The Managers Funds

0001193125-12-510706.txt : 20121221 0001193125-12-510706.hdr.sgml : 20121221 20121220181338 ACCESSION NUMBER: 0001193125-12-510706 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121221 DATE AS OF CHANGE: 20121220 EFFECTIVENESS DATE: 20121221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANAGERS FUNDS CENTRAL INDEX KEY: 0000720309 IRS NUMBER: 222528211 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-84012 FILM NUMBER: 121278294 BUSINESS ADDRESS: STREET 1: 800 CONNECTICUT AVENUE CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 2032993500 MAIL ADDRESS: STREET 1: 800 CONNECTICUT AVENUE CITY: NORWALK STATE: CT ZIP: 06854 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS GROUP OF FUNDS DATE OF NAME CHANGE: 19910429 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS CAPITAL APPRECIATION FUND DATE OF NAME CHANGE: 19881214 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS EQUITY FUND DATE OF NAME CHANGE: 19870819

0000720309 S000029671 MANAGERS CADENCE CAPITAL APPRECIATION FUND

C000091179 Investor Class MPAFX

C000091183 INSTITUTIONAL CLASS MPCIX

C000091185 SERVICE MCFYX

0000720309 S000029672 MANAGERS CADENCE EMERGING COMPANIES FUND

C000091187 ADMINISTRATIVE CLASS MECAX

C000091188 INSTITUTIONAL CLASS MECIX

0000720309 S000029674 MANAGERS CADENCE MID-CAP FUND

C000091195 INVESTOR MCMAX

C000091199 INSTITUTIONAL CLASS MCMFX

C000091201 SERVICE MCMYX

497 1 d452089d497.htm THE MANAGERS FUNDS The Managers Funds

LOGO

December 21, 2012

Rajib Chanda

202-508-4671

202-383-7793 fax

rajib.chanda@ropesgray.com

VIA EDGAR

Securities and Exchange Commission

Division of Investment Management

100 F Street, N.E.

Washington, D.C. 20549

Re:	The Managers Funds

File Nos. 002-84012; 811-03752

Ladies and Gentlemen:

On behalf of The Managers Funds (the “Trust”) and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, accompanying this letter for filing are exhibits containing an XBRL interactive data file relating to the supplement, filed with the Securities and Exchange Commission on November 30, 2012 under Rule 497(e) (SEC Accession No. 0001193125-12-487706), to the Prospectus for Managers Cadence Capital Appreciation Fund, Managers Cadence Mid-Cap Fund and Managers Cadence Emerging Companies Fund dated October 1, 2012.

The purpose of this filing is to submit an XBRL interactive data file in the manner provided by Rule 405 of Regulation S-T, General Instruction C.3.(g) of Form N-1A, and Rule 497(e).

If you have any questions concerning this filing, please call me at (202) 508-4671.


Sincerely,

/s/ Rajib Chanda
Rajib Chanda

EX-101.INS 2 ck0000720309-20120531.xml XBRL INSTANCE DOCUMENT Other 2012-05-31 0000720309 2012-11-30 MANAGERS FUNDS false 2012-11-30 2012-11-30 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 127% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000029674Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000029674Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers Cadence Mid-Cap Fund's (the "Fund" or "Mid-Cap Fund") investment objective is to seek growth of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through October 1, 2013.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of U.S. companies with medium market capitalizations. The Fund primarily invests in common stocks of mid-capitalization companies. Cadence Capital Management LLC ("Cadence" or the "Subadvisor") employs a "growth-at-a-reasonable-price" ("GARP") investment philosophy, allowing the team to invest in companies that exhibit both growth and value characteristics. The Fund currently defines medium market capitalization companies as those with a market capitalization within the market capitalization range of the companies represented in the Russell Midcap® Index (between $1.4 billion and $17.4 billion as of the latest reconstitution of the Index on May 31, 2012). The team ranks the stocks in this universe based on a series of growth criteria, such as the change in consensus earnings estimates over time, the company's history in meeting earnings targets, earnings quality, and improvements in return on capital, and a series of value criteria, such as price-to-earnings ratios and free cash flow relative to enterprise value. The Subadvisor then subjects the most attractively ranked stocks in the universe to an analysis of company factors, such as strength of management, competitive industry position and business prospects, and financial statement data, such as earnings, cash flows and profitability. The Fund may invest a portion of its assets in real estate investment trusts ("REITs"). Generally, the Fund will hold between approximately 70-95 securities.</tt> Managers Cadence Mid-Cap Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect the operating expenses of the Fund and certain expense offset items. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.27 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Institutional Class) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only. After-tax returns for Service Class and Investor Class shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broadly based securities market index. <tt>Best Quarter: 16.06% (3rd Quarter 2009) Worst Quarter: -26.34% (4th Quarter 2008)</tt> 800.835.3879 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns as of 12/31/11 PORTFOLIO TURNOVER <tt>There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund. Growth Stock Risk -growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Liquidity Risk -particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss. Market Risk -market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Mid-Capitalization Stock Risk -the stocks of mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. Real Estate Industry Risk -investments in the Fund may be subject to many of the same risks as a direct investment in real estate; in addition, equity REITs may be affected by changes in the value of their underlying properties. Sector Risk -companies or issuers that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. Stocks in the technology and consumer discretionary sectors currently, and may in the future, comprise a significant portion of the Fund's portfolio. The technology industries may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures and general market conditions. The consumer discretionary industries may be affected by the performance of the overall economy, consumer confidence and spending, changes in demographics and consumer tastes, interest rates, and competitive pressures.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Institutional Class shares only. After-tax returns for Service Class and Investor Class shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broadly based securities market index. The performance information for the Fund's Investor Class shares (formerly Class A shares of the Fund, which were renamed Investor Class shares as of the date of this Prospectus) for periods prior to November 30, 2012 does not reflect the impact of the front end and deferred sales charges (loads) that were in effect until November 30, 2012. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain performance information for the Fund please visit www.managersinvest.com or call 800.835.3879. The performance information shown in the bar chart is that of the Fund's Institutional Class shares, and the performance information shown in the bar chart and table includes historical performance of the Fund for periods prior to September 27, 2010, which was the date the Fund was reorganized from the Allianz CCM Mid-Cap Fund to the Fund.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000029674Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000029674Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Russell Midcap® Growth Index (reflects no deduction for fees, expenses, or taxes) -0.0165 0.0244 0.0529 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares -0.0083 0.0105 0.0395 Institutional Class Return After Taxes on Distributions -0.0127 0.0090 0.0421 MCMYX Service Class Return Before Taxes 99 326 -0.0008 1275 572 -0.0153 0.0060 0.0045 2013-10-01 0.0108 0.0000 0.0433 0.0097 0.0105 MCMFX -0.2006 Worst Quarter: Best Quarter: Institutional Class Return Before Taxes 74 2009-09-30 247 -0.2634 0.1876 -0.0008 0.2698 982 436 0.2202 0.1606 -0.0127 0.0035 -0.4442 0.0045 2013-10-01 2008-12-31 0.2570 0.0134 0.1315 -0.0127 0.3107 0.0000 0.0461 0.0072 0.0080 0.0430 MCMAX Investor Class Return Before Taxes 114 373 -0.0008 1447 652 -0.0164 0.0050 0.0045 2013-10-01 0.0093 0.0025 0.0420 0.0112 0.0120 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 120% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000029672Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000029672Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers Cadence Emerging Companies Fund's (the "Fund" or "Emerging Companies Fund") investment objective is to seek long-term growth of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through October 1, 2013.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets in "emerging companies." Cadence Capital Management LLC ("Cadence" or the "Subadvisor") employs a "growth-at-a-reasonable-price" ("GARP") investment philosophy, allowing the team to invest in companies that exhibit both growth and value characteristics. The Subadvisor seeks to find small-cap, emerging companies that have improving fundamentals (based on growth criteria) and whose stock the Subadvisor believes to be reasonably valued by the market (based on value criteria). Cadence defines "emerging companies" as companies it believes have improving fundamentals; are developing new products or technologies, entering new markets or growing market share within existing markets; and whose stock is reasonably valued by the market. Although emerging companies may potentially be found in any market capitalization, Cadence will invest at least 80% of its net assets, under normal circumstances, in U.S. companies with market capitalizations within the range of the Russell Microcap® Index and the Russell 2000 ® Index. As of May 31, 2012, the latest reconstitution of the indices, the lowest market capitalization in the Russell Microcap® Index was $30 million and the highest market capitalization in the Russell 2000 ® Index was $2.6 billion. The team ranks the stocks in this universe based on a series of growth criteria, such as the change in consensus earnings estimates over time, the company's history in meeting earnings targets, earnings quality, and improvements in return on capital, and a series of value criteria, such as price-to-earnings ratios and free cash flow relative to enterprise value. The team then subjects the most attractively ranked stocks in the universe to an analysis of company factors, such as strength of management, competitive industry position and business prospects, and financial statement data, such as earnings, cash flows and profitability. The Fund may invest a portion of its assets in real estate investment trusts ("REITs"). Generally, the Fund will hold between approximately 75-120 securities.</tt> Managers Cadence Emerging Companies Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect only the operating expenses of the Fund, certain expense offset items and do not include fees and expenses of any acquired Fund. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.20 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Institutional Class) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only. After-tax returns for Administrative Class shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index, the Russell Microcap® Growth Index. <tt>Best Quarter: 22.44% (2nd Quarter 2003) Worst Quarter: -24.75% (4th Quarter 2008)</tt> 800.835.3879 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns as of 12/31/11 PORTFOLIO TURNOVER <tt>There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund. Growth Stock Risk -growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Liquidity Risk -particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss. Market Risk -market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Real Estate Industry Risk -investments in the Fund may be subject to many of the same risks as a direct investment in real estate; in addition, equity REITs may be affected by changes in the value of their underlying properties. Sector Risk -issuers that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. Stocks in each of the technology and health care sectors currently, and may in the future, comprise a significant portion of the Fund's portfolio. Companies in the technology sector may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures and general market conditions. Companies in the health care sector may be affected by technological obsolescence, changes in regulatory approval policies for drugs, medical devices or procedures and changes in governmental and private payment systems. Small- and Micro-Capitalization Stock Risk -the stocks of small- and micro-capitalization companies and emerging companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Institutional Class shares only. After-tax returns for Administrative Class shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index, the Russell Microcap® Growth Index. The Fund also compares its performance to a secondary benchmark, the Russell 2000® Growth Index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain performance information for the Fund please visit www.managersinvest.com or call 800.835.3879. The performance information shown in the bar chart is that of the Fund's Institutional Class shares and the performance information shown in the bar chart and table includes historical performance of the Fund for periods prior to September 27, 2010, which was the date the Fund was reorganized from Allianz CCM Emerging Companies Fund to the Fund.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000029672Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000029672Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes) -0.0291 0.0209 0.0448 Russell Microcap® Growth Index (reflects no deduction for fees, expenses, or taxes) -0.0842 -0.0232 0.0277 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0335 0.0189 0.0513 Institutional Class Return After Taxes on Distributions 0.0516 0.0186 0.0517 MECIX -0.1576 Worst Quarter: Best Quarter: Institutional Class Return Before Taxes 146 2003-06-30 518 -0.2475 0.1243 -0.0031 0.4001 2026 915 0.0253 0.2244 0.0516 0.0048 -0.4258 0.0125 2013-10-01 2008-12-31 0.2900 0.0227 0.0725 0.0516 0.5480 0.00 0.0642 0.0143 0.0174 0.0598 0.0001 MECAX Administrative Class Return Before Taxes 169 588 -0.0031 2271 1034 0.0483 0.0071 0.0125 2013-10-01 0.0199 0.00 0.0615 0.0166 0.0197 0.0001 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 163% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000029671Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000029671Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers Cadence Capital Appreciation Fund's (the "Fund" or "Capital Appreciation Fund") investment objective is to seek growth of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through October 1, 2013.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 65% of its net assets in common stocks of U.S. companies with market capitalizations of $3 billion or more that have improving fundamentals (based on growth criteria) and whose stock the portfolio management team believes to be reasonably valued by the market (based on value criteria). The Fund primarily invests in common stocks of large capitalization companies. Cadence Capital Management LLC ("Cadence" or the "Subadvisor") employs a "growth-at-a-reasonable-price" ("GARP") investment philosophy, allowing the team to invest in companies that exhibit both growth and value characteristics. In making investment decisions for the Fund, the Subadvisor considers companies in the Russell 1000 ® Index and the S&P 500 Index. The team ranks the stocks in this universe based on a series of growth criteria, such as the change in consensus earnings estimates over time, the company's history in meeting earnings targets, earnings quality, and improvements in return on capital, and a series of value criteria, such as price-to- earnings ratios and free cash flow relative to enterprise value. The Subadvisor then subjects the most attractively ranked stocks in the universe to an analysis of company factors, such as  strength of management, competitive industry position and business prospects, and financial statement data, such as earnings, cash flows and profitability. The Fund may invest a portion of its assets in real estate investment trusts ("REITs"). Generally, the Fund will hold between approximately 70-95 securities.</tt> Managers Cadence Capital Appreciation Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect the operating expenses of the Fund and certain expense offset items. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.63 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Institutional Class) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only. After-tax returns for Service Class and Investor Class shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. <tt>Best Quarter: 13.75% (3rd Quarter 2009) Worst Quarter: -22.41% (4th Quarter 2008)</tt> 800.835.3879 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns as of 12/31/11 PORTFOLIO TURNOVER <tt>There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund. Growth Stock Risk -growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Large-Capitalization Stock Risk -the stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies. Liquidity Risk -particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss. Market Risk -market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Mid-Capitalization Stock Risk -the stocks of mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. Real Estate Industry Risk -investments in the Fund may be subject to many of the same risks as a direct investment in real estate; in addition, equity REITs may be affected by changes in the value of their underlying properties. Sector Risk -companies or issuers that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. Stocks in the technology sector currently, and may in the future, comprise a significant portion of the Fund's portfolio. The technology industries may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures and general market conditions.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Institutional Class shares only. After-tax returns for Service Class and Investor Class shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. The performance information for the Fund's Investor Class shares (formerly Class A shares of the Fund, which were renamed Investor Class shares as of the date of this Prospectus) for periods prior to November 30, 2012 does not reflect the impact of the front end and deferred sales charges (loads) that were in effect until November 30, 2012. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain performance information for the Fund please visit www.managersinvest.com or call 800.835.3879. The performance information shown in the bar chart is that of the Fund's Institutional Class shares, and the performance information shown in the bar chart and table includes historical performance of the Fund for periods prior to September 27, 2010, which was the date the Fund was reorganized from the Allianz CCM Capital Appreciation Fund to the Fund.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000029671Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000029671Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes) 0.0264 0.0250 0.0260 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares -0.0164 -0.0118 0.0157 Institutional Class Return After Taxes on Distributions -0.0279 -0.0175 0.0152 MCFYX Service Class Return Before Taxes 99 328 -0.0009 1286 576 -0.0295 0.0061 0.0045 2013-10-01 -0.0152 0.0000 0.0166 0.0097 0.0106 MPCIX -0.2332 Worst Quarter: Best Quarter: Institutional Class Return Before Taxes 74 2009-09-30 250 -0.2241 0.1256 -0.0009 0.1607 993 441 0.1755 0.1375 -0.0270 0.0036 -0.4254 0.0045 2013-10-01 2008-12-31 0.2290 -0.0128 0.0942 -0.0270 0.2712 0.0000 0.0189 0.0072 0.0081 0.0709 MPAFX Investor Class Return Before Taxes 114 375 -0.0009 1458 656 -0.0307 0.0051 0.0045 2013-10-01 -0.0166 0.0025 0.0148 0.0112 0.0121 0000720309 ck0000720309:SummaryS000029671Member ck0000720309:S000029671Member ck0000720309:C000091179Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029671Member ck0000720309:S000029671Member ck0000720309:C000091183Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029671Member ck0000720309:S000029671Member ck0000720309:C000091185Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029671Member ck0000720309:S000029671Member rr:AfterTaxesOnDistributionsMember ck0000720309:C000091183Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029671Member ck0000720309:S000029671Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000720309:C000091183Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029671Member ck0000720309:S000029671Member ck0000720309:RRINDEX00001Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029671Member ck0000720309:S000029671Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029672Member ck0000720309:S000029672Member ck0000720309:C000091187Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029672Member ck0000720309:S000029672Member ck0000720309:C000091188Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029672Member ck0000720309:S000029672Member rr:AfterTaxesOnDistributionsMember ck0000720309:C000091188Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029672Member ck0000720309:S000029672Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000720309:C000091188Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029672Member ck0000720309:S000029672Member ck0000720309:RRINDEX00002Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029672Member ck0000720309:S000029672Member ck0000720309:RRINDEX00003Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029672Member ck0000720309:S000029672Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029674Member ck0000720309:S000029674Member ck0000720309:C000091195Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029674Member ck0000720309:S000029674Member ck0000720309:C000091199Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029674Member ck0000720309:S000029674Member ck0000720309:C000091201Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029674Member ck0000720309:S000029674Member rr:AfterTaxesOnDistributionsMember ck0000720309:C000091199Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029674Member ck0000720309:S000029674Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000720309:C000091199Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029674Member ck0000720309:S000029674Member ck0000720309:RRINDEX00004Member 2012-11-30 2012-11-30 0000720309 ck0000720309:SummaryS000029674Member ck0000720309:S000029674Member 2012-11-30 2012-11-30 0000720309 2012-11-30 2012-11-30 pure iso4217:USD The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect the operating expenses of the Fund and certain expense offset items. Managers Investment Group LLC ("Managers" or the "Investment Manager") has contractually agreed, through at least October 1, 2013, to waive management fees and/ or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.72% of the Fund's average daily net assets, subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangement, if the maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the current applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthetical above) of the Institutional Class, Service Class and Investor Class shares would be 0.72%, 0.97% and 1.12%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect only the operating expenses of the Fund, certain expense offset items and do not include fees and expenses of any acquired Fund. Managers Investment Group LLC ("Managers" or the "Investment Manager") has contractually agreed, through at least October 1, 2013, to waive management fees and/ or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 1.42% of the Fund's average daily net assets, subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangements, if the maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the current applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthetical above) of the Institutional Class and Administrative Class would be 1.42% and 1.67%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect the operating expenses of the Fund and certain expense offset items. 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