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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 12%<br />of the average value of its portfolio.</tt>
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<tt>The Managers AMG FQ Global Alternatives Fund's (the "Fund") investment objective<br />is to achieve total return.</tt>
<tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through 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,<br />fixed income and currency markets, independent of market direction. The Fund<br />seeks to generate returns through risk-controlled exposure to long and short<br />positions in the global (U.S. and non-U.S.) equity, bond and currency markets<br />through a wide range of derivative instruments and direct investments. Under<br />normal circumstances, the Fund will invest at least 40% of its net assets, plus<br />the amount of any borrowing for investment purposes, in investments (permitted<br />by applicable law) of issuers organized, located, or doing a substantial amount<br />of business outside of the United States, including investments exposed to such<br />issuers, and the Fund will invest in or have investments exposed to a minimum of<br />three countries, including the United States. The Fund's investment process<br />involves an analysis of returns based on the (i) relative returns derived from<br />global asset class performance (for example, how global stocks performed<br />relative to global bonds and cash); (ii) relative returns within the equity<br />asset class based on country (for example, how U.S. equities performed relative<br />to other global equities); (iii) relative returns within the fixed-income asset<br />class based on country (for example, how U.S. bonds performed relative to other <br />global bonds); and (iv) risks associated with currencies (collectively, the "First<br />Quadrant Analysis").<br /> <br />The Fund may achieve long and short exposure to global equity, bond, and<br />currency markets through a wide range of derivative instruments and direct<br />investments. The Fund typically will make extensive use of derivative<br />instruments, including futures contracts on global equity and fixed-income<br />securities and security indices (including broad-based security indices),<br />options on futures contracts, securities and security indices, swap contracts<br />and forward contracts. The Fund may also invest directly in global equity<br />securities (including exchange-traded funds ("ETFs") and common and preferred<br />stock of U.S. and non-U.S. companies) and fixed-income securities.<br /> <br />There are no limits on the amount of Fund assets that may be allocated to any<br />one of the equity, bond, and currency asset classes; however, under normal<br />circumstances, it is expected that no more than 50% of the Fund's exposure to<br />such classes will be in currency forward contracts. Typically, the Fund expects<br />to diversify its exposure among at least ten different countries, including the<br />United States. In selecting equity investments for the Fund, First Quadrant is<br />not constrained by any particular investment style or capitalization range. In<br />selecting bond investments for the Fund, First Quadrant will have the flexibility <br />to invest in debt-related investments of any credit quality and with any duration. <br />The Fund is a "non-diversified fund," which means that it may invest more of its <br />assets in the securities of a single issuer or a smaller number of issuers than <br />a diversified fund. The Fund's investments in certain derivative instruments may <br />be limited by tax considerations.<br /> <br />The Fund may enter into short sales of securities (including ETFs). A short sale<br />involves the sale of a security that is borrowed from a broker or other institution <br />to complete the sale. Short sales expose the Fund to the risk that it will be <br />required to acquire, convert or exchange securities to replace the borrowed <br />securities at a time when the securities sold short have appreciated in value, <br />thus resulting in a loss to the Fund. The Fund's loss on a short sale is<br />potentially unlimited because there is no upward limit on the price a borrowed<br />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<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns are not relevant to investors who<br />hold their Fund shares through tax-deferred arrangements, such as 401(k) plans<br />or individual retirement accounts. After-tax returns are shown for Investor<br />Class shares only, and after-tax returns for Service Class and Institutional<br />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)<br /> <br />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<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit or<br />obligation of any bank, is not endorsed or guaranteed by any bank, and is not<br />insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund. The<br />Fund may gain exposure to the instruments mentioned below directly, by investing<br />in securities, or indirectly through the use of derivatives and ETFs.<br /> <br />Asset Allocation Risk -the Fund's investments may not be allocated in the best<br />performing asset classes.<br /> <br />Credit and Counterparty Risk -the issuer of bonds or other debt securities or a<br />counterparty to a derivatives contract may not be able to meet interest,<br />principal or settlement payments or otherwise honor its obligations.<br /> <br />Currency Risk -fluctuations in exchange rates may affect the total loss or gain<br />on a non-U.S. dollar investment when converted back to U.S. dollars.<br /> <br />Derivatives Risk -the complexity and rapidly changing structure of derivatives<br />markets may increase the possibility of market losses.<br /> <br />Exchange-Traded Fund Risk -because exchange-traded funds incur their own costs,<br />investing in them could result in a higher cost to the investor.<br /> <br />Foreign Investment Risk -securities or other investments of foreign issuers<br />involve additional risks (such as risks arising from less frequent trading,<br />changes in political or social conditions, and less publicly available<br />information about non-U.S. issuers) that differ from those associated with<br />investing in securities of U.S. issuers and may result in greater price<br />volatility.<br /> <br />Hedging Risk -there is no guarantee that hedging strategies, if any, will be<br />successful.<br /> <br />Inflation Risk -the price of an asset, or the income generated by an asset, may<br />not keep up with the cost of living.<br /> <br />Interest Rate Risk -fixed-coupon payments (cash flows) of bonds and debt<br />securities may become less competitive with the market in periods of rising<br />interest rates and cause bond prices to decline.<br /> <br />Leverage Risk -borrowing, and some derivative investments such as futures and<br />forward commitment transactions, may magnify smaller adverse market movements<br />into relatively larger losses.<br /> <br />Liquidity Risk -particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk -market prices of investments held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Non-Diversified Fund Risk -the Fund is non-diversified and therefore a greater<br />percentage of holdings may be concentrated in a small number of issuers or a<br />single issuer, such as a corporate or government entity, which can place the<br />Fund at greater risk.<br /> <br />Political Risk -changes in the political status of any country can have profound<br />effects on the value of investments exposed to that country.<br /> <br />Prepayment Risk -many bonds and debt securities have call provisions that may<br />result in debtors paying back the debt prior to maturity during periods of<br />decreasing interest rates.<br /> <br />Reinvestment Risk -investors may have difficulty reinvesting payments from<br />debtors and may receive lower rates than from their original investments.<br /> <br />Short Sales Risk -the sale of a security that is borrowed may subject the Fund <br />to potentially unlimited losses.<br /> <br />Tax Risk -although the Fund is expected to qualify as a regulated investment<br />company, it may not qualify, which could result in higher taxes to shareholders<br />and imposition of tax at the Fund level.<br /> <br />U.S. Government Securities Risk -obligations issued by some U.S. Government<br />agencies, authorities, instrumentalities, or sponsored enterprises such as<br />Government National Mortgage Association ("GNMA"), are backed by the full faith<br />and credit of the U.S. Government, while obligations issued by others, such as<br />Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage<br />Corporation ("FHLMC"), and Federal Home Loan Banks ("FHLBs") are not backed by<br />the full faith and credit of the U.S. Government and are backed solely by the<br />entity's own resources or by the ability of the entity to borrow from the U.S.<br />Treasury. If one of these agencies defaulted on a loan, there is no guarantee<br />that the U.S. Government will provide financial support.</tt>
FEES AND EXPENSES OF THE FUND
After-tax returns are shown for Investor Class shares only, and after-tax
returns for 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 <br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broad-based securities<br />market index. The performance information for the Fund's Investor Class shares<br />(formerly Class A shares of the Fund, which were renamed Investor Class shares<br />as of the date of this Prospectus) for periods prior to November 30, 2012 does<br />not reflect the impact of the front end and deferred sales charges (loads) that<br />were in effect until November 30, 2012. As always, past performance of the Fund<br />(before and after taxes) is not an indication of how the Fund will perform in<br />the future. To obtain updated performance information please visit<br />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<br />hold shares of the Fund.</tt>
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An investment in the Fund is not a deposit or obligation of any bank, is not
endorsed or guaranteed by any bank, and is not insured by the Federal Deposit
Insurance Corporation ("FDIC") or any other government agency.
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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 138%<br />of the average value of its portfolio.</tt>
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<tt>The Managers AMG FQ U.S. Equity Fund's (the "Fund") investment objective is to<br />achieve long-term capital appreciation.</tt>
<tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through 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,<br />plus the amount of any borrowings for investment purposes, in equity securities<br />of issuers located in the U.S. First Quadrant L.P. ("First Quadrant") considers<br />issuers to be located in the U.S. if they are organized in the U.S., have their<br />principal place of business in the U.S., or their securities are traded<br />principally in the U.S.<br /> <br />The Fund invests primarily in equity securities (generally common and preferred<br />stocks) of large U.S. companies. Normally, the Fund will invest at least 65% of<br />its total assets in large-cap stocks. The Fund may use derivatives, such as<br />futures and options, for any reason, including to enhance return, earn income,<br />or reduce exposure to other risks. The Fund may also use derivatives to attempt<br />to maintain exposure to the equity markets while holding cash for temporary<br />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<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns are not relevant to investors who<br />hold their Fund shares through tax-deferred arrangements, such as 401(k) plans<br />or individual retirement accounts. After-tax returns are shown for Institutional<br />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)<br /> <br />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<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit or<br />obligation of any bank, is not endorsed or guaranteed by any bank, and is not<br />insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Derivatives Risk -the complexity and rapidly changing structure of derivatives<br />markets may increase the possibility of market losses.<br /> <br />Growth Stock Risk -growth stocks may be more sensitive to market movements<br />because their prices tend to reflect future investor expectations rather than<br />just current profits.<br /> <br />Hedging Risk -there is no guarantee that hedging strategies, if any, will be<br />successful.<br /> <br />Large-Capitalization Stock Risk -the stocks of large-capitalization companies are<br />generally more mature and may not be able to reach the same levels of growth as<br />the stocks of small- or mid-capitalization companies.<br /> <br />Market Risk -market prices of securities held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Small- and Mid-Capitalization Stock Risk -the stocks of small- and<br />mid-capitalization companies often have greater price volatility, lower trading<br />volume, and less liquidity than the stocks of larger, more established<br />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<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broad-based securities<br />market index. The performance information for the Fund's Investor Class shares<br />(formerly Class A shares of the Fund, which were renamed Investor Class shares<br />as of the date of this Prospectus) for periods prior to November 30, 2012 does<br />not reflect the impact of the front end and deferred sales charges (loads) that<br />were in effect until November 30, 2012. As always, past performance of the Fund<br />(before and after taxes) is not an indication of how the Fund will perform in<br />the future. To obtain updated performance information please visit<br />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<br />hold shares of the Fund.</tt>
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An investment in the Fund is not a deposit or obligation of any bank, is not endorsed
or guaranteed by any bank, and is not insured by the Federal Deposit Insurance
Corporation ("FDIC") or any other government agency.
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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 80%<br />of the average value of its portfolio.</tt>
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<tt>The Managers AMG FQ Global Essentials Fund's (the "Fund") investment objective<br />is to maximize total return.</tt>
<tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through 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.<br />The Fund also attempts to balance risk and return by gaining exposure, generally<br />through derivative instruments, to global equities, debt and commodities<br />utilizing a proprietary dynamic asset allocation process. Under normal<br />circumstances, the Fund will invest at least 40% of its net assets, plus the<br />amount of any borrowing for investment purposes, in investments (permitted by<br />applicable law) of issuers organized, located, or doing a substantial amount <br />of business outside the United States, including investments exposed to such<br />issuers, and the Fund will invest in or have investments exposed to a minimum <br />of three countries, including the United States.<br /> <br />Generally, the Fund intends to make allocations to the following asset classes:<br />  <br />•     Global (U.S. and Non-U.S.) Equities-Generally, exposure to global (U.S. and <br />      Non-U.S.) equities will be through futures on equity country indices, but   <br />      the Fund may also seek to gain targeted exposure to various sectors through <br />      investments in exchange-traded funds ("ETFs").                              <br />   <br />•     Sovereign (Foreign Country) Debt-Generally, exposure to sovereign (foreign  <br />      country) debt will be through futures on foreign country debt indices. Such <br />      investments may be used to increase income or hedge against the Fund's risks<br />      related to global equity exposure.                                          <br /> <br />•     Inflation-Protected Securities-Generally, exposure to inflation-protected   <br />      securities will be through investments in ETFs. Such investments may be used<br />      for hedging purposes.                                                       <br />  <br />•     High Yield Bonds-Generally, exposure to high yield bonds will be through    <br />      investments in ETFs. Such investments may be used for diversification       <br />      purposes.                                                                   <br />  <br />•     Commodities-Generally, exposure to commodities will be through investments  <br />      exposed to companies in the commodities sector and instruments linked to a  <br />      commodity index or futures contract(s), particularly ETFs and               <br />      exchange-traded notes ("ETNs").                                             <br /> <br />Assets are selected by the Subadvisor for inclusion based on their ability to<br />efficiently diversify the portfolio across asset classes. Investment weights<br />within asset classes are set with the objective of balancing risk. Applying this<br />investment process, the Fund seeks to provide greater capital loss protection<br />during down markets than traditional balanced portfolios, as well as participate<br />in market gains.<br /> <br />In selecting equity investments for the Fund, First Quadrant is not constrained<br />by any particular investment style or capitalization range. In selecting debt<br />investments for the Fund, First Quadrant will have the flexibility to invest in<br />debt-related investments of any credit quality and with any duration.<br /> <br />First Quadrant L.P. ("First Quadrant") serves as Subadvisor to the Fund and<br />applies a proprietary, quantitatively based investment process designed to<br />provide a diversified, risk-balanced global market portfolio. First Quadrant<br />continually monitors the Fund's investments utilizing a risk based approach and<br />seeks to dynamically rebalance the Fund to achieve an optimal total portfolio<br />risk target. First Quadrant anticipates that the Fund generally will maintain<br />exposures to developed markets, emerging markets, small capitalization<br />securities, real estate investment trusts ("REITS"), sovereign debt, inflation<br />protected securities, high yield bonds and commodities (through companies in the<br />commodities sector, instruments linked to a commodity index or futures contract<br />or otherwise). The Fund may achieve long and short exposure to global equity,<br />bond, and currency markets through a wide range of derivative instruments and<br />direct investments. The Fund typically will make extensive use of derivative<br />instruments, including futures contracts on global equity and fixed-income<br />securities and security indices (including broad-based security indices),<br />options on futures contracts, securities and security indices, swap contracts<br />and forward contracts, and also ETFs. The Fund may also invest directly in<br />global equity securities (including investments in ETFs, common and preferred<br />stock of U.S. and non-U.S. companies) and global fixed-income securities<br />(including U.S. and non-U.S. corporate debt, zero coupon securities, inflation<br />protected securities and debt securities guaranteed by U.S. and non-U.S.<br />governments, their agencies or instrumentalities or supranational organizations<br />such as the World Bank and the United Nations).<br /> <br />In addition, the Fund may invest in commodity-linked derivative instruments <br />and investment vehicles that exclusively invest in various commodities or have<br />economic exposure to commodities, such as ETFs that invest in securities of<br />companies in the commodity sector and/or ETNs, including leveraged ETNs, linked<br />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<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns are not relevant to investors who<br />hold their Fund shares through tax-deferred arrangements, such as 401(k) plans<br />or individual retirement accounts. After-tax returns are shown for Institutional<br />Class shares only, and after-tax returns for Investor Class and Service Class<br />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)<br /> <br />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<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit or<br />obligation of any bank, is not endorsed or guaranteed by any bank, and is not<br />insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund. The<br />Fund may gain exposure to the instruments mentioned below directly, by investing<br />in securities, or indirectly through the use of derivatives, ETFs and ETNs.<br /> <br />Asset Allocation Risk -the Fund's investments may not be allocated in the best<br />performing asset classes.<br /> <br />Commodities Exposure Risk -exposure to commodities through investments exposed to<br />companies in the commodities sector or commodity futures or otherwise may result<br />in losses for the Fund. Commodity prices, and the value of stocks of companies<br />exposed to commodities, and commodity futures prices, and therefore ETNs exposed<br />to such commodity futures, can be extremely volatile and are affected by a wide<br />range of factors, including market movements, supply and demand imbalances and<br />inflationary trends.<br /> <br />Credit and Counterparty Risk -the issuer of bonds, ETNs or other debt securities<br />or a counterparty to a derivatives contract may not be able to meet interest,<br />principal or settlement payments or otherwise honor its obligations.<br /> <br />Currency Risk -fluctuations in exchange rates may affect the total loss or gain<br />on a non-U.S. dollar investment when converted back to U.S. dollars.<br /> <br />Derivatives Risk -the complexity and rapidly changing structure of derivatives<br />markets may increase the possibility of market losses.<br /> <br />Emerging Markets Risk -investments in emerging markets can be subject to the<br />general risks of foreign investments, as well as additional risks which can<br />result in greater price volatility.<br /> <br />Exchange-Traded Fund Risk -because exchange-traded funds incur their own costs,<br />investing in them could result in a higher cost to the investor.<br /> <br />Exchange-Traded Note Risk -the value of an ETN may be influenced by fluctuations<br />in the values of the underlying assets or instruments, time to maturity, level<br />of supply and demand for the ETN, volatility and lack of liquidity in the<br />underlying markets, changes in applicable interest rates, and changes in the<br />issuer's credit rating. The Fund bears any fees and expenses associated with<br />investment in ETNs. There may be restrictions on the Fund's right to redeem its<br />investment in an ETN meant to be held to maturity, and it may be difficult for<br />the Fund to sell its ETN holdings.<br /> <br />Foreign Investment Risk -securities or other investments of foreign issuers<br />involve additional risks (such as risks arising from less frequent trading,<br />changes in political or social conditions, and less publicly available<br />information about non-U.S. issuers) that differ from those associated with<br />investing in securities of U.S. issuers and may result in greater price<br />volatility.<br /> <br />Hedging Risk -there is no guarantee that hedging strategies, if any, will be<br />successful.  <br /><br />High Yield Risk -below-investment grade debt securities and unrated securities <br />of similar credit quality (commonly known as "junk bonds" or "high yield<br />securities") may be subject to greater levels of interest rate, credit, and<br />liquidity risk.<br /> <br />Inflation Risk -the price of an asset, or the income generated by an asset, may<br />not keep up with the cost of living.<br /> <br />Interest Rate Risk -fixed-coupon payments (cash flows) of bonds and debt<br />securities may become less competitive with the market in periods of rising<br />interest rates and cause prices to decline.<br /> <br />Leverage Risk -borrowing, leveraged ETNs, futures, forward commitment<br />transactions and other derivative investments may magnify smaller adverse market<br />movements into relatively larger losses.<br /> <br />Liquidity Risk -particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk -market prices of investments held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Political Risk -changes in the political status of any country can have profound<br />effects on the value of investments exposed to that country.<br /> <br />Prepayment Risk -many bonds and debt securities have call provisions that may<br />result in debtors paying back the debt prior to maturity during periods of<br />decreasing interest rates.<br /> <br />Real Estate Industry Risk -investments in the Fund may be subject to many of <br />the same risks as a direct investment in real estate; in addition, equity REITs <br />may be affected by changes in the value of their underlying properties.<br /> <br />Reinvestment Risk -investors may have difficulty reinvesting payments from<br />debtors and may receive lower rates than from their original investments.<br /> <br />Sector Risk -issuers that are in similar industry sectors may be similarly<br />affected by particular economic or market events; to the extent the Fund has<br />substantial holdings within a particular sector, the risks associated with that<br />sector increase.<br /> <br />Small-Capitalization Stock Risk -the stocks of small-capitalization companies<br />often have greater price volatility, lower trading volume, and less liquidity<br />than the stocks of larger, more established companies.<br /> <br />Tax Risk -although the Fund is expected to qualify as a regulated investment<br />company, it may not qualify, which could result in higher taxes to shareholders<br />and imposition of tax at the Fund level.<br /> <br />U.S. Government Securities Risk -obligations issued by some U. S. Government<br />agencies, authorities, instrumentalities, or sponsored enterprises such as<br />Government National Mortgage Association ("GNMA"), are backed by the full faith<br />and credit of the U.S. Government, while obligations issued by others, such as<br />Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage<br />Corporation ("FHLMC"), and Federal Home Loan Banks ("FHLBs") are not backed by<br />the full faith and credit of the U.S. Government and are backed solely by the<br />entity's own resources or by the ability of the entity to borrow from the U.S.<br />Treasury. If one of these agencies defaulted on a loan, there is no guarantee<br />that the U.S. Government will provide financial support.</tt>
FEES AND EXPENSES OF THE FUND
After-tax returns are shown for 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 <br />the Fund by showing changes in the Fund's performance from year to year and <br />by showing how the Fund's performance compares to that of a broad based <br />securities market index, the S&P 500 Index, and to composite index, 60% <br />MSCI World Index and 40% Citigroup World Government Bond Index ("Managers <br />AMG FQ Global Essentials Fund Composite Index"), which more accurately reflects <br />the composition of the Fund's portfolio. The Managers AMG FQ Global Essentials <br />Fund Composite Index is calculated on both a hedged and unhedged basis, with <br />respect to currency exchange rates, in the accompanying table. As always, past<br />performance of the Fund (before and after taxes) is not an indication of how the<br />Fund will perform in the future.<br /> <br />The performance information shown is that of the Fund's Institutional Class<br />shares (formerly shares of the Managers Fremont Global Fund, which were<br />reclassified and redesignated as Institutional Class shares effective January 1,<br />2010) and includes historical performance of the Fund for periods prior to<br />September 28, 2009. To obtain updated monthly performance information please<br />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<br />hold shares of the Fund.</tt>
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An investment in the Fund is not a deposit or obligation of any bank, is not
endorsed or guaranteed by any bank, and is not insured by the Federal Deposit
Insurance Corporation ("FDIC") or any other government agency.
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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 40%<br />of the average value of its portfolio.</tt>
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<tt>The Managers AMG FQ Tax-Managed U.S. Equity Fund's (the "Fund") investment<br />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<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through 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,<br />plus the amount of any borrowings for investment purposes, in equity securities<br />of issuers located in the U.S. First Quadrant L.P. ("First Quadrant") considers<br />issuers to be located in the U.S. if they are organized in the U.S., have their<br />principal place of business in the U.S., or their securities are traded principally <br />in the U.S. The Fund will ordinarily invest in approximately 75 to 250 stocks; <br />however, the number of stocks will vary depending on market conditions and the <br />size of the Fund.<br /> <br />First Quadrant will pursue the Fund's objective by investing in a diversified<br />portfolio of U.S. equity securities (generally common and preferred stocks) that<br />reflects the characteristics of the Russell 3000® Index (the "Benchmark") in<br />terms of industry, earnings growth, valuation, and similar measurements. The<br />Benchmark measures the performance of the largest 3,000 U.S. companies based <br />on total market capitalization, which represents approximately 98% of the<br />investable U.S. equity market. As of June 27, 2011, the Benchmark had a market<br />capitalization range of approximately $32 million to $383.8 billion.  First <br />Quadrant will manage the Fund's portfolio to minimize taxable distributions <br />to shareholders and will apply a variety of tax-sensitive investment techniques. <br />The Fund can be expected to distribute a smaller percentage of its returns each <br />year than other equity mutual funds that are managed without regard to tax <br />considerations. The Fund may use derivatives, such as futures and options, <br />for any reason, including to enhance return, earn income or reduce exposure <br />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<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns are not relevant to investors who<br />hold their Fund shares through tax-deferred arrangements, such as 401(k) plans<br />or individual retirement accounts. After-tax returns are shown for Institutional<br />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)<br /> <br />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<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit <br />or obligation of any bank, is not endorsed or guaranteed by any bank, and is <br />not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Derivatives Risk -the complexity and rapidly changing structure of derivatives<br />markets may increase the possibility of market losses.<br /> <br />Growth Stock Risk -growth stocks may be more sensitive to market movements<br />because their prices tend to reflect future investor expectations rather than<br />just current profits.<br /> <br />Large-Capitalization Stock Risk -the stocks of large-capitalization companies are<br />generally more mature and may not be able to reach the same levels of growth as<br />the stocks of small- or mid-capitalization companies.<br /> <br />Market Risk -market prices of securities held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Small- and Mid-Capitalization Stock Risk -the stocks of small- and<br />mid-capitalization companies often have greater price volatility, lower trading<br />volume, and less liquidity than the stocks of larger, more established<br />companies.<br /> <br />Tax Management Risk -although the Fund is managed to minimize taxable<br />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 <br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broad-based securities<br />market index. The performance information for the Fund's Investor Class shares<br />(formerly Class A shares of the Fund, which were renamed Investor Class shares<br />as of the date of this Prospectus) for periods prior to November 30, 2012 does<br />not reflect the impact of the front end and deferred sales charges (loads) that<br />were in effect until November 30, 2012. As always, past performance of the Fund<br />(before and after taxes) is not an indication of how the Fund will perform in<br />the future. To obtain updated performance information please visit<br />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<br />hold shares of the Fund.</tt>
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An investment in the Fund is not a deposit or obligation of any bank, is not
endorsed or guaranteed by any bank, and is not insured by the Federal Deposit
Insurance Corporation ("FDIC") or any other government agency.
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
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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.