International Equity Fund

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Important Fund Update: On January 17, 2012, the Funds' Board of Trustees approved a plan to liquidate the International Equity Fund's assets with a transition to cash beginning on or about January 18, 2012, with the liquidation expected to be completed on or about March 9, 2012. Effective January 18, 2012, the Fund will no longer accept new investments, except for investments made (a) through omnibus accounts, (b) pursuant to automatic investment programs (such as automatic investments through 401(k) plans or the reinvestment of dividends and distributions), or (c) by certain retirement accounts, ManagersChoice® and other existing asset allocation programs investing in the Fund.

Fund Facts

Investment Style:	Developed Markets International

Benchmark(s):	MSCI EAFE

Subadvisor(s):

AllianceBernstein L.P., Lazard Asset Management, LLC, Martin Currie Inc.

Share Class Facts

Share Class:	Single

Ticker:	MGITX

Cusip:	561717406

Inception Date:	12/31/1985

Expense Ratio: (Gross / Net)	1.46% / 1.35%

Minimum Investment: Initial / Subsequent	$2,000 / $100

Minimum IRA Investment: Initial / Subsequent	$1,000 / $100

Maximum Sales Charges:	N/A

12b-1 Fees:	N/A

Fund Focus

The Managers International Equity Fund ordinarily invests at least 80% of its assets in equity securities, with 65% of those assets in common and preferred stocks of companies domiciled outside the United States. Investments are primarily made in securities of issuers in developed countries; however, the Fund may also invest in developing countries and emerging markets. The Fund may invest in companies of any size.

The Managers International Equity Fund is designed to provide broad exposure to the world's non-U.S. equity markets. This is achieved by employing a number of investment managers, each with a different focus and approach to investing in international markets. The Fund is subadvised by a team of three institutional managers, each of which has a different focus and approach to investing: Alliance Bernstein L.P.; Lazard Asset Management LLC; and Martin Currie Inc.

Where This Fund May Fit As Part Of Your Asset Allocation

The Managers International Equity Fund may be appropriate for your overall investment allocation if you are:

Looking to gain exposure to non-U.S. equities
Seeking capital appreciation
Willing to accept short-term volatility of returns

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 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. Unlike the Fund, the index listed is unmanaged, is not available for investment and does not incur expenses.

A short-term redemption fee of 2% will be charged on redemptions of Fund shares held for 60 days or less.

The Fund's investment manager has contractually agreed, through at least May 1, 2013, to limit Fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's expenses.

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