MANAGERS TRUST II

0001193125-12-516072.txt : 20121227 0001193125-12-516072.hdr.sgml : 20121227 20121227140639 ACCESSION NUMBER: 0001193125-12-516072 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121227 DATE AS OF CHANGE: 20121227 EFFECTIVENESS DATE: 20121227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANAGERS TRUST II CENTRAL INDEX KEY: 0000879947 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-43089 FILM NUMBER: 121287145 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: SMITH BREEDEN SERIES FUND DATE OF NAME CHANGE: 19920929 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BREEDEN U S GOVERNMENT SERIES FUND DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANAGERS TRUST II CENTRAL INDEX KEY: 0000879947 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06431 FILM NUMBER: 121287146 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: SMITH BREEDEN SERIES FUND DATE OF NAME CHANGE: 19920929 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BREEDEN U S GOVERNMENT SERIES FUND DATE OF NAME CHANGE: 19600201

0000879947 S000009899 Managers AMG GW&K Fixed Income Fund

C000027393 Investor Class MFDAX

C000027395 Class C MFDCX

C000027396 Institutional Class MFDYX

C000121207 Service Class

0000879947 S000009900 Managers High Yield Fund

C000027397 INVESTOR CLASS MHHAX

C000027400 Institutional Class MHHYX

0000879947 S000009901 Managers AMG Chicago Equity Partners Balanced Fund

C000027401 INVESTOR CLASS MBEAX

C000027404 Institutional Class MBEYX

C000121208 Service Class

485BPOS 1 d451994d485bpos.htm MANAGERS TRUST II MANAGERS TRUST II

As filed with the Securities and Exchange Commission on December 27, 2012

1933 Act Registration No. 033-43089

1940 Act Registration No. 811-06431

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. 54		x

REGISTRATION STATEMENT

UNDER


		*THE INVESTMENT COMPANY ACT OF 1940*		x
		Amendment No. 56		x

MANAGERS TRUST II

(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 AMG Chicago Equity Partners Balanced Fund, Managers AMG GW&K Fixed Income Fund and Managers High Yield Fund, each a series of Managers Trust II.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, each as amended, Managers Trust II 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 27 day of December, 2012.


MANAGERS TRUST II

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/ Jack W. Aber*	Trustee	December 27, 2012
Jack W. Aber

/s/ Bruce B. Bingham*	Trustee	December 27, 2012
Bruce B. Bingham

/s/ Christine C. Carsman*	Trustee	December 27, 2012
Christine C. Carsman

/s/ William E. Chapman, II*	Trustee	December 27, 2012
William E. Chapman, II

/s/ Edward J. Kaier*	Trustee	December 27, 2012
Edward J. Kaier

/s/ Steven J. Paggioli*	Trustee	December 27, 2012
Steven J. Paggioli

/s/ Eric Rakowski*	Trustee	December 27, 2012
Eric Rakowski

/s/ Thomas R. Schneeweis*	Trustee	December 27, 2012
Thomas R. Schneeweis

/s/ Keitha L. Kinne	President and Principal Executive Officer	December 27, 2012
Keitha L. Kinne	(Principal Executive Officer)

/s/ Donald S. Rumery	Treasurer,	December 27, 2012
Donald S. Rumery	Chief Financial Officer, and Principal Financial Officer
	(Principal Accounting Officer)
	(Principal Financial Officer)


*By:		/s/ Donald S. Rumery
		Pursuant to Powers of Attorney incorporated herein by reference
		Date: December 27, 2012

MANAGERS TRUST II

Exhibit Index


Exhibit No.		Exhibit Name

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 ck0000879947-20111231.xml XBRL INSTANCE DOCUMENT 485BPOS 2011-12-31 0000879947 2012-12-05 MANAGERS TRUST II false 2012-12-05 2012-12-05 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 94% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000009901Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000009901Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers AMG Chicago Equity Partners Balanced Fund's (the "Fund" or "CEP Balanced Fund") investment objective is to achieve a high total investment 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 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.</tt> reflects no deduction for fees, expenses, or taxes <tt>The Fund will ordinarily invest 50-65% of its total assets in equity securities and invests the remainder in bonds and other fixed income securities, as well as cash or cash equivalents. The Fund will invest at least 25% of its total assets in equity securities. The equity portion of the Fund is invested primarily in a diversified portfolio of U.S. common stocks, as well as other U.S. and foreign securities, including convertible securities and warrants. Normally, the equity portion of the Fund will focus on large- (generally determined by reference to the capitalization of companies in the Russell 1000® Index) and medium-sized (generally determined by reference to the capitalization of companies in the Russell Midcap® Index) companies which will generally be listed on the New York or American Stock Exchanges or on NASDAQ and widely held among a large number of investors. As of May 31, 2012, the date of the latest reconstitution of the Indices, the range of market capitalizations for the Russell 1000® Index and Russell Midcap® Index was $1.35 billion to $ 540.21 billion and $1.35 billion to $17.39 billion, respectively. For equity investments, Chicago Equity Partners, LLC ("CEP") typically utilizes a proprietary, multi-factor ranking system encompassing momentum, value, and quality factors to identify attractive stocks.    The Fund will invest at least 25% of its total assets in fixed income securities. The fixed income portion of the Fund will invest in a wide range of domestic and foreign fixed income securities, such as bonds, including securities not based on the U.S. dollar. The majority of the Fund's foreign investments may be in "Yankee bonds" (bonds payable in U.S. dollars that are issued in the United States by foreign banks and corporations). The Fund may also invest up to 25% of its total assets in below-investment grade securities (those rated Ba1/ BB+ or lower by Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corporation ("S&P"), respectively, that the Fund's Subadvisor, CEP, believes do not involve undue risk to income or principal. The lowest credit-rating categories in which the Fund invests are Caa/CCC (as rated by Moody's/S&P). Incorporating fundamental, "bottom-up" credit and market analysis, CEP invests the Fund's assets primarily in bonds with 7- to 30- year maturities. For the fixed income portion of the Fund, CEP typically:    •   Determines sector weightings based on the relative attractiveness of             corporates, mortgages, agencies, and Treasuries using fundamental and            quantitative analysis.     •   Selects securities by analyzing bonds within their peer group and choosing       the most favorable issuers from a risk/return standpoint based on                proprietary research.   •   Maintains durations within a range of plus or minus 10% of the Fund's fixed     income benchmark.   The Fund may invest more than 65% of its total assets in stocks if CEP considers conditions in the stock market to be more favorable than those in the bond market, and the Fund may invest more than 25% of its total assets in fixed income securities if CEP considers conditions in the bond market to be more 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) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor 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) 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 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 or other debt securities 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. 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. High Yield Risk -below-investmentgrade 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. 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. Large-Capitalization Stock Risk -the stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies. Liquidity Risk -particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss. Market Risk -market prices of domestic and foreign securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Mid-Capitalization Stock Risk -the stocks of mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. 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. U.S. Government Securities Risk -obligationsissued by some U.S. Government agencies, authorities, instrumentalities, or sponsored enterprises such as Government National Mortgage Association ("GNMA"), are backed by the full faith and credit of the U.S. Government, while obligations issued by others, such as Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), and Federal Home Loan Banks ("FHLBs") are not backed by the full faith and credit of the U.S. Government and are backed solely by the entity's own resources or by the ability of the entity to borrow from the U.S. Treasury. If one of these agencies defaulted on a loan, there is no guarantee that the U.S. Government will provide financial support. Value Stock Risk -value stocks may perform differently from the market as a whole 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 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. 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. 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.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000009901Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000009901Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. 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 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 48% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000009900Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000009900Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers High Yield Fund's (the "Fund" or "High Yield Fund") investment 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 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.</tt> reflects no deduction for fees, expenses, or taxes <tt>The Fund seeks to achieve its investment objective of a high level of current income, with a secondary objective of capital appreciation, by investing in a portfolio of below investment grade bonds (those rated Ba1/BB+ or lower by Moody's Investors Service, Inc. ("Moody's")/Standard & Poor's Corporation ("S&P")). Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in below-investment-grade bonds. The Fund may also invest in any of the following: corporate debt securities and preferred stock; zero-coupon bonds and other deferred interest securities that do not pay periodic interest; convertible securities; restricted securities; cash or cash equivalents, such as certificates of deposit or money market funds; money market instruments, such as bankers' acceptances, commercial paper and repurchase agreements; securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, such as the Federal Home Loan Bank and the Student Loan Marketing Association; common stocks; and stocks and bonds of foreign issuers, including issuers in emerging markets. The Fund may invest up to 15% of its total assets in derivatives such as options, futures contracts, or 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) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad based securities market index. <tt>Best Quarter: 24.77% (2nd Quarter 2009) 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 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. Asset-Backed and Mortgage-Backed Securities Risk -asset-backed and mortgage-backed securities investments involve risk of loss due to prepayments that occur earlier or later than expected or due to default. Credit and Counterparty Risk -the issuer of bonds or other debt securities or a counterparty to a derivatives contract may not be able to meet interest, principal or settlement payments or otherwise honor its obligations. 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 domestic and foreign 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. Restricted Securities Risk -it may be difficult to find a buyer for restricted securities and the selling price may be less than originally anticipated. U.S. Government Securities Risk -obligations issued by some U.S. Government agencies, authorities, instrumentalities, or sponsored enterprises such as Government National Mortgage Association ("GNMA"), are backed by the full faith and credit of the U.S. Government, while obligations issued by others, such as Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), and Federal Home Loan Banks ("FHLBs") are not backed by the full faith and credit of the U.S. Government and are backed solely by the entity's own resources or by the ability of the entity to borrow from the U.S. Treasury. If one of these agencies defaulted on a loan, there is no guarantee 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 Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad based securities market index. The performance information for the Fund's Investor Class shares (formerly Class A shares of the Fund, which were renamed Investor Class shares as of the date of this Prospectus) for periods prior to November 30, 2012 does not reflect the impact of the front end and deferred sales charges (loads) that were in effect until November 30, 2012. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information 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 hold shares of the Fund.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000009900Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000009900Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. <div style="display:none">~ http://www.managersinvest.com/role/ShareholderFeesData_S000009900Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 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 28% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000009899Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000009899Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers AMG GW&K Fixed Income Fund's (the "Fund" or "Fixed Income Fund") investment objective is to achieve the highest level of income as is consistent with the preservation of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through 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 of fixed income securities. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities of U.S. and foreign issuers. The Fund may invest in debt securities issued by any of the following: public and private U.S. companies; foreign companies; the U.S. government and its agencies, such as the Federal Home Loan Bank; state and local governments issuing taxable municipal securities; and foreign governments, their agencies and instrumentalities, including issuers in emerging markets. The Fund may also invest in asset-backed debt securities. With respect to the portion of the Fund invested in debt securities, up to 20% of the Fund's assets may be invested in below-investment-grade securities (those rated Ba1/BB+ or lower by Moody's Investors Service, Inc. ("Moody's")/Standard & Poor's Corporation ("S&P")). While the Fund may purchase debt securities of any duration, the Fund will primarily invest in debt securities so that the overall duration of the Fund's portfolio will remain +/- 20% of the duration of its benchmark, the Barclays U.S. Aggregate Bond Index. As of October 31, 2012, the duration of the benchmark was 5.02 years. The average duration of debt securities in the Fund's portfolio may, however, be shorter or longer depending on market conditions. The Fund may invest up to 20% of its net assets in equity securities of any capitalization range, including foreign and domestic common and preferred 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) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor 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) Worst Quarter: -8.58% (3rd Quarter 2008) 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 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. Asset-Backed and Mortgage-Backed Securities Risk -asset-backed and mortgage-backed securities investments involve risk of loss due to prepayments that occur earlier or later than expected or due to default. Credit and Counterparty Risk -the issuer of bonds or other debt securities may not be able to meet interest or principal payments when the bonds become 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. Emerging Markets Risk -investments in emerging markets securities can be subject to the general risks of foreign securities, 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. 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 domestic and foreign 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 price volatility than fixed income investments. Municipal Market Risk -factors unique to the municipal bond market may negatively affect the value of municipal bonds. 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.</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 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. Current maximum sales charges (loads) are reflected in the annual returns table. 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. The performance information in the table for the Fund's Class C shares for periods prior to May 1, 2005 does not reflect the 1% sales load that was in effect until May 1, 2005. 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.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000009899Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000009899Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. <div style="display:none">~ http://www.managersinvest.com/role/ShareholderFeesData_S000009899Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 0.0453 0.1067 0.0025 0.0608 0.0085 0.0106 0.0710 0.0919 0.0001 0000879947 ck0000879947:SummaryS000009899Member ck0000879947:S000009899Member ck0000879947:C000027393Member 2012-12-05 2012-12-05 0000879947 ck0000879947:SummaryS000009899Member ck0000879947:S000009899Member ck0000879947:C000027395Member 2012-12-05 2012-12-05 0000879947 ck0000879947:SummaryS000009899Member ck0000879947:S000009899Member ck0000879947:C000027396Member 2012-12-05 2012-12-05 0000879947 ck0000879947:SummaryS000009899Member ck0000879947:S000009899Member ck0000879947:C000121207Member 2012-12-05 2012-12-05 0000879947 ck0000879947:SummaryS000009899Member ck0000879947:S000009899Member rr:AfterTaxesOnDistributionsMember ck0000879947:C000027393Member 2012-12-05 2012-12-05 0000879947 ck0000879947:SummaryS000009899Member ck0000879947:S000009899Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000879947:C000027393Member 2012-12-05 2012-12-05 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ck0000879947:S000009901Member ck0000879947:RRINDEX00003Member 2012-12-05 2012-12-05 0000879947 ck0000879947:SummaryS000009901Member ck0000879947:S000009901Member ck0000879947:RRINDEX00005Member 2012-12-05 2012-12-05 0000879947 ck0000879947:SummaryS000009901Member ck0000879947:S000009901Member 2012-12-05 2012-12-05 0000879947 2012-12-05 2012-12-05 pure 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), 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. 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 mutual agreement between the Investment Manager and the Fund's Board of Trustees. 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percentage of the amount redeemed, if applicable, within 90 days of purchase) Risk Heading Risk [Heading] Risk Lose Money Risk Lose Money [Text] Risk Narrative [Text Block] Risk Narrative [Text Block] Risk Not Insured Depository Institution Risk Not Insured Depository Institution [Text] Risk Return [Abstract] Risk/Return: Risk Return Heading Risk/Return [Heading] Barclays U.S. Aggregate Bond Index R R I N D E X 00001 [Member] Barclays U.S. Aggregate Bond Index Barclays U.S. Corporate High Yield Index R R I N D E X 00002 [Member] Barclays U.S. Corporate High Yield Index Russell 1000® Index R R I N D E X 00003 [Member] Russell 1000® Index Composite Index (composed of 60% Russell 1000 Index & 40% Barclays U.S. Aggregate Bond Index) R R I N D E X 00005 [Member] Composite Index (composed of 60% Russell 1000 Index & 40% Barclays U.S. Aggregate Bond Index) Managers AMG GW&K Fixed Income Fund S 000009899 [Member] Managers AMG GW&K Fixed Income Fund Managers High Yield Fund S 000009900 [Member] Managers High Yield Fund Managers AMG Chicago Equity Partners Balanced Fund S 000009901 [Member] Managers AMG Chicago Equity Partners Balanced Fund Share Class [Domain] Share Classes Shareholder Fees [Abstract] Shareholder Fees: Shareholder Fees Caption Shareholder Fees Caption [Text] Shareholder Fees Table [Text Block] Shareholder Fees [Table] Strategy Heading Strategy [Heading] Strategy Narrative [Text Block] Strategy Narrative [Text Block] Managers AMG GW&K Fixed Income Fund (Prospectus Summary) Summary S 000009899 [Member] Managers AMG GW&K Fixed Income Fund (Prospectus Summary) Managers High Yield Fund (Prospectus Summary) Summary S 000009900 [Member] Managers High Yield Fund (Prospectus Summary) Managers AMG Chicago Equity Partners Balanced Fund (Prospectus Summary) Summary S 000009901 [Member] Managers AMG Chicago Equity Partners Balanced Fund (Prospectus Summary) Trading Symbol Trading Symbol Year To Date Return Label Year to Date Return, Label EX-101.PRE 7 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