During the fourth quarter, equity market returns continued their march into positive territory, albeit at a more moderate pace. After two quarters of strong double digit results, broad market returns were more modest in the three months ending December 31, 2009. All U.S. equity benchmarks were positive for the quarter with nearly every style index posting better than 20% appreciation for the year. Evidence continued to favor a broadening U.S. and global economic recovery, based on massive government support. As was the case earlier in the year, sectors with more exposure to the cyclical economic demands led the market during the quarter.

The Russell 2000® Growth index advanced more than 4% in the quarter and finished the year up more than 34%. The best performing sectors over the most recent three months included Consumer Staples (+11%), Energy (+10%) and Materials (+9%). The low quality, low priced stock and smaller capitalization biases that influenced the index in the second quarter paused somewhat during the third quarter and reversed themselves during the fourth quarter. In fact, larger capitalization and higher quality factors proved to be beneficial to index returns.

In the quarter, the Roxbury Small-Cap Growth Fund outperformed the index by nearly 2%. Our excess return was generated by strong stock selection in Industrials and Information Technology, while modest underperformance was present in Telecommunication Services.

For the year ending December 31, 2009, our Small-Cap Growth Fund outperformed the index by nearly 8%. Our portfolio’s excess return was driven by exceptional stock selection in Health Care and Information Technology coupled with a modest overweight in Consumer Discretionary and an underweight position in Industrials.

As the calendar rolls into 2010, we can reflect on the challenges that faced all investors in 2009. Lest we forget, the economy and markets were on the precipice of the next Great Depression nearly twelve months ago. Economic and employment challenges drove small cap earnings growth into negative territory for nearly two years. Through strong leadership at many companies, massive government support and productive gains, we believe that the small-cap universe is poised to post significant earnings gains off their currently depressed levels. Furthermore, we believe that those companies that managed their businesses most effectively through the downturn are likely to see the largest gains in their future earnings streams. It is these high quality, growing companies that we seek to identify and own at appropriate valuations. We are confident that our time-tested investment philosophy and process will lead us to the most promising companies of the future.

Very truly yours,

Robert C. Marvin, CFA, CPA      Brian P. Smoluch, CFA
Portfolio Manager/Analyst         Portfolio Manager/Analyst

Performance quoted represents past performance for the Fund’s institutional class shares and there is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. The performance shown does not take into effect any sales charges and would be lower if sales charges were reflected. Current performance may be higher or lower than the performance data quoted above. Please call 800-497-2960 to obtain current and the most recent month-end performance data.

Small-cap securities tend to be more volatile and less liquid than large-cap securities.