Fixed Income Fund

MFDYX Morningstar Risk-Adjusted Ratings as of September 30, 2008 Overall Rating 3 Years 5 Years 10 Years Category (of 984 Funds) (of 984 Funds) (of 848 Funds) (of 456 Funds) Intermediate-Term Bond

Objective

The Managers Fixed Income Fund seeks to achieve the highest level of income as is consistent with the preservation of capital.

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

The Managers Fixed Income Fund may be appropriate for your overall investment allocation if you are:

• Looking to generate investment income
• Seeking an opportunity for additional fixed-income returns
• Willing to accept moderate risk

Focus

The Managers Fixed Income Fund seeks current income by investing in a diversified portfolio of fixed income securities.

This mutual fund invests at least 80% of its assets in investment-grade securities (those rated above Ba1/BB+ by Moody’s/Standard & Poor’s). In addition to investment grade securities, this mutual fund may also invest in debt securities issued by any of the following: public and private U.S. companies, foreign companies, the U.S. government and its agencies, such as the Federal Home Loan Bank, state and local governments issuing taxable municipal securities, and foreign governments, their agencies and instrumentalities.

This mutual fund may also invest in mortgage-backed debt securities, asset-backed debt securities and restricted securities, and may invest up to 15% of its assets in common and preferred stock, convertible securities that an owner has the option to exchange for common stock at a pre-stated price, and debt securities carrying warrants to purchase equity securities. Up to 20% of this mutual fund’s assets may be invested in below-investment grade securities (those rated Ba1/BB+ or lower by Moody’s/Standard & Poor’s).

While the Managers Fixed Income Fund may purchase debt securities of any maturity, it will primarily invest in debt securities with 7- to 15-year maturities.

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.

High yield bonds (also known as “junk bonds”) are subject to additional risks such as the risk of default.

Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.

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.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metric.

Morningstar Rating is for the share class indicated only (see ticker), other share classes may have different performance characteristics. The Ranking may reflect the waiver of all or a portion of the fund's fees. Without such waiver, the Rankings may have been lower.

© 2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damamges or losses arising from any use of this information.