MANAGERS CADENCE CAPITAL APPRECIATION FUND (First Prospectus Summary) | MANAGERS CADENCE CAPITAL APPRECIATION FUND

Managers Cadence Capital Appreciation Fund

INVESTMENT OBJECTIVE

The Managers Cadence Capital Appreciation Fund's (the "Fund" or "Capital
Appreciation Fund") investment objective is to seek growth of capital.

FEES AND EXPENSES OF THE FUND

The table 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 MANAGERS CADENCE CAPITAL APPRECIATION FUND		Institutional Class	P Class	Administrative Class	D Class
Management Fee		0.45%	0.45%	0.45%	0.45%
Distribution and Service (12b-1) Fees		none	none	none	0.25%
Other Expenses	[1]	0.34%	0.44%	0.59%	0.49%
Acquired Fund Fees and Expenses		0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses	[1][2]	0.80%	0.90%	1.05%	1.20%
Fee Waiver and Expense Reimbursements	[3]	(0.07%)	(0.07%)	(0.07%)	(0.07%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements	[1][2]	0.73%	0.83%	0.98%	1.13%

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 October 1, 2013.

Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:

Expense Example MANAGERS CADENCE CAPITAL APPRECIATION FUND (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Institutional Class	75	241	430	976
P Class	85	273	484	1,095
Administrative Class	100	320	565	1,270
D Class	115	367	646	1,442

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 75%
of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

Under normal circumstances, the Fund seeks to achieve its investment objective
by investing at least 65% of its net assets in common stocks of U.S. companies
with market capitalizations of $3 billion or more that have improving
fundamentals (based on growth criteria) and whose stock the portfolio management
team believes to be reasonably valued by the market (based on value criteria).
The Fund primarily invests in common stocks of large capitalization companies.
Cadence Capital Management LLC ("Cadence" or the "Subadvisor") employs a
"growth-at-a-reasonable-price" ("GARP") investment philosophy, allowing the team
to invest in companies that exhibit both growth and value characteristics. In
making investment decisions for the Fund, the Subadvisor considers companies in
the Russell 1000 ® Index and the S&P 500 Index. The team ranks the stocks in
this universe based on a series of growth criteria, such as the change in
consensus earnings estimates over time, the company's history in meeting
earnings targets, earnings quality, and improvements in return on equity, and a
series of value criteria, such as price-to-earnings ratios and free cash flow
relative to enterprise value. The Subadvisor then subjects the most attractively
ranked stocks in the universe to an analysis of company factors, such as
strength of management, competitive industry position and business prospects, and
financial statement data, such as earnings, cash flows and profitability.
The Fund may invest a portion of its assets in real estate investment trusts ("REITs").
Generally, the Fund will hold between approximately 70-95 securities.

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.

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

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

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.

Real Estate Industry Risk-investments in the Fund may be subject to many of the
same risks as a direct investment in real estate; in addition, equity REITs may
be affected by changes in the value of their underlying properties.

Sector Risk-companies or issuers that are in similar industry sectors may be
similarly affected by particular economic or market events; to the extent the
Fund has substantial holdings within a particular sector, the risks associated
with that sector increase. Stocks in the technology sector currently, and may in
the future, comprise a significant portion of the Fund's portfolio. The
technology industries may be affected by technological obsolescence, short
product cycles, falling prices and profits, competitive pressures and general
market conditions.

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 broadly 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 performance information for the Fund please visit www.managersinvest.com
or call 800.835.3879.

The performance information shown is that of the Fund's Institutional Class
shares, and includes historical performance of the Fund for periods prior to
September 27, 2010, which was the date the Fund was reorganized from the Allianz
CCM Capital Appreciation Fund to the Fund. The performance information shown in
the table for Class P shares of the Fund is based on the prior performance of
the Institutional Class shares and has been adjusted to reflect the higher
operating expenses applicable to Class P shares.

Calendar Year Total Returns as of 12/31/10 (Institutional Class)

Best Quarter: 13.75% (3rd Quarter 2009)

Worst Quarter: -22.41% (4th Quarter 2008)

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. After-tax returns for Class P, Administrative Class and Class
D shares will vary.

Average Annual Total Returns as of 12/31/10

Average Annual Total Returns MANAGERS CADENCE CAPITAL APPRECIATION FUND	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 1 Year, Secondary	Average Annual Returns, 5 Years	Average Annual Returns, 5 Years, Secondary	Average Annual Returns, 10 Years	Average Annual Returns, 10 Years, Secondary	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Institutional Class	Institutional Class Return Before Taxes	16.07%		0.63%		0.05%
P Class	P Class Return Before Taxes	15.96%						(1.87%)	Jul. 07, 2008
Administrative Class	Administrative Class Return Before Taxes	15.78%		0.39%		(0.17%)
D Class	D Class Return Before Taxes	15.65%		0.24%		(0.34%)
After Taxes on Distributions Institutional Class	Institutional Class Return After Taxes on Distributions	15.95%		(0.04%)		(0.31%)
After Taxes on Distributions and Sales Institutional Class	Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	10.61%		0.43%		(0.02%)
Russell 1000 Growth Index	Russell 1000®Growth Index (reflects no deduction for fees, expenses, or taxes)	37.21%	16.71%	1.63%	3.75%	(3.99%)	0.02%	4.34%	Jul. 07, 2008

[1] The amounts have been restated to reflect current fees and expenses, on an annualized basis, that the Fund has incurred since its reorganization into the Managers Cadence Capital Appreciation Fund on September 27, 2010.

[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, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired fund.

[3] Managers Investment Group LLC ("Managers" or the "Investment Manager") has contractually agreed, through at least October 1, 2013, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.72% 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 Institutional Class, Class P, Administrative Class and Class D shares would be 0.72%, 0.87%, 0.97% and 1.12%, 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.