North American Funds (NAF) added a new sub-advisor to its family and added portfolio management responsibilities to an existing sub-advisor. Global Alliance Value Investors (GAVIL), an affiliate of the fund's advisor, is the new subadvisor for the NAF Equity Income Fund and Morgan Stanley Asset Management is the new subadvisor to the NAF International Growth and Income Fund. The latter fund will also now be known as the International Equity Fund to better reflect its investment objective.

"North American Funds is committed to providing our shareholders with the best investment managers available. We believe that consistent, long-term performance, coupled with investment team depth and tenure are keys to successful fund management," said Brad Gallagher, president and chief executive officer of CypressTree Investments, the advisor and distributor of NAF. "We continually monitor and evaluate all our subadvisors. It enables us to choose proven managers for each fund -- which benefits both our shareholders and financial advisors."

The North American Equity Income Fund, formerly managed by T. Rowe Price, will now be managed by a team led by Nancy Tengler, the president, chief executive officer, and chief investment officer of GAVIL. Tengler and her team use a relative dividend yield strategy to invest, valuing a company's dividend history relative to its stock price.

"We are very pleased to be named manager of the NAF Equity Income Fund," Said Tengler. "We believe that relative dividend yield is a strong indicator of a company's prospective value, and that RDY, coupled with a disciplined research approach, are proven strategies. We look forward to applying our methodology to the management of the NAF Equity Income Fund."

The NAF International Equity Fund, formerly managed by J.P. Morgan, is now managed by Barton Biggs and Ann Thivierge, managing directors of Morgan Stanley. Biggs has been director of global and U.S. research at Morgan and currently is chairman of Morgan Stanley Dean Witter Investment Management Funds. Morgan is also subadvisor to NAF's Global Equity Fund. 

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