Conseco Fund Group
11815 N. Pennsylvania Street, Carmel, Indiana 46032
February 18, 2004

	   =========================================
			WE NEED YOUR VOTE
	   Second Adjournment of the Special Meeting
	   =========================================

Dear Shareholder:

We recently mailed you information concerning a Special Meeting of
Shareholders. The meeting that was originally scheduled for January
22, 2004 was adjourned until February 11, 2004 and has been
adjourned again until February 26, 2004 at 10 a.m. Eastern Time,
due to an insufficient number of votes received. The location of the
meeting remains the Conseco Conference Center per the address noted
above. This rescheduling occurred so that we may continue to solicit
votes from shareholders of the Funds regarding the following item:


     *  To approve an agreement and plan of reorganization for each
	of the Conseco "Existing Funds" to become part of the
	Managers Funds Family of Funds.

	The Board of Trustees has unanimously recommended a vote
	                 "FOR" this proposal.

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	EVERY VOTE COUNTS! DON'T HESITATE. PLEASE VOTE TODAY!
	-----------------------------------------------------

No matter how many shares you own, it is critical that you vote. Any
additional solicitations are costly and time-consuming. We urge you
to vote your proxy NOW.

If you have any questions, please call the Fund's proxy solicitor,
D.F. King & Co., Inc., toll free at 1-800-628-8510.

    -------------------------------------------------------------
    |  For your convenience, please use one of these easy	|
    |  methods to register your vote: 				|
    |								|
    | 1. By Touch Tone Phone. 					|
    |    Please call us toll-free 24 hours a day at the number 	|
    |    indicated on your proxy card.  Follow the simple voting|
    |    instructions provided. 				|
    |  								|
    | 2. By Internet. 						|
    |    Visit the web site and vote per the instructions on 	|
    |    the enclosed proxy card. 				|
    |								|
    | 3. By Mail. 						|
    |    Simply return your executed proxy in the enclosed 	|
    |    postage paid envelope immediately so that we will 	|
    |    receive it by February 26, 2004. 			|
    -------------------------------------------------------------

	IF SUFFICIENT VOTES ARE NOT RECEIVED BY FEBRUARY 26TH,
	  THE MEETING DATE WILL NEED TO BE EXTENDED AGAIN.

	          PLEASE DON'T DELAY - VOTE TODAY!



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