International Equity Fund

Fund Objective

The Managers International Equity Fund's objective is to achieve long-term capital appreciation.  Income is the Fund's secondary objective.

Fund Strategy

The Managers International Equity Fund ordinarily invests at least 80% of assets in equity securities, and 65% of the assets in common and preferred stocks of companies domiciled outside the United States. The Fund intends to diversify investments among countries and normally to hold securities of non-U.S. companies in not less than three countries. Investments may be made in companies in developed as well as developing countries. The Fund may invest in fixed-income securities denominated in both foreign and domestic currencies and may engage in currency hedging strategies.  The Fund may invest in companies of any size. The MSCI EAFE Index is the benchmark for the Fund.

Fund Facts (as of 6/30/2008)

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. 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. Performance data shown is current to the most recent month end.

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.

Annual net expense ratio as of 04/01/08 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 1.48% of the Fund's average daily net assets.

A short term redemption fee of 2% will be charged on redemption of fund shares held for 60 days or less.

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.