Special Equity Fund

Fund Objective

The Managers Special Equity Fund’s objective is to achieve long-term capital appreciation through a diversified portfolio of equity securities of small- and medium-sized companies.

Fund Strategy

Managers Special Equity Fund invests at least 80% of its assets in equity securities, i.e., common and preferred stocks of U.S. companies. Although the Fund is permitted to purchase securities of both small- and medium-capitalization companies, the Fund has historically invested substantially all of its assets in the securities of small-capitalization companies, that is, companies with capitalizations that at the time of purchase are less than $2.5 billion. The Fund's benchmark is the Russell 2000 Index.

Fund Facts (as of 6/30/2008)

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. 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 ratios as of 04/01/08 adjusted for the reduction in custodial fees, which took effect on 07/01/2007.

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