MFS (Massachusetts Financial Services Company, the funds investment adviser) normally invests the funds assets primarily in foreign securities, including emerging market securities. Emerging markets are countries determined to have emerging market economies based on factors that demonstrate the country's financial and capital markets are in the development phase. MFS normally invests the funds assets primarily in common stocks and depositary receipts. Common stocks and depositary receipts are equity securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer.