Fund Description

The fund normally invests at least 80% of net assets (including borrowings for investment purposes) in U.S. and foreign real estate-related investments, primarily equity securities. It generally focuses on equity REITs and similar non-U.S. entities, but may also invest in mortgage REITs, hybrid REITs, and other real estate-related investments, including emerging market real estate-related investments, and in issuers of any size. MFS normally allocates the fund's investments across different REIT managers and property types, and normally invests the fund's assets across different countries and regions, but may focus in a few areas, a single country or region, or a single issuer. It generally invests the fund's assets in at least three different countries and invests a percentage of the fund's net assets in securities of foreign issuers equal to at least the lesser of 40% or the percentage of foreign issuers in the FTSE EPRA Nareit Developed Real Estate Index less 15%. Investments are selected using active, bottom-up fundamental analysis.