The Royce International Value Fund was added to the International Stock Option this month. This is a new fund with a 12/29/06 inception date. The manager of this fund is very experienced with a proven international small cap value stock picking process. The manager has a solid performance track record. Be sure to visit www.401k.com for your own account information. The target asset allocations for this option were revised as shown:
| Allocation | ||
| International Stock Option Managers | Before | Current |
| American Century International Discovery (twegx) | 10% | 10% |
| American Century International Growth (twiex) | 10% | 10% |
| First Eagle Overseas – SGOIX | 12% | 12% |
| Templeton Instl. Foreign Equity (tfeqx) | 12% | 12% |
| Oppenheimer Intl. Small Co. A (osmax) | 10% | 10% |
| Thornburg Intl. Value (tgvix) | 12% | 12% |
| Marsico Intl. Opportunity (miofx) | 8% | 12% |
| Dimensional Emerging Markets Value (dfevx) | 8% | 8% |
| Royce International Value (rivfx) | 4% | 4% |
| BGI EAFE Index – separately managed | 14% | 22% |