Fremont Bond Fund

MBDFX Morningstar Risk-Adjusted Ratings as of May 31, 2008 Overall Rating 3 Years 5 Years 10 Years Category (of 994 Funds) (of 994 Funds) (of 839 Funds) (of 442 Funds) Intermediate-Term Bond

Why consider investing with the Managers Fremont Bond Fund?

• Opportunity to invest with one of the world's most renowned fixed-income managers; Bill Gross of PIMCO has over 34 years of fixed income investment experience, has twice been named Morningstar's Fixed Income Manager of the Year, and has managed the fund since inception in 1993.
• Focus is on longer-term secular trends in such factors as demographics, political conditions and structural changes in the economy, which Bill Gross and his team believe exert powerful sustained influences on interest rates.
• Emphasis is on avoiding extreme swings in the maturity and duration of the portfolio in order to achieve consistent performance.
• Proprietary analytics enhance issue selection and portfolio structure.
• Read more in the latest quarterly guide.

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 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.

Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

The Fund may use derivative instruments for hedging purposes or as part of its investment strategy.  There is a risk that a derivative intended as a hedge may not perform as expected.  The main risk with derivatives is that some types can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative or that the counterparty may fail to honor its contract terms, causing a loss for the Fund.  Use of these instruments may also involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so.

Many bonds have call provisions which allow the debtors to pay them back before maturity. This is especially true with mortgage securities, which can be paid back anytime. Typically debtors prepay their debt when it is to their advantage (when interest rates drop making a new loan at current rates more attractive), and thus likely to the disadvantage of bondholders, who may have to reinvest prepayment proceeds in securities with lower yields. Prepayment risk will vary depending on the provisions of the security and current interest rates relative to the interest rate of the debt.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metric.

Morningstar Rating is for the share class indicated only (see ticker), other share classes may have different performance characteristics. The Ranking may reflect the waiver of all or a portion of the fund's fees. Without such waiver, the Rankings may have been lower.

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