0001193125-13-160405.txt : 20130418 0001193125-13-160405.hdr.sgml : 20130418 20130418130646 ACCESSION NUMBER: 0001193125-13-160405 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 9 FILED AS OF DATE: 20130418 DATE AS OF CHANGE: 20130418 EFFECTIVENESS DATE: 20130418 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-84012 FILM NUMBER: 13768750 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 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03752 FILM NUMBER: 13768751 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 S000009865 Managers Special Equity Fund C000027305 Managers Class MGSEX C000027306 Institutional Class MSEIX C000034562 Class R Shares 0000720309 S000009868 Managers Bond Fund C000027310 Managers Bond Fund MGFIX C000125498 Institutional Class 0000720309 S000009869 Managers Global Income Opportunity Fund C000027311 Managers Global Income Opportunity Fund MGGBX 485BPOS 1 d513300d485bpos.htm MANAGERS FUNDS Managers Funds

As filed with the Securities and Exchange Commission on April 18, 2013

1933 Act Registration No. 002-84012

1940 Act Registration No. 811-03752

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933   x       
Pre-Effective Amendment No.   ¨       
Post-Effective Amendment No. 95   x       

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

  x       
Amendment No. 96   x       

 

 

THE MANAGERS FUNDS

(Exact name of registrant as specified in charter)

 

 

800 Connecticut Avenue

Norwalk, Connecticut 06854

(Address of principal executive offices)

Registrant’s telephone number, including area code: (800) 835-3879

 

 

Gregory C. Davis

Rajib Chanda

Ropes & Gray LLP

Three Embarcadero Center

San Francisco, CA 94111-4006

(Name and address of agent for service)

 

 

It is proposed that this filing will become effective:

 

x immediately upon filing pursuant to paragraph (b)
¨ on (date) pursuant to paragraph (b)
¨ 60 days after filing pursuant to paragraph (a)(1)
¨ on (date) pursuant to paragraph (a)(1)
¨ 75 days after filing pursuant to paragraph (a)(2)
¨ On (date) pursuant to (a)(2) of rule 485

If appropriate, check the following box:

 

¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

The Amendment relates solely to Managers Special Equity Fund, Managers Bond Fund and Managers Global Income Opportunity Fund, each a series of The Managers Funds.

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, each as amended, The Managers Funds certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Norwalk, and State of Connecticut, on the 18th day of April, 2013.

 

THE MANAGERS FUNDS

By:   /s/ Donald S. Rumery            
Donald S. Rumery
Treasurer, Chief Financial Officer, and
Principal Financial Officer

Pursuant to the requirements of the Securities Act, this amendment to the registration statement has been signed below by the following persons in the capacities and on the date indicated:

 

Signature

     

Title

 

Date

/s/ Bruce B. Bingham*

Bruce B. Bingham

    Trustee   April 18, 2013

/s/ Christine C. Carsman*

Christine C. Carsman

    Trustee   April 18, 2013

/s/ William E. Chapman, II*

William E. Chapman, II

    Trustee   April 18, 2013

/s/ Edward J. Kaier*

Edward J. Kaier

    Trustee   April 18, 2013

/s/ Steven J. Paggioli*

Steven J. Paggioli

    Trustee   April 18, 2013

/s/ Eric Rakowski*

Eric Rakowski

    Trustee   April 18, 2013

/s/ Thomas R. Schneeweis*

Thomas R. Schneeweis

    Trustee   April 18, 2013

/s/ Keitha L. Kinne

Keitha Kinne

   

President and

Principal Executive Officer

  April 18, 2013

/s/ Donald S. Rumery

Donald S. Rumery

   

Treasurer,

Chief Financial Officer, and

Principal Financial Officer

(Principal Accounting Officer)

(Principal Financial Officer)

  April 18, 2013

*By:  /s/ Donald S. Rumery            

Donald S. Rumery

Pursuant to Powers of Attorney incorporated herein by reference

Date: April 18, 2013


THE MANAGERS FUNDS

EXHIBIT INDEX

 

Exhibit No.

  

Description

EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX.101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX.101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
EX-101.INS 2 mf4-20130328.xml XBRL INSTANCE DOCUMENT 0000720309 mf4:S000009865Member 2012-04-02 2013-04-01 0000720309 mf4:S000009865Member mf4:C000027305Member 2012-04-02 2013-04-01 0000720309 mf4:S000009865Member mf4:C000027306Member 2012-04-02 2013-04-01 0000720309 2012-04-02 2013-04-01 0000720309 mf4:S000009868Member 2012-04-02 2013-04-01 0000720309 mf4:S000009868Member mf4:C000027310Member 2012-04-02 2013-04-01 0000720309 mf4:S000009868Member mf4:C000125498Member 2012-04-02 2013-04-01 0000720309 mf4:S000009869Member 2012-04-02 2013-04-01 0000720309 mf4:S000009869Member mf4:C000027311Member 2012-04-02 2013-04-01 0000720309 mf4:S000009869Member rr:AfterTaxesOnDistributionsMember mf4:C000027311Member 2012-04-02 2013-04-01 0000720309 mf4:S000009869Member rr:AfterTaxesOnDistributionsAndSalesMember mf4:C000027311Member 2012-04-02 2013-04-01 0000720309 mf4:S000009869Member mf4:BarclaysCapitalGlobalAggregateIndexMember 2012-04-02 2013-04-01 0000720309 mf4:S000009868Member rr:AfterTaxesOnDistributionsMember mf4:C000027310Member 2012-04-02 2013-04-01 0000720309 mf4:S000009868Member rr:AfterTaxesOnDistributionsAndSalesMember mf4:C000027310Member 2012-04-02 2013-04-01 0000720309 mf4:S000009868Member mf4:BarclaysUSGovtCreditIndexMember 2012-04-02 2013-04-01 0000720309 mf4:S000009865Member rr:AfterTaxesOnDistributionsMember mf4:C000027305Member 2012-04-02 2013-04-01 0000720309 mf4:S000009865Member rr:AfterTaxesOnDistributionsAndSalesMember mf4:C000027305Member 2012-04-02 2013-04-01 0000720309 mf4:S000009865Member mf4:RussellTwentyHundredGrowthIndexMember 2012-04-02 2013-04-01 pure iso4217:USD <b>INVESTMENT OBJECTIVE </b> 0.009 0.009 0 0 0.0001 0.0001 -0.002 -0.002 <b>EXPENSE EXAMPLE </b> 139 476 836 1850 114 399 704 1573 <b>PORTFOLIO TURNOVER </b> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleExpenseExampleTransposedManagersSpecialEquityFund column period compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAverageAnnualTotalReturnsTransposedManagersSpecialEquityFund column period compact * ~</div> 2013-04-01 485BPOS MANAGERS FUNDS 0000720309 2013-03-28 2013-04-01 2012-12-31 false <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualFundOperatingExpensesManagersBondFund column period compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleExpenseExampleTransposedManagersBondFund column period compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAverageAnnualTotalReturnsTransposedManagersBondFund column period compact * ~</div> <b><a name="pro513300_3"></a>Managers Bond Fund </b> <b>INVESTMENT OBJECTIVE </b> The Managers Bond Fund&#8217;s (the &#8220;Fund&#8221; and &#8220;Bond Fund&#8221;) investment objective is to achieve a high level of current income. <b>FEES AND EXPENSES OF THE FUND </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment) 0.00625 0.00625 0 0 0.00425 0.00325 0.0001 0.0001 0.0106 0.0096 -0.0006 -0.0006 0.01 0.009 <b>EXPENSE EXAMPLE </b> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleShareholderFeesManagersGlobalIncomeOpportunityFund column period compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualFundOperatingExpensesManagersGlobalIncomeOpportunityFund column period compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleExpenseExampleTransposedManagersGlobalIncomeOpportunityFund column period compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAverageAnnualTotalReturnsTransposedManagersGlobalIncomeOpportunityFund column period compact * ~</div> 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&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through May 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 102 92 331 299 579 524 1289 1167 <b>PORTFOLIO TURNOVER </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 26% of the average value of its portfolio. 0.007 0 <b>PRINCIPAL INVESTMENT STRATEGIES </b> 0.0066 0.0001 0.0137 -0.0037 0.01 <b><a name="pro513300_2"></a>Managers Special Equity Fund </b> 102 The Managers Special Equity Fund&#8217;s (the &#8220;Fund&#8221; and &#8220;Special Equity Fund&#8221;) investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of equity securities of small- and medium-sized companies. <b>FEES AND EXPENSES OF THE FUND </b> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 397 Annual Fund Operating Expenses<br/><br/>(expenses that you pay each year as a percentage of the value of your investment) 715 The Fund seeks to achieve its investment objective of a high level of current income from a diversified portfolio of fixed-income securities. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds (debt securities). Under normal market conditions, the Fund invests at least 65% of its total assets in investment grade corporate bonds, mortgage-related and other asset-backed securities and securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Investment grade securities are rated at least in the BBB/Baa major rating category by Standard &amp; Poor's Corporation ("S&amp;P") or Moody's Investors Service, Inc. ("Moody's") (or a similar rating from any nationally recognized statistical rating organization). The Fund may also invest in below investment grade bonds (those rated below BBB/Baa by S&amp;P or Moody's).<br/><br/>From time to time, the Fund may invest in unrated bonds that are considered by Loomis, Sayles &amp; Company, L.P. (the "Subadvisor" or "Loomis") to be of comparable quality and creditworthiness as rated securities. Debt securities held by the Fund may have any remaining maturity. Occasionally, the Fund may purchase only the interest or principal component of a mortgage-related security. Up to 10% of the total assets of the Fund may be invested in non-U.S. dollar-denominated instruments.<br/><br/>Loomis applies fundamental investment research techniques when deciding which bonds to buy or sell. Typically, Loomis invests around three themes encompassing:<ul type="square"><li style="margin-left:-20px">Generally seeking fixed-income securities of issuers whose credit profiles it believes are improving.</li></ul><ul type="square"><li style="margin-left:-20px">Significant use of securities whose price changes may not have a direct correlation with changes in interest rates. Loomis believes positive returns can be generated by having a portion of the Fund's assets invested in this type of security rather than primarily relying on interest rate changes to generate returns.</li></ul><ul type="square"><li style="margin-left:-20px">Analysis of different sectors of the economy and fixed income markets and differences in the yields ("spreads") of various fixed income securities in an effort to find securities that Loomis believes may produce attractive returns for the Fund in comparison to their risk with a preference for discounted securities with a yield advantage to the market average.</li></ul>In deciding which securities to buy and sell, Loomis will consider, among other things, the financial strength of the issuer of the security, current spread/yield levels, Loomis' expectations regarding general trends in interest rates, and comparisons of the level of risk associated with particular investments in conjunction with Loomis' expectations concerning the potential return of those investments. Loomis may utilize futures contracts in order to adjust the Fund's duration.<br/><br/>Loomis does not manage the Fund to maintain a given average duration, thus giving the Fund the flexibility to invest in securities with any remaining maturity as market conditions change. At times, the Fund's average duration may be longer than that of the benchmark, so that the Fund is more sensitive to changes in interest rates than the benchmark. At other times the Fund's average duration may be shorter than that of the benchmark, so that the Fund is less sensitive to changes in interest rates than the benchmark. Loomis may utilize futures contracts in order to adjust the Fund's duration.<br/><br/>Loomis generally prefers securities that are protected against calls (early redemption by the issuer). 1614 0.0066 0.0041 0.0157 0.0132 0.0137 0.0112 0.1063 0.092 0.0691 0.0432 0.0653 0.0402 0.0405 0.0544 0.0712 0.0473 0.0471 0.0598 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.<br/><br/><b>Credit Risk&#8212; </b>the issuer of bonds or other debt securities may not be able to meet interest or principal payments when the bonds come due.<br/><br/><b>Currency Risk</b>&#8212;fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars.<br/><br/><b>Derivatives Risk</b>&#8212;the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.<br/><br/><b>Foreign Securities Risk</b>&#8212;securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.<br/><br/><b>High Yield Risk</b>&#8212;below-investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, and liquidity risk.<br/><br/><b>Inflation Risk</b>&#8212;the price of an asset, or the income generated by an asset, may not keep up with the cost of living.<br/><br/><b>Interest Rate Risk</b>&#8212;fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline.<br/><br/><b>Liquidity Risk</b>&#8212;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.<br/><br/><b>Market Risk</b>&#8212;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.<br/><br/><b>Prepayment Risk</b>&#8212;many bonds and debt securities have call provisions that may result in debtors paying back the debt prior to maturity during periods of decreasing interest rates.<br/><br/><b>Reinvestment Risk</b>&#8212;investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments. <b>PERFORMANCE </b> 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&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through May 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market 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. The performance information shown is that of the Fund&#8217;s Service Class shares (formerly shares of the Fund&#8217;s sole class, which were reclassified and redesignated as Service Class shares effective as of the date of this Prospectus). Because the Fund&#8217;s Institutional Class shares have not operated for a full calendar year, performance history for this share class is not available. Institutional Class shares would have similar annual returns as Service Class shares because both classes are invested in the same portfolio of securities. However, Institutional Class shares are subject to different expenses than Service Class shares, and Institutional Class share performance would vary to that extent. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 107% of the average value of its portfolio. <b>PRINCIPAL INVESTMENT STRATEGIES </b> Calendar Year Total Returns as of 12/31/12 (Service Class) 0.1077 0.0514 0.0229 0.0784 0.0706 -0.1631 0.3117 0.1043 0.0606 0.1204 <b><a name="pro513300_4"></a>Managers Global Income Opportunity Fund </b> <b>INVESTMENT OBJECTIVE </b> The Managers Global Income Opportunity Fund&#8217;s (the &#8220;Fund&#8221; and &#8220;Global Income Opportunity Fund&#8221;) investment objective is to achieve income and capital appreciation. Best Quarter: 16.27% (2nd Quarter 2009)<br/>Worst Quarter: -10.31% (3rd Quarter 2008) <b>FEES AND EXPENSES OF THE FUND </b> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsManagersBondFundBarChart column period compact * ~</div> The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>EXPENSE EXAMPLE </b> Average Annual Total Returns as of 12/31/12 <b>PORTFOLIO TURNOVER </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 59% of the average value of its portfolio. 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&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through May 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 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&#8217;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 Service Class shares only, and after-tax returns for Institutional Class shares will vary. <b>PRINCIPAL INVESTMENT STRATEGIES </b> 0.1204 0.1046 0.0779 0.0482 0.0757 0.0562 0.053 0.0606 0.0708 0.0524 0.05 0.0525 The Fund seeks to achieve its investment objective of income and capital appreciation through a portfolio of foreign and domestic fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds (debt securities). Under normal market conditions, the Fund invests at least 65% of its total assets in investment grade U.S. and foreign corporate bonds and in securities issued or guaranteed by the U.S. and foreign governments, their agencies or instrumentalities, and supranational organizations such as the World Bank. Investment grade securities are rated at least in the BBB/Baa major rating category by Standard &amp; Poor's Corporation ("S&amp;P") or Moody's Investor Service, Inc. ("Moody's") (or a similar rating from any nationally recognized statistical rating organization). Under normal conditions, the Fund will also invest at least 40% of its net assets, plus the amount of any borrowings for investment purposes, in investments of non-U.S. issuers. The Fund may also invest up to 30% of its total assets in below investment grade bonds (those rated below BBB/Baa by S&amp;P or Moody's). Under normal circumstances, the Fund invests no more than 25% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities of companies located in emerging market countries. <br/><br/>For the purpose of this policy, "emerging market countries" mean countries designated by the World Bank or United Nations, to be an emerging market country. <br/><br/>From time to time, the Fund may invest in unrated bonds that are considered by the Fund's subadvisor, Loomis, Sayles &amp; Company, L.P. (the "Subadvisor" or "Loomis"), to be of comparable quality and creditworthiness as rated securities. Debt securities held by the Fund may have any remaining maturity. The Fund may hold instruments denominated in any currency and may invest in companies in emerging markets. At least 25% of the total assets of the Fund will be invested in U.S. dollar-denominated instruments. <br/><br/>Loomis applies fundamental investment research techniques when deciding which bonds to buy or sell. Typically, Loomis: <ul type="square"><li style="margin-left:20px">Primarily selects investments with the goal of enhancing the Fund's overall yield and total return and lowering volatility, relative to the Fund's benchmark, the Barclays Capital Global Aggregate Index. </li></ul><ul type="square"><li style="margin-left:20px">Uses credit analysis and internally developed investment techniques to evaluate numerous financial criteria relating to debt securities. </li></ul><ul type="square"><li style="margin-left:20px">May utilize forward currency contracts in order to adjust the Fund's exposure to foreign currencies. </li></ul><ul type="square"><li style="margin-left:20px">Sells a security if it believes the security is overvalued based on its credit, country, or currency. </li></ul>Loomis does not manage the Fund to maintain a given average duration, thus giving the Fund the flexibility to invest in securities with any remaining maturity as market conditions change. At times, the Fund's average duration may be longer than that of the benchmark, so that the Fund is more sensitive to changes in interest rates than the benchmark. At other times the Fund's average duration may be shorter than that of the benchmark, so that the Fund is less sensitive to changes in interest rates than the benchmark. Loomis may utilize futures contracts in order to adjust the Fund's duration.<br/><br/> Loomis generally prefers securities that are protected against calls (early redemption by the issuer). <b>PRINCIPAL RISKS </b> Under normal conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (generally, common and preferred stocks). Although the Fund focuses its investments in securities of small-and medium-capitalization companies pursuant to its investment objective, the Fund has historically invested substantially all of its assets in the securities of U.S. small-capitalization companies.<br/><br/>Typically, the Fund invests in companies with capitalizations that are within the range of capitalizations of companies in the Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index (the "Index"). As of May 31, 2012, the date of the latest reconstitution of the Index, the range of market capitalizations for the Index was $101 million to $2.61 billion. The Fund may purchase securities, or retain securities that it already has purchased, even if the securities are outside the Fund's typical capitalization range.<br/><br/>The Fund's assets are currently allocated among four Subadvisors, each of which acts independently of the others and uses its own methodology to select portfolio investments. Specifically:<ul type="square"><li style="margin-left:-20px">The Subadvisors utilize a growth approach to investing whereby three of the four Subadvisors seek to identify companies that are exhibiting rapid growth in their businesses and the fourth seeks to identify companies that possess better than average long-term growth rates combined with several other fundamental characteristics.</li></ul><ul type="square"><li style="margin-left:-20px">Three of the four Subadvisors examine the underlying businesses, financial statements, competitive environment and company management in order to assess the future profitability of each company.</li></ul><ul type="square"><li style="margin-left:-20px">One of the four Subadvisors utilizes a quantitative computer model driven by fundamental stock selection variables, including company valuations, capital structure and profit earnings. This process seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology.</li></ul><ul type="square"><li style="margin-left:-20px">A Subadvisor may sell a security if it believes that the future profitability of a company does not support the current stock price.</li></ul>With the combination of the above strategies, the Fund seeks to generate returns from capital appreciation due to earnings growth along with improvements in the valuations of the securities such as, among other things, increases in the price to earnings ratios. <b>PRINCIPAL RISKS </b> 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.<br/><br/><b>Foreign Securities Risk</b>&#8212;securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.<br/><br/><b>Growth Stock Risk</b>&#8212;growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.<br/><br/><b>Liquidity Risk</b>&#8212;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.<br/><br/><b>Market Risk</b>&#8212;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. Equity investments generally have greater volatility than fixed income investments.<br/><br/><b>Sector Risk</b>&#8212;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 information technology sector currently, and may in the future, comprise a significant portion of the Fund's portfolio. The information technology industries 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 government regulation, government approval of products and services, technological obsolescence, patent expirations, product liability or other litigation, and changes in governmental and private payment systems.<br/><br/><b>Small&#8212;and Mid-Capitalization Stock Risk</b>&#8212;the stocks of small-and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. <b>PERFORMANCE </b> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad based securities market 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. Effective as of the date of this Prospectus, outstanding Managers Class shares of the Fund were renamed Service Class shares of the Fund. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879. Calendar Year Total Returns as of 12/31/12 (Service Class) 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.<br/><br/> <b>Credit Risk&#8212; </b>the issuer of bonds or other debt securities may not be able to meet interest or principal payments when the bonds come due.<br/><br/> <b>Currency Risk</b>&#8212;fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars. <br/><br/><b>Derivatives Risk</b>&#8212;the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses. <br/><br/><b>Emerging Markets Risk</b>&#8212;investments in emerging markets can be subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility.<br/><br/> <b>Foreign Securities Risk</b>&#8212;securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility. <br/><br/><b>Hedging Risk</b>&#8212;there is no guarantee that hedging strategies will be successful. <br/><br/><b>High Yield Risk</b>&#8212;below-investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, and liquidity risk. <br/><br/><b>Inflation Risk</b>&#8212;the price of an asset, or the income generated by an asset, may not keep up with the cost of living. <br/><br/><b>Interest Rate Risk</b>&#8212;fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline. <br/><br/><b>Liquidity Risk</b>&#8212;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. <br/><br/><b>Market Risk</b>&#8212;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.<br/><br/> <b>Political Risk</b>&#8212;changes in the political status of any country can have profound effects on the value of investments exposed to that country. <br/><br/><b>Prepayment Risk</b>&#8212;many bonds and debt securities have call provisions that may result in debtors paying back the debt prior to maturity during periods of decreasing interest rates.<br/><br/> <b>Reinvestment Risk</b>&#8212;investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments. <b>PERFORMANCE </b> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad based securities market 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 updated performance information please visit www.managersinvest.com or call 800.835.3879. Calendar Year Total Returns as of 12/31/12 Best Quarter: 14.15% (2nd Quarter 2009)<br/>Worst Quarter: -9.17% (3rd Quarter 2008) 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&#8217;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. Best Quarter: 20.73% (2nd Quarter 2003)<br/>Worst Quarter: -27.92% (4th Quarter 2008) Average Annual Total Returns as of 12/31/12 0.1035 0.1035 0.0673 0.1062 0.1459 0.0234 0.0182 0.0177 0.026 0.0349 Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment) 0.078 0.0678 0.0669 0.098 Shareholder Fees<br/>(fees paid directly from your investment) May 1, 2014 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&#8217;s Prospectus, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired fund. 0.207 There is the risk that you may lose money on your investment. 0.0962 0.0488 0.0624 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. -0.0495 2004-05-03 2004-05-03 0.0736 The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index . 0.0742 -0.1001 800.835.3879 www.managersinvest.com 0.2426 As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. 0.0727 0.0339 0.1063 Best Quarter: 2009-06-30 0.1627 Worst Quarter: 2008-09-30 -0.1031 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&#8217;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. 0.59 May 1, 2014 There is the risk that you may lose money on your investment. 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. 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&#8217;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 Service Class shares only, and after-tax returns for Institutional Class shares will vary. The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad based securities market index. 800.835.3879 www.managersinvest.com As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. 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&#8217;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. 0.425 0.1519 0.04 0.1128 -0.0059 -0.4349 0.3078 Best Quarter: 0.3311 2009-06-30 0.1415 0.034 Worst Quarter: 0.1035 May 1, 2014 1.07 -0.01 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&#8217;s Prospectus, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired fund. There is the risk that you may lose money on your investment. 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. The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad based securities market index. 800.835.3879 www.managersinvest.com As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. 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&#8217;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. 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&#8217;s Prospectus, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired fund. After-tax returns are shown for Service Class shares only, and after-tax returns for Institutional Class shares will vary. Best Quarter: 2003-06-30 0.2073 Worst Quarter: 2008-12-31 -0.2792 <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsManagersGlobalIncomeOpportunityFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleShareholderFeesManagersSpecialEquityFund column period compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualFundOperatingExpensesManagersSpecialEquityFund column period compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsManagersSpecialEquityFundBarChart column period compact * ~</div> 2008-09-30 -0.0917 <b>PRINCIPAL RISKS </b> Average Annual Total Returns as of 12/31/12 0.26 Because Institutional Class shares will have commenced operations on or following the date of this Prospectus, these amounts are based on estimates for the current fiscal year. Because Institutional Class shares will have commenced operations on or following the date of this Prospectus, these amounts are based on estimates for the current fiscal year. After-tax returns are shown for Service Class shares only, and after-tax returns for Institutional Class shares will vary. Because Institutional Class shares will have commenced operations on or following the date of this Prospectus, these amounts are based on estimates for the current fiscal year. 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 and do not include fees and expenses of any acquired fund. Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least May 1, 2014, 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, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.89% 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 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 Service Class and Institutional Class would be 0.99% and 0.89%, 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 and do not include fees and expenses of any acquired fund. Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least May 1, 2014, 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, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 1.11% 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 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 Service Class and Institutional Class would be 1.36% and 1.11%, 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. Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least May 1, 2014, 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), brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.99% 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. 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. 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Managers Bond Fund
Managers Bond Fund
INVESTMENT OBJECTIVE
The Managers Bond Fund’s (the “Fund” and “Bond Fund”) investment objective is to achieve a high level of current income.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Managers Bond Fund
Service Class
Institutional Class
Management Fee 0.625% 0.625%
Distribution and Service (12b-1) Fees none none
Other Expenses 0.425% 0.325% [1]
Acquired Fund Fees and Expenses 0.01% 0.01% [1]
Total Annual Fund Operating Expenses [2] 1.06% 0.96%
Fee Waiver and Expense Reimbursements [3] (0.06%) (0.06%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements [2] 1.00% 0.90%
[1] Because Institutional Class shares will have commenced operations on or following the date of this Prospectus, these amounts are based on estimates for the current fiscal year.
[2] 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 and do not include fees and expenses of any acquired fund.
[3] Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least May 1, 2014, 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, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.89% 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 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 Service Class and Institutional Class would be 0.99% and 0.89%, 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.
EXPENSE EXAMPLE
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 May 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Expense Example Managers Bond Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Service Class
102 331 579 1,289
Institutional Class
92 299 524 1,167
PORTFOLIO TURNOVER
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 26% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund seeks to achieve its investment objective of a high level of current income from a diversified portfolio of fixed-income securities. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds (debt securities). Under normal market conditions, the Fund invests at least 65% of its total assets in investment grade corporate bonds, mortgage-related and other asset-backed securities and securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Investment grade securities are rated at least in the BBB/Baa major rating category by Standard & Poor's Corporation ("S&P") or Moody's Investors Service, Inc. ("Moody's") (or a similar rating from any nationally recognized statistical rating organization). The Fund may also invest in below investment grade bonds (those rated below BBB/Baa by S&P or Moody's).

From time to time, the Fund may invest in unrated bonds that are considered by Loomis, Sayles & Company, L.P. (the "Subadvisor" or "Loomis") to be of comparable quality and creditworthiness as rated securities. Debt securities held by the Fund may have any remaining maturity. Occasionally, the Fund may purchase only the interest or principal component of a mortgage-related security. Up to 10% of the total assets of the Fund may be invested in non-U.S. dollar-denominated instruments.

Loomis applies fundamental investment research techniques when deciding which bonds to buy or sell. Typically, Loomis invests around three themes encompassing:
  • Generally seeking fixed-income securities of issuers whose credit profiles it believes are improving.
  • Significant use of securities whose price changes may not have a direct correlation with changes in interest rates. Loomis believes positive returns can be generated by having a portion of the Fund's assets invested in this type of security rather than primarily relying on interest rate changes to generate returns.
  • Analysis of different sectors of the economy and fixed income markets and differences in the yields ("spreads") of various fixed income securities in an effort to find securities that Loomis believes may produce attractive returns for the Fund in comparison to their risk with a preference for discounted securities with a yield advantage to the market average.
In deciding which securities to buy and sell, Loomis will consider, among other things, the financial strength of the issuer of the security, current spread/yield levels, Loomis' expectations regarding general trends in interest rates, and comparisons of the level of risk associated with particular investments in conjunction with Loomis' expectations concerning the potential return of those investments. Loomis may utilize futures contracts in order to adjust the Fund's duration.

Loomis does not manage the Fund to maintain a given average duration, thus giving the Fund the flexibility to invest in securities with any remaining maturity as market conditions change. At times, the Fund's average duration may be longer than that of the benchmark, so that the Fund is more sensitive to changes in interest rates than the benchmark. At other times the Fund's average duration may be shorter than that of the benchmark, so that the Fund is less sensitive to changes in interest rates than the benchmark. Loomis may utilize futures contracts in order to adjust the Fund's duration.

Loomis generally prefers securities that are protected against calls (early redemption by the issuer).
PRINCIPAL RISKS
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.

Credit Risk— the issuer of bonds or other debt securities may not be able to meet interest or principal payments when the bonds come due.

Currency Risk—fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars.

Derivatives Risk—the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

Foreign Securities Risk—securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.

High Yield Risk—below-investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, and liquidity risk.

Inflation Risk—the price of an asset, or the income generated by an asset, may not keep up with the cost of living.

Interest Rate Risk—fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline.

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.

Prepayment Risk—many bonds and debt securities have call provisions that may result in debtors paying back the debt prior to maturity during periods of decreasing interest rates.

Reinvestment Risk—investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments.
PERFORMANCE
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 . As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. The performance information shown is that of the Fund’s Service Class shares (formerly shares of the Fund’s sole class, which were reclassified and redesignated as Service Class shares effective as of the date of this Prospectus). Because the Fund’s Institutional Class shares have not operated for a full calendar year, performance history for this share class is not available. Institutional Class shares would have similar annual returns as Service Class shares because both classes are invested in the same portfolio of securities. However, Institutional Class shares are subject to different expenses than Service Class shares, and Institutional Class share performance would vary to that extent. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Calendar Year Total Returns as of 12/31/12 (Service Class)
Bar Chart
Best Quarter: 16.27% (2nd Quarter 2009)
Worst Quarter: -10.31% (3rd Quarter 2008)
Average Annual Total Returns as of 12/31/12
Average Annual Total Returns Managers Bond Fund
1 Year
5 Years
10 Years
Service Class
12.04% 7.57% 7.08%
Service Class Return After Taxes on Distributions
10.46% 5.62% 5.24%
Service Class Return After Taxes on Distributions and Sale of Fund Shares
7.79% 5.30% 5.00%
Barclays U.S. Govt./Credit Index (reflects no deduction for fees, expenses, or taxes)
4.82% 6.06% 5.25%
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 Service Class shares only, and after-tax returns for Institutional Class shares will vary.

XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Managers Special Equity Fund
Managers Special Equity Fund
INVESTMENT OBJECTIVE
The Managers Special Equity Fund’s (the “Fund” and “Special Equity Fund”) investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of equity securities of small- and medium-sized companies.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
~ http://www.managersinvest.com/role/ScheduleShareholderFeesManagersSpecialEquityFund column period compact * ~
Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Managers Special Equity Fund
Service Class
Institutional Class
Management Fee 0.90% 0.90%
Distribution and Service (12b-1) Fees none none
Other Expenses 0.66% 0.41%
Acquired Fund Fees and Expenses 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 1.57% 1.32%
Fee Waiver and Expense Reimbursements [2] (0.20%) (0.20%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements [1] 1.37% 1.12%
[1] 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 and do not include fees and expenses of any acquired fund.
[2] Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least May 1, 2014, 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, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 1.11% 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 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 Service Class and Institutional Class would be 1.36% and 1.11%, 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.
EXPENSE EXAMPLE
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 May 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Expense Example Managers Special Equity Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Service Class
139 476 836 1,850
Institutional Class
114 399 704 1,573
PORTFOLIO TURNOVER
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 107% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Under normal conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (generally, common and preferred stocks). Although the Fund focuses its investments in securities of small-and medium-capitalization companies pursuant to its investment objective, the Fund has historically invested substantially all of its assets in the securities of U.S. small-capitalization companies.

Typically, the Fund invests in companies with capitalizations that are within the range of capitalizations of companies in the Russell 2000® Growth Index (the "Index"). As of May 31, 2012, the date of the latest reconstitution of the Index, the range of market capitalizations for the Index was $101 million to $2.61 billion. The Fund may purchase securities, or retain securities that it already has purchased, even if the securities are outside the Fund's typical capitalization range.

The Fund's assets are currently allocated among four Subadvisors, each of which acts independently of the others and uses its own methodology to select portfolio investments. Specifically:
  • The Subadvisors utilize a growth approach to investing whereby three of the four Subadvisors seek to identify companies that are exhibiting rapid growth in their businesses and the fourth seeks to identify companies that possess better than average long-term growth rates combined with several other fundamental characteristics.
  • Three of the four Subadvisors examine the underlying businesses, financial statements, competitive environment and company management in order to assess the future profitability of each company.
  • One of the four Subadvisors utilizes a quantitative computer model driven by fundamental stock selection variables, including company valuations, capital structure and profit earnings. This process seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology.
  • A Subadvisor may sell a security if it believes that the future profitability of a company does not support the current stock price.
With the combination of the above strategies, the Fund seeks to generate returns from capital appreciation due to earnings growth along with improvements in the valuations of the securities such as, among other things, increases in the price to earnings ratios.
PRINCIPAL RISKS
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.

Foreign Securities Risk—securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.

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. Equity investments generally have greater volatility than fixed income investments.

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 information technology sector currently, and may in the future, comprise a significant portion of the Fund's portfolio. The information technology industries 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 government regulation, government approval of products and services, technological obsolescence, patent expirations, product liability or other litigation, and changes in governmental and private payment systems.

Small—and Mid-Capitalization Stock Risk—the stocks of small-and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.
PERFORMANCE
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. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. Effective as of the date of this Prospectus, outstanding Managers Class shares of the Fund were renamed Service Class shares of the Fund. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Calendar Year Total Returns as of 12/31/12 (Service Class)
Bar Chart
Best Quarter: 20.73% (2nd Quarter 2003)
Worst Quarter: -27.92% (4th Quarter 2008)
Average Annual Total Returns as of 12/31/12
Average Annual Total Returns Managers Special Equity Fund
1 Year
5 Years
10 Years
Since Inception
Inception Date
Service Class
10.35% 2.34% 7.80%    
Service Class Return After Taxes on Distributions
10.35% 1.82% 6.78%    
Service Class Return After Taxes on Distributions and Sale of Fund Shares
6.73% 1.77% 6.69%    
Institutional Class
10.62% 2.60%    4.88% May 03, 2004
Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes)
14.59% 3.49% 9.80% 6.24% May 03, 2004
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 Service Class shares only, and after-tax returns for Institutional Class shares will vary.
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XML 16 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANAGERS FUNDS
Prospectus Date rr_ProspectusDate Apr. 01, 2013
Managers Special Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Managers Special Equity Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Managers Special Equity Fund’s (the “Fund” and “Special Equity Fund”) investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of equity securities of small- and medium-sized companies.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination May 1, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 107% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 107.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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 and do not include fees and expenses of any acquired fund.
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 May 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (generally, common and preferred stocks). Although the Fund focuses its investments in securities of small-and medium-capitalization companies pursuant to its investment objective, the Fund has historically invested substantially all of its assets in the securities of U.S. small-capitalization companies.

Typically, the Fund invests in companies with capitalizations that are within the range of capitalizations of companies in the Russell 2000® Growth Index (the "Index"). As of May 31, 2012, the date of the latest reconstitution of the Index, the range of market capitalizations for the Index was $101 million to $2.61 billion. The Fund may purchase securities, or retain securities that it already has purchased, even if the securities are outside the Fund's typical capitalization range.

The Fund's assets are currently allocated among four Subadvisors, each of which acts independently of the others and uses its own methodology to select portfolio investments. Specifically:
  • The Subadvisors utilize a growth approach to investing whereby three of the four Subadvisors seek to identify companies that are exhibiting rapid growth in their businesses and the fourth seeks to identify companies that possess better than average long-term growth rates combined with several other fundamental characteristics.
  • Three of the four Subadvisors examine the underlying businesses, financial statements, competitive environment and company management in order to assess the future profitability of each company.
  • One of the four Subadvisors utilizes a quantitative computer model driven by fundamental stock selection variables, including company valuations, capital structure and profit earnings. This process seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology.
  • A Subadvisor may sell a security if it believes that the future profitability of a company does not support the current stock price.
With the combination of the above strategies, the Fund seeks to generate returns from capital appreciation due to earnings growth along with improvements in the valuations of the securities such as, among other things, increases in the price to earnings ratios.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.

Foreign Securities Risk—securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.

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. Equity investments generally have greater volatility than fixed income investments.

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 information technology sector currently, and may in the future, comprise a significant portion of the Fund's portfolio. The information technology industries 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 government regulation, government approval of products and services, technological obsolescence, patent expirations, product liability or other litigation, and changes in governmental and private payment systems.

Small—and Mid-Capitalization Stock Risk—the stocks of small-and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.
Risk Lose Money [Text] rr_RiskLoseMoney There is the risk that you may lose money on your investment.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. Effective as of the date of this Prospectus, outstanding Managers Class shares of the Fund were renamed Service Class shares of the Fund. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800.835.3879
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.managersinvest.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns as of 12/31/12 (Service Class)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter: 20.73% (2nd Quarter 2003)
Worst Quarter: -27.92% (4th Quarter 2008)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of 12/31/12
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Service Class shares only, and after-tax returns for Institutional Class shares will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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 Service Class shares only, and after-tax returns for Institutional Class shares will vary.
Managers Special Equity Fund | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.66%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.57% [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.20%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.37% [1]
1 Year rr_ExpenseExampleYear01 139
3 Years rr_ExpenseExampleYear03 476
5 Years rr_ExpenseExampleYear05 836
10 Years rr_ExpenseExampleYear10 1,850
2003 rr_AnnualReturn2003 42.50%
2004 rr_AnnualReturn2004 15.19%
2005 rr_AnnualReturn2005 4.00%
2006 rr_AnnualReturn2006 11.28%
2007 rr_AnnualReturn2007 (0.59%)
2008 rr_AnnualReturn2008 (43.49%)
2009 rr_AnnualReturn2009 30.78%
2010 rr_AnnualReturn2010 33.11%
2011 rr_AnnualReturn2011 3.40%
2012 rr_AnnualReturn2012 10.35%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.73%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.92%)
1 Year rr_AverageAnnualReturnYear01 10.35%
5 Years rr_AverageAnnualReturnYear05 2.34%
10 Years rr_AverageAnnualReturnYear10 7.80%
Managers Special Equity Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.41%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.32% [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.20%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.12% [1]
1 Year rr_ExpenseExampleYear01 114
3 Years rr_ExpenseExampleYear03 399
5 Years rr_ExpenseExampleYear05 704
10 Years rr_ExpenseExampleYear10 1,573
1 Year rr_AverageAnnualReturnYear01 10.62%
5 Years rr_AverageAnnualReturnYear05 2.60%
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 4.88%
Inception Date rr_AverageAnnualReturnInceptionDate May 03, 2004
Managers Special Equity Fund | Return After Taxes on Distributions | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.35%
5 Years rr_AverageAnnualReturnYear05 1.82%
10 Years rr_AverageAnnualReturnYear10 6.78%
Managers Special Equity Fund | Return After Taxes on Distributions and Sale of Fund Shares | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.73%
5 Years rr_AverageAnnualReturnYear05 1.77%
10 Years rr_AverageAnnualReturnYear10 6.69%
Managers Special Equity Fund | Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.59%
5 Years rr_AverageAnnualReturnYear05 3.49%
10 Years rr_AverageAnnualReturnYear10 9.80%
Since Inception rr_AverageAnnualReturnSinceInception 6.24%
Inception Date rr_AverageAnnualReturnInceptionDate May 03, 2004
[1] 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 and do not include fees and expenses of any acquired fund.
[2] Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least May 1, 2014, 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, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 1.11% 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 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 Service Class and Institutional Class would be 1.36% and 1.11%, 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.
XML 17 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
12 Months Ended
Apr. 01, 2013
Risk/Return:  
Document Type 485BPOS
Document Period End Date Dec. 31, 2012
Registrant Name MANAGERS FUNDS
Central Index Key 0000720309
Amendment Flag false
Document Creation Date Mar. 28, 2013
Document Effective Date Apr. 01, 2013
Prospectus Date Apr. 01, 2013
XML 18 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANAGERS FUNDS
Prospectus Date rr_ProspectusDate Apr. 01, 2013
Managers Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Managers Bond Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Managers Bond Fund’s (the “Fund” and “Bond Fund”) investment objective is to achieve a high level of current income.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination May 1, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 26% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 26.00%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Because Institutional Class shares will have commenced operations on or following the date of this Prospectus, these amounts are based on estimates for the current fiscal year.
Acquired Fund Fees and Expenses, Based on Estimates [Text] rr_AcquiredFundFeesAndExpensesBasedOnEstimates Because Institutional Class shares will have commenced operations on or following the date of this Prospectus, these amounts are based on estimates for the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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 and do not include fees and expenses of any acquired fund.
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 May 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its investment objective of a high level of current income from a diversified portfolio of fixed-income securities. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds (debt securities). Under normal market conditions, the Fund invests at least 65% of its total assets in investment grade corporate bonds, mortgage-related and other asset-backed securities and securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Investment grade securities are rated at least in the BBB/Baa major rating category by Standard & Poor's Corporation ("S&P") or Moody's Investors Service, Inc. ("Moody's") (or a similar rating from any nationally recognized statistical rating organization). The Fund may also invest in below investment grade bonds (those rated below BBB/Baa by S&P or Moody's).

From time to time, the Fund may invest in unrated bonds that are considered by Loomis, Sayles & Company, L.P. (the "Subadvisor" or "Loomis") to be of comparable quality and creditworthiness as rated securities. Debt securities held by the Fund may have any remaining maturity. Occasionally, the Fund may purchase only the interest or principal component of a mortgage-related security. Up to 10% of the total assets of the Fund may be invested in non-U.S. dollar-denominated instruments.

Loomis applies fundamental investment research techniques when deciding which bonds to buy or sell. Typically, Loomis invests around three themes encompassing:
  • Generally seeking fixed-income securities of issuers whose credit profiles it believes are improving.
  • Significant use of securities whose price changes may not have a direct correlation with changes in interest rates. Loomis believes positive returns can be generated by having a portion of the Fund's assets invested in this type of security rather than primarily relying on interest rate changes to generate returns.
  • Analysis of different sectors of the economy and fixed income markets and differences in the yields ("spreads") of various fixed income securities in an effort to find securities that Loomis believes may produce attractive returns for the Fund in comparison to their risk with a preference for discounted securities with a yield advantage to the market average.
In deciding which securities to buy and sell, Loomis will consider, among other things, the financial strength of the issuer of the security, current spread/yield levels, Loomis' expectations regarding general trends in interest rates, and comparisons of the level of risk associated with particular investments in conjunction with Loomis' expectations concerning the potential return of those investments. Loomis may utilize futures contracts in order to adjust the Fund's duration.

Loomis does not manage the Fund to maintain a given average duration, thus giving the Fund the flexibility to invest in securities with any remaining maturity as market conditions change. At times, the Fund's average duration may be longer than that of the benchmark, so that the Fund is more sensitive to changes in interest rates than the benchmark. At other times the Fund's average duration may be shorter than that of the benchmark, so that the Fund is less sensitive to changes in interest rates than the benchmark. Loomis may utilize futures contracts in order to adjust the Fund's duration.

Loomis generally prefers securities that are protected against calls (early redemption by the issuer).
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.

Credit Risk— the issuer of bonds or other debt securities may not be able to meet interest or principal payments when the bonds come due.

Currency Risk—fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars.

Derivatives Risk—the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

Foreign Securities Risk—securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.

High Yield Risk—below-investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, and liquidity risk.

Inflation Risk—the price of an asset, or the income generated by an asset, may not keep up with the cost of living.

Interest Rate Risk—fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline.

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.

Prepayment Risk—many bonds and debt securities have call provisions that may result in debtors paying back the debt prior to maturity during periods of decreasing interest rates.

Reinvestment Risk—investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments.
Risk Lose Money [Text] rr_RiskLoseMoney There is the risk that you may lose money on your investment.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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 . As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. The performance information shown is that of the Fund’s Service Class shares (formerly shares of the Fund’s sole class, which were reclassified and redesignated as Service Class shares effective as of the date of this Prospectus). Because the Fund’s Institutional Class shares have not operated for a full calendar year, performance history for this share class is not available. Institutional Class shares would have similar annual returns as Service Class shares because both classes are invested in the same portfolio of securities. However, Institutional Class shares are subject to different expenses than Service Class shares, and Institutional Class share performance would vary to that extent. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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 .
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800.835.3879
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.managersinvest.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns as of 12/31/12 (Service Class)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter: 16.27% (2nd Quarter 2009)
Worst Quarter: -10.31% (3rd Quarter 2008)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of 12/31/12
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Service Class shares only, and after-tax returns for Institutional Class shares will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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 Service Class shares only, and after-tax returns for Institutional Class shares will vary.
Managers Bond Fund | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.625%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.425%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.06% [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.06%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.00% [1]
1 Year rr_ExpenseExampleYear01 102
3 Years rr_ExpenseExampleYear03 331
5 Years rr_ExpenseExampleYear05 579
10 Years rr_ExpenseExampleYear10 1,289
2003 rr_AnnualReturn2003 10.77%
2004 rr_AnnualReturn2004 5.14%
2005 rr_AnnualReturn2005 2.29%
2006 rr_AnnualReturn2006 7.84%
2007 rr_AnnualReturn2007 7.06%
2008 rr_AnnualReturn2008 (16.31%)
2009 rr_AnnualReturn2009 31.17%
2010 rr_AnnualReturn2010 10.43%
2011 rr_AnnualReturn2011 6.06%
2012 rr_AnnualReturn2012 12.04%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.27%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (10.31%)
1 Year rr_AverageAnnualReturnYear01 12.04%
5 Years rr_AverageAnnualReturnYear05 7.57%
10 Years rr_AverageAnnualReturnYear10 7.08%
Managers Bond Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.625%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.325% [3]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.96% [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.06%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 0.90% [1]
1 Year rr_ExpenseExampleYear01 92
3 Years rr_ExpenseExampleYear03 299
5 Years rr_ExpenseExampleYear05 524
10 Years rr_ExpenseExampleYear10 1,167
Managers Bond Fund | Return After Taxes on Distributions | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.46%
5 Years rr_AverageAnnualReturnYear05 5.62%
10 Years rr_AverageAnnualReturnYear10 5.24%
Managers Bond Fund | Return After Taxes on Distributions and Sale of Fund Shares | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.79%
5 Years rr_AverageAnnualReturnYear05 5.30%
10 Years rr_AverageAnnualReturnYear10 5.00%
Managers Bond Fund | Barclays U.S. Govt./Credit Index (reflects no deduction for fees, expenses, or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.82%
5 Years rr_AverageAnnualReturnYear05 6.06%
10 Years rr_AverageAnnualReturnYear10 5.25%
[1] 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 and do not include fees and expenses of any acquired fund.
[2] Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least May 1, 2014, 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, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.89% 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 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 Service Class and Institutional Class would be 0.99% and 0.89%, 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.
[3] Because Institutional Class shares will have commenced operations on or following the date of this Prospectus, these amounts are based on estimates for the current fiscal year.
XML 19 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Managers Global Income Opportunity Fund
Managers Global Income Opportunity Fund
INVESTMENT OBJECTIVE
The Managers Global Income Opportunity Fund’s (the “Fund” and “Global Income Opportunity Fund”) investment objective is to achieve income and capital appreciation.
FEES AND EXPENSES OF THE FUND
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees
Managers Global Income Opportunity Fund
Redemption/Exchange Fee (as a percentage of the amount redeemed, if applicable, within 60 days of purchase) 1.00%
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Managers Global Income Opportunity Fund
Management Fee 0.70%
Distribution and Service (12b-1) Fees none
Other Expenses 0.66%
Acquired Fund Fees and Expenses 0.01%
Total Annual Fund Operating Expenses [1] 1.37%
Fee Waiver and Expense Reimbursements [2] (0.37%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements [1] 1.00%
[1] 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 and do not include fees and expenses of any acquired fund.
[2] Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least May 1, 2014, 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), brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.99% 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. 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.
EXPENSE EXAMPLE
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 May 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Managers Global Income Opportunity Fund
102 397 715 1,614
PORTFOLIO TURNOVER
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 59% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund seeks to achieve its investment objective of income and capital appreciation through a portfolio of foreign and domestic fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds (debt securities). Under normal market conditions, the Fund invests at least 65% of its total assets in investment grade U.S. and foreign corporate bonds and in securities issued or guaranteed by the U.S. and foreign governments, their agencies or instrumentalities, and supranational organizations such as the World Bank. Investment grade securities are rated at least in the BBB/Baa major rating category by Standard & Poor's Corporation ("S&P") or Moody's Investor Service, Inc. ("Moody's") (or a similar rating from any nationally recognized statistical rating organization). Under normal conditions, the Fund will also invest at least 40% of its net assets, plus the amount of any borrowings for investment purposes, in investments of non-U.S. issuers. The Fund may also invest up to 30% of its total assets in below investment grade bonds (those rated below BBB/Baa by S&P or Moody's). Under normal circumstances, the Fund invests no more than 25% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities of companies located in emerging market countries.

For the purpose of this policy, "emerging market countries" mean countries designated by the World Bank or United Nations, to be an emerging market country.

From time to time, the Fund may invest in unrated bonds that are considered by the Fund's subadvisor, Loomis, Sayles & Company, L.P. (the "Subadvisor" or "Loomis"), to be of comparable quality and creditworthiness as rated securities. Debt securities held by the Fund may have any remaining maturity. The Fund may hold instruments denominated in any currency and may invest in companies in emerging markets. At least 25% of the total assets of the Fund will be invested in U.S. dollar-denominated instruments.

Loomis applies fundamental investment research techniques when deciding which bonds to buy or sell. Typically, Loomis:
  • Primarily selects investments with the goal of enhancing the Fund's overall yield and total return and lowering volatility, relative to the Fund's benchmark, the Barclays Capital Global Aggregate Index.
  • Uses credit analysis and internally developed investment techniques to evaluate numerous financial criteria relating to debt securities.
  • May utilize forward currency contracts in order to adjust the Fund's exposure to foreign currencies.
  • Sells a security if it believes the security is overvalued based on its credit, country, or currency.
Loomis does not manage the Fund to maintain a given average duration, thus giving the Fund the flexibility to invest in securities with any remaining maturity as market conditions change. At times, the Fund's average duration may be longer than that of the benchmark, so that the Fund is more sensitive to changes in interest rates than the benchmark. At other times the Fund's average duration may be shorter than that of the benchmark, so that the Fund is less sensitive to changes in interest rates than the benchmark. Loomis may utilize futures contracts in order to adjust the Fund's duration.

Loomis generally prefers securities that are protected against calls (early redemption by the issuer).
PRINCIPAL RISKS
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.

Credit Risk— the issuer of bonds or other debt securities may not be able to meet interest or principal payments when the bonds come due.

Currency Risk—fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars.

Derivatives Risk—the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

Emerging Markets Risk—investments in emerging markets can be subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility.

Foreign Securities Risk—securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.

Hedging Risk—there is no guarantee that hedging strategies will be successful.

High Yield Risk—below-investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, and liquidity risk.

Inflation Risk—the price of an asset, or the income generated by an asset, may not keep up with the cost of living.

Interest Rate Risk—fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline.

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.

Political Risk—changes in the political status of any country can have profound effects on the value of investments exposed to that country.

Prepayment Risk—many bonds and debt securities have call provisions that may result in debtors paying back the debt prior to maturity during periods of decreasing interest rates.

Reinvestment Risk—investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments.
PERFORMANCE
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. 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 updated performance information please visit www.managersinvest.com or call 800.835.3879.
Calendar Year Total Returns as of 12/31/12
Bar Chart
Best Quarter: 14.15% (2nd Quarter 2009)
Worst Quarter: -9.17% (3rd Quarter 2008)
Average Annual Total Returns as of 12/31/12
Average Annual Total Returns
1 Year
5 Years
10 Years
Managers Global Income Opportunity Fund
10.63% 6.53% 7.12%
Managers Global Income Opportunity Fund Return After Taxes on Distributions
9.20% 4.02% 4.73%
Managers Global Income Opportunity Fund Return After Taxes on Distributions and Sale of Fund Shares
6.91% 4.05% 4.71%
Managers Global Income Opportunity Fund Barclays Capital Global Aggregate Index
4.32% 5.44% 5.98%
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.
XML 20 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANAGERS FUNDS
Prospectus Date rr_ProspectusDate Apr. 01, 2013
Document Creation Date dei_DocumentCreationDate Mar. 28, 2013
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANAGERS FUNDS
Prospectus Date rr_ProspectusDate Apr. 01, 2013
Managers Global Income Opportunity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Managers Global Income Opportunity Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Managers Global Income Opportunity Fund’s (the “Fund” and “Global Income Opportunity Fund”) investment objective is to achieve income and capital appreciation.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination May 1, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 59% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 59.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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 and do not include fees and expenses of any acquired fund.
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 May 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its investment objective of income and capital appreciation through a portfolio of foreign and domestic fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds (debt securities). Under normal market conditions, the Fund invests at least 65% of its total assets in investment grade U.S. and foreign corporate bonds and in securities issued or guaranteed by the U.S. and foreign governments, their agencies or instrumentalities, and supranational organizations such as the World Bank. Investment grade securities are rated at least in the BBB/Baa major rating category by Standard & Poor's Corporation ("S&P") or Moody's Investor Service, Inc. ("Moody's") (or a similar rating from any nationally recognized statistical rating organization). Under normal conditions, the Fund will also invest at least 40% of its net assets, plus the amount of any borrowings for investment purposes, in investments of non-U.S. issuers. The Fund may also invest up to 30% of its total assets in below investment grade bonds (those rated below BBB/Baa by S&P or Moody's). Under normal circumstances, the Fund invests no more than 25% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities of companies located in emerging market countries.

For the purpose of this policy, "emerging market countries" mean countries designated by the World Bank or United Nations, to be an emerging market country.

From time to time, the Fund may invest in unrated bonds that are considered by the Fund's subadvisor, Loomis, Sayles & Company, L.P. (the "Subadvisor" or "Loomis"), to be of comparable quality and creditworthiness as rated securities. Debt securities held by the Fund may have any remaining maturity. The Fund may hold instruments denominated in any currency and may invest in companies in emerging markets. At least 25% of the total assets of the Fund will be invested in U.S. dollar-denominated instruments.

Loomis applies fundamental investment research techniques when deciding which bonds to buy or sell. Typically, Loomis:
  • Primarily selects investments with the goal of enhancing the Fund's overall yield and total return and lowering volatility, relative to the Fund's benchmark, the Barclays Capital Global Aggregate Index.
  • Uses credit analysis and internally developed investment techniques to evaluate numerous financial criteria relating to debt securities.
  • May utilize forward currency contracts in order to adjust the Fund's exposure to foreign currencies.
  • Sells a security if it believes the security is overvalued based on its credit, country, or currency.
Loomis does not manage the Fund to maintain a given average duration, thus giving the Fund the flexibility to invest in securities with any remaining maturity as market conditions change. At times, the Fund's average duration may be longer than that of the benchmark, so that the Fund is more sensitive to changes in interest rates than the benchmark. At other times the Fund's average duration may be shorter than that of the benchmark, so that the Fund is less sensitive to changes in interest rates than the benchmark. Loomis may utilize futures contracts in order to adjust the Fund's duration.

Loomis generally prefers securities that are protected against calls (early redemption by the issuer).
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.

Credit Risk— the issuer of bonds or other debt securities may not be able to meet interest or principal payments when the bonds come due.

Currency Risk—fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars.

Derivatives Risk—the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

Emerging Markets Risk—investments in emerging markets can be subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility.

Foreign Securities Risk—securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.

Hedging Risk—there is no guarantee that hedging strategies will be successful.

High Yield Risk—below-investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, and liquidity risk.

Inflation Risk—the price of an asset, or the income generated by an asset, may not keep up with the cost of living.

Interest Rate Risk—fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline.

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.

Political Risk—changes in the political status of any country can have profound effects on the value of investments exposed to that country.

Prepayment Risk—many bonds and debt securities have call provisions that may result in debtors paying back the debt prior to maturity during periods of decreasing interest rates.

Reinvestment Risk—investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments.
Risk Lose Money [Text] rr_RiskLoseMoney There is the risk that you may lose money on your investment.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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. 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 updated performance information please visit www.managersinvest.com or call 800.835.3879.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800.835.3879
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.managersinvest.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns as of 12/31/12
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter: 14.15% (2nd Quarter 2009)
Worst Quarter: -9.17% (3rd Quarter 2008)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of 12/31/12
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Managers Global Income Opportunity Fund | Managers Global Income Opportunity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Redemption/Exchange Fee (as a percentage of the amount redeemed, if applicable, within 60 days of purchase) rr_RedemptionFeeOverRedemption 1.00%
Management Fee rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.66%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.37% [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.37%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.00% [1]
1 Year rr_ExpenseExampleYear01 102
3 Years rr_ExpenseExampleYear03 397
5 Years rr_ExpenseExampleYear05 715
10 Years rr_ExpenseExampleYear10 1,614
2003 rr_AnnualReturn2003 20.70%
2004 rr_AnnualReturn2004 9.62%
2005 rr_AnnualReturn2005 (4.95%)
2006 rr_AnnualReturn2006 7.36%
2007 rr_AnnualReturn2007 7.42%
2008 rr_AnnualReturn2008 (10.01%)
2009 rr_AnnualReturn2009 24.26%
2010 rr_AnnualReturn2010 7.27%
2011 rr_AnnualReturn2011 3.39%
2012 rr_AnnualReturn2012 10.63%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.15%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.17%)
1 Year rr_AverageAnnualReturnYear01 10.63%
5 Years rr_AverageAnnualReturnYear05 6.53%
10 Years rr_AverageAnnualReturnYear10 7.12%
Managers Global Income Opportunity Fund | Return After Taxes on Distributions | Managers Global Income Opportunity Fund
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.20%
5 Years rr_AverageAnnualReturnYear05 4.02%
10 Years rr_AverageAnnualReturnYear10 4.73%
Managers Global Income Opportunity Fund | Return After Taxes on Distributions and Sale of Fund Shares | Managers Global Income Opportunity Fund
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.91%
5 Years rr_AverageAnnualReturnYear05 4.05%
10 Years rr_AverageAnnualReturnYear10 4.71%
Managers Global Income Opportunity Fund | Barclays Capital Global Aggregate Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.32%
5 Years rr_AverageAnnualReturnYear05 5.44%
10 Years rr_AverageAnnualReturnYear10 5.98%
[1] 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 and do not include fees and expenses of any acquired fund.
[2] Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least May 1, 2014, 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), brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.99% 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. 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.