Changes to international equities manager line-up

In December 2006, Trilogy Global Advisors (Trilogy) was been appointed to manage a concentrated global growth mandate.  Trilogy was founded in 1999 and is headquartered in New York.  They are a an aggressive high quality growth manager that marries growth with a high level of valuation sensitivity.  Their portfolio will typically hold 40-60 stocks and have a mid-small cap bias.  The addition of this manager is expected to increase the alpha potential from international equities.

In appointing Trilogy, global growth mandates with Marvin & Palmer and Wellington were terminated.