Balanced Fund

The investment objective of the Balanced Fund is to achieve both current income and long-term capital gains. The Balanced Fund normally maintains its assets in publicly traded common stocks and other equity type instruments (domestic and international), nonconvertible debt securities, money market instruments and preferred stocks.

Equities selected for the portfolio consist of quality, dividend-paying companies that are listed on one of the major stock exchanges. Fixed income investments consist of U. S. government obligations and corporate bonds rated BBB or better.

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