Despite a difficult market last year for mutual fund investors, independent fund directors awarded themselves an 11 percent average pay raise in 2000. That represents the largest compensation gain in the past eight years, according to Management Practice, the New York consulting firm that specializes in the governance of mutual funds and annually surveys independent mutual fund directors' compensation.

The median annual compensation for an independent director who oversaw a fund complex with between $5 billion and $10 billion in assets was $49,930, but that grew to $106,000 for fund directors whose complexes managed $50 billion or more. Annual director pay was $7,250 for directors of fund complexes with less than $1 billion in assets.

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