Actually, Black8, it is a techinical distinction. AJW funds (and all funds) are managed by NIR, of which PWC is the Trustee/Manager. When you talk about control, it ultimately rests with PWC, even though PWC doesn't own the stock either. NIR does have a stake in this, as expenses for management of the funds runs through NIR. PWC doesn't want to be directly responsible for any other expenses involved in the management of the funds, even while acting within their fiduciary responsibilities to each of the Funds, so it is convenient for them to have NIR absorbing those expenses, which are charged off against the Funds in the end anyway.
When talking about the Funds, it is convenient to interchange the company, NIR, with the Funds, and with PWC, while keeping in mind the technical distinctions.
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