Tucker Walsh
Copper Rock Capital Partners
200 Clarendon Street
Boston, MA 02116

Tucker Walsh is the portfolio manager for the segment of the Fund’s assets run by Copper Rock Capital Partners (“Copper Rock”). Walsh is a partner of Copper Rock and has co-managed the Old Mutual Copper Rock Emerging Growth Fund since its inception in July of 2005. Walsh has acted as Chief Executive Officer since co-founding Copper Rock in 2005. Prior to then he was a Managing Director at State Street Research where, as head of the small-cap growth team, he also managed the State Street Research Emerging Growth Fund. Copper Rock has been an investment manager to Masters’ Select Smaller Companies Fund since July 2006.

Walsh manages approximately 20% of the Smaller Companies Fund’s assets. In selecting stocks, he focuses on finding companies with strong and sustainable growth, expanding operating margins and proven management. He looks for expected earnings growth of at least 20% over an 18- to 24-month time frame and emphasizes understanding the factors that will drive margin expansion during that period. Walsh also believes that interviews with company management are important tools for evaluating growth potential and he devotes time to questioning management on a wide range of topics from business challenges to board composition. Though stock selection is driven by bottom-up research, his investments are often in traditional growth sectors such as technology, healthcare and consumer and business services, however his process has the flexibility to allow him to seek growth companies in all sectors.

The Copper Rock team sets price targets by applying a multiple to their earnings estimates. Multiples may be determined by examining historical trading ranges for peers during comparable periods in their growth cycle or, where comparable companies do not exist, by determining a reasonable multiple based on expected growth. Generally, Walsh wants to see the potential for at least 30% to 50% appreciation before adding a stock to his portfolio.

Central to Copper Rock’s investment approach is a sell discipline which the team strictly adheres to and believes will lead to consistent out-performance. Once purchased for the portfolio, stocks are monitored carefully and sold quickly on any news that casts doubt on a company’s future prospects. One example of the team’s sell discipline is its rule that a CFO’s departure triggers the sale of a stock. While this may not always be a sign of deteriorating fundamentals, Walsh believes it is best to keep his portfolio clear of potential “blow-ups” and is ready to re-examine a stock for repurchase only after these concerns are eliminated.

References to other mutual funds should not be deemed an offer to sell or solicitation of an offer to buy shares of such funds.