Managers Trust I

0001193125-12-510689.txt : 20121221 0001193125-12-510689.hdr.sgml : 20121221 20121220180044 ACCESSION NUMBER: 0001193125-12-510689 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121221 DATE AS OF CHANGE: 20121220 EFFECTIVENESS DATE: 20121221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANAGERS TRUST I CENTRAL INDEX KEY: 0000882443 IRS NUMBER: 561773580 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-44909 FILM NUMBER: 121278266 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 TRUST DATE OF NAME CHANGE: 19920929

0000882443 S000009904 Managers AMG FQ Tax-Managed U.S. Equity Fund

C000027413 INVESTOR CLASS MFQAX

C000027415 Institutional Class MFQTX

0000882443 S000009907 Managers AMG FQ Global Essentials Fund

C000027418 Institutional Class MMAFX

C000081947 Investor Class MMAVX

C000081948 Service Class MMASX

0000882443 S000009909 Managers AMG FQ U.S. Equity Fund

C000027420 INVESTOR CLASS FQUAX

C000027422 Institutional Class MEQFX

0000882443 S000012041 Managers AMG FQ Global Alternatives Fund

C000032776 INVESTOR CLASS MGAAX

C000081951 Service Class MGASX

C000081952 Institutional Class MGAIX

497 1 d451991d497.htm MANAGERS TRUST I Managers Trust I

LOGO

December 21, 2012

Rajib Chanda

202-508-4671

202-383-7793 fax

rajib.chanda@ropesgray.com

VIA EDGAR

Securities and Exchange Commission

Division of Investment Management

100 F Street, N.E.

Washington, D.C. 20549

Re:	Managers Trust I

File Nos. 033-44909 and 811-06520

Ladies and Gentlemen:

On behalf of Managers Trust I (the “Trust”) and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, accompanying this letter for filing are exhibits containing an XBRL interactive data file relating to the supplement, filed with the Securities and Exchange Commission on November 30, 2012 under Rule 497(e) (SEC Accession No. 0001193125-12-487673), to the Prospectus for Managers AMG FQ Tax-Managed U.S. Equity Fund, Managers AMG FQ U.S. Equity Fund, Managers AMG FQ Global Alternatives Fund and Managers AMG FQ Global Essentials Fund dated March 1, 2012.

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

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

Sincerely,

/s/ Rajib Chanda

Rajib Chanda

EX-101.INS 2 ck0000882443-20121031.xml XBRL INSTANCE DOCUMENT Other 2012-10-31 0000882443 2012-11-30 MANAGERS TRUST I false 2012-11-30 2012-03-01 the Fund is non-diversified and therefore a greater percentage of holdings may be concentrated in a small number of issuers or a single issuer, such as a corporate or government entity, which can place the Fund at greater risk. <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 12% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000012041Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000012041Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers AMG FQ Global Alternatives Fund's (the "Fund") investment objective is to achieve total return.</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 March 1, 2014.</tt> reflects no deduction for fees, expenses, or taxes <tt>The Fund seeks its investment objective from investments in the global equity, fixed income and currency markets, independent of market direction. The Fund seeks to generate returns through risk-controlled exposure to long and short positions in the global (U.S. and non-U.S.) equity, bond and currency markets through a wide range of derivative instruments and direct investments. Under normal circumstances, the Fund will invest at least 40% of its net assets, plus the amount of any borrowing for investment purposes, in investments (permitted by applicable law) of issuers organized, located, or doing a substantial amount of business outside of the United States, including investments exposed to such issuers, and the Fund will invest in or have investments exposed to a minimum of three countries, including the United States. The Fund's investment process involves an analysis of returns based on the (i) relative returns derived from global asset class performance (for example, how global stocks performed relative to global bonds and cash); (ii) relative returns within the equity asset class based on country (for example, how U.S. equities performed relative to other global equities); (iii) relative returns within the fixed-income asset class based on country (for example, how U.S. bonds performed relative to other global bonds); and (iv) risks associated with currencies (collectively, the "First Quadrant Analysis"). The Fund may achieve long and short exposure to global equity, bond, and currency markets through a wide range of derivative instruments and direct investments. The Fund typically will make extensive use of derivative instruments, including futures contracts on global equity and fixed-income securities and security indices (including broad-based security indices), options on futures contracts, securities and security indices, swap contracts and forward contracts. The Fund may also invest directly in global equity securities (including exchange-traded funds ("ETFs") and common and preferred stock of U.S. and non-U.S. companies) and fixed-income securities. There are no limits on the amount of Fund assets that may be allocated to any one of the equity, bond, and currency asset classes; however, under normal circumstances, it is expected that no more than 50% of the Fund's exposure to such classes will be in currency forward contracts. Typically, the Fund expects to diversify its exposure among at least ten different countries, including the United States. In selecting equity investments for the Fund, First Quadrant is not constrained by any particular investment style or capitalization range. In selecting bond investments for the Fund, First Quadrant will have the flexibility to invest in debt-related investments of any credit quality and with any duration. The Fund is a "non-diversified fund," which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than a diversified fund. The Fund's investments in certain derivative instruments may be limited by tax considerations. The Fund may enter into short sales of securities (including ETFs). A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund's loss on a short sale is potentially unlimited because there is no upward limit on the price a borrowed security could attain.</tt> Managers AMG FQ Global Alternatives 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. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 0.12 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 Service Class and 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: 4.80% (3rd Quarter 2008) Worst Quarter: -6.08% (4th Quarter 2010)</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. The Fund may gain exposure to the instruments mentioned below directly, by investing in securities, or indirectly through the use of derivatives and ETFs. Asset Allocation Risk -the Fund's investments may not be allocated in the best performing asset classes. 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. Exchange-Traded Fund Risk -because exchange-traded funds incur their own costs, investing in them could result in a higher cost to the investor. Foreign Investment Risk -securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility. Hedging Risk -there is no guarantee that hedging strategies, if any, will be successful. 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. Leverage Risk -borrowing, and some derivative investments such as futures and forward commitment transactions, may magnify smaller adverse market movements into relatively larger losses. 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 investments held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Non-Diversified Fund Risk -the Fund is non-diversified and therefore a greater percentage of holdings may be concentrated in a small number of issuers or a single issuer, such as a corporate or government entity, which can place the Fund at greater risk. 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. Short Sales Risk -the sale of a security that is borrowed may subject the Fund to potentially unlimited losses. Tax Risk -although the Fund is expected to qualify as a regulated investment company, it may not qualify, which could result in higher taxes to shareholders and imposition of tax at the Fund level. 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 Service Class and 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 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_S000012041Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000012041Member 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. Citigroup 1-Month T-Bill Index (reflects no deduction for fees, expenses, or taxes) 0.0006 0.0122 0.0170 2006-03-30 0.0009 2010-01-01 Investor Class Return After Taxes on Distributions and Sale of Fund Shares -0.0387 -0.0067 -0.0038 2006-03-30 Investor Class Return After Taxes on Distributions -0.0595 -0.0099 -0.0066 2006-03-30 MGAIX Institutional Class Return Before Taxes 0.0001 169 592 -0.0064 2533 1110 -0.0551 0.0043 0.0170 2014-03-01 0.0000 0.0166 0.0230 -0.0452 2010-01-01 0.0016 MGASX Service Class Return Before Taxes 0.0001 184 638 -0.0064 2686 1187 -0.0562 0.0058 0.0170 2014-03-01 0.0000 0.0181 0.0245 -0.0463 2010-01-01 0.0016 MGAAX Worst Quarter: Best Quarter: Investor Class Return Before Taxes 0.0001 213 2008-09-30 726 -0.0608 -0.0064 -0.0391 2974 1333 0.0187 0.0480 -0.0599 0.0062 0.0484 0.0170 2014-03-01 2010-12-31 0.0112 -0.0049 -0.0595 0.0025 0.0210 0.0274 -0.0011 2006-03-30 0.0016 <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 138% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000009909Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000009909Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers AMG FQ U.S. Equity Fund's (the "Fund") investment objective is to achieve long-term capital appreciation.</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 March 1, 2014.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers located in the U.S. First Quadrant L.P. ("First Quadrant") considers issuers to be located in the U.S. if they are organized in the U.S., have their principal place of business in the U.S., or their securities are traded principally in the U.S. The Fund invests primarily in equity securities (generally common and preferred stocks) of large U.S. companies. Normally, the Fund will invest at least 65% of its total assets in large-cap stocks. The Fund may use derivatives, such as futures and options, for any reason, including to enhance return, earn income, or reduce exposure to other risks. The Fund may also use derivatives to attempt to maintain exposure to the equity markets while holding cash for temporary liquidity needs.</tt> Managers AMG FQ U.S. Equity Fund EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.38 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Institutional Class) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. <tt>Best Quarter: 15.52% (2nd Quarter 2003) Worst Quarter: -21.77% (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. Derivatives Risk -the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses. 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. Hedging Risk -there is no guarantee that hedging strategies, if any, will be successful. 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. Market Risk -market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Small- and Mid-Capitalization Stock Risk -the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. The performance information for the Fund's Investor Class shares (formerly Class A shares of the Fund, which were renamed Investor Class shares as of the date of this Prospectus) for periods prior to November 30, 2012 does not reflect the impact of the front end and deferred sales charges (loads) that were in effect until November 30, 2012. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain 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_S000009909Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000009909Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Russell 3000® Index (reflects no deduction for fees, expenses, or taxes) 0.0103 -0.0001 0.0351 0.0175 2006-03-01 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0398 -0.0040 0.0287 Institutional Class Return After Taxes on Distributions 0.0543 -0.0099 0.0279 MEQFX -0.2426 Worst Quarter: Best Quarter: Institutional Class Return Before Taxes 81 2003-06-30 272 -0.2177 0.1386 -0.0009 0.1476 1076 479 0.0541 0.1552 0.0566 0.0053 -0.3668 0.0035 2014-3-01 2008-12-31 0.2172 -0.0030 0.0923 0.0566 0.2709 0.0000 0.0358 0.0079 0.0088 0.2055 FQUAX Investor Class Return Before Taxes 106 350 -0.0009 1367 614 0.0534 0.0053 0.0035 2014-3-01 -0.0056 0.0025 0.0104 0.0113 0.0183 2006-03-01 <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 80% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000009907Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000009907Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers AMG FQ Global Essentials Fund's (the "Fund") investment objective is to maximize total return.</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 March 1, 2014.</tt> reflects no deduction for fees, expenses, or taxes <tt>The Fund seeks to provide a diversified, risk-balanced global market portfolio. The Fund also attempts to balance risk and return by gaining exposure, generally through derivative instruments, to global equities, debt and commodities utilizing a proprietary dynamic asset allocation process. Under normal circumstances, the Fund will invest at least 40% of its net assets, plus the amount of any borrowing for investment purposes, in investments (permitted by applicable law) of issuers organized, located, or doing a substantial amount of business outside the United States, including investments exposed to such issuers, and the Fund will invest in or have investments exposed to a minimum of three countries, including the United States. Generally, the Fund intends to make allocations to the following asset classes:    •     Global (U.S. and Non-U.S.) Equities-Generally, exposure to global (U.S. and       Non-U.S.) equities will be through futures on equity country indices, but          the Fund may also seek to gain targeted exposure to various sectors through       investments in exchange-traded funds ("ETFs").                                   •     Sovereign (Foreign Country) Debt-Generally, exposure to sovereign (foreign         country) debt will be through futures on foreign country debt indices. Such       investments may be used to increase income or hedge against the Fund's risks       related to global equity exposure.                                           •     Inflation-Protected Securities-Generally, exposure to inflation-protected          securities will be through investments in ETFs. Such investments may be used       for hedging purposes.                                                           •     High Yield Bonds-Generally, exposure to high yield bonds will be through           investments in ETFs. Such investments may be used for diversification              purposes.                                                                       •     Commodities-Generally, exposure to commodities will be through investments         exposed to companies in the commodities sector and instruments linked to a         commodity index or futures contract(s), particularly ETFs and                      exchange-traded notes ("ETNs").                                              Assets are selected by the Subadvisor for inclusion based on their ability to efficiently diversify the portfolio across asset classes. Investment weights within asset classes are set with the objective of balancing risk. Applying this investment process, the Fund seeks to provide greater capital loss protection during down markets than traditional balanced portfolios, as well as participate in market gains. In selecting equity investments for the Fund, First Quadrant is not constrained by any particular investment style or capitalization range. In selecting debt investments for the Fund, First Quadrant will have the flexibility to invest in debt-related investments of any credit quality and with any duration. First Quadrant L.P. ("First Quadrant") serves as Subadvisor to the Fund and applies a proprietary, quantitatively based investment process designed to provide a diversified, risk-balanced global market portfolio. First Quadrant continually monitors the Fund's investments utilizing a risk based approach and seeks to dynamically rebalance the Fund to achieve an optimal total portfolio risk target. First Quadrant anticipates that the Fund generally will maintain exposures to developed markets, emerging markets, small capitalization securities, real estate investment trusts ("REITS"), sovereign debt, inflation protected securities, high yield bonds and commodities (through companies in the commodities sector, instruments linked to a commodity index or futures contract or otherwise). The Fund may achieve long and short exposure to global equity, bond, and currency markets through a wide range of derivative instruments and direct investments. The Fund typically will make extensive use of derivative instruments, including futures contracts on global equity and fixed-income securities and security indices (including broad-based security indices), options on futures contracts, securities and security indices, swap contracts and forward contracts, and also ETFs. The Fund may also invest directly in global equity securities (including investments in ETFs, common and preferred stock of U.S. and non-U.S. companies) and global fixed-income securities (including U.S. and non-U.S. corporate debt, zero coupon securities, inflation protected securities and debt securities guaranteed by U.S. and non-U.S. governments, their agencies or instrumentalities or supranational organizations such as the World Bank and the United Nations). In addition, the Fund may invest in commodity-linked derivative instruments and investment vehicles that exclusively invest in various commodities or have economic exposure to commodities, such as ETFs that invest in securities of companies in the commodity sector and/or ETNs, including leveraged ETNs, linked to one or more commodity indices through commodity futures contracts.</tt> Managers AMG FQ Global Essentials Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect only the operating expenses of the Fund 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 Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 0.80 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Institutional Class) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class and Service Class shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad based securities market index, the S&P 500 Index, and to composite index, 60% MSCI World Index and 40% Citigroup World Government Bond Index ("Managers AMG FQ Global Essentials Fund Composite Index"), which more accurately reflects the composition of the Fund's portfolio. <tt>Best Quarter: 17.12% (2nd Quarter 2009) Worst Quarter: -17.72% (4th Quarter 2008)</tt> 1.800.835.3879 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. The Fund may gain exposure to the instruments mentioned below directly, by investing in securities, or indirectly through the use of derivatives, ETFs and ETNs. Asset Allocation Risk -the Fund's investments may not be allocated in the best performing asset classes. Commodities Exposure Risk -exposure to commodities through investments exposed to companies in the commodities sector or commodity futures or otherwise may result in losses for the Fund. Commodity prices, and the value of stocks of companies exposed to commodities, and commodity futures prices, and therefore ETNs exposed to such commodity futures, can be extremely volatile and are affected by a wide range of factors, including market movements, supply and demand imbalances and inflationary trends. Credit and Counterparty Risk -the issuer of bonds, ETNs 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. Emerging Markets Risk -investments in emerging markets can be subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility. Exchange-Traded Fund Risk -because exchange-traded funds incur their own costs, investing in them could result in a higher cost to the investor. Exchange-Traded Note Risk -the value of an ETN may be influenced by fluctuations in the values of the underlying assets or instruments, time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying markets, changes in applicable interest rates, and changes in the issuer's credit rating. The Fund bears any fees and expenses associated with investment in ETNs. There may be restrictions on the Fund's right to redeem its investment in an ETN meant to be held to maturity, and it may be difficult for the Fund to sell its ETN holdings. Foreign Investment Risk -securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility. Hedging Risk -there is no guarantee that hedging strategies, if any, will be successful.   High Yield Risk -below-investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, and liquidity risk. Inflation Risk -the price of an asset, or the income generated by an asset, may not keep up with the cost of living. Interest Rate Risk -fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause prices to decline. Leverage Risk -borrowing, leveraged ETNs, futures, forward commitment transactions and other derivative investments may magnify smaller adverse market movements into relatively larger losses. 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 investments 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. Real Estate Industry Risk -investments in the Fund may be subject to many of the same risks as a direct investment in real estate; in addition, equity REITs may be affected by changes in the value of their underlying properties. Reinvestment Risk -investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments. Sector Risk -issuers that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. Small-Capitalization Stock Risk -the stocks of small-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. Tax Risk -although the Fund is expected to qualify as a regulated investment company, it may not qualify, which could result in higher taxes to shareholders and imposition of tax at the Fund level. 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 Institutional Class shares only, and after-tax returns for Investor Class and Service 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 S&P 500 Index, and to composite index, 60% MSCI World Index and 40% Citigroup World Government Bond Index ("Managers AMG FQ Global Essentials Fund Composite Index"), which more accurately reflects the composition of the Fund's portfolio. The Managers AMG FQ Global Essentials Fund Composite Index is calculated on both a hedged and unhedged basis, with respect to currency exchange rates, in the accompanying table. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. The performance information shown is that of the Fund's Institutional Class shares (formerly shares of the Managers Fremont Global Fund, which were reclassified and redesignated as Institutional Class shares effective January 1, 2010) and includes historical performance of the Fund for periods prior to September 28, 2009. To obtain updated monthly performance information please visit www.managersinvest.com or call 1.800.835.3879.</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_S000009907Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000009907Member 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. S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 0.0211 -0.0025 0.0292 0.0842 2010-01-01 Managers AMG FQ Global Essentials Fund Composite Index (reflects no deduction for fees, expenses, or taxes) -0.0044 0.0202 0.0577 0.0440 2010-01-01 Managers AMG FQ Global Essentials Fund Composite Index (Hedged) (reflects no deduction for fees, expenses, or taxes) -0.0222 -0.0075 0.0222 0.0214 2010-01-01 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0516 -0.0007 0.0310 Institutional Class Return After Taxes on Distributions 0.0632 -0.0050 0.0326 MMASX Service Class Return Before Taxes 136 441 -0.0013 1695 768 0.0775 0.0060 0.0060 2014-03-01 0.0000 0.0129 0.0142 0.0986 2010-01-01 0.0022 MMAVX Investor Class Return Before Taxes 168 540 -0.0013 2045 936 0.0746 0.0067 0.0060 2014-03-01 0.0025 0.0161 0.0174 0.0955 2010-01-01 0.0022 MMAFX -0.1298 Worst Quarter: Best Quarter: Institutional Class Return Before Taxes 118 2009-06-30 385 -0.1772 0.1187 -0.0013 0.1209 1492 673 0.0838 0.1712 0.0794 0.0042 -0.3652 0.0060 2014-03-01 2008-12-31 0.2334 0.0053 0.0736 0.0794 0.2278 0.0000 0.0404 0.0111 0.0124 0.1277 0.0022 <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 40% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000009904Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000009904Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers AMG FQ Tax-Managed U.S. Equity Fund's (the "Fund") investment objective is to achieve long-term after-tax returns for investors.</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 March 1, 2014.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers located in the U.S. First Quadrant L.P. ("First Quadrant") considers issuers to be located in the U.S. if they are organized in the U.S., have their principal place of business in the U.S., or their securities are traded principally in the U.S. The Fund will ordinarily invest in approximately 75 to 250 stocks; however, the number of stocks will vary depending on market conditions and the size of the Fund. First Quadrant will pursue the Fund's objective by investing in a diversified portfolio of U.S. equity securities (generally common and preferred stocks) that reflects the characteristics of the Russell 3000® Index (the "Benchmark") in terms of industry, earnings growth, valuation, and similar measurements. The Benchmark measures the performance of the largest 3,000 U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. As of June 27, 2011, the Benchmark had a market capitalization range of approximately $32 million to $383.8 billion.  First Quadrant will manage the Fund's portfolio to minimize taxable distributions to shareholders and will apply a variety of tax-sensitive investment techniques. The Fund can be expected to distribute a smaller percentage of its returns each year than other equity mutual funds that are managed without regard to tax considerations. The Fund may use derivatives, such as futures and options, for any reason, including to enhance return, earn income or reduce exposure to other risks.</tt> Managers AMG FQ Tax-Managed U.S. Equity Fund EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 0.40 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Institutional Class) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. <tt>Best Quarter: 14.52% (3rd Quarter 2009) Worst Quarter: -25.90% (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. Derivatives Risk -the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses. Growth Stock Risk -growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Large-Capitalization Stock Risk -the stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies. Market Risk -market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Small- and Mid-Capitalization Stock Risk -the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. Tax Management Risk -although the Fund is managed to minimize taxable distributions, it may not be able to avoid taxable distributions.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. The performance information for the Fund's Investor Class shares (formerly Class A shares of the Fund, which were renamed Investor Class shares as of the date of this Prospectus) for periods prior to November 30, 2012 does not reflect the impact of the front end and deferred sales charges (loads) that were in effect until November 30, 2012. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain 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_S000009904Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000009904Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Russell 3000® Index (reflects no deduction for fees, expenses, or taxes) 0.0103 -0.0001 0.0351 0.0175 2006-03-01 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0123 -0.0033 0.0358 Institutional Class Return After Taxes on Distributions 0.0186 -0.0046 0.0405 MFQTX -0.1952 Worst Quarter: Best Quarter: Institutional Class Return Before Taxes 101 2009-09-30 341 -0.2590 0.1122 -0.0012 0.2398 1341 600 0.0975 0.1452 0.0190 0.0026 -0.4106 0.0085 2014-03-01 2008-12-31 0.2018 -0.0036 0.1546 0.019 0.2929 0.0000 0.0416 0.0099 0.0111 0.1451 MFQAX Investor Class Return Before Taxes 126 419 -0.0012 1625 733 0.0164 0.0026 0.0085 2014-03-01 -0.0053 0.0025 0.0124 0.0136 0.0112 2006-03-01 0000882443 ck0000882443:SummaryS000009904Member ck0000882443:S000009904Member ck0000882443:C000027413Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009904Member ck0000882443:S000009904Member ck0000882443:C000027415Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009904Member ck0000882443:S000009904Member rr:AfterTaxesOnDistributionsMember ck0000882443:C000027415Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009904Member ck0000882443:S000009904Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000882443:C000027415Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009904Member ck0000882443:S000009904Member ck0000882443:RRINDEX00001Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009904Member ck0000882443:S000009904Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009907Member ck0000882443:S000009907Member ck0000882443:C000027418Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009907Member ck0000882443:S000009907Member ck0000882443:C000081947Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009907Member ck0000882443:S000009907Member ck0000882443:C000081948Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009907Member ck0000882443:S000009907Member rr:AfterTaxesOnDistributionsMember ck0000882443:C000027418Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009907Member ck0000882443:S000009907Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000882443:C000027418Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009907Member ck0000882443:S000009907Member ck0000882443:RRINDEX00002Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009907Member ck0000882443:S000009907Member ck0000882443:RRINDEX00003Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009907Member ck0000882443:S000009907Member ck0000882443:RRINDEX00004Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009907Member ck0000882443:S000009907Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009909Member ck0000882443:S000009909Member ck0000882443:C000027420Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009909Member ck0000882443:S000009909Member ck0000882443:C000027422Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009909Member ck0000882443:S000009909Member rr:AfterTaxesOnDistributionsMember ck0000882443:C000027422Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009909Member ck0000882443:S000009909Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000882443:C000027422Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009909Member ck0000882443:S000009909Member ck0000882443:RRINDEX00001Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000009909Member ck0000882443:S000009909Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000012041Member ck0000882443:S000012041Member ck0000882443:C000032776Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000012041Member ck0000882443:S000012041Member ck0000882443:C000081951Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000012041Member ck0000882443:S000012041Member ck0000882443:C000081952Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000012041Member ck0000882443:S000012041Member rr:AfterTaxesOnDistributionsMember ck0000882443:C000032776Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000012041Member ck0000882443:S000012041Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000882443:C000032776Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000012041Member ck0000882443:S000012041Member ck0000882443:RRINDEX00005Member 2012-03-01 2012-03-01 0000882443 ck0000882443:SummaryS000012041Member ck0000882443:S000012041Member 2012-03-01 2012-03-01 0000882443 2012-03-01 2012-03-01 pure iso4217:USD Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 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 0.99% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds. Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 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 0.89% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangement, if the maximum amount of shareholder servicing fees 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 1.39%, 1.14% and 0.89%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 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 0.79% 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. 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 March 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 1.49% 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 shares would be 1.94%, 1.74% and 1.49%, 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. EX-101.SCH 3 ck0000882443-20121031.xsd XBRL TAXONOMY EXTENSION SCHEMA 00101 - Document - Document And Entity Information {Elements} link:calculationLink link:presentationLink link:definitionLink 01102 - Document - Risk/Return Summary {Unlabeled} (Managers AMG FQ Tax-Managed U.S. Equity Fund) link:calculationLink link:presentationLink link:definitionLink 01103 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 01104 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 01105 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 01106 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06108 - Document - Risk/Return Summary {Unlabeled} (Managers AMG FQ U.S. Equity Fund) link:calculationLink link:presentationLink link:definitionLink 06109 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06110 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06111 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06112 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06113 - Disclosure - Risk/Return Detail Data {Elements} (Managers AMG FQ U.S. Equity Fund) link:calculationLink link:presentationLink link:definitionLink 06114 - Document - Risk/Return Summary {Unlabeled} (Managers AMG FQ Global Alternatives Fund) link:calculationLink link:presentationLink link:definitionLink 06115 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06116 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06117 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06118 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06119 - Disclosure - Risk/Return Detail Data {Elements} (Managers AMG FQ Global Alternatives Fund) link:calculationLink link:presentationLink link:definitionLink 06120 - Document - Risk/Return Summary {Unlabeled} (Managers AMG FQ Global Essentials Fund) link:calculationLink link:presentationLink link:definitionLink 06121 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06122 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06123 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06124 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06125 - Disclosure - Risk/Return Detail Data {Elements} (Managers AMG FQ Global Essentials Fund) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 4 ck0000882443-20121031_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 ck0000882443-20121031_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 ck0000882443-20121031_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Acquired Fund Fees And Expenses Over Assets Acquired Fund Fees and Expenses After Taxes On Distributions And Sales [Member] After Taxes on Distributions and Sales After Taxes On Distributions [Member] After Taxes on Distributions Amendment Flag Amendment Flag Annual Fund Operating Expenses Table [Text Block] Annual Fund Operating Expenses [Table] Annual Return 2002 Annual Return 2002 Annual Return 2003 Annual Return 2003 Annual Return 2004 Annual Return 2004 Annual Return 2005 Annual Return 2005 Annual Return 2006 Annual Return 2006 Annual Return 2007 Annual Return 2007 Annual Return 2008 Annual Return 2008 Annual Return 2009 Annual Return 2009 Annual Return 2010 Annual Return 2010 Annual Return 2011 Annual Return 2011 Average Annual Return [Abstract] Average Annual Return: Average Annual Return Caption Caption Average Annual Return Inception Date Inception Date Return Before Taxes, Secondary Average Annual Return Inception Date Secondary Average Annual Returns, Inception Date Secondary Average Annual Return Label Label Average Annual Return Since Inception Since Inception Return Before Taxes, Secondary Average Annual Return Since Inception Secondary Average Annual Returns, Since Inception Secondary Average Annual Return Year 01 1 Year Average Annual Return Year 05 5 Years Average Annual Return Year 10 10 Years Bar Chart And Performance Table Heading Bar Chart and Performance Table [Heading] Bar Chart Closing [Text Block] Bar Chart Closing [Text Block] Bar Chart Heading Bar Chart [Heading] Bar Chart Highest Quarterly Return Highest Quarterly Return Bar Chart Highest Quarterly Return Date Highest Quarterly Return, Date Bar Chart Lowest Quarterly Return Lowest Quarterly Return Bar Chart Lowest Quarterly Return Date Lowest Quarterly Return, Date Bar Chart Table [Abstract] Bar Chart Table: Bar Chart Table [Text Block] Bar Chart [Table] Investor Class C 000027413 [Member] Investor Class Institutional Class C 000027415 [Member] Institutional Class Institutional Class C 000027418 [Member] Institutional Class Investor Class C 000027420 [Member] Investor Class Institutional Class C 000027422 [Member] Institutional Class Investor Class C 000032776 [Member] Investor Class Investor Class C 000081947 [Member] Investor Class Service Class C 000081948 [Member] Service Class Service Class C 000081951 [Member] Service Class Institutional Class C 000081952 [Member] Institutional Class Component 1 Other Expenses Over Assets Interest Expense Distribution And Service 12 b 1 Fees Over Assets Distribution and Service (12b-1) Fees Document Creation Date Document Creation Date Document [Domain] Prospectus Document Effective Date Document Effective Date Document Information Document [Axis] Document [Axis] Document Period End Date Document Period End Date Document Type Document Type Entity Central Index Key Central Index Key Entity [Domain] Series Entity Registrant Name Registrant Name Expense Example [Abstract] Expense Example: Expense Example By Year Caption Expense Example by, Year, Caption [Text] Expense Example Heading Expense Example [Heading] Expense Example Narrative [Text Block] Expense Example Narrative [Text Block] Expense Example With Redemption Table [Text Block] Expense Example, With Redemption [Table] Expense Example Year 01 Expense Example, with Redemption, 1 Year Expense Example Year 03 Expense Example, with Redemption, 3 Years Expense Example Year 05 Expense Example, with Redemption, 5 Years Expense Example Year 10 Expense Example, with Redemption, 10 Years Expense Heading Expense [Heading] Expense Narrative [Text Block] Expense Narrative [Text Block] Expenses Not Correlated To Ratio Due To Acquired Fund Fees Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expenses Over Assets Total Annual Fund Operating Expenses Fee Waiver Or Reimbursement Over Assets Fee Waiver and Expense Reimbursements Fee Waiver Or Reimbursement Over Assets Date Of Termination Fee Waiver or Reimbursement over Assets, Date of Termination Highest Quarterly Return Label Highest Quarterly Return, Label Index No Deduction For Fees Expenses Taxes Index No Deduction for Fees, Expenses, Taxes [Text] Legal Entity [Axis] Series [Axis] Lowest Quarterly Return Label Lowest Quarterly Return, Label Management Fees Over Assets Management Fee Net Expenses Over Assets Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements Objective Heading Objective [Heading] Objective Primary [Text Block] Objective, Primary [Text Block] Operating Expenses [Abstract] Operating Expenses: Operating Expenses Caption Operating Expenses Caption [Text] Other Expenses Over Assets Other Expenses Performance Availability Phone Performance Availability Phone [Text] Performance Availability Web Site Address Performance Availability Website Address [Text] Performance Information Illustrates Variability Of Returns Performance Information Illustrates Variability of Returns [Text] Performance Measure [Axis] Performance Measure [Axis] Performance Measure [Domain] Before Taxes Performance Narrative [Text Block] Performance Narrative [Text Block] Performance Past Does Not Indicate Future Performance Past Does Not Indicate Future [Text] Performance Table Closing [Text Block] Performance Table Closing [Text Block] Performance Table Not Relevant To Tax Deferred Performance Table Not Relevant to Tax Deferred Performance Table One Class Of After Tax Shown Performance Table One Class of after Tax Shown [Text] Performance Table [Text Block] Performance [Table] Performance Table Uses Highest Federal Rate Performance Table Uses Highest Federal Rate Portfolio Turnover Heading Portfolio Turnover [Heading] Portfolio Turnover Rate Portfolio Turnover, Rate Portfolio Turnover [Text Block] Portfolio Turnover [Text Block] Prospectus Date ProspectusDate Prospectus Share Class [Axis] Share Class [Axis] Prospectus [Table] Prospectus: Risk Heading Risk [Heading] Risk Lose Money Risk Lose Money [Text] Risk Narrative [Text Block] Risk Narrative [Text Block] Risk Nondiversified Status Risk Nondiversified Status [Text] Risk Not Insured Depository Institution Risk Not Insured Depository Institution [Text] Risk Return [Abstract] Risk/Return: Risk Return Heading Risk/Return [Heading] Russell 3000® Index R R I N D E X 00001 [Member] Russell 3000® Index Managers AMG FQ Global Essentials Fund Composite Index (Hedged) R R I N D E X 00002 [Member] Managers AMG FQ Global Essentials Fund Composite Index (Hedged) Managers AMG FQ Global Essentials Fund Composite Index R R I N D E X 00003 [Member] Managers AMG FQ Global Essentials Fund Composite Index S&P 500 Index R R I N D E X 00004 [Member] S&P 500 Index Citigroup 1-Month T-Bill Index R R I N D E X 00005 [Member] Citigroup 1-Month T-Bill Index Managers AMG FQ Tax-Managed U.S. Equity Fund S 000009904 [Member] Managers AMG FQ Tax-Managed U.S. Equity Fund Managers AMG FQ Global Essentials Fund S 000009907 [Member] Managers AMG FQ Global Essentials Fund Managers AMG FQ U.S. Equity Fund S 000009909 [Member] Managers AMG FQ U.S. Equity Fund Managers AMG FQ Global Alternatives Fund S 000012041 [Member] Managers AMG FQ Global Alternatives Fund Share Class [Domain] Share Classes Strategy Heading Strategy [Heading] Strategy Narrative [Text Block] Strategy Narrative [Text Block] Managers AMG FQ Tax-Managed U.S. Equity Fund (Prospectus Summary) Summary S 000009904 [Member] Managers AMG FQ Tax-Managed U.S. Equity Fund (Prospectus Summary) Managers AMG FQ Global Essentials Fund (Prospectus Summary) Summary S 000009907 [Member] Managers AMG FQ Global Essentials Fund (Prospectus Summary) Managers AMG FQ U.S. Equity Fund (Prospectus Summary) Summary S 000009909 [Member] Managers AMG FQ U.S. Equity Fund (Prospectus Summary) Managers AMG FQ Global Alternatives Fund (Prospectus Summary) Summary S 000012041 [Member] Managers AMG FQ Global Alternatives Fund (Prospectus Summary) Trading Symbol Trading Symbol EX-101.PRE 7 ck0000882443-20121031_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE