NEW YORK, August 23 /PRNewswire/ -- The managers of seven mutual funds --
each of which has earned the elite distinction of being named a Lipper Leader
for both Consistent Return and Total Return -- gathered this week to discuss
their investment styles and offer personal perspectives on the current
economic and market climate.  They were joined by a senior analyst from Lipper
who gave preliminary details of a soon-to-be released Lipper research report
exploring the differences and similarities between sector-specific ETFs.
    The managers spoke at a media conference co-sponsored by SunStar, the
strategic marketing firm of Alexandria, VA and Lipper, a Reuters company, and
a highly regarded provider of fund data, tools and commentary.


                         Alpine's "Dynamic" Strategy

    Finding the right "balance" is the goal of the $90 million Alpine Dynamic
Balance Fund (ADBYX) which invests in a dynamically variable mix of equities
and fixed-income securities; exclusively Treasuries or agency bonds.  The Fund
focuses on capital appreciation rather than income, although equities with
strong dividend growth records and prospects are favored, said fund co-manager
Sam Lieber.  Lieber is the President of the Alpine Mutual Funds.
    "We think that equities are attractive and dividend paying stocks have
special appeal," Lieber said.  Lieber explained that he focuses on companies
with attractive valuations that are dominant market share leaders or are
distinctive in terms of their business plan or business segment.
    The Fund currently favors the financial services sector where Lieber
believes cheap valuations do not reflect selected banks which are thriving.
Continued consolidation among banks is likely to drive future growth.  The
potential of a flat yield curve has already been heavily discounted in share
prices for many stocks.  Alpine has also over- weighted real estate companies
such as home builders and Real Estate Investment Trusts (REITs).


                The Dividend Dictum from Delaware Investments

    A rude awakening will put the spotlight on dividends more than ever before
as "Baby Boomers will realize that their asset allocations are not providing
the income they need," predicted Jordan Irving, Vice President and Senior
Portfolio Manager of the $450 million Delaware Dividend Income Fund (DDIAX).
    "Historically, dividends have been a major component of total return," he
noted.  "Dividends have been, will be, and should always be an important part
of an investor's portfolio," he added.  Irving said that he believes the
current market is reminiscent of the stock market between 1966 and 1982.
Looking ahead, there will be upside potential in value stocks.
    The Delaware Dividend Income Fund invests in four diversified and non-
correlated asset classes: large-cap value equities, REITs, high yield bonds,
and convertible securities.  Irving noted that his large-cap value strategy is
to focus on long-term valuations.  Moreover, when both valuations and investor
sentiments are low, he tries to capitalize on that situation by buying stocks
at a bargain price.  For example, the fund increased its position in Merck
amid the company's troubles over Vioxx and Irving expects it to be a two to
three year holding.  Irving also added to the position in Boeing, which he
said was grossly oversold after the terrorist attacks of September 11, 2001.
The company has since been making progress, particularly in attracting a new
seasoned CEO.


                   David Williams' Restructuring Philosophy

    "The best fiscal and monetary policies are in place for the market, and I
expect a good long economic cycle," said a bullish David Williams, managing
director and head of value investing at U.S. Trust and manager of the $5.2
billion Excelsior Value & Restructuring Fund (UMBIX).
    The Excelsior Value & Restructuring Fund invests in value companies
undergoing some type of restructuring that can lead to growth, as well as
companies in consolidating industries.  Stocks are then held for extended
periods translating into low turnover, he said.  "We hold a stock until
something negative is in the offing."  Williams noted that the fund has done
particularly well with highly leveraged companies that are statistically as
good or better than the typical S&P 500 company.  The fund has also benefited
from buying stocks at their initial public offering and holding them for
several years, Williams noted.
    Williams pointed to Black & Decker, a company he purchased five years ago,
which has done well through, among other things, trimming product offerings to
make it more efficient.  "It is a great stock because of its restructuring and
now sells at 13 times earnings," he said.


                   Fifth Third Meets Income-Producing Needs

    The pendulum has swung, and today, income is what ever-aging investors are
clamoring for, said John Schmitz, manager of the $165 million Fifth Third
Strategic Income Fund (MXSFX) which is among a small universe of flexible
income funds.  Schmitz is managing director, core equity strategies.  "In
1999, income was an unloved element in terms of return.  Then, it was all
about capital appreciation," he said.
    "Demographically, we've seen more of a shift to income," Schmitz
commented.  Statistically, pre-retirement investors only require less than
one-third of their income from interest/dividends, but post-retirement
investors require more than one-half of their income to be derived from
interest/dividends, Schmitz noted.  "Compounding is the eighth wonder of the
world," he quipped.
    The Fifth Third Strategic Income Fund predominantly invests in preferred
stocks, bonds, REITs, closed-end bond funds and common stocks with its goal to
provide a high and stable income stream.


                      Laudus MarketMasters' Master Plan

    The current environment looks eerily like the decade of the 1970s, said
Diane Jaffee, group managing director of Trust Company of the West, which
manages the equity portion of the $133 million Laudus Balanced MarketMasters
Fund (SWOBX).  According to Jaffee, foreign war, high oil prices, and volatile
financial markets are familiar themes then and now, but that doesn't mean
investment opportunities are gone.  After the 1973-1974 stock market decline,
"we went into an extended value cycle that saw value outperform growth in 10
of the 12 following calendar years." She said to expect to see the same
scenario play out again, with pockets of growth in a similar extended value
cycle.  "Value is in everything we do," Jaffee explained.
    Her approach to running the equity portion of the Fund can be summed up
as:  "The search for value poised for growth."  She looks for undervalued
companies with a fundamental catalyst that will ultimately be recognized by
the market.  Dividend-paying companies are preferred, but not mandatory.
Broad sector diversification is key, and she doesn't shy away from companies
that are going through major restructuring.  "We like looking where others
don't want to look," Jaffee noted.


                      Texas Capital's Chameleon Approach

    "A rigid investment approach will inevitably lead to periods of
underperformance while a strategic, dynamic approach -- a chameleon approach
-- allows managers to adapt to changing winds," said Eric Barden, manager and
co-founder of the $75 million Texas Capital Value & Growth Fund (TCVGX). The
fund's goal is to find opportunities in the market wherever they exist.
    That chameleon strategy allowed the fund to move into soaring micro-cap
stocks in 2003 as the bear market subsided, blue chip, dividend-paying stocks
amid tax reforms in 2004, and seize both growth and value opportunities in
2005, Barden said.  The fund currently has about 200 long positions as well as
some short positions.
    Barden said that he expects that value and growth approaches will continue
to do well this year.  He also noted that we are currently seeing an earnings-
driven market for large caps.


                        Torray's Long-term Perspective

    The Torray Fund (TORYX) invests in high quality companies with a history
of rising earnings and free cash flow.  According to Douglas Eby, Co-Portfolio
Manager of the Fund and President of Robert E. Torray & Co. Inc., "Over the
long term, there is a high correlation between free cash flow and stock
prices.  Valuation is important but not critical.  We're just looking for
reasonable prices."
    Eby also points out that recent major market trends seem unsustainable,
particularly the out-performance of low quality stocks relative to high
quality ones and the up-turn in commodity-based industries that have enjoyed a
record cyclical recovery over the last few years.
    "Many of these situations have produced relatively low financial returns
over the long term, a reflection of their generally weak underlying economics.
We would rather bet on successful companies than assume those with spotty
records will turn around," said Eby.


                Lipper: Not All Sector ETFs are Created Equal

    "ETFs are serving as attractive investment alternatives," said Michael
Porter, senior research analyst with Lipper Inc.  The fact that ETFs are
compelling investment vehicles has prompted new research, due out from Lipper
within a few weeks, that will explore the differences and similarities among
sector specific ETFs.
    For example, comparing ETFs within similar sectors shows that although
each is investing within the same sector, ETFs do vary in the number of
underlying holdings resulting in some being much broader proxies for that
sector than others, hinted Porter.

    About SunStar
    SunStar is a strategic marketing firm based in historic Alexandria, VA.
The company helps investment advisers build their brand and attract clients.
For more information on the company, visit: http://www.isunstar.com or
SunStar's sister news and commentary web site:

http://www.ifinancialmarketing.com.

    About Lipper
    Lipper, a Reuters company, is a global leader in supplying fund analysis,
analytical tools and commentary.  Lipper's benchmarking provides the trusted
guidepost to asset managers, fund companies, financial intermediaries,
traditional media, web sites and individual analysts.

    About Lipper Leader Designations
    A fund is named a Lipper Leader for Consistent Return when it has shown a
strong trend of solid long-terms performance versus its peers, adjusted for
risk. A fund that received the Lipper Leader for Total Return has delivered
performance topping 80% of its competitors.  Lipper Leaders ratings are
calculated each month by Lipper.