Essex Small/Micro Cap Growth Fund

Fund Objective

The Managers AMG Essex Small/Micro Cap Growth Fund's objective is to achieve long-term capital appreciation through investment in a diversified portfolio of small-capitalization U.S. companies.

Fund Strategy

Managers AMG Essex Small/Micro Cap Fund invests at least 80% of its total assets in common and preferred stocks of small-capitalization U.S. companies. The term "small-capitalization companies" refers to companies that, at the time of purchase, have market capitalizations less than $2.5 billion. The Fund may retain a security if the issuer's capitalization exceeds $2.5 billion after the Fund has purchased the issuer's security. The Fund's benchmark is the Russell 2000© Growth Index.

Fund Facts (as of 6/30/2008)

Learn more about share classes offered by Managers Investment Group.

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 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.

Class C shares convert to an equal dollar value of Class A shares at the end of the tenth year after purchase.

Annual net expense ratio as of 10/01/07 adjusted for the reduction in custodial fees, which took effect on July 01, 2007. The investment manager has contractually agreed, through at least October 1, 2008, to limit Total Annual Fund Operating Expenses (exclusive of taxes, interest, brokerage, acquired fund expenses and extraordinary items) to the expense cap ratios listed of each class' average daily net assets.

Prior to March 1, 2006, the Fund had a single share class, which did not carry an up-front sales charge. On March 1, 2006, the existing shares were redesignated as Class A shares. Class A shares have an up-front sales charge. Performance for Class A shares above is based on the performance of the Fund's class in existence prior to March 1, 2006 adjusted to reflect the sales charge applicable to Class A shares.

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 2000^® Growth Index is a trademark of Russell Investments. Russell^® is a trademark of Russell Investments. An investment cannot be made directly into an Index.