Fund Description

The fund was incepted in September 1990 and is managed by Massachusetts Financial Services Company. The fund's investment objective is to seek total return by providing above-average income and opportunities for growth of capital and income. The fund is a global ''balanced fund'' and invests in a combination of global equity and fixed income securities. Under normal market conditions, the fund invests at least 40%, but not more than 75%, of its net assets in global equity securities and at least 25% of its net assets in global fixed income securities. The fund may vary the percentage of its assets invested in any one type of security in accordance with its interpretation of economic and money market conditions, fiscal and monetary policy and underlying security values. The fund may also vary the percentage of its assets invested abroad and denominated in foreign currencies in accordance with its' view on the state of the economies of the various countries of the world, their financial markets and the relationship of their currencies to the U.S. dollar. Under normal market conditions, the fund invests in at least three different countries, one of which is the United States. The fund offers dividends semi-annually and capital gains annually.