Special Equity Fund

		Month Ending 8/31/2010 (%)					Quarter Ending 6/30/2010 (%)					Expense Ratios
Fund/Class		1 Year	3 Year	5 Year	10 Year	Life of Fund	1 Year	3 Year	5 Year	10 Year	Life of Fund	Gross	Net
Special Equity Fund
Managers Class		13.39	-11.20	-3.43	-1.85	10.17	19.11	-13.25	-3.28	-1.68	10.14	1.62	1.45
Institutional Class		13.62	-11.01	-3.22	—	-0.22	19.34	-13.07	-3.07	—	-0.60	1.37	1.20
Russell 2000® Growth Index
		7.16	-7.02	-0.17	-1.94	—	17.96	-7.54	1.14	-1.72	—

Fund Inception Date	Managers	Institutional
	6/1/1984	5/3/2004
Calendar Year Returns	Managers	Institutional	Russell 2000® Growth Index
2009	30.78%	31.05%	34.47%
2008	-43.49%	-43.35%	-38.54%
2007	-0.60%	-0.39%	7.05%
2006	11.28%	11.53%	13.35%
2005	4.00%	4.21%	4.15%
2004	15.18%	—	14.31%
2003	42.50%	—	48.54%
2002	-21.98%	—	-30.26%
2001	-8.07%	—	-9.23%
2000	-2.56%	—	-22.43%
1999	54.11%	—	43.09%
1998	0.20%	—	1.23%
1997	24.45%	—	12.95%
1996	24.75%	—	11.26%
1995	33.94%	—	31.04%

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 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. Unlike the Fund, the index listed is unmanaged, is not available for investment, and does not incur expenses.

Performance for periods longer than one year are annualized.

Annual expense ratio as of 07/01/2010. Managers Investment Group LLC (the “Investment Manager”) has contractually agreed, through at least May 1, 2012, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest, shareholder servicing fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 1.19% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances.

Risks

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.