Fund Description

The fund was incepted in July 1924 and is managed by Massachusetts Financial Services Company. The fund's objective is to seek long-term growth of capital, with a secondary objective to seek reasonable current income. The fund invests, under normal market conditions, at least 65% of its net assets in common stocks and related securities, such as preferred stock, convertible securities and depositary receipts. While the fund may invest in companies of any size, the fund generally focuses on companies with larger market capitalizations that it believes have sustainable growth prospects and attractive valuations based on current and expected earnings or cash flow. The fund also seeks to generate gross income equal to approximately 90% of the dividend yield on the Standard & Poor's 500 Index. The fund may invest in foreign securities and may have exposure to foreign currencies through its investment in these securities. The fund offers dividends and capital gains annually.