International Equity Fund

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The Fund employs multiple portfolio managers who specialize in distinct investment approaches. This “intelligence diversification” not only serves to manage risk, but also helps us tap the markets’ full potential by focusing different analytical insights on each class of investment. Fund management strives to achieve this performance and diversification while ensuring that the Fund operates within the framework of its investment objective and principal investment strategies.

The Managers International Equity Fund's assets are currently allocated among three asset managers who each manage approximately one third of the total portfolio: Bernstein Value Equities, Lazard Asset Management LLC, and Wellington Management Company, LLP, each of which acts independently of the other and uses its own methodology to select portfolio investments. Each asset manager examines the underlying businesses, financial statements, competitive environment, and company managements in order to assess the future profitability of each company. With the combination of these strategies, the Fund expects to generate returns from capital appreciation due to earnings growth along with improvements in the valuations of the stocks.

Alliance Bernstein, L.P.
Lazard Asset Management, LLC
Wellington Management Company, LLP

Alliance Bernstein, L.P.

Bernstein has been a the subadvisor for a portion of the Managers International Equity Fund since March 2002. Located at 1345 Avenue of the Americas, New York, New York, Bernstein was first organized in 1962.

Kevin F. Simms, Sharon E. Fay and Henry S. D’Auria are jointly and primarily responsible for the day-to-day management of the portion of the Fund managed by Bernstein.

Kevin F. Simms
Co-Chief Investment Officer of International Value Equities and Director
of Research of Global Value Equity
Director of Global Value Equity Research, Mr. Simms assumed the additional responsibilities of CIO of EAFE Value Equities in June 2003. He joined Bernstein in 1992 as a senior research analyst. He was named director of emerging markets research in 1998, and director of global equity research in 2000. Before joining Bernstein, he was a Certified Public Accountant with Price Waterhouse for three years. He earned a B.S.B.A. from Georgetown University in 1987 and an M.B.A. from Harvard University in 1992.

Sharon E. Fay
Chief Investment Officer of Global Value Equities and Chief Investment Officer and Chairwoman of the UK & European Investment Policy Groups
Ms. Fay was named chief investment officer of Global Value Equities upon the announced retirement of Mr. Adelson in June 2003. Ms. Fay retains her current role of chief investment officer and chairman of the UK & European investment policy groups, which she took on in 1999. She is also a member of the Canadian and Emerging Markets Equity Investment Policy Groups. Previously she was chief investment officer and chairman of the Canadian Equity Investment Policy Group since 1997. Ms. Fay joined Bernstein in 1990 as a senior research analyst in Investment Management, where she followed the airline, lodging, trucking and retail industries until being named senior portfolio manager and Investment Policy Group member in 1995. She was previously director of research at Bernard L. Madoff. Ms. Fay earned a B.A. from Brown University in 1983 and an M.B.A. from Harvard University in 1987, and is a Chartered Financial Analyst.

Henry S. D’Auria
Co-CIO of EAFE Value Equities
Chief Investment Officer of Emerging Markets Value Equities, Co-CIO of EAFE Value Equities
Mr. D’Auria, chief investment officer of Emerging Markets Value Equities, joined the firm as a research analyst in 1991. In June 2003, he was named co-CIO of EAFE Value Equities. In 1994 he became a senior research analyst and was named director of research for small-capitalization equities in 1996. He was named director of research--global equities in 1998 and director of research--emerging markets in 2000. He assumed his current position in 2002. He is a member of the Global Value, International Value and Emerging Markets Value Investment Policy Groups. Previously, he was a vice president and sell-side analyst at PaineWebber, specializing in restaurants, lodging and retail. He earned a B.A. from Trinity College in 1983 and is a Chartered Financial Analyst.

Lazard Asset Management, LLC

Lazard Asset Management LLC "(Lazard") is the subadvisor for a portion of the Managers International Equity Fund. Lazard, located at 30 Rockefeller Plaza, New York, New York, was founded in 1848. Since its founding, Lazard has been developing a worldwide presence in multiple facets of the investment business. Today, the firm provides financial advisory services to both institutional and private clients in the areas of asset management, corporate and real estate finance, investment banking, and alternative investments.

Portfolio Manager

William E. Holzer is the portfolio manager for the portion of the Fund managed by Lazard.

William Holzer
Managing Director, Portfolio Manager
William (Willy) Holzer is a Managing Director of Lazard Asset Management and a Portfolio Manager of the Global Thematic Equity product. He began working in the investment field in 1971. Prior to joining Lazard in 2003, Willy worked at Scudder, where he initiated the Global Thematic Product in 1986. He has been the senior portfolio manager on this product since its inception. Before moving to Scudder, he was a credit analyst at Bankers Trust. Willy received an MBA from New York University, and a BA in Economics from the University of Lancaster.

Wellington Management Company, LLP

Wellington Management Company, LLP ("Wellington Management"), is the subadvisor for a portion of the Managers International Equity Fund. Wellington Management, located at 75 State Street, Boston, Massachusetts, was founded in 1928. Wellington Management manages U.S., international and global equity, fixed income and multi-asset portfolios for institutional clients and mutual funds in over 40 countries.

Three members of Wellington’s International Growth Team, Jean-Marc Berteaux,
Matthew Hudson, CFA, and Andrew S. Offit, CPA, are jointly and primarily responsible for the day-to-day management of the portion of the Fund managed by Wellington. The team is supported by the research efforts of over 50 industry and regional analysts.

Jean-Marc Berteaux
Vice President and Equity Manager
Mr. Berteaux is a Vice President of and Equity Portfolio Manager for Wellington and has been an investment professional with Wellington since 2001. From 1998 to 2001, Mr. Berteaux was a Vice President of and a senior equity analyst for John Hancock Funds, LLC.


Andrew Offit, CPA
Senior Vice President and Equity Portfolio Manager
Mr. Offit is a Senior Vice President of and Equity Portfolio Manager for Wellington and has been an investment professional with Wellington since 1997.


Matthew Hudson, CFA
Vice President and Portfolio Manager
Mr. Hudson is a Vice President of and Equity Portfolio Manager for Wellington and joined Wellington as an investment professional in 2005. From 2000 -2005, Mr. Hudson was an investment professional at American Century Investment
Management.

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. 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 and the returns and yields on the indices exclude expenses. Current performance of the Fund may be lower or higher than the performance quoted.