| 2001-03-30 |
GEORGE W. GROSZ
187 St. Clair Circle, Berwyn, Pennsylvania 19312
Consultant, who has worked independently since his retirement from the mutual
fund industry in 1996; and from 1994 to 1996, President and CEO of Meridian
Asset Management Co. Age 63.
Director of FBR Family of Funds.
The Fund has a Nominating Committee comprised of Messrs. Herlihy and Grosz.
The Nominating Committee is responsible for considering candidates for election
to the Board of the Fund in the event a position is vacated or created. The
Nominating Committee of the Fund met one time during the fiscal year ended
November 30, 2000, and all members of the Nominating Committee were present.
The Fund has a standing Audit Committee of the Board comprised of Messrs.
Herlihy and Grosz. Each member of the Audit Committee is independent and
financially literate. The Board expects to appoint a third
The Board of Directors held four regularly scheduled meetings and one special
meeting during the Fund's fiscal year ended November 30, 2000. Each Director
attended at least seventy-five (75%) percent of the aggregate number of the
Board and committee meetings held during the period in which he was a Director.
No officer or Director of the Fund who is also a Director, officer or
employee of the Manager or any of its parents, received any remuneration from
the Fund during 2000. The other Directors taken as a group were either paid or
had accrued Directors' fees for the fiscal year ended November 30, 2000 in the
aggregate amount of $10,750. The basis of compensation for Directors is an
annual fee of $4,000 per year plus $250 per meeting attended. The Fund also pays
members of the Audit Committee of the Board of Directors an annual fee of $250.
The Chairman of the Audit Committee receives an additional fee of $500 per year.
The Board of Directors held four regularly scheduled meetings and one special
meeting during the Fund's fiscal year ended November 30, 2000. Each Director
attended at least seventy-five (75%) percent of the aggregate number of the
Board and committee meetings held during the period in which he was a Director.
The following table provides information concerning the compensation of
each of the Fund's Directors for services rendered during the Fund's fiscal year
ended November 30, 2000:
COMPENSATION TABLE
NAME OF PERSON TOTAL
George S. Grosz....................... $5,250
The Fund has a Nominating Committee comprised of Messrs. Herlihy and Grosz.
The Fund has a standing Audit Committee of the Board comprised of Messrs.
Herlihy and Grosz. |
| 2002-03-22 |
George W. Grosz (64)........... Director of the Fund; Class III 2000 Over $100,000
Consultant (since 1996); (2005++)
President and CEO of Meridian
Asset Management Co
(1994-1996); Director, FBR
Family of Funds (1998-2001);
Director, FBR National Bank &
Trust Company (since 2001);
Director, Guardian Trust
Company FSB (a wholly owned
subsidiary of Guardian Life
Insurance Company of America)
(since 1999).
Compensation of Directors
...
COMPENSATION TABLE
PENSION OR
RETIREMENT TOTAL
AGGREGATE BENEFITS ACCRUED ESTIMATED ANNUAL COMPENSATION
COMPENSATION AS PART OF FUND BENEFITS UPON FROM FUND PAID
NAME OF PERSON FROM FUND EXPENSES RETIREMENT TO DIRECTORS*
-------------- ------------ ---------------- ---------------- --------------
George W. Grosz..................... $5,250 $-0- $-0- $5,250
Committees and Board of Directors' Meetings
...
Currently, Messrs. Herlihy,
Grosz and Ormerod serve as members of the Audit Committee of the Board.
...
The current members
of the Nominating Committee are Messrs. Herlihy, Grosz and Ormerod.
| 2003-03-18 |
George W. Grosz (65) Director Term expires 2005; Director since 2000 Consultant (since 1996); President and CEO of Meridian Asset Management Co (1994 –1996); Director, FBR Family of Funds (1998-2001); Director, FBR National Bank & Trust Company (since 2001); Director, Guardian Trust Company FSB (a wholly owned subsidiary of Guardian Life Insurance Company of America) (since 1999). The Fund has a standing Audit Committee of the Board comprised entirely of directors who are not interested persons of the Fund. Currently, Messrs. Herlihy, Grosz and Ormerod serve as members of the Audit Committee. The Fund also has a standing Nominating Committee of the Board comprised entirely of directors who are not interested persons of the Fund. The current members of the Nominating Committee are Messrs. Herlihy, Grosz and Ormerod. The following table provides information concerning the compensation paid by the Fund to directors for services rendered during the Fund's fiscal year ended November 30, 2002. George W. Grosz $5,250 |
| 2004-03-22 |
George W. Grosz (66) Class III Director Term expires 2005; Director since 2000 Consultant (since 1996); President and CEO of Meridian Asset Management Co (1994- 1996); Director, FBR National Trust Company (since 2001); Director, Guardian Trust Company FSB (a wholly owned subsidiary of Guardian Life Insurance Company of America) (since 1999). The Fund has a standing Audit Committee of the Board comprised of all Directors who are not interested persons of the Fund. Currently, Messrs. Herlihy, Grosz and Ormerod serve as members of the Audit Committee. The Audit Committee held two meetings during the fiscal year ended November 30, 2003. The Fund also has a standing Nominating Committee of the Board that acts pursuant to a written charter. The Nominating Committee currently consists of Messrs. Herlihy, Grosz and Ormerod. The following table provides information concerning the compensation paid by the Fund to Directors for services rendered during the Fund's fiscal year ended November 30, 2003. George W. Grosz compensation was $6,500. |
| 2005-03-21 |
George W. Grosz Age 67 Class III Director Current term expires 2005; Director since 2000 Consultant (since 1996); President and CEO of Meridian Asset Management Co (1994 - 1996); Director, FBR National Trust Company (since 2001); Director, Guardian Trust Company FSB (a wholly owned subsidiary of Guardian Life Insurance Company of America) (since 1999). The Fund has a standing Audit Committee of the Board comprised of all Directors who are not "interested persons" of the Fund... Currently, Messrs. Herlihy, Grosz and Ormerod serve as members of the Audit Committee... The Fund also has a standing Nominating Committee of the Board... The Nominating Committee currently consists of Messrs. Herlihy, Grosz and Ormerod... The following table provides information concerning the compensation paid by the Fund to Directors for services rendered during the Fund's fiscal year ended November 30, 2004... George W. Grosz $7,750. |
| 2006-03-17 |
George W. Grosz, Age 68, Class III Director, Current term expires 2008; Director since 2000. Consultant (since 1996); President and CEO of Meridian Asset Management Co (1994-1996); Director, FBR National Trust Company (since 2001); Director, Guardian Trust Company FSB (since 1999). Compensation: $7,000. Committees: Audit Committee, Nominating Committee. |
| 2007-03-19 |
George W. Grosz Age 69 Class III Director Current term expires 2008; Director since 2000 Consultant (since 1996); President and CEO of Meridian Asset Management Co (1994-1996); Director, FBR Family of Funds (1998-2001) Director, FBR National Trust Company (2001-2006); Director, Guardian Trust Company FSB (a wholly owned subsidiary of Guardian Life Insurance Company of America) (since 1999). The Fund has a standing Audit Committee of the Board comprised of all Directors who are not interested persons of the Fund... Currently, Messrs. Herlihy, Grosz and Ormerod serve as members of the Audit Committee... The Fund also has a standing Nominating Committee of the Board that acts pursuant to a written charter... The Nominating Committee currently consists of Messrs. Herlihy, Grosz and Ormerod... The following table provides information concerning the compensation paid by the Fund to Directors for services rendered during the Fund's fiscal year ended November 30, 2006... George W. Grosz $9,750. |
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