Fund Description

The fund was incepted in July 1932 and is managed by Alliance Capital Management. The objective of this fund is to seek income and capital appreciation. The fund primarily invests in dividend-paying common stocks of good quality. The fund may also invest in fixed-income and convertible securities. The fund maintains a defensive dividend yield and price-to-earnings ratio, a fully invested posture, and a high degree of sector and industry diversification. The fund continues to invest in quality companies that trade at undeserved discounts to their peers. The fund does not make sector or market timing bets, but instead emphasize intensive, bottom-up research and careful stock selection. If there are any dividends and capital gains, the management distributes then at end of each calendar year.