Strategy. MFS (Massachusetts Financial Services Company, the funds investment adviser) normally invests the funds assets primarily in a broad range of debt instruments and equity securities of U.S. and foreign issuers, including real estate-related investments and emerging market securities. MFS allocates the funds assets across the following categories based on its interpretation of economic and money market conditions, fiscal and monetary policy and asset class and/or security values. When MFS' assessment of the relative attractiveness of these categories is neutral, the fund's exposure to these categories is expected to be approximately: Category Neutral Position Investment Grade Quality Debt Instruments 15% Lower Quality Debt Instruments 25% U.S. Government Securities 10% Emerging Market Debt Instruments 15% Dividend-Paying Equity Securities 20% Real Estate-Related Investments … Show more… MFS (Massachusetts Financial Services Company, the funds investment adviser) normally invests the funds assets primarily in a broad range of debt instruments and equity securities of U.S. and foreign issuers, including real estate-related investments and emerging market securities. MFS allocates the funds assets across the following categories based on its interpretation of economic and money market conditions, fiscal and monetary policy and asset class and/or security values. When MFS' assessment of the relative attractiveness of these categories is neutral, the fund's exposure to these categories is expected to be approximately: Category Neutral Position Investment Grade Quality Debt Instruments 15% Lower Quality Debt Instruments 25% U.S. Government Securities 10% Emerging Market Debt Instruments 15% Dividend-Paying Equity Securities 20% Real Estate-Related Investments 15% These allocations may vary significantly from time to time. For the debt instrument portion of the fund, MFS normally focuses on investing the fund's assets in investment grade quality corporate debt instruments, U.S. Government securities, below investment grade quality debt instruments of developed market issuers, and debt instruments of emerging market issuers (including below investment grade quality debt instruments of emerging market issuers) . Of the funds investments in debt instruments, MFS may invest up to 100% of these investments in below investment grade quality debt instruments. MFS may purchase or sell securities for the fund on a when-issued, delayed delivery, or forward commitment basis where payment and delivery take place at a future settlement date, including mortgage-backed securities purchased or sold in the to be announced (TBA) market. For the equity portion of the fund, MFS focuses on investing the funds assets in dividend-paying stocks of U.S. and foreign issuers. In selecting equity investments for the fund, MFS is not constrained by any particular investment style. MFS may invest the funds assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. While MFS may invest the equity portion of the funds assets in securities of companies of any size, MFS primarily invests in securities of companies with large capitalizations. For the real estate-related portion of the fund, MFS invests the funds assets in real estate investment trusts (REITs) and other companies principally engaged in the real estate industry. MFS generally focuses the funds real estate-related investments in equity REITs, but may also invest the funds assets in mortgage REITs and other real estate-related investments. Issuers of real estate-related investments tend to have small-to-medium market capitalizations. MFS normally invests the fund's assets across different industries, sectors, countries, and regions, but MFS may invest a significant percentage of the funds assets in issuers in a single industry, sector, country, or region. While MFS may use derivatives for any investment purpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives include futures, forward contracts, options, and swaps. MFS uses an active bottom-up investment approach to buying and selling investments for the fund. For the debt and real estate-related portions of the fund, investments are selected primarily based on fundamental analysis of individual issuers and instruments. For the equity portion of the fund, investments are selected primarily based on blending fundamental and quantitative research and then constructing a portfolio of equity securities while managing various risk factors (e.g., issuer, industry, and sector weightings, market capitalization, and volatility). Quantitative models that systematically evaluate issuers and instruments are used by the fund's equity securities portfolio manager and may also be considered by the fund's other portfolio managers. MFS may invest the fund's assets in other mutual funds advised by MFS that invest in particular investment types rather than invest directly in such investments. Show less