www.sec.gov/Archives/edgar/data/720309/0000720309-01-50 -
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Published on: 10/15/2001
Last Visited: 10/17/2001
Managing Partner John W. Liang
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John W. Liang and a team of portfolio managers will manage the portion of the Fund for Osprey Partners.Mr. Liang is a Managing Partner and Chief Investment Officer at Osprey Partners and has been employed with the firm since 1998.From 1989 to 1998 , he was a Managing Director and a portfolio manager at Fox Asset Management.BOARD OF TRUSTEES RECOMMENDATIONOn September 7 , 2001 , the Osprey Partners Agreement was approved by the Trustees , including the Independent Trustees , of the Fund.In approving the Osprey Partners Agreement , the Trustees considered , among other things : ( i ) the nature and quality of services expected to be rendered by Osprey Partners to the Fund ; ( ii ) the short- term and long-term performance of Osprey Partners in relation to other investment advisers with similar investment strategies and styles ; ( iii ) the consistency of Osprey Partners.
investment philosophy and value-oriented investment style ; ( iv ) the extent to which the securities selected for the Fund by Osprey Partners are likely to differ from the securities selected for the Fund by Armstrong Shaw ; ( v ) Osprey Partners' investment management approach , which is expected to complement that of Armstrong Shaw ; ( vi ) the structure of Osprey Partners and its ability to provide services to the Fund ; ( vii ) that the fees payable by the Fund will not change as a result of replacing Chartwell with Osprey Partners as a Sub-Adviser to the Fund ; and ( viii ) that the Osprey Partners Agreement is identical in all material respects to the Armstrong Shaw and Chartwell Sub-Advisory Agreements.Based on the foregoing , the Trustees , including a majority of the Independent Trustees , concluded that the approval of the Osprey Partners Agreement is in the best interests of the Fund and its shareholders.