| 2001-03-30 |
KENNETH F. HERLIHY
504 Woodland Court, Wayne, PA, 19087
Director of the Fund
Sculptor, who has worked independently since his retirement from mutual fund
management approximately ten years ago. Age 72.
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
Kenneth F. Herlihy.................... $5,500 |
| 2002-03-22 |
Kenneth F. Herlihy (73)........ Director of the Fund; Sculptor, Class I 1998 $-0-
who has worked independently (2003)
since his retirement from the
mutual fund industry in 1987.
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*
-------------- ------------ ---------------- ---------------- --------------
Kenneth F. Herlihy.................. $5,750 $-0- $-0- $5,750
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 |
Kenneth F. Herlihy (74) Director Current Term expires 2003; Director since 1998 Sculptor, who has worked independently since his retirement from the mutual fund industry in 1987. 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. Kenneth F. Herlihy $5,500 |
| 2004-03-22 |
Kenneth F. Herlihy (75) Class I Director Term expires 2006; Director since 1998 Sculptor, who has worked independently since his retirement from the mutual fund industry in 1987. 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. Kenneth F. Herlihy compensation was $6,750. |
| 2005-03-21 |
Kenneth F. Herlihy Age 76 Class I Director Term expires 2006; Director since 1998 Sculptor, who has worked independently since his retirement from the mutual fund industry in 1987. 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. Kenneth F. Herlihy Chairman 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... Kenneth F. Herlihy $8,000. |
| 2006-03-17 |
Kenneth F. Herlihy, Age 77, Class I Director, Term expires 2006; Director since 1998. Sculptor, who has worked independently since his retirement from the mutual fund industry in 1987. Compensation: $7,250. Committees: Audit Committee (Chairman), Nominating Committee. |
| 2007-03-19 |
Kenneth F. Herlihy Age 78 Class I Director Term expires 2009; Director since 1998 Sculptor, who has worked independently since his retirement from the mutual fund industry in 1987. 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... Kenneth F. Herlihy $7,250. |
| 2008-04-02 |
Kenneth F. Herlihy Age 79 Class I Director Term expires 2009; Director since 1998 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 and Ormerod and Ms. Fairchild 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 and Ormerod and Ms. Fairchild. Compensation Table: Kenneth F. Herlihy $9,000 total compensation. |
| 2009-03-13 |
Kenneth F. Herlihy Age 80 Class I Director Term expires 2009; Director since 1998 1 Fund Sculptor, who has worked independently since his retirement from the mutual fund industry in 1987. The Fund has a standing Audit Committee of the Board comprised of all Directors who are not interested persons of the Fund, the Fund's investment adviser or their affiliates within the meaning of the Investment Company Act of 1940, as amended (the 1940 Act), and who are independent as defined in the New York Stock Exchange applicable listing standards. Currently, Messrs. Herlihy and Ormerod and Ms. Fairchild serve as members of the Audit Committee. The Audit Committee held two meetings during the fiscal year ended November 30, 2008. 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 and Ormerod and Ms. Fairchild. The Nominating Committee met once during the fiscal year ended November 30, 2008. 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, 2008. Kenneth F. Herlihy $ 9,000 Total Compensation. |
| 2010-03-10 |
Kenneth F. Herlihy Age 81 Class I Director Term expires 2012; Director since 1998 Sculptor, who has worked independently since his retirement from the mutual fund industry in 1987. The Fund has a standing Audit Committee of the Board comprised of all Directors who are not "interested persons" of the Fund, the Fund's investment adviser or their affiliates within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"), and who are "independent" as defined in the New York Stock Exchange applicable listing standards. Currently, Messrs. Herlihy and Ormerod and Ms. Fairchild serve as members of the Audit Committee. The Audit Committee held two meetings during the fiscal year ended November 30, 2009. 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 and Ormerod and Ms. Fairchild. The Nominating Committee did not meet during the fiscal year ended November 30, 2009. 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, 2009. Kenneth F. Herlihy $ 9,000. |
| 2011-01-04 |
Kenneth F. Herlihy $10,500 Independent Directors of the Fund taken as a group were either paid or had accrued Directors fees during the fiscal year ended November 30, 2010 in the aggregate amount of $31,500. Currently, the basis of compensation for the Independent Directors is a fee of $2,000 for each regular Board meeting attended, $750 for each special meeting attended, plus $1,000 per year for audit committee members. |
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