Real Estate Securities Fund

Fund Objective

The Managers Real Estate Securities Fund seeks a combination of income and long-term capital appreciation by investing in stocks of companies that are principally engaged in owning and operating commercial real estate properties for the benefit of their investors including Real Estate Investment Trusts (REIT's).

Fund Strategy

The Managers Real Estate Securities Fund invests in stocks of companies principally engaged (derive at least 50% of their revenue or have at least 50% of their assets) in the real estate industry, including Real Estate Investment Trusts.  The Fund will invest at least 80% of its assets in these types of companies of all sizes. The Dow Jones Wilshire REIT 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.

The Fund is subject to special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive and environmental conditions.

Annual net expense ratio as of 03/01/08 adjusted for the reduction in custodial fees, which took effect on 07/01/07. The Investment Manager has contractually agreed, through at least March 1, 2009, to limit Total Annual Fund Operating Expenses (exclusive of taxes, interest, brokerage commissions, acquired fund expenses, and extraordinary items) to 1.50% 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.