Fund Description

The fund was incepted in December 1986 and is managed by Massachusetts Financial Services Company. The fund seeks long-term growth of capital. The fund invests, under normal market conditions, at least 65% of its net assets in common stocks and related securities such as preferred stocks, convertible securities and depositary receipts for those securities, of emerging growth companies. Emerging growth companies are companies that the fund believes are either early in their life cycle but which have the potential to become major enterprises or are major enterprises whose rates of earnings growth are expected to accelerate because of special factors such as rejuvenated management, new products, changes in consumer demand, or basic changes in the economic environment. The fund may invest in foreign securities (including emerging markets securities) and may have exposure to foreign currencies through its investment in these securities. The fund offers dividends and capital gains annually.