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Small Cap Core Value
managed by Eagle Boston Investment Management

Eagle Boston's Small Cap Core Value program strives to build portfolios consisting of stocks that we believe we can purchase at a discount to their long-term value. We seek stocks where growth and profitability have a high likelihood of improving beyond the market's current expectations, but that trade at reasonable valuations.

Affiliated Mutual Fund

Investment Process
Investment
Team
Performance
Literature

Portfolio Characteristics

Typical Market Capitalization Benchmark Account Minimum Typical Turnover Typical Number
of Holdings
$200 million to $2 billion Russell 2000 Index $100,000 less than 50% 50 to 70

Quarterly Performance1 (as of March 31, 2009)

  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Annual Russell
  Gross Net Gross Net Gross Net Gross Net Gross Net 2000
1992 — — -5.39% -5.56% 3.59% 3.39% 10.36% 9.93% 8.16% 7.34% 10.15%
1993 6.26% 5.85% -2.61% -3.18% 6.44% 5.87% 2.17% 1.70% 12.54% 10.34% 18.89%
1994 1.66% 1.21% -4.13% -4.63% 6.87% 6.35% 1.01% 0.50% 5.21% 3.17% -1.81%
1995 8.95% 8.43% 15.86% 15.31% 12.06% 11.50% 4.59% 4.03% 47.95% 45.03% 28.44%
1996 7.93% 7.35% 3.47% 2.97% 3.94% 3.37% 0.26% -0.27% 16.38% 13.95% 16.52%
1997 -1.84% -2.33% 15.00% 14.41% 13.42% 12.85% -0.67% -1.17% 27.18% 24.63% 22.36%
1998 6.30% 5.78% -5.84% -6.31% -21.13% -21.53% 13.94% 13.32% -10.05% -11.87% -2.55%
1999 -14.64% -15.06% 21.36% 20.79% -6.14% -6.60% 18.77% 18.17% 15.48% 13.24% 21.27%
2000 15.18% 14.63% -5.88% -6.34% -1.49% -1.96% 1.90% 1.44% 8.82% 6.77% -3.03%
2001 -7.08% -7.46% 17.28% 16.83% -13.31% -13.69% 17.54% 17.07% 11.04% 9.24% 2.49%
2002 7.04% 6.55% -9.90% -10.32% -21.72% -22.14% 7.77% 7.28% -18.64% -20.19% -20.48%
2003 -6.91% -7.34% 22.58% 22.04% 9.84% 9.38% 14.91% 14.44% 44.03% 41.56% 47.25%
2004 6.72% 6.28% 2.65% 2.20% -5.36% -5.80% 11.96% 11.47% 16.08% 14.05% 18.33%
2005 -8.33% -8.87% 3.73% 3.10% 4.05% 3.49% 1.28% 1.05% 0.20% -1.75% 4.55%
2006 10.15% 9.78% -6.75% -7.18% 4.84% 4.39% 10.15% 9.81% 18.62% 16.81% 18.35%
2007 1.52% 1.19% 7.72% 7.32% 0.08% -0.26% -3.31% -3.62% 5.82% 4.39% -1.55%
2008 -10.90% -11.18% 1.15% 0.84% -2.51% -2.84% -28.07% -28.36% -36.80% -37.66% -33.80%
2009 -13.43% -13.75% — — — — — — -13.43% -13.75% -14.95%

Compounded, Annualized Rates of Return Net of Fees (as of March 31, 2009)

Year Percentage $100,000 Compounded
1 -39.46% $60,537
3 -15.79% $59,719
5 -7.12% $69,126
10 2.59% $129,079
Since Inception (April 1, 1992) 5.36% $243,172


Risk Information

The risks associated with investing in small-sized companies are based on the premise that relatively small companies will increase their earnings and grow into larger, more valuable companies. However, as with all equity investing, there is the risk that a company will not achieve its expected earnings results, or that an unexpected change in the market or within the company will occur, both of which may adversely affect investment results. Historically, small-cap stocks have experienced greater volatility than other equity asset classes, and they may be less liquid than large-cap stocks. Thus, relative to larger, more liquid stocks, investing in small-cap stocks involves potentially greater volatility and risk. The biggest risk of equity investing is that returns can fluctuate and investors can lose money.

Not every investment opportunity will meet all of the stringent investment criteria mentioned to the same degree. Trade-offs must be made, which is where experience and judgment play a key role. Accounts are invested at the discretion of the portfolio manager and may take up to 60 days to become fully invested.

Disclosures

(1) The calculation of the performance data includes reinvestment of all income and gains and is depicted on a time-weighted and size-weighted average for the entire period. Calculations include reinvestment of all income and gains. Performance is shown before (gross) and after (net) the deduction of both management fees and transaction costs. Performance figures include all of Eagle’s retail managed accounts. All composite performance data through 2007 have been verified by an internationally recognized accounting firm. Performance data for 2008 and the current year have not been audited and are subject to revision. No inference should be drawn by present or prospective clients that managed accounts will achieve similar investment performance in the future. Because accounts are individually managed, returns for separate accounts may be higher or lower than the average performance stated above.

Investing in equities may result in a loss of capital.