GW&K Multi-Cap Equity Fund

Objective

The GW&K Multi-Cap Equity Fund seeks to provide long-term capital appreciation; current income is a secondary consideration.

Where this mutual fund may fit as part of your asset allocation

The GW&K Multi-Cap Equity Fund may be appropriate for your overall investment allocation if you are:

• Looking to gain exposure to a wide range of multi-cap equities in your portfolio
• Seeking exposure to both growth- and value-oriented investments
• Seeking long-term capital appreciation
• Willing to accept short-term volatility of returns

Focus

Gannett Welsh & Kotler’s active investment approach combines top-down diversification decisions with bottom-up security selection. The GW&K Multi-Cap Equity Fund is diversified across both company size and valuations, as well as across all the major segments of the U.S. economy. The portfolio, therefore, holds large-, mid- and small-capitalization issues and companies that exhibit both growth and value characteristics. Regardless of their classification, favored companies have strong products or business niches and are not overly leveraged. GW&K identifies and researches one stock idea at a time and believes in holding companies for the long term.

Fund Facts (as of 9/30/2008)

Learn more about share classes offered by Managers Investment Group.

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. 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 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 reflects Class A shares. Load performance: maximum sales charge on Class A shares is 5.25%. 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 high returns.

The Fund invests in large-capitalization companies that may underperform other stock funds (such as funds that focus on small and medium capitalization companies) when stocks of large-capitalization companies are out of favor.

The use of leverage in a Fund's strategy can magnify relatively small market movements into relatively larger losses for the Fund.

The use of leverage in a Fund's strategy can magnify relatively small market movements into relatively larger losses for the Fund.

The Fund is subject to risks associated with investments in mid-capitalization companies such as erratic earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.

The Fund is subject to risks associated with investments in small capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.

The Russell 3000^® Index is a trademark of Russell Investments. Russell^® is a trademark of Russell Investments. An investment cannot be made directly into an Index.