FQ Global Alternatives Fund

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Objective

The Managers AMG First Quadrant Global Alternatives Fund seeks to achieve total return from investments in the global equity, fixed income, and currency markets independent of market direction.

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

The Managers AMG First Quadrant Global Alternatives Fund may be appropriate for your overall investment allocation if you are:

• Seeking a mutual fund that may establish long or short exposure to global equity, bond, and currency markets and are willing to accept the risks of global investing
• Seeking a mutual fund that invests in a range of alternative investments, including futures, options, and other derivatives, as well as currencies and index exchange-traded funds
• Seeking to produce returns that are not directly correlated to major public equity or bond markets and are interested in either growth or income.
• Willing to accept short-term volatility of returns

Focus

Managers AMG First Quadrant Global Alternatives Fund seeks to generate returns through risk-controlled exposure to long and short positions in the global (U.S. and non-U.S.) equity, bond, and currency markets.

This mutual fund may use a wide range of derivative instruments (including futures, options, swaps and forward contracts) and direct investments to allocate exposure among asset classes, countries, and currencies.

1. Relative returns derived from global asset class performance (for example, how global stocks performed relative to global bonds and cash)
2. Relative returns within the equity asset class based on country, (for example, how U.S. equities performed relative to other global equities)
3. Relative returns within the fixed income asset class based on country (for example, how U.S. bonds performed relative to other global bonds) and
4. Risks associated with currencies (the "First Quadrant Analysis").

Fund Facts (as of 9/30/2008)

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 the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor's ability to pay its creditors.

The Fund may use derivative instruments for hedging purposes or as part of its investment strategy.  There is a risk that a derivative intended as a hedge may not perform as expected.  The main risk with derivatives is that some types can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative or that the counterparty may fail to honor its contract terms, causing a loss for the Fund.  Use of these instruments may also involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so.

Investments in foreign securities, even though publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments.

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 ratios as of the current prospectus dated 03/01/2008 adjusted for the reduction in custodial fees, which took effect on 07/01/2007. Effective 06/09/08, the Investment Manager has contractually agreed, through at least March 1, 2009, to limit Total Annual Fund Operating Expenses (exclusive of taxes, interest, brokerage commissions, acquired fund expenses, and extraordinary items) to the expense cap ratios listed of each class' average daily net assets.

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.