Trilogy International Small Cap Fund

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Fund Facts (as of 3/31/2012)

Investment Style:	Small-Cap Growth

Benchmark(s):	MSCI All Country World ex U.S. Small Cap

Subadvisor(s):	Trilogy Global Advisors, LP

Fund Net Assets:	$17,077,274

Share Class Facts

Share Class:	Institutional

Ticker:	TLSIX

Cusip:	561709528

Inception Date:	3/1/2011

Expense Ratio: (Gross / Net)	2.25% / 1.11%

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

The Trilogy International Small Cap Fund generally invests at least 80% of its net assets in common and preferred stock of small-cap companies and at least 40% of its net assets in the stocks of companies located outside of the United States. The Fund's portfolio normally consists of approximately 40 to 100 securities allocated across countries and regions. To gain exposure to foreign investments, the Fund may also invest in ADRs (American Depositary Receipts), GDRs (Global Depositary Receipts), and other depositary receipts of non-U.S. issuers. Trilogy, the Fund's subadvisor, uses a bottom-up investment process driven by fundamental research applying the following core principles to identify investments for the portfolio:

Earnings growth drives equity returns over the long term.
Early-stage and traditional growth companies provide the greatest opportunity.
Risk management with respect to the Fund's portfolio should focus on avoiding losing money, rather than minimizing tracking error against the benchmark.
A disciplined investment process requires consistently identifying opportunities, evaluating potential returns and responding with timely buy/sell decisions.

Where This Fund Fits As Part Of Your Asset Allocation

The Trilogy International Small Cap Fund may be appropriate as part of your overall investment allocation if you are:

Looking to gain exposure to non-U.S. small cap companies.
Seeking capital appreciation.
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.

A short-term redemption fee of 2% will be charged on redemptions of Fund shares held for 60 days or less.

The Fund's investment manager has contractually agreed, through at least March 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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