Fund Description

The fund was incepted in December 1986 and is managed by Massachusetts Financial Services Company. The fund's investment objective is to seek capital appreciation. The fund invests, under normal market conditions, at least 65% of its net assets in common stocks and equity-related securities, such as preferred stock, convertible securities and depositary receipts, of U.S. and foreign (including emerging market) issuers. The fund spreads its investments across these markets and focuses on companies that it believes have favorable growth prospects and attractive valuations based on current and expected earnings or cash flow. Under normal market conditions, the fund invests in at least three different countries, one of which is the United States. The fund generally seeks to purchase securities of companies with relatively large market capitalizations relative to the market in which they are traded. The fund's investments may include securities traded in the over-the-counter markets. The fund may have exposure to foreign currencies through its investment in foreign securities. The fund offers dividends annually and capital gains annually.