High Yield Fund

Fund Objective

The Managers High Yield Fund seeks a high level of current income, with a secondary objective of capital appreciation.

Fund Strategy

The Managers High Yield Fund normally invests at least 80% of assets in high yield fixed-income securities. Investments may include corporate debt and preferred stocks, convertibles, zero coupon bonds and mortgage- and asset-backed securities. It may invest the remaining assets in cash, money market instruments, U.S. government obligations, investment-grade debt, and various equity securities. The Fund's benchmark is the Lehman Brothers U.S. Corporate High Yield Index.

Fund Facts (as of 9/30/2008)

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 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 holds securities in which the issuer of the security may default or otherwise be unable to honor a financial obligation. The Fund holds securities rated below investment grade that are especially susceptible to this risk. These issuers may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.

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 05/01/2008 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 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.