6 9

Research International Portfolio

$ 19.81
$0.10 As of 06/12/25
$517M
As of 05/31/25

Research International Portfolio

$0.10 As of 06/12/25
As of 05/31/25
$ 19.81
$0.10 As of 06/12/25
$517M
As of 05/31/25

Investment Objective

Seeks capital appreciation.

Investment Focus

Analyst-run, core international stock fund

Broadly diversified by sector, invests across regions, industries, styles, and market capitalizations

Company specific stock selection, not country specific

Fund Information

  • Fund Commencement 05/06/1998
  • Net Assets ($ M) As of 05/31/25 $517.60
  • Benchmark
    MSCI EAFE (Europe, Australasia, Far East) Index measures the non-US stock market.
    MSCI EAFE (Europe, Australasia, Far East) Index (net div)

Share Class Information

  • Class Inception 05/06/1998
  • Net Asset Value (NAV) As of 06/12/25 $19.81
  • Most Recent NAV Change As of 06/12/25 $0.10 | 0.51%
  • CUSIP 55274F356
  • Gross Expense Ratio

    Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
    0.97%
  • Net Expense Ratio

    Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.


    These reductions will continue until at least 04/30/26
    0.89%

Managers

Team of Investment Professionals

Team of Investment Professionals
John Mahoney, CFA

John Mahoney, CFA

General Oversight

1 YEAR WITH PORTFOLIO

Nicholas Paul, CFA

Nicholas Paul, CFA

General Oversight

2 YEARS WITH PORTFOLIO

Top 10 Holdings

As of 05/31/25

  • Schneider Electric SE
  • Roche Holding AG
  • Linde PLC
  • Hitachi Ltd
  • Nestle SA
  • NatWest Group PLC
  • Euronext NV
  • Barclays PLC
  • Novo Nordisk AS
  • BNP Paribas SA
Full and Historical Holdings
The portfolio is actively managed, and current holdings may be different.

Important Risk Considerations

The portfolio may not achieve its objective and/or you could lose money on your investment in the portfolio.

Stock: Stock markets and investments in individual stocks are volatile and can decline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions.

International: Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.

Please see the prospectus for further information on these and other risk considerations.

Performance

Collapse Expand
Average Annual Total Returns

Average Annual Total Returns (%)

These results represent the percent change in net asset value.
Monthly | Quarterly

As of 03/31/25

(*YTD Updated Daily, As of 06/12/25 , subject to revision and not annualized.)

    Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your units, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.

    MORNINGSTAR RATING
    Morningstar View Overall Morningstar Ratings Information
    OVERALL
    Out Of Funds
    NA
    OVERALL MORNINGSTAR RATING
    NA
    THREE YEAR
    Out Of Funds
    NA
    FIVE YEAR
    Out Of Funds
    NA
    TEN YEAR
    Out Of Funds
    NA

    Important Performance Information

    Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the portfolios' performance results would be less favorable. All results assume the reinvestment of dividends and capital gains.

    The returns for the portfolio shown 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 insurance company separate accounts. Such expenses would reduce the overall returns shown. Please refer to the variable product's annual report for performance that reflects the deduction of the fees and charges imposed by insurance company separate accounts.

    Withdrawals of taxable amounts from variable annuity contracts prior to age 59½ may be subject to an additional 10% federal tax penalty as well as income tax. Amounts withdrawn from a variable insurance contract will reduce the death benefit and withdrawals of earnings will be subject to income tax.

    Prior to January 1, 2008, the MFS® Variable Insurance Trust II portfolios were formerly known as the MFS®Sun Life Series Trusts.

    Sales Charges

    Initial Class shares have no sales charge.

    No representation is made, and no assurance can be given, that any investment's results will be comparable to the investment results of any other product with similar investment objectives and policies, including products with the same investment professional or manager. Differences in portfolio size, investments held, contract and portfolio expenses, and other factors can be expected to affect performance.

    A Word About Variable Products

    Issued by insurance companies, variable annuity and variable life insurance contracts allow investors to accumulate money on a tax deferred basis for long-term financial goals. Mortality and expense charges (which compensate the insurance company for insurance risks it assumes under the contract), surrender charges (typically levied if a contract holder cancels it within a certain period following initial purchase), and an annual maintenance charge are among the fees typically associated with these types of variable products.
    Also keep in mind that any income guarantees are subject to the claims-paying ability of the issuing insurance company, and that contract owners have options when a contract's payout phase begins. Generally, investors may take their money in a lump sum, make discretionary or systematic distributions, or they can annuitize.
    Please refer investors to your variable annuity or life insurance contract as well as the underlying fund prospectus(es) for more detailed information and other important considerations, which should be read carefully before investing.

    Annual Rate of Return

    Annual Rate of Return (%)

    As of 12/31/24

    |

    Benchmark: MSCI EAFE (Europe, Australasia, Far East) Index (net div)

    annual rate of return table
    2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
    At NAV -1.96 -0.70 28.29 -14.12 28.04 12.95 11.57 -17.58 13.01 3.09
    MSCI EAFE (Europe, Australasia, Far East) Index (net div) -0.81 1.00 25.03 -13.79 22.01 7.82 11.26 -14.45 18.24 3.82
    At NAV MSCI EAFE (Europe, Australasia, Far East) Index (net div)
    2024 3.09 3.82
    2023 13.01 18.24
    2022 -17.58 -14.45
    2021 11.57 11.26
    2020 12.95 7.82
    2019 28.04 22.01
    2018 -14.12 -13.79
    2017 28.29 25.03
    2016 -0.7 1.0
    2015 -1.96 -0.81
    Pricing & Distributions

    Pricing History

    • NAV at Close of Trading on:  06/12/25
    • Net Asset Value (NAV):  $19.81
    • Change ($) (since 06/11/25 ):  0.10
    • Change (%) (since 06/11/25 ):  0.51
    • Market Price (MP): 
    Maximum data displayed is for the most recent 10 years
    Historical NAV Lookup
    Enter date for which you wish to obtain a Historical NAV for this fund

    Historical NAV may not be available for all dates.

    Historical MP Lookup
    Enter date for which you wish to obtain a Historical MP for this fund

    Historical MP may not be available for all dates.

    Historical Exit Price Table
    NAV at Close of Trading on Net Asset Value (NAV)
    No Data Available
    Performance Attribution

    Performance Attribution

    Guide

    Available approximately 15 or 25 days after month end

    Quarterly Attribution

    Available approximately 25 days after quarter end

    Year To Date (YTD)
    12 Month Attribution

    Calendar Year

    Portfolio & Holdings Information
    Portfolio characteristic data are based on unaudited net assets.

    The portfolio is actively managed, and current holdings may be different.

    Collapse Expand
    Sector, Holding & Characterstics

    Largest Sector Weights

    As of 05/31/25

    The sectors described and the associated portfolio composition are based on MFS' own sector classification methodology which differs from industry classification standards, including the standard that is associated with the benchmark composition presented. The variance in sector weights between the portfolio and the benchmark would be different if an industry classification standard was used.  

    Map represents sectors greater than 5%.

    Holding Characteristics

    Weighted average price/earnings (P/E) ratio is the ratio of the current price of a stock to an estimate of forward 12 month earnings; P/E ex-negatives ratio is an exposure-weighted average of the P/E ratios of the securities held, excluding companies with projected negative earnings.

    Weighted Average Price/Cash Flow: Price-to-cash-flow is the ratio of a stock's price to its per-share cash earnings.

    Price/Sales Ratio (P/S) is the ratio of a stock's price to its per-share sales.

    Price/Book ratio (P/B) is the ratio of a stock's price to its book value per share.

    Weighted Average IBES Long Term EPS Growth is the weighted average forecast, by sell side analysts of how much a company's net income will grow over the long-term (typically 3-5 years). The forecast is derived from all polled analysts' estimates. Source FactSet. 

    Weighted Average Market Cap: Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current market price of a share.

    Weighted Median Market Cap: Weighted Median Market Cap is the Market Capitalization of the firm defined by the median dollar within the distribution of the market capitalization of all companies in the index or portfolio. It is calculated from a running total of market capitalizations from smallest company to largest. The Market Capitalization of the firm that sorts the total dollar value of all market capitalizations into two equal portions defines the value.

    As of 05/31/25

    Data table of holding characteristics
    characterstics Equity Earning
    Weighted Average Price/Earnings (next 12 months) 15.46x
    Weighted Average Price/Cash Flow 11.65x
    Weighted Average Price/Sales 1.68x
    Weighted Average Price/Book 2.26x
    Weighted Average IBES Long Term EPS Growth 9.61%
    Weighted Average Market Cap $100.3b
    Weighted Median Market Cap $57.2b
    Number of Issues 112
    Active Share

    Active share is calculated by taking the absolute value of the difference between each issuer's weighting in the index and its weighting in the portfolio, summing, then dividing by two. The higher the number, the more the weights differ from those of the benchmark.
    		77.14%
    Portfolio Turnover

    Turnover Ratio is the percentage of a portfolio's securities that have changed over the course of a year: (lesser of purchases or sales)/average market value.
    		28.89%
    % in Stocks 97.95%
    % Cash & Cash Equivalents 2.05%
    % in Top Ten 22.29%

    Performance Statistics

    Alpha is a measure of the portfolio's risk-adjusted performance. When compared to the portfolio's beta, a positive alpha indicates better-than-expected portfolio performance and a negative indicates alpha worse-than-expected portfolio performance.

    Beta is a measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market. It is most reliable as a risk measure when the return fluctuations of the portfolio are highly correlated with the return fluctuations of the index chosen to represent the market.

    Information ratio is a measure of consistency in excess return. It is calculated by taking the annualized excess return over a benchmark and dividing it by the annualized standard deviation of excess return.

    R squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market.  Index portfolios will tend to have values very close to 100.  R squared is not a measure of performance.

    The Sharpe Ratio is a risk-adjusted measure calculated to determine reward per unit of risk. It uses a standard deviation and excess return. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance.

    Standard Deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 monthly returns. The larger the portfolio's standard deviation, the greater the portfolio's volatility.

    Tracking error is the standard deviation of a portfolio's excess returns. Excess returns are a portfolio's return minus the benchmark's annualized return.

    Treynor Ratio: Treynor Ratio is a risk adjusted measure of performance. It is the ratio of the annualized excess return of the portfolio over the risk free rate for a given period divided by the Beta of the portfolio versus its benchmark for the same period. It measures the amount of excess return over the risk free rate earned per unit of systematic risk (beta) assumed.

    Upside and downside capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. Upside capture ratio for a portfolio is calculated by taking the portfolio's return during periods when the benchmark had a positive return and dividing it by the benchmark return during that same period. Downside capture ratio is calculated by taking the portfolio's return during the periods of negative benchmark performance and dividing it by the benchmark return for that period.

    Updated Monthly As of 05/31/25

    Benchmark
    MSCI EAFE (Europe, Australasia, Far East) Index (net div)
    Performance Statistics Table
    10 Yr. 5 Yr. 3 Yr.
    Alpha -0.13 -1.82 -2.82
    Beta 0.94 0.95 0.98
    R-squared 95.37 94.87 96.24
    Standard Deviation % 14.75 15.66 16.55
    Sharpe Ratio 0.24 0.39 0.21
    Tracking Error 3.29 3.64 3.22
    Information Ratio -0.14 -0.72 -1.04
    Treynor Ratio 3.80 6.38 3.59
    Downside Capture % 98.03 104.94 103.69
    Upside Capture % 96.55 94.50 91.85

    Top 10 Holdings

    As of 05/31/25

    • Schneider Electric SE
    • Roche Holding AG
    • Linde PLC
    • Hitachi Ltd
    • Nestle SA
    • NatWest Group PLC
    • Euronext NV
    • Barclays PLC
    • Novo Nordisk AS
    • BNP Paribas SA

    Full and Historical Holdings

    The portfolio is actively managed, and current holdings may be different.

    Type Of Holdings (%)

    As of 05/31/25

    Sector Weights (%)

    As of 05/31/25

    •  % Assets
    • Financial Services
      24.95
    • Capital Goods
      23.77
    • Technology
      11.65
    • Health Care
      10.42
    • Consumer Cyclicals
      8.61
    • Consumer Staples
      7.33
    • Energy
      6.46
    • Communication Services
      4.77
    • Cash & Cash Equivalents
      2.05
    • Other1
      0.01

    The sectors described and the associated portfolio composition are based on MFS' own sector classification methodology which differs from industry classification standards, including the standard that is associated with the benchmark composition presented. The variance in sector weights between the portfolio and the benchmark would be different if an industry classification standard was used.  

    Region & Country

    Region & Country

    As of 05/31/25

    Region & Country Table
    Region & Country % Assets
    Europe ex-U.K.

    11 Countries

    43.56
    Japan

    1 Countries

    18.50
    United Kingdom

    1 Countries

    14.93
    North America

    2 Countries

    10.44
    Emerging Markets

    7 Countries

    6.03
    Asia/Pacific ex-Japan

    2 Countries

    4.47
    Cash & Cash Equivalents

    1 Countries

    2.05
    Other1

    1 Countries

    0.01
    By Country Table
    By Country

    Top Country Weightings (%)

    As of 05/31/25

    • Japan
      18.50
    • United Kingdom
      14.93
    • France
      14.09
    • Switzerland
      8.19
    • United States
      7.88
    • Germany
      5.86
    • Netherlands
      5.77
    • Canada
      2.57
    • Australia
      2.50
    • Denmark
      2.31
    Important Characteristics Information
    The portfolio is actively managed, and current holdings may be different.

    Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.

    *Short positions, unlike long positions, lose value if the underlying asset gains value.

    1Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.

    Fees

    • 0.89

      % Net Expense Ratio

      Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.


      These reductions will continue until at least 04/30/26
    • 0.97

      % Gross Expense Ratio

      Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.

    Resources

    Collapse Expand
    Product Resources

    Fact Sheets are available approximately 15 days after quarter end.


    Quarterly Portfolio Review is available approximately 25 days after quarter end.


    Full Holdings available approximately 19 or 24 days after month end.


    Performance Attribution available approximately 15 or 25 days after month end.
    Prospectuses & SAIs
    Shareholder Reports

    Shareholder Reports

    Click here to access the following:
    • Semiannual Report
    • Annual Report
    • Financial and Other information
    • First Quarter Holdings
    • Third Quarter Holdings
    This website is a general communication and is provided for informational and/or educational purposes only. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.

    Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus, or summary prospectus if available, containing this and other information contact the issuing insurance company. Read the prospectus carefully before you invest.

    MFS registered investment products are offered through MFS® Fund Distributors, Inc., Member SIPC, 111 Huntington Avenue, Boston, MA 02199.

    • Overview

      Investment Objective

      Seeks capital appreciation.

      Investment Focus

      Analyst-run, core international stock fund

      Broadly diversified by sector, invests across regions, industries, styles, and market capitalizations

      Company specific stock selection, not country specific

      Fund Information

      • Fund Commencement 05/06/1998
      • Net Assets ($ M) As of 05/31/25 $517.60
      • Benchmark
        MSCI EAFE (Europe, Australasia, Far East) Index measures the non-US stock market.
        MSCI EAFE (Europe, Australasia, Far East) Index (net div)

      Share Class Information

      • Class Inception 05/06/1998
      • Net Asset Value (NAV) As of 06/12/25 $19.81
      • Most Recent NAV Change As of 06/12/25 $0.10 | 0.51%
      • CUSIP 55274F356
      • Gross Expense Ratio

        Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
        0.97%
      • Net Expense Ratio

        Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.


        These reductions will continue until at least 04/30/26
        0.89%

      Managers

      Team of Investment Professionals

      Team of Investment Professionals
      John Mahoney, CFA

      John Mahoney, CFA

      General Oversight

      1 YEAR WITH PORTFOLIO

      Nicholas Paul, CFA

      Nicholas Paul, CFA

      General Oversight

      2 YEARS WITH PORTFOLIO

      Top 10 Holdings

      As of 05/31/25

      • Schneider Electric SE
      • Roche Holding AG
      • Linde PLC
      • Hitachi Ltd
      • Nestle SA
      • NatWest Group PLC
      • Euronext NV
      • Barclays PLC
      • Novo Nordisk AS
      • BNP Paribas SA
      Full and Historical Holdings
      The portfolio is actively managed, and current holdings may be different.

      Important Risk Considerations

      The portfolio may not achieve its objective and/or you could lose money on your investment in the portfolio.

      Stock: Stock markets and investments in individual stocks are volatile and can decline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions.

      International: Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.

      Please see the prospectus for further information on these and other risk considerations.

    • Performance

      Performance

      Collapse Expand
      Average Annual Total Returns

      Average Annual Total Returns (%)

      These results represent the percent change in net asset value.
      Monthly | Quarterly

      As of 03/31/25

      (*YTD Updated Daily, As of 06/12/25 , subject to revision and not annualized.)

        Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your units, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.

        MORNINGSTAR RATING
        Morningstar View Overall Morningstar Ratings Information
        OVERALL
        Out Of Funds
        NA
        OVERALL MORNINGSTAR RATING
        NA
        THREE YEAR
        Out Of Funds
        NA
        FIVE YEAR
        Out Of Funds
        NA
        TEN YEAR
        Out Of Funds
        NA

        Important Performance Information

        Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the portfolios' performance results would be less favorable. All results assume the reinvestment of dividends and capital gains.

        The returns for the portfolio shown 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 insurance company separate accounts. Such expenses would reduce the overall returns shown. Please refer to the variable product's annual report for performance that reflects the deduction of the fees and charges imposed by insurance company separate accounts.

        Withdrawals of taxable amounts from variable annuity contracts prior to age 59½ may be subject to an additional 10% federal tax penalty as well as income tax. Amounts withdrawn from a variable insurance contract will reduce the death benefit and withdrawals of earnings will be subject to income tax.

        Prior to January 1, 2008, the MFS® Variable Insurance Trust II portfolios were formerly known as the MFS®Sun Life Series Trusts.

        Sales Charges

        Initial Class shares have no sales charge.

        No representation is made, and no assurance can be given, that any investment's results will be comparable to the investment results of any other product with similar investment objectives and policies, including products with the same investment professional or manager. Differences in portfolio size, investments held, contract and portfolio expenses, and other factors can be expected to affect performance.

        A Word About Variable Products

        Issued by insurance companies, variable annuity and variable life insurance contracts allow investors to accumulate money on a tax deferred basis for long-term financial goals. Mortality and expense charges (which compensate the insurance company for insurance risks it assumes under the contract), surrender charges (typically levied if a contract holder cancels it within a certain period following initial purchase), and an annual maintenance charge are among the fees typically associated with these types of variable products.
        Also keep in mind that any income guarantees are subject to the claims-paying ability of the issuing insurance company, and that contract owners have options when a contract's payout phase begins. Generally, investors may take their money in a lump sum, make discretionary or systematic distributions, or they can annuitize.
        Please refer investors to your variable annuity or life insurance contract as well as the underlying fund prospectus(es) for more detailed information and other important considerations, which should be read carefully before investing.

        Annual Rate of Return

        Annual Rate of Return (%)

        As of 12/31/24

        |

        Benchmark: MSCI EAFE (Europe, Australasia, Far East) Index (net div)

        annual rate of return table
        2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
        At NAV -1.96 -0.70 28.29 -14.12 28.04 12.95 11.57 -17.58 13.01 3.09
        MSCI EAFE (Europe, Australasia, Far East) Index (net div) -0.81 1.00 25.03 -13.79 22.01 7.82 11.26 -14.45 18.24 3.82
        At NAV MSCI EAFE (Europe, Australasia, Far East) Index (net div)
        2024 3.09 3.82
        2023 13.01 18.24
        2022 -17.58 -14.45
        2021 11.57 11.26
        2020 12.95 7.82
        2019 28.04 22.01
        2018 -14.12 -13.79
        2017 28.29 25.03
        2016 -0.7 1.0
        2015 -1.96 -0.81
        Pricing & Distributions

        Pricing History

        • NAV at Close of Trading on:  06/12/25
        • Net Asset Value (NAV):  $19.81
        • Change ($) (since 06/11/25 ):  0.10
        • Change (%) (since 06/11/25 ):  0.51
        • Market Price (MP): 
        Maximum data displayed is for the most recent 10 years
        Historical NAV Lookup
        Enter date for which you wish to obtain a Historical NAV for this fund

        Historical NAV may not be available for all dates.

        Historical MP Lookup
        Enter date for which you wish to obtain a Historical MP for this fund

        Historical MP may not be available for all dates.

        Historical Exit Price Table
        NAV at Close of Trading on Net Asset Value (NAV)
        No Data Available
        Performance Attribution

        Performance Attribution

        Guide

        Available approximately 15 or 25 days after month end

        Quarterly Attribution

        Available approximately 25 days after quarter end

        Year To Date (YTD)
        12 Month Attribution

        Calendar Year

      • Portfolio & Holdings Information

        Portfolio & Holdings Information
        Portfolio characteristic data are based on unaudited net assets.

        The portfolio is actively managed, and current holdings may be different.

        Collapse Expand
        Sector, Holding & Characterstics

        Largest Sector Weights

        As of 05/31/25

        The sectors described and the associated portfolio composition are based on MFS' own sector classification methodology which differs from industry classification standards, including the standard that is associated with the benchmark composition presented. The variance in sector weights between the portfolio and the benchmark would be different if an industry classification standard was used.  

        Map represents sectors greater than 5%.

        Holding Characteristics

        Weighted average price/earnings (P/E) ratio is the ratio of the current price of a stock to an estimate of forward 12 month earnings; P/E ex-negatives ratio is an exposure-weighted average of the P/E ratios of the securities held, excluding companies with projected negative earnings.

        Weighted Average Price/Cash Flow: Price-to-cash-flow is the ratio of a stock's price to its per-share cash earnings.

        Price/Sales Ratio (P/S) is the ratio of a stock's price to its per-share sales.

        Price/Book ratio (P/B) is the ratio of a stock's price to its book value per share.

        Weighted Average IBES Long Term EPS Growth is the weighted average forecast, by sell side analysts of how much a company's net income will grow over the long-term (typically 3-5 years). The forecast is derived from all polled analysts' estimates. Source FactSet. 

        Weighted Average Market Cap: Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current market price of a share.

        Weighted Median Market Cap: Weighted Median Market Cap is the Market Capitalization of the firm defined by the median dollar within the distribution of the market capitalization of all companies in the index or portfolio. It is calculated from a running total of market capitalizations from smallest company to largest. The Market Capitalization of the firm that sorts the total dollar value of all market capitalizations into two equal portions defines the value.

        As of 05/31/25

        Data table of holding characteristics
        characterstics Equity Earning
        Weighted Average Price/Earnings (next 12 months) 15.46x
        Weighted Average Price/Cash Flow 11.65x
        Weighted Average Price/Sales 1.68x
        Weighted Average Price/Book 2.26x
        Weighted Average IBES Long Term EPS Growth 9.61%
        Weighted Average Market Cap $100.3b
        Weighted Median Market Cap $57.2b
        Number of Issues 112
        Active Share

        Active share is calculated by taking the absolute value of the difference between each issuer's weighting in the index and its weighting in the portfolio, summing, then dividing by two. The higher the number, the more the weights differ from those of the benchmark.
        		77.14%
        Portfolio Turnover

        Turnover Ratio is the percentage of a portfolio's securities that have changed over the course of a year: (lesser of purchases or sales)/average market value.
        		28.89%
        % in Stocks 97.95%
        % Cash & Cash Equivalents 2.05%
        % in Top Ten 22.29%

        Performance Statistics

        Alpha is a measure of the portfolio's risk-adjusted performance. When compared to the portfolio's beta, a positive alpha indicates better-than-expected portfolio performance and a negative indicates alpha worse-than-expected portfolio performance.

        Beta is a measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market. It is most reliable as a risk measure when the return fluctuations of the portfolio are highly correlated with the return fluctuations of the index chosen to represent the market.

        Information ratio is a measure of consistency in excess return. It is calculated by taking the annualized excess return over a benchmark and dividing it by the annualized standard deviation of excess return.

        R squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market.  Index portfolios will tend to have values very close to 100.  R squared is not a measure of performance.

        The Sharpe Ratio is a risk-adjusted measure calculated to determine reward per unit of risk. It uses a standard deviation and excess return. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance.

        Standard Deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 monthly returns. The larger the portfolio's standard deviation, the greater the portfolio's volatility.

        Tracking error is the standard deviation of a portfolio's excess returns. Excess returns are a portfolio's return minus the benchmark's annualized return.

        Treynor Ratio: Treynor Ratio is a risk adjusted measure of performance. It is the ratio of the annualized excess return of the portfolio over the risk free rate for a given period divided by the Beta of the portfolio versus its benchmark for the same period. It measures the amount of excess return over the risk free rate earned per unit of systematic risk (beta) assumed.

        Upside and downside capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. Upside capture ratio for a portfolio is calculated by taking the portfolio's return during periods when the benchmark had a positive return and dividing it by the benchmark return during that same period. Downside capture ratio is calculated by taking the portfolio's return during the periods of negative benchmark performance and dividing it by the benchmark return for that period.

        Updated Monthly As of 05/31/25

        Benchmark
        MSCI EAFE (Europe, Australasia, Far East) Index (net div)
        Performance Statistics Table
        10 Yr. 5 Yr. 3 Yr.
        Alpha -0.13 -1.82 -2.82
        Beta 0.94 0.95 0.98
        R-squared 95.37 94.87 96.24
        Standard Deviation % 14.75 15.66 16.55
        Sharpe Ratio 0.24 0.39 0.21
        Tracking Error 3.29 3.64 3.22
        Information Ratio -0.14 -0.72 -1.04
        Treynor Ratio 3.80 6.38 3.59
        Downside Capture % 98.03 104.94 103.69
        Upside Capture % 96.55 94.50 91.85

        Top 10 Holdings

        As of 05/31/25

        • Schneider Electric SE
        • Roche Holding AG
        • Linde PLC
        • Hitachi Ltd
        • Nestle SA
        • NatWest Group PLC
        • Euronext NV
        • Barclays PLC
        • Novo Nordisk AS
        • BNP Paribas SA

        Full and Historical Holdings

        The portfolio is actively managed, and current holdings may be different.

        Type Of Holdings (%)

        As of 05/31/25

        Sector Weights (%)

        As of 05/31/25

        •  % Assets
        • Financial Services
          24.95
        • Capital Goods
          23.77
        • Technology
          11.65
        • Health Care
          10.42
        • Consumer Cyclicals
          8.61
        • Consumer Staples
          7.33
        • Energy
          6.46
        • Communication Services
          4.77
        • Cash & Cash Equivalents
          2.05
        • Other1
          0.01

        The sectors described and the associated portfolio composition are based on MFS' own sector classification methodology which differs from industry classification standards, including the standard that is associated with the benchmark composition presented. The variance in sector weights between the portfolio and the benchmark would be different if an industry classification standard was used.  

        Region & Country

        Region & Country

        As of 05/31/25

        Region & Country Table
        Region & Country % Assets
        Europe ex-U.K.

        11 Countries

        43.56
        Japan

        1 Countries

        18.50
        United Kingdom

        1 Countries

        14.93
        North America

        2 Countries

        10.44
        Emerging Markets

        7 Countries

        6.03
        Asia/Pacific ex-Japan

        2 Countries

        4.47
        Cash & Cash Equivalents

        1 Countries

        2.05
        Other1

        1 Countries

        0.01
        By Country Table
        By Country

        Top Country Weightings (%)

        As of 05/31/25

        • Japan
          18.50
        • United Kingdom
          14.93
        • France
          14.09
        • Switzerland
          8.19
        • United States
          7.88
        • Germany
          5.86
        • Netherlands
          5.77
        • Canada
          2.57
        • Australia
          2.50
        • Denmark
          2.31
        Important Characteristics Information
        The portfolio is actively managed, and current holdings may be different.

        Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.

        *Short positions, unlike long positions, lose value if the underlying asset gains value.

        1Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
      • Fees

        Fees

        • 0.89

          % Net Expense Ratio

          Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.


          These reductions will continue until at least 04/30/26
        • 0.97

          % Gross Expense Ratio

          Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
      • Resources

        Resources

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        Product Resources

        Fact Sheets are available approximately 15 days after quarter end.


        Quarterly Portfolio Review is available approximately 25 days after quarter end.


        Full Holdings available approximately 19 or 24 days after month end.


        Performance Attribution available approximately 15 or 25 days after month end.
        Prospectuses & SAIs
        Shareholder Reports

        Shareholder Reports

        Click here to access the following:
        • Semiannual Report
        • Annual Report
        • Financial and Other information
        • First Quarter Holdings
        • Third Quarter Holdings
        This website is a general communication and is provided for informational and/or educational purposes only. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.

        Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus, or summary prospectus if available, containing this and other information contact the issuing insurance company. Read the prospectus carefully before you invest.

        MFS registered investment products are offered through MFS® Fund Distributors, Inc., Member SIPC, 111 Huntington Avenue, Boston, MA 02199.
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