485BPOS
2012-12-01
0000879947
2012-12-01
MANAGERS TRUST II
false
2012-11-30
2012-12-01
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 94%<br />of the average value of its portfolio.</tt>
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<tt>The Managers AMG Chicago Equity Partners Balanced Fund's (the "Fund" or "CEP<br />Balanced Fund") investment objective is to achieve a high total investment<br />return, consistent with the preservation of capital and prudent economic risk.</tt>
<tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through May 1, 2014.</tt>
reflects no deduction for fees, expenses, or taxes
<tt>The Fund will ordinarily invest 50-65% of its total assets in equity securities<br />and invests the remainder in bonds and other fixed income securities, as well as<br />cash or cash equivalents.<br /> <br />The Fund will invest at least 25% of its total assets in equity securities. The<br />equity portion of the Fund is invested primarily in a diversified portfolio of<br />U.S. common stocks, as well as other U.S. and foreign securities, including<br />convertible securities and warrants. Normally, the equity portion of the Fund<br />will focus on large- (generally determined by reference to the capitalization <br />of companies in the Russell 1000® Index) and medium-sized (generally determined <br />by reference to the capitalization of companies in the Russell Midcap® Index)<br />companies which will generally be listed on the New York or American Stock<br />Exchanges or on NASDAQ and widely held among a large number of investors. As <br />of May 31, 2012, the date of the latest reconstitution of the Indices, the range <br />of market capitalizations for the Russell 1000® Index and Russell Midcap® Index <br />was $1.35 billion to $ 540.21 billion and $1.35 billion to $17.39 billion,<br />respectively. For equity investments, Chicago Equity Partners, LLC ("CEP")<br />typically utilizes a proprietary, multi-factor ranking system encompassing<br />momentum, value, and quality factors to identify attractive stocks.<br />  <br />The Fund will invest at least 25% of its total assets in fixed income<br />securities. The fixed income portion of the Fund will invest in a wide range <br />of domestic and foreign fixed income securities, such as bonds, including<br />securities not based on the U.S. dollar. The majority of the Fund's foreign<br />investments may be in "Yankee bonds" (bonds payable in U.S. dollars that are<br />issued in the United States by foreign banks and corporations). The Fund may<br />also invest up to 25% of its total assets in below-investment grade securities<br />(those rated Ba1/ BB+ or lower by Moody's Investors Service, Inc. ("Moody's") or<br />Standard & Poor's Corporation ("S&P"), respectively, that the Fund's Subadvisor,<br />CEP, believes do not involve undue risk to income or principal. The lowest<br />credit-rating categories in which the Fund invests are Caa/CCC (as rated by<br />Moody's/S&P). Incorporating fundamental, "bottom-up" credit and market analysis,<br />CEP invests the Fund's assets primarily in bonds with 7- to 30- year maturities.<br />For the fixed income portion of the Fund, CEP typically:<br /> <br />•    Determines sector weightings based on the relative attractiveness of        <br />     corporates, mortgages, agencies, and Treasuries using fundamental and       <br />     quantitative analysis.                                                      <br /> <br />•    Selects securities by analyzing bonds within their peer group and choosing  <br />     the most favorable issuers from a risk/return standpoint based on           <br />     proprietary research.                                                       <br /><br />•    Maintains durations within a range of plus or minus 10% of the Fund's fixed <br />     income benchmark.                                                           <br /> <br />The Fund may invest more than 65% of its total assets in stocks if CEP considers<br />conditions in the stock market to be more favorable than those in the bond<br />market, and the Fund may invest more than 25% of its total assets in fixed<br />income securities if CEP considers conditions in the bond market to be more<br />favorable than those in the stock market.</tt>
Managers AMG Chicago Equity Partners Balanced Fund
The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses
After Fee Waiver and Expense Reimbursements may not correlate to the ratios of
expenses to average net assets in the Financial Highlights section of the Fund's
Prospectus. The ratios reflect only the operating expenses of the Fund and do not
include fees and expenses of any acquired funds.
EXPENSE EXAMPLE
After-tax returns are calculated using the historical highest individual federal marginal
income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As always, past performance of the Fund (before and after taxes) is not an
indication of how the Fund will perform in the future.
There is the risk that you may lose money on your investment.
Because Service 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.
PRINCIPAL RISKS
Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
0.94
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns are not relevant to investors who hold their Fund
shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
Calendar Year Total Returns as of 12/31/11 (Investor Class)
The performance information for the Fund's Investor Class shares (formerly Class A
shares of the Fund, which were renamed Investor Class shares as of the date of this
Prospectus) for periods prior to December 1, 2012 does not reflect the impact of any
previously imposed front end or deferred sales charges (loads) that were in effect
until December 1, 2012.
PERFORMANCE
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns are not relevant to investors who<br />hold their Fund shares through tax-deferred arrangements, such as 401(k) plans<br />or individual retirement accounts. After-tax returns are shown for Investor<br />Class shares only, and after-tax returns for other share classes will vary.</tt>
The following performance information illustrates the risks of investing in the Fund
by showing changes in the Fund's performance from year to year and by showing how
the Fund's performance compares to that of two broad based securities market
indices and to a composite index, which more accurately reflects the composition
of the Fund's portfolio.
<tt>Best Quarter: 12.03% (2nd Quarter 2009)<br /> <br />Worst Quarter: -9.69% (4th Quarter 2008)</tt>
800.835.3879
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of 12/31/11
PORTFOLIO TURNOVER
<tt>There is the risk that you may lose money on your investment. All investments<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit <br />or obligation of any bank, is not endorsed or guaranteed by any bank, and is <br />not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Credit Risk-the issuer of bonds or other debt securities may not be able to meet<br />interest or principal payments when the bonds or other debt securities come due.<br /> <br />Currency Risk-fluctuations in exchange rates may affect the total loss or gain<br />on a non-U.S. dollar investment when converted back to U.S. dollars.<br /> <br />Foreign Securities Risk-securities or other investments of foreign issuers<br />involve additional risks (such as risks arising from less frequent trading,<br />changes in political or social conditions, and less publicly available<br />information about non-U.S. issuers) that differ from those associated with<br />investing in securities of U.S. issuers and may result in greater price<br />volatility.<br /> <br />Growth Stock Risk-growth stocks may be more sensitive to market movements<br />because their prices tend to reflect future investor expectations rather <br />than just current profits.<br /> <br />High Yield Risk-below-investmentgrade debt securities and unrated securities <br />of similar credit quality (commonly known as "junk bonds" or "high yield<br />securities") may be subject to greater levels of interest rate, credit, and<br />liquidity risk.<br /> <br />Interest Rate Risk-fixed-coupon payments (cash flows) of bonds and debt<br />securities may become less competitive with the market in periods of rising<br />interest rates and cause bond prices to decline.<br /> <br />Large-Capitalization Stock Risk-the stocks of large-capitalization companies are<br />generally more mature and may not be able to reach the same levels of growth as<br />the stocks of small- or mid-capitalization companies.<br /> <br />Liquidity Risk-particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk-market prices of domestic and foreign securities held by the Fund<br />may fall rapidly or unpredictably due to a variety of factors, including<br />changing economic, political, or market conditions.<br /> <br />Mid-Capitalization Stock Risk-the stocks of mid-capitalization companies often<br />have greater price volatility, lower trading volume, and less liquidity than <br />the stocks of larger, more established companies.<br /> <br />Political Risk-changes in the political status of any country can have profound<br />effects on the value of investments exposed to that country.<br /> <br />Prepayment Risk-many bonds and debt securities have call provisions that may<br />result in debtors paying back the debt prior to maturity during periods of<br />decreasing interest rates.<br /> <br />Reinvestment Risk-investors may have difficulty reinvesting payments from<br />debtors and may receive lower rates than from their original investments.<br /> <br />U.S. Government Securities Risk-obligationsissued by some U.S. Government<br />agencies, authorities, instrumentalities, or sponsored enterprises such as<br />Government National Mortgage Association ("GNMA"), are backed by the full faith<br />and credit of the U.S. Government, while obligations issued by others, such as<br />Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage<br />Corporation ("FHLMC"), and Federal Home Loan Banks ("FHLBs") are not backed by<br />the full faith and credit of the U.S. Government and are backed solely by the<br />entity's own resources or by the ability of the entity to borrow from the U.S.<br />Treasury. If one of these agencies defaulted on a loan, there is no guarantee<br />that the U.S. Government will provide financial support.<br /> <br />Value Stock Risk-value stocks may perform differently from the market as a whole<br />and may be undervalued by the market for a long period of time.</tt>
FEES AND EXPENSES OF THE FUND
After-tax returns are shown for Investor Class shares only, and after-tax returns for other share classes will vary.
PRINCIPAL INVESTMENT STRATEGIES
www. managersinvest.com
<tt>The following performance information illustrates the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of two broad based<br />securities market indices and to a composite index, which more accurately<br />reflects the composition of the Fund's portfolio. The performance information<br />for the Fund's Investor Class shares (formerly Class A shares of the Fund, which<br />were renamed Investor Class shares as of the date of this Prospectus) for<br />periods prior to December 1, 2012 does not reflect the impact of any previously<br />imposed front end or deferred sales charges (loads) that were in effect until<br />December 1, 2012. As always, past performance of the Fund (before and after<br />taxes) is not an indication of how the Fund will perform in the future. To<br />obtain updated performance information please visit www. managersinvest.com or<br />call 800.835.3879.</tt>
<tt>The table below describes the fees and expenses that you may pay if you buy <br />and hold shares of the Fund.</tt>
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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.
Composite Index (composed of 60% Russell 1000 Index & 40% Barclays U.S. Aggregate
Bond Index) (reflects no deduction for fees, expenses, or taxes)
0.0484
0.0355
0.0501
Russell 1000® Index (reflects no deduction for fees, expenses, or taxes)
0.0150
-0.0002
0.0334
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)
0.0784
0.0650
0.0578
Investor Class Return After Taxes on Distributions and Sale of Fund Shares
0.0498
0.0309
0.0448
Investor Class Return After Taxes on Distributions
0.0552
0.0328
0.0481
MBESX
97
407
-0.0061
1782
767
0.0085
0.0070
2014-05-01
0.0000
0.0095
0.0156
0.0001
MBEYX
Institutional Class Return Before Taxes
87
375
-0.0061
1671
714
0.0678
0.0075
0.0070
2014-05-01
0.0413
0.0000
0.0581
0.0085
0.0146
0.0001
MBEAX
-0.1247
Worst Quarter:
Best Quarter:
Investor Class Return Before Taxes
112
2009-06-30
453
-0.0969
0.0945
-0.0061
0.1114
1946
846
0.0463
0.1203
0.0645
0.0075
-0.1868
0.0070
2014-05-01
2008-12-31
0.2006
0.0386
0.0424
0.0645
0.2385
0.0025
0.0545
0.0110
0.0171
0.1373
0.0001
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 48%<br />of the average value of its portfolio.</tt>
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<tt>The Managers High Yield Fund's (the "Fund" or "High Yield Fund") investment<br />objective is to achieve a high level of current income,</tt>
<tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through May 1, 2014.</tt>
reflects no deduction for fees, expenses, or taxes
<tt>The Fund seeks to achieve its investment objective of a high level of current<br />income, with a secondary objective of capital appreciation, by investing in a<br />portfolio of below investment grade bonds (those rated Ba1/BB+ or lower by<br />Moody's Investors Service, Inc. ("Moody's")/Standard & Poor's Corporation<br />("S&P")). Under normal circumstances, the Fund will invest at least 80% of its<br />net assets, plus the amount of any borrowings for investment purposes, in<br />below-investment-grade bonds.<br /> <br />The Fund may also invest in any of the following: corporate debt securities and<br />preferred stock; zero-coupon bonds and other deferred interest securities that<br />do not pay periodic interest; convertible securities; restricted securities;<br />cash or cash equivalents, such as certificates of deposit or money market funds;<br />money market instruments, such as bankers' acceptances, commercial paper and<br />repurchase agreements; securities issued or guaranteed by the U.S. government,<br />its agencies and instrumentalities, such as the Federal Home Loan Bank and the<br />Student Loan Marketing Association; common stocks; and stocks and bonds of<br />foreign issuers, including issuers in emerging markets. The Fund may invest up<br />to 15% of its total assets in derivatives such as options, futures contracts, or<br />swap agreements, including, but not limited to, credit default swaps.</tt>
Managers High Yield Fund
<tt>with a secondary objective of capital appreciation.</tt>
The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After
Fee Waiver and Expense Reimbursements may not correlate to the ratios of expenses to
average net assets in the Financial Highlights section of the Fund's Prospectus. The
ratios reflect only the operating expenses of the Fund and do not include fees and
expenses of any acquired funds.
EXPENSE EXAMPLE
After-tax returns are calculated using the historical highest individual federal marginal
income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As always, past performance of the Fund (before and after taxes) is not an indication
of how the Fund will perform in the future.
There is the risk that you may lose money on your investment.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
0.48
Actual after-tax returns depend on an investor's tax situation and may differ from those
shown. After-tax returns are not relevant to investors who hold their Fund shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Calendar Year Total Returns as of 12/31/11 (Investor Class)
The performance information for the Fund's Investor Class shares (formerly Class A shares of the Fund,
which were renamed Investor Class shares as of the date of this Prospectus) for periods prior to
November 30, 2012 does not reflect the impact of the front end and deferred sales charges (loads)
that were in effect until November 30, 2012.
PERFORMANCE
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns are not relevant to investors who<br />hold their Fund shares through tax-deferred arrangements, such as 401(k) plans<br />or individual retirement accounts. After-tax returns are shown for Investor<br />Class shares only, and after-tax returns for Institutional Class shares will<br />vary.</tt>
The following performance information illustrates the risks of investing in the Fund by
showing changes in the Fund's performance from year to year and by showing how the Fund's
performance compares to that of a broad based securities market index.
<tt>Best Quarter: 24.77% (2nd Quarter 2009)<br /> <br />Worst Quarter: -21.62% (4th Quarter 2008)</tt>
800.835.3879
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of 12/31/11
PORTFOLIO TURNOVER
<tt>There is the risk that you may lose money on your investment. All investments<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit <br />or obligation of any bank, is not endorsed or guaranteed by any bank, and is <br />not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Asset-Backed and Mortgage-Backed Securities Risk-asset-backed and<br />mortgage-backed securities investments involve risk of loss due to <br />prepayments that occur earlier or later than expected or due to default.<br /> <br />Credit and Counterparty Risk-the issuer of bonds or other debt securities or <br />a counterparty to a derivatives contract may not be able to meet interest,<br />principal or settlement payments or otherwise honor its obligations.<br /> <br />Currency Risk-fluctuations in exchange rates may affect the total loss or gain<br />on a non-U.S. dollar investment when converted back to U.S. dollars.<br /> <br />Derivatives Risk-the complexity and rapidly changing structure of derivatives<br />markets may increase the possibility of market losses.<br /> <br />Foreign Securities Risk-securities or other investments of foreign issuers<br />involve additional risks (such as risks arising from less frequent trading,<br />changes in political or social conditions, and less publicly available<br />information about non-U.S. issuers) that differ from those associated with<br />investing in securities of U.S. issuers and may result in greater price<br />volatility.<br /> <br />High Yield Risk-below-investment grade debt securities and unrated securities <br />of similar credit quality (commonly known as "junk bonds" or "high yield<br />securities") may be subject to greater levels of interest rate, credit, and<br />liquidity risk.<br /> <br />Inflation Risk-the price of an asset, or the income generated by an asset, may<br />not keep up with the cost of living.<br /> <br />Interest Rate Risk-fixed-coupon payments (cash flows) of bonds and debt<br />securities may become less competitive with the market in periods of rising<br />interest rates and cause bond prices to decline. Liquidity Risk-particular<br />investments, such as illiquid securities, may not be able to be sold at the<br />price the Fund would like or the Fund may have to sell them at a loss.<br /> <br />Market Risk-market prices of domestic and foreign securities held by the Fund<br />may fall rapidly or unpredictably due to a variety of factors, including<br />changing economic, political, or market conditions. Political Risk-changes in<br />the political status of any country can have profound effects on the value of<br />investments exposed to that country.<br /> <br />Prepayment Risk-many bonds and debt securities have call provisions that may<br />result in debtors paying back the debt prior to maturity during periods of<br />decreasing interest rates.<br /> <br />Reinvestment Risk-investors may have difficulty reinvesting payments from<br />debtors and may receive lower rates than from their original investments.<br /> <br />Restricted Securities Risk-it may be difficult to find a buyer for restricted<br />securities and the selling price may be less than originally anticipated.<br /> <br />U.S. Government Securities Risk-obligations issued by some U.S. Government<br />agencies, authorities, instrumentalities, or sponsored enterprises such as<br />Government National Mortgage Association ("GNMA"), are backed by the full faith<br />and credit of the U.S. Government, while obligations issued by others, such as<br />Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage<br />Corporation ("FHLMC"), and Federal Home Loan Banks ("FHLBs") are not backed by<br />the full faith and credit of the U.S. Government and are backed solely by the<br />entity's own resources or by the ability of the entity to borrow from the U.S.<br />Treasury. If one of these agencies defaulted on a loan, there is no guarantee<br />that the U.S. Government will provide financial support.</tt>
FEES AND EXPENSES OF THE FUND
After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.
PRINCIPAL INVESTMENT STRATEGIES
www. managersinvest.com
<tt>The following performance information illustrates the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broad based securities<br />market index. The performance information for the Fund's Investor Class shares<br />(formerly Class A shares of the Fund, which were renamed Investor Class shares<br />as of the date of this Prospectus) for periods prior to November 30, 2012 does<br />not reflect the impact of the front end and deferred sales charges (loads) that<br />were in effect until November 30, 2012. As always, past performance of the Fund<br />(before and after taxes) is not an indication of how the Fund will perform in<br />the future. To obtain updated performance information please visit www.<br />managersinvest.com or call 800.835.3879.</tt>
<tt>The tables below describe the fees and expenses that you may pay if you buy and<br />hold shares of the Fund.</tt>
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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.
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Barclays U.S. Corporate High Yield Index (reflects no deduction for fees, expenses, or taxes)
0.0498
0.0754
0.0885
Investor Class Return After Taxes on Distributions and Sale of Fund Shares
0.0293
0.0296
0.0510
Investor Class Return After Taxes on Distributions
0.0186
0.0263
0.0506
MHHYX
Institutional Class Return Before Taxes
93
406
-0.0054
1689
-0.0200
741
0.0483
0.0074
0.0070
2014-05-01
0.0595
0.0000
0.0854
0.0091
0.0145
0.0001
MHHAX
0.0185
Worst Quarter:
Best Quarter:
Investor Class Return Before Taxes
118
2009-06-30
483
-0.2162
0.1063
-0.0054
0.1420
1964
-0.0200
872
0.0225
0.2477
0.0454
0.0074
-0.2976
0.0070
2014-05-01
2008-12-31
0.5338
0.0563
0.0237
0.0454
0.2973
0.0025
0.0813
0.0116
0.0170
0.1107
0.0001
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 28%<br />of the average value of its portfolio.</tt>
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<tt>The Managers AMG GW&K Fixed Income Fund's (the "Fund" or "Fixed Income Fund")<br />investment objective is to achieve the highest level of income as is consistent<br />with the preservation of capital.</tt>
<tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through May 1, 2014.</tt>
reflects no deduction for fees, expenses, or taxes
<tt>The Fund seeks to achieve its objective by investing in a diversified portfolio<br />of fixed income securities.<br /> <br />Under normal circumstances, the Fund will invest at least 80% of its net assets,<br />plus the amount of any borrowings for investment purposes, in debt securities of<br />U.S. and foreign issuers.<br /> <br />The Fund may invest in debt securities issued by any of the following: public<br />and private U.S. companies; foreign companies; the U.S. government and its<br />agencies, such as the Federal Home Loan Bank; state and local governments<br />issuing taxable municipal securities; and foreign governments, their agencies<br />and instrumentalities, including issuers in emerging markets. The Fund may also<br />invest in asset-backed debt securities. With respect to the portion of the Fund<br />invested in debt securities, up to 20% of the Fund's assets may be invested in<br />below-investment-grade securities (those rated Ba1/BB+ or lower by Moody's<br />Investors Service, Inc. ("Moody's")/Standard & Poor's Corporation ("S&P")).<br /> <br />While the Fund may purchase debt securities of any duration, the Fund will<br />primarily invest in debt securities so that the overall duration of the Fund's<br />portfolio will remain +/- 20% of the duration of its benchmark, the Barclays<br />U.S. Aggregate Bond Index. As of October 31, 2012, the duration of the benchmark<br />was 5.02 years. The average duration of debt securities in the Fund's portfolio<br />may, however, be shorter or longer depending on market conditions.<br /> <br />The Fund may invest up to 20% of its net assets in equity securities of any<br />capitalization range, including foreign and domestic common and preferred<br />stocks, as well as warrants and other equity instruments.</tt>
Managers AMG GW&K Fixed Income Fund (formerly Managers Fixed Income Fund)
EXPENSE EXAMPLE
After-tax returns are calculated using the historical highest individual federal marginal
income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As always, past performance of the Fund (before and after taxes) is not an
indication of how the Fund will perform in the future.
There is the risk that you may lose money on your investment.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
0.28
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns are not relevant to investors who hold their Fund
shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
Calendar Year Total Returns as of 12/31/11 (Investor Class)
The performance information for the Fund's Investor Class shares (formerly Class A shares
of the Fund, which were renamed Investor Class shares as of the date of this Prospectus)
for periods prior to November 30, 2012 does not reflect the impact of the front end and
deferred sales charges (loads) that were in effect until November 30, 2012.
PERFORMANCE
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns are not relevant to investors who<br />hold their Fund shares through tax-deferred arrangements, such as 401(k) plans<br />or individual retirement accounts. After-tax returns are shown for Investor<br />Class shares only, and after-tax returns for other share classes will vary.</tt>
The following performance information illustrates the risks of investing in the Fund by
showing changes in the Fund's performance from year to year and by showing how the Fund's
performance compares to that of a broad based securities market index.
<tt>Best Quarter: 11.11% (2nd Quarter 2009)<br /> <br />Worst Quarter: -8.58% (3rd Quarter 2008)<br /> <br />Year-to-Date (as of 9/30/12): 9.19%</tt>
800.835.3879
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of 12/31/11
PORTFOLIO TURNOVER
<tt>There is the risk that you may lose money on your investment. All investments<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit or<br />obligation of any bank, is not endorsed or guaranteed by any bank, and is not<br />insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Asset-Backed and Mortgage-Backed Securities Risk-asset-backed and<br />mortgage-backed securities investments involve risk of loss due to prepayments<br />that occur earlier or later than expected or due to default.<br /> <br />Credit and Counterparty Risk-the issuer of bonds or other debt securities may<br />not be able to meet interest or principal payments when the bonds become due.<br /> <br />Currency Risk-fluctuations in exchange rates may affect the total loss or gain<br />on a non-U.S. dollar investment when converted back to U.S. dollars.<br /> <br />Emerging Markets Risk-investments in emerging markets securities can be subject<br />to the general risks of foreign securities, as well as additional risks which<br />can result in greater price volatility.<br /> <br />Foreign Securities Risk-securities or other investments of foreign issuers<br />involve additional risks (such as risks arising from less frequent trading,<br />changes in political or social conditions, and less publicly available information <br />about non-U.S. issuers) that differ from those associated with investing in securities <br />of U.S. issuers and may result in greater price volatility.<br /> <br />High Yield Risk-below-investment grade debt securities and unrated securities of<br />similar credit quality (commonly known as "junk bonds" or "high yield<br />securities") may be subject to greater levels of interest rate, credit, and<br />liquidity risk.<br /> <br />Inflation Risk-the price of an asset, or the income generated by an asset, may<br />not keep up with the cost of living.<br /> <br />Interest Rate Risk-fixed-coupon payments (cash flows) of bonds and debt<br />securities may become less competitive with the market in periods of rising<br />interest rates and cause bond prices to decline.<br /> <br />Liquidity Risk-particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk-market prices of domestic and foreign securities held by the Fund<br />may fall rapidly or unpredictably due to a variety of factors, including<br />changing economic, political, or market conditions. Equity investments generally<br />have greater price volatility than fixed income investments.<br /> <br />Municipal Market Risk-factors unique to the municipal bond market may negatively<br />affect the value of municipal bonds.<br /> <br />Political Risk-changes in the political status of any country can have profound<br />effects on the value of investments exposed to that country.<br /> <br />Prepayment Risk-many bonds and debt securities have call provisions that may<br />result in debtors paying back the debt prior to maturity during periods of<br />decreasing interest rates.<br /> <br />Reinvestment Risk-investors may have difficulty reinvesting payments from<br />debtors and may receive lower rates than from their original investments.</tt>
FEES AND EXPENSES OF THE FUND
After-tax returns are shown for Investor Class shares only, and after-tax returns for other share classes will vary.
PRINCIPAL INVESTMENT STRATEGIES
www.managersinvest.com
<tt>The following performance information illustrates the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broad based securities<br />market index. Current maximum sales charges (loads) are reflected in the annual<br />returns table. The performance information for the Fund's Investor Class shares<br />(formerly Class A shares of the Fund, which were renamed Investor Class shares<br />as of the date of this Prospectus) for periods prior to November 30, 2012 does<br />not reflect the impact of the front end and deferred sales charges (loads) that<br />were in effect until November 30, 2012. The performance information in the table<br />for the Fund's Class C shares for periods prior to May 1, 2005 does not reflect<br />the 1% sales load that was in effect until May 1, 2005. As always, past<br />performance of the Fund (before and after taxes) is not an indication of how the<br />Fund will perform in the future. To obtain updated performance information<br />please visit www.managersinvest.com or call 800.835.3879.</tt>
<tt>The tables below describe the fees and expenses that you may pay if you buy and<br />hold shares of the Fund.</tt>
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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.
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Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)
0.0784
0.0650
0.0578
Investor Class Return After Taxes on Distributions and Sale of Fund Shares
0.0334
0.0404
0.0408
Investor Class Return After Taxes on Distributions
0.0272
0.0413
0.0417
MFDSX
72
260
-0.0021
1092
474
0.0045
0.0045
2014-05-01
0.0000
0.0070
0.0091
0.0001
MFDYX
Institutional Class Return Before Taxes
61
228
-0.0021
974
420
0.0479
0.0035
0.0045
2014-05-01
0.0626
0.0000
0.0643
0.0060
0.0081
0.0001
MFDCX
0.00
Class C Return Before Taxes
163
540
-0.0021
2102
952
0.0275
0.0035
0.0045
2014-05-01
0.0520
0.0100
0.0537
0.0160
0.0181
0.0001
0.0100
MFDAX
0.0511
Worst Quarter:
Best Quarter:
2012-09-30
Investor Class Return Before Taxes
87
2009-06-30
307
-0.0858
0.0544
-0.0021
0.1004
1267
555
0.0553
0.1111
0.0453
0.0035
-0.1045
0.0045
2014-05-01
2008-09-30
0.2314
0.0600
0.0268
Year-to-Date (as of 9/30/12):
0.0453
0.1067
0.0025
0.0608
0.0085
0.0106
0.0710
0.0919
0.0001
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iso4217:USD
Because Service 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.
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, shareholder servicing fees, interest (including interest incurred in connection with bank and custody overdrafts), distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.59% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangement, if the maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the current applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthetical above) of the Investor Class, Service Class, Class C, and Institutional Class would be 0.84%, 0.69%, 1.59%, and 0.59%, 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 may not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
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, distribution and service (12b-1) fees, brokerage commissions, and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.84% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangement, if the maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the current applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthetical above) of the Investor Class, Service Class, and Institutional Class would be 1.09%, 0.94%, and 0.84%, 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 mutualagreement 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 may not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
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), distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.90% 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.