Essex Large Cap Growth Fund

Objective

The Managers AMG Essex Large Cap Growth Fund seeks to achieve long-term capital appreciation through investment in a diversified portfolio of equity securities. Income is the Fund's secondary objective.

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 large- and mid-cap companies
• Seeking a potential source of capital appreciation
• Willing to accept short-term volatility of returns

Focus

The Managers AMG Essex Large Cap Growth Fund invests primarily in common and preferred stocks of U.S. companies with the potential for long-term growth. This mutual fund generally invests in large companies with capitalizations that are within the range of capitalizations of companies represented in the Russell 1000® Growth Index, the Fund's benchmark.

This mutual fund employs an active portfolio management approach to making investment decisions based on anticipated changes at the industry or company level. The investment team will leverage proprietary fundamental research to identify the characteristics of sustainable growth companies. The portfolio management team invests in 40 to 60 companies from pre-selected sectors of the market. Generally this mutual fund will limit its investments in any specific company to 5% of its assets.

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 large-capitalization companies that may underperform other stock funds (such as funds that focus on small and medium capitalization companies) when stocks of large-capitalization companies are out of favor.

Annual net expense ratio as of the current prospectus dated 04/01/2008 adjusted for the reduction in custodial fees, which took effect on 07/01/2007. The investment manager has contractually agreed, through at least May 1, 2009, to limit Total Annual Fund Operating Expenses (exclusive of taxes, interest, brokerage, acquired fund expenses and extraordinary items) to 1.29% of the Fund's average daily net assets, provided that the amount of management fees waived will not exceed 0.25% of the Fund's 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.

The Russell 1000^® Value Index is a trademark of Russell Investments. Russell^® is a trademark of Russell Investments. An investment cannot be made directly into an Index.

The S&P 500 Index is proprietary data of Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved.