0001193125-13-116851.txt : 20130320 0001193125-13-116851.hdr.sgml : 20130320 20130320133343 ACCESSION NUMBER: 0001193125-13-116851 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 9 FILED AS OF DATE: 20130320 DATE AS OF CHANGE: 20130320 EFFECTIVENESS DATE: 20130320 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANAGERS AMG FUNDS CENTRAL INDEX KEY: 0001089951 IRS NUMBER: 061555943 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-84639 FILM NUMBER: 13704311 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANAGERS AMG FUNDS CENTRAL INDEX KEY: 0001089951 IRS NUMBER: 061555943 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09521 FILM NUMBER: 13704312 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 0001089951 S000031517 Trilogy Global Equity Fund C000097990 Investor Class C000097991 Service Class C000097992 Institutional Class 0001089951 S000031518 Trilogy Emerging Markets Equity Fund C000097993 Investor Class C000097994 Service Class C000097995 Institutional Class 0001089951 S000031519 Trilogy International Small Cap Fund C000097996 Investor Class C000097997 Service Class C000097998 Institutional Class 485BPOS 1 d498213d485bpos.htm MANAGERS AMG FUNDS Managers AMG Funds

As filed with the Securities and Exchange Commission on March 20, 2013

1933 Act Registration No. 333-84639

1940 Act Registration No. 811-09521

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933   x
Pre-Effective Amendment No.   ¨
Post-Effective Amendment No. 101   x

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940   x
Amendment No. 104   x

 

 

MANAGERS AMG FUNDS

(Exact name of registrant as specified in charter)

 

 

800 Connecticut Avenue

Norwalk, Connecticut 06854

(Address of principal executive offices)

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

Gregory C. Davis

Rajib Chanda

Ropes & Gray LLP

Three Embarcadero Center

San Francisco, CA 94111-4006

(Name and address of agent for service)

 

 

It is proposed that this filing will become effective:

 

x immediately upon filing pursuant to paragraph (b)

 

¨ on (date) pursuant to paragraph (b)

 

¨ 60 days after filing pursuant to paragraph (a)(1)

 

¨ on (date) pursuant to paragraph (a)(1)

 

¨ 75 days after filing pursuant to paragraph (a)(2)

 

¨ On (date) pursuant to (a)(2) of rule 485

If appropriate, check the following box:

 

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

The Amendment relates solely to Trilogy Global Equity Fund, Trilogy Emerging Markets Equity Fund and Trilogy International Small Cap Fund, each a series of Managers AMG Funds.

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, each as amended, Managers AMG Funds certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Norwalk, and State of Connecticut, on the 20th day of March, 2013.

 

MANAGERS AMG FUNDS
By:  

/s/ Donald S. Rumery

   Donald S. Rumery
   Treasurer, Chief Financial Officer, and
   Principal Financial Officer

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

 

Signature

                  Title  

Date

/s/ Bruce B. Bingham*

              Trustee   March 20, 2013
Bruce B. Bingham    

/s/ Christine C. Carsman*

              Trustee   March 20, 2013
Christine C. Carsman    

/s/ William E. Chapman, II*

              Trustee   March 20, 2013
William E. Chapman, II    

/s/ Edward J. Kaier*

              Trustee   March 20, 2013
Edward J. Kaier    

/s/ Steven J. Paggioli*

              Trustee   March 20, 2013
Steven J. Paggioli    

/s/ Eric Rakowski*

              Trustee   March 20, 2013
Eric Rakowski    

/s/ Thomas R. Schneeweis*

              Trustee   March 20, 2013
Thomas R. Schneeweis    

/s/ Keitha L. Kinne

              President and   March 20, 2013
Keitha L. Kinne               Principal Executive Officer  
              (Principal Executive Officer)  

/s/ Donald S. Rumery

              Treasurer,   March 20, 2013
Donald S. Rumery               Chief Financial Officer, and  
              Principal Financial Officer  
              (Principal Accounting Officer)  
              (Principal Financial Officer)  

 

*By:  

/s/ Donald S. Rumery                     

   
  Donald S. Rumery    
  Pursuant to Powers of Attorney incorporated herein by reference
  Date: March 20, 2013  


Managers AMG Funds

Exhibit Index

 

Exhibit No.

  

Description

EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX.101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX.101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
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The tables below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 2013-03-01 485BPOS MANAGERS AMG FUNDS 0001089951 2013-02-28 2013-03-01 false 2012-10-31 -0.02 -0.02 -0.02 0.007 0.007 0.007 0.0025 0 0 0.0035 0.0055 0.0035 0.0001 0.0001 0.0001 0.0131 0.0126 0 0 0 0 0.0131 0.0126 0.0106 -0.02 -0.02 -0.02 137 131 112 579 561 502 1047 1016 918 2343 2280 2078 0.0045 0.0045 0.0045 0.0025 0 0 0.0036 0.0053 0.0036 0.0001 0.0001 0.0001 0.01 0.01 0.01 0.0107 0.0099 0.0082 0 0 0 0.0107 0.0099 0.0082 0.0025 0 0 0.219 0.0082 0.0101 0.0082 0.0207 0.0201 0.0182 -0.0072 -0.0072 -0.0072 0.0135 0.0129 0.011 0.217 0.2186 0.219 0.2178 0.1468 -0.017 -0.026 -0.025 -0.0249 -0.0197 2011-07-15 2011-03-01 2011-03-01 2011-03-01 2011-03-01 133 128 108 415 400 337 692 585 718 1579 1523 1294 0.1552 <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsTrilogyInternationalSmallCapFundBarChart column period compact * ~</div> The Trilogy International Small Cap Fund's (the "Fund" or "International Small Cap Fund") investment objective is to seek long-term capital appreciation. The tables below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 0.1737 0.1822 0.1552 0.156 0.1042 0.1822 0.0153 0.0015 -0.0518 -0.0514 -0.0429 0.0015 2011-03-01 2011-03-01 2011-03-01 2011-03-01 2011-03-01 2011-03-01 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 Service Class and Investor Class shares will vary. <b>INVESTMENT OBJECTIVE </b> <b>FEES AND EXPENSES OF THE FUND</b> Shareholder Fees <br/>(fees paid directly from your investment) Annual Fund Operating Expenses <br/>(expenses that you pay each year as a percentage of the value of your investment) <b>EXPENSE EXAMPLE </b> <b>PORTFOLIO TURNOVER </b> <b>PRINCIPAL INVESTMENT STRATEGIES </b> <b>PRINCIPAL RISKS</b> <b>PERFORMANCE </b> 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 broad based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879. 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 56% of the average value of its portfolio. 109 101 84 340 315 262 590 547 455 <b>Trilogy International Small Cap Fund </b> 1306 1213 1014 Best Quarter: 5.54 (4th Quarter 2011)<br/>Worst Quarter: -25.20 (3rd Quarter 2011) 0.1737 There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund.<br/><br/><b> Currency Risk&#151;</b>fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars.<br/><br/><b> Derivatives Risk&#151;</b>the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.<br/><br/><b> Emerging Markets Risk&#151;</b>investments in emerging markets can be subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility.<br/><br/><b> Foreign Securities Risk&#151;</b>securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.<br/><br/><b> Growth Stock Risk&#151;</b>growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.<br/><br/><b> Liquidity Risk&#151;</b>particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.<br/><br/><b> Market Risk&#151;</b>market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.<br/><br/><b> Political Risk&#151;</b>changes in the political status of any country can have profound effects on the value of investments exposed to that country.<br/><br/><b> Small-Capitalization Stock Risk&#151;</b>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. 0.56 There is the risk that you may lose money on your investment. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. 800.835.3879 www.managersinvest.com 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. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. <b>Trilogy Emerging Markets Equity Fund </b> The Trilogy Emerging Markets Equity Fund's (the "Fund" or "Emerging Markets Equity Fund") investment objective is to seek long-term capital appreciation. The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 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 32% of the average value of its portfolio. Calendar Year Total Returns as of (12/31/12) Institutional Class 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 broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. Because the Fund's Investor Class shares have not operated for a full calendar year, performance history for this share class is not available. Investor Class shares would have similar annual returns as Service Class and Institutional Class shares because all of the classes are invested in the same portfolio of securities. However, Investor Class shares are subject to different expenses than Service Class and Institutional Class shares, and Investor Class share performance would vary to that extent. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879. Average Annual Total Returns as of 12/31/12 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 (generally common and preferred stocks) of small market capitalization companies ("small cap companies"). Additionally, 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 of issuers located outside the United States, and 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 considers an issuer to be located outside the United States if the issuer maintains its principal place of business outside the United States, its securities are traded principally outside the United States, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed outside the United States or it has at least 50% of its assets outside the United States. <br/><br/> The Fund primarily invests in non-U.S. small cap companies, allocating investments across different countries and regions. The Subadvisor considers non-U.S. small cap companies to be those with market capitalizations in the range of the MSCI All Country World ex-U.S. Small Cap Index (between $3.53 million and $4.39 billion as of the latest reconstitution of the Index on December 1, 2012). The Fund may invest in securities of issuers located in emerging markets countries. The Fund's Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index. The Fund's portfolio normally consists of between 40 to 100 securities. To gain exposure to foreign issuers, the Fund also may invest in American Depositary Receipts ("ADRs"), Global Depoisitary Receipts ("GDRs") and other depositary receipts of non-U.S. listed companies. <br/><br/> The Subadvisor uses a bottom-up investment process driven by fundamental research conducted by its investment analysts. Under normal market conditions, the Subadvisor seeks to maintain a growth oriented focus and invest the Fund's assets pursuant to the following core principles:<blockquote>&#8212;&nbsp;&nbsp;Earnings growth drives equity returns over the long term.<br/><br/>&#8212;&nbsp;&nbsp;Early-stage and traditional growth companies provide the greatest opportunity.<br/><br/>&#8212;&nbsp;&nbsp;Risk management with respect to the Fund's portfolio should focus on avoiding losing money, rather than minimizing tracking error against the benchmark.<br/><br/> &#8212;&nbsp;&nbsp;A disciplined investment process requires consistently identifying opportunities, evaluating potential returns and responding with timely buy/sell decisions.</blockquote> Best Quarter: 2011-12-31 0.0554 Worst Quarter: 2011-09-30 -0.252 0.1737 0.1734 0.1157 0.1583 0.1735 0.1583 0.0153 0.0151 0.0136 0.0226 0.0155 0.0226 2011-03-01 2011-03-01 2011-03-01 2011-03-01 Shareholder Fees<br/>(fees paid directly from your investment) Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment) 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 (generally common and preferred stocks) of issuers located in emerging market countries. The Fund may allocate investments across different emerging markets countries. The Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index. The Fund considers an issuer to be located in an emerging market country if the issuer maintains its principal place of business in an emerging market country, its securities are traded principally in an emerging market country, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country or it has at least 50% of its assets in an emerging market country. The Fund's portfolio normally consists of between 60 to 120 securities. To gain exposure to foreign issuers, the Fund also may invest in American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and other depositary receipts of non-U.S. listed companies. <br/><br/>The Subadvisor uses a bottom-up investment process driven by fundamental research conducted by its investment analysts. Under normal market conditions, the Subadvisor seeks to maintain a growth oriented focus and invest the Fund's assets pursuant to the following core principles:<blockquote>&#8212;&nbsp;&nbsp;Earnings growth drives equity returns over the long term.</blockquote><blockquote>&#8212;&nbsp;&nbsp;Early-stage and traditional growth companies provide the greatest opportunity.</blockquote><blockquote>&#8212;&nbsp;&nbsp;Risk management with respect to the Fund's portfolio should focus on avoiding losing money, rather than minimizing tracking error against the benchmark.</blockquote><blockquote>&#8212;&nbsp;&nbsp;A disciplined investment process requires consistently identifying opportunities, evaluating potential returns and responding with timely buy/sell decisions. </blockquote> 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 (&#8220;FDIC&#8221;) or any other government agency. Below are some of the risks of investing in the Fund.<br /><br /> <b>Currency Risk&#8212;</b>fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars.<br /><br /> <b>Derivatives Risk&#8212;</b>the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.<br /><br /> <b>Emerging Markets Risk&#8212;</b>investments in emerging markets can be subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility.<br /><br /> <b>Foreign Securities Risk&#8212;</b>securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.<br /><br /> <b>Growth Stock Risk</b><b>&#8212;</b>growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.<br /><br /> <b>Large-Capitalization Stock Risk</b><b>&#8212;</b>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.<br /><br /> <b>Liquidity Risk&#8212;</b>particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.<br /><br /> <b>Market Risk&#8212;</b>market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.<br /><br /> <b>Political Risk&#8212;</b>changes in the political status of any country can have profound effects on the value of investments exposed to that country.<br /><br /> <b>Small- and Mid-Capitalization Stock Risk&#8212;</b>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. Best Quarter: 4.70 (4<sup>th</sup> Quarter 2012)<br/>Worst Quarter: 24.01 (3<sup>rd</sup> Quarter 2011) 0.32 There is the risk that you may lose money on your investment. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of broad-based securities market index. Because the Fund's Investor Class shares have not operated for a full calendar year, performance history for this share class is not available. 800.835.3879 www.managersinvest.com As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor'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 Service Class and Investor Class shares will vary. 0.1852 0.1852 0.1852 2011-03-01 2011-03-01 -0.0289 -0.0264 -0.0264 2011-07-15 2011-03-01 2011-03-01 Best Quarter: 0.047 2012-12-31 Worst Quarter: 0.2401 2011-09-30 <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsTrilogyEmergingMarketsEquityFundBarChart column period compact * ~</div> This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 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 78% of the average value of its portfolio. The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879. <b>Trilogy Global Equity Fund</b> <b>INVESTMENT OBJECTIVE</b> <b>FEES AND EXPENSES OF THE FUND </b> Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment) <b>EXPENSE EXAMPLE</b> <b>PORTFOLIO TURNOVER</b> <b>PRINCIPAL INVESTMENT STRATEGIES</b> <b>PRINCIPAL RISKS</b> <b>PERFORMANCE</b> Calendar Year Total Returns as of 12/31/12 (Service Class) Average Annual Total Returns as of 12/31/12 Best Quarter: 9.23% (4th Quarter 2011)<br/>Worst Quarter: -17.83 (3rd Quarter 2011) <b>INVESTMENT OBJECTIVE</b> 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 (generally common and preferred stocks). Additionally, 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 of issuers located outside the United States, and 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 considers an issuer to be located outside the United States if the issuer maintains its principal place of business outside the United States, its securities are traded principally outside the United States, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed outside the United States or it has at least 50% of its assets outside the United States. <br/><br/>The Fund may allocate investments across all market capitalizations, but investments generally will be in large- and medium- sized companies. Trilogy Global Advisors, L.P, (&#8220;Trilogy&#8221; or the &#8220;Subadvisor&#8221;) may invest up to 20% of the Fund&#8217;s net assets in securities of issuers located in emerging markets countries. The Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index. The Fund considers an issuer to be located in an emerging market country if the issuer maintains its principal place of business in an emerging market country, its securities are traded in an emerging market country, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country or it has at least 50% of its assets in an emerging market country. The Fund&#8217;s portfolio normally consists of between 80 to 120 securities. To gain exposure to foreign issuers, the Fund also may invest in American Depositary Receipts (&#8220;ADRs&#8220;), Global Depositary Receipts (&#8220;GDRs&#8221;) and other depositary receipts of non-U.S. listed companies. <br/><br/> The Subadvisor uses a bottom-up investment process driven by fundamental research conducted by its investment analysts. Under normal market conditions, the Subadvisor seeks to maintain a growth oriented focus and invest the Fund&#8217;s assets pursuant to the following core principles: <blockquote>&#8212;&nbsp;&nbsp;Earnings growth drives equity returns over the long term.</blockquote><blockquote>&#8212;&nbsp;&nbsp;Early-stage and traditional growth companies provide the greatest opportunity.</blockquote><blockquote>&#8212;&nbsp;&nbsp;Risk management with respect to the Fund&#8217;s portfolio should focus on avoiding losing money, rather than minimizing tracking error against the benchmark.</blockquote><blockquote>&#8212;&nbsp;&nbsp;A disciplined investment process requires consistently idenitfying opportunities, evaluating potential returns and responding with timely buy/sell decisions.</blockquote> <b>FEES AND EXPENSES OF THE FUND</b> There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any other government agency. Below are some of the risks of investing in the Fund.<br /><br/> <b>Currency Risk&#8212;</b>fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars.<br /><br /><b>Emerging Markets Risk&#8212;</b>investments in emerging markets can be subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility.<br /><br/><b>Foreign Securities Risk&#8212;</b>securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.<br /><br /><b>Growth Stock Risk</b><b>&#8212;</b>growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.<br /><br/><b>Large-Capitalization Stock Risk</b><b>&#8212;</b>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.<br /><br /><b>Liquidity Risk&#8212;</b>particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.<br /><br /><b>Market Risk&#8212;</b>market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.<br /><br /><b>Political Risk&#8212;</b>changes in the political status of any country can have profound effects on the value of investments exposed to that country.<br /><br /><b>Small- and Mid-Capitalization Stock Risk&#8212;</b>the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. <b>EXPENSE EXAMPLE</b> <b>PORTFOLIO TURNOVER</b> <b>PRINCIPAL INVESTMENT STRATEGIES</b> <b>PRINCIPAL RISKS</b> <b>PERFORMANCE</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class shares only, and after-tax returns for Investor Class and Institutional Class shares will vary. 0.78 There is the risk that you may lose money on your investment. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any other government agency. 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. 800.835.3879 www.managersinvest.com As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class shares only, and after-tax returns for Investor Class and Institutional Class shares will vary. Best Quarter: 2011-12-31 0.0923 Worst Quarter: 2011-09-30 -0.1783 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 Service Class and Investor Class shares will vary. <div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsTrilogyGlobalEquityFundBarChart column period compact * ~</div> March 1, 2014 The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds. March 1, 2014 Average Annual Total Returns as of 12/31/12 Calendar Year Total Returns as of 12/31/2012 (Institutional Class) 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 broad based securities market index. After-tax returns are shown for Institutional Class shares only, and after-tax returns for Service Class and Investor Class shares will vary. March 1, 2014 The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds. 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. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds. Other Expenses have been restated to reflect current fees. The amount does not reflect expense recoupment during the prior fiscal year of pervious waivers and reimbursements equal to 0.03% that was recovered by the Managers pursuant to the Fund's contractual expense limitation agreement. 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. 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 1.10% 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 1.60%, 1.35% and 1.15%, 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. Other Expenses have been restated to reflect current fees. The amount does not reflect expense recoupment during the prior fiscal year of pervious waivers and reimbursements equal to 0.03% that was recovered by the Managers pursuant to the Fund's contractual expense limitation agreement. 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 1.00% 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 1.50%, 1.25% and 1.05%, 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, interest, shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 1.05% 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 1.55%, 1.30% and 1.05% respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. 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Trilogy Emerging Markets Equity Fund
Trilogy Emerging Markets Equity Fund
INVESTMENT OBJECTIVE
The Trilogy Emerging Markets Equity Fund's (the "Fund" or "Emerging Markets Equity Fund") investment objective is to seek long-term capital appreciation.
FEES AND EXPENSES OF THE FUND
The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees Trilogy Emerging Markets Equity Fund
Investor Class
Service Class
Institutional Class
Redemption/Exchange Fee (as a percentage of the amount redeemed, if applicable, within 60 days of purchase) 2.00% 2.00% 2.00%
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Trilogy Emerging Markets Equity Fund
Investor Class
Service Class
Institutional Class
Management Fee 0.70% 0.70% 0.70%
Distribution and Service (12b-1) Fees 0.25% none none
Other Expenses 0.35% 0.55% 0.35%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 1.31% 1.26% none
Fee Waiver and Expense Reimbursements [2] none none none
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements [1] 1.31% 1.26% 1.06%
[1] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
[2] 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, shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 1.05% 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 1.55%, 1.30% and 1.05% respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees.
EXPENSE EXAMPLE
This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Expense Example Trilogy Emerging Markets Equity Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Investor Class
133 415 718 1,579
Service Class
128 400 692 1,523
Institutional Class
108 337 585 1,294
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 32% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
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 (generally common and preferred stocks) of issuers located in emerging market countries. The Fund may allocate investments across different emerging markets countries. The Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index. The Fund considers an issuer to be located in an emerging market country if the issuer maintains its principal place of business in an emerging market country, its securities are traded principally in an emerging market country, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country or it has at least 50% of its assets in an emerging market country. The Fund's portfolio normally consists of between 60 to 120 securities. To gain exposure to foreign issuers, the Fund also may invest in American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and other depositary receipts of non-U.S. listed companies.

The Subadvisor uses a bottom-up investment process driven by fundamental research conducted by its investment analysts. Under normal market conditions, the Subadvisor seeks to maintain a growth oriented focus and invest the Fund's assets pursuant to the following core principles:
—  Earnings growth drives equity returns over the long term.
—  Early-stage and traditional growth companies provide the greatest opportunity.
—  Risk management with respect to the Fund's portfolio should focus on avoiding losing money, rather than minimizing tracking error against the benchmark.
—  A disciplined investment process requires consistently identifying opportunities, evaluating potential returns and responding with timely buy/sell decisions.
PRINCIPAL RISKS
There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Below are some of the risks of investing in the Fund.

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

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

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

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

Growth Stock Riskgrowth 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 Riskthe stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

Liquidity Risk—particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.

Market Risk—market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.

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

Small- and Mid-Capitalization Stock Risk—the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.
PERFORMANCE
The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. Because the Fund's Investor Class shares have not operated for a full calendar year, performance history for this share class is not available. Investor Class shares would have similar annual returns as Service Class and Institutional Class shares because all of the classes are invested in the same portfolio of securities. However, Investor Class shares are subject to different expenses than Service Class and Institutional Class shares, and Investor Class share performance would vary to that extent. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Calendar Year Total Returns as of (12/31/12) Institutional Class
Bar Chart
Best Quarter: 4.70 (4th Quarter 2012)
Worst Quarter: 24.01 (3rd Quarter 2011)
Average Annual Total Returns as of 12/31/12
Average Annual Total Returns Trilogy Emerging Markets Equity Fund
1 Year
Since Inception
Inception Date
Service Class
17.37% 1.53% Mar. 01, 2011
Service Class MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes)
18.22% 0.15% Mar. 01, 2011
Institutional Class
15.52% (5.18%) Mar. 01, 2011
Institutional Class Return After Taxes on Distributions
15.60% (5.14%) Mar. 01, 2011
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares
10.42% (4.29%) Mar. 01, 2011
Institutional Class MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes)
18.22% 0.15% Mar. 01, 2011
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 Service Class and Investor Class shares will vary.
XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Trilogy Global Equity Fund
Trilogy Global Equity Fund
INVESTMENT OBJECTIVE
The Trilogy Global Equity Fund's (the " Fund") investment objective is to achieve long-term capital appreciation.
FEES AND EXPENSES OF THE FUND
The tables below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Trilogy Global Equity Fund
Investor Class
Service Class
Institutional Class
Management Fee 0.45% 0.45% 0.45%
Distribution and Service (12b-1) Fees 0.25% none none
Other Expenses [1] 0.36% 0.53% 0.36%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses [2] 1.07% 0.99% 0.82%
Fee Waiver and Expense Reimbursements [3] none none none
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements [2] 1.07% 0.99% 0.82%
[1] Other Expenses have been restated to reflect current fees. The amount does not reflect expense recoupment during the prior fiscal year of pervious waivers and reimbursements equal to 0.03% that was recovered by the Managers pursuant to the Fund's contractual expense limitation agreement.
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
[3] 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 1.00% 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 1.50%, 1.25% and 1.05%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees.
EXPENSE EXAMPLE
This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Expense Example Trilogy Global Equity Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Investor Class
109 340 590 1,306
Service Class
101 315 547 1,213
Institutional Class
84 262 455 1,014
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 78% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
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 (generally common and preferred stocks). Additionally, 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 of issuers located outside the United States, and 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 considers an issuer to be located outside the United States if the issuer maintains its principal place of business outside the United States, its securities are traded principally outside the United States, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed outside the United States or it has at least 50% of its assets outside the United States.

The Fund may allocate investments across all market capitalizations, but investments generally will be in large- and medium- sized companies. Trilogy Global Advisors, L.P, (“Trilogy” or the “Subadvisor”) may invest up to 20% of the Fund’s net assets in securities of issuers located in emerging markets countries. The Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index. The Fund considers an issuer to be located in an emerging market country if the issuer maintains its principal place of business in an emerging market country, its securities are traded in an emerging market country, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country or it has at least 50% of its assets in an emerging market country. The Fund’s portfolio normally consists of between 80 to 120 securities. To gain exposure to foreign issuers, the Fund also may invest in American Depositary Receipts (“ADRs“), Global Depositary Receipts (“GDRs”) and other depositary receipts of non-U.S. listed companies.

The Subadvisor uses a bottom-up investment process driven by fundamental research conducted by its investment analysts. Under normal market conditions, the Subadvisor seeks to maintain a growth oriented focus and invest the Fund’s assets pursuant to the following core principles:
—  Earnings growth drives equity returns over the long term.
—  Early-stage and traditional growth companies provide the greatest opportunity.
—  Risk management with respect to the Fund’s portfolio should focus on avoiding losing money, rather than minimizing tracking error against the benchmark.
—  A disciplined investment process requires consistently idenitfying opportunities, evaluating potential returns and responding with timely buy/sell decisions.
PRINCIPAL RISKS
There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Below are some of the risks of investing in the Fund.

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

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

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

Growth Stock Riskgrowth 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 Riskthe stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

Liquidity Risk—particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.

Market Risk—market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.

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

Small- and Mid-Capitalization Stock Risk—the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.
PERFORMANCE
The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Calendar Year Total Returns as of 12/31/12 (Service Class)
Bar Chart
Best Quarter: 9.23% (4th Quarter 2011)
Worst Quarter: -17.83 (3rd Quarter 2011)
Average Annual Total Returns as of 12/31/12
Average Annual Total Returns Trilogy Global Equity Fund
1 Year
Since Inception
Inception Date
Service Class
17.37% 1.53% Mar. 01, 2011
Service Class Return After Taxes on Distributions
17.34% 1.51% Mar. 01, 2011
Service Class Return After Taxes on Distributions and Sale of Fund Shares
11.57% 1.36% Mar. 01, 2011
Service Class MSCI All Country World Index (reflects no deduction for fees, expenses, or taxes)
15.83% 2.26% Mar. 01, 2011
Institutional Class
17.35% 1.55% Mar. 01, 2011
Institutional Class MSCI All Country World Index (reflects no deduction for fees, expenses, or taxes)
15.83% 2.26% Mar. 01, 2011
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class shares only, and after-tax returns for Investor Class and Institutional Class shares will vary.
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XML 17 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANAGERS AMG FUNDS
Prospectus Date rr_ProspectusDate Mar. 01, 2013
Trilogy Global Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Trilogy Global Equity Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Trilogy Global Equity Fund's (the " Fund") investment objective is to achieve long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination March 1, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 78% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 78.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Other Expenses have been restated to reflect current fees. The amount does not reflect expense recoupment during the prior fiscal year of pervious waivers and reimbursements equal to 0.03% that was recovered by the Managers pursuant to the Fund's contractual expense limitation agreement.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (generally common and preferred stocks). Additionally, 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 of issuers located outside the United States, and 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 considers an issuer to be located outside the United States if the issuer maintains its principal place of business outside the United States, its securities are traded principally outside the United States, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed outside the United States or it has at least 50% of its assets outside the United States.

The Fund may allocate investments across all market capitalizations, but investments generally will be in large- and medium- sized companies. Trilogy Global Advisors, L.P, (“Trilogy” or the “Subadvisor”) may invest up to 20% of the Fund’s net assets in securities of issuers located in emerging markets countries. The Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index. The Fund considers an issuer to be located in an emerging market country if the issuer maintains its principal place of business in an emerging market country, its securities are traded in an emerging market country, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country or it has at least 50% of its assets in an emerging market country. The Fund’s portfolio normally consists of between 80 to 120 securities. To gain exposure to foreign issuers, the Fund also may invest in American Depositary Receipts (“ADRs“), Global Depositary Receipts (“GDRs”) and other depositary receipts of non-U.S. listed companies.

The Subadvisor uses a bottom-up investment process driven by fundamental research conducted by its investment analysts. Under normal market conditions, the Subadvisor seeks to maintain a growth oriented focus and invest the Fund’s assets pursuant to the following core principles:
—  Earnings growth drives equity returns over the long term.
—  Early-stage and traditional growth companies provide the greatest opportunity.
—  Risk management with respect to the Fund’s portfolio should focus on avoiding losing money, rather than minimizing tracking error against the benchmark.
—  A disciplined investment process requires consistently idenitfying opportunities, evaluating potential returns and responding with timely buy/sell decisions.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Below are some of the risks of investing in the Fund.

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

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

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

Growth Stock Riskgrowth 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 Riskthe stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

Liquidity Risk—particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.

Market Risk—market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.

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

Small- and Mid-Capitalization Stock Risk—the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.
Risk Lose Money [Text] rr_RiskLoseMoney There is the risk that you may lose money on your investment.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800.835.3879
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.managersinvest.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns as of 12/31/12 (Service Class)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter: 9.23% (4th Quarter 2011)
Worst Quarter: -17.83 (3rd Quarter 2011)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of 12/31/12
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Service Class shares only, and after-tax returns for Investor Class and Institutional Class shares will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class shares only, and after-tax returns for Investor Class and Institutional Class shares will vary.
Trilogy Global Equity Fund | Investor Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.45%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.36% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.07% [2]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets none [3]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.07% [2]
1 Year rr_ExpenseExampleYear01 109
3 Years rr_ExpenseExampleYear03 340
5 Years rr_ExpenseExampleYear05 590
10 Years rr_ExpenseExampleYear10 1,306
Trilogy Global Equity Fund | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.45%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.53% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.99% [2]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets none [3]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 0.99% [2]
1 Year rr_ExpenseExampleYear01 101
3 Years rr_ExpenseExampleYear03 315
5 Years rr_ExpenseExampleYear05 547
10 Years rr_ExpenseExampleYear10 1,213
2012 rr_AnnualReturn2012 17.37%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 9.23%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.83%)
1 Year rr_AverageAnnualReturnYear01 17.37%
Since Inception rr_AverageAnnualReturnSinceInception 1.53%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy Global Equity Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.45%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.36% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.82% [2]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets none [3]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 0.82% [2]
1 Year rr_ExpenseExampleYear01 84
3 Years rr_ExpenseExampleYear03 262
5 Years rr_ExpenseExampleYear05 455
10 Years rr_ExpenseExampleYear10 1,014
1 Year rr_AverageAnnualReturnYear01 17.35%
Since Inception rr_AverageAnnualReturnSinceInception 1.55%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy Global Equity Fund | Return After Taxes on Distributions | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.34%
Since Inception rr_AverageAnnualReturnSinceInception 1.51%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy Global Equity Fund | Return After Taxes on Distributions and Sale of Fund Shares | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.57%
Since Inception rr_AverageAnnualReturnSinceInception 1.36%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy Global Equity Fund | MSCI All Country World Index (reflects no deduction for fees, expenses, or taxes) | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.83%
Since Inception rr_AverageAnnualReturnSinceInception 2.26%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy Global Equity Fund | MSCI All Country World Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.83%
Since Inception rr_AverageAnnualReturnSinceInception 2.26%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
[1] Other Expenses have been restated to reflect current fees. The amount does not reflect expense recoupment during the prior fiscal year of pervious waivers and reimbursements equal to 0.03% that was recovered by the Managers pursuant to the Fund's contractual expense limitation agreement.
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
[3] 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 1.00% 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 1.50%, 1.25% and 1.05%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees.
XML 18 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
12 Months Ended
Mar. 01, 2013
Risk/Return:  
Document Type 485BPOS
Document Period End Date Oct. 31, 2012
Registrant Name MANAGERS AMG FUNDS
Central Index Key 0001089951
Amendment Flag false
Document Creation Date Feb. 28, 2013
Document Effective Date Mar. 01, 2013
Prospectus Date Mar. 01, 2013
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Trilogy International Small Cap Fund
Trilogy International Small Cap Fund
INVESTMENT OBJECTIVE
The Trilogy International Small Cap Fund's (the "Fund" or "International Small Cap Fund") investment objective is to seek long-term capital appreciation.
FEES AND EXPENSES OF THE FUND
The tables below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees Trilogy International Small Cap Fund
Investor Class
Service Class
Institutional Class
Redemption/Exchange Fee (as a percentage of the amount redeemed, if applicable, within 60 days of purchase) 2.00% 2.00% 2.00%
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Trilogy International Small Cap Fund
Investor Class
Service Class
Institutional Class
Management Fee 1.00% 1.00% 1.00%
Distribution and Service (12b-1) Fees 0.25% none none
Other Expenses 0.82% 1.01% 0.82%
Total Annual Fund Operating Expenses [1] 2.07% 2.01% 1.82%
Fee Waiver and Expense Reimbursements [2] (0.72%) (0.72%) (0.72%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements [1] 1.35% 1.29% 1.10%
[1] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
[2] 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 1.10% 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 1.60%, 1.35% and 1.15%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees.
EXPENSE EXAMPLE
This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Expense Example Trilogy International Small Cap Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Investor Class
137 579 1,047 2,343
Service Class
131 561 1,016 2,280
Institutional Class
112 502 918 2,078
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
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 (generally common and preferred stocks) of small market capitalization companies ("small cap companies"). Additionally, 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 of issuers located outside the United States, and 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 considers an issuer to be located outside the United States if the issuer maintains its principal place of business outside the United States, its securities are traded principally outside the United States, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed outside the United States or it has at least 50% of its assets outside the United States.

The Fund primarily invests in non-U.S. small cap companies, allocating investments across different countries and regions. The Subadvisor considers non-U.S. small cap companies to be those with market capitalizations in the range of the MSCI All Country World ex-U.S. Small Cap Index (between $3.53 million and $4.39 billion as of the latest reconstitution of the Index on December 1, 2012). The Fund may invest in securities of issuers located in emerging markets countries. The Fund's Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index. The Fund's portfolio normally consists of between 40 to 100 securities. To gain exposure to foreign issuers, the Fund also may invest in American Depositary Receipts ("ADRs"), Global Depoisitary Receipts ("GDRs") and other depositary receipts of non-U.S. listed companies.

The Subadvisor uses a bottom-up investment process driven by fundamental research conducted by its investment analysts. Under normal market conditions, the Subadvisor seeks to maintain a growth oriented focus and invest the Fund's assets pursuant to the following core principles:
—  Earnings growth drives equity returns over the long term.

—  Early-stage and traditional growth companies provide the greatest opportunity.

—  Risk management with respect to the Fund's portfolio should focus on avoiding losing money, rather than minimizing tracking error against the benchmark.

—  A disciplined investment process requires consistently identifying opportunities, evaluating potential returns and responding with timely buy/sell decisions.
PRINCIPAL RISKS
There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund.

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

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

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

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

Growth Stock Risk—growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.

Liquidity Risk—particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.

Market Risk—market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.

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

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.
PERFORMANCE
The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of broad based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Calendar Year Total Returns as of 12/31/2012 (Institutional Class)
Bar Chart
Best Quarter: 5.54 (4th Quarter 2011)
Worst Quarter: -25.20 (3rd Quarter 2011)
Average Annual Total Returns as of 12/31/12
Average Annual Total Returns Trilogy International Small Cap Fund
1 Year
Since Inception
Inception Date
Investor Class
21.70% (1.70%) Jul. 15, 2011
Investor Class MSCI All Country World Index Ex US Small Cap (reflects no deduction for fees, expenses, or taxes)
18.52% (2.89%) Jul. 15, 2011
Service Class
21.86% (2.60%) Mar. 01, 2011
Service Class MSCI All Country World Index Ex US Small Cap (reflects no deduction for fees, expenses, or taxes)
18.52% (2.64%) Mar. 01, 2011
Institutional Class
21.90% (2.50%) Mar. 01, 2011
Institutional Class Return After Taxes on Distributions
21.78% (2.49%) Mar. 01, 2011
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares
14.68% (1.97%) Mar. 01, 2011
Institutional Class MSCI All Country World Index Ex US Small Cap (reflects no deduction for fees, expenses, or taxes)
18.52% (2.64%) Mar. 01, 2011
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 Service Class and Investor Class shares will vary.
XML 21 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANAGERS AMG FUNDS
Prospectus Date rr_ProspectusDate Mar. 01, 2013
Trilogy Emerging Markets Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Trilogy Emerging Markets Equity Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Trilogy Emerging Markets Equity Fund's (the "Fund" or "Emerging Markets Equity Fund") investment objective is to seek long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination March 1, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 32% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 32.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (generally common and preferred stocks) of issuers located in emerging market countries. The Fund may allocate investments across different emerging markets countries. The Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index. The Fund considers an issuer to be located in an emerging market country if the issuer maintains its principal place of business in an emerging market country, its securities are traded principally in an emerging market country, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country or it has at least 50% of its assets in an emerging market country. The Fund's portfolio normally consists of between 60 to 120 securities. To gain exposure to foreign issuers, the Fund also may invest in American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and other depositary receipts of non-U.S. listed companies.

The Subadvisor uses a bottom-up investment process driven by fundamental research conducted by its investment analysts. Under normal market conditions, the Subadvisor seeks to maintain a growth oriented focus and invest the Fund's assets pursuant to the following core principles:
—  Earnings growth drives equity returns over the long term.
—  Early-stage and traditional growth companies provide the greatest opportunity.
—  Risk management with respect to the Fund's portfolio should focus on avoiding losing money, rather than minimizing tracking error against the benchmark.
—  A disciplined investment process requires consistently identifying opportunities, evaluating potential returns and responding with timely buy/sell decisions.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Below are some of the risks of investing in the Fund.

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

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

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

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

Growth Stock Riskgrowth 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 Riskthe stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

Liquidity Risk—particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.

Market Risk—market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.

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

Small- and Mid-Capitalization Stock Risk—the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.
Risk Lose Money [Text] rr_RiskLoseMoney There is the risk that you may lose money on your investment.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. Because the Fund's Investor Class shares have not operated for a full calendar year, performance history for this share class is not available. Investor Class shares would have similar annual returns as Service Class and Institutional Class shares because all of the classes are invested in the same portfolio of securities. However, Investor Class shares are subject to different expenses than Service Class and Institutional Class shares, and Investor Class share performance would vary to that extent. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of broad-based securities market index.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Fund's Investor Class shares have not operated for a full calendar year, performance history for this share class is not available.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800.835.3879
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.managersinvest.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns as of (12/31/12) Institutional Class
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter: 4.70 (4th Quarter 2012)
Worst Quarter: 24.01 (3rd Quarter 2011)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of 12/31/12
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class shares only, and after-tax returns for Service Class and Investor Class shares will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only, and after-tax returns for Service Class and Investor Class shares will vary.
Trilogy Emerging Markets Equity Fund | Investor Class
 
Risk/Return: rr_RiskReturnAbstract  
Redemption/Exchange Fee (as a percentage of the amount redeemed, if applicable, within 60 days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Management Fee rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.35%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.31% [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets none [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.31% [1]
1 Year rr_ExpenseExampleYear01 133
3 Years rr_ExpenseExampleYear03 415
5 Years rr_ExpenseExampleYear05 718
10 Years rr_ExpenseExampleYear10 1,579
Trilogy Emerging Markets Equity Fund | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
Redemption/Exchange Fee (as a percentage of the amount redeemed, if applicable, within 60 days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Management Fee rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.55%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.26% [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets none [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.26% [1]
1 Year rr_ExpenseExampleYear01 128
3 Years rr_ExpenseExampleYear03 400
5 Years rr_ExpenseExampleYear05 692
10 Years rr_ExpenseExampleYear10 1,523
1 Year rr_AverageAnnualReturnYear01 17.37%
Since Inception rr_AverageAnnualReturnSinceInception 1.53%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy Emerging Markets Equity Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Redemption/Exchange Fee (as a percentage of the amount redeemed, if applicable, within 60 days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Management Fee rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.35%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets none [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets none [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.06% [1]
1 Year rr_ExpenseExampleYear01 108
3 Years rr_ExpenseExampleYear03 337
5 Years rr_ExpenseExampleYear05 585
10 Years rr_ExpenseExampleYear10 1,294
2012 rr_AnnualReturn2012 15.52%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.70%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 24.01%
1 Year rr_AverageAnnualReturnYear01 15.52%
Since Inception rr_AverageAnnualReturnSinceInception (5.18%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy Emerging Markets Equity Fund | Return After Taxes on Distributions | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.60%
Since Inception rr_AverageAnnualReturnSinceInception (5.14%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy Emerging Markets Equity Fund | Return After Taxes on Distributions and Sale of Fund Shares | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.42%
Since Inception rr_AverageAnnualReturnSinceInception (4.29%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy Emerging Markets Equity Fund | MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes) | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.22%
Since Inception rr_AverageAnnualReturnSinceInception 0.15%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy Emerging Markets Equity Fund | MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.22%
Since Inception rr_AverageAnnualReturnSinceInception 0.15%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
[1] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
[2] 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, shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 1.05% 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 1.55%, 1.30% and 1.05% respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees.
XML 22 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MANAGERS AMG FUNDS
Prospectus Date rr_ProspectusDate Mar. 01, 2013
Trilogy International Small Cap Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Trilogy International Small Cap Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Trilogy International Small Cap Fund's (the "Fund" or "International Small Cap Fund") investment objective is to seek long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination March 1, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 56.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
Expense Example [Heading] rr_ExpenseExampleHeading EXPENSE EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example reflects the impact of the Fund's contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (generally common and preferred stocks) of small market capitalization companies ("small cap companies"). Additionally, 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 of issuers located outside the United States, and 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 considers an issuer to be located outside the United States if the issuer maintains its principal place of business outside the United States, its securities are traded principally outside the United States, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed outside the United States or it has at least 50% of its assets outside the United States.

The Fund primarily invests in non-U.S. small cap companies, allocating investments across different countries and regions. The Subadvisor considers non-U.S. small cap companies to be those with market capitalizations in the range of the MSCI All Country World ex-U.S. Small Cap Index (between $3.53 million and $4.39 billion as of the latest reconstitution of the Index on December 1, 2012). The Fund may invest in securities of issuers located in emerging markets countries. The Fund's Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index. The Fund's portfolio normally consists of between 40 to 100 securities. To gain exposure to foreign issuers, the Fund also may invest in American Depositary Receipts ("ADRs"), Global Depoisitary Receipts ("GDRs") and other depositary receipts of non-U.S. listed companies.

The Subadvisor uses a bottom-up investment process driven by fundamental research conducted by its investment analysts. Under normal market conditions, the Subadvisor seeks to maintain a growth oriented focus and invest the Fund's assets pursuant to the following core principles:
—  Earnings growth drives equity returns over the long term.

—  Early-stage and traditional growth companies provide the greatest opportunity.

—  Risk management with respect to the Fund's portfolio should focus on avoiding losing money, rather than minimizing tracking error against the benchmark.

—  A disciplined investment process requires consistently identifying opportunities, evaluating potential returns and responding with timely buy/sell decisions.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund.

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

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

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

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

Growth Stock Risk—growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.

Liquidity Risk—particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.

Market Risk—market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.

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

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.
Risk Lose Money [Text] rr_RiskLoseMoney There is the risk that you may lose money on your investment.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of broad based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of broad based securities market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800.835.3879
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.managersinvest.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns as of 12/31/2012 (Institutional Class)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter: 5.54 (4th Quarter 2011)
Worst Quarter: -25.20 (3rd Quarter 2011)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of 12/31/12
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class shares only, and after-tax returns for Service Class and Investor Class shares will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only, and after-tax returns for Service Class and Investor Class shares will vary.
Trilogy International Small Cap Fund | Investor Class
 
Risk/Return: rr_RiskReturnAbstract  
Redemption/Exchange Fee (as a percentage of the amount redeemed, if applicable, within 60 days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.82%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.07% [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.72%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.35% [1]
1 Year rr_ExpenseExampleYear01 137
3 Years rr_ExpenseExampleYear03 579
5 Years rr_ExpenseExampleYear05 1,047
10 Years rr_ExpenseExampleYear10 2,343
1 Year rr_AverageAnnualReturnYear01 21.70%
Since Inception rr_AverageAnnualReturnSinceInception (1.70%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 15, 2011
Trilogy International Small Cap Fund | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
Redemption/Exchange Fee (as a percentage of the amount redeemed, if applicable, within 60 days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.01% [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.72%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.29% [1]
1 Year rr_ExpenseExampleYear01 131
3 Years rr_ExpenseExampleYear03 561
5 Years rr_ExpenseExampleYear05 1,016
10 Years rr_ExpenseExampleYear10 2,280
1 Year rr_AverageAnnualReturnYear01 21.86%
Since Inception rr_AverageAnnualReturnSinceInception (2.60%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy International Small Cap Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Redemption/Exchange Fee (as a percentage of the amount redeemed, if applicable, within 60 days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.82%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.82% [1]
Fee Waiver and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.72%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements rr_NetExpensesOverAssets 1.10% [1]
1 Year rr_ExpenseExampleYear01 112
3 Years rr_ExpenseExampleYear03 502
5 Years rr_ExpenseExampleYear05 918
10 Years rr_ExpenseExampleYear10 2,078
2012 rr_AnnualReturn2012 21.90%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.54%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (25.20%)
1 Year rr_AverageAnnualReturnYear01 21.90%
Since Inception rr_AverageAnnualReturnSinceInception (2.50%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy International Small Cap Fund | Return After Taxes on Distributions | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 21.78%
Since Inception rr_AverageAnnualReturnSinceInception (2.49%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy International Small Cap Fund | Return After Taxes on Distributions and Sale of Fund Shares | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.68%
Since Inception rr_AverageAnnualReturnSinceInception (1.97%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy International Small Cap Fund | MSCI All Country World Index Ex US Small Cap (reflects no deduction for fees, expenses, or taxes) | Investor Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.52%
Since Inception rr_AverageAnnualReturnSinceInception (2.89%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 15, 2011
Trilogy International Small Cap Fund | MSCI All Country World Index Ex US Small Cap (reflects no deduction for fees, expenses, or taxes) | Service Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.52%
Since Inception rr_AverageAnnualReturnSinceInception (2.64%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
Trilogy International Small Cap Fund | MSCI All Country World Index Ex US Small Cap (reflects no deduction for fees, expenses, or taxes) | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.52%
Since Inception rr_AverageAnnualReturnSinceInception (2.64%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2011
[1] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
[2] 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 1.10% 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 1.60%, 1.35% and 1.15%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees.
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