MFS (Massachusetts Financial Services Company, the funds investment adviser) normally invests at least 80 percent of the funds net assets in debt instruments. Debt instruments include corporate bonds, U.S. Government securities, foreign government securities, securitized instruments (including mortgage-backed securities and other asset-backed securities), municipal instruments, and other obligations to repay money borrowed. MFS generally focuses on investing the funds assets in investment grade quality debt instruments, but also typically invests a portion of the funds assets in below investment grade quality debt instruments.