11.   Believing that investors in the funds had suffered enough, their directors voted last year to seek a replacement for the company that has long managed the funds.

12.   Both have proved adept at tracking their target, and both charge ultra-low fees to manage the funds.

13.   Both Royce funds are managed similarly, but GiftShares holds fewer stocks than most funds.

14.   A lot of investors want to find a more actively managed fund, in hopes it will do better than the indexes.

15.   A prospering division that manages pension funds was created.

16.   A six-member panel of state and federal trustees, the Exxon Valdez Oil Spill Trustee Council, manages the fund.

17.   A very small fund can be disadvantageous because there are fewer investors to bear the fixed costs of managing the fund.

18.   A year ago, the fund was managed by Bob Stansky.

19.   Absolutely, said Mark Klein, managing member of Independence Holdings Partners LLC, the New York investment firm managing the fund.

20.   After all, they reason, investment goals and the way funds are managed can differ radically from one fund group to another.