Special Equity Fund

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Latest Update: Please read the recent Shareholder Letter regarding the change in the expense ratio for the Managers Special Equity Fund.

MGSEX Morningstar Risk-Adjusted Ratings as of April 30, 2012
Overall Rating	3 Years	5 Years	10 Years	Category
(of 663 Funds)	(of 663 Funds)	(of 573 Funds)	(of 367 Funds)	Small Growth

Fund Facts (as of 3/31/2012)

Investment Style:	Small-Cap Growth

Benchmark(s):	Russell 2000^® Growth

Subadvisor(s):	Smith Asset Management Group, L.P., Lord, Abbett & Co. LLC, Ranger Investment Management L.P., Federated MDTA LLC

Fund Net Assets:	$276,178,730

Share Class Facts

Share Class:	Managers

Ticker:	MGSEX

Cusip:	561717208

Inception Date:	6/1/1984

Expense Ratio: (Gross / Net)	1.55% / 1.37%

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

Learn more about share classes offered by Managers Investment Group.

Fund Focus

Managers Special Equity Fund invests at least 80% of its assets in equity securities, generally 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 market capitalizations within the range of the Russell 2000^® Growth Index. However, the Fund may purchase or retain securities that are outside the Fund's typical capitalization range.

Managers Special Equity Fund is designed to provide broad exposure to small-cap, growth-oriented equities. This is achieved by employing a number of investment managers, each with a different focus and approach to investing in the small-cap market. The Fund is subadvised by a team of four institutional managers, each of which has a different focus and approach to investing in small-cap stocks: Federated MDTA LLC; Lord, Abbett & Co. LLC; Ranger Investment Management L.P.; and Smith Asset Management Group, L.P.

Where This Fund May Fit As Part Of Your Asset Allocation

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

Looking to gain exposure to small- and mid-cap stocks
Seeking a potential source of 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.

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.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metric.

Morningstar Rating is for the share class indicated only (see ticker), other share classes may have different performance characteristics. The Ranking may reflect the waiver of all or a portion of the fund's fees. Without such waiver, the Rankings may have been lower.

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