SEMIANNUAL REPORT June 30, 2012 RESEARCH SERIES MFS. MFS Variable Insurance Trust VFR-SEM
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1 SEMIANNUAL REPORT June 30, 2012 MFS RESEARCH SERIES MFS Variable Insurance Trust VFR-SEM
2 MFS RESEARCH SERIES CONTENTS Letter from the Chairman and CEO... 1 Portfolio composition... 2 Expense table... 3 Portfolio of investments... 4 Statement of assets and liabilities... 7 Statement of operations... 8 Statements of changes in net assets... 9 Financial highlights Notes to financial statements Board review of investment advisory agreement Proxy voting policies and information Quarterly portfolio disclosure Further information The report is prepared for the general information of contract owners. It is authorized for distribution to prospective investors only when preceded or accompanied 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
3 LETTER FROM THE CHAIRMAN AND CEO Dear Contract Owners: World financial markets remain a venue of uncertainty. The focus has shifted most recently to the eurozone, where policymakers are attempting to develop a plan that will help debt-laden countries and prevent their woes from spreading across the region. Volatility is likely to continue as investors test the resolve of European officials to make the tough decisions needed to solve the crisis. A slowing in the Chinese economy has added another layer of trepidation, as investors worry that the primary engine of global growth may be sputtering. The U.S. economy is experiencing a period of growth. However, markets have been jittery in reaction to events in Europe and ahead of the U.S. presidential election. Voters in the United States are watching the economy closely and waiting to see if Congress agrees to cut the budget and extend the Bush administration tax cuts. Failure to do so could ultimately send the U.S. economy back into recession. Amid this global uncertainty, managing risk becomes a top priority for investors and their advisors. At MFS our global research platform is designed to ensure the smooth functioning of our investment process in all business climates. Real-time collaboration across the globe is vital in periods of heightened volatility and economic uncertainty. At MFS our investment staff shares ideas and evaluates opportunities across geographies, across both fundamental and quantitative disciplines, and across companies entire capital structure. We employ this uniquely collaborative approach to build better insights for our clients. We, like our investors, are mindful of the many economic challenges faced at the local, national, and international levels. It is in times such as these that we want to emphasize the merits of maintaining a long-term view, adhering to basic investing principles such as asset allocation and diversification, and working closely with investment advisors to research and identify appropriate investment opportunities. Respectfully, Robert J. Manning Chairman and Chief Executive Officer MFS Investment Management August 16, 2012 The opinions expressed in this letter are subject to change, may not be relied upon for investment advice, and no forecasts can be guaranteed. 1
4 PORTFOLIO COMPOSITION Portfolio structure (s) Equities 98.9% Cash & Other Net Assets 1.1% Global equity sectors Technology (s) 18.9% Energy 14.5% Financial Services 14.3% Capital Goods 14.0% Health Care 12.0% Consumer Cyclicals 11.9% Consumer Staples (s) 8.7% Telecommunications/Cable Television 4.6% Top ten holdings Apple, Inc. 5.4% Exxon Mobil Corp. 4.6% Danaher Corp. 2.3% Pfizer, Inc. 2.1% JPMorgan Chase & Co. 2.1% Target Corp. 1.9% Google, Inc., A 1.8% Philip Morris International, Inc. 1.8% Merck & Co., Inc. 1.6% Oracle Corp. 1.6% (s) Includes securities sold short. Percentages are based on net assets as of 6/30/12. The portfolio is actively managed and current holdings may be different. 2
5 EXPENSE TABLE Fund Expenses Borne by the Contract Holders During the Period, January 1, 2012 through June 30, 2012 As a contract holder of the fund, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare 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, 2012 through June 30, Actual Expenses The first line for each share class in the following table provides information about actual account values and actual expenses. You may 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 result by the number in the first line under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account 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 hypothetical expenses based on the fund s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the 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 account the fees and expenses imposed under the variable contracts through which your investment in the fund is made. Therefore, the second line for each share class in the table is useful in comparing ongoing costs associated with an investment in vehicles (such as the fund) which fund benefits under variable annuity and variable life insurance contracts and to qualified pension and retirement plans only, and will not help you determine the relative total costs of investing in the fund through variable annuity and variable life insurance contracts. If the fees and expenses imposed under the variable contracts were included, your costs would have been higher. Share Class Initial Class Service Class Annualized Expense Ratio Beginning Account Value 1/01/12 Ending Account Value 6/30/12 Expenses Paid During Period (p) 1/01/12-6/30/12 Actual 0.87% $1, $1, $4.52 Hypothetical (h) 0.87% $1, $1, $4.37 Actual 1.12% $1, $1, $5.81 Hypothetical (h) 1.12% $1, $1, $5.62 (h) 5% class return per year before expenses. (p) Expenses paid are equal to each class annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year. Expenses Impacting Table Expense ratios include 0.01% of investment related expenses from short sale dividend and interest expenses. 3
6 PORTFOLIO OF INVESTMENTS 6/30/12 (unaudited) The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes. Issuer Shares/Par Value ($) COMMON STOCKS 98.8% Aerospace 2.4% Honeywell International, Inc. 27,150 $ 1,516,053 Precision Castparts Corp. 9,780 1,608,712 United Technologies Corp. 16,700 1,261,351 $ 4,386,116 Apparel Manufacturers 1.6% Guess?, Inc. 20,700 $ 628,659 Li & Fung Ltd. 234, ,065 NIKE, Inc., B 10, ,989 VF Corp. 7, ,178 $ 2,946,891 Automotive 1.3% Delphi Automotive PLC (a) 38,480 $ 981,240 General Motors Co. (a) 34, ,509 Johnson Controls, Inc. 25, ,243 $ 2,381,992 Biotechnology 1.6% Celgene Corp. (a) 15,690 $ 1,006,670 Gilead Sciences, Inc. (a) 23,700 1,215,336 ViroPharma, Inc. (a) 30, ,590 $ 2,949,596 Broadcasting 2.5% News Corp., A 110,690 $ 2,467,280 Walt Disney Co. 43,610 2,115,085 $ 4,582,365 Brokerage & Asset Managers 1.9% BlackRock, Inc. 7,734 $ 1,313,388 CME Group, Inc. 2, ,334 Franklin Resources, Inc. 11,570 1,284,154 NASDAQ OMX Group, Inc. 15, ,438 $ 3,565,314 Business Services 1.3% Accenture PLC, A 23,770 $ 1,428,339 FleetCor Technologies, Inc. (a) 29,570 1,036,133 $ 2,464,472 Cable TV 1.5% Comcast Corp., Special A 58,730 $ 1,844,122 Time Warner Cable, Inc. 10, ,470 $ 2,722,592 Chemicals 2.1% 3M Co. 30,270 $ 2,712,192 Celanese Corp. 32,810 1,135,882 $ 3,848,074 Computer Software 4.7% Autodesk, Inc. (a) 27,950 $ 977,971 Check Point Software Technologies Ltd. (a) 17, ,661 Issuer Shares/Par Value ($) COMMON STOCKS continued Computer Software continued Citrix Systems, Inc. (a) 17,900 $ 1,502,526 Microsoft Corp. 21, ,803 Oracle Corp. 100,040 2,971,188 Red Hat, Inc. (a) 12, ,352 Salesforce.com, Inc. (a) 6, ,133 $ 8,614,634 Computer Software Systems 7.1% Apple, Inc. (a)(s) 16,840 $ 9,834,560 EMC Corp. (a) 80,430 2,061,421 Hewlett-Packard Co. 57,000 1,146,270 $ 13,042,251 Construction 0.8% Stanley Black & Decker, Inc. 23,040 $ 1,482,854 Consumer Products 2.1% Colgate-Palmolive Co. 12,900 $ 1,342,890 International Flavors & Fragrances, Inc. 15, ,100 Newell Rubbermaid, Inc. 49, ,823 Nu Skin Enterprises, Inc., A 7, ,556 Procter & Gamble Co. 7, ,088 $ 3,905,457 Consumer Services 0.3% Priceline.com, Inc. (a) 680 $ 451,874 Containers 0.4% Silgan Holdings, Inc. 16,520 $ 705,239 Electrical Equipment 2.3% Danaher Corp. 80,290 $ 4,181,503 Electronics 2.0% Altera Corp. 25,730 $ 870,703 ASML Holding N.V. 21,353 1,097,971 JDS Uniphase Corp. (a) 39, ,760 Microchip Technology, Inc. 38,230 1,264,648 $ 3,664,082 Energy Independent 3.9% Cabot Oil & Gas Corp. 26,610 $ 1,048,434 EOG Resources, Inc. 6, ,605 EQT Corp. 16, ,286 Noble Energy, Inc. 5, ,582 Occidental Petroleum Corp. 32,660 2,801,248 Pioneer Natural Resources Co. 9, ,886 WPX Energy, Inc. (a) 31, ,036 $ 7,055,077 Energy Integrated 4.6% Exxon Mobil Corp. (s) 98,940 $ 8,466,296 Engineering Construction 0.6% Fluor Corp. 23,750 $ 1,171,825 4
7 Portfolio of Investments (unaudited) continued Issuer Shares/Par Value ($) COMMON STOCKS continued Food & Beverages 4.0% Coca-Cola Enterprises, Inc. 29,420 $ 824,937 Dr Pepper Snapple Group, Inc. 29,040 1,270,500 General Mills, Inc. 29,130 1,122,670 Groupe Danone 19,071 1,182,944 Ingredion, Inc. 10, ,893 Kraft Foods, Inc., A 51,340 1,982,751 Mead Johnson Nutrition Co., A 5, ,204 $ 7,384,899 Food & Drug Stores 1.1% CVS Caremark Corp. 41,890 $ 1,957,520 Gaming & Lodging 0.1% Sands China Ltd. 79,600 $ 254,987 General Merchandise 2.7% Dollar General Corp. (a) 15,830 $ 860,994 Kohl s Corp. 12, ,358 Target Corp. 59,950 3,488,491 $ 4,925,843 Health Maintenance Organizations 1.0% Aetna, Inc. 15,720 $ 609,464 UnitedHealth Group, Inc. 19,660 1,150,110 $ 1,759,574 Insurance 3.4% ACE Ltd. 29,490 $ 2,186,094 American International Group, Inc. (a) 7, ,772 Aon PLC 7, ,481 Chubb Corp. 12, ,475 Everest Re Group Ltd. 13,670 1,414,708 Prudential Financial, Inc. 23,860 1,155,540 $ 6,311,070 Internet 2.7% ebay, Inc. (a) 37,560 $ 1,577,896 Google, Inc., A (a) 5,660 3,283,196 $ 4,861,092 Machinery & Tools 0.6% Joy Global, Inc. 18,210 $ 1,033,053 Major Banks 4.5% Goldman Sachs Group, Inc. 17,650 $ 1,691,929 JPMorgan Chase & Co. (s) 105,790 3,779,877 PNC Financial Services Group, Inc. 25,960 1,586,416 State Street Corp. 24,640 1,099,930 $ 8,158,152 Medical & Health Technology & Services 1.5% AmerisourceBergen Corp. 25,150 $ 989,653 Express Scripts Holding Co. (a) 19,950 1,113,809 Henry Schein, Inc. (a) 7, ,018 $ 2,705,480 Issuer Shares/Par Value ($) COMMON STOCKS continued Medical Equipment 2.6% Covidien PLC 32,110 $ 1,717,885 Edwards Lifesciences Corp. (a) 6, ,691 St. Jude Medical, Inc. 28,780 1,148,610 Thermo Fisher Scientific, Inc. 23,980 1,244,802 $ 4,758,988 Natural Gas Distribution 0.5% Spectra Energy Corp. 29,950 $ 870,347 Natural Gas Pipeline 0.2% Kinder Morgan, Inc. 10,058 $ 324,069 Network & Telecom 1.3% F5 Networks, Inc. (a) 6,920 $ 688,955 Finisar Corp. (a) 34, ,466 Fortinet, Inc. (a) 27, ,157 Juniper Networks, Inc. (a) 35, ,559 $ 2,420,137 Oil Services 2.0% Cameron International Corp. (a) 22,010 $ 940,047 Dresser-Rand Group, Inc. (a) 17, ,315 FMC Technologies, Inc. (a) 8, ,047 Halliburton Co. 8, ,501 Schlumberger Ltd. 21,140 1,372,197 $ 3,659,107 Other Banks & Diversified Financials 3.6% Discover Financial Services 31,710 $ 1,096,532 Fifth Third Bancorp 117,750 1,577,850 SunTrust Banks, Inc. 14, ,058 Visa, Inc., A 19,590 2,421,912 Western Union Co. 70,330 1,184,357 $ 6,640,709 Pharmaceuticals 5.3% Abbott Laboratories 31,980 $ 2,061,751 Johnson & Johnson 12, ,795 Merck & Co., Inc. 71,680 2,992,640 Pfizer, Inc. 167,730 3,857,790 $ 9,778,976 Pollution Control 0.5% Waste Connections, Inc. 27,620 $ 826,390 Precious Metals & Minerals 0.2% Goldcorp, Inc. 10,010 $ 376,176 Railroad & Shipping 1.0% Union Pacific Corp. 16,030 $ 1,912,539 Real Estate 0.9% BioMed Realty Trust, Inc., REIT 42,900 $ 801,372 Starwood Property Trust, Inc., REIT 41, ,989 $ 1,676,361 5
8 Portfolio of Investments (unaudited) continued Issuer Shares/Par Value ($) COMMON STOCKS continued Restaurants 1.6% Starbucks Corp. 14,300 $ 762,476 YUM! Brands, Inc. 33,980 2,188,992 $ 2,951,468 Specialty Chemicals 0.7% Airgas, Inc. 15,210 $ 1,277,792 Specialty Stores 2.0% American Eagle Outfitters, Inc. 22,110 $ 436,230 Gap, Inc. 16, ,034 PetSmart, Inc. 17,490 1,192,468 Tiffany & Co. 12, ,408 Urban Outfitters, Inc. (a) 31, ,740 $ 3,617,880 Telecommunications Wireless 0.9% American Tower Corp., REIT 10,980 $ 767,612 SBA Communications Corp. (a) 7, ,118 Vodafone Group PLC, ADR 16, ,880 $ 1,672,610 Telephone Services 2.2% AT&T, Inc. 72,280 $ 2,577,505 CenturyLink, Inc. 10, ,441 Verizon Communications, Inc. 20, ,354 Ziggo N.V. 5, ,501 $ 4,079,801 Tobacco 2.9% Lorillard, Inc. 15,220 $ 2,008,279 Philip Morris International, Inc. 37,530 3,274,868 $ 5,283,147 Trucking 1.1% Expeditors International of Washington, Inc. 51,820 $ 2,008,025 Utilities Electric Power 2.7% AES Corp. (a) 53,650 $ 688,330 American Electric Power Co., Inc. 22, ,199 CMS Energy Corp. 70,410 1,654,635 Edison International 37,950 1,753,290 $ 4,974,454 Total Common Stocks (Identified Cost, $165,890,037) $181,049,150 Issuer Strike Price First Exercise Shares/Par Value ($) WARRANTS 0.0% Natural Gas Pipeline 0.0% Kinder Morgan, Inc. (1 share for 1 warrant) (a) (Identified Cost, $29,358) $40 2/15/12 15,411 $ 33,288 MONEY MARKET FUNDS 0.9% MFS Institutional Money Market Portfolio, 0.14%, at Cost and Net Asset Value (v) 1,685,118 $ 1,685,118 Total Investments (Identified Cost, $168,634,879) $183,791,700 SECURITIES SOLD SHORT (0.5)% Business Services (0.2)% Computer Sciences Corp. (19,070) $ (473,317) Food & Beverages (0.3)% Conagra Foods, Inc. (18,830) $ (488,262) Total Securities Sold Short (Proceeds Received, $976,753) $ (961,579) OTHER ASSETS, LESS LIABILITIES 0.2% 350,283 Net Assets 100.0% $183,180,404 (a) Non-income producing security. (s) Security or a portion of the security was pledged to cover collateral requirements for securities sold short. (v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. At June 30, 2012, the fund had cash collateral of $484,976 and other liquid securities with an aggregate value of $1,130,248 to cover any commitments for securities sold short. Cash collateral includes Deposits with brokers on the Statement of Assets and Liabilities. The following abbreviations are used in this report and are defined: ADR American Depositary Receipt PLC Public Limited Company REIT Real Estate Investment Trust See Notes to Financial Statements CONVERTIBLE PREFERRED STOCKS 0.6% Utilities Electric Power 0.6% PPL Corp., 9.5% (Identified Cost, $1,030,366) 19,360 $ 1,024,144 6
9 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 6/30/12 Assets Investments Non-affiliated issuers, at value (identified cost, $166,949,761) $182,106,582 Underlying affiliated funds, at cost and value 1,685,118 Total investments, at value (identified cost, $168,634,879) $183,791,700 Deposits with brokers 484,976 Receivables for Investments sold 2,279,050 Fund shares sold 125,225 Dividends 251,649 Other assets 988 Total assets $186,933,588 Liabilities Payables for Dividends on securities sold short $2,680 Securities sold short, at value (proceeds received, $976,753) 961,579 Investments purchased 2,397,039 Fund shares reacquired 315,772 Payable to affiliates Investment adviser 11,298 Shareholder servicing costs 323 Distribution and/or service fees 442 Payable for independent Trustees compensation 817 Accrued expenses and other liabilities 63,234 Total liabilities $3,753,184 Net assets $183,180,404 Net assets consist of Paid-in capital $190,952,487 Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies 15,171,981 Accumulated net realized gain (loss) on investments and foreign currency (25,350,147) Undistributed net investment income 2,406,083 Net assets $183,180,404 Shares of beneficial interest outstanding 8,960,568 Net assets Shares outstanding Net asset value per share Initial Class $161,099,882 7,873,440 $20.46 Service Class 22,080,522 1,087, See Notes to Financial Statements 7
10 FINANCIAL STATEMENTS STATEMENT OF OPERATIONS (unaudited) This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations. Six months ended 6/30/12 Net investment income Income Dividends $1,787,293 Interest 3,757 Dividends from underlying affiliated funds 512 Foreign taxes withheld (12,575) Total investment income $1,778,987 Expenses Management fee $702,810 Distribution and/or service fees 27,335 Shareholder servicing costs 10,189 Administrative services fee 19,003 Independent Trustees compensation 3,545 Custodian fee 14,273 Shareholder communications 21,554 Audit and tax fees 25,952 Legal fees 1,450 Dividend and interest expense on securities sold short 10,159 Miscellaneous 9,152 Total expenses $845,422 Fees paid indirectly (5) Reduction of expenses by investment adviser (482) Net expenses $844,935 Net investment income $934,052 Realized and unrealized gain (loss) on investments and foreign currency Realized gain (loss) (identified cost basis) Investments $9,745,729 Written options 8,538 Securities sold short 70,627 Foreign currency (139) Net realized gain (loss) on investments and foreign currency $9,824,755 Change in unrealized appreciation (depreciation) Investments $5,073,436 Written options 63,775 Securities sold short 74,234 Translation of assets and liabilities in foreign currencies (2) Net unrealized gain (loss) on investments and foreign currency translation $5,211,443 Net realized and unrealized gain (loss) on investments and foreign currency $15,036,198 Change in net assets from operations $15,970,250 See Notes to Financial Statements 8
11 FINANCIAL STATEMENTS STATEMENTS OF CHANGES IN NET ASSETS These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions. Six months ended 6/30/12 (unaudited) Year ended 12/31/11 Change in net assets From operations Net investment income $934,052 $1,480,417 Net realized gain (loss) on investments and foreign currency 9,824,755 10,557,510 Net unrealized gain (loss) on investments and foreign currency translation 5,211,443 (12,321,464) Change in net assets from operations $15,970,250 $(283,537) Distributions declared to shareholders From net investment income $ $(1,601,688) Change in net assets from fund share transactions $(13,696,506) $(19,927,763) Total change in net assets $2,273,744 $(21,812,988) Net assets At beginning of period 180,906, ,719,648 At end of period (including undistributed net investment income of $2,406,083 and $1,472,031, respectively) $183,180,404 $180,906,660 See Notes to Financial Statements 9
12 FINANCIAL STATEMENTS FINANCIAL HIGHLIGHTS The financial highlights table is intended to help you understand the fund s financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate by which an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period. Initial Class Six months ended Years ended 12/31 6/30/ (unaudited) Net asset value, beginning of period $18.78 $19.04 $16.57 $12.90 $20.28 $18.04 Income (loss) from investment operations Net investment income (d) $0.10 $0.15 $0.15 $0.15 $0.18 $0.09 Net realized and unrealized gain (loss) on investments and foreign currency 1.58 (0.24) (7.47) 2.28 Total from investment operations $1.68 $(0.09) $2.62 $3.87 $(7.29) $2.37 Less distributions declared to shareholders From net investment income $ $(0.17) $(0.15) $(0.20) $(0.09) $(0.13) Net asset value, end of period (x) $20.46 $18.78 $19.04 $16.57 $12.90 $20.28 Total return (%) (k)(r)(s)(x) 8.95(n) (0.45) (36.09) Ratios (%) (to average net assets) and Supplemental data: Expenses before expense reductions (f) 0.87(a) Expenses after expense reductions (f) 0.87(a) Net investment income 1.02(a) Portfolio turnover 34(n) Net assets at end of period (000 omitted) $161,100 $160,892 $182,895 $180,229 $149,517 $281,339 Supplemental Ratios (%): Ratio of expenses to average net assets after expense reductions excluding short sale dividend and interest expense (f) 0.86(a) N/A N/A See Notes to Financial Statements 10
13 Financial Highlights continued Service Class Six months ended Years ended 12/31 6/30/ (unaudited) Net asset value, beginning of period $18.67 $18.93 $16.48 $12.82 $20.16 $17.94 Income (loss) from investment operations Net investment income (d) $0.08 $0.10 $0.10 $0.11 $0.13 $0.05 Net realized and unrealized gain (loss) on investments and foreign currency 1.56 (0.24) (7.42) 2.26 Total from investment operations $1.64 $(0.14) $2.57 $3.82 $(7.29) $2.31 Less distributions declared to shareholders From net investment income $ $(0.12) $(0.12) $(0.16) $(0.05) $(0.09) Net asset value, end of period (x) $20.31 $18.67 $18.93 $16.48 $12.82 $20.16 Total return (%) (k)(r)(s)(x) 8.78(n) (0.69) (36.25) Ratios (%) (to average net assets) and Supplemental data: Expenses before expense reductions (f) 1.12(a) Expenses after expense reductions (f) 1.12(a) Net investment income 0.78(a) Portfolio turnover 34(n) Net assets at end of period (000 omitted) $22,081 $20,015 $19,825 $17,196 $12,951 $21,116 Supplemental Ratios (%): Ratio of expenses to average net assets after expense reductions excluding short sale dividend and interest expense (f) 1.11(a) N/A N/A (a) Annualized. (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. Excluding the effect of the proceeds received from a non-recurring litigation settlement against Enron Corp., the Initial Class and Service Class total returns for the year ended December 31, 2008 would have each been lower by approximately 0.82%. Excluding the effect of the proceeds received from a non-recurring litigation settlement against Tyco International Ltd., the Initial Class and Service Class total returns for the year ended December 31, 2010 would have each been lower by approximately 0.60%. (x) The net asset values per share and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. See Notes to Financial Statements 11
14 NOTES TO FINANCIAL STATEMENTS (unaudited) (1) Business and Organization (the fund) is a series of MFS Variable Insurance Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans. (2) Significant Accounting Policies General The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund s Statement of Assets and Liabilities through the date that the financial statements were issued. In this reporting period the fund adopted FASB Accounting Standards Update , Fair Value Measurement (Topic 820) Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs ( ASU ). ASU seeks to improve the comparability of fair value measurements as presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards (IFRS) by providing common requirements for fair value measurement and disclosure. In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update , Balance Sheet (Topic 210) Disclosures about Offsetting Assets and Liabilities ( ASU ). Effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, ASU is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. Although still evaluating the potential impacts of ASU to the fund, management expects that the impact of the fund s adoption will be limited to additional financial statement disclosures. Investment Valuations Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Equity securities held short, for which there were no sales reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on which such options are primarily traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a third-party pricing service on the exchange on which such options are primarily traded. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service. The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the 12
15 Notes to Financial Statements (unaudited) continued business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share. Various inputs are used in determining the value of the fund s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2012 in valuing the fund s assets or liabilities: Investments at Value Level 1 Level 2 Level 3 Total Equity Securities: United States $177,238,396 $ $ $177,238,396 Netherlands 1,261,473 1,261,473 France 1,182,944 1,182,944 Israel 887, ,661 Hong Kong 709, ,052 United Kingdom 450, ,880 Canada 376, ,176 Mutual Funds 1,685,118 1,685,118 Total Investments $183,082,648 $709,052 $ $183,791,700 Short Sales $(961,579) $ $ $(961,579) For further information regarding security characteristics, see the Portfolio of Investments. Of the level 2 investments presented above, equity investments amounting to $709,052 would have been considered level 1 investments at the beginning of the period. The primary reason for changes in the classifications between levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. The fund s foreign equity securities may often be valued at fair value. The fund s policy is to recognize transfers between the levels as of the end of the period. Foreign Currency Translation Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed. Derivatives The fund uses derivatives for different purposes, primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative s original cost. The derivative instruments used by the fund were written options and purchased options. At June 30, 2012, the fund did not have any outstanding derivative instruments. The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended June 30, 2012 as reported in the Statement of Operations: Investments Risk (Purchased Options) Written Options Equity $(84,264) $8,538 13
16 Notes to Financial Statements (unaudited) continued The following table presents, by major type of derivative contract, the change in unrealized appreciation (depreciation) on derivatives held by the fund for the six months ended June 30, 2012 as reported in the Statement of Operations: Risk Written Options Equity $63,775 Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain over-the-counter derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund s credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives (i.e., futures contracts and exchange-traded options) while collateral terms are contract specific for over-the-counter traded derivatives (i.e., forward foreign currency exchange contracts, swap agreements and over-the-counter options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. Cash collateral that has been pledged to cover obligations of the fund under derivative contracts, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities collateral pledged for the same purpose, if any, is noted in the Portfolio of Investments. Written Options In exchange for a premium, the fund wrote call options on securities that it anticipated the price would decline and also wrote put options on securities that it anticipated the price would increase. At the time the option was written, the fund believed the premium received exceeded the potential loss that could result from adverse price changes in the options underlying securities. In a written option, the fund as the option writer grants the buyer the right to purchase from, or sell to, the fund a specified number of shares or units of a particular security, currency or index at a specified price within a specified period of time. The premium received is initially recorded as a liability on the Statement of Assets and Liabilities. The option is subsequently marked-to-market daily with the difference between the premium received and the market value of the written option being recorded as unrealized appreciation or depreciation. When a written option expires, the fund realizes a gain equal to the amount of the premium received. The difference between the premium received and the amount paid on effecting a closing transaction is considered a realized gain or loss. When a written call option is exercised, the premium received is offset against the proceeds to determine the realized gain or loss. When a written put option is exercised, the premium reduces the cost basis of the security purchased by the fund. At the initiation of the written option contract, for exchange traded options, the fund is required to deposit securities or cash as collateral with the custodian for the benefit of the broker. For over-the-counter options, the fund may post collateral subject to the terms of an ISDA Master Agreement as generally described above if the market value of the options contract moves against it. The fund, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities underlying the written option. Losses from writing options can exceed the premium received and can exceed the potential loss from an ordinary buy and sell transaction. Although the fund s market risk may be significant, the maximum counterparty credit risk to the fund is equal to the market value of any collateral posted to the broker. For over-the-counter options, this risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above. Written Options Number of Premiums contracts received Outstanding, beginning of period 67 $23,427 Options written ,211 Options closed (48) (7,597) Options exercised (102) (23,641) Options expired (31) (2,400) Outstanding, end of period $ 14
17 Notes to Financial Statements (unaudited) continued Purchased Options The fund purchased call and put options for a premium. Purchased call and put options entitle the holder to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specified date or within a specified period of time. Purchasing call options may be used to hedge against an anticipated increase in the dollar cost of securities or currency to be acquired or to increase the fund s exposure to an underlying instrument. Purchasing put options may hedge against a decline in the value of portfolio securities or currency. The premium paid is initially recorded as an investment in the Statement of Assets and Liabilities. That investment is subsequently marked-to-market daily with the difference between the premium paid and the market value of the purchased option being recorded as unrealized appreciation or depreciation. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. The risk in purchasing an option is that the fund pays a premium whether or not the option is exercised. The fund s maximum risk of loss due to counterparty credit risk is limited to the market value of the option. For over-the-counter options, this risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and for posting of collateral by the counterparty to the fund to cover the fund s exposure to the counterparty under such ISDA Master Agreement. Short Sales The fund entered into short sales whereby it sells a security it does not own in anticipation of a decline in the value of that security. The fund will realize a gain if the security price decreases and a loss if the security price increases between the date of the short sale and the date on which the fund replaces the borrowed security. Losses from short sales can exceed the proceeds of the security sold; and they can also exceed the potential loss from an ordinary buy and sell transaction. The amount of any premium, dividends, or interest the fund may be required to pay in connection with a short sale will be recognized as a fund expense. During the six months ended June 30, 2012, this expense amounted to $10,159. The fund segregates cash or marketable securities in an amount that, when combined with the amount of proceeds from the short sale deposited with the broker, at least equals the current market value of the security sold short. Security Loans State Street Bank and Trust Company ( State Street ), as lending agent, loans the securities of the fund to certain qualified institutions (the Borrowers ) approved by the fund. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. State Street provides the fund with indemnification against Borrower default. The fund bears the risk of loss with respect to the investment of cash collateral. On loans collateralized by cash, the cash collateral is invested in a money market fund or short-term securities. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is included in Interest income on the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. Indemnifications Under the fund s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred. Investment Transactions and Income Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date. The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/ loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations. Fees Paid Indirectly The fund s custody fee may be reduced according to an arrangement that measures the value of cash deposited with the custodian by the fund. This amount, for the six months ended June 30, 2012, is shown as a reduction of total expenses on the Statement of Operations. 15
18 Notes to Financial Statements (unaudited) continued Tax Matters and Distributions The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Foreign taxes have been accrued by the fund in the accompanying financial statements. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Book/tax differences primarily relate to wash sale loss deferrals. The tax character of distributions declared to shareholders for the last fiscal year is as follows: 12/31/11 Ordinary income (including any short-term capital gains) $1,601,688 The federal tax cost and the tax basis components of distributable earnings were as follows: As of 6/30/12 Cost of investments $168,720,991 Gross appreciation 23,986,551 Gross depreciation (8,915,842) Net unrealized appreciation (depreciation) $15,070,709 As of 12/31/11 Undistributed ordinary income 1,472,031 Capital loss carryforwards (35,088,790) Other temporary differences (122,847) Net unrealized appreciation (depreciation) 9,997,273 The aggregate cost above includes prior fiscal year end tax adjustments, if applicable. Under the Regulated Investment Company Modernization Act of 2010 (the Act ), net capital losses recognized after December 31, 2011 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As of December 31, 2011, the fund had capital loss carryforwards available to offset future realized gains. Such losses expire as follows: Pre-enactment losses: 12/31/16 $(9,633,475) 12/31/17 (25,455,315) Total $(35,088,790) Multiple Classes of Shares of Beneficial Interest The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund s income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund s distributions declared to shareholders as reported on the Statements of Changes in Net Assets are presented by class as follows: From net investment income Six months ended 6/30/12 Year ended 12/31/11 Initial Class $ $1,473,743 Service Class 127,945 Total $ $1,601,688 16
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