Fremont Micro-Cap Fund

Fund Objective

The Managers Fremont Micro-Cap Fund's objective is to achieve long-term capital appreciation.

Fund Strategy

The Managers Fremont Micro-Cap Fund primarily invests in the stocks of U.S. micro-capitalization companies. These companies have market capitalizations that, at the time of initial purchase, place them among the smallest 5% of companies listed on U.S. stock markets. Normally, the Fund will invest at least 80% of its assets in U.S. micro-cap stocks. The Russell Microcap® Index is the benchmark for the Fund, as of December 5, 2007 (previously Russell 2000® Growth Index).

Fund Facts (as of 6/30/2008)

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 the performance data quoted. 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 and the returns and yields on the indices exclude expenses. Current performance of the Fund may be lower or higher than the performance quoted. Performance data shown is current to the most recent month end.

The Fund is subject to the special risks associated with investments in micro-cap companies such as relatively short earnings history, competitive conditions, less publicly available corporate information, and a reliance on a limited number of products.

Annual net expense ratio as of 03/01/08 adjusted for the reduction in custodial fees, which took effect on 07/01/07. The Investment Manager has contractually agreed, through at least March 1, 2009, to limit Total Annual Fund Operating Expenses (exclusive of taxes, interest, brokerage commissions, acquired fund expenses, and extraordinary items) to 1.56% of the Fund's average daily net assets.

Unlike the Fund, the Index is unmanaged, is not available for investment and does not incur expenses. Please see Index Definitions for all our funds' benchmarks.

The Russell MicroCap® Index and Russell 2000® Growth Index are trademarks of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company. An investment cannot be made directly into an Index.