Essex Growth Fund

Objective

The Managers AMG Essex Growth Fund seeks to achieve long-term capital appreciation through investment in a diversified portfolio of equity securities.

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

The Managers AMG Essex Growth Fund may be appropriate for your overall investment allocation if you are:

• Looking to gain exposure to a wide range of companies including small to large cap
• Diversifying other equity investments
• Seeking investments in the specialty-retail, technology, health-care, financial-services, energy-services, and basic-industry sectors
• Seeking exposure to growth-oriented investments
• Willing to accept short-term volatility of returns

Focus

The Managers AMG Essex Growth Fund invests primarily in the common stocks of U.S. companies with the potential for long-term growth. Although the Fund may invest in companies of any size, investment management seeks to invest in companies with market capitalizations between $500 million and $100 billion.

Ordinarily, the Fund invests in 40 to 60 companies from pre-selected sectors of the market. Currently, the Fund focuses on the specialty retail, technology, health care, financial services, energy services and basic industries sectors. Generally, the Fund limits its investments in any specific company to 5% of its assets.

The Fund's benchmark is the Russell 3000 Growth Index. While aware of the benchmark, Essex is not benchmark driven, instead allowing the conviction of the research analysts and portfolio managers to drive the portfolio construction process.

Fund Facts (as of 9/30/2008)

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. 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.

The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.

Annual net expense ratio as of the current prospectus dated 10/01/2008 adjusted for the reduction in custodial fees, which took effect on 07/01/2007.

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