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without compensation and will direct the overall policy of the Fund. The directors will in turn appoint an Investment Committee which will study and make recommendations concerning the invest of the Fund's resources. The selection of investments will be made with due regard to the individual interests of the investors in the Fund.

The Fund shall, of course, comply strictly with all of the applicable rules and regulations of the Securities and Exchange Commission.

In conclusion, the Colonial Employees Mutual Fund is  a cooperative enterprise and endeavor to invest the money paid into the Fund for our mutual benefit and to secure a closer relationship with our company through stock ownership.


Very truly yours,

COLONIAL EMPLOYEES MUTUAL FUND, INC.

By    Micheal A. Gitt
      
      President