Two Program investment options announced manager changes in August. Gary Motly will replace Jeff Everett as the portfolio manager of the Templeton Foreign fund effective September 30. Ron Sachs will replace Scott Schoelzel as the portfolio manager of the Janus Twenty fund effective December 31.

The transition to the new portfolio managers may change investment management philosophies and may affect future fund performance. The Program’s independent investment consultant is reviewing these changes, meeting with the new fund managers, and will provide recommendations regarding the retention of these funds as Program options. Be sure to check this web site and future newsletters for updates.