MFS Government Securities Portfolio

MFS® GovernmentSecurities Portfolio

Semiannual ReportJune 30, 2021

GSS-SEM

MFS® Variable Insurance Trust II

MFS® Government Securities Portfolio

Letter from the CEO.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Portfolio composition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Expense table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Portfolio of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Statement of assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Statement of operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Statements of changes in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Notes to financial statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Statement regarding liquidity risk management program .. . . . . . . . . . . . . . . . . . . . . . . 22Proxy voting policies and information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Quarterly portfolio disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Further information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Information about fund contracts and legal claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

CONTENTS

The report is prepared for the general information of contract owners. It isauthorized for distribution to prospective investors only when preceded oraccompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK OR CREDIT UNION GUARANTEE •NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY OR NCUA/NCUSIF

Dear Contract Owners:

After experiencing dramatic swings in the early days of the coronavirus pandemic,global equity markets have performed strongly over the past year. Though the speedydevelopment of vaccines brightened the economic and market outlook, uncertaintyremains as new variants of the virus appear, and questions persist over how fastvaccines can be made widely available in the developing world.

Global central banks have taken aggressive steps to cushion the economic and marketfallout related to the virus, and governments are deploying unprecedented levels offiscal support. Having passed a $1.9 trillion stimulus package in March, theU.S. Congress could approve additional stimulus later this year, some of it focused oninfrastructure. Along with extraordinary government expenditures, pent-up consumerdemand fueled a surge in economic activity as coronavirus restrictions were eased,pushing up inflation, at least temporarily. Markets initially reacted by pushing up yieldson global government bonds, though some of the rate rise has since been corrected.

A spirited debate is underway among investors over whether the current price pressureswill persist or prove to be temporary, caused by pandemic-induced bottlenecks. Thepolicy measures put in place to counteract the pandemic’s effects have helped build asupportive environment and are encouraging economic recovery; however, if marketsdisconnect from fundamentals, they can sow the seeds of instability. As such, recentdramatic increases in speculative trading in cryptocurrencies, special purpose acquisitioncompanies (SPACs), and the like bear watching.

In the aftermath of the crisis, we could see societal changes as households, businesses,and governments adjust to a new reality, and any such alterations could affect theinvestment landscape. For investors, events such as the COVID-19 outbreakdemonstrate the importance of having a deep understanding of companyfundamentals, and we have built our global research platform to do just that.

At MFS®, we put our clients’ assets to work responsibly by carefully navigating theincreasing complexity of global markets and economies. Guided by our long-termphilosophy and adhering to our commitment to sustainable investing, we tune out thenoise and aim to uncover what we believe are the best, most durable investmentopportunities in the market. Our unique global investment platform combines collectiveexpertise, long-term discipline, and thoughtful risk management to create sustainablevalue for investors.

Respectfully,

Michael W. RobergeChief Executive OfficerMFS Investment Management

August 13, 2021

The opinions expressed in this letter are subject to change and may not be relied upon forinvestment advice. No forecasts can be guaranteed.

MFS Government Securities Portfolio

LETTER FROM THE CEO

1

PORTFOLIO COMPOSITIONPortfolio structure (i)

0

20

40

60

80

100

120

-20

102.3%

4.3%

(6.6)%

Fixed Income 102.3%

Cash & Cash Equivalents 4.3%

Other (6.6)%

Fixed income sectors (i)Mortgage-Backed Securities 46.9%

U.S. Treasury Securities 38.1%

U.S. Government Agencies 7.0%

Commercial Mortgage-Backed Securities 4.7%

Municipal Bonds 2.0%

Collateralized Debt Obligations 1.6%

Investment Grade Corporates 1.6%

Non-U.S. Government Bonds 0.3%

Asset-Backed Securities 0.1%

Composition including fixed income credit quality (a)(i)AAA 5.1%

AA 1.7%

A 3.2%

BBB 0.3%

U.S. Government 31.5%

Federal Agencies 53.9%

Not Rated 6.6%

Cash & Cash Equivalents 4.3%

Other (6.6)%

Portfolio facts (i)Average Duration (d) 5.3

Average Effective Maturity (m) 6.6 yrs.

(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard& Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowestratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, butthe security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 ratings agencies listed above rate the security, butthe security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA).Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by theU.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities,and collateralized mortgage obligations of U.S. Agency mortgage-backed securities. Not Rated includes fixed income securities and fixed income derivativesthat have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by theseagencies.

(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-yearduration is likely to lose about 5.00% of its value due to the interest rate move.

(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, ifany. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonableapproximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity thatresults from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of thepotential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.

(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses theinstrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put,pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement ofAssets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.Percentages are based on net assets as of June 30, 2021.The portfolio is actively managed and current holdings may be different.


2

EXPENSE TABLE

Fund Expenses Borne by the Contract Holders during the Period,January 1, 2021 through June 30, 2021

As a contract holder of the fund, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; andother fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and tocompare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1,2021 through June 30, 2021.

Actual Expenses

The first line for each share class in the following table provides information about actual account values and actual expenses. Youmay use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the resultby the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on youraccount during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the following table provides information about hypothetical account values and hypotheticalexpenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not thefund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balanceor expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and otherfunds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports ofthe other funds.

Please note that the expenses shown in the table are meant to highlight the fund’s ongoing costs only and do not take into accountthe fees and expenses imposed under the variable contracts through which your investment in the fund is made. Therefore, thesecond line for each share class in the table is useful in comparing ongoing costs associated with an investment in vehicles (such asthe fund) which fund benefits under variable annuity and variable life insurance contracts and to qualified pension and retirementplans only, and will not help you determine the relative total costs of investing in the fund through variable annuity and variable lifeinsurance contracts. If the fees and expenses imposed under the variable contracts were included, your costs would have beenhigher.

ShareClass

AnnualizedExpense

Ratio

BeginningAccount Value

1/01/21

EndingAccount Value

6/30/21

ExpensesPaid DuringPeriod (p)

1/01/21-6/30/21

Initial ClassActual 0.59% $1,000.00 $983.67 $2.90

Hypothetical (h) 0.59% $1,000.00 $1,021.87 $2.96

Service ClassActual 0.84% $1,000.00 $982.80 $4.13

Hypothetical (h) 0.84% $1,000.00 $1,020.63 $4.21

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over theperiod, multiplied by 181/365 (to reflect the one-half year period).

Notes to Expense Table

Expense ratios include approximately 0.01% of interest expenses that are outside of the expense limitation arrangement.

(See Note 3 of the Notes to Financial Statements).


3

PORTFOLIO OF INVESTMENTS − 6/30/21 (unaudited)The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

Issuer Shares/Par Value ($)

BONDS – 95.3%Asset-Backed & Securitized – 6.3%Allegro CLO Ltd., 2016-1A, “BR2”, FLR,1.734% (LIBOR - 3mo. +1.55%), 1/15/2030 (n) $ 635,246 $ 635,247Arbor Realty Trust, Inc., FLR, 1.572%(LIBOR - 1mo. + 1.5%), 12/15/2035 (n) 671,500 671,710Bancorp Commercial Mortgage Trust,2019-CRE6, “A”, FLR, 1.174% (LIBOR -1mo. + 1.05%), 9/15/2036 (n) 500,855 500,542BBCMS Mortgage Trust, 2021-C10,“XA”, 1.434%, 7/15/2054 (i)(w) 3,673,995 369,467BBCMS Mortgage Trust, 2021-C9,“XA”, 1.769%, 2/15/2054 (i) 2,406,264 301,252Benchmark Mortgage Trust, 2020-B18,“A5”, 1.925%, 7/15/2053 1,283,582 1,276,518Benchmark Mortgage Trust, 2021-B23,“XA”, 1.385%, 2/15/2054 (i) 7,659,804 727,253Benchmark Mortgage Trust, 2021-B24,“XA”, 1.274%, 3/15/2054 (i) 4,516,022 389,833Benchmark Mortgage Trust, 2021-B26,“XA”, 0.999%, 6/15/2054 (i) 4,847,965 334,755Benchmark Mortgage Trust, 2021-B27,“XA”, 1.273%, 7/15/2054 (i) 5,827,166 587,568BPCRE Holder LLC, FLR, 0.931% (LIBOR- 1mo. + 0.85%), 2/15/2037 (n) 434,500 434,500BPCRE Holder LLC, FLR, 1.631% (LIBOR- 1mo. + 1.55%), 2/15/2037 (n) 225,500 225,501BXMT Ltd., 2021-FL4, “AS”, FLR,1.372% (LIBOR - 1mo. +1.3%), 5/15/2038 (n) 1,344,000 1,344,005Capital Automotive, 2020-1A, “A4”,REIT, 3.19%, 2/15/2050 (n) 268,790 276,732Citigroup Commercial Mortgage Trust,2019-C7, “A4”, 3.102%, 12/15/2072 403,746 439,022Citigroup Commercial Mortgage Trust,2019-XA, “C7”,1.003%, 12/15/2072 (i)(n) 4,440,157 275,634Commercial Mortgage Pass-ThroughCertificates, 2020-BN28, “A4”,1.844%, 3/15/2063 390,781 385,741Commercial Mortgage Pass-ThroughCertificates, 2020-BN29, “A4”,1.997%, 11/15/2053 751,414 749,789Commercial Mortgage Pass-ThroughCertificates, 2020-BN30, “A4”,1.925%, 12/15/2053 716,000 711,900Commercial Mortgage Pass-ThroughCertificates, 2021-BN31,“XA”,1.444%, 2/15/2054 (i) 5,912,763 610,212Commercial Mortgage Pass-ThroughCertificates, 2021-BN32, “XA”,0.893%, 4/15/2054 (i) 3,315,690 199,287Commercial Mortgage Trust, 2015-DC1,“A5”, 3.35%, 2/10/2048 1,136,000 1,217,620Commercial Mortgage Trust,2017-COR2, “A3”, 3.51%, 9/10/2050 1,414,455 1,560,238CSAIL Commercial Mortgage Trust,2015-C2, “A4”, 3.504%, 6/15/2057 144,366 155,865


BONDS – continuedAsset-Backed & Securitized – continuedGS Mortgage Securities Trust,2015-GC30, “A4”, 3.382%, 5/10/2050 $ 1,965,000 $ 2,125,280GS Mortgage Securities Trust,2015-GC32, “A2”, 3.062%, 7/10/2048 116,852 119,563GS Mortgage Securities Trust,2020-GC45, “A5”, 2.91%, 2/13/2053 741,658 795,068LoanCore Ltd., 2021-CRE5, “AS”,1.823%, 7/15/2036 (n) 1,110,500 1,111,539Madison Park Funding Ltd., 2014-13A,“BR2”, FLR, 1.689% (LIBOR - 3mo. +1.5%), 4/19/2030 (n) 1,572,067 1,579,710MF1 CLO Ltd., 2021-FL5, “AS”, FLR,1.324% (LIBOR - 1mo. +1.2%), 7/15/2036 (n) 664,500 663,877MF1 CLO Ltd., 2021-FL5, “B”, FLR,1.574% (LIBOR - 1mo. +1.45%), 7/15/2036 (n) 836,500 835,715MF1 Multi-Family Housing MortgageLoan Trust, 2020-FL4, “A”, FLR, 1.824%(LIBOR - 1mo. + 1.7%), 11/15/2035 (n) 836,000 842,791Morgan Stanley Bank of AmericaMerrill Lynch Trust, 2017-C34, “A4”,3.536%, 11/15/2052 415,862 461,069Morgan Stanley Capital I Trust,2018-H4, “XA”, 1.026%, 12/15/2051 (i) 6,202,056 327,555Morgan Stanley Capital I Trust,2021-L5, “XA”, 1.425%, 5/15/2054 (i) 2,883,829 282,630Palmer Square Loan Funding Ltd.,2020-1A, “A2”, FLR, 1.505% (LIBOR -3mo. + 1.35%), 2/20/2028 (n) 680,583 677,098PFP III Ltd., 2021-7, “AS”, FLR, 1.222%(LIBOR - 1mo. + 1.15%), 4/14/2038 (n) 933,000 930,679Symphony CLO Ltd., 2016-17A, “BR”,FLR, 1.383% (LIBOR - 3mo. +1.2%), 4/15/2028 (n) 1,332,260 1,328,165UBS Commercial Mortgage Trust,2017-C1, “A4”, 3.544%, 11/15/2050 1,133,267 1,253,797Wells Fargo Commercial MortgageTrust, 2018-C48, “XA”,1.114%, 1/15/2052 (i)(n) 3,696,335 216,830Wells Fargo Commercial MortgageTrust, 2020-C58, “A4”,2.092%, 7/15/2053 458,000 460,772

$ 28,392,329

Automotive – 0.1%Hyundai Capital America,2.375%, 2/10/2023 (n) $ 405,000 $ 415,712

Consumer Services – 0.1%Conservation Fund,3.474%, 12/15/2029 $ 563,000 $ 602,470


4


BONDS – continuedIndustrial – 0.1%Howard University, Washington D.C.,2.638%, 10/01/2021 $ 93,000 $ 93,493Howard University, Washington D.C.,2.738%, 10/01/2022 98,000 100,352Howard University, Washington D.C.,2.801%, 10/01/2023 108,000 110,491Howard University, Washington D.C.,AGM, 2.416%, 10/01/2024 119,000 122,149Howard University, Washington D.C.,AGM, 2.516%, 10/01/2025 147,000 151,361

$ 577,846

Major Banks – 0.3%JPMorgan Chase & Co., 1.578% to4/22/2026, FLR (SOFR + 0.885%)to 4/22/2027 $ 938,000 $ 942,860UBS Group AG, 3.491%, 5/23/2023 (n) 565,000 580,282

$ 1,523,142

Medical & Health Technology & Services – 0.9%Montefiore Obligated Group, AGM,5.246%, 11/01/2048 $ 2,012,000 $ 2,593,956ProMedica Toledo Hospital, “B”, AGM,5.325%, 11/15/2028 879,000 1,050,649ProMedica Toledo Hospital, “B”, AGM,5.75%, 11/15/2038 246,000 299,443

$ 3,944,048

Mortgage-Backed – 46.8%Fannie Mae, 6%, 7/01/2021-7/01/2037 $ 490,310 $ 572,067Fannie Mae, 2.56%, 10/01/2021 214,465 214,415Fannie Mae, 5.5%,5/01/2022-3/01/2038 4,323,697 5,002,043Fannie Mae, 2.152%, 1/25/2023 823,934 837,549Fannie Mae, 2.73%, 4/01/2023 462,811 476,582Fannie Mae, 2.41%, 5/01/2023 584,181 599,909Fannie Mae, 2.55%, 5/01/2023 501,946 516,442Fannie Mae, 4.5%,5/01/2025-4/01/2041 3,207,719 3,549,481Fannie Mae, 3.5%,5/25/2025-7/01/2046 5,387,226 5,792,395Fannie Mae, 4%, 3/25/2028-2/01/2045 10,940,460 11,920,587Fannie Mae, 3%,11/01/2028-5/25/2053 7,380,209 7,790,668Fannie Mae, 6.5%,9/01/2031-10/01/2037 427,527 500,714Fannie Mae, 2.5%,11/01/2031-10/01/2046 1,229,415 1,271,367Fannie Mae, 3.5%,12/25/2031-2/25/2036 (i) 429,507 45,889Fannie Mae, 3%, 2/25/2033 (i) 469,028 46,228Fannie Mae, 5%,11/01/2033-3/01/2041 3,033,006 3,446,615Fannie Mae, 2%,10/25/2040-4/25/2046 835,027 852,667Fannie Mae, 1.75%, 10/25/2041 1,221,828 1,243,935Fannie Mae, 2.75%, 9/25/2042 491,210 512,128Fannie Mae, UMBS, 2.5%,2/01/2050-7/01/2050 1,280,030 1,330,930


BONDS – continuedMortgage-Backed – continuedFannie Mae, UMBS, 2%,1/01/2051-2/01/2051 $ 786,323 $ 796,445Freddie Mac, 5%,12/01/2021-12/01/2044 1,721,995 1,960,774Freddie Mac, 5.5%,5/01/2022-6/01/2041 1,035,648 1,199,823Freddie Mac, 4.5%,11/01/2022-5/01/2042 1,317,071 1,456,000Freddie Mac, 3.32%, 2/25/2023 1,993,000 2,079,402Freddie Mac, 3.25%, 4/25/2023 3,500,000 3,654,985Freddie Mac, 6%,6/01/2023-10/01/2038 1,385,665 1,601,440Freddie Mac, 3.06%, 7/25/2023 326,000 341,884Freddie Mac, 1.016%, 4/25/2024 (i) 14,271,229 270,769Freddie Mac, 0.732%, 7/25/2024 (i) 17,217,746 236,663Freddie Mac, 3.064%, 8/25/2024 1,703,107 1,812,703Freddie Mac, 2.67%, 12/25/2024 3,924,000 4,167,270Freddie Mac, 2.811%, 1/25/2025 3,025,000 3,228,152Freddie Mac, 4%, 7/01/2025-4/01/2044 1,219,719 1,328,751Freddie Mac, 3.5%,1/15/2027-10/25/2058 14,273,372 15,312,401Freddie Mac, 1.481%, 3/25/2027 (i) 1,030,000 75,431Freddie Mac, 0.71%, 7/25/2027 (i) 29,774,608 955,923Freddie Mac, 0.562%, 8/25/2027 (i) 24,682,335 612,769Freddie Mac, 0.427%, 1/25/2028 (i) 42,575,553 830,875Freddie Mac, 0.434%, 1/25/2028 (i) 17,536,106 352,016Freddie Mac, 0.269%, 2/25/2028 (i) 49,593,526 511,949Freddie Mac, 2.5%, 3/15/2028 165,900 169,576Freddie Mac, 0.261%, 4/25/2028 (i) 31,912,370 308,079Freddie Mac, 3%, 6/15/2028-2/25/2059 9,787,126 10,389,677Freddie Mac, 1.218%, 7/25/2029 (i) 4,431,987 349,327Freddie Mac, 1.268%, 8/25/2029 (i) 7,696,856 636,802Freddie Mac, 1.915%, 4/25/2030 (i) 1,602,831 230,968Freddie Mac, 1.984%, 4/25/2030 (i) 4,034,514 607,319Freddie Mac, 1.765%, 5/25/2030 (i) 2,174,913 293,406Freddie Mac, 1.906%, 5/25/2030 (i) 4,905,689 715,356Freddie Mac, 1.436%, 6/25/2030 (i) 1,983,331 219,733Freddie Mac, 1.704%, 8/25/2030 (i) 1,814,781 241,811Freddie Mac, 1.262%, 9/25/2030 (i) 1,149,690 113,810Freddie Mac, 1.172%, 11/25/2030 (i) 2,249,951 208,922Freddie Mac, 0.423%, 1/25/2031 (i) 8,740,838 241,724Freddie Mac, 0.873%, 1/25/2031 (i) 3,359,280 232,888Freddie Mac, 1.026%, 1/25/2031 (i) 2,545,825 207,868Freddie Mac, 0.625%, 3/25/2031 (i) 6,974,152 315,734Freddie Mac, 0.837%, 3/25/2031 (i) 2,967,667 199,454Freddie Mac, 1.224%, 5/25/2031 (i) 1,210,235 133,228Freddie Mac, 6.5%,8/01/2032-5/01/2037 250,952 289,398Freddie Mac, 5.5%, 2/15/2036 (i) 118,737 21,749Freddie Mac, 4.5%, 12/15/2040 (i) 45,000 4,243Freddie Mac, 1.75%, 8/15/2041 364,924 374,240Freddie Mac, UMBS, 6.5%, 8/01/2032 23,618 27,011Freddie Mac, UMBS, 3%, 7/01/2050 30,137 32,088Ginnie Mae, 5.5%,7/15/2033-1/20/2042 945,497 1,103,435Ginnie Mae, 5.7%, 8/20/2034 344,143 393,029Ginnie Mae, 4%, 5/16/2039-7/20/2041 1,021,706 1,110,784


Portfolio of Investments (unaudited) – continued

5


BONDS – continuedMortgage-Backed – continuedGinnie Mae, 4.5%,8/15/2039-9/20/2041 $ 2,416,699 $ 2,711,349Ginnie Mae, 3.5%, 10/20/2041 (i) 189,947 14,170Ginnie Mae, 3.5%,12/15/2041-6/20/2043 3,010,212 3,250,313Ginnie Mae, 2.5%,6/20/2042-7/20/2051 2,920,000 3,029,136Ginnie Mae, 4%, 8/16/2042 (i) 211,080 29,077Ginnie Mae, 2.25%, 9/20/2043 280,635 285,623Ginnie Mae, 3%, 4/20/2045-6/20/2051 5,378,099 5,665,610Ginnie Mae, 5.87%, 4/20/2058 19,335 22,269Ginnie Mae, 0.56%, 2/16/2059 (i) 1,043,589 45,214Ginnie Mae, TBA, 2.5%, 7/15/2051 5,975,000 6,183,191Ginnie Mae, TBA, 3.5%, 7/15/2051 3,525,000 3,700,355Ginnie Mae, TBA, 4%, 7/15/2051 250,000 263,994Ginnie Mae, TBA, 2%, 7/21/2051 2,825,000 2,877,086Ginnie Mae, TBA, 3%, 7/21/2051 2,425,000 2,530,194UMBS, TBA, 3%, 7/19/2036-8/12/2051 12,375,000 12,896,941UMBS, TBA, 1.5%,7/25/2036-8/17/2036 3,325,000 3,361,998UMBS, TBA, 2%, 7/25/2036-8/12/2051 35,225,000 35,643,009UMBS, TBA, 2.5%,7/25/2036-8/25/2051 18,675,000 19,310,824

$ 210,301,048

Municipals – 2.0%California Earthquake Authority Rev.,“B”, 1.227%, 7/01/2021 $ 95,000 $ 95,000California Earthquake Authority Rev.,“B”, 1.327%, 7/01/2022 295,000 297,929California Earthquake Authority Rev.,“B”, 1.477%, 7/01/2023 210,000 214,050Massachusetts Educational FinancingAuthority, Education Loan Rev., “A”,2.562%, 7/01/2026 70,000 73,170Massachusetts Educational FinancingAuthority, Education Loan Rev., “A”,2.682%, 7/01/2027 335,000 349,928Michigan Finance Authority TobaccoSettlement Asset-Backed Rev. (2006Sold Tobacco Receipts), “A-1”,2.326%, 6/01/2030 313,269 326,710New Jersey Economic DevelopmentAuthority State Pension Funding Rev.,Capital Appreciation, “B”, AGM,0%, 2/15/2023 4,114,000 4,088,913New York Transportation DevelopmentCorp., Special Facilities Taxable Rev.(Terminal 4 John F. KennedyInternational Airport Project), “B”,1.36%, 12/01/2021 140,000 140,514New York Transportation DevelopmentCorp., Special Facilities Taxable Rev.(Terminal 4 John F. KennedyInternational Airport Project), “B”,1.61%, 12/01/2022 130,000 131,772Philadelphia, PA, School District, “A”,AGM, 5.995%, 9/01/2030 960,000 1,249,047


BONDS – continuedMunicipals – continuedPort Oakland, CA, Senior LienRefunding Taxable Rev., “R”,1.081%, 5/01/2024 $ 200,000 $ 201,904Port Oakland, CA, Senior LienRefunding Taxable Rev., “R”,1.517%, 5/01/2026 295,000 298,235Rhode Island Student Loan Authority,Education Loan Rev., “1”,2.195%, 12/01/2039 200,000 203,643Texas Transportation Commission,Central Texas Turnpike System First TierRefunding Rev., Taxable, “B”,1.98%, 8/15/2042 690,000 701,710West Virginia Tobacco SettlementFinancing Authority Asset-BackedRefunding, “A-1”, 1.497%, 6/01/2024 280,000 283,830West Virginia Tobacco SettlementFinancing Authority Asset-BackedRefunding, “A-1”, 1.647%, 6/01/2025 225,000 227,754

$ 8,884,109

Supranational – 0.3%Inter-American Development Bank,4.375%, 1/24/2044 $ 1,093,000 $ 1,498,289

U.S. Government Agencies and Equivalents – 7.0%AID Tunisia, 2.452%, 7/24/2021 $ 1,444,000 $ 1,443,682Federal Home Loan Bank,2.625%, 12/10/2021 4,800,000 4,854,271Federal Home Loan Bank,3%, 12/10/2021 20,500,000 20,766,074Small Business Administration,6.625%, 7/01/2021 12,138 12,139Small Business Administration,6.07%, 3/01/2022 15,799 16,020Small Business Administration,4.98%, 11/01/2023 32,394 33,738Small Business Administration,4.77%, 4/01/2024 95,995 99,826Small Business Administration,5.52%, 6/01/2024 45,527 47,798Small Business Administration,4.99%, 9/01/2024 8,901 9,284Small Business Administration,5.11%, 4/01/2025 68,680 72,426Small Business Administration,2.21%, 2/01/2033 554,601 577,571Small Business Administration,2.22%, 3/01/2033 892,518 922,623Small Business Administration,3.15%, 7/01/2033 832,446 889,424Small Business Administration,3.16%, 8/01/2033 481,484 514,395Small Business Administration,3.62%, 9/01/2033 306,074 331,559Tennessee Valley Authority,0.75%, 5/15/2025 707,000 711,225

$ 31,302,055



6


BONDS – continuedU.S. Treasury Obligations – 31.4%U.S. Treasury Bonds, 6.25%, 8/15/2023 $ 2,891,000 $ 3,255,989U.S. Treasury Bonds, 6%, 2/15/2026 2,699,000 3,336,639U.S. Treasury Bonds, 6.75%, 8/15/2026 1,862,000 2,408,671U.S. Treasury Bonds,6.375%, 8/15/2027 326,000 429,021U.S. Treasury Bonds,1.625%, 5/15/2031 6,239,000 6,334,535U.S. Treasury Bonds, 4.5%, 8/15/2039 1,287,500 1,815,274U.S. Treasury Bonds,3.125%, 2/15/2043 8,176,700 9,769,879U.S. Treasury Bonds,2.875%, 5/15/2043 13,519,500 15,548,481U.S. Treasury Bonds,2.5%, 2/15/2045 (f) 21,059,000 22,784,851U.S. Treasury Bonds,2.875%, 11/15/2046 2,917,000 3,385,543U.S. Treasury Notes, 1.5%, 9/15/2022 2,500,000 2,541,113U.S. Treasury Notes, 0.125%, 9/30/2022 8,770,000 8,768,630U.S. Treasury Notes, 0.125%, 2/28/2023 15,517,800 15,498,403U.S. Treasury Notes, 2.5%, 3/31/2023 9,000,000 9,358,945U.S. Treasury Notes, 0.125%, 5/31/2023 8,057,000 8,039,690U.S. Treasury Notes, 0.125%, 6/30/2023 7,893,000 7,874,192


BONDS – continuedU.S. Treasury Obligations – continuedU.S. Treasury Notes, 2.5%, 5/15/2024 $ 5,385,000 $ 5,704,103U.S. Treasury Notes, 2%, 8/15/2025 438,000 460,927U.S. Treasury Notes,2.625%, 12/31/2025 2,800,000 3,026,844U.S. Treasury Notes, 2.75%, 2/15/2028 6,000,000 6,611,016U.S. Treasury Notes, 1.5%, 2/15/2030 3,800,000 3,837,555

$ 140,790,301

Total Bonds (Identified Cost,$411,275,175) $428,231,349

INVESTMENT COMPANIES (h) – 25.2%Money Market Funds – 25.2%MFS Institutional Money MarketPortfolio, 0.02% (v) (Identified Cost,$113,075,117) 113,075,117 $ 113,075,117

OTHER ASSETS, LESS LIABILITIES – (20.5)% (92,213,427)

NET ASSETS – 100.0% $449,093,039

(f) All or a portion of the security has been segregated as collateral for open futures contracts.(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 $113,075,117 and$428,231,349, respectively.

(i) Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does notreflect the cost of the security.

(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 intransactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $13,546,269,representing 3.0% of net assets.

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

(w) When-issued security.

The following abbreviations are used in this report and are defined:

AGM Assured Guaranty MunicipalAID U.S. Agency for International DevelopmentCLO Collateralized Loan ObligationFLR Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate

reported may not be the current rate. All reference rates are USD unless otherwise noted.LIBOR London Interbank Offered RateREIT Real Estate Investment TrustSOFR Secured Overnight Financing RateTBA To Be AnnouncedUMBS Uniform Mortgage-Backed Security

Derivative Contracts at 6/30/21Futures Contracts

DescriptionLong/Short Currency Contracts

NotionalAmount

ExpirationDate

Value/UnrealizedAppreciation

(Depreciation)

Asset Derivatives

Interest Rate FuturesU.S. Treasury Note 10 yr Long USD 370 $49,025,000 September – 2021 $188,618



7

Futures Contracts - continued

DescriptionLong/Short Currency Contracts

NotionalAmount

ExpirationDate

Value/UnrealizedAppreciation

(Depreciation)

Asset Derivatives - continued

Interest Rate Futures - continuedU.S. Treasury Note 5 yr Short USD 45 $5,554,336 September – 2021 $15,388

$204,006

Liability Derivatives

Interest Rate FuturesU.S. Treasury Bond Short USD 89 $14,306,750 September – 2021 $(366,023)U.S. Treasury Note 2 yr Long USD 10 2,203,203 September – 2021 (3,914)U.S. Treasury Ultra Bond Short USD 9 1,734,187 September – 2021 (68,239)

$(438,176)

At June 30, 2021, the fund had liquid securities with an aggregate value of $328,913 to cover any collateral or margin obligations for certain derivativecontracts.

See Notes to Financial Statements



8

FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES(unaudited)This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.

At 6/30/21

Assets

Investments in unaffiliated issuers, at value (identified cost, $411,275,175) $428,231,349Investments in affiliated issuers, at value (identified cost, $113,075,117) 113,075,117Cash 5,309Receivables for

Net daily variation margin on open futures contracts 15,603TBA sale commitments 8,137,472Fund shares sold 1,466Interest 1,589,809

Other assets 1,772

Total assets $551,057,897

Liabilities

Payables forInvestments purchased $6,356,037TBA purchase commitments 94,942,141Fund shares reacquired 201,097When-issued investments purchased 371,561

Payable to affiliatesInvestment adviser 7,603Administrative services fee 380Shareholder servicing costs 45Distribution and/or service fees 2,195

Accrued expenses and other liabilities 83,799

Total liabilities $101,964,858

Net assets $449,093,039

Net assets consist of

Paid-in capital $445,303,699Total distributable earnings (loss) 3,789,340

Net assets $449,093,039

Shares of beneficial interest outstanding 35,580,150

Net assetsShares

outstandingNet asset value

per shareInitial Class $288,831,008 22,826,936 $12.65Service Class 160,262,031 12,753,214 12.57



9

FINANCIAL STATEMENTS STATEMENT OF OPERATIONS (unaudited)This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or lossesgenerated by fund operations.

Six months ended 6/30/21

Net investment income (loss)

IncomeInterest $4,630,655Dividends from affiliated issuers 25,581Other 68

Total investment income $4,656,304

ExpensesManagement fee $1,225,074Distribution and/or service fees 195,414Shareholder servicing costs 4,438Administrative services fee 33,987Independent Trustees’ compensation 4,056Custodian fee 12,213Shareholder communications 13,967Audit and tax fees 32,529Legal fees 1,664Miscellaneous 34,375

Total expenses $1,557,717

Reduction of expenses by investment adviser (57,014)

Net expenses $1,500,703

Net investment income (loss) $3,155,601

Realized and unrealized gain (loss)

Realized gain (loss) (identified cost basis)Unaffiliated issuers $1,750,255Futures contracts 669,898Foreign currency 36,877

Net realized gain (loss) $2,457,030

Change in unrealized appreciation or depreciationUnaffiliated issuers $(12,861,645)Futures contracts (415,744)Forward foreign currency exchange contracts 311,559Translation of assets and liabilities in foreign currencies (347,275)

Net unrealized gain (loss) $(13,313,105)

Net realized and unrealized gain (loss) $(10,856,075)

Change in net assets from operations $(7,700,474)



10

FINANCIAL STATEMENTS STATEMENTS OF CHANGES IN NET ASSETSThese statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

Six months ended Year ended6/30/21

(unaudited)12/31/20

Change in net assets

From operations

Net investment income (loss) $3,155,601 $8,911,228Net realized gain (loss) 2,457,030 3,747,385Net unrealized gain (loss) (13,313,105) 14,592,878

Change in net assets from operations $(7,700,474) $27,251,491

Total distributions to shareholders $— $(12,348,081)

Change in net assets from fund share transactions $6,184,796 $(26,909,816)

Total change in net assets $(1,515,678) $(12,006,406)

Net assets

At beginning of period 450,608,717 462,615,123At end of period $449,093,039 $450,608,717



11

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

Initial ClassSix months

ended Year ended

6/30/21(unaudited)

12/31/20 12/31/19 12/31/18 12/31/17 12/31/16

Net asset value, beginning of period $12.86 $12.45 $12.04 $12.39 $12.51 $12.72

Income (loss) from investment operations

Net investment income (loss) (d) $0.09 $0.27 $0.31 $0.30 $0.31 $0.31(c)Net realized and unrealized gain (loss) (0.30) 0.52 0.48 (0.25) (0.03) (0.17)

Total from investment operations $(0.21) $0.79 $0.79 $0.05 $0.28 $0.14

Less distributions declared to shareholders

From net investment income $— $(0.38) $(0.38) $(0.40) $(0.40) $(0.35)

Net asset value, end of period (x) $12.65 $12.86 $12.45 $12.04 $12.39 $12.51

Total return (%) (k)(r)(s)(x) (1.63)(n) 6.38 6.53 0.47 2.22 1.04(c)

Ratios (%) (to average net assets)and Supplemental data:

Expenses before expense reductions (f) 0.61(a) 0.61 0.60 0.60 0.60 0.57(c)Expenses after expense reductions (f) 0.59(a) 0.58 0.58 0.59 0.60 0.56(c)Net investment income (loss) 1.51(a) 2.11 2.53 2.45 2.45 2.40(c)Portfolio turnover 163(n) 154 47 35 24 48Net assets at end of period (000 omitted) $288,831 $290,413 $298,414 $310,387 $364,445 $388,457

Service ClassSix months

ended Year ended

6/30/21(unaudited)

12/31/20 12/31/19 12/31/18 12/31/17 12/31/16

Net asset value, beginning of period $12.79 $12.38 $11.96 $12.31 $12.42 $12.64

Income (loss) from investment operations

Net investment income (loss) (d) $0.08 $0.24 $0.28 $0.26 $0.27 $0.28(c)Net realized and unrealized gain (loss) (0.30) 0.52 0.48 (0.24) (0.02) (0.18)

Total from investment operations $(0.22) $0.76 $0.76 $0.02 $0.25 $0.10

Less distributions declared to shareholders

From net investment income $— $(0.35) $(0.34) $(0.37) $(0.36) $(0.32)

Net asset value, end of period (x) $12.57 $12.79 $12.38 $11.96 $12.31 $12.42

Total return (%) (k)(r)(s)(x) (1.72)(n) 6.12 6.35 0.17 2.03 0.68(c)

Ratios (%) (to average net assets)and Supplemental data:

Expenses before expense reductions (f) 0.86(a) 0.86 0.85 0.85 0.85 0.82(c)Expenses after expense reductions (f) 0.84(a) 0.83 0.83 0.84 0.85 0.81(c)Net investment income (loss) 1.25(a) 1.86 2.27 2.20 2.20 2.15(c)Portfolio turnover 163(n) 154 47 35 24 48Net assets at end of period (000 omitted) $160,262 $160,196 $164,201 $171,938 $212,050 $236,831



12

(a) Annualized.(c) Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance

would be lower and expenses would be higher.(d) Per share data is based on average shares outstanding.(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.(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.(n) Not annualized.(r) Certain expenses have been reduced without which performance would have been lower.(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.(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.



Financial Highlights - continued

13

NOTES TO FINANCIAL STATEMENTS (unaudited)(1) Business and Organization

MFS Government Securities Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust isorganized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as anopen-end management investment company. The shareholders of each series of the trust are separate accounts of insurancecompanies, 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 theFinancial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - InvestmentCompanies.

(2) Significant Accounting Policies

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

Certain of the fund’s investments, derivatives, debt and other contracts may be based on reference interest rates such as the LondonInterbank Offered Rate (“LIBOR”). In 2017, the regulatory authority that oversees financial services firms in the United Kingdomannounced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced theextension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the fullimpacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase involatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have anadverse impact on the fund’s performance. With respect to the fund’s accounting for investments, derivatives, debt and othercontracts that undergo reference rate-related modifications as a result of the transition, management will rely upon the reliefprovided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund todisregard the GAAP accounting requirements around certain contract modifications resulting from the LIBOR transition such that forcontracts considered in scope, the fund can account for those modified contracts as a continuation of the existing contracts.

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

Investment Valuations — Debt instruments and floating rate loans, including restricted debt instruments, are generally valued atan evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last postedsettlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were notrades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by athird-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices forthe time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investmentcompanies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of informationfrom a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricingservices can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, tradingcharacteristics, and other market data.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’sinvestments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If theadviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined ingood faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’svaluation policies and procedures, market quotations are not considered to be readily available for most types of debt instrumentsand floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information fromthird-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value


14

has been materially affected by events occurring after the close of the exchange or market on which the investment is principallytraded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of tradingof a specific security where trading does not resume prior to the close of the exchange or market on which the security is principallytraded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movementsof similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business andfinancial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what valueto fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending onthe source and method used to determine value. When fair valuation is used, the value of an investment used to determine thefund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fundcould obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determinesits 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 broadlevels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, aninvestment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair valuemeasurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requiresjudgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identicalassets 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 unobservable inputs, which may include the adviser’s ownassumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futurescontracts. The following is a summary of the levels used as of June 30, 2021 in valuing the fund’s assets or liabilities:

Financial Instruments Level 1 Level 2 Level 3 TotalU.S. Treasury Bonds & U.S. GovernmentAgencies & Equivalents $— $172,092,356 $— $172,092,356Non - U.S. Sovereign Debt — 1,498,289 — 1,498,289Municipal Bonds — 8,884,109 — 8,884,109U.S. Corporate Bonds — 6,482,936 — 6,482,936Residential Mortgage-Backed Securities — 210,301,048 — 210,301,048Commercial Mortgage-Backed Securities — 20,881,284 — 20,881,284Asset-Backed Securities (including CDOs) — 7,511,045 — 7,511,045Foreign Bonds — 580,282 — 580,282Mutual Funds 113,075,117 — — 113,075,117

Total $113,075,117 $428,231,349 $— $541,306,466

Other Financial InstrumentsFutures Contracts – Assets $204,006 $— $— $204,006Futures Contracts – Liabilities (438,176) — — (438,176)

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. Theprincipal value of these debt securities is adjusted through income according to changes in the Consumer Price Index. These debtsecurities typically pay a fixed rate of interest, but this fixed rate is applied to the inflation-adjusted principal amount. The principalpaid 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.

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 forhedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When thefund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivativeinstruments may be substantially greater than the derivative’s original cost.

The derivative instruments used by the fund during the period were futures contracts and forward foreign currency exchangecontracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with acounterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. Thefund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type offuture exceeds the daily limit set by the exchange. The fund’s period end derivatives, as presented in the Portfolio of Investments andthe associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.


Notes to Financial Statements (unaudited) - continued

15

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liabilitycomponents of derivatives held by the fund at June 30, 2021 as reported in the Statement of Assets and Liabilities:

Fair Value (a)

Risk Derivative Contracts Asset Derivatives Liability Derivatives

Interest Rate Interest Rate Futures $204,006 $(438,176)

(a) Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variationmargin for futures contracts is separately reported 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 sixmonths ended June 30, 2021 as reported in the Statement of Operations:

RiskFutures

Contracts

Interest Rate $669,898

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation onderivatives held by the fund for the six months ended June 30, 2021 as reported in the Statement of Operations:

RiskFutures

ContractsForward Foreign Currency Exchange

Contracts

Interest Rate $(415,744) $—Foreign Exchange — 311,559

Total $(415,744) $311,559

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

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

Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad marketexposure, interest rate exposure, or to manage duration. A futures contract represents a commitment for the future purchase or saleof 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 inan amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) aremade or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded forfinancial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain orloss on futures contracts is realized.



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The fund bears the risk of interest rates or securities prices moving unexpectedly, in which case, the fund may not achieve theanticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to thefund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is stillcounterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to counterparty credit risk is equalto 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 thepurchase or sale of a specific foreign currency at a fixed price on a future date. These contracts may be used to hedge the fund’scurrency risk or for non-hedging purposes. For hedging purposes, the fund may enter into contracts to deliver or receive foreigncurrency that the fund will receive from or use in its normal investment activities. The fund may also use contracts to hedge againstdeclines in the value of foreign currency denominated securities due to unfavorable exchange rate movements. For non-hedgingpurposes, the fund may enter into contracts with the intent of changing the relative exposure of the fund’s portfolio of securities todifferent currencies to take advantage of anticipated exchange rate changes.

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

Risks may arise upon entering into these contracts from unanticipated movements in the value of the contract and from the potentialinability of counterparties to meet the terms of their contracts. Generally, the fund’s maximum risk due to counterparty credit risk isthe unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for thecentralized settlement of foreign transactions. This risk is mitigated in cases where there is an ISDA Master Agreement between thefund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by thecounterparty 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 certainliabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, thefund enters into agreements with service providers that may contain indemnification clauses. The fund’s maximum exposure underthese 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 — Investment transactions are recorded on the trade date. Some securities may bepurchased or sold on an extended settlement basis, which means that the receipt or delivery of the securities by the fund and relatedpayments occur at a future date, usually beyond the customary settlement period. Interest income is recorded on the accrual basis.Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the securityon such date. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generallyaccepted accounting principles. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjustedupward or downward based on the rate of inflation. Interest is accrued based on the principal value, 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 ininterest 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 arereflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealizedgain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected asother income in the Statement of Operations.

The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the valueof the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether thereis a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may bedifficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as thoseissued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Governmentsecurities supported by the U.S. Treasury, such as those issued by Ginnie Mae.

The fund may purchase or sell mortgage-backed securities on a “To Be Announced” (TBA) basis. A TBA transaction is subject toextended settlement and typically does not designate the actual security to be delivered, but instead includes an approximateprincipal amount. The price of the TBA security and the date that it will be settled are fixed at the time the transaction is negotiated.The value of the security varies with market fluctuations and no interest accrues to the fund until settlement takes place. TBApurchase and sale commitments are held at carrying amount, which approximates fair value and are categorized as level 2 within the



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fair value hierarchy and included in TBA purchase and TBA sale commitments in the Statement of Assets and Liabilities. Losses mayarise as a result of changes in the value of the TBA investment prior to settlement date or due to counterparty non-performance. Atthe time that it enters into a TBA transaction, the fund is required to have sufficient cash and/or liquid securities to cover itscommitments.

The fund may also enter into mortgage dollar rolls, typically TBA dollar rolls, in which the fund sells TBA mortgage-backed securitiesto financial institutions and simultaneously agrees to repurchase similar (same issuer, type and coupon) securities at a later date at anagreed-upon price. During the period between the sale and repurchase, the fund will not be entitled to receive interest and principalpayments on the securities sold. The fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses onthese transactions. Dollar roll transactions involve the risk that the market value of the securities that the fund is required to purchasemay decline below the agreed upon repurchase price of those securities.

To mitigate the counterparty credit risk on TBA transactions, mortgage dollar rolls, and other types of forward settlingmortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities ForwardTransaction Agreement (“MSFTA”) on a bilateral basis with each of the counterparties with whom it undertakes a significant volumeof transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement ifthere is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, thenon-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under eachtransaction to one net amount payable by one party to the other. This right to close out and net payments across all transactionstraded under the MSFTA could result in a reduction of the fund’s credit risk to such counterparty equal to any amounts payable bythe fund under the applicable transactions, if any.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contractspecific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one partyto the other to collateralize such obligations. Cash that has been pledged to cover the fund’s collateral or margin obligations under aMSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateralor 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 Mof the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision forfederal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal RevenueService for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all opentax 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. Foreignincome taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund onsecurities 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 inaccordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capitalaccounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Theseadjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certainitems of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in thefuture.

Book/tax differences primarily relate to amortization and accretion of debt securities and wash sale loss deferrals.

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

Year ended12/31/20

Ordinary income (including any short-term capital gains) $12,348,081

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



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As of 6/30/21

Cost of investments $527,131,917

Gross appreciation 14,966,232Gross depreciation (791,683)

Net unrealized appreciation (depreciation) $14,174,549As of 12/31/20Undistributed ordinary income 9,419,231Capital loss carryforwards (25,119,051)Other temporary differences 347,275Net unrealized appreciation (depreciation) 26,842,359

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

As of December 31, 2020, the fund had capital loss carryforwards available to offset future realized gains. These net capital lossesmay be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses arecharacterized as follows:

Short-Term $(20,788,518)Long-Term (4,330,533)

Total $(25,119,051)

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

Six months ended6/30/21

Year ended12/31/20

Initial Class $— $8,352,164Service Class — 3,995,917

Total $— $12,348,081

(3) Transactions with Affiliates

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

Up to $1 billion 0.55%In excess of $1 billion 0.50%

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholdsagreed to by MFS and the fund’s Board of Trustees. For the six months ended June 30, 2021, this management fee reductionamounted to $26,610, which is included in the reduction of total expenses in the Statement of Operations. The management feeincurred for the six months ended June 30, 2021 was equivalent to an annual effective rate of 0.54% of the fund’s average daily netassets.

The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes,extraordinary expenses, brokerage and transaction costs, and investment-related expenses, such that total annual operating expensesdo not exceed 0.58% of average daily net assets for the Initial Class shares and 0.83% of average daily net assets for the ServiceClass shares. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue atleast until undefined. For the six months ended June 30, 2021, this reduction amounted to $30,404, which is included in thereduction 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. TheTrustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of1940.



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The fund’s distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of itsaverage daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred byMFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity andvariable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of theseparticipating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares. MFDmay subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.

Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fundfor its services as shareholder servicing agent. For the six months ended June 30, 2021, the fee was $4,209, which equated to0.0019% annually of the fund’s average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocketexpenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2021, these costs amounted to $229.

Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative servicesto the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. Thefund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services feeincurred for the six months ended June 30, 2021 was equivalent to an annual effective rate of 0.0153% of the fund’s average dailynet 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. The fund does not pay compensation directlyto Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS fortheir 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 incomeconsistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incurinvestment and operating costs.

(4) Portfolio Securities

For the six months ended June 30, 2021, purchases and sales of investments, other than short-term obligations, were as follows:

Purchases Sales

U.S. Government securities $683,954,385 $675,311,213Non-U.S. Government securities 14,893,198 14,089,602

(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 ended12/31/20

Shares Amount Shares Amount

Shares soldInitial Class 1,226,325 $15,654,261 2,525,329 $33,014,801Service Class 1,107,159 13,885,672 2,337,906 30,171,357

2,333,484 $29,539,933 4,863,235 $63,186,158Shares issued to shareholdersin reinvestment of distributions

Initial Class — $— 649,974 $8,352,164Service Class — — 312,425 3,995,917

— $— 962,399 $12,348,081Shares reacquired

Initial Class (973,544) $(12,338,379) (4,567,529) $(58,895,260)Service Class (876,382) (11,016,758) (3,392,174) (43,548,795)

(1,849,926) $(23,355,137) (7,959,703) $(102,444,055)



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Year ended12/31/20

Shares Amount Shares Amount

Net changeInitial Class 252,781 $3,315,882 (1,392,226) $(17,528,295)Service Class 230,777 2,868,914 (741,843) (9,381,521)

483,558 $6,184,796 (2,134,069) $(26,909,816)

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying fundsfor the purpose of exercising management or control. At the end of the period, the MFS Moderate Allocation Portfoio and theMFS Conservative Allocation Portfolio were the owners of record of approximately 31% and 9%, respectively, of the value ofoutstanding voting shares of the fund.

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit of which$1 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 banksunder a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on itsborrowings, generally at a rate equal to the highest of one month LIBOR, the Federal Funds Effective Rate and the Overnight BankFunding Rate, plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line ofcredit, is allocated among the participating funds. In addition, the fund and other funds managed by MFS have establishedunsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund,based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30,2021, the fund’s commitment fee and interest expense were $780 and $0, respectively, and are included in “Miscellaneous” expensein 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 companywhich is under common control. For the purposes of this report, the following were affiliated issuers:

Affiliated IssuersBeginning

Value PurchasesSales

Proceeds

RealizedGain

(Loss)

Change inUnrealized

Appreciationor

DepreciationEnding

Value

MFS Institutional Money MarketPortfolio $36,456,029 $156,750,680 $80,131,592 $— $— $113,075,117

Affiliated IssuersDividend

IncomeCapital Gain

Distributions

MFS Institutional Money Market Portfolio $25,581 $—

(8) Impacts of COVID-19

The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, hasresulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries,the financial performance of individual companies and sectors, and the securities and commodities markets in general. Multiplesurges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the viruscontinue to create uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the pricesand liquidity of the fund’s investments and the fund’s performance.



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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

The fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under theInvestment Company Act of 1940, as amended. The fund’s Board of Trustees (the “Board”) has designated MFS as the administratorof the Program. The Program is reasonably designed to assess and manage the liquidity risk of the fund. Liquidity risk is the risk thatthe fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests.

MFS provided a written report to the Board for consideration at its April 2021 meeting that addressed the operation of the Programand provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2020 toDecember 31, 2020 (the “Covered Period”). The report concluded that during the Covered Period the Program had operatedeffectively and had adequately and effectively been implemented to assess and manage the fund’s liquidity risk. MFS also reportedthat there were no liquidity events that impacted the fund or its ability to timely meet redemptions without dilution to existingshareholders during the Covered Period.

There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and otherprincipal risks to which an investment in the fund may be subject, can be found in the prospectus.


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PROXY VOTING POLICIES AND INFORMATIONMFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, uponrequest, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period endedJune 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site athttp://www.sec.gov.

QUARTERLY PORTFOLIO DISCLOSUREThe fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibitto its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s Web site at http://www.sec.gov. Ashareholder can obtain the portfolio holdings report for the first and third quarters of the fund’s fiscal year at mfs.com/vit2 bychoosing the fund’s name and then scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.

FURTHER INFORMATIONFrom time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (mfs.com). Thisinformation is available at https://www.mfs.com/announcements or at mfs.com/vit2 by choosing the fund’s name and then scrollingto the “Resources” section and clicking on the “Announcements” tab, if any.

INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMSThe fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicingagent, 529 program manager (if applicable), and custodian who each provide services to the fund. Unless expressly stated otherwise,shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements arenot intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them againstthe service providers, either directly or on behalf of the fund.

Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claimsagainst Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.


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Date post:	03-Jan-2022
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MFS Government Securities Portfolio

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