GW&K Municipal Bond Fund

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Fund Facts (as of 3/31/2012)

Investment Style:	Municipal Debt

Benchmark(s):	Barclays Municipal Bond Index: 10 Year

Subadvisor(s):	Gannett Welsh & Kotler, LLC

Fund Net Assets:	$108,985,822

Share Class Facts

Share Class:	Institutional

Ticker:	GWMIX

Cusip:	561709676

Inception Date:	6/30/2009

Expense Ratio: (Gross / Net)	0.84% / 0.35%

Minimum Investment: Initial / Subsequent	$100,000 / $1,000

Minimum IRA Investment: Initial / Subsequent	$50,000 / $1,000

Maximum Sales Charges:	N/A

12b-1 Fees:	N/A

Learn more about share classes offered by Managers Investment Group.

Fund Focus

Gannett Welsh & Kotler's (GW&K) active investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings. GW&K uses fundamental research to uncover and exploit inefficiencies in the investment-grade municipal bond market, selecting investment-grade securities with a rating of at least BBB/Baa by a nationally recognized statistical rating organization such as Moody's Investors Service, Inc. or Standard & Poor's.

Where This Fund May Fit As Part Of Your Asset Allocation

The GW&K Municipal Bond Fund may be appropriate for your overall investment allocation if you are:

Interested in the income potential of municipal bonds
Seeking monthly income exempt from federal income tax
Willing to accept short-term volatility of returns

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.

The Fund's investment manager has contractually agreed, through at least May 1, 2013, 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.

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