative performance across the majority of the strategies within the US equity segment also weighed on relative results as the funds generally underperformed their respective benchmarks. 

Within non-US equities, lagging relative performance for all funds further hindered relative performance. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2256341.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 11.87% | 5.93% | 8.95% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 17.88% | 14.42% | 14.82% |
| MFS Growth Allocation Portfolio Blended Index ∆ | 18.09% | 9.73% | 10.37% |

---

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

The MFS Growth Allocation Portfolio Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **12/31/25** |
| Standard & Poor's 500 Stock Index | 54.00% |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) | 21.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

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

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

Visit mfs.com/perf/vit3sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 342861746 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 18 | Portfolio Turnover Rate (%): | 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2256337.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Series | 11.0% |
| MFS Research International Portfolio | 10.3% |
| MFS Growth Series | 10.2% |
| MFS Research Series | 9.2% |
| MFS Mid Cap Value Portfolio | 9.0% |
| MFS Mid Cap Growth Series | 9.0% |
| MFS International Intrinsic Value Portfolio | 5.2% |
| MFS International Growth Portfolio | 5.1% |
| MFS High Yield Portfolio | 5.0% |
| MFS Inflation-Adjusted Bond Portfolio | 5.0% |
| MFS Global Real Estate Portfolio | 5.0% |
| MFS Total Return Bond Series | 4.5% |
| MFS Global Governments Portfolio | 4.0% |
| MFS New Discovery Value Portfolio | 2.0% |
| MFS New Discovery Series | 2.0% |
| MFS Institutional Money Market Portfolio | 1.5% |
| 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Inflation-Adjusted Bond Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Initial Class | $63 | 0.60% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Inflation-Adjusted Bond Portfolio (fund) provided a total return of 8.63%, at net asset value. This compares with a return of 8.17% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the Bloomberg World Government Inflation-Linked Bond Index, generated a return of 8.80%. 

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

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

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

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

* Top contributors to performance relative to the Bloomberg World Government Inflation-Linked Bond Index:

From a country perspective, the fund's overweight exposure to Italy benefited relative performance. 

The fund's shorter duration stance against the Canadian yield curve contributed to relative performance. 

* Top detractors from performance relative to the Bloomberg World Government Inflation-Linked Bond Index:

The fund's overweight exposure to 5- and 7-year key interest rates weighed on relative performance. Additionally, an underweight allocation to the Swiss Franc further weakened relative returns. 

The fund's longer duration stance against both the US and UK yield curves held back relative performance. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2256355.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 8.63% | (3.09)% | 1.10% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.17% | (2.15)% | 1.26% |
| Bloomberg World Government Inflation-Linked Bond Index ∆ | 8.80% | (2.17)% | 1.68% |

---

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

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

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

Visit mfs.com/perf/vit3ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 153915646 | Average Effective Maturity (yrs): | 9.9 |
| Total Number of Holdings: | 97 | Average Effective Duration (yrs): | 9.0 |
| Total Management Fee ($)#: | 759573 |  |  |
| Portfolio Turnover Rate (%): | 43 |  |  |

---

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

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.9% |
| Money Market Funds | 2.1% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 49.5% |
| United Kingdom | 21.4% |
| Italy | 11.2% |
| France | 5.1% |
| Spain | 3.7% |
| Japan | 2.9% |
| Canada | 2.0% |
| New Zealand | 1.3% |
| Uruguay | 0.8% |
| Other Countries | 2.1% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 4.8% |
| AA | 26.5% |
| A | 8.8% |
| BBB | 12.0% |
| BB | 0.9% |
| U.S. Government | 43.5% |
| Federal Agencies | 1.4% |
| Money Market Funds | 2.1% |

---

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

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

VIAIC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Inflation-Adjusted Bond Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $88 | 0.85% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Inflation-Adjusted Bond Portfolio (fund) provided a total return of 8.17%, at net asset value. This compares with a return of 8.17% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the Bloomberg World Government Inflation-Linked Bond Index, generated a return of 8.80%.

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

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

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

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

* Top contributors to performance relative to the Bloomberg World Government Inflation-Linked Bond Index:

From a country perspective, the fund's overweight exposure to Italy benefited relative performance.

The fund's shorter duration stance against the Canadian yield curve contributed to relative performance.

* Top detractors from performance relative to the Bloomberg World Government Inflation-Linked Bond Index:

The fund's overweight exposure to 5- and 7-year key interest rates weighed on relative performance. Additionally, an underweight allocation to the Swiss Franc further weakened relative returns.

The fund's longer duration stance against both the US and UK yield curves held back relative performance.

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2256528.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 8.17% | (3.35)% | 0.84% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.17% | (2.15)% | 1.26% |
| Bloomberg World Government Inflation-Linked Bond Index ∆ | 8.80% | (2.17)% | 1.68% |

---

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

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

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

Visit mfs.com/perf/vit3sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 153915646 | Average Effective Maturity (yrs): | 9.9 |
| Total Number of Holdings: | 97 | Average Effective Duration (yrs): | 9.0 |
| Total Management Fee ($)#: | 759573 |  |  |
| Portfolio Turnover Rate (%): | 43 |  |  |

---

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

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

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

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.9% |
| Money Market Funds | 2.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 49.5% |
| United Kingdom | 21.4% |
| Italy | 11.2% |
| France | 5.1% |
| Spain | 3.7% |
| Japan | 2.9% |
| Canada | 2.0% |
| New Zealand | 1.3% |
| Uruguay | 0.8% |
| Other Countries | 2.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 4.8% |
| AA | 26.5% |
| A | 8.8% |
| BBB | 12.0% |
| BB | 0.9% |
| U.S. Government | 43.5% |
| Federal Agencies | 1.4% |
| Money Market Funds | 2.1% |

---

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

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

VIASC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Limited Maturity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Initial Class | $48 | 0.47% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Limited Maturity Portfolio (fund) provided a total return of 5.83%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Bond Index, generated a return of 5.35%.

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

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

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

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

* Top contributors to performance relative to the Bloomberg 1-3 Year U.S. Government/Credit Bond Index:

The fund's exposure to the collateralized mortgage obligation (CMO) sector, for which the benchmark has no exposure, benefited relative performance.

The fund's longer duration stance helped relative returns. Bond selection within BBB-rated securities, particularly within the industrials sector, also strengthened relative returns.

* Top detractors from performance relative to the Bloomberg 1-3 Year U.S. Government/Credit Bond Index:

From a quality perspective, the fund's overweight exposure to AAA-rated securities weighed on relative performance.

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2256543.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 5.83% | 2.56% | 2.70% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index ∆ | 5.35% | 1.97% | 2.09% |

---

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

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

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

Visit mfs.com/perf/vit3ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 285016465 | Average Effective Maturity (yrs): | 2.6 |
| Total Number of Holdings: | 320 | Average Effective Duration (yrs): | 2.0 |
| Total Management Fee ($)#: | 1099107 |  |  |
| Portfolio Turnover Rate (%): | 46 |  |  |

---

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

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

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

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.3% |
| Money Market Funds | 2.7% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 12.1% |
| AA | 11.5% |
| A | 17.8% |
| BBB | 33.2% |
| U.S. Government | 21.7% |
| Federal Agencies | 1.0% |
| Money Market Funds | 2.7% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Limited Maturity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $74 | 0.72% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Limited Maturity Portfolio (fund) provided a total return of 5.49%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Bond Index, generated a return of 5.35%.

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

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

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

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

* Top contributors to performance relative to the Bloomberg 1-3 Year U.S. Government/Credit Bond Index:

The fund's exposure to the collateralized mortgage obligation (CMO) sector, for which the benchmark has no exposure, benefited relative performance.

The fund's longer duration stance helped relative returns. Bond selection within BBB-rated securities, particularly within the industrials sector, also strengthened relative returns.

* Top detractors from performance relative to the Bloomberg 1-3 Year U.S. Government/Credit Bond Index:

From a quality perspective, the fund's overweight exposure to AAA-rated securities weighed on relative performance.

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2256716.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 5.49% | 2.29% | 2.44% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index ∆ | 5.35% | 1.97% | 2.09% |

---

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

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

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

Visit mfs.com/perf/vit3sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 285016465 | Average Effective Maturity (yrs): | 2.6 |
| Total Number of Holdings: | 320 | Average Effective Duration (yrs): | 2.0 |
| Total Management Fee ($)#: | 1099107 |  |  |
| Portfolio Turnover Rate (%): | 46 |  |  |

---

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

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

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

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.3% |
| Money Market Funds | 2.7% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 12.1% |
| AA | 11.5% |
| A | 17.8% |
| BBB | 33.2% |
| U.S. Government | 21.7% |
| Federal Agencies | 1.0% |
| Money Market Funds | 2.7% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| Initial Class | $2 | 0.02% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Moderate Allocation Portfolio (fund) provided a total return of 11.29%, at net asset value. This compares with a return of 17.88% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Portfolio Blended Index (Blended Index), generated a return of 15.20%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

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

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

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

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

* Top contributors to performance relative to the MFS Moderate Allocation Portfolio Blended Index:

Within non-US equities, the fund's exposure to the MFS International Intrinsic Value Portfolio supported relative performance as the developed non-US value segment posted strong results during the reporting period. 

Within fixed income, the fund's exposure to both the MFS Inflation-Adjusted Bond Portfolio and MFS High Yield Portfolio aided relative performance, given strength in these market segments. 

* Top detractors from performance relative to the MFS Moderate Allocation Portfolio Blended Index:

The fund's diversified exposure across all funds within the US equity segment, with the exception of the MFS Growth Series, detracted from relative returns. Additionally, lagging relative performance across the majority of the strategies within the US equity segment also weighed on relative results as the funds generally underperformed their respective benchmarks. 

Within non-US equities, lagging relative performance for all funds further hindered relative performance. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2256918.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 11.29% | 4.82% | 7.62% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 17.88% | 14.42% | 14.82% |
| MFS Moderate Allocation Portfolio Blended Index ∆ | 15.20% | 7.36% | 8.52% |

---

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

The MFS Moderate Allocation Portfolio Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **12/31/25** |
| Standard & Poor's 500 Stock Index | 43.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) | 14.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

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

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

Visit mfs.com/perf/vit3ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 842796494 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 18 | Portfolio Turnover Rate (%): | 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2256923.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Series | 11.5% |
| MFS Government Securities Portfolio | 10.0% |
| MFS Value Series | 9.0% |
| MFS Research International Portfolio | 8.4% |
| MFS Growth Series | 8.2% |
| MFS Research Series | 7.2% |
| MFS Mid Cap Value Portfolio | 7.0% |
| MFS Mid Cap Growth Series | 6.9% |
| MFS High Yield Portfolio | 5.1% |
| MFS Inflation-Adjusted Bond Portfolio | 5.0% |
| MFS Global Governments Portfolio | 5.0% |
| MFS International Growth Portfolio | 3.1% |
| MFS International Intrinsic Value Portfolio | 3.1% |
| MFS Limited Maturity Portfolio | 3.0% |
| MFS Global Real Estate Portfolio | 3.0% |
| MFS Institutional Money Market Portfolio | 1.5% |
| MFS New Discovery Value Portfolio | 1.5% |
| MFS New Discovery Series | 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| Service Class | $28 | 0.27% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Moderate Allocation Portfolio (fund) provided a total return of 10.96%, at net asset value. This compares with a return of 17.88% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Portfolio Blended Index (Blended Index), generated a return of 15.20%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

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

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

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

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

* Top contributors to performance relative to the MFS Moderate Allocation Portfolio Blended Index:

Within non-US equities, the fund's exposure to the MFS International Intrinsic Value Portfolio supported relative performance as the developed non-US value segment posted strong results during the reporting period. 

Within fixed income, the fund's exposure to both the MFS Inflation-Adjusted Bond Portfolio and MFS High Yield Portfolio aided relative performance, given strength in these market segments. 

* Top detractors from performance relative to the MFS Moderate Allocation Portfolio Blended Index:

The fund's diversified exposure across all funds within the US equity segment, with the exception of the MFS Growth Series, detracted from relative returns. Additionally, lagging relative performance across the majority of the strategies within the US equity segment also weighed on relative results as the funds generally underperformed their respective benchmarks. 

Within non-US equities, lagging relative performance for all funds further hindered relative performance. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2257093.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 10.96% | 4.55% | 7.35% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 17.88% | 14.42% | 14.82% |
| MFS Moderate Allocation Portfolio Blended Index ∆ | 15.20% | 7.36% | 8.52% |

---

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

The MFS Moderate Allocation Portfolio Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **12/31/25** |
| Standard & Poor's 500 Stock Index | 43.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) | 14.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

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

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

Visit mfs.com/perf/vit3sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 842796494 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 18 | Portfolio Turnover Rate (%): | 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2257088.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Series | 11.5% |
| MFS Government Securities Portfolio | 10.0% |
| MFS Value Series | 9.0% |
| MFS Research International Portfolio | 8.4% |
| MFS Growth Series | 8.2% |
| MFS Research Series | 7.2% |
| MFS Mid Cap Value Portfolio | 7.0% |
| MFS Mid Cap Growth Series | 6.9% |
| MFS High Yield Portfolio | 5.1% |
| MFS Inflation-Adjusted Bond Portfolio | 5.0% |
| MFS Global Governments Portfolio | 5.0% |
| MFS International Growth Portfolio | 3.1% |
| MFS International Intrinsic Value Portfolio | 3.1% |
| MFS Limited Maturity Portfolio | 3.0% |
| MFS Global Real Estate Portfolio | 3.0% |
| MFS Institutional Money Market Portfolio | 1.5% |
| MFS New Discovery Value Portfolio | 1.5% |
| MFS New Discovery Series | 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Mid Cap Value Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Initial Class | $81 | 0.79% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Mid Cap Value Portfolio (fund) provided a total return of 5.98%, at net asset value. This compares with a return of 17.15% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Value Index, generated a return of 11.05%. 

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

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

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

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

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

The combination of security selection and an underweight position in the real estate sector supported relative performance. 

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

Stock selection and an underweight position in the information technology sector held back relative performance. 

Stock selection within both the utilities and materials sectors further weakened relative performance. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2256731.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 5.98% | 10.18% | 9.95% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index ∆ | 11.05% | 9.83% | 9.78% |

---

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

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

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

Visit mfs.com/perf/vit3ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 594170152 | Total Management Fee ($)#: | 4195190 |
| Total Number of Holdings: | 150 | Portfolio Turnover Rate (%): | 24 |

---

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

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

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

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Industrials | 19.4% |
| Financials | 18.5% |
| Consumer Discretionary | 9.1% |
| Health Care | 8.9% |
| Information Technology | 8.5% |
| Utilities | 7.7% |
| Real Estate | 7.4% |
| Energy | 7.0% |
| Consumer Staples | 5.9% |
| Materials | 5.5% |
| Communication Services | 1.0% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Flex Ltd. | 1.3% |
| Corning, Inc. | 1.3% |
| Hartford Insurance Group, Inc. | 1.2% |
| Agilent Technologies, Inc. | 1.2% |
| Willis Towers Watson PLC | 1.1% |
| PG&E Corp. | 1.1% |
| Raymond James Financial, Inc. | 1.1% |
| Targa Resources Corp. | 1.1% |
| Northern Trust Corp. | 1.1% |
| Assurant, Inc. | 1.0% |

---

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

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Mid Cap Value Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $107 | 1.04% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Mid Cap Value Portfolio (fund) provided a total return of 5.75%, at net asset value. This compares with a return of 17.15% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Value Index, generated a return of 11.05%. 

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

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

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

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

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

The combination of security selection and an underweight position in the real estate sector supported relative performance. 

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

Stock selection and an underweight position in the information technology sector held back relative performance. 

Stock selection within both the utilities and materials sectors further weakened relative performance. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2256905.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 5.75% | 9.90% | 9.69% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index ∆ | 11.05% | 9.83% | 9.78% |

---

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

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

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

Visit mfs.com/perf/vit3sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 594170152 | Total Management Fee ($)#: | 4195190 |
| Total Number of Holdings: | 150 | Portfolio Turnover Rate (%): | 24 |

---

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

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

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

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Industrials | 19.4% |
| Financials | 18.5% |
| Consumer Discretionary | 9.1% |
| Health Care | 8.9% |
| Information Technology | 8.5% |
| Utilities | 7.7% |
| Real Estate | 7.4% |
| Energy | 7.0% |
| Consumer Staples | 5.9% |
| Materials | 5.5% |
| Communication Services | 1.0% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Flex Ltd. | 1.3% |
| Corning, Inc. | 1.3% |
| Hartford Insurance Group, Inc. | 1.2% |
| Agilent Technologies, Inc. | 1.2% |
| Willis Towers Watson PLC | 1.1% |
| PG&E Corp. | 1.1% |
| Raymond James Financial, Inc. | 1.1% |
| Targa Resources Corp. | 1.1% |
| Northern Trust Corp. | 1.1% |
| Assurant, Inc. | 1.0% |

---

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

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global Real Estate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Initial Class | $92 | 0.90% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Global Real Estate Portfolio (fund) provided a total return of 3.53%, at net asset value. This compares with a return of 22.34% for the fund's benchmark, the MSCI All Country World Index (net div). The fund's other benchmark, the FTSE EPRA Nareit Developed Real Estate Index (net div), generated a return of 9.58%. 

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

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

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

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

* Top contributors to performance relative to the FTSE EPRA Nareit Developed Real Estate Index:

The fund's overweight allocation to the UK benefited relative performance. 

* Top detractors from performance relative to the FTSE EPRA Nareit Developed Real Estate Index:

Security selection within the US was a primary detractor from relative performance. 

The combination of security selection and an underweight allocation to both Japan and Hong Kong also weakened relative results. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2255978.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 3.53% | 1.32% | 5.01% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World Index (net div) ∆ | 22.34% | 11.19% | 11.72% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) ∆ | 9.58% | 2.76% | 3.25% |

---

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

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

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

Visit mfs.com/perf/vit3ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 169984982 | Total Management Fee ($)#: | 1483726 |
| Total Number of Holdings: | 54 | Portfolio Turnover Rate (%): | 40 |

---

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

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.5% |
| Money Market Funds | 3.4% |
| Purchased Options | 0.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Prologis, Inc., REIT | 8.1% |
| Equinix, Inc., REIT | 5.4% |
| Goodman Group, REIT | 4.1% |
| Digital Realty Trust, Inc., REIT | 4.1% |
| Ventas, Inc., REIT | 3.9% |
| Simon Property Group, Inc., REIT | 3.7% |
| Extra Space Storage, Inc., REIT | 2.8% |
| Mitsui Fudosan Co. Ltd. | 2.6% |
| Scentre Group Ltd., REIT | 2.4% |
| Healthcare Realty Trust, Inc., REIT | 2.4% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 63.4% |
| Japan | 11.7% |
| Australia | 10.8% |
| United Kingdom | 5.7% |
| France | 2.3% |
| Germany | 2.1% |
| Hong Kong | 1.7% |
| Belgium | 1.6% |
| Singapore | 0.7% |

---

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

VREIC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global Real Estate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $117 | 1.15% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Global Real Estate Portfolio (fund) provided a total return of 3.30%, at net asset value. This compares with a return of 22.34% for the fund's benchmark, the MSCI All Country World Index (net div). The fund's other benchmark, the FTSE EPRA Nareit Developed Real Estate Index (net div), generated a return of 9.58%. 

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

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

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

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

* Top contributors to performance relative to the FTSE EPRA Nareit Developed Real Estate Index:

The fund's overweight allocation to the UK benefited relative performance. 

* Top detractors from performance relative to the FTSE EPRA Nareit Developed Real Estate Index:

Security selection within the US was a primary detractor from relative performance. 

The combination of security selection and an underweight allocation to both Japan and Hong Kong also weakened relative results. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2256153.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 3.30% | 1.08% | 4.76% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World Index (net div) ∆ | 22.34% | 11.19% | 11.72% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) ∆ | 9.58% | 2.76% | 3.25% |

---

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

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

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

Visit mfs.com/perf/vit3sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 169984982 | Total Management Fee ($)#: | 1483726 |
| Total Number of Holdings: | 54 | Portfolio Turnover Rate (%): | 40 |

---

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

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.5% |
| Money Market Funds | 3.4% |
| Purchased Options | 0.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Prologis, Inc., REIT | 8.1% |
| Equinix, Inc., REIT | 5.4% |
| Goodman Group, REIT | 4.1% |
| Digital Realty Trust, Inc., REIT | 4.1% |
| Ventas, Inc., REIT | 3.9% |
| Simon Property Group, Inc., REIT | 3.7% |
| Extra Space Storage, Inc., REIT | 2.8% |
| Mitsui Fudosan Co. Ltd. | 2.6% |
| Scentre Group Ltd., REIT | 2.4% |
| Healthcare Realty Trust, Inc., REIT | 2.4% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 63.4% |
| Japan | 11.7% |
| Australia | 10.8% |
| United Kingdom | 5.7% |
| France | 2.3% |
| Germany | 2.1% |
| Hong Kong | 1.7% |
| Belgium | 1.6% |
| Singapore | 0.7% |

---

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

VRESC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Initial Class | $60 | 0.58% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Blended Research Small Cap Equity Portfolio (fund) provided a total return of 5.76%, at net asset value. This compares with a return of 17.15% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 12.81%. 

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

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

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

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

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within both the industrials and financials sectors aided relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within both the consumer discretionary and health care sectors weakened relative performance. 

Stock selection and an overweight position in the information technology sector further dampened relative returns. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2255602.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 5.76% | 6.92% | 9.10% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index ∆ | 12.81% | 6.09% | 9.62% |

---

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

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

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

Visit mfs.com/perf/vit3ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 78121402 | Total Management Fee ($)#: | 299155 |
| Total Number of Holdings: | 195 | Portfolio Turnover Rate (%): | 72 |

---

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

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

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

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Health Care | 18.5% |
| Financials | 17.7% |
| Industrials | 16.6% |
| Information Technology | 15.1% |
| Consumer Discretionary | 8.5% |
| Real Estate | 5.4% |
| Energy | 5.0% |
| Materials | 5.0% |
| Utilities | 3.4% |
| Communication Services | 2.0% |
| Consumer Staples | 1.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 1.7% |
| Popular, Inc. | 1.6% |
| Portland General Electric Co. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Banc of California, Inc. | 1.4% |
| Texas Capital Bancshares, Inc. | 1.4% |
| Flowserve Corp. | 1.4% |
| Lincoln National Corp. | 1.3% |
| Envista Holdings Corp. | 1.3% |
| TriNet Group, Inc. | 1.3% |

---

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

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

VSCIC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

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

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $85 | 0.83% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Blended Research Small Cap Equity Portfolio (fund) provided a total return of 5.49%, at net asset value. This compares with a return of 17.15% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 12.81%. 

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

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

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

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

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within both the industrials and financials sectors aided relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within both the consumer discretionary and health care sectors weakened relative performance. 

Stock selection and an overweight position in the information technology sector further dampened relative returns. 

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

Growth of a Hypothetical $10,000 Investment

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

![Fund Performance - Growth of 10K](chartimages_2255777.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 5.49% | 6.62% | 8.82% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index ∆ | 12.81% | 6.09% | 9.62% |

---

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

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

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

Visit mfs.com/perf/vit3sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 78121402 | Total Management Fee ($)#: | 299155 |
| Total Number of Holdings: | 195 | Portfolio Turnover Rate (%): | 72 |

---

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

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

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

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Health Care | 18.5% |
| Financials | 17.7% |
| Industrials | 16.6% |
| Information Technology | 15.1% |
| Consumer Discretionary | 8.5% |
| Real Estate | 5.4% |
| Energy | 5.0% |
| Materials | 5.0% |
| Utilities | 3.4% |
| Communication Services | 2.0% |
| Consumer Staples | 1.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 1.7% |
| Popular, Inc. | 1.6% |
| Portland General Electric Co. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Banc of California, Inc. | 1.4% |
| Texas Capital Bancshares, Inc. | 1.4% |
| Flowserve Corp. | 1.4% |
| Lincoln National Corp. | 1.3% |
| Envista Holdings Corp. | 1.3% |
| TriNet Group, Inc. | 1.3% |

---

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

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

VSCSC-ANN

------

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

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 2. CODE OF ETHICS.
The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code. A copy of the Code is attached hereto as EX-99.COE.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Messrs. Steven E. Buller, Clarence Otis, Jr., and Paula E. Smith, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of "audit committee financial expert" as such term is defined in Form N-CSR. In addition, Messrs. Buller, Otis, and Smith are "independent" members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

------

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

**Items 4(a) through 4(d) and 4(g):**

The Board of Trustees has appointed Deloitte & Touche LLP ("Deloitte") to serve as independent accountants to the Registrant (hereinafter the "Registrant" or the "Fund"). The tables below set forth the audit fees billed to the Fund as well as fees for non-audit services provided to the Fund and/or to the Fund's investment adviser, Massachusetts Financial Services Company ("MFS"), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund ("MFS Related Entities").

For the fiscal years ended December 31, 2025 and 2024, audit fees billed to the Fund by Deloitte were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by Deloitte:** |  | **Audit Fees** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** |
| &nbsp;&nbsp;MFS Blended Research Small Cap Equity Portfolio | 57941 | 56057 |
| &nbsp;&nbsp;MFS Conservative Allocation Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39744 | 38287 |
| &nbsp;&nbsp;MFS Global Real Estate Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59154 | 57242 |
| &nbsp;&nbsp;MFS Growth Allocation Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39744 | 38287 |
| &nbsp;&nbsp;MFS Inflation-Adjusted Bond Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45729 | 44131 |
| &nbsp;&nbsp;MFS Limited Maturity Portfolio | 70300 | 70082 |
| &nbsp;&nbsp;MFS Mid Cap Value Portfolio | 59684 | 57759 |
| &nbsp;&nbsp;MFS Moderate Allocation Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39744 | 38287 |
| &nbsp;&nbsp;MFS New Discovery Value Portfolio | 57941 | 56057 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**469981** | **456189** |

---

For the fiscal years ended December 31, 2025 and 2024, fees billed by Deloitte for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
| &nbsp;&nbsp;**Fees billed by Deloitte:**<br>| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;To MFS Blended Research | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Small Cap Equity Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Small Cap Equity Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Conservative | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Allocation Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Allocation Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Global Real Estate | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Growth Allocation | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Inflation-Adjusted | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Bond Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Bond Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Limited Maturity | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Mid Cap Value | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Moderate Allocation | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS New Discovery Value | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total fees billed by Deloitte** | **21600** | **21600** | **0** | **0** | **0** | **0** |
| &nbsp;&nbsp;**To above Funds:** |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by Deloitte:** | &nbsp;&nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Blended |  |  |  |  |  |  |
| &nbsp;&nbsp;Research Small Cap Equity |  |  |  |  |  |  |
| &nbsp;&nbsp;Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Conservative |  |  |  |  |  |  |
| &nbsp;&nbsp;Allocation Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Global Real |  |  |  |  |  |  |
| &nbsp;&nbsp;Estate Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Growth |  |  |  |  |  |  |
| &nbsp;&nbsp;Allocation Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Inflation- |  |  |  |  |  |  |
| &nbsp;&nbsp;Adjusted Bond Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Limited |  |  |  |  |  |  |
| &nbsp;&nbsp;Maturity Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Mid Cap Value |  |  |  |  |  |  |
| &nbsp;&nbsp;Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Moderate |  |  |  |  |  |  |
| &nbsp;&nbsp;Allocation Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS New Discovery |  |  |  |  |  |  |
| &nbsp;&nbsp;Value Portfolio\* |  |  |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Aggregate fees for non-audit services:** | &nbsp;&nbsp;**Aggregate fees for non-audit services:** |
| &nbsp;&nbsp;**Fees billed by Deloitte:**<br>| **2025** | **2024** |
| &nbsp;&nbsp;To MFS Blended Research Small Cap Equity Portfolio, MFS | 219940 | 255300 |
| &nbsp;&nbsp;and MFS Related Entities<sup>#</sup> |  |  |
| &nbsp;&nbsp;To MFS Conservative Allocation Portfolio, MFS and MFS | 219940 | 255300 |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |
| &nbsp;&nbsp;To MFS Global Real Estate Portfolio, MFS and MFS Related | 219940 | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |
| &nbsp;&nbsp;To MFS Growth Allocation Portfolio, MFS and MFS Related | 219940 | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |
| &nbsp;&nbsp;To MFS Inflation-Adjusted Bond Portfolio, MFS and MFS | 219940 | 255300 |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |
| &nbsp;&nbsp;To MFS Limited Maturity Portfolio, MFS and MFS Related | 219940 | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |
| &nbsp;&nbsp;To MFS Mid Cap Value Portfolio, MFS and MFS Related | 219940 | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |
| &nbsp;&nbsp;To MFS Moderate Allocation Portfolio, MFS and MFS Related | 219940 | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |
| &nbsp;&nbsp;To MFS New Discovery Value Portfolio, MFS and MFS | 219940 | 255300 |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |

---

\*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).

# This amount reflects the aggregate fees billed by Deloitte for non-audit services rendered to the Fund and for non-audit services rendered to MFS and the MFS Related Entities. If applicable the fees are converted to USD as of the payment date.

<sup>1</sup> The fees included under "Audit-Related Fees" are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ''Audit Fees,'' including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.

<sup>2</sup> The fees included under "Tax Fees" are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.

<sup>3</sup> The fees included under "All Other Fees" are fees for products and services provided by Deloitte other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees".

**Item 4(e)(1):**

Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:

To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 between such regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.

**Item 4(e)(2):**

None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

**Item 4(f):**

Not applicable.

**Item 4(h):**

The Registrant's Audit Committee has considered whether the provision by a Registrant's independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre- approved by the Committee (because such services were provided prior to the effectiveness of SEC rules requiring pre-approval or because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant's principal auditors.

**Item 4(i):**

Not applicable.

**Item 4(j):**

Not applicable.

------

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

------

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

------

MFS Moderate Allocation Portfolio

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

MFS Moderate Allocation Portfolio

**Portfolio of Investments - 12/31/25** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% |
| Bond Funds – 39.6% | Bond Funds – 39.6% | Bond Funds – 39.6% |
| MFS Global Governments Portfolio - Initial Class | 4805924 | &nbsp;&nbsp; $42292131 |
| MFS Government Securities Portfolio - Initial Class | 7742362 | &nbsp;&nbsp; 83772360 |
| MFS High Yield Portfolio - Initial Class | 8339586 | &nbsp;&nbsp; 42448495 |
| MFS Inflation-Adjusted Bond Portfolio - Initial Class | 5239805 | &nbsp;&nbsp; 42390020 |
| MFS Limited Maturity Portfolio - Initial Class | 2489527 | &nbsp;&nbsp; 25442968 |
| MFS Total Return Bond Series - Initial Class | 8253146 | &nbsp;&nbsp; 97222058 |
|  |  | &nbsp;&nbsp; $333568032 |
| International Equity Funds – 14.6% | International Equity Funds – 14.6% | International Equity Funds – 14.6% |
| MFS International Growth Portfolio - Initial Class | 1466860 | &nbsp;&nbsp; $26315463 |
| MFS International Intrinsic Value Portfolio - Initial Class | 711773 | &nbsp;&nbsp; 26314232 |
| MFS Research International Portfolio - Initial Class | 3406449 | &nbsp;&nbsp; 70206919 |
|  |  | &nbsp;&nbsp; $122836614 |
| Non-Traditional Funds – 3.0% | Non-Traditional Funds – 3.0% | Non-Traditional Funds – 3.0% |
| MFS Global Real Estate Portfolio - Initial Class | 1997376 | &nbsp;&nbsp; $25346704 |
| U.S. Equity Funds – 41.3% | U.S. Equity Funds – 41.3% | U.S. Equity Funds – 41.3% |
| MFS Growth Series - Initial Class | 1023037 | &nbsp;&nbsp; $69413083 |
| MFS Mid Cap Growth Series - Initial Class | 7310080 | &nbsp;&nbsp; 58334438 |
| MFS Mid Cap Value Portfolio - Initial Class | 5812827 | &nbsp;&nbsp; 58767683 |
| MFS New Discovery Series - Initial Class (a) | 798297 | &nbsp;&nbsp; 12453424 |
| MFS New Discovery Value Portfolio - Initial Class | 1699956 | &nbsp;&nbsp; 12528671 |
| MFS Research Series - Initial Class | 2002055 | &nbsp;&nbsp; 61042656 |
| MFS Value Series - Initial Class | 3405691 | &nbsp;&nbsp; 75810690 |
|  |  | &nbsp;&nbsp; $348350645 |
| Money Market Funds – 1.5% | Money Market Funds – 1.5% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) | 12765852 | &nbsp;&nbsp; $12768405 |
| **Total Mutual Funds (Identified Cost, $706,238,042)** | **Total Mutual Funds (Identified Cost, $706,238,042)** | &nbsp;&nbsp; **$842870400** |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp; (73906) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$842796494** |

---

&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 $842,870,400.

&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-ANN

------

MFS Moderate Allocation Portfolio

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

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in affiliated issuers, at value (identified cost, $706,238,042) | &nbsp;&nbsp; $842870400 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 519674 |
| Other assets | &nbsp;&nbsp; 2921 |
| Total assets | &nbsp;&nbsp; $843392995 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $534982 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 95 |
| Shareholder servicing costs | &nbsp;&nbsp; 94 |
| Distribution and/or service fees | &nbsp;&nbsp; 11524 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 126 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 49680 |
| Total liabilities | &nbsp;&nbsp; $596501 |
| Net assets | &nbsp;&nbsp; $842796494 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $635148544 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 207647950 |
| Net assets | &nbsp;&nbsp; $842796494 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 74458288 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $6478137 | &nbsp;&nbsp;&nbsp; 573399 | &nbsp;&nbsp;&nbsp; $11.30 |
| Service Class | &nbsp;&nbsp;&nbsp; 836318357 | &nbsp;&nbsp;&nbsp; 73884889 | &nbsp;&nbsp;&nbsp;&nbsp;11.32 |

---

**See Notes to Financial Statements**

------

MFS Moderate Allocation Portfolio

**Financial Statements** \| **Statement of Operations** 

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

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from affiliated issuers | &nbsp;&nbsp; $22314993 |
| Other | &nbsp;&nbsp; 121 |
| Total investment income | &nbsp;&nbsp; $22315114 |
| Expenses |  |
| Distribution and/or service fees | &nbsp;&nbsp; $2162589 |
| Shareholder servicing costs | &nbsp;&nbsp; 16161 |
| Administrative services fee | &nbsp;&nbsp; 17500 |
| Independent Trustees' compensation | &nbsp;&nbsp; 20084 |
| Custodian fee | &nbsp;&nbsp; 12429 |
| Shareholder communications | &nbsp;&nbsp; 15465 |
| Audit and tax fees | &nbsp;&nbsp; 49680 |
| Legal fees | &nbsp;&nbsp; 4634 |
| Miscellaneous | &nbsp;&nbsp; 31753 |
| Total expenses | &nbsp;&nbsp; $2330295 |
| Net investment income (loss) | &nbsp;&nbsp; $19984819 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Investments in affiliated issuers | &nbsp;&nbsp; $14305847 |
| Capital gain distributions from affiliated issuers | &nbsp;&nbsp; 50447201 |
| Net realized gain (loss)  | &nbsp;&nbsp; $64753048 |
| Change in unrealized appreciation or depreciation |  |
| Affiliated issuers | &nbsp;&nbsp; $6270462 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $71023510 |
| Change in net assets from operations | &nbsp;&nbsp; $91008329 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $19984819 | &nbsp;&nbsp; $17745349 |
| Net realized gain (loss) | 64753048 | &nbsp;&nbsp; 55923530 |
| Net unrealized gain (loss) | 6270462 | &nbsp;&nbsp; 2762436 |
| Change in net assets from operations | $91008329 | &nbsp;&nbsp; $76431315 |
| Total distributions to shareholders | $(76589603)<br>| &nbsp;&nbsp; $(34978997)<br>|
| Change in net assets from fund share transactions | $(67229264)<br>| &nbsp;&nbsp; $(136356201)<br>|
| Total change in net assets | $(52810538)<br>| &nbsp;&nbsp; $(94903883)<br>|
| **Net assets** |  |  |
| At beginning of period | 895607032 | &nbsp;&nbsp; 990510915 |
| At end of period | $842796494 | &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 past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $11.16 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $13.86 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $0.29 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Total from investment operations | $1.23 | &nbsp;&nbsp; $0.89 | &nbsp;&nbsp; $1.28 | &nbsp;&nbsp; $(2.37)<br>| &nbsp;&nbsp; $1.59 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.28)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.30)<br>|
| From net realized gain | (0.81)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (0.67)<br>|
| Total distributions declared to shareholders | $(1.09)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(1.01)<br>| &nbsp;&nbsp; $(1.66)<br>| &nbsp;&nbsp; $(0.97)<br>|
| Net asset value, end of period (x) | $11.30 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $14.48 |
| Total return (%) (k)(s)(x) | 11.29 | &nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp; (16.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.61 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses (h) | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net investment income (loss) (l) | 2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Portfolio turnover rate | 7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| Net assets at end of period (000 omitted) | $6478 | &nbsp;&nbsp; $5979 | &nbsp;&nbsp; $6790 | &nbsp;&nbsp; $7560 | &nbsp;&nbsp; $9312 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $11.18 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $14.47 | &nbsp;&nbsp; $13.86 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $0.26 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Total from investment operations | $1.19 | &nbsp;&nbsp; $0.87 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $(2.39)<br>| &nbsp;&nbsp; $1.54 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.24)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.26)<br>|
| From net realized gain | (0.81)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (0.67)<br>|
| Total distributions declared to shareholders | $(1.05)<br>| &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $(0.98)<br>| &nbsp;&nbsp; $(1.62)<br>| &nbsp;&nbsp; $(0.93)<br>|
| Net asset value, end of period (x) | $11.32 | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $14.47 |
| Total return (%) (k)(s)(x) | 10.96 | &nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;12.64 | &nbsp;&nbsp; (16.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.26 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses (h) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net investment income (loss) (l) | 2.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Portfolio turnover rate | 7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| Net assets at end of period (000 omitted) | $836318 | &nbsp;&nbsp; $889628 | &nbsp;&nbsp; $983721 | &nbsp;&nbsp; $998978 | &nbsp;&nbsp; $1356886 |

---

**See Notes to Financial Statements**

------

MFS Moderate Allocation Portfolio

*Financial Highlights - continued*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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) 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;(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 Moderate Allocation Portfolio

**Notes to Financial Statements**

**(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.

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

**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 - 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $842870400 | $— | $— | $842870400 |

---

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 two fiscal years is as follows:

------

MFS Moderate Allocation Portfolio

*Notes to Financial Statements - continued* 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $20854261 | &nbsp;&nbsp; $13036237 |
| Long-term capital gains | &nbsp;&nbsp; 55735342 | &nbsp;&nbsp; 21942760 |
| Total distributions | &nbsp;&nbsp; $76589603 | &nbsp;&nbsp; $34978997 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $721494818 |
| Gross appreciation | &nbsp;&nbsp; 157366232 |
| Gross depreciation | &nbsp;&nbsp; (35990650)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $121375582 |
| Undistributed ordinary income | &nbsp;&nbsp; 25767020 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 60505348 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $207647950 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $574826 | &nbsp;&nbsp; $242128 |
| Service Class | 76014777 | &nbsp;&nbsp; 34736869 |
| Total | $76589603 | &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 year ended December 31, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

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 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 Moderate Allocation Portfolio

*Notes to Financial Statements - continued* 

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the year ended December 31, 2025, the fee was $15,963, which equated to 0.0018% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended December 31, 2025, these costs amounted to $198.

**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 year ended December 31, 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 year ended December 31, 2025, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated $58,817,812 and $194,007,057, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 5911 | &nbsp;&nbsp; $67742 | &nbsp;&nbsp; 6487 | &nbsp;&nbsp; $71548 |
| Service Class | 548027 | &nbsp;&nbsp; 6183161 | &nbsp;&nbsp; 311148 | &nbsp;&nbsp; 3481790 |
|  | 553938 | &nbsp;&nbsp; $6250903 | &nbsp;&nbsp; 317635 | &nbsp;&nbsp; $3553338 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 52304 | &nbsp;&nbsp; $574826 | &nbsp;&nbsp; 21657 | &nbsp;&nbsp; $242128 |
| Service Class | 6897893 | &nbsp;&nbsp; 76014777 | &nbsp;&nbsp; 3101506 | &nbsp;&nbsp; 34736869 |
|  | 6950197 | &nbsp;&nbsp; $76589603 | &nbsp;&nbsp; 3123163 | &nbsp;&nbsp; $34978997 |
| Shares reacquired |  |  |  |  |
| Initial Class | (20465)<br>| &nbsp;&nbsp; $(233449)<br>| &nbsp;&nbsp; (126039)<br>| &nbsp;&nbsp; $(1410438)<br>|
| Service Class | (13150777)<br>| &nbsp;&nbsp; (149836321)<br>| &nbsp;&nbsp; (15501049)<br>| &nbsp;&nbsp; (173478098)<br>|
|  | (13171242)<br>| &nbsp;&nbsp; $(150069770)<br>| &nbsp;&nbsp; (15627088)<br>| &nbsp;&nbsp; $(174888536)<br>|
| Net change |  |  |  |  |
| Initial Class | 37750 | &nbsp;&nbsp; $409119 | &nbsp;&nbsp; (97895)<br>| &nbsp;&nbsp; $(1096762)<br>|
| Service Class | (5704857)<br>| &nbsp;&nbsp; (67638383)<br>| &nbsp;&nbsp; (12088395)<br>| &nbsp;&nbsp; (135259439)<br>|
|  | (5667107)<br>| &nbsp;&nbsp; $(67229264)<br>| &nbsp;&nbsp; (12186290)<br>| &nbsp;&nbsp; $(136356201)<br>|

---

------

MFS Moderate Allocation Portfolio

*Notes to Financial Statements - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended December 31, 2025, the fund's commitment fee and interest expense were $4,129 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Global Governments Portfolio | &nbsp;&nbsp; $45243286 | &nbsp;&nbsp; $4131181 | &nbsp;&nbsp; $9061574 | &nbsp;&nbsp; $(2493408)<br>| &nbsp;&nbsp; $4472646 | &nbsp;&nbsp; $42292131 |
| MFS Global Real Estate Portfolio | &nbsp;&nbsp; 26177759 | &nbsp;&nbsp; 1537475 | &nbsp;&nbsp; 2969801 | &nbsp;&nbsp; 248620 | &nbsp;&nbsp; 352651 | &nbsp;&nbsp; 25346704 |
| MFS Government Securities Portfolio | &nbsp;&nbsp; 86519412 | &nbsp;&nbsp; 11431580 | &nbsp;&nbsp; 16219506 | &nbsp;&nbsp; (3479383)<br>| &nbsp;&nbsp; 5520257 | &nbsp;&nbsp; 83772360 |
| MFS Growth Series | &nbsp;&nbsp; 73211318 | &nbsp;&nbsp; 21062236 | &nbsp;&nbsp; 22842784 | &nbsp;&nbsp; 7662677 | &nbsp;&nbsp; (9680364)<br>| &nbsp;&nbsp; 69413083 |
| MFS High Yield Portfolio | &nbsp;&nbsp; 45622949 | &nbsp;&nbsp; 4508465 | &nbsp;&nbsp; 8253141 | &nbsp;&nbsp; (1166543)<br>| &nbsp;&nbsp; 1736765 | &nbsp;&nbsp; 42448495 |
| MFS Inflation-Adjusted Bond Portfolio | &nbsp;&nbsp; 45192483 | &nbsp;&nbsp; 4048415 | &nbsp;&nbsp; 8923959 | &nbsp;&nbsp; (2883668)<br>| &nbsp;&nbsp; 4956749 | &nbsp;&nbsp; 42390020 |
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; 22959638 | &nbsp;&nbsp; 2710986 | &nbsp;&nbsp; 12901186 | &nbsp;&nbsp; (88)<br>| &nbsp;&nbsp; (945)<br>| &nbsp;&nbsp; 12768405 |
| MFS International Growth Portfolio | &nbsp;&nbsp; 26928835 | &nbsp;&nbsp; 2368105 | &nbsp;&nbsp; 6637177 | &nbsp;&nbsp; 1488934 | &nbsp;&nbsp; 2166766 | &nbsp;&nbsp; 26315463 |
| MFS International Intrinsic Value <br> Portfolio<br>| &nbsp;&nbsp; 26961665 | &nbsp;&nbsp; 2553385 | &nbsp;&nbsp; 9262814 | &nbsp;&nbsp; 3097295 | &nbsp;&nbsp; 2964701 | &nbsp;&nbsp; 26314232 |
| MFS Limited Maturity Portfolio | &nbsp;&nbsp; 27448215 | &nbsp;&nbsp; 3362072 | &nbsp;&nbsp; 5678226 | &nbsp;&nbsp; (39701)<br>| &nbsp;&nbsp; 350608 | &nbsp;&nbsp; 25442968 |
| MFS Mid Cap Growth Series | &nbsp;&nbsp; 61684797 | &nbsp;&nbsp; 16678114 | &nbsp;&nbsp; 13789040 | &nbsp;&nbsp; 2744472 | &nbsp;&nbsp; (8983905)<br>| &nbsp;&nbsp; 58334438 |
| MFS Mid Cap Value Portfolio | &nbsp;&nbsp; 61208185 | &nbsp;&nbsp; 10387829 | &nbsp;&nbsp; 10995691 | &nbsp;&nbsp; 1266543 | &nbsp;&nbsp; (3099183)<br>| &nbsp;&nbsp; 58767683 |
| MFS New Discovery Series | &nbsp;&nbsp; 13057402 | &nbsp;&nbsp; 1595472 | &nbsp;&nbsp; 4183491 | &nbsp;&nbsp; 181101 | &nbsp;&nbsp; 1802940 | &nbsp;&nbsp; 12453424 |
| MFS New Discovery Value Portfolio | &nbsp;&nbsp; 13033652 | &nbsp;&nbsp; 3068573 | &nbsp;&nbsp; 2584659 | &nbsp;&nbsp; (17853)<br>| &nbsp;&nbsp; (971042)<br>| &nbsp;&nbsp; 12528671 |
| MFS Research International Portfolio | &nbsp;&nbsp; 71790353 | &nbsp;&nbsp; 2405691 | &nbsp;&nbsp; 17596369 | &nbsp;&nbsp; 4524464 | &nbsp;&nbsp; 9082780 | &nbsp;&nbsp; 70206919 |
| MFS Research Series | &nbsp;&nbsp; 64661953 | &nbsp;&nbsp; 20314133 | &nbsp;&nbsp; 17406045 | &nbsp;&nbsp; 3692703 | &nbsp;&nbsp; (10220088)<br>| &nbsp;&nbsp; 61042656 |
| MFS Total Return Bond Series | &nbsp;&nbsp; 104641931 | &nbsp;&nbsp; 12221913 | &nbsp;&nbsp; 22097457 | &nbsp;&nbsp; (3325676)<br>| &nbsp;&nbsp; 5781347 | &nbsp;&nbsp; 97222058 |
| MFS Value Series | &nbsp;&nbsp; 79360478 | &nbsp;&nbsp; 9112398 | &nbsp;&nbsp; 15505323 | &nbsp;&nbsp; 2805358 | &nbsp;&nbsp; 37779 | &nbsp;&nbsp; 75810690 |
|  | &nbsp;&nbsp; $895704311 | &nbsp;&nbsp; $133498023 | &nbsp;&nbsp; $206908243 | &nbsp;&nbsp; $14305847 | &nbsp;&nbsp; $6270462 | &nbsp;&nbsp; $842870400 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Global Governments Portfolio | &nbsp;&nbsp; $780764 | $— |
| MFS Global Real Estate Portfolio | &nbsp;&nbsp; 446555 |  |
| MFS Government Securities Portfolio | &nbsp;&nbsp; 3604742 |  |
| MFS Growth Series |  | &nbsp;&nbsp; 12468625 |
| MFS High Yield Portfolio | &nbsp;&nbsp; 2937017 |  |
| MFS Inflation-Adjusted Bond Portfolio | &nbsp;&nbsp; 1482877 |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; 792970 |  |
| MFS International Growth Portfolio | &nbsp;&nbsp; 420657 | &nbsp;&nbsp; 1262503 |

---

------

MFS Moderate Allocation Portfolio

*Notes to Financial Statements - continued* 

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers - continued** | &nbsp;&nbsp; **Dividend**<br> **Income**<br>| &nbsp;&nbsp; **Capital Gain**<br> **Distributions**<br>|
| MFS International Intrinsic Value Portfolio | &nbsp;&nbsp; $489467 | &nbsp;&nbsp; $1393397 |
| MFS Limited Maturity Portfolio | &nbsp;&nbsp; 1155776 |  |
| MFS Mid Cap Growth Series |  | &nbsp;&nbsp; 9929612 |
| MFS Mid Cap Value Portfolio | &nbsp;&nbsp; 1033149 | &nbsp;&nbsp; 5045996 |
| MFS New Discovery Series |  |  |
| MFS New Discovery Value Portfolio | &nbsp;&nbsp; 519771 | &nbsp;&nbsp; 1141637 |
| MFS Research International Portfolio | &nbsp;&nbsp; 1030615 |  |
| MFS Research Series | &nbsp;&nbsp; 1790465 | &nbsp;&nbsp; 13472345 |
| MFS Total Return Bond Series | &nbsp;&nbsp; 4463661 |  |
| MFS Value Series | &nbsp;&nbsp; 1366507 | &nbsp;&nbsp; 5733086 |
|  | &nbsp;&nbsp; $22314993 | &nbsp;&nbsp; $50447201 |

---

------

MFS Moderate Allocation Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust III and the Shareholders of MFS Moderate Allocation Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Moderate Allocation Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying funds' transfer agent. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Moderate Allocation Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $61,309,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 25.19% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

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

There is nothing to report for this item for MFS 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.**

------

MFS Moderate Allocation Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Moderate Allocation Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's fees and expenses and the fees and expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information as to whether and to what extent applicable expense waivers and reimbursements are observed for the Fund, (iv) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (v) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 5th quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. The Trustees noted the structure of the Fund's portfolio and considered MFS' strategic, long-term allocation process with respect to the Fund's underlying investments. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Moderate Allocation Portfolio

*Board Review of Investment Advisory Agreement - continued*

The Trustees considered that MFS does not charge an advisory fee for providing investment advisory services to the Fund, but that the Fund pays its pro rata share of the advisory fees paid by the underlying funds in which it invests (the "Underlying Funds").

In assessing the reasonableness of the Fund's expenses, the Trustees considered, among other information, the Fund's total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any expense limitations that were in effect during the Fund's last fiscal year), the Fund's total expense ratio was lower than the Broadridge expense group median. Because the Fund does not pay an advisory fee, the Trustees did not consider the extent to which economies of scale would be realized due to the Fund's growth of assets, whether fee levels reflect economies of scale for shareholders, or the fees paid by similar funds to other investment advisers or by similar clients of MFS.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's or the Underlying Funds' behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Growth Allocation Portfolio

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

MFS Growth Allocation Portfolio

**Portfolio of Investments - 12/31/25** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% |
| Bond Funds – 19.5% | Bond Funds – 19.5% | Bond Funds – 19.5% |
| MFS Global Governments Portfolio - Initial Class | 1560069 | &nbsp;&nbsp; $13728605 |
| MFS High Yield Portfolio - Initial Class | 3380769 | &nbsp;&nbsp; 17208115 |
| MFS Inflation-Adjusted Bond Portfolio - Initial Class | 2124390 | &nbsp;&nbsp; 17186321 |
| MFS Limited Maturity Portfolio - Initial Class | 336527 | &nbsp;&nbsp; 3439303 |
| MFS Total Return Bond Series - Initial Class | 1311068 | &nbsp;&nbsp; 15444378 |
|  |  | &nbsp;&nbsp; $67006722 |
| International Equity Funds – 21.6% | International Equity Funds – 21.6% | International Equity Funds – 21.6% |
| MFS Emerging Markets Equity Portfolio - Initial Class | 199961 | &nbsp;&nbsp; $3529303 |
| MFS International Growth Portfolio - Initial Class | 979950 | &nbsp;&nbsp; 17580310 |
| MFS International Intrinsic Value Portfolio - Initial Class | 476609 | &nbsp;&nbsp; 17620228 |
| MFS Research International Portfolio - Initial Class | 1714353 | &nbsp;&nbsp; 35332818 |
|  |  | &nbsp;&nbsp; $74062659 |
| Non-Traditional Funds – 5.0% | Non-Traditional Funds – 5.0% | Non-Traditional Funds – 5.0% |
| MFS Global Real Estate Portfolio - Initial Class | 1351783 | &nbsp;&nbsp; $17154127 |
| U.S. Equity Funds – 52.4% | U.S. Equity Funds – 52.4% | U.S. Equity Funds – 52.4% |
| MFS Growth Series - Initial Class | 516924 | &nbsp;&nbsp; $35073303 |
| MFS Mid Cap Growth Series - Initial Class | 3846490 | &nbsp;&nbsp; 30694993 |
| MFS Mid Cap Value Portfolio - Initial Class | 3043173 | &nbsp;&nbsp; 30766478 |
| MFS New Discovery Series - Initial Class (a) | 436411 | &nbsp;&nbsp; 6808011 |
| MFS New Discovery Value Portfolio - Initial Class | 925853 | &nbsp;&nbsp; 6823535 |
| MFS Research Series - Initial Class | 1038257 | &nbsp;&nbsp; 31656467 |
| MFS Value Series - Initial Class | 1692950 | &nbsp;&nbsp; 37685056 |
|  |  | &nbsp;&nbsp; $179507843 |
| Money Market Funds – 1.5% | Money Market Funds – 1.5% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) | 5164709 | &nbsp;&nbsp; $5165742 |
| **Total Mutual Funds (Identified Cost, $268,176,553)** | **Total Mutual Funds (Identified Cost, $268,176,553)** | &nbsp;&nbsp; **$342897093** |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp; (35347) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$342861746** |

---

&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 $342,897,093.

&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-ANN

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MFS Growth Allocation Portfolio

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

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in affiliated issuers, at value (identified cost, $268,176,553) | &nbsp;&nbsp; $342897093 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 774979 |
| Other assets | &nbsp;&nbsp; 1566 |
| Total assets | &nbsp;&nbsp; $343673638 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $624139 |
| Fund shares reacquired | &nbsp;&nbsp; 142064 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 94 |
| Shareholder servicing costs | &nbsp;&nbsp; 49 |
| Distribution and/or service fees | &nbsp;&nbsp; 4671 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 40875 |
| Total liabilities | &nbsp;&nbsp; $811892 |
| Net assets | &nbsp;&nbsp; $342861746 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $244208599 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 98653147 |
| Net assets | &nbsp;&nbsp; $342861746 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 32098121 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $3515183 | &nbsp;&nbsp;&nbsp; 330378 | &nbsp;&nbsp;&nbsp; $10.64 |
| Service Class | &nbsp;&nbsp;&nbsp; 339346563 | &nbsp;&nbsp;&nbsp; 31767743 | &nbsp;&nbsp;&nbsp;&nbsp;10.68 |

---

**See Notes to Financial Statements**

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MFS Growth Allocation Portfolio

**Financial Statements** \| **Statement of Operations** 

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

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from affiliated issuers | &nbsp;&nbsp; $6495014 |
| Other | &nbsp;&nbsp; 51 |
| Total investment income | &nbsp;&nbsp; $6495065 |
| Expenses |  |
| Distribution and/or service fees | &nbsp;&nbsp; $784807 |
| Shareholder servicing costs | &nbsp;&nbsp; 8101 |
| Administrative services fee | &nbsp;&nbsp; 17500 |
| Independent Trustees' compensation | &nbsp;&nbsp; 8394 |
| Custodian fee | &nbsp;&nbsp; 3890 |
| Shareholder communications | &nbsp;&nbsp; 10792 |
| Audit and tax fees | &nbsp;&nbsp; 49653 |
| Legal fees | &nbsp;&nbsp; 1864 |
| Miscellaneous | &nbsp;&nbsp; 26499 |
| Total expenses | &nbsp;&nbsp; $911500 |
| Net investment income (loss) | &nbsp;&nbsp; $5583565 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Investments in affiliated issuers | &nbsp;&nbsp; $(375278)<br>|
| Capital gain distributions from affiliated issuers | &nbsp;&nbsp; 24090403 |
| Net realized gain (loss)  | &nbsp;&nbsp; $23715125 |
| Change in unrealized appreciation or depreciation |  |
| Affiliated issuers | &nbsp;&nbsp; $6273788 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $29988913 |
| Change in net assets from operations | &nbsp;&nbsp; $35572478 |

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**See Notes to Financial Statements**

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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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $5583565 | &nbsp;&nbsp; $4006593 |
| Net realized gain (loss) | 23715125 | &nbsp;&nbsp; 14869950 |
| Net unrealized gain (loss) | 6273788 | &nbsp;&nbsp; 9357943 |
| Change in net assets from operations | $35572478 | &nbsp;&nbsp; $28234486 |
| Total distributions to shareholders | $(19638595)<br>| &nbsp;&nbsp; $(11592304)<br>|
| Change in net assets from fund share transactions | $25800048 | &nbsp;&nbsp; $299800 |
| Total change in net assets | $41733931 | &nbsp;&nbsp; $16941982 |
| **Net assets** |  |  |
| At beginning of period | 301127815 | &nbsp;&nbsp; 284185833 |
| At end of period | $342861746 | &nbsp;&nbsp; $301127815 |

---

**See Notes to Financial Statements**

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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 past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $10.12 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $12.38 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $0.21 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.17 |
| Net realized and unrealized gain (loss) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Total from investment operations | $1.21 | &nbsp;&nbsp; $0.99 | &nbsp;&nbsp; $1.34 | &nbsp;&nbsp; $(2.38)<br>| &nbsp;&nbsp; $1.92 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.23)<br>|
| From net realized gain | (0.53)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.80)<br>|
| Total distributions declared to shareholders | $(0.69)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $(1.54)<br>| &nbsp;&nbsp; $(1.03)<br>|
| Net asset value, end of period (x) | $10.64 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $13.27 |
| Total return (%) (k)(s)(x) | 12.18 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp; (18.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.76 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses (h) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net investment income (loss) (l) | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Portfolio turnover rate | 10 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Net assets at end of period (000 omitted) | $3515 | &nbsp;&nbsp; $3297 | &nbsp;&nbsp; $3311 | &nbsp;&nbsp; $2817 | &nbsp;&nbsp; $4564 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $10.16 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $13.30 | &nbsp;&nbsp; $12.40 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $0.18 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.14 |
| Net realized and unrealized gain (loss) | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Total from investment operations | $1.19 | &nbsp;&nbsp; $0.97 | &nbsp;&nbsp; $1.32 | &nbsp;&nbsp; $(2.41)<br>| &nbsp;&nbsp; $1.90 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.14)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.20)<br>|
| From net realized gain | (0.53)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.80)<br>|
| Total distributions declared to shareholders | $(0.67)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(1.10)<br>| &nbsp;&nbsp; $(1.51)<br>| &nbsp;&nbsp; $(1.00)<br>|
| Net asset value, end of period (x) | $10.68 | &nbsp;&nbsp; $10.16 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $13.30 |
| Total return (%) (k)(s)(x) | 11.87 | &nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;15.03 | &nbsp;&nbsp; (18.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.54 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses (h) | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net investment income (loss) (l) | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Portfolio turnover rate | 10 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Net assets at end of period (000 omitted) | $339347 | &nbsp;&nbsp; $297831 | &nbsp;&nbsp; $280875 | &nbsp;&nbsp; $258142 | &nbsp;&nbsp; $352021 |

---

**See Notes to Financial Statements**

------

MFS Growth Allocation Portfolio

*Financial Highlights - continued*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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) 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;(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 Growth Allocation Portfolio

**Notes to Financial Statements**

**(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.

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

**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 - 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $342897093 | $— | $— | $342897093 |

---

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 Growth Allocation Portfolio

*Notes to Financial Statements - continued* 

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $5493010 | &nbsp;&nbsp; $3145873 |
| Long-term capital gains | &nbsp;&nbsp; 14145585 | &nbsp;&nbsp; 8446431 |
| Total distributions | &nbsp;&nbsp; $19638595 | &nbsp;&nbsp; $11592304 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $274296305 |
| Gross appreciation | &nbsp;&nbsp; 74108266 |
| Gross depreciation | &nbsp;&nbsp; (5507478)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $68600788 |
| Undistributed ordinary income | &nbsp;&nbsp; 6308706 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 23743653 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $98653147 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $216597 | &nbsp;&nbsp; $134551 |
| Service Class | 19421998 | &nbsp;&nbsp; 11457753 |
| Total | $19638595 | &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 year ended December 31, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

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 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

------

MFS Growth Allocation Portfolio

*Notes to Financial Statements - continued* 

service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the year ended December 31, 2025, the fee was $7,897, which equated to 0.0025% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended December 31, 2025, these costs amounted to $204.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0055% of the fund's average daily net assets.

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

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

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated $39,047,866 and $32,136,824, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 3511 | &nbsp;&nbsp; $36844 | &nbsp;&nbsp; 3345 | &nbsp;&nbsp; $33260 |
| Service Class | 4388034 | &nbsp;&nbsp; 46405444 | &nbsp;&nbsp; 3416984 | &nbsp;&nbsp; 34762312 |
|  | 4391545 | &nbsp;&nbsp; $46442288 | &nbsp;&nbsp; 3420329 | &nbsp;&nbsp; $34795572 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 20968 | &nbsp;&nbsp; $216597 | &nbsp;&nbsp; 13322 | &nbsp;&nbsp; $134551 |
| Service Class | 1871098 | &nbsp;&nbsp; 19421998 | &nbsp;&nbsp; 1128843 | &nbsp;&nbsp; 11457753 |
|  | 1892066 | &nbsp;&nbsp; $19638595 | &nbsp;&nbsp; 1142165 | &nbsp;&nbsp; $11592304 |
| Shares reacquired |  |  |  |  |
| Initial Class | (19769)<br>| &nbsp;&nbsp; $(212214)<br>| &nbsp;&nbsp; (37290)<br>| &nbsp;&nbsp; $(378714)<br>|
| Service Class | (3796799)<br>| &nbsp;&nbsp; (40068621)<br>| &nbsp;&nbsp; (4500718)<br>| &nbsp;&nbsp; (45709362)<br>|
|  | (3816568)<br>| &nbsp;&nbsp; $(40280835)<br>| &nbsp;&nbsp; (4538008)<br>| &nbsp;&nbsp; $(46088076)<br>|
| Net change |  |  |  |  |
| Initial Class | 4710 | &nbsp;&nbsp; $41227 | &nbsp;&nbsp; (20623)<br>| &nbsp;&nbsp; $(210903)<br>|
| Service Class | 2462333 | &nbsp;&nbsp; 25758821 | &nbsp;&nbsp; 45109 | &nbsp;&nbsp; 510703 |
|  | 2467043 | &nbsp;&nbsp; $25800048 | &nbsp;&nbsp; 24486 | &nbsp;&nbsp; $299800 |

---

------

MFS Growth Allocation Portfolio

*Notes to Financial Statements - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended December 31, 2025, the fund's commitment fee and interest expense were $1,476 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Emerging Markets Equity <br> Portfolio<br>| &nbsp;&nbsp; $3038077 | &nbsp;&nbsp; $335632 | &nbsp;&nbsp; $701613 | &nbsp;&nbsp; $55161 | &nbsp;&nbsp; $802046 | &nbsp;&nbsp; $3529303 |
| MFS Global Governments Portfolio | &nbsp;&nbsp; 12087244 | &nbsp;&nbsp; 2175275 | &nbsp;&nbsp; 1090493 | &nbsp;&nbsp; (267690)<br>| &nbsp;&nbsp; 824269 | &nbsp;&nbsp; 13728605 |
| MFS Global Real Estate Portfolio | &nbsp;&nbsp; 14932859 | &nbsp;&nbsp; 2981973 | &nbsp;&nbsp; 1040377 | &nbsp;&nbsp; (36436)<br>| &nbsp;&nbsp; 316108 | &nbsp;&nbsp; 17154127 |
| MFS Growth Series | &nbsp;&nbsp; 30829895 | &nbsp;&nbsp; 10801760 | &nbsp;&nbsp; 4819954 | &nbsp;&nbsp; 297359 | &nbsp;&nbsp; (2035757)<br>| &nbsp;&nbsp; 35073303 |
| MFS High Yield Portfolio | &nbsp;&nbsp; 15262818 | &nbsp;&nbsp; 2932154 | &nbsp;&nbsp; 1211439 | &nbsp;&nbsp; (158601)<br>| &nbsp;&nbsp; 383183 | &nbsp;&nbsp; 17208115 |
| MFS Inflation-Adjusted Bond Portfolio | &nbsp;&nbsp; 15084858 | &nbsp;&nbsp; 2697844 | &nbsp;&nbsp; 1343126 | &nbsp;&nbsp; (392927)<br>| &nbsp;&nbsp; 1139672 | &nbsp;&nbsp; 17186321 |
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; 5932104 | &nbsp;&nbsp; 17891129 | &nbsp;&nbsp; 18657214 | &nbsp;&nbsp; (49)<br>| &nbsp;&nbsp; (228)<br>| &nbsp;&nbsp; 5165742 |
| MFS International Growth Portfolio | &nbsp;&nbsp; 15086250 | &nbsp;&nbsp; 2549469 | &nbsp;&nbsp; 2094506 | &nbsp;&nbsp; 134229 | &nbsp;&nbsp; 1904868 | &nbsp;&nbsp; 17580310 |
| MFS International Intrinsic Value <br> Portfolio<br>| &nbsp;&nbsp; 15089657 | &nbsp;&nbsp; 2052281 | &nbsp;&nbsp; 3020917 | &nbsp;&nbsp; 157526 | &nbsp;&nbsp; 3341681 | &nbsp;&nbsp; 17620228 |
| MFS Limited Maturity Portfolio | &nbsp;&nbsp; 3062300 | &nbsp;&nbsp; 616959 | &nbsp;&nbsp; 276926 | &nbsp;&nbsp; (2230)<br>| &nbsp;&nbsp; 39200 | &nbsp;&nbsp; 3439303 |
| MFS Mid Cap Growth Series | &nbsp;&nbsp; 26802230 | &nbsp;&nbsp; 10352465 | &nbsp;&nbsp; 2799480 | &nbsp;&nbsp; 23473 | &nbsp;&nbsp; (3683695)<br>| &nbsp;&nbsp; 30694993 |
| MFS Mid Cap Value Portfolio | &nbsp;&nbsp; 26862390 | &nbsp;&nbsp; 6658915 | &nbsp;&nbsp; 1643327 | &nbsp;&nbsp; (66051)<br>| &nbsp;&nbsp; (1045449)<br>| &nbsp;&nbsp; 30766478 |
| MFS New Discovery Series | &nbsp;&nbsp; 5945924 | &nbsp;&nbsp; 930977 | &nbsp;&nbsp; 909319 | &nbsp;&nbsp; 22901 | &nbsp;&nbsp; 817528 | &nbsp;&nbsp; 6808011 |
| MFS New Discovery Value Portfolio | &nbsp;&nbsp; 5955333 | &nbsp;&nbsp; 2041396 | &nbsp;&nbsp; 599574 | &nbsp;&nbsp; (38901)<br>| &nbsp;&nbsp; (534719)<br>| &nbsp;&nbsp; 6823535 |
| MFS Research International Portfolio | &nbsp;&nbsp; 30118423 | &nbsp;&nbsp; 3306093 | &nbsp;&nbsp; 4036021 | &nbsp;&nbsp; 90172 | &nbsp;&nbsp; 5854151 | &nbsp;&nbsp; 35332818 |
| MFS Research Series | &nbsp;&nbsp; 27766129 | &nbsp;&nbsp; 9784300 | &nbsp;&nbsp; 2392349 | &nbsp;&nbsp; (1353)<br>| &nbsp;&nbsp; (3500260)<br>| &nbsp;&nbsp; 31656467 |
| MFS Total Return Bond Series | &nbsp;&nbsp; 13681213 | &nbsp;&nbsp; 2646326 | &nbsp;&nbsp; 1229996 | &nbsp;&nbsp; (175911)<br>| &nbsp;&nbsp; 522746 | &nbsp;&nbsp; 15444378 |
| MFS Value Series | &nbsp;&nbsp; 32960843 | &nbsp;&nbsp; 6539126 | &nbsp;&nbsp; 2927407 | &nbsp;&nbsp; (15950)<br>| &nbsp;&nbsp; 1128444 | &nbsp;&nbsp; 37685056 |
|  | &nbsp;&nbsp; $300498547 | &nbsp;&nbsp; $87294074 | &nbsp;&nbsp; $50794038 | &nbsp;&nbsp; $(375278)<br>| &nbsp;&nbsp; $6273788 | &nbsp;&nbsp; $342897093 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Emerging Markets Equity Portfolio | &nbsp;&nbsp; $68091 | &nbsp;&nbsp; $23018 |
| MFS Global Governments Portfolio | &nbsp;&nbsp; 232500 |  |
| MFS Global Real Estate Portfolio | &nbsp;&nbsp; 279341 |  |
| MFS Growth Series |  | &nbsp;&nbsp; 5747850 |
| MFS High Yield Portfolio | &nbsp;&nbsp; 1090402 |  |
| MFS Inflation-Adjusted Bond Portfolio | &nbsp;&nbsp; 554284 |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; 230340 |  |

---

------

MFS Growth Allocation Portfolio

*Notes to Financial Statements - continued* 

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers - continued** | &nbsp;&nbsp; **Dividend**<br> **Income**<br>| &nbsp;&nbsp; **Capital Gain**<br> **Distributions**<br>|
| MFS International Growth Portfolio | &nbsp;&nbsp; $256980 | &nbsp;&nbsp; $771267 |
| MFS International Intrinsic Value Portfolio | &nbsp;&nbsp; 298214 | &nbsp;&nbsp; 848946 |
| MFS Limited Maturity Portfolio | &nbsp;&nbsp; 143092 |  |
| MFS Mid Cap Growth Series |  | &nbsp;&nbsp; 4745833 |
| MFS Mid Cap Value Portfolio | &nbsp;&nbsp; 494498 | &nbsp;&nbsp; 2415174 |
| MFS New Discovery Series |  |  |
| MFS New Discovery Value Portfolio | &nbsp;&nbsp; 257616 | &nbsp;&nbsp; 565836 |
| MFS Research International Portfolio | &nbsp;&nbsp; 473097 |  |
| MFS Research Series | &nbsp;&nbsp; 845935 | &nbsp;&nbsp; 6365232 |
| MFS Total Return Bond Series | &nbsp;&nbsp; 649174 |  |
| MFS Value Series | &nbsp;&nbsp; 621450 | &nbsp;&nbsp; 2607247 |
|  | &nbsp;&nbsp; $6495014 | &nbsp;&nbsp; $24090403 |

---

------

MFS Growth Allocation Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust III and the Shareholders of MFS Growth Allocation Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Growth Allocation Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying funds' transfer agent. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Growth Allocation Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $15,561,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 52.10% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

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

There is nothing to report for this item for MFS 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.**

------

MFS Growth Allocation Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Growth Allocation Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's fees and expenses and the fees and expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information as to whether and to what extent applicable expense waivers and reimbursements are observed for the Fund, (iv) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (v) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 5th quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. The Trustees noted the structure of the Fund's portfolio and considered MFS' strategic, long-term allocation process with respect to the Fund's underlying investments. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Growth Allocation Portfolio

*Board Review of Investment Advisory Agreement - continued*

The Trustees considered that MFS does not charge an advisory fee for providing investment advisory services to the Fund, but that the Fund pays its pro rata share of the advisory fees paid by the underlying funds in which it invests (the "Underlying Funds").

In assessing the reasonableness of the Fund's expenses, the Trustees considered, among other information, the Fund's total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any expense limitations that were in effect during the Fund's last fiscal year), the Fund's total expense ratio was approximately at the Broadridge expense group median. Because the Fund does not pay an advisory fee, the Trustees did not consider the extent to which economies of scale would be realized due to the Fund's growth of assets, whether fee levels reflect economies of scale for shareholders, or the fees paid by similar funds to other investment advisers or by similar clients of MFS.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's or the Underlying Funds' behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

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MFS Conservative Allocation Portfolio

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

MFS Conservative Allocation Portfolio

**Portfolio of Investments - 12/31/25** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% |
| Bond Funds – 59.6% | Bond Funds – 59.6% | Bond Funds – 59.6% |
| MFS Global Governments Portfolio - Initial Class | 2066064 | &nbsp;&nbsp; $18181360 |
| MFS Government Securities Portfolio - Initial Class | 2099464 | &nbsp;&nbsp; 22716204 |
| MFS High Yield Portfolio - Initial Class | 2235941 | &nbsp;&nbsp; 11380940 |
| MFS Inflation-Adjusted Bond Portfolio - Initial Class | 2812333 | &nbsp;&nbsp; 22751772 |
| MFS Limited Maturity Portfolio - Initial Class | 2449868 | &nbsp;&nbsp; 25037650 |
| MFS Total Return Bond Series - Initial Class | 2987581 | &nbsp;&nbsp; 35193708 |
|  |  | &nbsp;&nbsp; $135261634 |
| International Equity Funds – 9.5% | International Equity Funds – 9.5% | International Equity Funds – 9.5% |
| MFS International Growth Portfolio - Initial Class | 266838 | &nbsp;&nbsp; $4787070 |
| MFS International Intrinsic Value Portfolio - Initial Class | 129409 | &nbsp;&nbsp; 4784264 |
| MFS Research International Portfolio - Initial Class | 581251 | &nbsp;&nbsp; 11979575 |
|  |  | &nbsp;&nbsp; $21550909 |
| Non-Traditional Funds – 2.0% | Non-Traditional Funds – 2.0% | Non-Traditional Funds – 2.0% |
| MFS Global Real Estate Portfolio - Initial Class | 357087 | &nbsp;&nbsp; $4531432 |
| U.S. Equity Funds – 27.4% | U.S. Equity Funds – 27.4% | U.S. Equity Funds – 27.4% |
| MFS Growth Series - Initial Class | 175058 | &nbsp;&nbsp; $11877719 |
| MFS Mid Cap Growth Series - Initial Class | 1130550 | &nbsp;&nbsp; 9021788 |
| MFS Mid Cap Value Portfolio - Initial Class | 894741 | &nbsp;&nbsp; 9045829 |
| MFS New Discovery Series - Initial Class (a) | 144236 | &nbsp;&nbsp; 2250082 |
| MFS New Discovery Value Portfolio - Initial Class | 306165 | &nbsp;&nbsp; 2256440 |
| MFS Research Series - Initial Class | 464052 | &nbsp;&nbsp; 14148945 |
| MFS Value Series - Initial Class | 610235 | &nbsp;&nbsp; 13583831 |
|  |  | &nbsp;&nbsp; $62184634 |
| Money Market Funds – 1.5% | Money Market Funds – 1.5% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) | 3431903 | &nbsp;&nbsp; $3432590 |
| **Total Mutual Funds (Identified Cost, $209,071,702)** | **Total Mutual Funds (Identified Cost, $209,071,702)** | &nbsp;&nbsp; **$226961199** |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp; (43620) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$226917579** |

---

&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 $226,961,199.

&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-ANN

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MFS Conservative Allocation Portfolio

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

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in affiliated issuers, at value (identified cost, $209,071,702) | &nbsp;&nbsp; $226961199 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 387499 |
| Fund shares sold | &nbsp;&nbsp; 291285 |
| Other assets | &nbsp;&nbsp; 1107 |
| Total assets | &nbsp;&nbsp; $227641090 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $290421 |
| Fund shares reacquired | &nbsp;&nbsp; 388361 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 94 |
| Shareholder servicing costs | &nbsp;&nbsp; 32 |
| Distribution and/or service fees | &nbsp;&nbsp; 3095 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 41 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 41467 |
| Total liabilities | &nbsp;&nbsp; $723511 |
| Net assets | &nbsp;&nbsp; $226917579 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $198342899 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 28574680 |
| Net assets | &nbsp;&nbsp; $226917579 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 23017281 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $1809736 | &nbsp;&nbsp;&nbsp; 184932 | &nbsp;&nbsp;&nbsp; $9.79 |
| Service Class | &nbsp;&nbsp;&nbsp; 225107843 | &nbsp;&nbsp;&nbsp; 22832349 | &nbsp;&nbsp;&nbsp;&nbsp;9.86 |

---

**See Notes to Financial Statements**

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MFS Conservative Allocation Portfolio

**Financial Statements** \| **Statement of Operations** 

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

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from affiliated issuers | &nbsp;&nbsp; $7242956 |
| Other | &nbsp;&nbsp; 46 |
| Total investment income | &nbsp;&nbsp; $7243002 |
| Expenses |  |
| Distribution and/or service fees | &nbsp;&nbsp; $591218 |
| Shareholder servicing costs | &nbsp;&nbsp; 5580 |
| Administrative services fee | &nbsp;&nbsp; 17500 |
| Independent Trustees' compensation | &nbsp;&nbsp; 6939 |
| Custodian fee | &nbsp;&nbsp; 2620 |
| Shareholder communications | &nbsp;&nbsp; 9594 |
| Audit and tax fees | &nbsp;&nbsp; 49652 |
| Legal fees | &nbsp;&nbsp; 1448 |
| Miscellaneous | &nbsp;&nbsp; 26028 |
| Total expenses | &nbsp;&nbsp; $710579 |
| Net investment income (loss) | &nbsp;&nbsp; $6532423 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Investments in affiliated issuers | &nbsp;&nbsp; $1253418 |
| Capital gain distributions from affiliated issuers | &nbsp;&nbsp; 9310198 |
| Net realized gain (loss)  | &nbsp;&nbsp; $10563616 |
| Change in unrealized appreciation or depreciation |  |
| Affiliated issuers | &nbsp;&nbsp; $4988164 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $15551780 |
| Change in net assets from operations | &nbsp;&nbsp; $22084203 |

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**See Notes to Financial Statements**

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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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $6532423 | &nbsp;&nbsp; $6085441 |
| Net realized gain (loss) | 10563616 | &nbsp;&nbsp; 9553911 |
| Net unrealized gain (loss) | 4988164 | &nbsp;&nbsp; (554774)<br>|
| Change in net assets from operations | $22084203 | &nbsp;&nbsp; $15084578 |
| Total distributions to shareholders | $(16502714)<br>| &nbsp;&nbsp; $(6806322)<br>|
| Change in net assets from fund share transactions | $(28045479)<br>| &nbsp;&nbsp; $(40146568)<br>|
| Total change in net assets | $(22463990)<br>| &nbsp;&nbsp; $(31868312)<br>|
| **Net assets** |  |  |
| At beginning of period | 249381569 | &nbsp;&nbsp; 281249881 |
| At end of period | $226917579 | &nbsp;&nbsp; $249381569 |

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**See Notes to Financial Statements**

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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 past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $9.60 | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $12.02 | &nbsp;&nbsp; $11.95 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $0.30 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.23 |
| 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 |
| Total from investment operations | $0.93 | &nbsp;&nbsp; $0.55 | &nbsp;&nbsp; $0.90 | &nbsp;&nbsp; $(1.82)<br>| &nbsp;&nbsp; $0.83 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.29)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.29)<br>|
| From net realized gain | (0.45)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(0.74)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.69)<br>| &nbsp;&nbsp; $(1.08)<br>| &nbsp;&nbsp; $(0.76)<br>|
| Net asset value, end of period (x) | $9.79 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $12.02 |
| Total return (%) (k)(s)(x) | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp; (15.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses (h) | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net investment income (loss) (l) | 3.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Portfolio turnover rate | 7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 |
| Net assets at end of period (000 omitted) | $1810 | &nbsp;&nbsp; $1754 | &nbsp;&nbsp; $1734 | &nbsp;&nbsp; $1756 | &nbsp;&nbsp; $3278 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $9.66 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $12.06 | &nbsp;&nbsp; $11.99 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $0.27 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.19 |
| Net realized and unrealized gain (loss) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Total from investment operations | $0.92 | &nbsp;&nbsp; $0.53 | &nbsp;&nbsp; $0.87 | &nbsp;&nbsp; $(1.84)<br>| &nbsp;&nbsp; $0.79 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.27)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.25)<br>|
| From net realized gain | (0.45)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(0.72)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $(1.05)<br>| &nbsp;&nbsp; $(0.72)<br>|
| Net asset value, end of period (x) | $9.86 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $12.06 |
| Total return (%) (k)(s)(x) | 9.72 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp; (15.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.70 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses (h) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net investment income (loss) (l) | 2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Portfolio turnover rate | 7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 |
| Net assets at end of period (000 omitted) | $225108 | &nbsp;&nbsp; $247627 | &nbsp;&nbsp; $279516 | &nbsp;&nbsp; $298760 | &nbsp;&nbsp; $398737 |

---

**See Notes to Financial Statements**

------

MFS Conservative Allocation Portfolio

*Financial Highlights - continued*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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) 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;(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 Conservative Allocation Portfolio

**Notes to Financial Statements**

**(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.

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

**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 - 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $226961199 | $— | $— | $226961199 |

---

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 - continued* 

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $6851671 | &nbsp;&nbsp; $4435750 |
| Long-term capital gains | &nbsp;&nbsp; 9651043 | &nbsp;&nbsp; 2370572 |
| Total distributions | &nbsp;&nbsp; $16502714 | &nbsp;&nbsp; $6806322 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $216255158 |
| Gross appreciation | &nbsp;&nbsp; 24360455 |
| Gross depreciation | &nbsp;&nbsp; (13654414)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $10706041 |
| Undistributed ordinary income | &nbsp;&nbsp; 7763943 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 10104696 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $28574680 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $130458 | &nbsp;&nbsp; $49887 |
| Service Class | 16372256 | &nbsp;&nbsp; 6756435 |
| Total | $16502714 | &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 year ended December 31, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

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 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

------

MFS Conservative Allocation Portfolio

*Notes to Financial Statements - continued* 

service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the year ended December 31, 2025, the fee was $5,428, which equated to 0.0023% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended December 31, 2025, these costs amounted to $152.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0073% of the fund's average daily net assets.

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

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

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated $15,979,297 and $58,107,276, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 2041 | &nbsp;&nbsp; $20465 | &nbsp;&nbsp; 2171 | &nbsp;&nbsp; $21150 |
| Service Class | 544596 | &nbsp;&nbsp; 5338196 | &nbsp;&nbsp; 435553 | &nbsp;&nbsp; 4217669 |
|  | 546637 | &nbsp;&nbsp; $5358661 | &nbsp;&nbsp; 437724 | &nbsp;&nbsp; $4238819 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 13689 | &nbsp;&nbsp; $130458 | &nbsp;&nbsp; 5159 | &nbsp;&nbsp; $49887 |
| Service Class | 1703669 | &nbsp;&nbsp; 16372256 | &nbsp;&nbsp; 693679 | &nbsp;&nbsp; 6756435 |
|  | 1717358 | &nbsp;&nbsp; $16502714 | &nbsp;&nbsp; 698838 | &nbsp;&nbsp; $6806322 |
| Shares reacquired |  |  |  |  |
| Initial Class | (13519)<br>| &nbsp;&nbsp; $(131348)<br>| &nbsp;&nbsp; (10464)<br>| &nbsp;&nbsp; $(98661)<br>|
| Service Class | (5043744)<br>| &nbsp;&nbsp; (49775506)<br>| &nbsp;&nbsp; (5286528)<br>| &nbsp;&nbsp; (51093048)<br>|
|  | (5057263)<br>| &nbsp;&nbsp; $(49906854)<br>| &nbsp;&nbsp; (5296992)<br>| &nbsp;&nbsp; $(51191709)<br>|
| Net change |  |  |  |  |
| Initial Class | 2211 | &nbsp;&nbsp; $19575 | &nbsp;&nbsp; (3134)<br>| &nbsp;&nbsp; $(27624)<br>|
| Service Class | (2795479)<br>| &nbsp;&nbsp; (28065054)<br>| &nbsp;&nbsp; (4157296)<br>| &nbsp;&nbsp; (40118944)<br>|
|  | (2793268)<br>| &nbsp;&nbsp; $(28045479)<br>| &nbsp;&nbsp; (4160430)<br>| &nbsp;&nbsp; $(40146568)<br>|

---

------

MFS Conservative Allocation Portfolio

*Notes to Financial Statements - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended December 31, 2025, the fund's commitment fee and interest expense were $1,133 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Global Governments Portfolio | &nbsp;&nbsp; $20081474 | &nbsp;&nbsp; $1088292 | &nbsp;&nbsp; $3876633 | &nbsp;&nbsp; $(1073243)<br>| &nbsp;&nbsp; $1961470 | &nbsp;&nbsp; $18181360 |
| MFS Global Real Estate Portfolio | &nbsp;&nbsp; 4815089 | &nbsp;&nbsp; 571850 | &nbsp;&nbsp; 982998 | &nbsp;&nbsp; 40110 | &nbsp;&nbsp; 87381 | &nbsp;&nbsp; 4531432 |
| MFS Government Securities Portfolio | &nbsp;&nbsp; 23959569 | &nbsp;&nbsp; 2414363 | &nbsp;&nbsp; 4230394 | &nbsp;&nbsp; (992373)<br>| &nbsp;&nbsp; 1565039 | &nbsp;&nbsp; 22716204 |
| MFS Growth Series | &nbsp;&nbsp; 12928908 | &nbsp;&nbsp; 4281546 | &nbsp;&nbsp; 5019517 | &nbsp;&nbsp; 1614478 | &nbsp;&nbsp; (1927696)<br>| &nbsp;&nbsp; 11877719 |
| MFS High Yield Portfolio | &nbsp;&nbsp; 12629713 | &nbsp;&nbsp; 828708 | &nbsp;&nbsp; 2263962 | &nbsp;&nbsp; (268079)<br>| &nbsp;&nbsp; 454560 | &nbsp;&nbsp; 11380940 |
| MFS Inflation-Adjusted Bond Portfolio | &nbsp;&nbsp; 25081066 | &nbsp;&nbsp; 1356326 | &nbsp;&nbsp; 4865487 | &nbsp;&nbsp; (1456848)<br>| &nbsp;&nbsp; 2636715 | &nbsp;&nbsp; 22751772 |
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; 6385189 | &nbsp;&nbsp; 2139483 | &nbsp;&nbsp; 5091677 | &nbsp;&nbsp; (136)<br>| &nbsp;&nbsp; (269)<br>| &nbsp;&nbsp; 3432590 |
| MFS International Growth Portfolio | &nbsp;&nbsp; 4990958 | &nbsp;&nbsp; 593148 | &nbsp;&nbsp; 1485858 | &nbsp;&nbsp; 322987 | &nbsp;&nbsp; 365835 | &nbsp;&nbsp; 4787070 |
| MFS International Intrinsic Value <br> Portfolio<br>| &nbsp;&nbsp; 4995033 | &nbsp;&nbsp; 644238 | &nbsp;&nbsp; 1988704 | &nbsp;&nbsp; 651911 | &nbsp;&nbsp; 481786 | &nbsp;&nbsp; 4784264 |
| MFS Limited Maturity Portfolio | &nbsp;&nbsp; 27829775 | &nbsp;&nbsp; 2284665 | &nbsp;&nbsp; 5411301 | &nbsp;&nbsp; (15732)<br>| &nbsp;&nbsp; 350243 | &nbsp;&nbsp; 25037650 |
| MFS Mid Cap Growth Series | &nbsp;&nbsp; 9737757 | &nbsp;&nbsp; 3210148 | &nbsp;&nbsp; 2997600 | &nbsp;&nbsp; 629051 | &nbsp;&nbsp; (1557568)<br>| &nbsp;&nbsp; 9021788 |
| MFS Mid Cap Value Portfolio | &nbsp;&nbsp; 9626644 | &nbsp;&nbsp; 2140806 | &nbsp;&nbsp; 2462579 | &nbsp;&nbsp; 276366 | &nbsp;&nbsp; (535408)<br>| &nbsp;&nbsp; 9045829 |
| MFS New Discovery Series | &nbsp;&nbsp; 2391649 | &nbsp;&nbsp; 475492 | &nbsp;&nbsp; 982019 | &nbsp;&nbsp; (22254)<br>| &nbsp;&nbsp; 387214 | &nbsp;&nbsp; 2250082 |
| MFS New Discovery Value Portfolio | &nbsp;&nbsp; 2380619 | &nbsp;&nbsp; 699729 | &nbsp;&nbsp; 646295 | &nbsp;&nbsp; 29529 | &nbsp;&nbsp; (207142)<br>| &nbsp;&nbsp; 2256440 |
| MFS Research International Portfolio | &nbsp;&nbsp; 12475460 | &nbsp;&nbsp; 890397 | &nbsp;&nbsp; 3777089 | &nbsp;&nbsp; 854443 | &nbsp;&nbsp; 1536364 | &nbsp;&nbsp; 11979575 |
| MFS Research Series | &nbsp;&nbsp; 15471403 | &nbsp;&nbsp; 5466119 | &nbsp;&nbsp; 5323179 | &nbsp;&nbsp; 1086950 | &nbsp;&nbsp; (2552348)<br>| &nbsp;&nbsp; 14148945 |
| MFS Total Return Bond Series | &nbsp;&nbsp; 39066304 | &nbsp;&nbsp; 2997699 | &nbsp;&nbsp; 7812521 | &nbsp;&nbsp; (1116071)<br>| &nbsp;&nbsp; 2058297 | &nbsp;&nbsp; 35193708 |
| MFS Value Series | &nbsp;&nbsp; 14616685 | &nbsp;&nbsp; 2372266 | &nbsp;&nbsp; 3981140 | &nbsp;&nbsp; 692329 | &nbsp;&nbsp; (116309)<br>| &nbsp;&nbsp; 13583831 |
|  | &nbsp;&nbsp; $249463295 | &nbsp;&nbsp; $34455275 | &nbsp;&nbsp; $63198953 | &nbsp;&nbsp; $1253418 | &nbsp;&nbsp; $4988164 | &nbsp;&nbsp; $226961199 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Global Governments Portfolio | &nbsp;&nbsp; $338286 | $— |
| MFS Global Real Estate Portfolio | &nbsp;&nbsp; 80805 |  |
| MFS Government Securities Portfolio | &nbsp;&nbsp; 975505 |  |
| MFS Growth Series |  | &nbsp;&nbsp; 2140316 |
| MFS High Yield Portfolio | &nbsp;&nbsp; 794353 |  |
| MFS Inflation-Adjusted Bond Portfolio | &nbsp;&nbsp; 803006 |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; 216657 |  |
| MFS International Growth Portfolio | &nbsp;&nbsp; 77119 | &nbsp;&nbsp; 231456 |

---

------

MFS Conservative Allocation Portfolio

*Notes to Financial Statements - continued* 

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers - continued** | &nbsp;&nbsp; **Dividend**<br> **Income**<br>| &nbsp;&nbsp; **Capital Gain**<br> **Distributions**<br>|
| MFS International Intrinsic Value Portfolio | &nbsp;&nbsp; $89588 | &nbsp;&nbsp; $255035 |
| MFS Limited Maturity Portfolio | &nbsp;&nbsp; 1146447 |  |
| MFS Mid Cap Growth Series |  | &nbsp;&nbsp; 1532479 |
| MFS Mid Cap Value Portfolio | &nbsp;&nbsp; 159242 | &nbsp;&nbsp; 777753 |
| MFS New Discovery Series |  |  |
| MFS New Discovery Value Portfolio | &nbsp;&nbsp; 93396 | &nbsp;&nbsp; 205138 |
| MFS Research International Portfolio | &nbsp;&nbsp; 177619 |  |
| MFS Research Series | &nbsp;&nbsp; 416415 | &nbsp;&nbsp; 3133315 |
| MFS Total Return Bond Series | &nbsp;&nbsp; 1627891 |  |
| MFS Value Series | &nbsp;&nbsp; 246627 | &nbsp;&nbsp; 1034706 |
|  | &nbsp;&nbsp; $7242956 | &nbsp;&nbsp; $9310198 |

---

------

MFS Conservative Allocation Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust III and the Shareholders of MFS Conservative Allocation Portfolio:

**Opinion on the Financial Statements and Financial Highlight**s

We have audited the accompanying statement of assets and liabilities of MFS Conservative Allocation Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying funds' transfer agent. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Conservative Allocation Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $10,617,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 12.74% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

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

There is nothing to report for this item for MFS 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.**

------

MFS Conservative Allocation Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Conservative Allocation Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's fees and expenses and the fees and expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information as to whether and to what extent applicable expense waivers and reimbursements are observed for the Fund, (iv) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (v) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 5th quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. The Trustees noted the structure of the Fund's portfolio and considered MFS' strategic, long-term allocation process with respect to the Fund's underlying investments. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Conservative Allocation Portfolio

*Board Review of Investment Advisory Agreement - continued*

The Trustees considered that MFS does not charge an advisory fee for providing investment advisory services to the Fund, but that the Fund pays its pro rata share of the advisory fees paid by the underlying funds in which it invests (the "Underlying Funds").

In assessing the reasonableness of the Fund's expenses, the Trustees considered, among other information, the Fund's total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any expense limitations that were in effect during the Fund's last fiscal year), the Fund's total expense ratio was lower than the Broadridge expense group median. Because the Fund does not pay an advisory fee, the Trustees did not consider the extent to which economies of scale would be realized due to the Fund's growth of assets, whether fee levels reflect economies of scale for shareholders, or the fees paid by similar funds to other investment advisers or by similar clients of MFS.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's or the Underlying Funds' behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS 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 - 12/31/25** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 98.1% | Common Stocks – 98.1% | Common Stocks – 98.1% |
| Aerospace & Defense – 2.3% | Aerospace & Defense – 2.3% |  |
| KBR, Inc. | 64450 | &nbsp;&nbsp; $2590890 |
| L3Harris Technologies, Inc. | 17917 | &nbsp;&nbsp; 5259894 |
| Leidos Holdings, Inc. | 25530 | &nbsp;&nbsp; 4605612 |
| Standard Aero, Inc. (a) | 41701 | &nbsp;&nbsp; 1195984 |
|  |  | &nbsp;&nbsp; $13652380 |
| Airlines – 2.0% | Airlines – 2.0% |  |
| Alaska Air Group, Inc. (a) | 66628 | &nbsp;&nbsp; $3351388 |
| Delta Air Lines, Inc. | 71034 | &nbsp;&nbsp; 4929760 |
| Southwest Airlines Co. | 91580 | &nbsp;&nbsp; 3785001 |
|  |  | &nbsp;&nbsp; $12066149 |
| Alcoholic Beverages – 0.3% | Alcoholic Beverages – 0.3% |  |
| Brown-Forman Corp., " B" | 62008 | &nbsp;&nbsp; $1615928 |
| Automotive – 1.8% | Automotive – 1.8% |  |
| Aptiv PLC (a) | 74574 | &nbsp;&nbsp; $5674336 |
| Group 1 Automotive, Inc. | 3200 | &nbsp;&nbsp; 1258560 |
| LKQ Corp. | 125726 | &nbsp;&nbsp; 3796925 |
|  |  | &nbsp;&nbsp; $10729821 |
| Biotechnology – 0.5% | Biotechnology – 0.5% |  |
| Biogen, Inc. (a) | 15557 | &nbsp;&nbsp; $2737876 |
| Broadcasting – 1.0% | Broadcasting – 1.0% |  |
| Nexstar Media Group, Inc. | 11891 | &nbsp;&nbsp; $2414468 |
| Omnicom Group, Inc. | 41159 | &nbsp;&nbsp; 3323589 |
|  |  | &nbsp;&nbsp; $5738057 |
| Brokerage & Asset Managers – 2.3% | Brokerage & Asset Managers – 2.3% |  |
| Carlyle Group, Inc. | 62242 | &nbsp;&nbsp; $3679125 |
| Raymond James Financial, Inc. | 42026 | &nbsp;&nbsp; 6748955 |
| TPG, Inc. | 50453 | &nbsp;&nbsp; 3220919 |
|  |  | &nbsp;&nbsp; $13648999 |
| Business Services – 2.7% | Business Services – 2.7% |  |
| Cognizant Technology Solutions Corp., "A" | 36406 | &nbsp;&nbsp; $3021698 |
| Fidelity National Information Services, Inc. | 71610 | &nbsp;&nbsp; 4759201 |
| Global Payments, Inc. | 52217 | &nbsp;&nbsp; 4041596 |
| TransUnion | 51431 | &nbsp;&nbsp; 4410208 |
|  |  | &nbsp;&nbsp; $16232703 |
| Chemicals – 1.1% | Chemicals – 1.1% |  |
| Eastman Chemical Co. | 57887 | &nbsp;&nbsp; $3694927 |
| Qnity Electronics, Inc. | 33705 | &nbsp;&nbsp; 2752013 |
|  |  | &nbsp;&nbsp; $6446940 |

---

VMCFS-ANN

------

MFS Mid Cap Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – 0.9% | Computer Software – 0.9% |  |
| Check Point Software Technologies Ltd. (a) | 18279 | &nbsp;&nbsp; $3391851 |
| Pegasystems, Inc. | 32025 | &nbsp;&nbsp; 1912533 |
|  |  | &nbsp;&nbsp; $5304384 |
| Computer Software - Systems – 1.5% | Computer Software - Systems – 1.5% |  |
| CDW Corp. | 25206 | &nbsp;&nbsp; $3433057 |
| Seagate Technology Holdings PLC | 10062 | &nbsp;&nbsp; 2770974 |
| Zebra Technologies Corp., "A" (a) | 12154 | &nbsp;&nbsp; 2951235 |
|  |  | &nbsp;&nbsp; $9155266 |
| Construction – 7.1% | Construction – 7.1% |  |
| Allegion PLC | 37566 | &nbsp;&nbsp; $5981259 |
| Builders FirstSource, Inc. (a) | 21865 | &nbsp;&nbsp; 2249690 |
| Equity Lifestyle Properties, Inc., REIT | 71918 | &nbsp;&nbsp; 4358950 |
| Essex Property Trust, Inc., REIT | 15110 | &nbsp;&nbsp; 3953985 |
| Ferguson Enterprises, Inc. | 14826 | &nbsp;&nbsp; 3300712 |
| James Hardie Industries PLC (a) | 125135 | &nbsp;&nbsp; 2596551 |
| Mid-America Apartment Communities, Inc., REIT | 28031 | &nbsp;&nbsp; 3893786 |
| Mohawk Industries, Inc. (a) | 27985 | &nbsp;&nbsp; 3058761 |
| Otis Worldwide Corp. | 43567 | &nbsp;&nbsp; 3805577 |
| Pulte Homes, Inc. | 49725 | &nbsp;&nbsp; 5830754 |
| Stanley Black & Decker, Inc. | 45408 | &nbsp;&nbsp; 3372906 |
|  |  | &nbsp;&nbsp; $42402931 |
| Consumer Products – 1.6% | Consumer Products – 1.6% |  |
| International Flavors & Fragrances, Inc. | 50534 | &nbsp;&nbsp; $3405486 |
| Kenvue, Inc. | 284597 | &nbsp;&nbsp; 4909298 |
| Newell Brands, Inc. | 328913 | &nbsp;&nbsp; 1223557 |
|  |  | &nbsp;&nbsp; $9538341 |
| Containers – 1.8% | Containers – 1.8% |  |
| Amcor PLC | 382022 | &nbsp;&nbsp; $3186064 |
| Avery Dennison Corp. | 21310 | &nbsp;&nbsp; 3875863 |
| Graphic Packaging Holding Co. | 252671 | &nbsp;&nbsp; 3805225 |
|  |  | &nbsp;&nbsp; $10867152 |
| Electrical Equipment – 3.2% | Electrical Equipment – 3.2% |  |
| Corning, Inc. | 86149 | &nbsp;&nbsp; $7543206 |
| Hubbell, Inc. | 7996 | &nbsp;&nbsp; 3551104 |
| nVent Electric PLC | 45066 | &nbsp;&nbsp; 4595380 |
| TE Connectivity PLC | 14430 | &nbsp;&nbsp; 3282969 |
|  |  | &nbsp;&nbsp; $18972659 |
| Electronics – 3.3% | Electronics – 3.3% |  |
| Coherent Corp. (a) | 14656 | &nbsp;&nbsp; $2705058 |
| Entegris, Inc. | 37786 | &nbsp;&nbsp; 3183471 |
| Flex Ltd. (a) | 129867 | &nbsp;&nbsp; 7846564 |
| NXP Semiconductors N.V. | 17388 | &nbsp;&nbsp; 3774239 |
| Skyworks Solutions, Inc. | 31969 | &nbsp;&nbsp; 2027154 |
|  |  | &nbsp;&nbsp; $19536486 |
| Energy - Independent – 4.2% | Energy - Independent – 4.2% |  |
| Chord Energy Corp. | 23465 | &nbsp;&nbsp; $2175206 |
| Diamondback Energy, Inc. | 31413 | &nbsp;&nbsp; 4722316 |
| Expand Energy Corp. | 53543 | &nbsp;&nbsp; 5909006 |

---

------

MFS Mid Cap Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Energy - Independent – continued | Energy - Independent – continued |  |
| Peabody Energy Corp. | 60206 | &nbsp;&nbsp; $1788118 |
| Permian Resources Corp. | 348234 | &nbsp;&nbsp; 4885723 |
| Valero Energy Corp. | 33784 | &nbsp;&nbsp; 5499697 |
|  |  | &nbsp;&nbsp; $24980066 |
| Energy - Renewables – 0.3% | Energy - Renewables – 0.3% |  |
| Generac Holdings, Inc. (a) | 14089 | &nbsp;&nbsp; $1921317 |
| Engineering - Construction – 0.8% | Engineering - Construction – 0.8% |  |
| Jacobs Solutions, Inc. | 35948 | &nbsp;&nbsp; $4761672 |
| Food & Beverages – 2.0% | Food & Beverages – 2.0% |  |
| Campbell Soup Co. | 62742 | &nbsp;&nbsp; $1748619 |
| Coca-Cola Europacific Partners PLC | 40739 | &nbsp;&nbsp; 3695027 |
| Hershey Co. | 18800 | &nbsp;&nbsp; 3421224 |
| Ingredion, Inc. | 29587 | &nbsp;&nbsp; 3262263 |
|  |  | &nbsp;&nbsp; $12127133 |
| Food & Drug Stores – 0.6% | Food & Drug Stores – 0.6% |  |
| Albertsons Cos., Inc., "A" | 195233 | &nbsp;&nbsp; $3352151 |
| Forest & Paper Products – 0.5% | Forest & Paper Products – 0.5% |  |
| International Paper Co. | 76320 | &nbsp;&nbsp; $3006245 |
| Gaming & Lodging – 2.8% | Gaming & Lodging – 2.8% |  |
| Brightstar Lottery PLC | 156888 | &nbsp;&nbsp; $2428626 |
| Hyatt Hotels Corp. | 29797 | &nbsp;&nbsp; 4777055 |
| VICI Properties, Inc., REIT | 159830 | &nbsp;&nbsp; 4494420 |
| Viking Holdings Ltd. (a) | 66855 | &nbsp;&nbsp; 4774115 |
|  |  | &nbsp;&nbsp; $16474216 |
| Health Maintenance Organizations – 0.8% | Health Maintenance Organizations – 0.8% |  |
| Humana, Inc. | 18561 | &nbsp;&nbsp; $4754029 |
| Insurance – 8.2% | Insurance – 8.2% |  |
| American International Group, Inc. | 60395 | &nbsp;&nbsp; $5166792 |
| Assurant, Inc. | 25732 | &nbsp;&nbsp; 6197552 |
| Corebridge Financial, Inc. | 132870 | &nbsp;&nbsp; 4008688 |
| Equitable Holdings, Inc. | 48263 | &nbsp;&nbsp; 2299732 |
| Everest Group Ltd. | 10544 | &nbsp;&nbsp; 3578106 |
| Hanover Insurance Group, Inc. | 25652 | &nbsp;&nbsp; 4688416 |
| Hartford Insurance Group, Inc. | 53488 | &nbsp;&nbsp; 7370647 |
| Lincoln National Corp. | 101930 | &nbsp;&nbsp; 4538943 |
| Voya Financial, Inc. | 57116 | &nbsp;&nbsp; 4254571 |
| Willis Towers Watson PLC | 20549 | &nbsp;&nbsp; 6752401 |
|  |  | &nbsp;&nbsp; $48855848 |
| Leisure & Toys – 1.3% | Leisure & Toys – 1.3% |  |
| Brunswick Corp. | 65460 | &nbsp;&nbsp; $4859750 |
| Mattel, Inc. (a) | 137201 | &nbsp;&nbsp; 2722068 |
|  |  | &nbsp;&nbsp; $7581818 |

---

------

MFS Mid Cap Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Machinery & Tools – 6.1% | Machinery & Tools – 6.1% |  |
| AGCO Corp. | 41815 | &nbsp;&nbsp; $4362141 |
| Flowserve Corp. | 53792 | &nbsp;&nbsp; 3732089 |
| Ingersoll Rand, Inc. | 42794 | &nbsp;&nbsp; 3390141 |
| ITT, Inc. | 15723 | &nbsp;&nbsp; 2728098 |
| Nordson Corp. | 14408 | &nbsp;&nbsp; 3464115 |
| PACCAR, Inc. | 32968 | &nbsp;&nbsp; 3610325 |
| Pentair PLC | 48806 | &nbsp;&nbsp; 5082657 |
| Regal Rexnord Corp. | 28850 | &nbsp;&nbsp; 4048232 |
| Wabtec Corp. | 28483 | &nbsp;&nbsp; 6079696 |
|  |  | &nbsp;&nbsp; $36497494 |
| Major Banks – 0.8% | Major Banks – 0.8% |  |
| Regions Financial Corp. | 181283 | &nbsp;&nbsp; $4912769 |
| Medical & Health Technology & Services – 3.5% | Medical & Health Technology & Services – 3.5% |  |
| Cencora, Inc. | 14998 | &nbsp;&nbsp; $5065575 |
| ICON PLC (a) | 15877 | &nbsp;&nbsp; 2893107 |
| Labcorp Holdings, Inc. | 15007 | &nbsp;&nbsp; 3764956 |
| Universal Health Services, Inc. | 19587 | &nbsp;&nbsp; 4270358 |
| Ventas, Inc., REIT | 60627 | &nbsp;&nbsp; 4691317 |
|  |  | &nbsp;&nbsp; $20685313 |
| Medical Equipment – 4.7% | Medical Equipment – 4.7% |  |
| Agilent Technologies, Inc. | 52236 | &nbsp;&nbsp; $7107752 |
| Avantor, Inc. (a) | 191273 | &nbsp;&nbsp; 2191989 |
| Becton, Dickinson and Co. | 23294 | &nbsp;&nbsp; 4520667 |
| Cooper Companies, Inc. (a) | 34697 | &nbsp;&nbsp; 2843766 |
| GE Healthcare Technologies, Inc. | 34288 | &nbsp;&nbsp; 2812302 |
| Medline, Inc., "A" (a) | 38782 | &nbsp;&nbsp; 1628844 |
| Revvity, Inc. | 29527 | &nbsp;&nbsp; 2856737 |
| STERIS PLC | 16573 | &nbsp;&nbsp; 4201587 |
|  |  | &nbsp;&nbsp; $28163644 |
| Metals & Mining – 0.6% | Metals & Mining – 0.6% |  |
| Nucor Corp. | 22533 | &nbsp;&nbsp; $3675358 |
| Natural Gas - Distribution – 0.7% | Natural Gas - Distribution – 0.7% |  |
| Atmos Energy Corp. | 24550 | &nbsp;&nbsp; $4115316 |
| Natural Gas - Pipeline – 1.7% | Natural Gas - Pipeline – 1.7% |  |
| Plains GP Holdings LP | 189148 | &nbsp;&nbsp; $3620293 |
| Targa Resources Corp. | 35184 | &nbsp;&nbsp; 6491448 |
|  |  | &nbsp;&nbsp; $10111741 |
| Oil Services – 1.1% | Oil Services – 1.1% |  |
| Baker Hughes Co. | 39421 | &nbsp;&nbsp; $1795232 |
| TechnipFMC PLC | 99794 | &nbsp;&nbsp; 4446821 |
|  |  | &nbsp;&nbsp; $6242053 |
| Other Banks & Diversified Financials – 5.7% | Other Banks & Diversified Financials – 5.7% |  |
| Columbia Banking System, Inc. | 101094 | &nbsp;&nbsp; $2825577 |
| East West Bancorp, Inc. | 38641 | &nbsp;&nbsp; 4342862 |
| Fifth Third Bancorp | 90860 | &nbsp;&nbsp; 4253157 |
| M&T Bank Corp. | 28631 | &nbsp;&nbsp; 5768574 |
| Northern Trust Corp. | 46390 | &nbsp;&nbsp; 6336410 |

---

------

MFS Mid Cap Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – continued | Other Banks & Diversified Financials – continued |  |
| Prosperity Bancshares, Inc. | 38337 | &nbsp;&nbsp; $2649470 |
| SLM Corp. | 147059 | &nbsp;&nbsp; 3979417 |
| Synchrony Financial | 45577 | &nbsp;&nbsp; 3802489 |
|  |  | &nbsp;&nbsp; $33957956 |
| Pharmaceuticals – 0.2% | Pharmaceuticals – 0.2% |  |
| Organon & Co. | 130610 | &nbsp;&nbsp; $936474 |
| Pollution Control – 0.7% | Pollution Control – 0.7% |  |
| GFL Environmental, Inc. | 96663 | &nbsp;&nbsp; $4151676 |
| Real Estate – 2.4% | Real Estate – 2.4% |  |
| Brixmor Property Group, Inc., REIT | 174742 | &nbsp;&nbsp; $4581735 |
| Jones Lang LaSalle, Inc. (a) | 15368 | &nbsp;&nbsp; 5170871 |
| W.P. Carey, Inc., REIT | 71413 | &nbsp;&nbsp; 4596141 |
|  |  | &nbsp;&nbsp; $14348747 |
| Real Estate - Storage – 1.3% | Real Estate - Storage – 1.3% |  |
| Extra Space Storage, Inc., REIT | 39391 | &nbsp;&nbsp; $5129496 |
| Rexford Industrial Realty, Inc., REIT | 73830 | &nbsp;&nbsp; 2858698 |
|  |  | &nbsp;&nbsp; $7988194 |
| Restaurants – 3.0% | Restaurants – 3.0% |  |
| Aramark | 129059 | &nbsp;&nbsp; $4757115 |
| Darden Restaurants, Inc. | 15736 | &nbsp;&nbsp; 2895739 |
| SYSCO Corp. | 54425 | &nbsp;&nbsp; 4010578 |
| U.S. Foods Holding Corp. (a) | 79954 | &nbsp;&nbsp; 6022135 |
|  |  | &nbsp;&nbsp; $17685567 |
| Specialty Chemicals – 1.0% | Specialty Chemicals – 1.0% |  |
| Ashland, Inc. | 58040 | &nbsp;&nbsp; $3405207 |
| DuPont de Nemours, Inc. | 67412 | &nbsp;&nbsp; 2709962 |
|  |  | &nbsp;&nbsp; $6115169 |
| Specialty Stores – 1.5% | Specialty Stores – 1.5% |  |
| BJ's Wholesale Club Holdings, Inc. (a) | 31135 | &nbsp;&nbsp; $2803084 |
| Ross Stores, Inc. | 32462 | &nbsp;&nbsp; 5847705 |
|  |  | &nbsp;&nbsp; $8650789 |
| Trucking – 1.2% | Trucking – 1.2% |  |
| FedEx Corp. | 12355 | &nbsp;&nbsp; $3568865 |
| J.B. Hunt Transport Services, Inc. | 17672 | &nbsp;&nbsp; 3434377 |
|  |  | &nbsp;&nbsp; $7003242 |
| Utilities - Electric Power – 7.0% | Utilities - Electric Power – 7.0% |  |
| Alliant Energy Corp. | 85073 | &nbsp;&nbsp; $5530596 |
| CenterPoint Energy, Inc. | 112095 | &nbsp;&nbsp; 4297722 |
| CMS Energy Corp. | 78808 | &nbsp;&nbsp; 5511043 |
| Evergy, Inc. | 41212 | &nbsp;&nbsp; 2987458 |
| PG&E Corp. | 420010 | &nbsp;&nbsp; 6749561 |
| Pinnacle West Capital Corp. | 49266 | &nbsp;&nbsp; 4369894 |
| Public Service Enterprise Group, Inc. | 73426 | &nbsp;&nbsp; 5896108 |
| Sempra | 52598 | &nbsp;&nbsp; 4643877 |

---

------

MFS Mid Cap Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Utilities - Electric Power – continued | Utilities - Electric Power – continued |  |
| Talen Energy Corp. (a) | 3558 | &nbsp;&nbsp; $1333681 |
|  |  | &nbsp;&nbsp; $41319940 |
| **Total Common Stocks (Identified Cost, $434,130,387)** |  | &nbsp;&nbsp; **$583022009** |
| 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%, 10/15/2027 (Identified Cost, $2,454,000) | 49080 | &nbsp;&nbsp; $3389465 |
| Mutual Funds (h) – 1.1% | Mutual Funds (h) – 1.1% | Mutual Funds (h) – 1.1% |
| Money Market Funds – 1.1% | Money Market Funds – 1.1% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $6,327,573) | 6327149 | &nbsp;&nbsp; $6328414 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp; 1430264 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$594170152** |

---

&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 $6,328,414 and $586,411,474, 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 Mid Cap Value Portfolio

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

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $436,584,387) | &nbsp;&nbsp; $586411474 |
| Investments in affiliated issuers, at value (identified cost, $6,327,573) | &nbsp;&nbsp; 6328414 |
| Cash | &nbsp;&nbsp; 19159 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 1107516 |
| Interest and dividends | &nbsp;&nbsp; 881532 |
| Other assets | &nbsp;&nbsp; 2352 |
| Total assets | &nbsp;&nbsp; $594750447 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $492209 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 24193 |
| Administrative services fee | &nbsp;&nbsp; 440 |
| Shareholder servicing costs | &nbsp;&nbsp; 118 |
| Distribution and/or service fees | &nbsp;&nbsp; 4254 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 59081 |
| Total liabilities | &nbsp;&nbsp; $580295 |
| Net assets | &nbsp;&nbsp; $594170152 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $405477290 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 188692862 |
| Net assets | &nbsp;&nbsp; $594170152 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 59332159 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $286263261 | &nbsp;&nbsp;&nbsp; 28312502 | &nbsp;&nbsp;&nbsp; $10.11 |
| Service Class | &nbsp;&nbsp;&nbsp; 307906891 | &nbsp;&nbsp;&nbsp; 31019657 | &nbsp;&nbsp;&nbsp;&nbsp;9.93 |

---

**See Notes to Financial Statements**

------

MFS Mid Cap Value Portfolio

**Financial Statements** \| **Statement of Operations** 

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

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $11169446 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 483981 |
| Other | &nbsp;&nbsp; 14500 |
| Income on securities loaned | &nbsp;&nbsp; 10669 |
| Foreign taxes withheld | &nbsp;&nbsp; (11254)<br>|
| Total investment income | &nbsp;&nbsp; $11667342 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $4274130 |
| Distribution and/or service fees | &nbsp;&nbsp; 721247 |
| Shareholder servicing costs | &nbsp;&nbsp; 20981 |
| Administrative services fee | &nbsp;&nbsp; 84165 |
| Independent Trustees' compensation | &nbsp;&nbsp; 13614 |
| Custodian fee | &nbsp;&nbsp; 29687 |
| Shareholder communications | &nbsp;&nbsp; 35150 |
| Audit and tax fees | &nbsp;&nbsp; 71334 |
| Legal fees | &nbsp;&nbsp; 3205 |
| Miscellaneous | &nbsp;&nbsp; 33238 |
| Total expenses | &nbsp;&nbsp; $5286751 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (78940)<br>|
| Net expenses | &nbsp;&nbsp; $5207811 |
| Net investment income (loss) | &nbsp;&nbsp; $6459531 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $35576391 |
| Affiliated issuers | &nbsp;&nbsp; 1450 |
| Net realized gain (loss)  | &nbsp;&nbsp; $35577841 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(7514520)<br>|
| Affiliated issuers | &nbsp;&nbsp; (93)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 2808 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(7511805)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $28066036 |
| Change in net assets from operations | &nbsp;&nbsp; $34525567 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $6459531 | &nbsp;&nbsp; $5507581 |
| Net realized gain (loss) | 35577841 | &nbsp;&nbsp; 52780108 |
| Net unrealized gain (loss) | (7511805)<br>| &nbsp;&nbsp; 8024630 |
| Change in net assets from operations | $34525567 | &nbsp;&nbsp; $66312319 |
| Total distributions to shareholders | $(58166796)<br>| &nbsp;&nbsp; $(28085441)<br>|
| Change in net assets from fund share transactions | $70358701 | &nbsp;&nbsp; $15368118 |
| Total change in net assets | $46717472 | &nbsp;&nbsp; $53594996 |
| **Net assets** |  |  |
| At beginning of period | 547452680 | &nbsp;&nbsp; 493857684 |
| At end of period | $594170152 | &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 past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $10.59 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $11.09 | &nbsp;&nbsp; $8.59 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.10 |
| Net realized and unrealized gain (loss) | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| Total from investment operations | $0.60 | &nbsp;&nbsp; $1.34 | &nbsp;&nbsp; $1.13 | &nbsp;&nbsp; $(0.96)<br>| &nbsp;&nbsp; $2.65 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.11)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.08)<br>|
| From net realized gain | (0.97)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.07)<br>|
| Total distributions declared to shareholders | $(1.08)<br>| &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $(0.94)<br>| &nbsp;&nbsp; $(0.15)<br>|
| Net asset value, end of period (x) | $10.11 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $11.09 |
| Total return (%) (k)(r)(s)(x) | 5.98 | &nbsp;&nbsp;&nbsp;&nbsp;13.75 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp; (8.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.99 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Expenses after expense reductions | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net investment income (loss) | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Portfolio turnover rate | 24 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $286263 | &nbsp;&nbsp; $277830 | &nbsp;&nbsp; $264612 | &nbsp;&nbsp; $246813 | &nbsp;&nbsp; $316524 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $10.42 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $10.95 | &nbsp;&nbsp; $8.50 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.10 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.07 |
| Net realized and unrealized gain (loss) | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.52 |
| Total from investment operations | $0.57 | &nbsp;&nbsp; $1.30 | &nbsp;&nbsp; $1.08 | &nbsp;&nbsp; $(0.97)<br>| &nbsp;&nbsp; $2.59 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.09)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.07)<br>|
| From net realized gain | (0.97)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.07)<br>|
| Total distributions declared to shareholders | $(1.06)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.92)<br>| &nbsp;&nbsp; $(0.14)<br>|
| Net asset value, end of period (x) | $9.93 | &nbsp;&nbsp; $10.42 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $10.95 |
| Total return (%) (k)(r)(s)(x) | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;13.52 | &nbsp;&nbsp;&nbsp;&nbsp;12.39 | &nbsp;&nbsp; (9.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.60 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Expenses after expense reductions | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net investment income (loss) | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Portfolio turnover rate | 24 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $307907 | &nbsp;&nbsp; $269622 | &nbsp;&nbsp; $229246 | &nbsp;&nbsp; $200016 | &nbsp;&nbsp; $227898 |

---

**See Notes to Financial Statements**

------

MFS Mid Cap Value Portfolio

*Financial Highlights - continued*

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Mid Cap Value Portfolio

**Notes to Financial Statements**

**(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.

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

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

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

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

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

------

MFS Mid Cap Value Portfolio

*Notes to Financial Statements - continued* 

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $586411474 | $— | $— | $586411474 |
| Investment Companies | 6328414 |  |  | 6328414 |
| Total | $592739888 | $— | $— | $592739888 |

---

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

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

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At December 31, 2025, there were no securities on loan or collateral outstanding.

------

MFS Mid Cap Value Portfolio

*Notes to Financial Statements - continued* 

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $9365924 | &nbsp;&nbsp; $6017383 |
| Long-term capital gains | &nbsp;&nbsp; 48800872 | &nbsp;&nbsp; 22068058 |
| Total distributions | &nbsp;&nbsp; $58166796 | &nbsp;&nbsp; $28085441 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $445445292 |
| Gross appreciation | &nbsp;&nbsp; 175516480 |
| Gross depreciation | &nbsp;&nbsp; (28221884)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $147294596 |
| Undistributed ordinary income | &nbsp;&nbsp; 6829837 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 34566863 |
| Other temporary differences | &nbsp;&nbsp; 1566 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $188692862 |

---

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MFS Mid Cap Value Portfolio

*Notes to Financial Statements - continued* 

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

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $28617950 | &nbsp;&nbsp; $14812334 |
| Service Class | 29548846 | &nbsp;&nbsp; 13273107 |
| Total | $58166796 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $78,940, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.74% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.92% 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 year ended December 31, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

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

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

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the year ended December 31, 2025, the fee was $19,116, which equated to 0.0034% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended December 31, 2025, these costs amounted to $1,865.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.0148% of the fund's average daily net assets.

------

MFS Mid Cap Value Portfolio

*Notes to Financial Statements - continued* 

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

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

During the year ended December 31, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $113,573 and $283,915, respectively. 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 year ended December 31, 2025, this reimbursement amounted to $14,419, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $158,591,256 and $136,173,385, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 5245233 | &nbsp;&nbsp; $53286742 | &nbsp;&nbsp; 4105333 | &nbsp;&nbsp; $43176139 |
| Service Class | 6870903 | &nbsp;&nbsp; 69854341 | &nbsp;&nbsp; 5739620 | &nbsp;&nbsp; 59958635 |
|  | 12116136 | &nbsp;&nbsp; $123141083 | &nbsp;&nbsp; 9844953 | &nbsp;&nbsp; $103134774 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 2908328 | &nbsp;&nbsp; $28617950 | &nbsp;&nbsp; 1427007 | &nbsp;&nbsp; $14812334 |
| Service Class | 3055723 | &nbsp;&nbsp; 29548846 | &nbsp;&nbsp; 1298738 | &nbsp;&nbsp; 13273107 |
|  | 5964051 | &nbsp;&nbsp; $58166796 | &nbsp;&nbsp; 2725745 | &nbsp;&nbsp; $28085441 |
| Shares reacquired |  |  |  |  |
| Initial Class | (6073327)<br>| &nbsp;&nbsp; $(62758264)<br>| &nbsp;&nbsp; (6226816)<br>| &nbsp;&nbsp; $(65623961)<br>|
| Service Class | (4782324)<br>| &nbsp;&nbsp; (48190914)<br>| &nbsp;&nbsp; (4843970)<br>| &nbsp;&nbsp; (50228136)<br>|
|  | (10855651)<br>| &nbsp;&nbsp; $(110949178)<br>| &nbsp;&nbsp; (11070786)<br>| &nbsp;&nbsp; $(115852097)<br>|
| Net change |  |  |  |  |
| Initial Class | 2080234 | &nbsp;&nbsp; $19146428 | &nbsp;&nbsp; (694476)<br>| &nbsp;&nbsp; $(7635488)<br>|
| Service Class | 5144302 | &nbsp;&nbsp; 51212273 | &nbsp;&nbsp; 2194388 | &nbsp;&nbsp; 23003606 |
|  | 7224536 | &nbsp;&nbsp; $70358701 | &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 10%, 5%, and 2%, respectively, of the value of outstanding voting shares of the fund.

------

MFS Mid Cap Value Portfolio

*Notes to Financial Statements - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended December 31, 2025, the fund's commitment fee and interest expense were $2,681 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $13669783 | &nbsp;&nbsp; $94948976 | &nbsp;&nbsp; $102291702 | &nbsp;&nbsp; $1450 | &nbsp;&nbsp; $(93)<br>| &nbsp;&nbsp; $6328414 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $483981 | $— |

---

------

MFS Mid Cap Value Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust III and the Shareholders of MFS Mid Cap Value Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Mid Cap Value Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Mid Cap Value Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $53,681,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 83.29% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

------

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

There is nothing to report for this item for MFS 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.**

------

MFS Mid Cap Value Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Mid Cap Value Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 2nd quintile for the one-year period and 3rd quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Mid Cap Value Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was higher than the Broadridge expense group median and the Fund's total expense ratio was approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $1 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS 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 - 12/31/25** 

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

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 97.7% | Bonds – 97.7% | Bonds – 97.7% |
| Asset-Backed & Securitized – 1.9% | Asset-Backed & Securitized – 1.9% | Asset-Backed & Securitized – 1.9% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 0.993%, 11/15/2054 (i) | $2052584 | &nbsp;&nbsp; $72620 |
| Alinea CLO Ltd., 2018-1A, "AR", FLR, 4.784% (SOFR - 3mo. + 0.9%), 7/20/2031 (n) | 5554 | &nbsp;&nbsp; 5554 |
| Babson CLO Ltd., 2021-3A, "B1R", FLR, 5.514% (SOFR - 3mo. + 1.63%), 1/18/2035 (n) | 300000 | &nbsp;&nbsp; 300560 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.207%, 7/15/2054 (i) | 1910777 | &nbsp;&nbsp; 92199 |
| BBCMS Mortgage Trust, 2021-C9, "XA", 1.553%, 2/15/2054 (i) | 1265385 | &nbsp;&nbsp; 78090 |
| Benchmark 2021-B23 Mortgage Trust, "XA", 1.255%, 2/15/2054 (i) | 4207109 | &nbsp;&nbsp; 190870 |
| Benchmark 2021-B24 Mortgage Trust, "XA", 1.129%, 3/15/2054 (i) | 2494809 | &nbsp;&nbsp; 99929 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.232%, 7/15/2054 (i) | 3186159 | &nbsp;&nbsp; 148509 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.237%, 8/15/2054 (i) | 3826021 | &nbsp;&nbsp; 185658 |
| Bridgecrest Lending Auto Securitization Trust, 2025-1, "A2", 4.71%, 9/15/2027  | 55397 | &nbsp;&nbsp; 55418 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN31, "XA", 1.279%, 2/15/2054 (i) | 3182587 | &nbsp;&nbsp; 161347 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN35, "XA", 1.025%, 6/15/2064 (i) | 1279788 | &nbsp;&nbsp; 51638 |
| LAD Auto Receivables Trust, 2024-3A, "A2", 4.64%, 11/15/2027 (n) | 37314 | &nbsp;&nbsp; 37336 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.261%, 5/15/2054 (i) | 1616404 | &nbsp;&nbsp; 70663 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.141%, 6/15/2054 (i) | 1857952 | &nbsp;&nbsp; 68723 |
| Palmer Square Loan Funding 2025-2A Ltd., "A2", FLR, 5.687% (SOFR - 3mo. + 1.4%), 7/15/2033 (n) | 625000 | &nbsp;&nbsp; 624572 |
| Santander Drive Auto Receivables Trust, 2025-1, "A2", 4.76%, 8/16/2027  | 56766 | &nbsp;&nbsp; 56778 |
| Santander Drive Auto Receivables Trust, 2025-1, "A3", 4.74%, 1/16/2029  | 125000 | &nbsp;&nbsp; 125272 |
| SBNA Auto Receivables Trust, 2025-SF1, "B", 5.12%, 3/17/2031 (n) | 24148 | &nbsp;&nbsp; 24163 |
| Shackleton 2019-14A CLO Ltd., "BRR", FLR, 5.434% (SOFR - 3mo. + 1.55%), 7/20/2034 (n) | 406375 | &nbsp;&nbsp; 406362 |
| Wells Fargo Commercial Mortgage Trust, 2021-C60, "XA", 1.492%, 8/15/2054 (i) | 1410778 | &nbsp;&nbsp; 84582 |
|  |  | &nbsp;&nbsp; $2940843 |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Conservation Fund, 3.474%, 12/15/2029  | $312000 | &nbsp;&nbsp; $299261 |
| Emerging Market Sovereign – 2.3% | Emerging Market Sovereign – 2.3% | Emerging Market Sovereign – 2.3% |
| Federative Republic of Brazil, 10%, 1/01/2033  | 4000000 | &nbsp;&nbsp; $616291 |
| Oriental Republic of Uruguay, 3.7%, 6/26/2037  | 45760418 | &nbsp;&nbsp; 1229573 |
| Republic of Poland, Inflation Linked Bond, 2%, 8/25/2036  | 3226320 | &nbsp;&nbsp; 817253 |
| Republic of South Africa, 8.875%, 2/28/2035  | 13000000 | &nbsp;&nbsp; 816790 |
|  |  | &nbsp;&nbsp; $3479907 |
| International Market Sovereign – 48.2% | International Market Sovereign – 48.2% | International Market Sovereign – 48.2% |
| Commonwealth of Australia, Inflation Linked Bond, 0.25%, 11/21/2032  | 1728085 | &nbsp;&nbsp; $1011654 |
| Commonwealth of Australia, Inflation Linked Bond, 1.25%, 8/21/2040  | 193437 | &nbsp;&nbsp; 106433 |
| Government of Canada, Inflation Linked Bond, 4%, 12/01/2031  | 2830960 | &nbsp;&nbsp; 2385778 |
| Government of Canada, Inflation Linked Bond, 1.25%, 12/01/2047  | 1039089 | &nbsp;&nbsp; 673858 |
| Government of Japan, Inflation Linked Bond, 0.1%, 3/10/2026  | 434302000 | &nbsp;&nbsp; 2785120 |
| Government of Japan, Inflation Linked Bond, 0.005%, 3/10/2031  | 243270350 | &nbsp;&nbsp; 1594935 |
| Government of New Zealand, Inflation Linked Bond, 3%, 9/20/2030  | 3279845 | &nbsp;&nbsp; 1997498 |
| Kingdom of Spain, Inflation Linked Bond, 1%, 11/30/2030  | 863101 | &nbsp;&nbsp; 1018361 |
| Kingdom of Spain, Inflation Linked Bond, 0.7%, 11/30/2033 (n) | 1879716 | &nbsp;&nbsp; 2116991 |
| Kingdom of Spain, Inflation Linked Bond, 2.05%, 11/30/2039 (n) | 2061576 | &nbsp;&nbsp; 2513448 |
| Republic of France, Inflation Linked Bond, 0.7%, 7/25/2030  | 632923 | &nbsp;&nbsp; 736336 |
| Republic of France, Inflation Linked Bond, 0.6%, 7/25/2034 (n) | 5451741 | &nbsp;&nbsp; 5948153 |
| Republic of France, Inflation Linked Bond, 0.1%, 7/25/2047  | 501376 | &nbsp;&nbsp; 376563 |
| Republic of France, Inflation Linked Bond, 0.1%, 7/25/2053 (n) | 1183056 | &nbsp;&nbsp; 786080 |
| Republic of Italy, Inflation Linked Bond, 1.25%, 9/15/2032  | 10662800 | &nbsp;&nbsp; 12523855 |
| Republic of Italy, Inflation Linked Bond, 2.55%, 9/15/2041  | 3099870 | &nbsp;&nbsp; 3914307 |
| Republic of Italy, Inflation Linked Bond, 0.15%, 5/15/2051 (n) | 1031300 | &nbsp;&nbsp; 720598 |

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VIAFS-ANN

------

MFS Inflation-Adjusted Bond Portfolio

*Portfolio of Investments – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| International Market Sovereign – continued | International Market Sovereign – continued | International Market Sovereign – continued |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2029  | 3383361 | &nbsp;&nbsp; $4458928 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 8/10/2031  | 2559735 | &nbsp;&nbsp; 3283659 |
| United Kingdom Treasury, Inflation Linked Bond, 2%, 1/26/2035  | 2610959 | &nbsp;&nbsp; 3617404 |
| United Kingdom Treasury, Inflation Linked Bond, 1.125%, 11/22/2037  | 2588144 | &nbsp;&nbsp; 3245382 |
| United Kingdom Treasury, Inflation Linked Bond, 0.625%, 3/22/2040  | 3975166 | &nbsp;&nbsp; 4486007 |
| United Kingdom Treasury, Inflation Linked Bond, 0.625%, 11/22/2042  | 2377353 | &nbsp;&nbsp; 2576253 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2044  | 502410 | &nbsp;&nbsp; 477100 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2046  | 1158235 | &nbsp;&nbsp; 1051765 |
| United Kingdom Treasury, Inflation Linked Bond, 0.75%, 11/22/2047  | 2535017 | &nbsp;&nbsp; 2614809 |
| United Kingdom Treasury, Inflation Linked Bond, 0.5%, 3/22/2050  | 381764 | &nbsp;&nbsp; 357271 |
| United Kingdom Treasury, Inflation Linked Bond, 0.25%, 3/22/2052  | 2499077 | &nbsp;&nbsp; 2114349 |
| United Kingdom Treasury, Inflation Linked Bond, 1.25%, 11/22/2055  | 722702 | &nbsp;&nbsp; 791256 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2058  | 2259976 | &nbsp;&nbsp; 1681370 |
| United Kingdom Treasury, Inflation Linked Bond, 0.375%, 3/22/2062  | 1112368 | &nbsp;&nbsp; 877284 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 11/22/2065  | 594354 | &nbsp;&nbsp; 401349 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2068  | 1109304 | &nbsp;&nbsp; 736129 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2073  | 224599 | &nbsp;&nbsp; 155270 |
|  |  | &nbsp;&nbsp; $74135553 |
| 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; $498628 |
| Mortgage-Backed – 1.4% | Mortgage-Backed – 1.4% |  |
| Fannie Mae, 4%, 9/25/2050 (i) | $219460 | &nbsp;&nbsp; $42480 |
| Fannie Mae, 2.5%, 2/25/2051 (i) | 139887 | &nbsp;&nbsp; 20173 |
| Fannie Mae, 5.324%, 11/25/2053  | 185531 | &nbsp;&nbsp; 187973 |
| Fannie Mae, 5.274%, 12/25/2054  | 261004 | &nbsp;&nbsp; 262973 |
| Freddie Mac, 0.413%, 5/25/2029 (i) | 2539591 | &nbsp;&nbsp; 34347 |
| Freddie Mac, 0.816%, 7/25/2029 (i) | 1264362 | &nbsp;&nbsp; 34316 |
| Freddie Mac, 0.57%, 1/25/2030 (i) | 742356 | &nbsp;&nbsp; 15906 |
| Freddie Mac, 1.797%, 4/25/2030 (i) | 564669 | &nbsp;&nbsp; 38300 |
| Freddie Mac, 1.666%, 5/25/2030 (i) | 1221668 | &nbsp;&nbsp; 79986 |
| Freddie Mac, 1.168%, 9/25/2030 (i) | 646322 | &nbsp;&nbsp; 31769 |
| Freddie Mac, 0.715%, 12/25/2030 (i) | 184863 | &nbsp;&nbsp; 5494 |
| Freddie Mac, 0.32%, 1/25/2031 (i) | 4832843 | &nbsp;&nbsp; 60436 |
| Freddie Mac, 0.779%, 1/25/2031 (i) | 1882263 | &nbsp;&nbsp; 66957 |
| Freddie Mac, 0.935%, 1/25/2031 (i) | 1425035 | &nbsp;&nbsp; 59424 |
| Freddie Mac, 0.509%, 3/25/2031 (i) | 5874051 | &nbsp;&nbsp; 127083 |
| Freddie Mac, 1.214%, 5/25/2031 (i) | 709327 | &nbsp;&nbsp; 40161 |
| Freddie Mac, 0.937%, 7/25/2031 (i) | 1133380 | &nbsp;&nbsp; 53157 |
| Freddie Mac, 0.536%, 9/25/2031 (i) | 4635695 | &nbsp;&nbsp; 126253 |
| Freddie Mac, 0.855%, 9/25/2031 (i) | 1417400 | &nbsp;&nbsp; 59457 |
| Freddie Mac, 0.349%, 11/25/2031 (i) | 6965967 | &nbsp;&nbsp; 128461 |
| Freddie Mac, 0.496%, 12/25/2031 (i) | 6916623 | &nbsp;&nbsp; 175340 |
| Freddie Mac, 0.567%, 12/25/2031 (i) | 1130491 | &nbsp;&nbsp; 31938 |
| Freddie Mac, 0.266%, 5/25/2033 (i) | 3200000 | &nbsp;&nbsp; 65556 |
| Freddie Mac, 0.905%, 9/25/2034 (i) | 789814 | &nbsp;&nbsp; 53905 |
| Freddie Mac, 4.694%, 9/25/2052  | 288658 | &nbsp;&nbsp; 285104 |
|  |  | &nbsp;&nbsp; $2086949 |
| U.S. Treasury Inflation Protected Securities – 43.4% | U.S. Treasury Inflation Protected Securities – 43.4% | U.S. Treasury Inflation Protected Securities – 43.4% |
| U.S. Treasury Bonds, 1.75%, 1/15/2034  | $10544300 | &nbsp;&nbsp; $10483841 |
| U.S. Treasury Bonds, 2.125%, 2/15/2040  | 1702040 | &nbsp;&nbsp; 1684290 |
| U.S. Treasury Bonds, 0.75%, 2/15/2042  | 10230908 | &nbsp;&nbsp; 7961255 |
| U.S. Treasury Bonds, 0.75%, 2/15/2045  | 3836465 | &nbsp;&nbsp; 2795928 |
| U.S. Treasury Bonds, 0.125%, 2/15/2052  | 4379740 | &nbsp;&nbsp; 2314190 |

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------

MFS Inflation-Adjusted Bond Portfolio

*Portfolio of Investments – 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, 2.125%, 2/15/2054  | 1104272 | &nbsp;&nbsp; $991837 |
| U.S. Treasury Notes, 0.5%, 1/15/2028  | 9357595 | &nbsp;&nbsp; 9192276 |
| U.S. Treasury Notes, 0.875%, 1/15/2029  | 10586607 | &nbsp;&nbsp; 10421881 |
| U.S. Treasury Notes, 0.125%, 1/15/2031 (f) | 13235311 | &nbsp;&nbsp; 12336539 |
| U.S. Treasury Notes, 0.125%, 1/15/2032  | 9489394 | &nbsp;&nbsp; 8670304 |
|  |  | &nbsp;&nbsp; $66852341 |
| **Total Bonds (Identified Cost, $161,621,303)** |  | &nbsp;&nbsp; **$150293482** |
| Mutual Funds (h) – 2.1% | Mutual Funds (h) – 2.1% | Mutual Funds (h) – 2.1% |
| Money Market Funds – 2.1% | Money Market Funds – 2.1% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $3,266,023) | 3265478 | &nbsp;&nbsp; $3266131 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp; 356033 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$153915646** |

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&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 $3,266,131 and $150,293,482, 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 $13,483,817, representing 8.8% of net assets.

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| 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 |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

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MFS Inflation-Adjusted Bond Portfolio

*Portfolio of Investments – continued*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** |
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| AUD | &nbsp;&nbsp; 1786908 | USD | 1154880 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $37706 |
| AUD | &nbsp;&nbsp; 568781 | USD | 372602 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7003 |
| AUD | &nbsp;&nbsp; 701626 | USD | 467411 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 856 |
| AUD | &nbsp;&nbsp; 43704 | USD | 28925 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
| CAD | &nbsp;&nbsp; 530479 | USD | 382601 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4138 |
| CAD | &nbsp;&nbsp; 1192418 | USD | 864030 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5289 |
| CAD | &nbsp;&nbsp; 220127 | USD | 159158 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1323 |
| CAD | &nbsp;&nbsp; 562684 | USD | 405216 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5002 |
| CAD | &nbsp;&nbsp; 1060811 | USD | 757950 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15422 |
| CAD | &nbsp;&nbsp; 2151473 | USD | 1537991 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30515 |
| CZK | &nbsp;&nbsp; 9828968 | USD | 467218 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10989 |
| DKK | &nbsp;&nbsp; 2083888 | USD | 325070 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3023 |
| EUR | &nbsp;&nbsp; 183560 | USD | 211790 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4042 |
| EUR | &nbsp;&nbsp; 3671151 | USD | 4283686 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 32899 |
| EUR | &nbsp;&nbsp; 233436 | USD | 274418 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| EUR | &nbsp;&nbsp; 692145 | USD | 806280 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7552 |
| GBP | &nbsp;&nbsp; 1106162 | USD | 1464064 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26970 |
| GBP | &nbsp;&nbsp; 1453348 | USD | 1945454 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13565 |
| GBP | &nbsp;&nbsp; 130417 | USD | 174959 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
| GBP | &nbsp;&nbsp; 1370457 | USD | 1828502 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18785 |
| GBP | &nbsp;&nbsp; 145826 | USD | 195216 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1347 |
| GBP | &nbsp;&nbsp; 660193 | USD | 875161 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14737 |
| HUF | &nbsp;&nbsp; 250997473 | USD | 764779 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2178 |
| HUF | &nbsp;&nbsp; 105881212 | USD | 312662 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10872 |
| NOK | &nbsp;&nbsp; 3873871 | USD | 383317 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| NZD | &nbsp;&nbsp; 1853099 | USD | 1061261 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6090 |
| SEK | &nbsp;&nbsp; 15467750 | USD | 1646008 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35053 |
| ZAR | &nbsp;&nbsp; 2426850 | USD | 141414 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5030 |
| USD | &nbsp;&nbsp; 494100 | BRL | 2711077 | JPMorgan Chase Bank N.A. | 2/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3085 |
| USD | &nbsp;&nbsp; 787631 | JPY | 118513001 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30345 |
| USD | &nbsp;&nbsp; 849132 | JPY | 127076522 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37125 |
| USD | &nbsp;&nbsp; 55214 | JPY | 8592119 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |
| USD | &nbsp;&nbsp; 1194170 | NZD | 2051501 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12544 |
| USD | &nbsp;&nbsp; 2007154 | NZD | 3472244 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7208 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $393176 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| JPY | &nbsp;&nbsp; 8739145 | USD | 56307 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(465)<br>|
| NZD | &nbsp;&nbsp; 1397696 | USD | 806392 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1346)<br>|
| NZD | &nbsp;&nbsp; 265239 | USD | 152816 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (43)<br>|
| NZD | &nbsp;&nbsp; 602643 | USD | 350990 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (3879)<br>|
| USD | &nbsp;&nbsp; 387912 | AUD | 597442 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (10822)<br>|
| USD | &nbsp;&nbsp; 157707 | AUD | 240910 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (3077)<br>|
| USD | &nbsp;&nbsp; 4782515 | CAD | 6684520 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (90756)<br>|
| USD | &nbsp;&nbsp; 567179 | EUR | 485242 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (3376)<br>|
| USD | &nbsp;&nbsp; 1531751 | EUR | 1311815 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (10698)<br>|
| USD | &nbsp;&nbsp; 346010 | EUR | 299189 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (5781)<br>|
| USD | &nbsp;&nbsp; 415612 | EUR | 353624 | NatWest Markets PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (184)<br>|
| USD | &nbsp;&nbsp; 598471 | EUR | 512658 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (4319)<br>|
| USD | &nbsp;&nbsp; 144363 | GBP | 108012 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1229)<br>|
| USD | &nbsp;&nbsp; 499346 | GBP | 381926 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (15464)<br>|
| USD | &nbsp;&nbsp; 3397026 | GBP | 2589600 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (93586)<br>|

---

------

MFS Inflation-Adjusted Bond Portfolio

*Portfolio of Investments – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** |
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | **Counterparty** | &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; 47484 | GBP | 35403 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(237)<br>|
| USD | &nbsp;&nbsp; 392120 | GBP | 298943 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (10835)<br>|
| USD | &nbsp;&nbsp; 1878519 | GBP | 1429278 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (48054)<br>|
| USD | &nbsp;&nbsp; 59352 | GBP | 44170 | NatWest Markets PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (187)<br>|
| USD | &nbsp;&nbsp; 646686 | GBP | 495350 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (21014)<br>|
| USD | &nbsp;&nbsp; 44282 | JPY | 6954089 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (154)<br>|
| USD | &nbsp;&nbsp; 812386 | PLN | 2955480 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (10822)<br>|
| USD | &nbsp;&nbsp; 1208865 | SEK | 11478012 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (38584)<br>|
| USD | &nbsp;&nbsp; 375604 | ZAR | 6580801 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (21505)<br>|
| USD | &nbsp;&nbsp; 180042 | ZAR | 3166912 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (11060)<br>|
| USD | &nbsp;&nbsp; 186328 | ZAR | 3276447 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (11385)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(418862)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| Australian Bond 3 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; $6095985 | March – 2026 | &nbsp;&nbsp;&nbsp; $9127 |
| Canadian Treasury Bond 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 528549 | March – 2026 | &nbsp;&nbsp;&nbsp; 8026 |
| Euro-Bobl 5 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 546045 | March – 2026 | &nbsp;&nbsp;&nbsp; 2012 |
| Euro-Bund 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 2098884 | March – 2026 | &nbsp;&nbsp;&nbsp; 18557 |
| Euro-Buxl 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 2458847 | March – 2026 | &nbsp;&nbsp;&nbsp; 14808 |
| Euro-Schatz 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 6651479 | March – 2026 | &nbsp;&nbsp;&nbsp; 4707 |
| Japan Government Bond 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 845314 | March – 2026 | &nbsp;&nbsp;&nbsp; 9056 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $66293 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| Euro-BTP 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; $1412355 | March – 2026 | &nbsp;&nbsp;&nbsp; $(2257)<br>|
| Euro-Oat 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 2409195 | March – 2026 | &nbsp;&nbsp;&nbsp; (11228)<br>|
| U.S. Treasury Note 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 5509438 | March – 2026 | &nbsp;&nbsp;&nbsp; (39788)<br>|
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 12109766 | March – 2026 | &nbsp;&nbsp;&nbsp; (2654)<br>|
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 590000 | March – 2026 | &nbsp;&nbsp;&nbsp; (2988)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(58915)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | **Notional** <br>**Amount**<br>| **Counterparty** | **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net** <br>**Unamortized** <br>**Upfront** <br>**Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 4/15/26 | USD | 4600000 | centrally cleared | CPI-U / At Maturity | 2.6365% / At Maturity | $8171 | $— | $8171 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |  |
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 2/05/27 | USD | 8400000 | centrally cleared | CPI-U / At Maturity | 2.755% / At Maturity | $(15357)<br>| $— | $(15357)<br>|

---

------

MFS Inflation-Adjusted Bond Portfolio

*Portfolio of Investments – continued*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** <br>**Unamortized** <br>**Upfront** <br>**Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 3/19/26 | USD | 4500000 | Morgan Stanley Capital Services, Inc. | CPI-U / At Maturity | 2.482% / At Maturity | $27330 | $— | $27330 |

---

At December 31, 2025, the fund had liquid securities collateral with an aggregate value of $515,310 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $161,621,303) | &nbsp;&nbsp; $150293482 |
| Investments in affiliated issuers, at value (identified cost, $3,266,023) | &nbsp;&nbsp; 3266131 |
| Cash | &nbsp;&nbsp; 40772 |
| Receivables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 393176 |
| Fund shares sold | &nbsp;&nbsp; 3472 |
| Interest | &nbsp;&nbsp; 546833 |
| Uncleared swaps, at value | &nbsp;&nbsp; 27330 |
| Other assets | &nbsp;&nbsp; 932 |
| Total assets | &nbsp;&nbsp; $154572128 |
| **Liabilities** |  |
| Payables for |  |
| Net daily variation margin on open cleared swap agreements | &nbsp;&nbsp; $633 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 418862 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 10412 |
| Fund shares reacquired | &nbsp;&nbsp; 169440 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 4112 |
| Administrative services fee | &nbsp;&nbsp; 161 |
| Shareholder servicing costs | &nbsp;&nbsp; 28 |
| Distribution and/or service fees | &nbsp;&nbsp; 977 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 11 |
| Payable for audit and tax fees | &nbsp;&nbsp; 31241 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 20605 |
| Total liabilities | &nbsp;&nbsp; $656482 |
| Net assets | &nbsp;&nbsp; $153915646 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $186133456 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (32217810)<br>|
| Net assets | &nbsp;&nbsp; $153915646 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 19147349 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $82761815 | &nbsp;&nbsp;&nbsp; 10234767 | &nbsp;&nbsp;&nbsp; $8.09 |
| Service Class | &nbsp;&nbsp;&nbsp; 71153831 | &nbsp;&nbsp;&nbsp; 8912582 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 |

---

**See Notes to Financial Statements**

------

MFS Inflation-Adjusted Bond Portfolio

**Financial Statements** \| **Statement of Operations** 

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

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $7222630 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 122168 |
| Other | &nbsp;&nbsp; 48 |
| Total investment income | &nbsp;&nbsp; $7344846 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $781218 |
| Distribution and/or service fees | &nbsp;&nbsp; 181759 |
| Shareholder servicing costs | &nbsp;&nbsp; 4277 |
| Administrative services fee | &nbsp;&nbsp; 31139 |
| Independent Trustees' compensation | &nbsp;&nbsp; 5226 |
| Custodian fee | &nbsp;&nbsp; 26092 |
| Shareholder communications | &nbsp;&nbsp; 10950 |
| Audit and tax fees | &nbsp;&nbsp; 56992 |
| Legal fees | &nbsp;&nbsp; 1346 |
| Miscellaneous | &nbsp;&nbsp; 40895 |
| Total expenses | &nbsp;&nbsp; $1139894 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (21645)<br>|
| Net expenses | &nbsp;&nbsp; $1118249 |
| Net investment income (loss) | &nbsp;&nbsp; $6226597 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(2456249)<br>|
| Affiliated issuers | &nbsp;&nbsp; (594)<br>|
| Futures contracts | &nbsp;&nbsp; 133130 |
| Swap agreements | &nbsp;&nbsp; (4946)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 245964 |
| Foreign currency | &nbsp;&nbsp; 24163 |
| Net realized gain (loss)  | &nbsp;&nbsp; $(2058532)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $8525978 |
| Affiliated issuers | &nbsp;&nbsp; (206)<br>|
| Futures contracts | &nbsp;&nbsp; 43532 |
| Swap agreements | &nbsp;&nbsp; 31456 |
| Forward foreign currency exchange contracts  | &nbsp;&nbsp; (243822)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 7321 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $8364259 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $6305727 |
| Change in net assets from operations | &nbsp;&nbsp; $12532324 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $6226597 | &nbsp;&nbsp; $5437856 |
| Net realized gain (loss) | (2058532)<br>| &nbsp;&nbsp; (4068729)<br>|
| Net unrealized gain (loss) | 8364259 | &nbsp;&nbsp; (7977380)<br>|
| Change in net assets from operations | $12532324 | &nbsp;&nbsp; $(6608253)<br>|
| Total distributions to shareholders | $(5152468)<br>| &nbsp;&nbsp; $(5600575)<br>|
| Change in net assets from fund share transactions | $(12614165)<br>| &nbsp;&nbsp; $(4533707)<br>|
| Total change in net assets | $(5234309)<br>| &nbsp;&nbsp; $(16742535)<br>|
| **Net assets** |  |  |
| At beginning of period | 159149955 | &nbsp;&nbsp; 175892490 |
| At end of period | $153915646 | &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 past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $7.71 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.06 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.33 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp; $0.34 |
| Net realized and unrealized gain (loss) | 0.33 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (3.15)<br>| &nbsp;&nbsp; (0.14)<br>|
| Total from investment operations | $0.66 | &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $(2.52)<br>| &nbsp;&nbsp; $0.20 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.28)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.13)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.20)<br>|
| Total distributions declared to shareholders | $(0.28)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(1.07)<br>| &nbsp;&nbsp; $(0.33)<br>|
| Net asset value, end of period (x) | $8.09 | &nbsp;&nbsp; $7.71 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $11.93 |
| Total return (%) (k)(r)(s)(x) | 8.63 | &nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (21.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Expenses after expense reductions | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net investment income (loss) | 4.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| Portfolio turnover rate | 43 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 96 |
| Net assets at end of period (000 omitted) | $82762 | &nbsp;&nbsp; $85864 | &nbsp;&nbsp; $92313 | &nbsp;&nbsp; $94432 | &nbsp;&nbsp; $126161 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $7.62 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $8.24 | &nbsp;&nbsp; $11.78 | &nbsp;&nbsp; $11.92 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.31 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $0.31 |
| Net realized and unrealized gain (loss) | 0.31 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; (0.15)<br>|
| Total from investment operations | $0.62 | &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $(2.50)<br>| &nbsp;&nbsp; $0.16 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.26)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $(0.10)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.20)<br>|
| Total distributions declared to shareholders | $(0.26)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(1.04)<br>| &nbsp;&nbsp; $(0.30)<br>|
| Net asset value, end of period (x) | $7.98 | &nbsp;&nbsp; $7.62 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $8.24 | &nbsp;&nbsp; $11.78 |
| Total return (%) (k)(r)(s)(x) | 8.17 | &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp; (21.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Expenses after expense reductions | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net investment income (loss) | 3.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| Portfolio turnover rate | 43 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 96 |
| Net assets at end of period (000 omitted) | $71154 | &nbsp;&nbsp; $73286 | &nbsp;&nbsp; $83580 | &nbsp;&nbsp; $91104 | &nbsp;&nbsp; $122740 |

---

**See Notes to Financial Statements**

------

MFS Inflation-Adjusted Bond Portfolio

*Financial Highlights - continued*

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Inflation-Adjusted Bond Portfolio

**Notes to Financial Statements**

**(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.

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

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

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

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements - continued* 

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $66852341 | $— | $66852341 |
| Non - U.S. Sovereign Debt |  | 77615460 |  | 77615460 |
| U.S. Corporate Bonds |  | 797889 |  | 797889 |
| Residential Mortgage-Backed Securities |  | 2086949 |  | 2086949 |
| Commercial Mortgage-Backed Securities |  | 1304828 |  | 1304828 |
| Asset-Backed Securities (including CDOs) |  | 1636015 |  | 1636015 |
| Investment Companies | 3266131 |  |  | 3266131 |
| Total | $3266131 | $150293482 | $— | $153559613 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Assets | $— | $66293 |
| Futures Contracts – Liabilities |  | (58915)<br>|
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| 393176 | 393176 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>| (418862)<br>| (418862)<br>|
| Swap Agreements – Assets | 35501 | 35501 |
| Swap Agreements – Liabilities | (15357)<br>| (15357)<br>|

---

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 - 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 December 31, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $66293 | $(58915) |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | 393176 | (418862) |
| Interest Rate | Cleared Swap Agreements | 8171 | (15357) |
| Interest Rate | Uncleared Swap Agreements | 27330 |  |
| Total |  | $494970 | $(493134) |

---

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

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended December 31, 2025 as reported in the Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Interest Rate | $133130 | &nbsp;&nbsp; $(4946)<br>| &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 245964 |
| Total | $133130 | &nbsp;&nbsp; $(4946)<br>| &nbsp;&nbsp; $245964 |

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the year ended December 31, 2025 as reported in the Statement of Operations:

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements - continued* 

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Interest Rate | $43532 | &nbsp;&nbsp; $31456 | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (243822)<br>|
| Total | $43532 | &nbsp;&nbsp; $31456 | &nbsp;&nbsp; $(243822)<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 - 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 - 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 straddle loss deferrals.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $5152468 | &nbsp;&nbsp; $5600575 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $166600499 |
| Gross appreciation | &nbsp;&nbsp; 3383234 |
| Gross depreciation | &nbsp;&nbsp; (16422284)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(13039050)<br>|
| Undistributed ordinary income | &nbsp;&nbsp; 6183437 |
| Capital loss carryforwards | &nbsp;&nbsp; (25363764)<br>|
| Other temporary differences | &nbsp;&nbsp; 1567 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $(32217810)<br>|

---

As of December 31, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements - continued* 

---

| | |
|:---|:---|
| Short-Term | $(12807626)<br>|
| Long-Term | (12556138)<br>|
| Total | $(25363764)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $2856129 | &nbsp;&nbsp; $3069963 |
| Service Class | 2296339 | &nbsp;&nbsp; 2530612 |
| Total | $5152468 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $21,645, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.49% of the fund's average daily net assets.

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

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

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the year ended December 31, 2025, the fee was $4,041, which equated to 0.0026% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended December 31, 2025, these costs amounted to $236.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.0199% of the fund's average daily net assets.

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

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements - continued* 

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

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $28968447 | &nbsp;&nbsp; $37505360 |
| Non-U.S. Government securities | 37469357 | &nbsp;&nbsp; 42705752 |

---

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 659372 | &nbsp;&nbsp; $5363854 | &nbsp;&nbsp; 745214 | &nbsp;&nbsp; $5946759 |
| Service Class | 924386 | &nbsp;&nbsp; 7356838 | &nbsp;&nbsp; 1042770 | &nbsp;&nbsp; 8199010 |
|  | 1583758 | &nbsp;&nbsp; $12720692 | &nbsp;&nbsp; 1787984 | &nbsp;&nbsp; $14145769 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 361994 | &nbsp;&nbsp; $2856129 | &nbsp;&nbsp; 377609 | &nbsp;&nbsp; $3069963 |
| Service Class | 294402 | &nbsp;&nbsp; 2296339 | &nbsp;&nbsp; 314753 | &nbsp;&nbsp; 2530612 |
|  | 656396 | &nbsp;&nbsp; $5152468 | &nbsp;&nbsp; 692362 | &nbsp;&nbsp; $5600575 |
| Shares reacquired |  |  |  |  |
| Initial Class | (1916156)<br>| &nbsp;&nbsp; $(15252243)<br>| &nbsp;&nbsp; (1104545)<br>| &nbsp;&nbsp; $(8951204)<br>|
| Service Class | (1925690)<br>| &nbsp;&nbsp; (15235082)<br>| &nbsp;&nbsp; (1923806)<br>| &nbsp;&nbsp; (15328847)<br>|
|  | (3841846)<br>| &nbsp;&nbsp; $(30487325)<br>| &nbsp;&nbsp; (3028351)<br>| &nbsp;&nbsp; $(24280051)<br>|
| Net change |  |  |  |  |
| Initial Class | (894790)<br>| &nbsp;&nbsp; $(7032260)<br>| &nbsp;&nbsp; 18278 | &nbsp;&nbsp; $65518 |
| Service Class | (706902)<br>| &nbsp;&nbsp; (5581905)<br>| &nbsp;&nbsp; (566283)<br>| &nbsp;&nbsp; (4599225)<br>|
|  | (1601692)<br>| &nbsp;&nbsp; $(12614165)<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 28%, 15%, and 11%, respectively, of the value of outstanding voting shares of the fund.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended December 31, 2025, the fund's commitment fee and interest expense were $738 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements - 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. The following were affiliated issuers for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $5637659 | &nbsp;&nbsp; $54833821 | &nbsp;&nbsp; $57204549 | &nbsp;&nbsp; $(594)<br>| &nbsp;&nbsp; $(206)<br>| &nbsp;&nbsp; $3266131 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $122168 | $— |

---

------

MFS Inflation-Adjusted Bond Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust III and the Shareholders of MFS Inflation-Adjusted Bond Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Inflation-Adjusted Bond Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Inflation-Adjusted Bond Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

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

There is nothing to report for this item for MFS 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.**

------

MFS Inflation-Adjusted Bond Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Inflation-Adjusted Bond Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 5th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 5th quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

The Trustees expressed continued concern to MFS about the substandard investment performance of the Fund and the Fund's retail counterpart, MFS Inflation Adjusted Bond Fund, which has substantially similar investment strategies and experienced substantially similar investment performance as the Fund. In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year as to MFS' efforts to improve the performance of the Fund and the Fund's

------

MFS Inflation-Adjusted Bond Portfolio

*Board Review of Investment Advisory Agreement - continued*

retail counterpart. In addition, the Trustees requested that they receive a separate update on the Fund's retail counterpart at each of their regular meetings. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that MFS' responses and efforts and plans to improve investment performance were sufficient to support approval of the continuance of the investment advisory agreement for an additional one-year period, but that they would continue to closely monitor the performance of the Fund's retail counterpart.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is not subject to any breakpoints. Taking into account that the Fund's effective advisory fee rate was approximately at the Broadridge expense group median described above, the Trustees determined not to recommend any advisory fee breakpoints for the Fund at this time. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the group fee waiver was sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

------

MFS Inflation-Adjusted Bond Portfolio

*Board Review of Investment Advisory Agreement - continued*

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS 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 - 12/31/25** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 98.6% | Common Stocks – 98.6% | Common Stocks – 98.6% |
| Aerospace & Defense – 2.1% | Aerospace & Defense – 2.1% |  |
| Hexcel Corp. | 4570 | &nbsp;&nbsp; $337723 |
| KBR, Inc. | 2256 | &nbsp;&nbsp; 90691 |
| Mirion Technologies, Inc. (a) | 10012 | &nbsp;&nbsp; 234481 |
| Standard Aero, Inc. (a) | 9459 | &nbsp;&nbsp; 271284 |
|  |  | &nbsp;&nbsp; $934179 |
| Airlines – 0.6% | Airlines – 0.6% |  |
| Alaska Air Group, Inc. (a) | 5085 | &nbsp;&nbsp; $255775 |
| Apparel Manufacturers – 0.8% | Apparel Manufacturers – 0.8% |  |
| Columbia Sportswear Co. | 3212 | &nbsp;&nbsp; $176949 |
| Wolverine World Wide, Inc. | 8642 | &nbsp;&nbsp; 156852 |
|  |  | &nbsp;&nbsp; $333801 |
| Automotive – 2.7% | Automotive – 2.7% |  |
| Atmus Filtration Technologies, Inc. | 8202 | &nbsp;&nbsp; $425766 |
| Goodyear Tire & Rubber Co. (a) | 25562 | &nbsp;&nbsp; 223923 |
| Group 1 Automotive, Inc. | 608 | &nbsp;&nbsp; 239127 |
| Visteon Corp. | 3363 | &nbsp;&nbsp; 319821 |
|  |  | &nbsp;&nbsp; $1208637 |
| Broadcasting – 1.0% | Broadcasting – 1.0% |  |
| Nexstar Media Group, Inc. | 2161 | &nbsp;&nbsp; $438791 |
| Brokerage & Asset Managers – 1.0% | Brokerage & Asset Managers – 1.0% |  |
| Bullish (a)(l) | 3684 | &nbsp;&nbsp; $139513 |
| P10, Inc. | 32741 | &nbsp;&nbsp; 321189 |
|  |  | &nbsp;&nbsp; $460702 |
| Business Services – 1.8% | Business Services – 1.8% |  |
| MARA Holdings, Inc. (a) | 13484 | &nbsp;&nbsp; $121086 |
| NCR Atleos Corp. (a) | 14903 | &nbsp;&nbsp; 567954 |
| TriNet Group, Inc. | 1499 | &nbsp;&nbsp; 88636 |
|  |  | &nbsp;&nbsp; $777676 |
| Chemicals – 1.9% | Chemicals – 1.9% |  |
| Avient Corp. | 11597 | &nbsp;&nbsp; $362290 |
| Element Solutions, Inc. | 18143 | &nbsp;&nbsp; 453394 |
|  |  | &nbsp;&nbsp; $815684 |
| Computer Software – 1.8% | Computer Software – 1.8% |  |
| ACI Worldwide, Inc. (a) | 8279 | &nbsp;&nbsp; $395819 |
| nCino, Inc. (a) | 8671 | &nbsp;&nbsp; 222324 |
| Thryv, Inc. (a) | 32434 | &nbsp;&nbsp; 196226 |
|  |  | &nbsp;&nbsp; $814369 |

---

VDVFS-ANN

------

MFS New Discovery Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software - Systems – 1.2% | Computer Software - Systems – 1.2% |  |
| Digi International, Inc. (a) | 6189 | &nbsp;&nbsp; $267922 |
| Insight Enterprises, Inc. (a) | 3238 | &nbsp;&nbsp; 263800 |
|  |  | &nbsp;&nbsp; $531722 |
| Construction – 2.8% | Construction – 2.8% |  |
| Independence Realty Trust, Inc., REIT | 27681 | &nbsp;&nbsp; $483864 |
| M/I Homes, Inc. (a) | 3032 | &nbsp;&nbsp; 387944 |
| Smith Douglas Homes Corp. (a) | 5953 | &nbsp;&nbsp; 99832 |
| Toll Brothers, Inc. | 1796 | &nbsp;&nbsp; 242855 |
|  |  | &nbsp;&nbsp; $1214495 |
| Consumer Products – 1.4% | Consumer Products – 1.4% |  |
| Newell Brands, Inc. | 44538 | &nbsp;&nbsp; $165681 |
| Prestige Consumer Healthcare, Inc. (a) | 7005 | &nbsp;&nbsp; 432139 |
|  |  | &nbsp;&nbsp; $597820 |
| Consumer Services – 1.5% | Consumer Services – 1.5% |  |
| Adtalem Global Education, Inc. (a) | 2457 | &nbsp;&nbsp; $254226 |
| Grand Canyon Education, Inc. (a) | 1378 | &nbsp;&nbsp; 229175 |
| Phoenix Educations Partners, Inc. (a) | 5922 | &nbsp;&nbsp; 179437 |
|  |  | &nbsp;&nbsp; $662838 |
| Containers – 1.5% | Containers – 1.5% |  |
| Graphic Packaging Holding Co. | 15892 | &nbsp;&nbsp; $239333 |
| Silgan Holdings, Inc. | 10313 | &nbsp;&nbsp; 416336 |
|  |  | &nbsp;&nbsp; $655669 |
| Electrical Equipment – 3.1% | Electrical Equipment – 3.1% |  |
| Itron, Inc. (a) | 1657 | &nbsp;&nbsp; $153869 |
| nVent Electric PLC | 2663 | &nbsp;&nbsp; 271546 |
| Resideo Technologies, Inc. (a) | 6294 | &nbsp;&nbsp; 221045 |
| TriMas Corp. | 8303 | &nbsp;&nbsp; 294341 |
| Vontier Corp. | 11787 | &nbsp;&nbsp; 438241 |
|  |  | &nbsp;&nbsp; $1379042 |
| Electronics – 4.0% | Electronics – 4.0% |  |
| Advanced Energy Industries, Inc. | 1782 | &nbsp;&nbsp; $373097 |
| Bel Fuse, Inc. | 1652 | &nbsp;&nbsp; 280229 |
| Formfactor, Inc. (a) | 7569 | &nbsp;&nbsp; 422199 |
| Plexus Corp. (a) | 2585 | &nbsp;&nbsp; 379995 |
| TTM Technologies, Inc. (a) | 4609 | &nbsp;&nbsp; 318021 |
|  |  | &nbsp;&nbsp; $1773541 |
| Energy - Independent – 4.2% | Energy - Independent – 4.2% |  |
| Antero Resources Corp. (a) | 11212 | &nbsp;&nbsp; $386365 |
| Core Natural Resources, Inc. | 3050 | &nbsp;&nbsp; 269955 |
| Matador Resources Co. | 7570 | &nbsp;&nbsp; 321271 |
| Peabody Energy Corp. | 9273 | &nbsp;&nbsp; 275408 |
| Permian Resources Corp. | 24421 | &nbsp;&nbsp; 342627 |
| Viper Energy, Inc., "A" | 6736 | &nbsp;&nbsp; 260212 |
|  |  | &nbsp;&nbsp; $1855838 |

---

------

MFS New Discovery Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Engineering - Construction – 1.2% | Engineering - Construction – 1.2% |  |
| Legence Corp., "A" (a) | 7328 | &nbsp;&nbsp; $315397 |
| MYR Group, Inc. (a) | 1032 | &nbsp;&nbsp; 225492 |
|  |  | &nbsp;&nbsp; $540889 |
| Food & Beverages – 1.1% | Food & Beverages – 1.1% |  |
| Nomad Foods Ltd. | 25818 | &nbsp;&nbsp; $322983 |
| Utz Brands, Inc. | 17088 | &nbsp;&nbsp; 177374 |
|  |  | &nbsp;&nbsp; $500357 |
| Forest & Paper Products – 0.6% | Forest & Paper Products – 0.6% |  |
| International Paper Co. | 6443 | &nbsp;&nbsp; $253790 |
| Gaming & Lodging – 0.6% | Gaming & Lodging – 0.6% |  |
| Brightstar Lottery PLC | 16727 | &nbsp;&nbsp; $258934 |
| Insurance – 4.1% | Insurance – 4.1% |  |
| AXIS Capital Holdings Ltd. | 3500 | &nbsp;&nbsp; $374815 |
| Hanover Insurance Group, Inc. | 2207 | &nbsp;&nbsp; 403373 |
| Lincoln National Corp. | 9513 | &nbsp;&nbsp; 423614 |
| Selective Insurance Group, Inc. | 3916 | &nbsp;&nbsp; 327652 |
| Stewart Information Services Corp. | 4141 | &nbsp;&nbsp; 290947 |
|  |  | &nbsp;&nbsp; $1820401 |
| Leisure & Toys – 1.8% | Leisure & Toys – 1.8% |  |
| Brunswick Corp. | 4156 | &nbsp;&nbsp; $308541 |
| Hasbro, Inc. | 2718 | &nbsp;&nbsp; 222876 |
| Patrick Industries, Inc. | 2579 | &nbsp;&nbsp; 279641 |
|  |  | &nbsp;&nbsp; $811058 |
| Machinery & Tools – 6.0% | Machinery & Tools – 6.0% |  |
| Albany International Corp. | 7418 | &nbsp;&nbsp; $376093 |
| Alliance Laundry Holdings, Inc. (a)(l) | 8702 | &nbsp;&nbsp; 177086 |
| ESAB Corp. | 3185 | &nbsp;&nbsp; 355828 |
| Flowserve Corp. | 5748 | &nbsp;&nbsp; 398796 |
| Hayward Holdings, Inc. (a) | 26606 | &nbsp;&nbsp; 411063 |
| Kadant, Inc. | 786 | &nbsp;&nbsp; 224026 |
| Regal Rexnord Corp. | 1983 | &nbsp;&nbsp; 278254 |
| Timken Co. | 5337 | &nbsp;&nbsp; 449002 |
|  |  | &nbsp;&nbsp; $2670148 |
| Major Banks – 0.5% | Major Banks – 0.5% |  |
| Simmons First National Corp. | 10742 | &nbsp;&nbsp; $202487 |
| Medical & Health Technology & Services – 1.9% | Medical & Health Technology & Services – 1.9% |  |
| Azenta, Inc. (a) | 6008 | &nbsp;&nbsp; $199826 |
| ICON PLC (a) | 1503 | &nbsp;&nbsp; 273876 |
| Option Care Health, Inc. (a) | 10938 | &nbsp;&nbsp; 348485 |
|  |  | &nbsp;&nbsp; $822187 |
| Medical Equipment – 3.3% | Medical Equipment – 3.3% |  |
| Billiontoone, Inc., "A" (a)(l) | 1003 | &nbsp;&nbsp; $82086 |
| Concentra Group Holdings, Inc. | 21653 | &nbsp;&nbsp; 426131 |
| Envista Holdings Corp. (a) | 17762 | &nbsp;&nbsp; 385613 |
| Integer Holdings Corp. (a) | 4203 | &nbsp;&nbsp; 329641 |

---

------

MFS New Discovery Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical Equipment – continued | Medical Equipment – continued |  |
| Lumexa Imaging Holdings, Inc. (a) | 11807 | &nbsp;&nbsp; $218429 |
|  |  | &nbsp;&nbsp; $1441900 |
| Natural Gas - Distribution – 4.6% | Natural Gas - Distribution – 4.6% |  |
| Brookfield Infrastructure Corp. | 7093 | &nbsp;&nbsp; $322022 |
| MDU Resources Group, Inc. | 10610 | &nbsp;&nbsp; 207107 |
| New Jersey Resources Corp. | 8248 | &nbsp;&nbsp; 380398 |
| ONE Gas, Inc. | 4843 | &nbsp;&nbsp; 374122 |
| Spire, Inc. | 5381 | &nbsp;&nbsp; 445009 |
| UGI Corp. | 7985 | &nbsp;&nbsp; 298878 |
|  |  | &nbsp;&nbsp; $2027536 |
| Natural Gas - Pipeline – 1.1% | Natural Gas - Pipeline – 1.1% |  |
| Plains GP Holdings LP | 26415 | &nbsp;&nbsp; $505583 |
| Oil Services – 1.6% | Oil Services – 1.6% |  |
| Expro Group Holdings N.V. (a) | 29117 | &nbsp;&nbsp; $388712 |
| TechnipFMC PLC | 7407 | &nbsp;&nbsp; 330056 |
|  |  | &nbsp;&nbsp; $718768 |
| Other Banks & Diversified Financials – 18.7% | Other Banks & Diversified Financials – 18.7% |  |
| Banc of California, Inc. | 15602 | &nbsp;&nbsp; $300963 |
| Berkshire Hills Bancorp, Inc. | 14757 | &nbsp;&nbsp; 389142 |
| Cathay General Bancorp, Inc. | 10185 | &nbsp;&nbsp; 492852 |
| Central Banco, Inc. (l) | 15356 | &nbsp;&nbsp; 370387 |
| Columbia Banking System, Inc. | 19409 | &nbsp;&nbsp; 542482 |
| CVB Financial Corp. | 20629 | &nbsp;&nbsp; 383699 |
| East West Bancorp, Inc. | 3231 | &nbsp;&nbsp; 363132 |
| Eastern Bankshares, Inc. | 23712 | &nbsp;&nbsp; 437012 |
| First Hawaiian, Inc. | 20508 | &nbsp;&nbsp; 518852 |
| First Interstate BancSystem, Inc. | 15753 | &nbsp;&nbsp; 545054 |
| Hancock Whitney Corp. | 7953 | &nbsp;&nbsp; 506447 |
| Herc Holdings, Inc. | 2082 | &nbsp;&nbsp; 308927 |
| Popular, Inc. | 4599 | &nbsp;&nbsp; 572667 |
| Prosperity Bancshares, Inc. | 8645 | &nbsp;&nbsp; 597456 |
| Riot Platforms, Inc. (a) | 27121 | &nbsp;&nbsp; 343623 |
| SLM Corp. | 13242 | &nbsp;&nbsp; 358329 |
| Texas Capital Bancshares, Inc. (a) | 4563 | &nbsp;&nbsp; 413134 |
| UMB Financial Corp. | 3513 | &nbsp;&nbsp; 404135 |
| United Community Bank, Inc. | 13494 | &nbsp;&nbsp; 421283 |
|  |  | &nbsp;&nbsp; $8269576 |
| Pharmaceuticals – 3.1% | Pharmaceuticals – 3.1% |  |
| ACADIA Pharmaceuticals, Inc. (a) | 11943 | &nbsp;&nbsp; $318997 |
| Collegium Pharmaceutical, Inc. (a) | 6816 | &nbsp;&nbsp; 315581 |
| Ionis Pharmaceuticals, Inc. (a) | 4396 | &nbsp;&nbsp; 347768 |
| Ligand Pharmaceuticals, Inc. (a) | 2133 | &nbsp;&nbsp; 403286 |
|  |  | &nbsp;&nbsp; $1385632 |
| Precious Metals & Minerals – 0.9% | Precious Metals & Minerals – 0.9% |  |
| OR Royalties, Inc. | 11751 | &nbsp;&nbsp; $415868 |
| Railroad & Shipping – 0.6% | Railroad & Shipping – 0.6% |  |
| Kirby Corp. (a) | 2195 | &nbsp;&nbsp; $241845 |

---

------

MFS New Discovery Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Real Estate – 5.4% | Real Estate – 5.4% |  |
| Acadia Realty Trust, REIT | 19727 | &nbsp;&nbsp; $405193 |
| Brixmor Property Group, Inc., REIT | 12801 | &nbsp;&nbsp; 335642 |
| Cushman & Wakefield Ltd. (a) | 20697 | &nbsp;&nbsp; 335084 |
| Essential Properties Realty Trust, REIT | 14197 | &nbsp;&nbsp; 421083 |
| Four Corners Property Trust, Inc., REIT | 12214 | &nbsp;&nbsp; 281655 |
| PennyMac Financial Services, Inc. | 2576 | &nbsp;&nbsp; 339620 |
| Urban Edge Properties, REIT | 14482 | &nbsp;&nbsp; 277910 |
|  |  | &nbsp;&nbsp; $2396187 |
| Real Estate - Office – 1.1% | Real Estate - Office – 1.1% |  |
| Cousins Properties, Inc., REIT | 12290 | &nbsp;&nbsp; $316836 |
| Douglas Emmett, Inc., REIT | 16674 | &nbsp;&nbsp; 183247 |
|  |  | &nbsp;&nbsp; $500083 |
| Real Estate - Storage – 1.4% | Real Estate - Storage – 1.4% |  |
| Rexford Industrial Realty, Inc., REIT | 8975 | &nbsp;&nbsp; $347512 |
| SmartStop Self Storage REIT | 9403 | &nbsp;&nbsp; 290929 |
|  |  | &nbsp;&nbsp; $638441 |
| Restaurants – 0.7% | Restaurants – 0.7% |  |
| Chefs' Warehouse, Inc. (a) | 5139 | &nbsp;&nbsp; $320314 |
| Specialty Chemicals – 2.0% | Specialty Chemicals – 2.0% |  |
| Ashland, Inc. | 5920 | &nbsp;&nbsp; $347326 |
| Chemours Co. | 14391 | &nbsp;&nbsp; 169670 |
| Quaker Chemical Corp. | 2712 | &nbsp;&nbsp; 372385 |
|  |  | &nbsp;&nbsp; $889381 |
| Specialty Stores – 0.5% | Specialty Stores – 0.5% |  |
| Pet Valu Holdings Ltd. | 10585 | &nbsp;&nbsp; $215086 |
| Trucking – 0.3% | Trucking – 0.3% |  |
| RXO, Inc. (a) | 10437 | &nbsp;&nbsp; $131924 |
| Utilities - Electric Power – 2.1% | Utilities - Electric Power – 2.1% |  |
| NorthWestern Corp. | 6742 | &nbsp;&nbsp; $435129 |
| Portland General Electric Co. | 10383 | &nbsp;&nbsp; 498280 |
|  |  | &nbsp;&nbsp; $933409 |
| **Total Common Stocks (Identified Cost, $35,861,628)** |  | &nbsp;&nbsp; **$43622363** |
| Mutual Funds (h) – 1.3% | Mutual Funds (h) – 1.3% | Mutual Funds (h) – 1.3% |
| Money Market Funds – 1.3% | Money Market Funds – 1.3% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $579,561) | 579485 | &nbsp;&nbsp; $579601 |
| Collateral for Securities Loaned – 1.6% | Collateral for Securities Loaned – 1.6% | Collateral for Securities Loaned – 1.6% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.72% (j) (Identified Cost, $716,595) | 716595 | &nbsp;&nbsp; $716595 |
| Other Assets, Less Liabilities – (1.5)% |  | &nbsp;&nbsp; (665084) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$44253475** |

---

------

MFS New Discovery Value Portfolio

*Portfolio of Investments – continued*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 $579,601 and $44,338,958, 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 New Discovery Value Portfolio

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

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $690,213 of securities on loan (identified cost, $36,578,223) | &nbsp;&nbsp; $44338958 |
| Investments in affiliated issuers, at value (identified cost, $579,561) | &nbsp;&nbsp; 579601 |
| Cash | &nbsp;&nbsp; 2618 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 78823 |
| Interest and dividends | &nbsp;&nbsp; 79885 |
| Receivable from investment adviser | &nbsp;&nbsp; 11561 |
| Other assets | &nbsp;&nbsp; 465 |
| Total assets | &nbsp;&nbsp; $45091911 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $72929 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 716595 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 94 |
| Shareholder servicing costs | &nbsp;&nbsp; 21 |
| Distribution and/or service fees | &nbsp;&nbsp; 217 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 48580 |
| Total liabilities | &nbsp;&nbsp; $838436 |
| Net assets | &nbsp;&nbsp; $44253475 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $34581177 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 9672298 |
| Net assets | &nbsp;&nbsp; $44253475 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 6049663 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $28627883 | &nbsp;&nbsp;&nbsp; 3884685 | &nbsp;&nbsp;&nbsp; $7.37 |
| Service Class | &nbsp;&nbsp;&nbsp; 15625592 | &nbsp;&nbsp;&nbsp; 2164978 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Value Portfolio

**Financial Statements** \| **Statement of Operations** 

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

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $865217 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 32753 |
| Income on securities loaned | &nbsp;&nbsp; 5787 |
| Other | &nbsp;&nbsp; 4115 |
| Foreign taxes withheld | &nbsp;&nbsp; (3712)<br>|
| Total investment income | &nbsp;&nbsp; $904160 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $404629 |
| Distribution and/or service fees | &nbsp;&nbsp; 39387 |
| Shareholder servicing costs | &nbsp;&nbsp; 3825 |
| Administrative services fee | &nbsp;&nbsp; 17500 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3023 |
| Custodian fee | &nbsp;&nbsp; 6547 |
| Shareholder communications | &nbsp;&nbsp; 8954 |
| Audit and tax fees | &nbsp;&nbsp; 69572 |
| Legal fees | &nbsp;&nbsp; 475 |
| Miscellaneous | &nbsp;&nbsp; 28334 |
| Total expenses | &nbsp;&nbsp; $582246 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (146549)<br>|
| Net expenses | &nbsp;&nbsp; $435697 |
| Net investment income (loss) | &nbsp;&nbsp; $468463 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $3384627 |
| Affiliated issuers | &nbsp;&nbsp; (7)<br>|
| Foreign currency | &nbsp;&nbsp; 17 |
| Net realized gain (loss)  | &nbsp;&nbsp; $3384637 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(2184756)<br>|
| Affiliated issuers | &nbsp;&nbsp; (20)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 116 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(2184660)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $1199977 |
| Change in net assets from operations | &nbsp;&nbsp; $1668440 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $468463 | &nbsp;&nbsp; $667763 |
| Net realized gain (loss) | 3384637 | &nbsp;&nbsp; 5270832 |
| Net unrealized gain (loss) | (2184660)<br>| &nbsp;&nbsp; (1080071)<br>|
| Change in net assets from operations | $1668440 | &nbsp;&nbsp; $4858524 |
| Total distributions to shareholders | $(5632479)<br>| &nbsp;&nbsp; $(3403935)<br>|
| Change in net assets from fund share transactions | $1984433 | &nbsp;&nbsp; $(4528279)<br>|
| Total change in net assets | $(1979606)<br>| &nbsp;&nbsp; $(3073690)<br>|
| **Net assets** |  |  |
| At beginning of period | 46233081 | &nbsp;&nbsp; 49306771 |
| At end of period | $44253475 | &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 past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $8.18 | &nbsp;&nbsp; $7.99 | &nbsp;&nbsp; $7.93 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $8.77 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.09 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.06 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.91 |
| Total from investment operations | $0.23 | &nbsp;&nbsp; $0.75 | &nbsp;&nbsp; $0.83 | &nbsp;&nbsp; $(1.19)<br>| &nbsp;&nbsp; $2.97 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.09)<br>|
| From net realized gain | (0.89)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (0.25)<br>|
| Total distributions declared to shareholders | $(1.04)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(0.77)<br>| &nbsp;&nbsp; $(2.28)<br>| &nbsp;&nbsp; $(0.34)<br>|
| Net asset value, end of period (x) | $7.37 | &nbsp;&nbsp; $8.18 | &nbsp;&nbsp; $7.99 | &nbsp;&nbsp; $7.93 | &nbsp;&nbsp; $11.40 |
| Total return (%) (k)(r)(s)(x) | 3.08 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp; (10.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.05 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Expenses after expense reductions | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net investment income (loss) | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Portfolio turnover rate | 50 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 51 |
| Net assets at end of period (000 omitted) | $28628 | &nbsp;&nbsp; $29729 | &nbsp;&nbsp; $34830 | &nbsp;&nbsp; $32665 | &nbsp;&nbsp; $40980 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $8.03 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $7.81 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $8.67 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.07 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.04 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| Total from investment operations | $0.21 | &nbsp;&nbsp; $0.71 | &nbsp;&nbsp; $0.80 | &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $2.92 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.07)<br>|
| From net realized gain | (0.89)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (0.25)<br>|
| Total distributions declared to shareholders | $(1.02)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.75)<br>| &nbsp;&nbsp; $(2.25)<br>| &nbsp;&nbsp; $(0.32)<br>|
| Net asset value, end of period (x) | $7.22 | &nbsp;&nbsp; $8.03 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $7.81 | &nbsp;&nbsp; $11.27 |
| Total return (%) (k)(r)(s)(x) | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;9.18 | &nbsp;&nbsp;&nbsp;&nbsp;11.22 | &nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.87 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Expenses after expense reductions | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net investment income (loss) | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Portfolio turnover rate | 50 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 51 |
| Net assets at end of period (000 omitted) | $15626 | &nbsp;&nbsp; $16504 | &nbsp;&nbsp; $14476 | &nbsp;&nbsp; $13171 | &nbsp;&nbsp; $14227 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Value Portfolio

*Financial Highlights - continued*

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS New Discovery Value Portfolio

**Notes to Financial Statements**

**(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.

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

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

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

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

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

------

MFS New Discovery Value Portfolio

*Notes to Financial Statements - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $43622363 | $— | $— | $43622363 |
| Investment Companies | 1296196 |  |  | 1296196 |
| Total | $44918559 | $— | $— | $44918559 |

---

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 $690,213. The fair value of the fund's investment securities on loan and a related liability of $716,595 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 New Discovery Value Portfolio

*Notes to Financial Statements - 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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $1735484 | &nbsp;&nbsp; $1395450 |
| Long-term capital gains | &nbsp;&nbsp; 3896995 | &nbsp;&nbsp; 2008485 |
| Total distributions | &nbsp;&nbsp; $5632479 | &nbsp;&nbsp; $3403935 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $38372403 |
| Gross appreciation | &nbsp;&nbsp; 9344976 |
| Gross depreciation | &nbsp;&nbsp; (2798820)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $6546156 |
| Undistributed ordinary income | &nbsp;&nbsp; 1639750 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 1486392 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $9672298 |

---

------

MFS New Discovery Value Portfolio

*Notes to Financial Statements - continued* 

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

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $3617254 | &nbsp;&nbsp; $2390523 |
| Service Class | 2015225 | &nbsp;&nbsp; 1013412 |
| Total | $5632479 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $6,231, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.89% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.88% of average daily net assets for the Initial Class shares and 1.13% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the year ended December 31, 2025, this reduction amounted to $140,318, which is included in the reduction of total expenses in the Statement of Operations.

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

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

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the year ended December 31, 2025, the fee was $3,375, which equated to 0.0075% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended December 31, 2025, these costs amounted to $450.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.0389% of the fund's average daily net assets.

------

MFS New Discovery Value Portfolio

*Notes to Financial Statements - continued* 

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

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

During the year ended December 31, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $5,739 and $36,544, respectively. The sales transactions resulted in net realized gains (losses) of $16,453.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the year ended December 31, 2025, this reimbursement amounted to $4,099, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $22,341,969 and $25,098,562, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 694976 | &nbsp;&nbsp; $5072831 | &nbsp;&nbsp; 576693 | &nbsp;&nbsp; $4768543 |
| Service Class | 314140 | &nbsp;&nbsp; 2372886 | &nbsp;&nbsp; 468563 | &nbsp;&nbsp; 3778472 |
|  | 1009116 | &nbsp;&nbsp; $7445717 | &nbsp;&nbsp; 1045256 | &nbsp;&nbsp; $8547015 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 501699 | &nbsp;&nbsp; $3617254 | &nbsp;&nbsp; 301834 | &nbsp;&nbsp; $2390523 |
| Service Class | 285039 | &nbsp;&nbsp; 2015225 | &nbsp;&nbsp; 130258 | &nbsp;&nbsp; 1013412 |
|  | 786738 | &nbsp;&nbsp; $5632479 | &nbsp;&nbsp; 432092 | &nbsp;&nbsp; $3403935 |
| Shares reacquired |  |  |  |  |
| Initial Class | (945574)<br>| &nbsp;&nbsp; $(7393469)<br>| &nbsp;&nbsp; (1602222)<br>| &nbsp;&nbsp; $(13386931)<br>|
| Service Class | (488584)<br>| &nbsp;&nbsp; (3700294)<br>| &nbsp;&nbsp; (385957)<br>| &nbsp;&nbsp; (3092298)<br>|
|  | (1434158)<br>| &nbsp;&nbsp; $(11093763)<br>| &nbsp;&nbsp; (1988179)<br>| &nbsp;&nbsp; $(16479229)<br>|
| Net change |  |  |  |  |
| Initial Class | 251101 | &nbsp;&nbsp; $1296616 | &nbsp;&nbsp; (723695)<br>| &nbsp;&nbsp; $(6227865)<br>|
| Service Class | 110595 | &nbsp;&nbsp; 687817 | &nbsp;&nbsp; 212864 | &nbsp;&nbsp; 1699586 |
|  | 361696 | &nbsp;&nbsp; $1984433 | &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 28%, 15%, 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 - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended December 31, 2025, the fund's commitment fee and interest expense were $211 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $649132 | &nbsp;&nbsp; $9594619 | &nbsp;&nbsp; $9664123 | &nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp; $(20)<br>| &nbsp;&nbsp; $579601 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $32753 | $— |

---

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MFS New Discovery Value Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust III and the Shareholders of MFS New Discovery Value Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS New Discovery Value Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

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MFS New Discovery Value Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $4,287,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 45.84% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

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

There is nothing to report for this item for MFS 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.**

------

MFS New Discovery Value Portfolio

**Board Review of Investment Advisory Agreement**

**MFS New Discovery Value Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 3rd quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS New Discovery Value Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was lower than the Broadridge expense group median and the Fund's total expense ratio was approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $250 million. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Limited Maturity Portfolio

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

MFS Limited Maturity Portfolio

**Portfolio of Investments - 12/31/25** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 96.4% | Bonds – 96.4% | Bonds – 96.4% |
| Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% |
| Boeing Co., 2.196%, 2/04/2026  | $1924000 | &nbsp;&nbsp; $1920338 |
| Boeing Co., 6.388%, 5/01/2031  | 554000 | &nbsp;&nbsp; 601197 |
| Huntington Ingalls Industries, Inc., 5.353%, 1/15/2030  | 699000 | &nbsp;&nbsp; 722427 |
|  |  | &nbsp;&nbsp; $3243962 |
| Apparel Manufacturers – 0.4% | Apparel Manufacturers – 0.4% | Apparel Manufacturers – 0.4% |
| Gildan Activewear, Inc., 4.7%, 10/07/2030 (n) | $520000 | &nbsp;&nbsp; $517448 |
| Tapestry, Inc., 5.1%, 3/11/2030  | 713000 | &nbsp;&nbsp; 731970 |
|  |  | &nbsp;&nbsp; $1249418 |
| Asset-Backed & Securitized – 23.5% | Asset-Backed & Securitized – 23.5% | Asset-Backed & Securitized – 23.5% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 0.993%, 11/15/2054 (i) | $12741304 | &nbsp;&nbsp; $450787 |
| ACREC 2021-FL1 Ltd., "AS", FLR, 5.348% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n) | 898000 | &nbsp;&nbsp; 898365 |
| ACREC 2021-FL1 Ltd., "B", FLR, 5.648% ((SOFR - 1mo. + 0.11448%) + 1.8%), 10/16/2036 (n) | 1596000 | &nbsp;&nbsp; 1594326 |
| ACREC 2021-FL1 Ltd., "C", FLR, 5.999% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n) | 902000 | &nbsp;&nbsp; 902216 |
| Affirm Asset Securitization Trust, 2024-X2, "A", 5.22%, 12/17/2029 (n) | 14771 | &nbsp;&nbsp; 14776 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 5.564% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 1102500 | &nbsp;&nbsp; 1102548 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "B", FLR, 5.864% ((SOFR - 1mo. + 0.11448%) + 2%), 11/15/2036 (n) | 1102500 | &nbsp;&nbsp; 1103106 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "C", FLR, 6.164% ((SOFR - 1mo. + 0.11448%) + 2.3%), 11/15/2036 (n) | 663500 | &nbsp;&nbsp; 663951 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "C", FLR, 6.283% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 1737500 | &nbsp;&nbsp; 1739671 |
| AREIT 2022-CRE6 Trust, "D", FLR, 6.787% (SOFR - 30 day + 2.85%), 1/20/2037 (n) | 237500 | &nbsp;&nbsp; 232759 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 92118 | &nbsp;&nbsp; 92821 |
| Bain Capital Credit CLO Ltd., 2021-4A, "BR", FLR, 5.534% (SOFR - 3mo. + 1.65%), 10/20/2034 (n) | 1065955 | &nbsp;&nbsp; 1065017 |
| Balboa Bay Loan Funding Ltd., 2022-1A, "BR", 5.734% (SOFR - 3mo. + 1.85%), 4/20/2037 (n) | 1407558 | &nbsp;&nbsp; 1409820 |
| BBCMS Mortgage Trust, 2018-C2, "XA", 0.746%, 12/15/2051 (i)(n) | 21030737 | &nbsp;&nbsp; 356168 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.207%, 7/15/2054 (i) | 5282637 | &nbsp;&nbsp; 254898 |
| BBCMS Mortgage Trust, 2021-C11, "XA", 1.328%, 9/15/2054 (i) | 5710882 | &nbsp;&nbsp; 291949 |
| BDS 2021-FL10 Ltd., "B", FLR, 5.798% ((SOFR - 1mo. + 0.11448%) + 1.95%), 12/16/2036 (n) | 519000 | &nbsp;&nbsp; 518692 |
| BDS 2021-FL10 Ltd., "C", FLR, 6.148% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/16/2036 (n) | 377500 | &nbsp;&nbsp; 377277 |
| Benchmark 2021-B23 Mortgage Trust, "XA", 1.255%, 2/15/2054 (i) | 10211284 | &nbsp;&nbsp; 463271 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.232%, 7/15/2054 (i) | 10934727 | &nbsp;&nbsp; 509676 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.237%, 8/15/2054 (i) | 7994638 | &nbsp;&nbsp; 387941 |
| Benchmark 2021-B29 Mortgage Trust, "XA", 1.012%, 9/15/2054 (i) | 11688871 | &nbsp;&nbsp; 404241 |
| Benchmark 2025-V18 Mortgage Trust, "A3", 5.183%, 10/15/2058  | 615561 | &nbsp;&nbsp; 633907 |
| BSPRT 2022-FL8 Issuer Ltd., "A", FLR, 5.483% (SOFR - 30 day + 1.5%), 2/15/2037 (n) | 300972 | &nbsp;&nbsp; 300488 |
| BSPRT 2022-FL8 Issuer Ltd., "B", FLR, 6.033% (SOFR - 30 day + 2.05%), 2/15/2037 (n) | 287500 | &nbsp;&nbsp; 286745 |
| BSPRT 2022-FL8 Issuer Ltd., "C", FLR, 6.283% (SOFR - 30 day + 2.3%), 2/15/2037 (n) | 463500 | &nbsp;&nbsp; 463497 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 303123 | &nbsp;&nbsp; 310220 |
| Business Jet Securities LLC, 2024-1A, "B", 6.924%, 5/15/2039 (n) | 65611 | &nbsp;&nbsp; 67792 |
| Business Jet Securities LLC, 2024-2A, "A", 5.364%, 9/15/2039 (n) | 386129 | &nbsp;&nbsp; 389162 |
| Business Jet Securities LLC, 2024-2A, "B", 5.754%, 9/15/2039 (n) | 225649 | &nbsp;&nbsp; 225281 |
| BXMT 2020-FL2 Ltd., "B", FLR, 5.5% ((SOFR - 1mo. + 0.11448%) + 1.4%), 2/15/2038 (n) | 1445000 | &nbsp;&nbsp; 1437785 |
| CD 2017-CD4 Mortgage Trust, "XA", 1.216%, 5/10/2050 (i) | 13025322 | &nbsp;&nbsp; 128642 |
| CF Hippolyta Issuer LLC, 2020-1, "A1", 1.69%, 7/15/2060 (n) | 331997 | &nbsp;&nbsp; 279338 |
| CF Hippolyta Issuer LLC, 2020-1, "B1", 2.28%, 7/15/2060 (n) | 106277 | &nbsp;&nbsp; 66261 |
| Chesapeake Funding II LLC, 2023-1A, "A1", 5.65%, 5/15/2035 (n) | 186440 | &nbsp;&nbsp; 187310 |
| Chesapeake Funding II LLC, 2023-2A, "A1", 6.16%, 10/15/2035 (n) | 231526 | &nbsp;&nbsp; 233972 |
| Colt Funding LLC, 2024-2, "A1", 6.125%, 4/25/2069 (n) | 365670 | &nbsp;&nbsp; 369150 |
| Colt Funding LLC, 2024-3, "A1", 6.393%, 6/25/2069 (n) | 573848 | &nbsp;&nbsp; 581376 |
| Colt Funding LLC, 2024-3, "A2", 6.646%, 6/25/2069 (n) | 190461 | &nbsp;&nbsp; 193257 |
| Commercial Mortgage Pass-Through Certificates, 2019-BN24, "XA", 0.632%, 11/15/2062 (i) | 8665225 | &nbsp;&nbsp; 192618 |

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VLTFS-ANN

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MFS Limited Maturity Portfolio

*Portfolio of Investments – continued*

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| | | |
|:---|:---|:---|
| **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", 1.279%, 2/15/2054 (i) | $8791637 | &nbsp;&nbsp; $445707 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN34, "XA", 0.958%, 6/15/2063 (i) | 8765415 | &nbsp;&nbsp; 319098 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN35, "XA", 1.025%, 6/15/2064 (i) | 4855006 | &nbsp;&nbsp; 195893 |
| COOPR Residential Mortgage Trust, 2025-CES1, "A1A", 5.654%, 5/25/2060 (n) | 199500 | &nbsp;&nbsp; 201537 |
| Credit Acceptance Auto Loan Trust, 2023-3A, "B", 7.09%, 10/17/2033 (n) | 708000 | &nbsp;&nbsp; 719894 |
| Dell Equipment Finance Trust, 2024-2, "A2", 4.69%, 8/22/2030 (n) | 294142 | &nbsp;&nbsp; 294671 |
| Dell Equipment Finance Trust, 2024-2, "A3", 4.59%, 8/22/2030 (n) | 343000 | &nbsp;&nbsp; 345509 |
| DLLST LLC, 2024-1A, "A3", 5.05%, 8/20/2027 (n) | 141410 | &nbsp;&nbsp; 142022 |
| Dryden Senior Loan Fund CLO Ltd., 2019-75A, "BR3", FLR, 5.373% (SOFR - 3mo. + 1.5%), 4/14/2034 (n) | 1695359 | &nbsp;&nbsp; 1695995 |
| Dryden Senior Loan Fund, 2021-95A, "BR", FLR, 5.488% (SOFR - 3mo. + 1.6%), 8/20/2034 (n) | 1500000 | &nbsp;&nbsp; 1500999 |
| Empire District Bondco LLC, 4.943%, 1/01/2033  | 298955 | &nbsp;&nbsp; 303894 |
| Enterprise Fleet Financing 2023-1 LLC, "A2", 5.51%, 1/22/2029 (n) | 64242 | &nbsp;&nbsp; 64340 |
| Enterprise Fleet Financing 2024-3 LLC, "A2", 5.31%, 4/20/2027 (n) | 175450 | &nbsp;&nbsp; 176076 |
| Exeter Automobile Receivables Trust, 2024-4A, "A3", 5.28%, 8/15/2030  | 131477 | &nbsp;&nbsp; 131582 |
| Fortress CBO Investments Ltd., 2022-FL3, "AS", FLR, 6.158% (SOFR - 30 day + 2.25%), 2/23/2039 (n) | 787911 | &nbsp;&nbsp; 787056 |
| General Motors Co., FLR, 4.433% (SOFR - 1mo. + 0.45%), 11/15/2028 (n) | 525000 | &nbsp;&nbsp; 525274 |
| General Motors Co., FLR, 4.533% (SOFR - 1mo. + 0.55%), 11/15/2029 (n) | 728000 | &nbsp;&nbsp; 728028 |
| GS Mortgage Securities Trust, 2017-GS6, "XA", 0.994%, 5/10/2050 (i) | 14639977 | &nbsp;&nbsp; 161420 |
| GS Mortgage Securities Trust, 2017-GS7, "XA", 1.022%, 8/10/2050 (i) | 14073326 | &nbsp;&nbsp; 163117 |
| GS Mortgage Securities Trust, 2020-GC47, "A5", 1.121%, 5/12/2053 (i) | 8286527 | &nbsp;&nbsp; 323639 |
| Harbor Park CLO Ltd., 2018-1A, "BR2", FLR, 5.284% (SOFR - 3mo. + 1.4%), 1/20/2031 (n) | 1150000 | &nbsp;&nbsp; 1150406 |
| Invesco CLO 2022-2A Ltd., "BR", 5.564%, 7/20/2035 (n) | 1433293 | &nbsp;&nbsp; 1430521 |
| Invesco Ltd., FLR, 5.654% (SOFR - 3mo. + 1.75%), 7/15/2038 (n) | 910345 | &nbsp;&nbsp; 914092 |
| JP Morgan Mortgage Trust, 5.592%, 2/25/2064 (n) | 373072 | &nbsp;&nbsp; 376052 |
| JPMorgan Chase Commercial Mortgage Securities Corp., 1.009%, 9/15/2050 (i) | 10066737 | &nbsp;&nbsp; 108107 |
| LAD Auto Receivables Trust, 2024-3A, "A2", 4.64%, 11/15/2027 (n) | 69240 | &nbsp;&nbsp; 69282 |
| LoanCore 2021-CRE5 Ltd., "AS", FLR, 5.614% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 764097 | &nbsp;&nbsp; 763241 |
| LoanCore 2021-CRE5 Ltd., "B", FLR, 5.864% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n) | 567500 | &nbsp;&nbsp; 566152 |
| LoanCore 2025-CRE8 Ltd., "A", FLR, 5.12% (SOFR - 1mo. + 1.385%), 8/17/2042 (n) | 814000 | &nbsp;&nbsp; 814108 |
| LoanCore 2025-CRE8 Ltd., "AS", FLR, 5.326% (SOFR - 1mo. + 1.5909%), 8/17/2042 (n) | 1226500 | &nbsp;&nbsp; 1225732 |
| MF1 2022-FL9 LLC, "B", FLR, 6.881% (SOFR - 1mo. + 3.15%), 6/19/2037 (n) | 1885500 | &nbsp;&nbsp; 1886199 |
| MF1 2024-FL14 LLC, "C", FLR, 7.02% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | 413534 | &nbsp;&nbsp; 414405 |
| MF1 2025-FL20 LLC, "AS", FLR, 5.434% (SOFR - 1mo. + 1.7%), 2/18/2043 (n) | 1000000 | &nbsp;&nbsp; 1001247 |
| MF1 2025-FL20 LLC, "B", FLR, 5.684% (SOFR - 1mo. + 1.95%), 2/18/2043 (n) | 451406 | &nbsp;&nbsp; 451970 |
| Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C33, "XA", 1.231%, 5/15/2050 (i) | 11981244 | &nbsp;&nbsp; 149186 |
| Morgan Stanley Capital I Trust, 2017-H1, "XA", 1.288%, 6/15/2050 (i) | 6038693 | &nbsp;&nbsp; 75456 |
| Morgan Stanley Capital I Trust, 2018-H4, "XA", 0.799%, 12/15/2051 (i) | 15596205 | &nbsp;&nbsp; 308892 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.261%, 5/15/2054 (i) | 7137896 | &nbsp;&nbsp; 312044 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.141%, 6/15/2054 (i) | 6319595 | &nbsp;&nbsp; 233752 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A1", 6.152%, 12/25/2068 (n) | 498425 | &nbsp;&nbsp; 502544 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM5, "A-1", 5.649%, 10/25/2069 (n) | 906364 | &nbsp;&nbsp; 916490 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM1, "A-1", 5.738%, 11/25/2069 (n) | 1260901 | &nbsp;&nbsp; 1273899 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM9, "A1", 5.016%, 9/25/2070 (n) | 353856 | &nbsp;&nbsp; 354483 |
| New Residential Mortgage Loan Trust, 2024-NQM3, "A-1", 5.53%, 5/25/2065 (n) | 711730 | &nbsp;&nbsp; 719490 |
| New Residential Mortgage Loan Trust, 2024-NQMI, "A-1", 6.129%, 3/25/2064 (n) | 614314 | &nbsp;&nbsp; 620685 |
| New Residential Mortgage Loan Trust, 2025-NQM1, "A-1", 5.643%, 1/25/2065 (n) | 1142236 | &nbsp;&nbsp; 1157302 |
| NextGear Floorplan Master Owner Trust, 2023-1A, "A1", FLR, 5.083% (SOFR - 1mo. + 1.1%), 3/15/2028 (n) | 552000 | &nbsp;&nbsp; 552569 |
| OBX Trust, 2023-NQM5, "A1", 5.988%, 1/25/2064 (n) | 189195 | &nbsp;&nbsp; 190813 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 224571 | &nbsp;&nbsp; 225996 |
| OBX Trust, 2024-NQM1, "A2", 6.253%, 11/25/2063 (n) | 67860 | &nbsp;&nbsp; 68281 |
| OBX Trust, 2024-NQM8, "A1", 6.233%, 5/25/2064 (n) | 429378 | &nbsp;&nbsp; 434416 |
| OneMain Financial Issuance Trust, 2020-2A, "A", 1.75%, 9/14/2035 (n) | 850488 | &nbsp;&nbsp; 837173 |
| OneMain Financial Issuance Trust, 2022-S1, "A", 4.13%, 5/14/2035 (n) | 326195 | &nbsp;&nbsp; 326138 |
| OneMain Financial Issuance Trust, 2023-2A, "B", 6.17%, 9/15/2036 (n) | 531000 | &nbsp;&nbsp; 545938 |
| OneMain Financial Issuance Trust, 2023-2A, "C", 6.74%, 9/15/2036 (n) | 1250000 | &nbsp;&nbsp; 1290950 |
| Palmer Square Loan Funding 2025-2A Ltd., "A2", FLR, 5.687% (SOFR - 3mo. + 1.4%), 7/15/2033 (n) | 850000 | &nbsp;&nbsp; 849418 |
| Palmer Square Loan Funding, 2025-1A Ltd., "A2", FLR, 5.051% (SOFR - 3mo. + 1.2%), 2/15/2033 (n) | 1500000 | &nbsp;&nbsp; 1498800 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Planet Fitness Master Issuer, 2025-1A, "A2I", 5.274%, 12/06/2055 (n) | $325000 | &nbsp;&nbsp; $326358 |
| Provident Funding Mortgage Trust, 2025-3, "A4", 5.5%, 8/25/2055 (n) | 1208030 | &nbsp;&nbsp; 1214209 |
| Rate Mortgage Trust, 2025-J3, "A27", FLR, 5.424% (SOFR - 1mo. + 1.55%), 11/25/2055 (n) | 1351320 | &nbsp;&nbsp; 1350713 |
| Santander Mortgage Asset Receivables Trust, 2025-NQM2, "A1", 5.732%, 2/25/2065 (n) | 163299 | &nbsp;&nbsp; 164999 |
| Shackleton 2013-4RA CLO Ltd., "B", FLR, 6.073% ((SOFR - 3mo. + 2.1616%) + 1.9%) 4/13/2031 (n) | 927055 | &nbsp;&nbsp; 931381 |
| Shelter Growth CRE Ltd., 2021-FL3, "C", FLR, 6.014% ((SOFR - 1mo. + 0.11448%) + 2.15%), 9/15/2036 (n) | 516000 | &nbsp;&nbsp; 515924 |
| Southwick Park CLO Ltd., 2019-4A, "B2R", 2.46%, 7/20/2032 (n) | 735000 | &nbsp;&nbsp; 690530 |
| Starwood Commercial Mortgage, 2021-FL2, "B", FLR, 5.648% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n) | 764000 | &nbsp;&nbsp; 761436 |
| Taco Bell Funding LLC, 2025-1A, "A2I", 4.821%, 8/25/2055 (n) | 777546 | &nbsp;&nbsp; 773185 |
| TCW Gem Ltd., 2020-1A, "BR3", FLR, 5.484% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) | 1788131 | &nbsp;&nbsp; 1775725 |
| TPG Real Estate Finance, 2025-FL7, "AS", FLR, 5.73% (SOFR - 1mo. + 1.7%), 6/18/2043 (n) | 242842 | &nbsp;&nbsp; 242842 |
| TPG Real Estate Finance, 2025-FL7, "B" , FLR, 6.033% (SOFR - 1mo. + 1.95%), 6/18/2043 (n) | 445988 | &nbsp;&nbsp; 445987 |
| Trinitas CLO Ltd., 2021-15A, "B1R", FLR, 5.507% (SOFR - 3mo. + 1.65%), 4/22/2034 (n) | 1468874 | &nbsp;&nbsp; 1469633 |
| UBS Commercial Mortgage Trust, 2017-C1, "XA", 0.941%, 11/15/2050 (i) | 7484633 | &nbsp;&nbsp; 96116 |
| UBS Commercial Mortgage Trust, 2018-C14, "XA", 0.887%, 12/15/2051 (i) | 6654497 | &nbsp;&nbsp; 138402 |
| Verus Securitization Trust, 2024-3, "A2", 6.642%, 4/25/2069 (n) | 305796 | &nbsp;&nbsp; 309303 |
| Verus Securitization Trust, 2024-6, "A1", 5.799%, 7/25/2069 (n) | 315433 | &nbsp;&nbsp; 318077 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 119283 | &nbsp;&nbsp; 120077 |
| Wells Fargo Commercial Mortgage Trust, 2021-C61, "XA", 1.335%, 11/15/2054 (i) | 3712585 | &nbsp;&nbsp; 189465 |
|  |  | &nbsp;&nbsp; $66857419 |
| Automotive – 1.2% | Automotive – 1.2% | Automotive – 1.2% |
| Ford Motor Credit Co. LLC, 5.8%, 3/05/2027  | $1438000 | &nbsp;&nbsp; $1455911 |
| LKQ Corp., 5.75%, 6/15/2028  | 1208000 | &nbsp;&nbsp; 1247884 |
| Stellantis Finance US, Inc., 1.711%, 1/29/2027 (n) | 723000 | &nbsp;&nbsp; 702663 |
|  |  | &nbsp;&nbsp; $3406458 |
| Brokerage & Asset Managers – 2.2% | Brokerage & Asset Managers – 2.2% | Brokerage & Asset Managers – 2.2% |
| Brookfield Finance, Inc., 3.9%, 1/25/2028  | $1291000 | &nbsp;&nbsp; $1286454 |
| Charles Schwab Corp., 5.875%, 8/24/2026  | 1706000 | &nbsp;&nbsp; 1724673 |
| Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029  | 622000 | &nbsp;&nbsp; 645695 |
| LPL Holdings, Inc., 5.7%, 5/20/2027  | 743000 | &nbsp;&nbsp; 757237 |
| LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 542000 | &nbsp;&nbsp; 541982 |
| LPL Holdings, Inc., 6.75%, 11/17/2028  | 397000 | &nbsp;&nbsp; 423711 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 883000 | &nbsp;&nbsp; 868250 |
|  |  | &nbsp;&nbsp; $6248002 |
| Business Services – 1.4% | Business Services – 1.4% | Business Services – 1.4% |
| Global Payments, Inc., 1.2%, 3/01/2026  | $1342000 | &nbsp;&nbsp; $1335735 |
| Paychex, Inc., 5.1%, 4/15/2030  | 1148000 | &nbsp;&nbsp; 1181882 |
| Tencent Holdings Ltd., 1.81%, 1/26/2026 (n) | 1481000 | &nbsp;&nbsp; 1478729 |
|  |  | &nbsp;&nbsp; $3996346 |
| Cable TV – 0.8% | Cable TV – 0.8% | Cable TV – 0.8% |
| Cox Communications, Inc., 5.45%, 9/15/2028 (n) | $1298000 | &nbsp;&nbsp; $1335380 |
| Videotron Ltd., 3.625%, 6/15/2029 (n) | 924000 | &nbsp;&nbsp; 898694 |
|  |  | &nbsp;&nbsp; $2234074 |
| Computer Software - Systems – 0.2% | Computer Software - Systems – 0.2% | Computer Software - Systems – 0.2% |
| VMware, Inc., 1.4%, 8/15/2026  | $626000 | &nbsp;&nbsp; $616751 |
| Conglomerates – 0.6% | Conglomerates – 0.6% | Conglomerates – 0.6% |
| Regal Rexnord Corp., 6.05%, 2/15/2026  | $1133000 | &nbsp;&nbsp; $1135172 |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | 665000 | &nbsp;&nbsp; 687918 |
|  |  | &nbsp;&nbsp; $1823090 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Consumer Services – 1.7% | Consumer Services – 1.7% | Consumer Services – 1.7% |
| CBRE Services, Inc., 4.8%, 6/15/2030  | $1316000 | &nbsp;&nbsp; $1334229 |
| eBay, Inc., 4.25%, 3/06/2029  | 747000 | &nbsp;&nbsp; 749153 |
| Meituan, 4.5%, 4/02/2028 (n) | 715000 | &nbsp;&nbsp; 717974 |
| Meituan, 4.625%, 10/02/2029 (n) | 384000 | &nbsp;&nbsp; 385283 |
| Meituan, 4.5%, 5/05/2031 (n) | 271000 | &nbsp;&nbsp; 268095 |
| Rentokil Terminix LLC, 5%, 4/28/2030 (n) | 1301000 | &nbsp;&nbsp; 1323539 |
|  |  | &nbsp;&nbsp; $4778273 |
| Containers – 0.7% | Containers – 0.7% | Containers – 0.7% |
| Berry Global, Inc., 1.57%, 1/15/2026  | $394000 | &nbsp;&nbsp; $393605 |
| Berry Global, Inc., 1.65%, 1/15/2027  | 1418000 | &nbsp;&nbsp; 1380457 |
| Berry Global, Inc., 5.5%, 4/15/2028  | 147000 | &nbsp;&nbsp; 151392 |
|  |  | &nbsp;&nbsp; $1925454 |
| Electrical Equipment – 0.8% | Electrical Equipment – 0.8% | Electrical Equipment – 0.8% |
| Arrow Electronics, Inc., 5.15%, 8/21/2029  | $982000 | &nbsp;&nbsp; $1004383 |
| Arrow Electronics, Inc., 2.95%, 2/15/2032  | 501000 | &nbsp;&nbsp; 447930 |
| Molex Electronic Technologies LLC, 4.75%, 4/30/2028 (n) | 785000 | &nbsp;&nbsp; 793561 |
|  |  | &nbsp;&nbsp; $2245874 |
| Electronics – 1.5% | Electronics – 1.5% | Electronics – 1.5% |
| Broadcom, Inc., 5.05%, 7/12/2027  | $411000 | &nbsp;&nbsp; $418330 |
| Broadcom, Inc., 4.15%, 2/15/2028  | 402000 | &nbsp;&nbsp; 403361 |
| Broadcom, Inc., 4.75%, 4/15/2029  | 1304000 | &nbsp;&nbsp; 1328475 |
| Broadcom, Inc., 5.05%, 7/12/2029  | 231000 | &nbsp;&nbsp; 237832 |
| Broadcom, Inc., 4.35%, 2/15/2030  | 575000 | &nbsp;&nbsp; 578754 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., 4.3%, 8/19/2028  | 286000 | &nbsp;&nbsp; 287061 |
| SK hynix, Inc., 6.25%, 1/17/2026 (n) | 1081000 | &nbsp;&nbsp; 1082207 |
|  |  | &nbsp;&nbsp; $4336020 |
| Emerging Market Sovereign – 0.4% | Emerging Market Sovereign – 0.4% | Emerging Market Sovereign – 0.4% |
| Eagle Funding LuxCo S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n) | $1005000 | &nbsp;&nbsp; $1023683 |
| Energy - Independent – 1.8% | Energy - Independent – 1.8% | Energy - Independent – 1.8% |
| Diamondback Energy, Inc., 5.2%, 4/18/2027  | $402000 | &nbsp;&nbsp; $407810 |
| Diamondback Energy, Inc., 5.15%, 1/30/2030  | 402000 | &nbsp;&nbsp; 413484 |
| EQT Corp., 5.7%, 4/01/2028  | 1276000 | &nbsp;&nbsp; 1316761 |
| Occidental Petroleum Corp., 5%, 8/01/2027  | 380000 | &nbsp;&nbsp; 386932 |
| Occidental Petroleum Corp., 5.2%, 8/01/2029  | 849000 | &nbsp;&nbsp; 870217 |
| Occidental Petroleum Corp., 6.625%, 9/01/2030  | 434000 | &nbsp;&nbsp; 467229 |
| Pioneer Natural Resources Co., 1.9%, 8/15/2030  | 1438000 | &nbsp;&nbsp; 1302385 |
|  |  | &nbsp;&nbsp; $5164818 |
| Financial Institutions – 1.5% | Financial Institutions – 1.5% | Financial Institutions – 1.5% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.45%, 4/15/2027  | $730000 | &nbsp;&nbsp; $749889 |
| Avolon Holdings Funding Ltd., 4.25%, 4/15/2026 (n) | 532000 | &nbsp;&nbsp; 531872 |
| Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 854000 | &nbsp;&nbsp; 827927 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 652000 | &nbsp;&nbsp; 631416 |
| SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n) | 1509000 | &nbsp;&nbsp; 1550215 |
|  |  | &nbsp;&nbsp; $4291319 |
| Food & Beverages – 2.7% | Food & Beverages – 2.7% | Food & Beverages – 2.7% |
| Bacardi Ltd., 4.7%, 5/15/2028 (n) | $270000 | &nbsp;&nbsp; $272015 |
| Bacardi-Martini B.V., 5.25%, 1/15/2029 (n) | 1481000 | &nbsp;&nbsp; 1508961 |
| Constellation Brands, Inc., 4.8%, 5/01/2030  | 638000 | &nbsp;&nbsp; 648655 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Food & Beverages – continued | Food & Beverages – continued | Food & Beverages – continued |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029  | $1840000 | &nbsp;&nbsp; $1771638 |
| JDE Peet's N.V., 1.375%, 1/15/2027 (n) | 678000 | &nbsp;&nbsp; 656737 |
| Mars, Inc., 4.6%, 3/01/2028 (n) | 650000 | &nbsp;&nbsp; 658905 |
| Mars, Inc., 4.8%, 3/01/2030 (n) | 1193000 | &nbsp;&nbsp; 1219201 |
| Suntory Holdings Ltd., 5.124%, 6/11/2029 (n) | 924000 | &nbsp;&nbsp; 947383 |
|  |  | &nbsp;&nbsp; $7683495 |
| Gaming & Lodging – 1.3% | Gaming & Lodging – 1.3% | Gaming & Lodging – 1.3% |
| Flutter Treasury DAC, 5.875%, 6/04/2031 (n) | $1010000 | &nbsp;&nbsp; $1024039 |
| Hyatt Hotels Corp., 5.75%, 1/30/2027  | 581000 | &nbsp;&nbsp; 589923 |
| Las Vegas Sands Corp., 5.9%, 6/01/2027  | 360000 | &nbsp;&nbsp; 367180 |
| Marriott International, Inc., 4.9%, 4/15/2029  | 428000 | &nbsp;&nbsp; 437550 |
| Sands China Ltd., 3.8%, 1/08/2026  | 1221000 | &nbsp;&nbsp; 1219996 |
|  |  | &nbsp;&nbsp; $3638688 |
| Industrial – 0.1% | Industrial – 0.1% | Industrial – 0.1% |
| Booz Allen Hamilton, Inc., 4%, 7/01/2029 (n) | $418000 | &nbsp;&nbsp; $408397 |
| Insurance – 1.0% | Insurance – 1.0% | Insurance – 1.0% |
| CNO Global Funding, 4.7%, 12/11/2030 (n) | $733000 | &nbsp;&nbsp; $733941 |
| Corebridge Global Funding, 5.2%, 1/12/2029 (n) | 480000 | &nbsp;&nbsp; 492338 |
| Sammons Financial Group Global Funding, 5.05%, 1/10/2028 (n) | 364000 | &nbsp;&nbsp; 369652 |
| Sammons Financial Group Global Funding, 5.1%, 12/10/2029 (n) | 1328000 | &nbsp;&nbsp; 1359920 |
|  |  | &nbsp;&nbsp; $2955851 |
| Insurance - Health – 0.2% | Insurance - Health – 0.2% | Insurance - Health – 0.2% |
| Elevance Health, Inc., 4.75%, 2/15/2030  | $457000 | &nbsp;&nbsp; $466104 |
| Insurance - Property & Casualty – 0.7% | Insurance - Property & Casualty – 0.7% | Insurance - Property & Casualty – 0.7% |
| Arthur J. Gallagher & Co., 4.85%, 12/15/2029  | $551000 | &nbsp;&nbsp; $563824 |
| Brown & Brown, Inc., 4.7%, 6/23/2028  | 376000 | &nbsp;&nbsp; 380507 |
| Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027  | 565000 | &nbsp;&nbsp; 571659 |
| Marsh & McLennan Cos., Inc., 4.65%, 3/15/2030  | 565000 | &nbsp;&nbsp; 576327 |
|  |  | &nbsp;&nbsp; $2092317 |
| 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; $1188323 |
| Machinery & Tools – 0.6% | Machinery & Tools – 0.6% | Machinery & Tools – 0.6% |
| AGCO Corp., 5.45%, 3/21/2027  | $575000 | &nbsp;&nbsp; $582757 |
| Ashtead Capital, Inc., 4.25%, 11/01/2029 (n) | 562000 | &nbsp;&nbsp; 555176 |
| CNH Industrial Capital LLC, 1.875%, 1/15/2026  | 432000 | &nbsp;&nbsp; 431646 |
|  |  | &nbsp;&nbsp; $1569579 |
| Major Banks – 11.4% | Major Banks – 11.4% | Major Banks – 11.4% |
| Bank of America Corp., 4.45%, 3/03/2026  | $918000 | &nbsp;&nbsp; $918662 |
| Bank of America Corp., 4.25%, 10/22/2026  | 527000 | &nbsp;&nbsp; 528238 |
| Bank of America Corp., 1.734% to 7/22/2026, FLR (SOFR - 1 day + 0.96%) to 7/22/2027  | 2344000 | &nbsp;&nbsp; 2314098 |
| Barclays PLC, 2.279% to 11/24/2026, FLR (CMT - 1yr. + 1.05%) to 11/24/2027  | 1266000 | &nbsp;&nbsp; 1245628 |
| BNP Paribas S.A., 2.591% to 1/20/2027, FLR (SOFR - 1 day + 1.228%) to 1/20/2028 (n) | 1556000 | &nbsp;&nbsp; 1531928 |
| Capital One Financial Corp., 7.149% to 10/29/2026, FLR (SOFR - 1 day + 2.44%) to 10/29/2027  | 292000 | &nbsp;&nbsp; 298958 |
| Capital One Financial Corp., 5.7% to 2/01/2029, FLR (SOFR - 1 day + 1.905%) to 2/01/2030  | 165000 | &nbsp;&nbsp; 171551 |
| Danske Bank A.S., 5.705% to 3/01/2029, FLR (CMT - 1yr. + 1.4%) to 3/01/2030 (n) | 670000 | &nbsp;&nbsp; 696131 |
| Deutsche Bank AG, 7.146% to 7/13/2026, FLR (SOFR - 1 day + 2.52%) to 7/13/2027  | 573000 | &nbsp;&nbsp; 581744 |
| Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027  | 464000 | &nbsp;&nbsp; 456477 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029  | $150000 | &nbsp;&nbsp; $157041 |
| Deutsche Bank AG, 4.95% to 8/04/2030, FLR (SOFR - 1 day + 1.3%) to 8/04/2031  | 580000 | &nbsp;&nbsp; 585864 |
| Federation des Caisses Desjardins du Quebec, 4.565%, 8/26/2030 (n) | 766000 | &nbsp;&nbsp; 770995 |
| Goldman Sachs Group, Inc., 1.948% to 10/21/2026, FLR (SOFR - 1 day + 0.913%) to 10/21/2027  | 1113000 | &nbsp;&nbsp; 1094176 |
| HSBC Holdings PLC, 4.899% to 3/03/2028, FLR (SOFR - 1 day + 1.03%) to 3/03/2029  | 1426000 | &nbsp;&nbsp; 1446814 |
| Huntington Bancshares, Inc., 4.443% to 8/04/2027, FLR (SOFR - 1 day + 1.970%) to 8/04/2028  | 125000 | &nbsp;&nbsp; 125682 |
| Huntington Bancshares, Inc., 6.208% to 8/21/2028, FLR (SOFR - 1 day + 2.02%) to 8/21/2029  | 840000 | &nbsp;&nbsp; 880995 |
| Huntington Bancshares, Inc., 5.272% to 1/15/2030, FLR (SOFR - 1 day + 1.276%) to 1/15/2031  | 374000 | &nbsp;&nbsp; 384828 |
| JPMorgan Chase & Co., 1.04% to 2/04/2026, FLR (SOFR - 1 day + 0.695%) to 2/04/2027  | 1033000 | &nbsp;&nbsp; 1030138 |
| JPMorgan Chase & Co., 1.578% to 4/22/2026, FLR (SOFR - 1 day + 0.885%) to 4/22/2027  | 831000 | &nbsp;&nbsp; 824767 |
| JPMorgan Chase & Co., 5.04% to 1/23/2027, FLR (SOFR - 1 day + 1.19%) to 1/23/2028  | 712000 | &nbsp;&nbsp; 719369 |
| JPMorgan Chase & Co., 5.571% to 4/22/2027, FLR (SOFR - 1 day + 0.93%) to 4/22/2028  | 775000 | &nbsp;&nbsp; 790417 |
| Mitsubishi UFJ Financial Group, Inc., 5.159%, 4/24/2031  | 339000 | &nbsp;&nbsp; 349376 |
| Mizuho Financial Group, Inc., 4.711% to 7/08/2030, FLR (CMT - 1yr. + 0.92%) to 7/08/2031  | 1292000 | &nbsp;&nbsp; 1308681 |
| Morgan Stanley, 4.35%, 9/08/2026  | 1302000 | &nbsp;&nbsp; 1304224 |
| Morgan Stanley, 3.95%, 4/23/2027  | 129000 | &nbsp;&nbsp; 128909 |
| Morgan Stanley, 1.512% to 7/20/2026, FLR (SOFR - 1 day + 0.858%) to 7/20/2027  | 395000 | &nbsp;&nbsp; 389381 |
| Morgan Stanley, 4.994% to 4/12/2028, FLR (SOFR - 1 day + 1.38%) to 4/12/2029  | 627000 | &nbsp;&nbsp; 639419 |
| Morgan Stanley Private Bank N.A., 4.466% to 7/06/2027, FLR (SOFR - 1 day + 0.77%) to 7/06/2028  | 771000 | &nbsp;&nbsp; 776194 |
| Morgan Stanley Private Bank N.A., 4.734% to 7/18/2030, FLR (SOFR - 1 day + 1.08%) to 7/18/2031  | 1078000 | &nbsp;&nbsp; 1092766 |
| Nationwide Building Society, 2.972% to 2/16/2027, FLR (SOFR - 1 day + 1.29%) to 2/16/2028 (n) | 750000 | &nbsp;&nbsp; 740880 |
| PNC Financial Services Group, Inc., 5.102% to 7/23/2026, FLR (SOFR - 1 day + 0.796%) to 7/23/2027  | 1169000 | &nbsp;&nbsp; 1175504 |
| PNC Financial Services Group, Inc., 5.354% to 12/02/2027, FLR (SOFR - 1 day + 1.62%) to 12/02/2028  | 1656000 | &nbsp;&nbsp; 1697848 |
| Sumitomo Mitsui Financial Group, Inc., 2.174%, 1/14/2027  | 1184000 | &nbsp;&nbsp; 1162513 |
| Toronto-Dominion Bank, 5.532%, 7/17/2026  | 1890000 | &nbsp;&nbsp; 1905353 |
| UBS Group AG, 4.703% to 8/05/2026, FLR (CMT - 1yr. + 2.05%) to 8/05/2027 (n) | 374000 | &nbsp;&nbsp; 375311 |
| UBS Group AG, 9.25% to 11/13/2028, FLR (CMT - 5yr. + 4.745%) to 5/13/2172 (n) | 232000 | &nbsp;&nbsp; 254562 |
| UBS Group AG, 6.6% to 2/05/2031, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.122%) to 2/05/2174 (n) | 1075000 | &nbsp;&nbsp; 1091730 |
| Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028  | 675000 | &nbsp;&nbsp; 670612 |
|  |  | &nbsp;&nbsp; $32617764 |
| Medical & Health Technology & Services – 0.4% | Medical & Health Technology & Services – 0.4% | Medical & Health Technology & Services – 0.4% |
| HCA, Inc., 4.3%, 11/15/2030  | $250000 | &nbsp;&nbsp; $249055 |
| IQVIA, Inc., 5.7%, 5/15/2028  | 446000 | &nbsp;&nbsp; 460183 |
| IQVIA, Inc., 6.25%, 2/01/2029  | 291000 | &nbsp;&nbsp; 306748 |
|  |  | &nbsp;&nbsp; $1015986 |
| Metals & Mining – 1.6% | Metals & Mining – 1.6% | Metals & Mining – 1.6% |
| Anglo American Capital PLC, 4.75%, 4/10/2027 (n) | $1386000 | &nbsp;&nbsp; $1396620 |
| Glencore Funding LLC, 1.625%, 4/27/2026 (n) | 1100000 | &nbsp;&nbsp; 1090915 |
| Glencore Funding LLC, 5.186%, 4/01/2030 (n) | 1018000 | &nbsp;&nbsp; 1046166 |
| Rio Tinto Finance (USA) PLC, 4.5%, 3/14/2028  | 542000 | &nbsp;&nbsp; 548385 |
| Rio Tinto Finance (USA) PLC, 4.875%, 3/14/2030  | 464000 | &nbsp;&nbsp; 476686 |
|  |  | &nbsp;&nbsp; $4558772 |
| Midstream – 1.8% | Midstream – 1.8% | Midstream – 1.8% |
| Columbia Pipelines Holdings Co. LLC, 6.042%, 8/15/2028 (n) | $1349000 | &nbsp;&nbsp; $1401920 |
| DCP Midstream Operating LP, 5.625%, 7/15/2027  | 1363000 | &nbsp;&nbsp; 1388797 |
| Enbridge, Inc., 5.25%, 4/05/2027  | 893000 | &nbsp;&nbsp; 905327 |
| Enbridge, Inc., 4.9%, 6/20/2030  | 398000 | &nbsp;&nbsp; 406877 |
| Energy Transfer LP, 5.55%, 2/15/2028  | 420000 | &nbsp;&nbsp; 431180 |
| Plains All American Pipeline LP, 4.7%, 1/15/2031  | 638000 | &nbsp;&nbsp; 641597 |
|  |  | &nbsp;&nbsp; $5175698 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – 1.0% | Mortgage-Backed – 1.0% |  |
| Fannie Mae, 5%, 7/01/2039 - 3/01/2042  | $315441 | &nbsp;&nbsp; $324386 |
| Fannie Mae, 4.874%, 2/25/2045 (n) | 171836 | &nbsp;&nbsp; 172100 |
| Freddie Mac, 4.643%, 7/25/2029  | 262435 | &nbsp;&nbsp; 262472 |
| Freddie Mac, 1.568%, 4/25/2030 (i) | 5973021 | &nbsp;&nbsp; 329683 |
| Freddie Mac, 3%, 4/15/2033 - 6/15/2045  | 1556932 | &nbsp;&nbsp; 1516783 |
| Freddie Mac, 2%, 7/15/2042  | 199937 | &nbsp;&nbsp; 189030 |
|  |  | &nbsp;&nbsp; $2794454 |
| Municipals – 0.2% | Municipals – 0.2% | Municipals – 0.2% |
| Kentucky Higher Education Student Loan Corp. Rev., Taxable, "A-2", 5.949%, 6/01/2037  | $305000 | &nbsp;&nbsp; $314635 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 2.562%, 7/01/2026  | 185000 | &nbsp;&nbsp; 183890 |
|  |  | &nbsp;&nbsp; $498525 |
| Network & Telecom – 0.5% | Network & Telecom – 0.5% | Network & Telecom – 0.5% |
| NTT Finance Corp., 4.567%, 7/16/2027 (n) | $247000 | &nbsp;&nbsp; $249084 |
| NTT Finance Corp., 4.62%, 7/16/2028 (n) | 511000 | &nbsp;&nbsp; 517796 |
| NTT Finance Corp., 4.876%, 7/16/2030 (n) | 511000 | &nbsp;&nbsp; 520409 |
|  |  | &nbsp;&nbsp; $1287289 |
| Oil Services – 0.3% | Oil Services – 0.3% | Oil Services – 0.3% |
| Schlumberger Holdings Corp., 5%, 5/29/2027 (n) | $568000 | &nbsp;&nbsp; $575447 |
| Schlumberger Holdings Corp., 5%, 11/15/2029 (n) | 395000 | &nbsp;&nbsp; 405637 |
|  |  | &nbsp;&nbsp; $981084 |
| Oils – 0.4% | Oils – 0.4% | Oils – 0.4% |
| Marathon Petroleum Corp., 5.15%, 3/01/2030  | $997000 | &nbsp;&nbsp; $1026087 |
| Other Banks & Diversified Financials – 3.1% | Other Banks & Diversified Financials – 3.1% | Other Banks & Diversified Financials – 3.1% |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $225000 | &nbsp;&nbsp; $238942 |
| American Express Co., 4.731% to 4/25/2028, FLR (SOFR - 1 day + 1.26%) to 4/25/2029  | 1149000 | &nbsp;&nbsp; 1166629 |
| Banque Federative du Credit Mutuel S.A., 5.896%, 7/13/2026 (n) | 905000 | &nbsp;&nbsp; 914009 |
| BPCE S.A., 5.281%, 5/30/2029 (n) | 928000 | &nbsp;&nbsp; 955926 |
| CaixaBank S.A., 4.634% to 7/03/2028, FLR (SOFR - 1 day + 1.14%) to 7/03/2029 (n) | 358000 | &nbsp;&nbsp; 361560 |
| CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) to 3/15/2030 (n) | 1003000 | &nbsp;&nbsp; 1041138 |
| Citizens Financial Group, Inc., 5.841% to 1/23/2029, FLR (SOFR - 1 day + 2.01%) to 1/23/2030  | 962000 | &nbsp;&nbsp; 1003369 |
| First Citizens Bancshare, Inc., 5.231% to 3/12/2030, FLR (SOFR - 1 day + 1.41%) to 3/12/2031  | 394000 | &nbsp;&nbsp; 399992 |
| M&T Bank Corp., 4.833% to 1/16/2028, FLR (SOFR - 1 day + 0.93%) to 1/16/2029  | 524000 | &nbsp;&nbsp; 532330 |
| M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029  | 295000 | &nbsp;&nbsp; 320050 |
| Macquarie Group Ltd., 1.34% to 1/12/2026, FLR (SOFR - 1 day + 1.069%) to 1/12/2027 (n) | 606000 | &nbsp;&nbsp; 605504 |
| Synchrony Financial, 5.019% to 7/29/2028, FLR (SOFR - 1 day + 1.395%) to 7/29/2029  | 515000 | &nbsp;&nbsp; 521481 |
| Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030  | 815000 | &nbsp;&nbsp; 843796 |
|  |  | &nbsp;&nbsp; $8904726 |
| Pharmaceuticals – 0.3% | Pharmaceuticals – 0.3% | Pharmaceuticals – 0.3% |
| Biogen, Inc., 5.05%, 1/15/2031  | $782000 | &nbsp;&nbsp; $806750 |
| Printing & Publishing – 0.3% | Printing & Publishing – 0.3% | Printing & Publishing – 0.3% |
| News Corp., 3.875%, 5/15/2029 (n) | $819000 | &nbsp;&nbsp; $794648 |
| Real Estate - Apartment – 0.3% | Real Estate - Apartment – 0.3% | Real Estate - Apartment – 0.3% |
| American Homes 4 Rent LP, REIT, 4.95%, 6/15/2030  | $874000 | &nbsp;&nbsp; $891489 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| 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; $1003539 |
| Corporate Office Property LP, REIT, 2%, 1/15/2029  | 196000 | &nbsp;&nbsp; 183055 |
|  |  | &nbsp;&nbsp; $1186594 |
| 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; $152463 |
| WEA Finance LLC, 4.125%, 9/20/2028 (n) | 861000 | &nbsp;&nbsp; 854239 |
| WEA Finance LLC, 3.5%, 6/15/2029 (n) | 233000 | &nbsp;&nbsp; 225453 |
| WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n) | 175000 | &nbsp;&nbsp; 172240 |
|  |  | &nbsp;&nbsp; $1404395 |
| Retailers – 0.8% | Retailers – 0.8% | Retailers – 0.8% |
| AutoNation, Inc., 4.45%, 1/15/2029  | $1490000 | &nbsp;&nbsp; $1494100 |
| AutoNation, Inc., 3.85%, 3/01/2032  | 806000 | &nbsp;&nbsp; 757645 |
|  |  | &nbsp;&nbsp; $2251745 |
| Specialty Chemicals – 0.0% | Specialty Chemicals – 0.0% | Specialty Chemicals – 0.0% |
| International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n) | $115000 | &nbsp;&nbsp; $110332 |
| Specialty Stores – 0.6% | Specialty Stores – 0.6% | Specialty Stores – 0.6% |
| Genuine Parts Co., 4.95%, 8/15/2029  | $828000 | &nbsp;&nbsp; $841825 |
| Ross Stores, Inc., 0.875%, 4/15/2026  | 760000 | &nbsp;&nbsp; 753282 |
|  |  | &nbsp;&nbsp; $1595107 |
| Telecommunications - Wireless – 0.1% | Telecommunications - Wireless – 0.1% | Telecommunications - Wireless – 0.1% |
| Crown Castle, Inc., REIT, 2.9%, 3/15/2027  | $183000 | &nbsp;&nbsp; $180364 |
| T-Mobile USA, Inc., 4.2%, 10/01/2029  | 167000 | &nbsp;&nbsp; 167258 |
|  |  | &nbsp;&nbsp; $347622 |
| Tobacco – 0.8% | Tobacco – 0.8% | Tobacco – 0.8% |
| B.A.T. International Finance PLC, 5.931%, 2/02/2029  | $464000 | &nbsp;&nbsp; $486889 |
| Japan Tobacco, Inc., 4.85%, 5/15/2028 (n) | 811000 | &nbsp;&nbsp; 825444 |
| Philip Morris International, Inc., 5.125%, 11/17/2027  | 311000 | &nbsp;&nbsp; 317724 |
| Philip Morris International, Inc., 4.875%, 2/15/2028  | 615000 | &nbsp;&nbsp; 626805 |
|  |  | &nbsp;&nbsp; $2256862 |
| Transportation - Services – 1.7% | Transportation - Services – 1.7% | Transportation - Services – 1.7% |
| Element Fleet Management Corp., 5.643%, 3/13/2027 (n) | $1259000 | &nbsp;&nbsp; $1280355 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 1093000 | &nbsp;&nbsp; 1117062 |
| GXO Logistics, Inc., 6.25%, 5/06/2029  | 538000 | &nbsp;&nbsp; 566588 |
| Penske Truck Leasing Co. LP, 5.35%, 1/12/2027 (n) | 536000 | &nbsp;&nbsp; 542116 |
| Penske Truck Leasing Co. LP, 5.35%, 3/30/2029 (n) | 785000 | &nbsp;&nbsp; 807777 |
| Penske Truck Leasing Co. LP, 5.25%, 7/01/2029 (n) | 552000 | &nbsp;&nbsp; 567154 |
|  |  | &nbsp;&nbsp; $4881052 |
| U.S. Treasury Obligations – 21.5% | U.S. Treasury Obligations – 21.5% | U.S. Treasury Obligations – 21.5% |
| U.S. Treasury Notes, 4.125%, 6/15/2026 (f) | $5536000 | &nbsp;&nbsp; $5551402 |
| U.S. Treasury Notes, 2.75%, 7/31/2027  | 11387000 | &nbsp;&nbsp; 11258452 |
| U.S. Treasury Notes, 3.375%, 11/30/2027  | 10200000 | &nbsp;&nbsp; 10180477 |
| U.S. Treasury Notes, 4.875%, 10/31/2028  | 22573000 | &nbsp;&nbsp; 23372754 |
| U.S. Treasury Notes, 4.625%, 4/30/2029  | 10654000 | &nbsp;&nbsp; 10998174 |
|  |  | &nbsp;&nbsp; $61361259 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Utilities - Electric Power – 1.6% | Utilities - Electric Power – 1.6% | Utilities - Electric Power – 1.6% |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/2026  | $360000 | &nbsp;&nbsp; $361698 |
| American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 112000 | &nbsp;&nbsp; 100777 |
| Eversource Energy, 4.45%, 12/15/2030  | 1180000 | &nbsp;&nbsp; 1173392 |
| NextEra Energy Capital Holdings, Inc., 4.685%, 9/01/2027  | 770000 | &nbsp;&nbsp; 779150 |
| Pacific Gas & Electric Co., 6.1%, 1/15/2029  | 814000 | &nbsp;&nbsp; 851334 |
| Pacific Gas & Electric Co., 5.55%, 5/15/2029  | 573000 | &nbsp;&nbsp; 591205 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) | 266000 | &nbsp;&nbsp; 272046 |
| Trans-Allegheny Interstate Line Co., 5%, 1/15/2031 (n) | 365000 | &nbsp;&nbsp; 374951 |
|  |  | &nbsp;&nbsp; $4504553 |
| **Total Bonds (Identified Cost, $272,719,399)** |  | &nbsp;&nbsp; **$274696508** |
| Mutual Funds (h) – 2.6% | Mutual Funds (h) – 2.6% | Mutual Funds (h) – 2.6% |
| Money Market Funds – 2.6% | Money Market Funds – 2.6% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $7,608,716) | 7607407 | &nbsp;&nbsp; $7608929 |
| Other Assets, Less Liabilities – 1.0% |  | &nbsp;&nbsp; 2711028 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$285016465** |

---

&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 $7,608,929 and $274,696,508, 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 $111,236,852, representing 39.0% of net assets.

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| ICE | Intercontinental Exchange |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** |
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; $10857031 | March – 2026 | &nbsp;&nbsp;&nbsp; $(8000)<br>|

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments – 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** <br>**Unamortized** <br>**Upfront** <br>**Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** |  |  |  |
| 10/02/26 | USD | 25600000 | centrally cleared | 4.697% / Annually | 1-Day SOFR / Annually | $266226 | $(2309)<br>| $263917 |
| 10/02/26 | USD | 8000000 | centrally cleared | 4.664% / Annually | 1-Day SOFR / Annually | 79689 |  | 79689 |
| 12/23/27 | USD | 7100000 | centrally cleared | 4.106% / Annually | 1-Day SOFR / Annually | 107527 |  | 107527 |
|  |  |  |  |  |  | $453442 | $(2309)<br>| $451133 |

---

At December 31, 2025, the fund had liquid securities collateral with an aggregate value of $299,832 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $272,719,399) | &nbsp;&nbsp; $274696508 |
| Investments in affiliated issuers, at value (identified cost, $7,608,716) | &nbsp;&nbsp; 7608929 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 75246 |
| Interest | &nbsp;&nbsp; 2871764 |
| Other assets | &nbsp;&nbsp; 1346 |
| Total assets | &nbsp;&nbsp; $285253793 |
| **Liabilities** |  |
| Payables for |  |
| Net daily variation margin on open cleared swap agreements | &nbsp;&nbsp; $6381 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 3608 |
| Fund shares reacquired | &nbsp;&nbsp; 149581 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 6038 |
| Administrative services fee | &nbsp;&nbsp; 243 |
| Shareholder servicing costs | &nbsp;&nbsp; 35 |
| Distribution and/or service fees | &nbsp;&nbsp; 1300 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 5 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 70137 |
| Total liabilities | &nbsp;&nbsp; $237328 |
| Net assets | &nbsp;&nbsp; $285016465 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $280108084 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 4908381 |
| Net assets | &nbsp;&nbsp; $285016465 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 27894901 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $190070013 | &nbsp;&nbsp;&nbsp; 18604611 | &nbsp;&nbsp;&nbsp; $10.22 |
| Service Class | &nbsp;&nbsp;&nbsp; 94946452 | &nbsp;&nbsp;&nbsp; 9290290 | &nbsp;&nbsp;&nbsp;&nbsp;10.22 |

---

**See Notes to Financial Statements**

------

MFS Limited Maturity Portfolio

**Financial Statements** \| **Statement of Operations** 

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

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $13324396 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 258141 |
| Other | &nbsp;&nbsp; 4865 |
| Total investment income | &nbsp;&nbsp; $13587402 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1138534 |
| Distribution and/or service fees | &nbsp;&nbsp; 220418 |
| Shareholder servicing costs | &nbsp;&nbsp; 6280 |
| Administrative services fee | &nbsp;&nbsp; 47616 |
| Independent Trustees' compensation | &nbsp;&nbsp; 7859 |
| Custodian fee | &nbsp;&nbsp; 30546 |
| Shareholder communications | &nbsp;&nbsp; 14665 |
| Audit and tax fees | &nbsp;&nbsp; 81568 |
| Legal fees | &nbsp;&nbsp; 1991 |
| Miscellaneous | &nbsp;&nbsp; 61075 |
| Total expenses | &nbsp;&nbsp; $1610552 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (39427)<br>|
| Net expenses | &nbsp;&nbsp; $1571125 |
| Net investment income (loss) | &nbsp;&nbsp; $12016277 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $242061 |
| Affiliated issuers | &nbsp;&nbsp; 344 |
| Futures contracts | &nbsp;&nbsp; 102024 |
| Swap agreements | &nbsp;&nbsp; 43655 |
| Net realized gain (loss)  | &nbsp;&nbsp; $388084 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $3292328 |
| Affiliated issuers | &nbsp;&nbsp; (376)<br>|
| Futures contracts | &nbsp;&nbsp; (12823)<br>|
| Swap agreements | &nbsp;&nbsp; 115346 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $3394475 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $3782559 |
| Change in net assets from operations | &nbsp;&nbsp; $15798836 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $12016277 | &nbsp;&nbsp; $12414312 |
| Net realized gain (loss) | 388084 | &nbsp;&nbsp; (503532)<br>|
| Net unrealized gain (loss) | 3394475 | &nbsp;&nbsp; 3120868 |
| Change in net assets from operations | $15798836 | &nbsp;&nbsp; $15031648 |
| Total distributions to shareholders | $(12222502)<br>| &nbsp;&nbsp; $(11145607)<br>|
| Change in net assets from fund share transactions | $(10614856)<br>| &nbsp;&nbsp; $(12362750)<br>|
| Total change in net assets | $(7038522)<br>| &nbsp;&nbsp; $(8476709)<br>|
| **Net assets** |  |  |
| At beginning of period | 292054987 | &nbsp;&nbsp; 300531696 |
| At end of period | $285016465 | &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 past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $10.10 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.44 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.15 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.13)<br>|
| Total from investment operations | $0.58 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $0.02 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.46)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.24)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>|
| Total distributions declared to shareholders | $(0.46)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $10.22 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.21 |
| Total return (%) (k)(r)(s)(x) | 5.83 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Expenses after expense reductions | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net investment income (loss) | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Portfolio turnover rate | 46 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 50 |
| Net assets at end of period (000 omitted) | $190070 | &nbsp;&nbsp; $211139 | &nbsp;&nbsp; $218926 | &nbsp;&nbsp; $246102 | &nbsp;&nbsp; $318803 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $10.11 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.20 | &nbsp;&nbsp; $10.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.41 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.13 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.15)<br>|
| Total from investment operations | $0.55 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.02)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.44)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.21)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>|
| Total distributions declared to shareholders | $(0.44)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.23)<br>|
| Net asset value, end of period (x) | $10.22 | &nbsp;&nbsp; $10.11 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.20 |
| Total return (%) (k)(r)(s)(x) | 5.49 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.99 | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Expenses after expense reductions | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net investment income (loss) | 4.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Portfolio turnover rate | 46 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 50 |
| Net assets at end of period (000 omitted) | $94946 | &nbsp;&nbsp; $80916 | &nbsp;&nbsp; $81605 | &nbsp;&nbsp; $85888 | &nbsp;&nbsp; $106468 |

---

**See Notes to Financial Statements**

------

MFS Limited Maturity Portfolio

*Financial Highlights - continued*

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Limited Maturity Portfolio

**Notes to Financial Statements**

**(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.

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

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

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

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

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts and swap agreements. The following is a summary of the levels used as of December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $61361259 | $— | $61361259 |
| Non - U.S. Sovereign Debt |  | 2212006 |  | 2212006 |
| Municipal Bonds |  | 498525 |  | 498525 |
| U.S. Corporate Bonds |  | 92315522 |  | 92315522 |
| Residential Mortgage-Backed Securities |  | 14337526 |  | 14337526 |
| Commercial Mortgage-Backed Securities |  | 9480860 |  | 9480860 |
| Asset-Backed Securities (including CDOs) |  | 45833487 |  | 45833487 |
| Foreign Bonds |  | 48657323 |  | 48657323 |
| Investment Companies | 7608929 |  |  | 7608929 |
| Total | $7608929 | $274696508 | $— | $282305437 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Liabilities | $— | $(8000)<br>|
| Swap Agreements – Assets | 451133 | 451133 |

---

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 - 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 December 31, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $— | $(8000) |
| Interest Rate | Cleared Swap Agreements | 451133 |  |
| Total |  | $451133 | $(8000) |

---

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

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended December 31, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>|
| Interest Rate | $102024 | &nbsp;&nbsp; $43655 |

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the year ended December 31, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>|
| Interest Rate | $(12823)<br>| &nbsp;&nbsp; $115346 |

---

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 - 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 - 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, 2025, there were no significant adjustments due to differences between book and tax accounting.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $12222502 | &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 - continued* 

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $280378328 |
| Gross appreciation | &nbsp;&nbsp; 2623044 |
| Gross depreciation | &nbsp;&nbsp; (252802)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $2370242 |
| Undistributed ordinary income | &nbsp;&nbsp; 12128985 |
| Capital loss carryforwards | &nbsp;&nbsp; (9590846)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $4908381 |

---

As of December 31, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(3826237)<br>|
| Long-Term | (5764609)<br>|
| Total | $(9590846)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $8321764 | &nbsp;&nbsp; $8248245 |
| Service Class | 3900738 | &nbsp;&nbsp; 2897362 |
| Total | $12222502 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $39,427, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.39% of the fund's average daily net assets.

**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 - continued* 

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the year ended December 31, 2025, the fee was $5,802, which equated to 0.0020% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended December 31, 2025, these costs amounted to $478.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.0167% of the fund's average daily net assets.

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

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

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $53626700 | &nbsp;&nbsp; $61248322 |
| Non-U.S. Government securities | 74635804 | &nbsp;&nbsp; 76469103 |

---

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 2275452 | &nbsp;&nbsp; $23309340 | &nbsp;&nbsp; 1609142 | &nbsp;&nbsp; $16209411 |
| Service Class | 2616040 | &nbsp;&nbsp; 26884605 | &nbsp;&nbsp; 1027520 | &nbsp;&nbsp; 10344362 |
|  | 4891492 | &nbsp;&nbsp; $50193945 | &nbsp;&nbsp; 2636662 | &nbsp;&nbsp; $26553773 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 830515 | &nbsp;&nbsp; $8321764 | &nbsp;&nbsp; 827306 | &nbsp;&nbsp; $8248245 |
| Service Class | 388520 | &nbsp;&nbsp; 3900738 | &nbsp;&nbsp; 290026 | &nbsp;&nbsp; 2897362 |
|  | 1219035 | &nbsp;&nbsp; $12222502 | &nbsp;&nbsp; 1117332 | &nbsp;&nbsp; $11145607 |
| Shares reacquired |  |  |  |  |
| Initial Class | (5406939)<br>| &nbsp;&nbsp; $(55424778)<br>| &nbsp;&nbsp; (3482211)<br>| &nbsp;&nbsp; $(35056841)<br>|
| Service Class | (1720695)<br>| &nbsp;&nbsp; (17606525)<br>| &nbsp;&nbsp; (1488695)<br>| &nbsp;&nbsp; (15005289)<br>|
|  | (7127634)<br>| &nbsp;&nbsp; $(73031303)<br>| &nbsp;&nbsp; (4970906)<br>| &nbsp;&nbsp; $(50062130)<br>|
| Net change |  |  |  |  |
| Initial Class | (2300972)<br>| &nbsp;&nbsp; $(23793674)<br>| &nbsp;&nbsp; (1045763)<br>| &nbsp;&nbsp; $(10599185)<br>|
| Service Class | 1283865 | &nbsp;&nbsp; 13178818 | &nbsp;&nbsp; (171149)<br>| &nbsp;&nbsp; (1763565)<br>|
|  | (1017107)<br>| &nbsp;&nbsp; $(10614856)<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 funds for 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 - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended December 31, 2025, the fund's commitment fee and interest expense were $1,344 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $8998565 | &nbsp;&nbsp; $104931788 | &nbsp;&nbsp; $106321392 | &nbsp;&nbsp; $344 | &nbsp;&nbsp; $(376)<br>| &nbsp;&nbsp; $7608929 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $258141 | $— |

---

------

MFS Limited Maturity Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust III and the Shareholders of MFS Limited Maturity Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Limited Maturity Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Limited Maturity Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

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

There is nothing to report for this item for MFS 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.**

------

MFS Limited Maturity Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Limited Maturity Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 1st quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 1st quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Limited Maturity Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is not subject to any breakpoints. Taking into account that the Fund's effective advisory fee rate was approximately at the Broadridge expense group median described above, the Trustees determined not to recommend any advisory fee breakpoints for the Fund at this time. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the group fee waiver was sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS 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 - 12/31/25** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.5% | Common Stocks – 99.5% | Common Stocks – 99.5% |
| Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% |  |
| CACI International, Inc., "A" (a) | 1069 | &nbsp;&nbsp; $569574 |
| Karman Holdings, Inc. (a) | 12442 | &nbsp;&nbsp; 910381 |
| Kratos Defense & Security Solutions, Inc. (a) | 859 | &nbsp;&nbsp; 65207 |
| Standard Aero, Inc. (a) | 6540 | &nbsp;&nbsp; 187567 |
|  |  | &nbsp;&nbsp; $1732729 |
| Automotive – 2.4% | Automotive – 2.4% |  |
| Goodyear Tire & Rubber Co. (a) | 39255 | &nbsp;&nbsp; $343874 |
| Lear Corp. | 2650 | &nbsp;&nbsp; 303690 |
| Methode Electronics, Inc. | 30039 | &nbsp;&nbsp; 199459 |
| Modine Manufacturing Co. (a) | 2360 | &nbsp;&nbsp; 315084 |
| Visteon Corp. | 7823 | &nbsp;&nbsp; 743967 |
|  |  | &nbsp;&nbsp; $1906074 |
| Biotechnology – 1.7% | Biotechnology – 1.7% |  |
| Adaptive Biotechnologies Corp. (a) | 6116 | &nbsp;&nbsp; $99324 |
| Arcus Biosciences, Inc. (a) | 3988 | &nbsp;&nbsp; 95034 |
| Arvinas, Inc. (a) | 5150 | &nbsp;&nbsp; 61079 |
| BridgeBio Pharma, Inc. (a) | 570 | &nbsp;&nbsp; 43599 |
| Exelixis, Inc. (a) | 7520 | &nbsp;&nbsp; 329602 |
| GRAIL, Inc. (a) | 430 | &nbsp;&nbsp; 36804 |
| Intellia Theraputics, Inc. (a) | 6084 | &nbsp;&nbsp; 54695 |
| Monte Rosa Therapeutics, Inc. (a) | 8530 | &nbsp;&nbsp; 133750 |
| Novavax, Inc. (a)(l) | 34221 | &nbsp;&nbsp; 229965 |
| Prothena Corp. PLC (a) | 7900 | &nbsp;&nbsp; 75445 |
| Stoke Theraputics, Inc. (a) | 3282 | &nbsp;&nbsp; 104171 |
| Tango Therapeutics, Inc. (a) | 4815 | &nbsp;&nbsp; 42661 |
|  |  | &nbsp;&nbsp; $1306129 |
| Brokerage & Asset Managers – 0.8% | Brokerage & Asset Managers – 0.8% |  |
| GCM Grosvenor, Inc., "A" | 11250 | &nbsp;&nbsp; $127350 |
| Gold.com, Inc. | 4489 | &nbsp;&nbsp; 152850 |
| Hamilton Lane, Inc., "A" | 1542 | &nbsp;&nbsp; 207106 |
| PJT Partners, Inc. | 659 | &nbsp;&nbsp; 110185 |
|  |  | &nbsp;&nbsp; $597491 |
| Business Services – 2.5% | Business Services – 2.5% |  |
| BlueLinx Holdings, Inc. (a) | 4758 | &nbsp;&nbsp; $292284 |
| Concentrix Corp. | 1042 | &nbsp;&nbsp; 43326 |
| GigaCloud Technology, Inc. (a) | 2740 | &nbsp;&nbsp; 107627 |
| Power Solutions International, Inc. (a) | 1530 | &nbsp;&nbsp; 87424 |
| TriNet Group, Inc. | 17493 | &nbsp;&nbsp; 1034361 |
| World Fuel Services Corp. | 15729 | &nbsp;&nbsp; 368531 |
|  |  | &nbsp;&nbsp; $1933553 |
| Chemicals – 2.8% | Chemicals – 2.8% |  |
| Avient Corp. | 32566 | &nbsp;&nbsp; $1017362 |
| BioLife Solutions, Inc. (a) | 7824 | &nbsp;&nbsp; 189184 |
| Element Solutions, Inc. | 39533 | &nbsp;&nbsp; 987930 |
|  |  | &nbsp;&nbsp; $2194476 |

---

VSCFS-ANN

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – 6.3% | Computer Software – 6.3% |  |
| ACI Worldwide, Inc. (a) | 11409 | &nbsp;&nbsp; $545464 |
| Alkami Technology, Inc. (a) | 14145 | &nbsp;&nbsp; 326325 |
| BILL Holdings, Inc. (a) | 13949 | &nbsp;&nbsp; 760778 |
| Cerence, Inc. (a) | 35720 | &nbsp;&nbsp; 381847 |
| Clear Secure, Inc., "A" | 17808 | &nbsp;&nbsp; 624705 |
| Consensus Cloud Solutions, Inc. (a) | 3842 | &nbsp;&nbsp; 83832 |
| D-Wave Quantum, Inc. (a) | 7319 | &nbsp;&nbsp; 191392 |
| Elastic N.V. (a) | 8982 | &nbsp;&nbsp; 677602 |
| Five9, Inc. (a) | 43735 | &nbsp;&nbsp; 876887 |
| Netskope, Inc., "A" (a) | 6826 | &nbsp;&nbsp; 119728 |
| PagerDuty, Inc. (a) | 1778 | &nbsp;&nbsp; 23310 |
| SentinelOne, Inc., "A" (a) | 16191 | &nbsp;&nbsp; 242865 |
| Thryv, Inc. (a) | 15855 | &nbsp;&nbsp; 95923 |
|  |  | &nbsp;&nbsp; $4950658 |
| Computer Software - Systems – 2.2% | Computer Software - Systems – 2.2% |  |
| Adtran Holdings, Inc. (a) | 11928 | &nbsp;&nbsp; $103654 |
| Credo Technology Group Holdings Ltd. (a) | 2179 | &nbsp;&nbsp; 313536 |
| IonQ, Inc. (a) | 2091 | &nbsp;&nbsp; 93823 |
| Pitney Bowes, Inc. | 8692 | &nbsp;&nbsp; 91875 |
| Q2 Holdings, Inc. (a) | 13421 | &nbsp;&nbsp; 968459 |
| Rigetti Computing, Inc. (a) | 837 | &nbsp;&nbsp; 18540 |
| ScanSource, Inc. (a) | 3587 | &nbsp;&nbsp; 140108 |
|  |  | &nbsp;&nbsp; $1729995 |
| Construction – 0.7% | Construction – 0.7% |  |
| James Hardie Industries PLC (a) | 3824 | &nbsp;&nbsp; $79348 |
| Simpson Manufacturing Co., Inc. | 2410 | &nbsp;&nbsp; 389143 |
| SiteOne Landscape Supply, Inc. (a) | 519 | &nbsp;&nbsp; 64646 |
|  |  | &nbsp;&nbsp; $533137 |
| Consumer Products – 2.2% | Consumer Products – 2.2% |  |
| e.l.f. Beauty, Inc. (a) | 4024 | &nbsp;&nbsp; $305985 |
| Herbalife Ltd. (a) | 6965 | &nbsp;&nbsp; 89779 |
| Newell Brands, Inc. | 182338 | &nbsp;&nbsp; 678297 |
| Prestige Consumer Healthcare, Inc. (a) | 10669 | &nbsp;&nbsp; 658171 |
|  |  | &nbsp;&nbsp; $1732232 |
| Consumer Services – 3.7% | Consumer Services – 3.7% |  |
| Adtalem Global Education, Inc. (a) | 8517 | &nbsp;&nbsp; $881254 |
| European Wax Center, Inc., "A" (a) | 4318 | &nbsp;&nbsp; 15545 |
| Grand Canyon Education, Inc. (a) | 5516 | &nbsp;&nbsp; 917366 |
| Lyft, Inc. (a) | 32908 | &nbsp;&nbsp; 637428 |
| Phoenix Educations Partners, Inc. (a) | 13032 | &nbsp;&nbsp; 394869 |
|  |  | &nbsp;&nbsp; $2846462 |
| Electrical Equipment – 0.5% | Electrical Equipment – 0.5% |  |
| Armstrong World Industries, Inc. | 1933 | &nbsp;&nbsp; $369396 |
| Electronics – 5.6% | Electronics – 5.6% |  |
| Advanced Energy Industries, Inc. | 6394 | &nbsp;&nbsp; $1338712 |
| Allegro MicroSystems, Inc. (a) | 13777 | &nbsp;&nbsp; 363437 |
| Alpha and Omega Semiconductor Ltd. (a) | 4893 | &nbsp;&nbsp; 96930 |
| Cirrus Logic, Inc. (a) | 3052 | &nbsp;&nbsp; 361662 |
| Fabrinet (a) | 394 | &nbsp;&nbsp; 179380 |

---

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – continued | Electronics – continued |  |
| Formfactor, Inc. (a) | 18463 | &nbsp;&nbsp; $1029866 |
| Kimball Electronics, Inc. (a) | 10791 | &nbsp;&nbsp; 300206 |
| Photronics, Inc. (a) | 14569 | &nbsp;&nbsp; 466208 |
| Sanmina Corp. (a) | 1587 | &nbsp;&nbsp; 238161 |
|  |  | &nbsp;&nbsp; $4374562 |
| Energy - Independent – 1.5% | Energy - Independent – 1.5% |  |
| Par Pacific Holdings, Inc. (a) | 11212 | &nbsp;&nbsp; $393990 |
| Permian Resources Corp. | 39724 | &nbsp;&nbsp; 557328 |
| SM Energy Co. | 13115 | &nbsp;&nbsp; 245250 |
|  |  | &nbsp;&nbsp; $1196568 |
| Energy - Integrated – 0.0% | Energy - Integrated – 0.0% |  |
| National Gas Fuel Co. | 360 | &nbsp;&nbsp; $28822 |
| Energy - Renewables – 1.2% | Energy - Renewables – 1.2% |  |
| Bloom Energy Corp. (a) | 7189 | &nbsp;&nbsp; $624652 |
| Green Plains, Inc. (a) | 11184 | &nbsp;&nbsp; 109603 |
| Nextpower, Inc. "A" (a) | 983 | &nbsp;&nbsp; 85629 |
| Shoals Technologies Group, Inc. (a) | 8581 | &nbsp;&nbsp; 72939 |
|  |  | &nbsp;&nbsp; $892823 |
| Engineering - Construction – 4.3% | Engineering - Construction – 4.3% |  |
| APi Group, Inc. (a) | 21105 | &nbsp;&nbsp; $807477 |
| Centuri Holdings, Inc. (a) | 12257 | &nbsp;&nbsp; 309489 |
| Legence Corp., "A" (a) | 10309 | &nbsp;&nbsp; 443700 |
| MYR Group, Inc. (a) | 3442 | &nbsp;&nbsp; 752077 |
| Sterling Infrastructure, Inc. (a) | 1601 | &nbsp;&nbsp; 490274 |
| Tutor Perini Corp. | 8740 | &nbsp;&nbsp; 585755 |
|  |  | &nbsp;&nbsp; $3388772 |
| Entertainment – 0.2% | Entertainment – 0.2% |  |
| Quad/Graphics, Inc. | 28695 | &nbsp;&nbsp; $179918 |
| Gaming & Lodging – 1.0% | Gaming & Lodging – 1.0% |  |
| Brightstar Lottery PLC | 33668 | &nbsp;&nbsp; $521181 |
| Super Group SGHC Ltd. | 21699 | &nbsp;&nbsp; 259303 |
|  |  | &nbsp;&nbsp; $780484 |
| Insurance – 4.7% | Insurance – 4.7% |  |
| Hanover Insurance Group, Inc. | 4697 | &nbsp;&nbsp; $858471 |
| Kemper Corp. | 14899 | &nbsp;&nbsp; 604005 |
| Lincoln National Corp. | 23569 | &nbsp;&nbsp; 1049528 |
| Neptune Insurance Holdings, Inc., "A" (a)(l) | 4471 | &nbsp;&nbsp; 130374 |
| Voya Financial, Inc. | 13232 | &nbsp;&nbsp; 985652 |
|  |  | &nbsp;&nbsp; $3628030 |
| Internet – 1.6% | Internet – 1.6% |  |
| CarGurus, Inc. (a) | 19753 | &nbsp;&nbsp; $757528 |
| EverQuote, Inc., "A" (a) | 15257 | &nbsp;&nbsp; 411939 |
| Yelp, Inc. (a) | 3541 | &nbsp;&nbsp; 107611 |
|  |  | &nbsp;&nbsp; $1277078 |

---

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Leisure & Toys – 2.3% | Leisure & Toys – 2.3% |  |
| Brunswick Corp. | 13781 | &nbsp;&nbsp; $1023101 |
| Corsair Gaming, Inc. (a) | 128867 | &nbsp;&nbsp; 765470 |
|  |  | &nbsp;&nbsp; $1788571 |
| Machinery & Tools – 3.3% | Machinery & Tools – 3.3% |  |
| AGCO Corp. | 8668 | &nbsp;&nbsp; $904246 |
| Flowserve Corp. | 15546 | &nbsp;&nbsp; 1078582 |
| Kadant, Inc. | 510 | &nbsp;&nbsp; 145360 |
| Regal Rexnord Corp. | 3357 | &nbsp;&nbsp; 471054 |
|  |  | &nbsp;&nbsp; $2599242 |
| Major Banks – 0.1% | Major Banks – 0.1% |  |
| Dave, Inc. (a) | 292 | &nbsp;&nbsp; $64652 |
| Medical & Health Technology & Services – 2.2% | Medical & Health Technology & Services – 2.2% |  |
| Accendra Health, Inc. (a) | 17253 | &nbsp;&nbsp; $48308 |
| Enhabit, Inc. (a) | 14859 | &nbsp;&nbsp; 137000 |
| GeneDX Holdings Corp. (a) | 6519 | &nbsp;&nbsp; 847861 |
| Ginkgo Bioworks Holdings, Inc. (a) | 8640 | &nbsp;&nbsp; 71799 |
| Guardant Health, Inc. (a) | 452 | &nbsp;&nbsp; 46167 |
| Nutex Health, Inc. (a) | 600 | &nbsp;&nbsp; 98772 |
| Phreesia, Inc. (a) | 2350 | &nbsp;&nbsp; 39762 |
| Schrodinger, Inc. (a) | 6281 | &nbsp;&nbsp; 112304 |
| Teladoc Health, Inc. (a) | 49669 | &nbsp;&nbsp; 347683 |
|  |  | &nbsp;&nbsp; $1749656 |
| Medical Equipment – 4.6% | Medical Equipment – 4.6% |  |
| Anika Therapeutics, Inc. (a) | 7970 | &nbsp;&nbsp; $76592 |
| AtriCure, Inc. (a) | 20655 | &nbsp;&nbsp; 817112 |
| Avantor, Inc. (a) | 4880 | &nbsp;&nbsp; 55925 |
| Billiontoone, Inc., "A" (a)(l) | 1062 | &nbsp;&nbsp; 86914 |
| Bio-Rad Laboratories, Inc., "A" (a) | 712 | &nbsp;&nbsp; 215729 |
| Caris Life Sciences, Inc. (a)(l) | 4695 | &nbsp;&nbsp; 126671 |
| Embecta Corp. | 34846 | &nbsp;&nbsp; 413970 |
| Envista Holdings Corp. (a) | 48083 | &nbsp;&nbsp; 1043882 |
| iRhythm Technologies, Inc. (a) | 2693 | &nbsp;&nbsp; 477846 |
| MiMedx Group, Inc. (a) | 11035 | &nbsp;&nbsp; 74707 |
| Myriad Genetics, Inc. (a) | 20184 | &nbsp;&nbsp; 124132 |
| TransMedics Group, Inc. (a) | 570 | &nbsp;&nbsp; 69340 |
|  |  | &nbsp;&nbsp; $3582820 |
| Metals & Mining – 0.6% | Metals & Mining – 0.6% |  |
| Caledonia Mining Corp. PLC | 17173 | &nbsp;&nbsp; $449417 |
| Natural Gas - Distribution – 1.5% | Natural Gas - Distribution – 1.5% |  |
| Southwest Gas Holdings, Inc. | 8976 | &nbsp;&nbsp; $718259 |
| Spire, Inc. | 2750 | &nbsp;&nbsp; 227425 |
| UGI Corp. | 6732 | &nbsp;&nbsp; 251979 |
|  |  | &nbsp;&nbsp; $1197663 |
| Oil Services – 2.9% | Oil Services – 2.9% |  |
| Expro Group Holdings N.V. (a) | 63551 | &nbsp;&nbsp; $848406 |
| Oil States International, Inc. (a) | 65721 | &nbsp;&nbsp; 444931 |
| Weatherford International PLC | 12345 | &nbsp;&nbsp; 966120 |
|  |  | &nbsp;&nbsp; $2259457 |

---

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – 12.9% | Other Banks & Diversified Financials – 12.9% |  |
| Banc of California, Inc. | 58338 | &nbsp;&nbsp; $1125340 |
| Berkshire Hills Bancorp, Inc. | 15686 | &nbsp;&nbsp; 413640 |
| Bread Financial Holdings, Inc. | 7996 | &nbsp;&nbsp; 591944 |
| Cathay General Bancorp, Inc. | 16896 | &nbsp;&nbsp; 817597 |
| Central Banco, Inc. (l) | 5449 | &nbsp;&nbsp; 131430 |
| Columbia Banking System, Inc. | 33180 | &nbsp;&nbsp; 927381 |
| East West Bancorp, Inc. | 8841 | &nbsp;&nbsp; 993640 |
| Popular, Inc. | 10193 | &nbsp;&nbsp; 1269232 |
| PROG Holdings, Inc. | 11476 | &nbsp;&nbsp; 338427 |
| Sezzle, Inc. (a) | 3050 | &nbsp;&nbsp; 193599 |
| SLM Corp. | 26391 | &nbsp;&nbsp; 714140 |
| Texas Capital Bancshares, Inc. (a) | 12162 | &nbsp;&nbsp; 1101148 |
| UMB Financial Corp. | 9947 | &nbsp;&nbsp; 1144303 |
| United Community Bank, Inc. | 10586 | &nbsp;&nbsp; 330495 |
|  |  | &nbsp;&nbsp; $10092316 |
| Pharmaceuticals – 9.2% | Pharmaceuticals – 9.2% |  |
| ACADIA Pharmaceuticals, Inc. (a) | 10446 | &nbsp;&nbsp; $279013 |
| Amicus Therapeutics, Inc. (a) | 21569 | &nbsp;&nbsp; 307143 |
| Amneal Pharmaceuticals, Inc. (a) | 30124 | &nbsp;&nbsp; 379562 |
| Arcturus Therapeutics Holdings, Inc. (a) | 10543 | &nbsp;&nbsp; 64629 |
| Catalyst Pharmaceuticals, Inc. (a) | 13296 | &nbsp;&nbsp; 310329 |
| Collegium Pharmaceutical, Inc. (a) | 2021 | &nbsp;&nbsp; 93572 |
| Cytokinetics, Inc. (a) | 6307 | &nbsp;&nbsp; 400747 |
| Day One Biopharmaceuticals, Inc. (a) | 25940 | &nbsp;&nbsp; 241761 |
| Harmony Biosciences Holdings (a) | 2740 | &nbsp;&nbsp; 102531 |
| Indivior PLC (a) | 8620 | &nbsp;&nbsp; 309286 |
| Ionis Pharmaceuticals, Inc. (a) | 4251 | &nbsp;&nbsp; 336297 |
| Jazz Pharmaceuticals PLC (a) | 1471 | &nbsp;&nbsp; 250070 |
| Keros Therapuetics, Inc. (a) | 7510 | &nbsp;&nbsp; 152904 |
| Kiniksa Pharmaceuticals International PLC (a) | 11436 | &nbsp;&nbsp; 471735 |
| Kymera Therapeutics, Inc. (a) | 6570 | &nbsp;&nbsp; 511212 |
| Neurocrine Biosciences, Inc. (a) | 1485 | &nbsp;&nbsp; 210617 |
| Nurix Therapeutics, Inc. (a) | 7527 | &nbsp;&nbsp; 142787 |
| Organon & Co. | 58490 | &nbsp;&nbsp; 419373 |
| Phibro Animal Health Corp., "A" | 10576 | &nbsp;&nbsp; 395119 |
| Praxis Precision Medicines, Inc. (a) | 570 | &nbsp;&nbsp; 168002 |
| PTC Therapeutics, Inc. (a) | 7665 | &nbsp;&nbsp; 582233 |
| REGENXBIO, Inc. (a) | 19753 | &nbsp;&nbsp; 284443 |
| Rigel Pharmaceuticals, Inc. (a) | 9103 | &nbsp;&nbsp; 389881 |
| Ultragenyx Pharmaceutical, Inc. (a) | 3754 | &nbsp;&nbsp; 86342 |
| Vanda Pharmaceuticals, Inc. (a) | 17797 | &nbsp;&nbsp; 156969 |
| Zymeworks, Inc. (a) | 4824 | &nbsp;&nbsp; 127016 |
|  |  | &nbsp;&nbsp; $7173573 |
| Precious Metals & Minerals – 0.8% | Precious Metals & Minerals – 0.8% |  |
| Hecla Mining Co. | 34165 | &nbsp;&nbsp; $655626 |
| Real Estate – 2.9% | Real Estate – 2.9% |  |
| Cushman & Wakefield Ltd. (a) | 17584 | &nbsp;&nbsp; $284685 |
| Essential Properties Realty Trust, REIT | 33677 | &nbsp;&nbsp; 998860 |
| NNN REIT, Inc. | 24530 | &nbsp;&nbsp; 972124 |
|  |  | &nbsp;&nbsp; $2255669 |

---

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Real Estate - Office – 2.5% | Real Estate - Office – 2.5% |  |
| Cousins Properties, Inc., REIT | 5221 | &nbsp;&nbsp; $134597 |
| Highwoods Properties, Inc., REIT | 30612 | &nbsp;&nbsp; 790402 |
| Piedmont Office Realty Trust, Inc., REIT | 121097 | &nbsp;&nbsp; 1009949 |
|  |  | &nbsp;&nbsp; $1934948 |
| Restaurants – 1.0% | Restaurants – 1.0% |  |
| Chefs' Warehouse, Inc. (a) | 12227 | &nbsp;&nbsp; $762109 |
| Specialty Stores – 0.5% | Specialty Stores – 0.5% |  |
| Bath & Body Works, Inc. | 14223 | &nbsp;&nbsp; $285598 |
| Genesco, Inc. (a) | 3974 | &nbsp;&nbsp; 98436 |
|  |  | &nbsp;&nbsp; $384034 |
| Telecom Services – 0.3% | Telecom Services – 0.3% |  |
| EchoStar Corp., "A" (a) | 1020 | &nbsp;&nbsp; $110874 |
| Globalstar, Inc. (a) | 2100 | &nbsp;&nbsp; 128184 |
|  |  | &nbsp;&nbsp; $239058 |
| Tobacco – 0.9% | Tobacco – 0.9% |  |
| Mativ Holdings, Inc. | 58003 | &nbsp;&nbsp; $704736 |
| Trucking – 1.2% | Trucking – 1.2% |  |
| RXO, Inc. (a) | 38279 | &nbsp;&nbsp; $483847 |
| Saia, Inc. (a) | 1450 | &nbsp;&nbsp; 473454 |
|  |  | &nbsp;&nbsp; $957301 |
| Utilities - Electric Power – 1.7% | Utilities - Electric Power – 1.7% |  |
| Hawaiian Electric Industries, Inc. (a) | 8185 | &nbsp;&nbsp; $100676 |
| Portland General Electric Co. | 25476 | &nbsp;&nbsp; 1222593 |
|  |  | &nbsp;&nbsp; $1323269 |
| **Total Common Stocks (Identified Cost, $67,346,865)** |  | &nbsp;&nbsp; **$77753506** |
| Mutual Funds (h) – 0.5% | Mutual Funds (h) – 0.5% | Mutual Funds (h) – 0.5% |
| Money Market Funds – 0.5% | Money Market Funds – 0.5% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $386,923) | 386873 | &nbsp;&nbsp; $386950 |
| Collateral for Securities Loaned – 0.8% | Collateral for Securities Loaned – 0.8% | Collateral for Securities Loaned – 0.8% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.72% (j) (Identified Cost, $629,550) | 629550 | &nbsp;&nbsp; $629550 |
| Other Assets, Less Liabilities – (0.8)% |  | &nbsp;&nbsp; (648604) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$78121402** |

---

&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 $386,950 and $78,383,056, 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.

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments – continued*

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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $605,928 of securities on loan (identified cost, $67,976,415) | &nbsp;&nbsp; $78383056 |
| Investments in affiliated issuers, at value (identified cost, $386,923) | &nbsp;&nbsp; 386950 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 63720 |
| Interest and dividends | &nbsp;&nbsp; 68957 |
| Other assets | &nbsp;&nbsp; 559 |
| Total assets | &nbsp;&nbsp; $78903242 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $97215 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 629550 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 1671 |
| Administrative services fee | &nbsp;&nbsp; 114 |
| Shareholder servicing costs | &nbsp;&nbsp; 51 |
| Distribution and/or service fees | &nbsp;&nbsp; 668 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 52571 |
| Total liabilities | &nbsp;&nbsp; $781840 |
| Net assets | &nbsp;&nbsp; $78121402 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $63154628 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 14966774 |
| Net assets | &nbsp;&nbsp; $78121402 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 8308884 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $29881896 | &nbsp;&nbsp;&nbsp; 3059940 | &nbsp;&nbsp;&nbsp; $9.77 |
| Service Class | &nbsp;&nbsp;&nbsp; 48239506 | &nbsp;&nbsp;&nbsp; 5248944 | &nbsp;&nbsp;&nbsp;&nbsp;9.19 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Small Cap Equity Portfolio

**Financial Statements** \| **Statement of Operations** 

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

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $943657 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 23134 |
| Other | &nbsp;&nbsp; 14529 |
| Income on securities loaned | &nbsp;&nbsp; 2786 |
| Foreign taxes withheld | &nbsp;&nbsp; (3180)<br>|
| Total investment income | &nbsp;&nbsp; $980926 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $309885 |
| Distribution and/or service fees | &nbsp;&nbsp; 121289 |
| Shareholder servicing costs | &nbsp;&nbsp; 9234 |
| Administrative services fee | &nbsp;&nbsp; 21030 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3482 |
| Custodian fee | &nbsp;&nbsp; 6680 |
| Shareholder communications | &nbsp;&nbsp; 12989 |
| Audit and tax fees | &nbsp;&nbsp; 69573 |
| Legal fees | &nbsp;&nbsp; 629 |
| Miscellaneous | &nbsp;&nbsp; 26091 |
| Total expenses | &nbsp;&nbsp; $580882 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (10730)<br>|
| Net expenses | &nbsp;&nbsp; $570152 |
| Net investment income (loss) | &nbsp;&nbsp; $410774 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $4747519 |
| Affiliated issuers | &nbsp;&nbsp; 8 |
| Net realized gain (loss)  | &nbsp;&nbsp; $4747527 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(415882)<br>|
| Affiliated issuers | &nbsp;&nbsp; (32)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $(415914)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $4331613 |
| Change in net assets from operations | &nbsp;&nbsp; $4742387 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $410774 | &nbsp;&nbsp; $724489 |
| Net realized gain (loss) | 4747527 | &nbsp;&nbsp; 7865313 |
| Net unrealized gain (loss) | (415914)<br>| &nbsp;&nbsp; (4525725)<br>|
| Change in net assets from operations | $4742387 | &nbsp;&nbsp; $4064077 |
| Total distributions to shareholders | $(8582497)<br>| &nbsp;&nbsp; $(1393467)<br>|
| Change in net assets from fund share transactions | $1646794 | &nbsp;&nbsp; $(7935946)<br>|
| Total change in net assets | $(2193316)<br>| &nbsp;&nbsp; $(5265336)<br>|
| **Net assets** |  |  |
| At beginning of period | 80314718 | &nbsp;&nbsp; 85580054 |
| At end of period | $78121402 | &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 past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $10.32 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $8.78 | &nbsp;&nbsp; $14.02 | &nbsp;&nbsp; $10.91 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.07 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.09 |
| Net realized and unrealized gain (loss) | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| Total from investment operations | $0.53 | &nbsp;&nbsp; $0.49 | &nbsp;&nbsp; $1.62 | &nbsp;&nbsp; $(2.40)<br>| &nbsp;&nbsp; $3.23 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.10)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.12)<br>|
| From net realized gain | (0.98)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (2.75)<br>|  |
| Total distributions declared to shareholders | $(1.08)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(2.84)<br>| &nbsp;&nbsp; $(0.12)<br>|
| Net asset value, end of period (x) | $9.77 | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $8.78 | &nbsp;&nbsp; $14.02 |
| Total return (%) (k)(r)(s)(x) | 5.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;18.96 | &nbsp;&nbsp; (18.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.64 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Expenses after expense reductions | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net investment income (loss) | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Portfolio turnover rate | 72 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 78 |
| Net assets at end of period (000 omitted) | $29882 | &nbsp;&nbsp; $30740 | &nbsp;&nbsp; $32225 | &nbsp;&nbsp; $29826 | &nbsp;&nbsp; $39073 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $9.77 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $13.47 | &nbsp;&nbsp; $10.50 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.04 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.05 |
| Net realized and unrealized gain (loss) | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Total from investment operations | $0.47 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $1.52 | &nbsp;&nbsp; $(2.32)<br>| &nbsp;&nbsp; $3.06 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.07)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.09)<br>|
| From net realized gain | (0.98)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (2.75)<br>|  |
| Total distributions declared to shareholders | $(1.05)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(2.81)<br>| &nbsp;&nbsp; $(0.09)<br>|
| Net asset value, end of period (x) | $9.19 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $13.47 |
| Total return (%) (k)(r)(s)(x) | 5.49 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;18.67 | &nbsp;&nbsp; (18.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.17 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Expenses after expense reductions | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net investment income (loss) | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Portfolio turnover rate | 72 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 78 |
| Net assets at end of period (000 omitted) | $48240 | &nbsp;&nbsp; $49575 | &nbsp;&nbsp; $53355 | &nbsp;&nbsp; $50801 | &nbsp;&nbsp; $65294 |

---

**See Notes to Financial Statements**

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MFS Blended Research Small Cap Equity Portfolio

*Financial Highlights - continued*

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Blended Research Small Cap Equity Portfolio

**Notes to Financial Statements**

**(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.

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

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

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

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

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

------

MFS Blended Research Small Cap Equity Portfolio

*Notes to Financial Statements - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $77753506 | $— | $— | $77753506 |
| Investment Companies | 1016500 |  |  | 1016500 |
| Total | $78770006 | $— | $— | $78770006 |

---

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 $605,928. The fair value of the fund's investment securities on loan and a related liability of $629,550 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 - 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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $3206504 | &nbsp;&nbsp; $703240 |
| Long-term capital gains | &nbsp;&nbsp; 5375993 | &nbsp;&nbsp; 690227 |
| Total distributions | &nbsp;&nbsp; $8582497 | &nbsp;&nbsp; $1393467 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $69161526 |
| Gross appreciation | &nbsp;&nbsp; 15899413 |
| Gross depreciation | &nbsp;&nbsp; (6290933)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $9608480 |
| Undistributed ordinary income | &nbsp;&nbsp; 616381 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 4741913 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $14966774 |

---

**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 Blended Research Small Cap Equity Portfolio

*Notes to Financial Statements - continued* 

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $3109922 | &nbsp;&nbsp; $546375 |
| Service Class | 5472575 | &nbsp;&nbsp; 847092 |
| Total | $8582497 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $10,730, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.39% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, 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 year ended December 31, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

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

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

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the year ended December 31, 2025, the fee was $8,316, which equated to 0.0107% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended December 31, 2025, these costs amounted to $918.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.0272% of the fund's average daily net assets.

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

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

------

MFS Blended Research Small Cap Equity Portfolio

*Notes to Financial Statements - continued* 

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the year ended December 31, 2025, this reimbursement amounted to $14,509, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $55,471,447 and $61,603,040, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 334405 | &nbsp;&nbsp; $3237490 | &nbsp;&nbsp; 371642 | &nbsp;&nbsp; $3783270 |
| Service Class | 722808 | &nbsp;&nbsp; 6479068 | &nbsp;&nbsp; 589388 | &nbsp;&nbsp; 5623980 |
|  | 1057213 | &nbsp;&nbsp; $9716558 | &nbsp;&nbsp; 961030 | &nbsp;&nbsp; $9407250 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 337668 | &nbsp;&nbsp; $3109922 | &nbsp;&nbsp; 54150 | &nbsp;&nbsp; $546375 |
| Service Class | 631208 | &nbsp;&nbsp; 5472575 | &nbsp;&nbsp; 88515 | &nbsp;&nbsp; 847092 |
|  | 968876 | &nbsp;&nbsp; $8582497 | &nbsp;&nbsp; 142665 | &nbsp;&nbsp; $1393467 |
| Shares reacquired |  |  |  |  |
| Initial Class | (591990)<br>| &nbsp;&nbsp; $(5800675)<br>| &nbsp;&nbsp; (664417)<br>| &nbsp;&nbsp; $(6731385)<br>|
| Service Class | (1178748)<br>| &nbsp;&nbsp; (10851586)<br>| &nbsp;&nbsp; (1224243)<br>| &nbsp;&nbsp; (12005278)<br>|
|  | (1770738)<br>| &nbsp;&nbsp; $(16652261)<br>| &nbsp;&nbsp; (1888660)<br>| &nbsp;&nbsp; $(18736663)<br>|
| Net change |  |  |  |  |
| Initial Class | 80083 | &nbsp;&nbsp; $546737 | &nbsp;&nbsp; (238625)<br>| &nbsp;&nbsp; $(2401740)<br>|
| Service Class | 175268 | &nbsp;&nbsp; 1100057 | &nbsp;&nbsp; (546340)<br>| &nbsp;&nbsp; (5534206)<br>|
|  | 255351 | &nbsp;&nbsp; $1646794 | &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 year ended December 31, 2025, the fund's commitment fee and interest expense were $365 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the year ended December 31, 2025:

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MFS Blended Research Small Cap Equity Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $657897 | &nbsp;&nbsp; $9774812 | &nbsp;&nbsp; $10045735 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $(32)<br>| &nbsp;&nbsp; $386950 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $23134 | $— |

---

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MFS Blended Research Small Cap Equity Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust III and the Shareholders of MFS Blended Research Small Cap Equity Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Blended Research Small Cap Equity Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Blended Research Small Cap Equity Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $5,914,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 30.76% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

------

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

There is nothing to report for this item for MFS Blended Research 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.**

------

MFS Blended Research Small Cap Equity Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Blended Research Small Cap Equity Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 5th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 5th quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

The Trustees expressed concern to MFS about the substandard investment performance of the Fund and the Fund's retail counterpart, MFS Blended Research Small Cap Equity Fund, which has substantially similar investment strategies and experienced substantially similar investment performance as the Fund. In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year as to MFS' efforts to improve the performance of the

------

MFS Blended Research Small Cap Equity Portfolio

*Board Review of Investment Advisory Agreement - continued*

Fund and the Fund's retail counterpart. In addition, the Trustees requested that they receive a separate update on the Fund's retail counterpart at each of their regular meetings. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that MFS' responses and efforts and plans to improve investment performance were sufficient to support approval of the continuance of the investment advisory agreement for an additional one-year period, but that they would continue to closely monitor the performance of the Fund's retail counterpart.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each lower than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is not subject to any breakpoints. Taking into account the expense limitation noted above, the Trustees determined not to recommend any advisory fee breakpoints for the Fund at this time. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the group fee waiver was sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

------

MFS Blended Research Small Cap Equity Portfolio

*Board Review of Investment Advisory Agreement - continued*

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

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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 - 12/31/25** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 96.4% | Common Stocks – 96.4% | Common Stocks – 96.4% |
| Construction – 8.2% | Construction – 8.2% |  |
| American Homes 4 Rent LP, REIT | 108149 | &nbsp;&nbsp; $3471583 |
| Equity Lifestyle Properties, Inc., REIT | 62624 | &nbsp;&nbsp; 3795641 |
| Essex Property Trust, Inc., REIT | 11193 | &nbsp;&nbsp; 2928984 |
| Mid-America Apartment Communities, Inc., REIT | 26561 | &nbsp;&nbsp; 3689588 |
|  |  | &nbsp;&nbsp; $13885796 |
| Entertainment – 1.9% | Entertainment – 1.9% |  |
| Lamar Advertising Co., REIT | 25124 | &nbsp;&nbsp; $3180196 |
| Gaming & Lodging – 2.3% | Gaming & Lodging – 2.3% |  |
| Ryman Hospitality Properties, Inc., REIT | 23783 | &nbsp;&nbsp; $2250348 |
| Sunstone Hotel Investors, Inc., REIT | 194733 | &nbsp;&nbsp; 1740913 |
|  |  | &nbsp;&nbsp; $3991261 |
| Medical & Health Technology & Services – 6.2% | Medical & Health Technology & Services – 6.2% |  |
| Healthcare Realty Trust, Inc., REIT | 235319 | &nbsp;&nbsp; $3988657 |
| Ventas, Inc., REIT | 85070 | &nbsp;&nbsp; 6582717 |
|  |  | &nbsp;&nbsp; $10571374 |
| Real Estate – 50.7% | Real Estate – 50.7% |  |
| Acadia Realty Trust, REIT | 150040 | &nbsp;&nbsp; $3081822 |
| Big Yellow Group PLC, REIT | 116401 | &nbsp;&nbsp; 1634512 |
| Charter Hall Group, REIT | 189779 | &nbsp;&nbsp; 3085470 |
| Derwent London PLC, REIT | 35728 | &nbsp;&nbsp; 831754 |
| DigitalBridge Group, Inc., REIT | 99534 | &nbsp;&nbsp; 1526852 |
| Essential Properties Realty Trust, REIT | 52091 | &nbsp;&nbsp; 1545019 |
| Federal Realty Investment Trust, REIT | 31820 | &nbsp;&nbsp; 3207456 |
| Goodman Group, REIT | 341760 | &nbsp;&nbsp; 7026348 |
| GPT Group Co., REIT | 812647 | &nbsp;&nbsp; 2928643 |
| Grainger PLC | 907795 | &nbsp;&nbsp; 2220568 |
| Industrial & Infrastructure Fund Investment Corp. | 1109 | &nbsp;&nbsp; 1089372 |
| Invincible Investment Corp., REIT | 2641 | &nbsp;&nbsp; 1085804 |
| Japan Metropolitan Fund Investment Corp., REIT | 3370 | &nbsp;&nbsp; 2667049 |
| KDX Realty Investment Corp., REIT | 1748 | &nbsp;&nbsp; 1961153 |
| Kimco Realty Corp., REIT | 160495 | &nbsp;&nbsp; 3253234 |
| Link REIT | 243100 | &nbsp;&nbsp; 1082777 |
| Mitsubishi Estate Co. Ltd. | 154000 | &nbsp;&nbsp; 3756601 |
| Mitsui Fudosan Accommodations Fund, Inc., REIT | 1232 | &nbsp;&nbsp; 1057079 |
| Mitsui Fudosan Co. Ltd. | 392300 | &nbsp;&nbsp; 4459207 |
| National Storage, REIT | 619446 | &nbsp;&nbsp; 1128547 |
| Nippon Building Fund, Inc., REIT | 2994 | &nbsp;&nbsp; 2729564 |
| NNN REIT, Inc. | 66236 | &nbsp;&nbsp; 2624933 |
| Parkway Real Estate LLC, REIT | 368700 | &nbsp;&nbsp; 1170294 |
| Regency Centers Corp., REIT | 35274 | &nbsp;&nbsp; 2434964 |
| Scentre Group Ltd., REIT | 1464033 | &nbsp;&nbsp; 4088406 |
| SEGRO PLC, REIT | 366625 | &nbsp;&nbsp; 3546590 |
| Shaftesbury Capital PLC, REIT | 783632 | &nbsp;&nbsp; 1525551 |
| Shurgard Self Storage Ltd., REIT | 78868 | &nbsp;&nbsp; 2709088 |
| Simon Property Group, Inc., REIT | 34160 | &nbsp;&nbsp; 6323358 |
| Star Asia Investment Corp., REIT | 2562 | &nbsp;&nbsp; 1009164 |
| Swire Properties Ltd. | 665800 | &nbsp;&nbsp; 1792831 |

---

VREFS-ANN

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MFS Global Real Estate Portfolio

*Portfolio of Investments – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Real Estate – continued | Real Estate – continued |  |
| Unibail-Rodamco-Westfield, REIT | 36005 | &nbsp;&nbsp; $3913225 |
| Vonovia SE, REIT | 125524 | &nbsp;&nbsp; 3620038 |
|  |  | &nbsp;&nbsp; $86117273 |
| Real Estate - Office – 3.9% | Real Estate - Office – 3.9% |  |
| BXP, Inc., REIT | 40381 | &nbsp;&nbsp; $2724910 |
| Douglas Emmett, Inc., REIT | 107027 | &nbsp;&nbsp; 1176227 |
| Highwoods Properties, Inc., REIT | 103649 | &nbsp;&nbsp; 2676217 |
|  |  | &nbsp;&nbsp; $6577354 |
| Real Estate - Storage – 13.8% | Real Estate - Storage – 13.8% |  |
| Americold Realty Trust, Inc. | 116537 | &nbsp;&nbsp; $1498666 |
| Extra Space Storage, Inc., REIT | 36149 | &nbsp;&nbsp; 4707323 |
| Prologis, Inc., REIT | 108584 | &nbsp;&nbsp; 13861833 |
| Rexford Industrial Realty, Inc., REIT | 86767 | &nbsp;&nbsp; 3359618 |
|  |  | &nbsp;&nbsp; $23427440 |
| Telecom - Infrastructure – 9.4% | Telecom - Infrastructure – 9.4% |  |
| Digital Realty Trust, Inc., REIT | 45164 | &nbsp;&nbsp; $6987322 |
| Equinix, Inc., REIT | 11856 | &nbsp;&nbsp; 9083593 |
|  |  | &nbsp;&nbsp; $16070915 |
| **Total Common Stocks (Identified Cost, $140,859,584)** |  | &nbsp;&nbsp; **$163821609** |
| Mutual Funds (h) – 3.4% | Mutual Funds (h) – 3.4% | Mutual Funds (h) – 3.4% |
| Money Market Funds – 3.4% | Money Market Funds – 3.4% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $5,780,250) | 5779639 | &nbsp;&nbsp; $5780794 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Underlying/Expiration Date/Exercise Price (Rate)** | **Counterparty** | **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Par Amount/** <br>**Number of** <br>**Contracts**<br>|  |
| Purchased Options – 0.0% | Purchased Options – 0.0% | Purchased Options – 0.0% | Purchased Options – 0.0% |  |
| Medical & Health Technology & Services – 0.0% | Medical & Health Technology & Services – 0.0% | Medical & Health Technology & Services – 0.0% | Medical & Health Technology & Services – 0.0% |  |
| Welltower, Inc. – 3/20/2026 @ $200<br> Call | Merrill Lynch International | &nbsp;&nbsp; $7405839 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; $119700 |
| Welltower, Inc. – 6/18/2026 @ $240<br> Call | Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 3953493 | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 3195 |
| **Total Purchased Options** <br>**(Premiums Paid, $229,650)** | **Total Purchased Options** <br>**(Premiums Paid, $229,650)** | **Total Purchased Options** <br>**(Premiums Paid, $229,650)** |  | &nbsp;&nbsp; **$122895** |
| Other Assets, Less Liabilities – 0.2% | Other Assets, Less Liabilities – 0.2% | Other Assets, Less Liabilities – 0.2% | Other Assets, Less Liabilities – 0.2% | &nbsp;&nbsp; 259684 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$169984982** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $5,780,794 and $163,944,504, 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $141,089,234) | &nbsp;&nbsp; $163944504 |
| Investments in affiliated issuers, at value (identified cost, $5,780,250) | &nbsp;&nbsp; 5780794 |
| Foreign currency, at value (identified cost, $39,791) | &nbsp;&nbsp; 39770 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 633759 |
| Fund shares sold | &nbsp;&nbsp; 157918 |
| Dividends | &nbsp;&nbsp; 678960 |
| Receivable from investment adviser | &nbsp;&nbsp; 6372 |
| Other assets | &nbsp;&nbsp; 915 |
| Total assets | &nbsp;&nbsp; $171242992 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $1193592 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 172 |
| Shareholder servicing costs | &nbsp;&nbsp; 61 |
| Distribution and/or service fees | &nbsp;&nbsp; 899 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 5 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 63281 |
| Total liabilities | &nbsp;&nbsp; $1258010 |
| Net assets | &nbsp;&nbsp; $169984982 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $144972785 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 25012197 |
| Net assets | &nbsp;&nbsp; $169984982 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 12447726 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $104855516 | &nbsp;&nbsp;&nbsp; 8261015 | &nbsp;&nbsp;&nbsp; $12.69 |
| Service Class | &nbsp;&nbsp;&nbsp; 65129466 | &nbsp;&nbsp;&nbsp; 4186711 | &nbsp;&nbsp;&nbsp;&nbsp;15.56 |

---

**See Notes to Financial Statements**

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MFS Global Real Estate Portfolio

**Financial Statements** \| **Statement of Operations** 

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

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| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $5437166 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 177077 |
| Other | &nbsp;&nbsp; 9321 |
| Foreign taxes withheld | &nbsp;&nbsp; (167246)<br>|
| Total investment income | &nbsp;&nbsp; $5456318 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1506924 |
| Distribution and/or service fees | &nbsp;&nbsp; 156327 |
| Shareholder servicing costs | &nbsp;&nbsp; 11209 |
| Administrative services fee | &nbsp;&nbsp; 32562 |
| Independent Trustees' compensation | &nbsp;&nbsp; 5465 |
| Custodian fee | &nbsp;&nbsp; 28665 |
| Shareholder communications | &nbsp;&nbsp; 21389 |
| Audit and tax fees | &nbsp;&nbsp; 67659 |
| Legal fees | &nbsp;&nbsp; 1111 |
| Miscellaneous | &nbsp;&nbsp; 32169 |
| Total expenses | &nbsp;&nbsp; $1863480 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (198408)<br>|
| Net expenses | &nbsp;&nbsp; $1665072 |
| Net investment income (loss) | &nbsp;&nbsp; $3791246 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $1657707 |
| Affiliated issuers | &nbsp;&nbsp; 85 |
| Foreign currency | &nbsp;&nbsp; 23489 |
| Net realized gain (loss)  | &nbsp;&nbsp; $1681281 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $401930 |
| Affiliated issuers | &nbsp;&nbsp; 339 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 5228 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $407497 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $2088778 |
| Change in net assets from operations | &nbsp;&nbsp; $5880024 |

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**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $3791246 | &nbsp;&nbsp; $2923491 |
| Net realized gain (loss) | 1681281 | &nbsp;&nbsp; 4617236 |
| Net unrealized gain (loss) | 407497 | &nbsp;&nbsp; (11407318)<br>|
| Change in net assets from operations | $5880024 | &nbsp;&nbsp; $(3866591)<br>|
| Total distributions to shareholders | $(2551000)<br>| &nbsp;&nbsp; $(3133456)<br>|
| Change in net assets from fund share transactions | $3842862 | &nbsp;&nbsp; $3212503 |
| Total change in net assets | $7171886 | &nbsp;&nbsp; $(3787544)<br>|
| **Net assets** |  |  |
| At beginning of period | 162813096 | &nbsp;&nbsp; 166600640 |
| At end of period | $169984982 | &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 past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $12.47 | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $19.21 | &nbsp;&nbsp; $14.98 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.30 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.22 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.27 |
| Total from investment operations | $0.44 | &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $1.33 | &nbsp;&nbsp; $(5.05)<br>| &nbsp;&nbsp; $4.49 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.22)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.26)<br>|
| From net realized gain |  |  | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.12)<br>|  |
| Total distributions declared to shareholders | $(0.22)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(1.03)<br>| &nbsp;&nbsp; $(1.38)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $12.69 | &nbsp;&nbsp; $12.47 | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $19.21 |
| Total return (%) (k)(r)(s)(x) | 3.53 | &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp; (26.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.12 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Expenses after expense reductions | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Net investment income (loss) | 2.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Portfolio turnover rate | 40 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $104856 | &nbsp;&nbsp; $102588 | &nbsp;&nbsp; $106155 | &nbsp;&nbsp; $104737 | &nbsp;&nbsp; $149746 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $15.24 | &nbsp;&nbsp; $15.93 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $22.70 | &nbsp;&nbsp; $17.66 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.33 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | 0.17 | &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 |
| Total from investment operations | $0.50 | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $1.59 | &nbsp;&nbsp; $(6.04)<br>| &nbsp;&nbsp; $5.26 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.18)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.22)<br>|
| From net realized gain |  |  | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.12)<br>|  |
| Total distributions declared to shareholders | $(0.18)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.99)<br>| &nbsp;&nbsp; $(1.33)<br>| &nbsp;&nbsp; $(0.22)<br>|
| Net asset value, end of period (x) | $15.56 | &nbsp;&nbsp; $15.24 | &nbsp;&nbsp; $15.93 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $22.70 |
| Total return (%) (k)(r)(s)(x) | 3.30 | &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp; (27.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.87 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Expenses after expense reductions | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Net investment income (loss) | 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Portfolio turnover rate | 40 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $65129 | &nbsp;&nbsp; $60225 | &nbsp;&nbsp; $60446 | &nbsp;&nbsp; $55200 | &nbsp;&nbsp; $69356 |

---

**See Notes to Financial Statements**

------

MFS Global Real Estate Portfolio

*Financial Highlights - continued*

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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**

**(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.

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

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

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

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

------

MFS Global Real Estate Portfolio

*Notes to Financial Statements - continued* 

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. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $101701974 | $— | $— | $101701974 |
| Japan | 11367855 | 8447138 |  | 19814993 |
| Australia | 1128547 | 17128867 |  | 18257414 |
| United Kingdom |  | 9758975 |  | 9758975 |
| France |  | 3913225 |  | 3913225 |
| Germany | 3620038 |  |  | 3620038 |
| Hong Kong |  | 2875608 |  | 2875608 |
| Belgium |  | 2709088 |  | 2709088 |
| Singapore | 1170294 |  |  | 1170294 |
| Purchased Options |  | 122895 |  | 122895 |
| Investment Companies | 5780794 |  |  | 5780794 |
| Total | $124769502 | $44955796 | $— | $169725298 |

---

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

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

------

MFS Global Real Estate Portfolio

*Notes to Financial Statements - continued* 

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

**Derivatives** — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.

The derivative instruments used by the fund during the period were purchased options. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at December 31, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  |  | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** |
| Equity | Purchased Option Contracts | $122895 |

---

(a) The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended December 31, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Unaffiliated Issuers** <br>**(Purchased** <br>**Options)**<br>|
| Equity | $219390 |

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the year ended December 31, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Unaffiliated Issuers** <br>**(Purchased** <br>**Options)**<br>|
| Equity | $(106755)<br>|

---

**Purchased Options** — The fund purchased call options for a premium. Purchased call options entitle the holder to buy a specified number of shares or units of a particular security, currency or index at a specified price at a specified date or within a specified period of time. Purchasing call options may hedge against an anticipated increase in the dollar cost of securities or currency to be acquired or increase the fund's exposure to an underlying instrument.

The premium paid is initially recorded as an investment in the Statement of Assets and Liabilities. That investment is subsequently marked-to-market daily with the difference between the premium paid and the market value of the purchased option being recorded as unrealized appreciation or depreciation. Premiums paid for purchased call options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased.

Whether or not the option is exercised, the fund's maximum risk of loss from purchasing an option is the amount of premium paid. All option contracts involve credit risk if the counterparty to the option contract fails to perform. For uncleared options, this risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA Master Agreement.

**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 Global Real Estate Portfolio

*Notes to Financial Statements - continued* 

**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.

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $2551000 | &nbsp;&nbsp; $3133456 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $148491146 |
| Gross appreciation | &nbsp;&nbsp; 27741938 |
| Gross depreciation | &nbsp;&nbsp; (6507786)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $21234152 |
| Undistributed ordinary income | &nbsp;&nbsp; 4738745 |
| Capital loss carryforwards | &nbsp;&nbsp; (960454)<br>|
| Other temporary differences | &nbsp;&nbsp; (246)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $25012197 |

---

As of December 31, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(960454)<br>|

---

------

MFS Global Real Estate Portfolio

*Notes to Financial Statements - continued* 

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

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $1815668 | &nbsp;&nbsp; $2199073 |
| Service Class | 735332 | &nbsp;&nbsp; 934383 |
| Total | $2551000 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $23,198, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.89% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.90% 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 year ended December 31, 2025, this reduction amounted to $175,210, which is included in the reduction of total expenses in the Statement of Operations.

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

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

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the year ended December 31, 2025, the fee was $10,149, which equated to 0.0061% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended December 31, 2025, these costs amounted to $1,060.

------

MFS Global Real Estate Portfolio

*Notes to Financial Statements - continued* 

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.0194% of the fund's average daily net assets.

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

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

During the year ended December 31, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $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 year ended December 31, 2025, this reimbursement amounted to $9,286, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations and purchased options with an expiration date of less than one year from the time of purchase, aggregated $68,905,116 and $64,735,121, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 1214074 | &nbsp;&nbsp; $15089986 | &nbsp;&nbsp; 1675269 | &nbsp;&nbsp; $21569067 |
| Service Class | 902695 | &nbsp;&nbsp; 13940677 | &nbsp;&nbsp; 1004604 | &nbsp;&nbsp; 15617089 |
|  | 2116769 | &nbsp;&nbsp; $29030663 | &nbsp;&nbsp; 2679873 | &nbsp;&nbsp; $37186156 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 144330 | &nbsp;&nbsp; $1815668 | &nbsp;&nbsp; 166849 | &nbsp;&nbsp; $2199073 |
| Service Class | 47656 | &nbsp;&nbsp; 735332 | &nbsp;&nbsp; 57964 | &nbsp;&nbsp; 934383 |
|  | 191986 | &nbsp;&nbsp; $2551000 | &nbsp;&nbsp; 224813 | &nbsp;&nbsp; $3133456 |
| Shares reacquired |  |  |  |  |
| Initial Class | (1324941)<br>| &nbsp;&nbsp; $(16703873)<br>| &nbsp;&nbsp; (1732205)<br>| &nbsp;&nbsp; $(22617619)<br>|
| Service Class | (716559)<br>| &nbsp;&nbsp; (11034928)<br>| &nbsp;&nbsp; (905261)<br>| &nbsp;&nbsp; (14489490)<br>|
|  | (2041500)<br>| &nbsp;&nbsp; $(27738801)<br>| &nbsp;&nbsp; (2637466)<br>| &nbsp;&nbsp; $(37107109)<br>|
| Net change |  |  |  |  |
| Initial Class | 33463 | &nbsp;&nbsp; $201781 | &nbsp;&nbsp; 109913 | &nbsp;&nbsp; $1150521 |
| Service Class | 233792 | &nbsp;&nbsp; 3641081 | &nbsp;&nbsp; 157307 | &nbsp;&nbsp; 2061982 |
|  | 267255 | &nbsp;&nbsp; $3842862 | &nbsp;&nbsp; 267220 | &nbsp;&nbsp; $3212503 |

---

------

MFS Global Real Estate Portfolio

*Notes to Financial Statements - continued* 

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Moderate Allocation Portfolio, the MFS Growth Allocation Portfolio, and the MFS Conservative Allocation Portfolio were the owners of record of approximately 15%, 10%, and 3%, respectively, of the value of outstanding voting shares of the fund.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended December 31, 2025, the fund's commitment fee and interest expense were $783 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $3633087 | &nbsp;&nbsp; $41377105 | &nbsp;&nbsp; $39229822 | &nbsp;&nbsp; $85 | &nbsp;&nbsp; $339 | &nbsp;&nbsp; $5780794 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $177077 | $— |

---

------

MFS Global Real Estate Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust III and the Shareholders of MFS Global Real Estate Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Global Real Estate Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

**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.**

------

MFS Global Real Estate Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Global Real Estate Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 5th quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Global Real Estate Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2.5 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 16. CONTROLS AND PROCEDURES.
* Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. 

* There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the Registrant.

------

#### ITEM 19. EXHIBITS.
* Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as [EX-99.COE](Code_of_Ethics.htm).

* Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

* A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as [EX-99.302CERT](99.302.htm).

* Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

* Change in the registrant's independent public accountant. Not applicable.

* If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as [EX-99.906CERT](99.906.htm).

------

#### Notice
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: February 12, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: February 12, 2026

By (Signature and Title)\*

/S/ KASEY L. PHILLIPS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)

Date: February 12, 2026

\* Print name and title of each signing officer under his or her signature.

------

## Ex-99

**<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: February 12, 2026

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**<u>EX-99.302CERT</u>**

**MFS VARIABLE INSURANCE TRUST 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: February 12, 2026

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

------

## Ex-99.Code

![Image is missing](gu15y5h1po8ws8jq5xky7.jpg)

<u>EX-99.COE</u>

**Code of Ethics for Principal Executive and Principal Financial Officers**

**Effective April 1, 2024**

**Policy Purpose and Summary**

Section 406 of the Sarbanes-Oxley Act requires that each MFS Fund registered under the Investment Company Act of 1940 disclose whether or not it has adopted a code of ethics for senior financial officers, applicable to its principal financial officer and principal accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Covered Officers/Purpose of the Code

This code of ethics (this "Code") has been adopted by the funds (collectively, "Funds" and each, "Fund") under supervision of the MFS Funds Board (the "Board") and applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance by the Funds with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conduct Guidelines

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. In addition, each Covered Officer should not place his or her personal interests ahead of the Funds' interests and should endeavor to act honestly and ethically. In furtherance of the foregoing, each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting for any Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund.

The following activities, which could create the appearance of a conflict of interest, are permitted only with the approval of the Funds' Chief Legal Officer ("CLO"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•service as a director on the board of any "for profit" company other than the board of the Funds' investment adviser or its subsidiaries or board of a pooled investment vehicle sponsored by the Funds' investment adviser or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•running for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the receipt of any Fund business-related gift or any entertainment from any company with which a Fund has current or prospective business dealings unless such gift or entertainment is permitted by the gifts and entertainment policy of the Funds' investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any material ownership interest in, or any consulting or employment relationship with, any Fund service providers (e.g., custodian banks, audit firms), other than the Funds' investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment or securities ownership.

**C.Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund's trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each Covered Officer should, to the extent appropriate within his or her area of Fund responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is the responsibility of each Covered Officer to promote compliance within his or her area of Fund responsibility with the standards and restrictions imposed by applicable laws, rules and regulations.

**D.Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annually report to the CLO affiliations and relationships which are or may raise the appearance of a conflict of interest with the Covered Officer's duties to the Funds, as identified in the annual Trustee and Officer Questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not retaliate against any other Covered Officer or any officer or employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•notify the CLO promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CLO is responsible for applying this Code to specific situations in which questions are presented under it, granting waivers upon consultation with the Board or its designee, investigating violations, and has the authority to interpret this Code in any particular situation. The CLO will report requests for waivers to the Board (or a designee thereof) promptly upon receipt of a waiver request and will periodically report to the Board any approvals granted since the last report.

The CLO will take all appropriate action to investigate any potential violations reported to him or her and to report any violations to the Board. If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer.

Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Confidentiality

All reports and records prepared or maintained pursuant to this Code and under the direction of the CLO will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds' Board, its counsel, counsel to the Board's independent trustees and senior management and the board of directors of the Fund's investment adviser and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**II.Supervision**

The Board of Trustees of the Funds, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Funds, shall review no less frequently than annually, a report from the CLO regarding the affirmations of the principal executive officer and the principal financial officer as to compliance with this Code.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Interpretation and Escalation**

Breaches of the Code are reviewed by the CLO and communicated to the Board of Trustees of the affected Fund(s). Interpretations of this Policy shall be made from time to time by the CLO, as needed, and questions regarding the application of this Policy to a specific set of facts are escalated to the CLO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Authority

Section 406 of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Monitoring**

Adherence to this policy is monitored by the CLO.

---

| | |
|:---|:---|
| VI. | **Related Policies** |
|  | This Code shall be the sole code of ethics adopted by the Funds for purposes of |
|  | Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to |
|  | registered investment companies thereunder. Insofar as other policies or procedures |
|  | of the Funds, the Funds' adviser, principal underwriter, or other service providers |
|  | govern or purport to govern the behavior or activities of the Covered Officers who |
|  | are subject to this Code, they are superseded by this Code to the extent that they |
|  | overlap or conflict with the provisions of this Code. The Funds' and their investment |
|  | adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and |
|  | any other codes or policies or procedures adopted by the Funds or their investment |
|  | adviser or other service providers are separate requirements and are not part of this |
|  | Code. |
| VII. | **Amendment** |
|  | Any amendments to this Code, other than amendments to Exhibit A, must be |
|  | approved or ratified by a majority vote of the Board, including a majority of |
|  | independent trustees. |
| VIII. | **Recordkeeping** |
|  | All required books, records and other documentation shall be retained in accordance |
|  | with MFS' related record retention policy. |

---

**Additional procedures may need to be implemented by departments to properly comply with this policy.**

**<u>Exhibit A</u>**

**<u>As of April 1, 2024</u>**

**Persons Covered by this Code of Ethics**

Funds' Principal Executive Officer: David L. DiLorenzo

Funds' Principal Financial Officer: Kasey L. Phillips

------

## 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: February 12, 2026

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

**<u>EX-99.906CERT</u>**

**MFS VARIABLE INSURANCE TRUST 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: February 12, 2026

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

------