GW&K Municipal Enhanced Yield Fund

		Month Ending 6/30/2010 (%)					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
GW&K Municipal Enhanced Yield Fund
Investor Class		—	—	—	—	15.45	—	—	—	—	15.45	1.73	1.21
Service Class		—	—	—	—	15.74	—	—	—	—	15.74	1.58	1.06
Institutional Class		17.52	1.41	—	—	2.47	17.52	1.41	—	—	2.47	1.33	0.81
Barclays Capital U.S. Municipal Bond BAA Index
		15.34	0.23	2.11	5.52	—	15.34	0.23	2.11	5.52	—
Barclays Capital U.S. Municipal Bond Index
		9.61	5.50	4.40	5.63	—	9.61	5.50	4.40	5.63	—

Fund Inception Date	Investor	Service	Institutional
	7/27/2009	7/27/2009	12/30/2005
Calendar Year Returns	Investor	Service	Institutional	Barclays Capital U.S. Municipal Bond BAA Index	Barclays Capital U.S. Municipal Bond Index
2009	—	—	37.62%	26.09%	12.91%
2008	—	—	-24.72%	—	-2.47%
2007	—	—	-0.05%	—	3.36%
2006	—	—	0.07%	—	4.84%

The performance information shown, as represented by the performance of the Fund’s Institutional Class shares, is that of the predecessor to the Fund, the BNY Hamilton Municipal Enhanced Yield Fund, a series of BNY Hamilton Funds, Inc., which was reorganized into the Fund on November 10, 2008, and was managed by GW&K with the same investment objective and substantially similar investment policies as those of the Fund.

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 05/10/2010. The Fund's Investment Manager has contractually agreed, through May 1, 2011, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's expenses.

Risks

Issuer of bonds may not be able to meet interest or principal payments when the bonds come due. High yield bonds (also known as “junk bonds”) are subject to additional risks such as the risk of default. 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. The use of leverage in a Fund's strategy can magnify relatively small market movements into relatively larger losses for the Fund. Factors unique to the municipal bond market may negatively affect the value in municipal bonds.