Small Company Fund

Fund Objective

The Managers Small Company Fund’s objective is to achieve long-term capital appreciation by investing in equity securities of small companies.

Fund Strategy

The Managers Small Company Fund invests at least 80% of its assets in small companies, and at least 65% of its total assets in common and preferred stocks of small companies with the potential for long-term capital appreciation. The term “small companies” refers to companies with capitalizations that at the time of purchase are less than $2.5 billion.  The Fund may retain securities that it already has purchased even if the specific company outgrows the Fund’s capitalization limits. The Russell 2000® Index is the Fund's benchmark.

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 or Strategy 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.

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 1.45% 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.

The Russell 2000^® Growth Index is a trademark of Russell Investments. Russell^® is a trademark of Russell Investments. An investment cannot be made directly into an Index.