Performance

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 Funds are net of expenses, and the returns and yields on the indices exclude expenses. Current performance of the Funds may be lower or higher than the performance quoted.

Benchmark index performance is located at the bottom of the table.

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Footnotes

1. Performance for periods longer than one year are annualized.

2. Performance marked "At NAV" does not reflect the deduction of a sales load that, if reflected, would reduce the performance reported.

3. Returns for all periods prior to March 1, 2002 reflect performance of the Investor class, which began operations on November 1, 1999. Prior to March 1, 2002, the Fund had a single share class (the Investor class). On March 1, 2002, the Institutional share class was launched with a lower total operating expense ratio than the Investor class. The Fund changed to a single class structure on June 30, 2006, when the Investor class was closed and each Investor class share of the Fund outstanding at the conversion time was converted to a number of full and/or fractional Institutional class shares of the Fund. The performance information for periods prior to March 1, 2002 reflects actual performance of the Investor class shares for that period and has not been adjusted for any expense ratio difference between the Investor and Institutional class shares.

4. As of July 27, 2009, the Fund changed its name from “GW&K Multi-Cap Equity Fund” to “GW&K Small Cap Equity Fund,” adopted the Fund’s current investment strategies, and will compare its performance to the Russell 2000® Index. Prior to July 27, 2009, (and for the periods shown below), the Fund focused on a multi-cap equity strategy and compared its performance to the Russell 3000® Index. The performance information shown, as represented by the performance of the Fund’s Investor Class shares (formerly Class A shares), includes that of (i) the predecessor to the Fund, the BNY Hamilton Multi-Cap Equity Fund, a series of BNY Hamilton Funds, Inc. (the “Multi-Cap Predecessor Fund”), 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, when it was managed as a multi-cap fund, and (ii) GW&K Equity Fund, a series of the Gannett Welsh & Kotler Funds, which was managed by GW&K and reorganized into the Multi-Cap Predecessor Fund on October 7, 2002. Because the Fund’s Service Class and Institutional Class shares have not operated for a full fiscal year, performance history for these share classes is not available. The Fund’s past performance would have been different if the Fund were managed using the current investment strategies.

5. The "Since Inception" return, and returns for all periods beginning prior to 06/25/02, for the Managers AMG Essex Small/Micro Cap Growth Fund reflect performance linked with a "Predecessor Account" which began operations on September 28, 2000. The Predecessor Account’s objectives, policies, guidelines and restrictions were, in all material respects, the same as the Fund’s. The Predecessor Account was not registered as a mutual fund and therefore was not subject to certain investment restrictions that are imposed upon mutual funds. If the Predecessor Account had been registered as a mutual fund, the Account’s performance may have been adversely affected. Prior to March 1, 2006, the Fund had a single share class, which did not carry an up-front sales charge. On March 1, 2006, the existing shares were redesignated as Class A shares. Class A shares have an up-front sales charge. Performance for Class A shares above is based on the performance of the Fund's class in existence prior to March 1, 2006 adjusted to reflect the sales charge applicable to Class A shares.

6. Figures are based on the historical highest Individual Federal tax bracket and do not consider state or local taxes or the Alternative Minimum Tax. After tax returns shown are for the Institutional class. A and C class shares are invested similarly but will have after tax performance less than that shown because of their higher expenses. Actual returns depend on an investor's situation and may differ. After-tax returns may not be relevant to investors who hold their fund shares through tax-deferred arrangements. The after-tax performance figures here may vary from figures provided by other sources if those figures include certain additional tax credits. Pre-liquidation figures include taxes on the fund’s distribution of dividends and capital gains. If the sale of shares results in a capital loss that offsets capital gains or other income, post-liquidation after-tax returns may exceed pre-liquidation after-tax returns.

7. An investment in a Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government Agency. Although the Money Market Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Notes on Expense Ratios

Bond Fund

Annual expense ratio as of 04/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, until at least April 1, 2011, to waive management fees and/or reimburse Fund 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 0.99% of the average daily net assets of the Fund, subject to later reimbursement by the Fund in certain circumstances.

California Intermediate Tax-Free Fund

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.

Chicago Equity Partners Balanced Fund

Annual expense ratio as of 05/01/2010. The Investment Manager has contractually agreed, through at least May 1, 2011, to waive management fees and/or reimburse Fund 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 1.25%, 2.00%, 2.00%, and 1.00% of the average daily net assets of the Class A, Class B, Class C, and Institutional Class shares, respectively, subject to later reimbursement by the Fund in certain circumstances.

Chicago Equity Partners Mid-Cap Fund

Annual expense ratio as of 05/01/2010. The Investment Manager has contractually agreed, through at least May 1, 2011, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimburesments (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 1.24%, 1.99%, 1.99%, and 0.99% of the average daily net assets of the Class A, Class B, Class C, and Institutional Class shares, respectively, subject to later reimbursement by the Fund in certain circumstances.

Emerging Markets Equity Fund

Annual expense ratio as of 07/01/2010. Manager Investment Group LLC (the “Investment Manager”) has contractually agreed, until at least May 1, 2012, to waive management fees and/or reimburse Fund 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 1.74% of the average daily net assets of the Fund, subject to later reimbursement by the Fund in certain circumstances.

Essex Growth Fund
Annual expense ratio as of 10/01/2009.

Essex Large Cap Growth Fund

Annual expense ratio as of 04/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, until at least April 1, 2011, to waive management fees and/or reimburse Fund 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 1.29% of the average daily net assets of the Fund, subject to later reimbursement by the Fund in certain circumstances, provided that the amount of management fees waived will not exceed 0.25% of the Fund’s average net assets.

Essex Small/Micro Cap Growth Fund

Annual expense ratio as of 10/01/2009. The Investment Manager has contractually agreed, through October 1, 2010, to limit Net Annual Fund Operating Expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 1.49% and 2.24% of the average daily net assets of Class A and Class C shares, respectively, subject to later reimbursement by the Fund in certain circumstances.

Fixed Income Fund

Annual expense ratio as of 05/01/2010. The Investment Manager has contractually agreed, through at least May 1, 2011, to waive management fees and/or reimburse Fund 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 0.84%, 1.59%, 1.59%, and 0.59% of the average daily net assets of the Class A, Class B, Class C, and Institutional Class shares, respectively, subject to later reimbursement by the Fund in certain circumstances.

FQ Global Alternatives Fund

Annual expense ratio as of 03/01/2010. Effective as of January 1, 2010, Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least March 1, 2011, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 1.49% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances.

FQ Global Essentials Fund (formerly Fremont Global Fund)

Annual expense ratio as of 03/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least March 1, 2011, to waive management fees and/ or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 0.99% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances.

FQ Tax-Managed U.S. Equity Fund

Annual expense ratio as of 03/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least March 1, 2011, 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 1.24% for Class A shares, 1.99% for Class C shares, and 0.99% for Institutional Class shares, subject to later reimbursement by the Fund in certain circumstances.

FQ U.S Equity Fund

Annual expense ratio as of 03/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least March 1, 2011, 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 1.04% for Class A shares, 1.79% for Class C shares, and 0.79% for Institutional Class shares, subject to later reimbursement by the Fund in certain circumstances.

Frontier Small Cap Growth Fund (formerly Managers Small Cap Fund)

Annual expense ratio as of 03/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least March 1, 2011, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 1.05% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances.

Global Bond Fund

Annual expense ratio as of 04/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractu¬ally agreed, until at least April 1, 2011, to waive management fees and/or reimburse Fund 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 1.10% of the average daily net assets of the Fund, subject to later reimbursement by the Fund in certain circumstances.

GW&K Municipal Bond Fund

Annual expense ratio as of 05/01/2010. The Investment Manager has contractually agreed, through at least May 1, 2011, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 0.34% of the Fund’s average daily net assets subject to later reimbursement by the Fund in certain circumstances.

GW&K Municipal Enhanced Yield Fund

Annual expense ratio as of 05/01/2010. The Investment Manager and GW&K have contractually agreed, through at least May 1, 2011, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 0.79% of the Fund’s average daily net assets.

GW&K Small Cap Equity Fund (formerly GW&K Mulit-Cap Equity Fund)

Annual expense ratio as of 05/01/2010. The Investment Manager and GW&K have contractually agreed, through at least May 1, 2011, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 0.95% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances.

High Yield Fund

Annual expense ratio as of 05/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least May 1, 2011, to waive management fees and/or reimburse Fund 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 1.15%, 1.90%, 1.90%, and 0.90% of the average daily net assets of the Class A, Class B, Class C, and Institutional Class shares, respectively, subject to later reimbursement by the Fund in certain circumstances.

Institutional Micro-Cap Fund (formerly Fremont Institutional Micro-Cap Fund)

Annual expense ratio as of 07/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, until at least March 1, 2012, 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 1.23% of the average daily net assets of the Fund, subject to later reimbursement by the Fund in certain circumstances.

Intermediate Duration Government Fund

Annual expense ratio as of 05/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least May 1, 2011, to waive management fees and/or reimburse Fund 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 0.89% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances.

International Equity Fund

Annual expense ratio as of 07/01/2010. Managers Investment Group LLC (“Managers” or the “Investment Manager”) has contractually agreed, until at least May 1, 2012, to waive management fees and/or reimburse Fund 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 1.39% of the average daily net assets of the Fund, subject to later reimbursement by the Fund in certain circumstances.

Micro-Cap Fund (formerly Fremont Micro-Cap Fund)

Annual expense ratio as of 07/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, until at least March 1, 2012, 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 1.43% of the average daily net assets of the Fund, subject to later reimbursement by the Fund in certain circumstances

Money Market Fund
Annual expense ratio as of 05/01/09.

PIMCO Bond Fund (formerly Fremont Bond Fund)

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 0.58% of the average daily net assets of the Fund, subject to later reimbursement by the Fund in certain circumstances.

Real Estate Securities Fund

Annual expense ratio as of 03/01/2010. Managers Investment Group LLC (the “Investment Manger”) 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 1.50% of the average daily net assets of the Fund, subject to later reimbursement by the Fund in certain circumstances. 

Renaissance Large Cap Growth Fund

Annual expense ratio as of 05/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least May 1, 2011, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, brokerage commissions, shareholder servicing fees, distribution and service (12b-1) fees, acquired fund fees and expenses, and extraordinary items) to 0.66% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances.

Short Duration Government Fund
Annual expense ratio as of 05/01/2010.

Skyline Special Equities Portfolio

Annual expense ratio as of 05/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least May 1, 2011, to waive management fees and/or reimburse Fund 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 1.32%.

Special Equity Fund

Annual expense ratio as of 07/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least May 1, 2012, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, shareholder servicing fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 1.19% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances.

Systematic Mid Cap Value Fund

Annual expense ratio as of 07/01/2010. Managers Investment Group LLC (the “Investment Manager”) and Systematic Financial Management L.P. (“Systematic”) have contractually agreed, through July 1, 2011, to waive management fees and/or reimburse Fund 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 1.24%, 1.99%, and 0.99% of the average daily net assets of the Class A, Class C, and Institutional Class shares, respectively, subject to later reimbursement by the Fund in certain circumstances.

Systematic Value Fund

Annual expense ratio as of 07/01/2010. Managers Investment Group LLC (the “Investment Manager”) and Systematic Financial Management L.P. (“Systematic”) have contractually agreed, through July 1, 2011, to waive management fees and/or reimburse Fund 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 1.15%, 1.90%, and 0.90% of the average daily net assets of the Class A, Class C, and Institutional Class shares, respectively, subject to later reimbursement by the Fund in certain circumstances.

TimesSquare Mid Cap Growth Fund

Annual expense ratio as of 05/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through May 1, 2011, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, brokerage commissions, shareholder servicing fees, distribution and service (12b-1) fees, acquired fund fees and expenses, and extraordinary items) to 1.19% and 1.39% of the average daily net assets of the Fund attributable to the Institutional Class shares and Premier Class shares, respectively, subject to later reimbursement by the Fund in certain circumstances.

TimesSquare Small Cap Growth Fund

Annual expense ratio as of 05/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through May 1, 2011, to waive management fees and/or reimburse Fund 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 1.05% and 1.25% of the average daily net assets of the Fund attributable to the Institutional Class shares and Premier Class shares, respectively, subject to later reimbursement by the Fund in certain circumstances.

Disclosure
Performance reflects Class A shares. Load performance: maximum sales charge on Class A shares is 5.75%. For information about other share classes available, please consult the prospectus. Performance of Fund classes will differ. Please see the prospectus for details. From time to time the Fund’s advisor has waived fees or reimbursed expenses, which may have resulted in higher returns.

The Fund share classes differ with regard to sales charges and Fund expenses. In choosing a Fund and class(es), investors should consider the amount they plan to invest, their investment objectives, the Fund’s investment objectives, risks, charges and expenses carefully before investing, and how long they intend to keep their money invested in the Fund and class(es).  Investors should discuss their goals and choices with a registered financial professional in order to determine which share class is appropriate for them.

From time to time the adviser 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 and the returns and yields on the indices exclude expenses.

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.