Fidelity Magellan Update

Previously, we noted that the Fidelity Magellan fund had changed portfolio managers, underperformed its peer group and benchmarks over longer periods, and was being reviewed by the Program’s investment consultant. Our consultant visited Fidelity’s offices and had discussions with key personnel resulting in the following observations:

     Fidelity has increased its commitment to hiring and retaining top investment analysts.

     Harry Lange, the new Magellan manager, expects to further diversify the portfolio by investing more in non-U.S. companies and in more diverse sized companies while reducing the portfolio’s
concentration in mega-cap names.

    Magellan’s performance in the 4th quarter of 2005 was +4.04% versus the S&P 500 benchmark of +2.08%. Magellan’s one-year performance through the 4th quarter of 2005 was
+6.42% versus the S&P 500 benchmark of +4.90%.

Based upon the positive findings of this research, our consultant has recommended to the Board that the Fidelity Magellan fund continue as an available investment option within the Program. The Board will continue to monitor all fund options and will report any significant changes to you.