California Intermediate Tax-Free Fund

		Month Ending 8/31/2010 (%)					Quarter Ending 6/30/2010 (%)					Expense Ratios
Fund/Class		1 Year	3 Year	5 Year	10 Year	Life of Fund	1 Year	3 Year	5 Year	10 Year	Life of Fund	Gross	Net
California Intermediate Tax-Free Fund
		8.09	5.38	4.13	4.55	5.35	6.63	4.30	3.43	4.40	5.20	0.88	0.57
Barclays Capital Municipal Bond: 5 Year Index
		7.73	7.18	5.43	5.28	—	6.88	6.75	4.85	5.21	—

Disclosure

Investors should carefully consider the Fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. From time to time the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields on the Fund are net of expenses. Unlike the Fund, the index listed is unmanaged, is not available for investment, and does not incur expenses.

Performance for periods longer than one year are annualized.

Annual expense ratio as of 03/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, until at least March 1, 2011, to waive fees and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 0.55% of the average daily net assets of the Fund, subject to later reimbursement by the Fund in certain circumstances.

Risks

Issuer of bonds may not be able to meet interest or principal payments when the bonds come due. The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor's ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall. The Fund is subject to risks associated from economic, political, geographic, and demographic conditions of California that could adversely affect the value of the Fund's investment portfolio. Factors unique to the municipal bond market may negatively affect the value in municipal bonds. Investment income may be subject to certain state and local taxes, and depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax.