Strategy. Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in stocks of foreign companies, including companies located in Europe, Latin America, and Asia. The Fund may invest up to 25% of its total assets in equity securities of issuers in emerging markets. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stocks, depositary receipts, rights and warrants, of issuers of any size. The Fund may but will not necessarily engage in foreign currency forward contracts to seek to hedge or to attempt to protect against adverse changes in currency exchange rates. The Fund may use futures contracts as a … Show more… Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in stocks of foreign companies, including companies located in Europe, Latin America, and Asia. The Fund may invest up to 25% of its total assets in equity securities of issuers in emerging markets. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stocks, depositary receipts, rights and warrants, of issuers of any size. The Fund may but will not necessarily engage in foreign currency forward contracts to seek to hedge or to attempt to protect against adverse changes in currency exchange rates. The Fund may use futures contracts as a substitute for direct investments. Use of derivatives by the Fund may create investment leverage. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund is managed by two ?subadvisers, Massachusetts Financial Services Company (MFS ) and Harris Associates L.P. (Harris), each being responsible for a portion of the portfolio, although they may manage different amounts of the Funds assets. Each subadviser may invest a significant percentage of the Funds assets in a single country or sector, a small number of countries or sectors, or a particular geographic region. In selecting 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. MFS may invest the Funds assets in securities of companies of any size. MFS uses an active bottom-up investment approach to buying and selling investments for the Fund. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuers earnings, cash flows, competitive position, and management ability. Quantitative screening tools that systematically evaluate an issuers valuation, price and earnings momentum, earnings quality, and other factors, may also be considered. In selecting investments for the Fund, Harris uses a value investment philosophy. This value investment philosophy is based upon the belief that, over time, a companys stock price converges with Harris estimate of the companys intrinsic value. By intrinsic value, Harris means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. Harris believes that investing in securities priced significantly below what Harris believes is a companys intrinsic value presents the best opportunity to achieve the Funds investment objective. Harris uses this value investment philosophy to identify companies that it believes have discounted stock prices compared to the companies intrinsic values. Harris usually sells a stock when the price approaches its estimated value. This means that Harris sets specific buy and sell targets for each stock held by the Fund. Harris also monitors each holding and adjusts those price targets as warranted to reflect changes in a companys fundamentals. Show less