SIP Fund Objectives

Revised 12/1/2003

FIXED INCOME FUND	The Fixed Income Fund objectives are security of principal and a competitive rate of return. This fund provides a steady, positive rate of return with no fluctuation in principal. It invests in a diversified group of fixed rate income contracts with various insurance companies
BOND INDEX FUND	The Fund seeks to match the returns of the Lehman Brothers Aggregate Bond Index.  The fund invests primarily in government, corporate, mortgage-backed and asset-backed securities.  The Fund invests in a well-diversified portfolio that is representative of the broad domestic bond market.  Stock funds help build the value of your portfolio over the long term, while bond funds provide income and stability of principal.  As a bond fund, this Fund may be appropriate if you have a short to medium investment time frame or if you are looking to generate income and add stability of principal to your portfolio as you near retirement.
LIFECYCLE SHORT RANGE FUND	The Short Range Fund is oriented toward relatively short-term income-producing investments, with a mix based on a typical position of 55% bonds, 30% cash investments and 15% stocks. This fund is a good choice if you are investing your savings for five or fewer years or if you prefer to minimize your investment risk but still seek some growth.
LIFECYCLE MID RANGE FUND	This fund seeks to provide a balance of growth and current income over the long term. Its typical mix of investments includes 45% bonds, 35% stocks and 20% cash investments. This fund is a good choice if you are investing for a medium time frame or if you seek moderate growth and are comfortable with some price fluctuation.
LIFECYCLE LONG RANGE FUND	This fund seeks to achieve relatively large financial rewards by taking a more aggressive approach toward long-term investing. Its mix may fluctuate around a neutral position of 55% stocks, 35% bonds and 10% cash investments. This fund is a good choice if you are investing for the long term and have the time to withstand short-term market declines or if you're focused on making your money grow and are willing to incur some short-term volatility in search of higher long-term gains.
FIDELITY PURITAN	Fidelity Puritan Fund is a growth and income fund. The fund's investment objective emphasizes income by investing in a broadly diversified portfolio of high yielding securities. These securities include common stock, preferred stock and bonds. The fund's share price and return will fluctuate as the value of the securities in its investment portfolio fluctuate, The fund seeks to achieve capital growth in addition to regular quarterly dividends.
RUSSELL 1000 VALUE STRATEGY	The State Street Global Advisors Russell 1000 Value Strategy seeks to replicate the returns and characteristics of the Russell 1000 Value Index. The strategy is to buy and hold securities, trading only when a change to the index composition occurs, or when cash flow activity occurs in the Strategy. When appropriate, a hierearchy of trading alternatives-internal crossing, external crossing, futures and open market trades - is used to reduce the Strategy's transaction costs.
S&P 500 EQUITY INDEX FUND	The fund seeks to match the performance of the Standard & Poor's 500 index.  The fund invests in all 500 stocks in the S&P 500 Index in proportition to their weighting in the Index.  The Fund may also hold 2-5% of its value in futures contacts (an agreement to buy or sell a specific security by a specific date at an agreed upon price).  The strategy of investing in the same stocks as the Index minimizes the need for trading and therefore results in lower expenses. As a stock fund, this Fund may be appropriate if you have a medium to longer investment time frame and are willing to ride out stock market fluctations in the short term in exchange for the potential for high long-term returns.
FIDELITY MAGELLAN	Fidelity Magellan Fund is an aggressive growth fund. The fund seeks long-term capital appreciation by investing in stocks of both well-known and lesser-known companies with above average growth potential and a correspondingly higher level of risk. The fund's share price fluctuates in response to the fluctuating value of the securities that comprise its portfolio.
JANUS FUND	This fund seeks long-term growth by investing primarily in stocks of large companies. Because large companies usually have long operating and earnings histories, enjoy leaderhsip positions in their industries and pay dividends, their stock prices tend to fluctuate less than those of midsize and small companies. The Janus Fund may be a good choice for investors who are focused on making their money grow and who can tolerate the price fluctuations associated with the pursuit of potentially higher long-term returns.
MID CAP FUND	This fund seeks significant long-term growth by investing in stocks of midsize companies. Usually still growing relatively quickly, midsize companies offer greater growth potential--with greater share price fluctuation--than larger companies do. But since they are more established than small companies, their share prices tend to fluctuate less than do those of small companies. This fund may be a good choice if you are seeking relatively strong growth potential and are willing to tolerate price fluctuations.
SMALL CAP VALUE INDEX FUND	The Vanguard Small-Cap Value Index Fund is very similar to the Russell 2000 Value Index Fund in that it also invests in small cap companies. However, it seeks results that mirror the performance of the Standard & Poor’s Small Cap 600 Barra Value Indexes.
INTERNATIONAL EQUITY FUND	Today over half of the world's stock market opportunities are found outside the U.S. And in many years foreign stock markets have outperformed our own. this fund seeks to provide aggressive long-term growth from investments in foreign stocks and diversification of domestic stock portfolios. As an international investment, it is subject to special risks, including currency fluctuations ad political instability. But it also offers the potential for superior long-term growth. This fund may be a good choice if you are seeking aggressive growth potential, can tolerate significant share price volatility in the short term and would like to diversify your domestic stock portfolio outside the United States.
SMALL CAP FUND	This fund offers superior growth potential over the long term by investing in stocks of small companies that are involved in new technologies, products and services. Small companies are typically young, rapidly growing businesses that have tremendous growth potential, but their stocks are relatively high-risk investments, with more share price volatility than both large and midsize companies exhibit. This fund is for investors willing to incur short-term volatility in exchange for potentially high returns.