Real Estate Securities Fund

Urdang Securities Management, Inc.

Urdang Securities Management, Inc. ("Urdang") is the subadvisor for the Managers Real Estate Securities Fund. Urdang, located at 630 West Germantown Pike, Suite 300, Plymouth Meeting, PA was founded in 1995. Urdang has focused exclusively on opportunities within the real estate securities market, including publicly traded REITs. Urdang is a wholly-owned subsidiary of The Bank of New York, the Trust's custodian.

Portfolio Managers

Todd Briddell, CFA, Dean Frankel, CFA and Eric Rothman are the portfolio managers for the Fund.

Todd Briddell, CFA
Managing Director and Co-founder of Urdang Securities Management, Inc.
Todd Briddell, CFA, is the co-founder of the securities group and is a member of the Investment Committee. He has served as senior portfolio manager since 1995, responsible for the Company’s investments in securitized real estate and oversees all business and research activities relating to Urdang Securities Management’s REIT portfolio. He is responsible for the development of Urdang's investment strategy and the proprietary research process successfully implemented for over eight years. Todd has been involved in the real estate industry since 1990 and has structured a variety of real estate financings. Prior to 1995, Todd was an acquisition officer with Urdang and a vice president in the capital markets group of a large pension fund advisor. Todd lectures at industry conferences, including the Institute for International Research, Real Estate Investment for Pension Funds and Strategic Investment Management. He also is a frequent contributor to several industry publications.

Dean Frankel, CFA
Portfolio Manager & Vice President of Real Estate Securities Group
Dean Frankel, CFA, joined Urdang in 1997. In his role as portfolio manager, he is responsible for management of Urdang's proprietary research process including the Relative Value Model. In addition, Dean analyzes and interprets implications of major events and economic trends while managing the daily operations of the real estate securities portfolio. Dean shares responsibility for covering the REIT universe, and dedicates a significant portion of his time to on-site visits with companies and property tours in order to make real time assessments of a markets health. In addition, he is responsible for analyzing and recommending investments in small public and private companies that are looking for capital infusions. Dean has been involved in real estate for much of his life, because his family owns, operates, and develops real estate in the Northeastern and Southeastern U.S., including hotel, office, apartment, and residential development properties. Dean has his Bachelor of Science in Economics from the University of Pennsylvania’s Wharton School of Business.

Eric Rothman, CFA 
Portfolio Manager
Mr. Rothman joined Urdang Securities Management in 2006 and is currently a Portfolio Manager in the real estate securities group. Previous to Urdang, Mr. Rothman was most recently at Wachovia and at AEW Capital Management, L.P. He graduated Cum Laude from Boston University with a B.A. in Economics, International Relations and French.

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.