Fund Description

The fund was incepted in February 1978 and is managed by Massachusetts Financial Services Company. The fund's investment objective is to provide high current income by investing primarily in a professionally managed, diversified portfolio of fixed income securities, some of which may involve equity features. The fund invests, under normal market conditions, at least 80% of its net assets in high income fixed income securities. While the fund may invest in fixed income securities with any credit rating, the securities offering the high current income sought by the fund generally have speculative characteristics or are lower rated bonds. Lower rated bonds are commonly known as junk bonds. The fund may invest all of its assets in these lower rated bonds. While the fund focuses its investments on bonds issued by corporations or other similar entities, it may invest in all types of debt securities. The fund may invest in foreign securities through which it may have exposure to foreign currencies. The fund offers dividends monthly and capital gains annually.