0001104659-12-069382.txt : 20121016 0001104659-12-069382.hdr.sgml : 20121016 20121016145642 ACCESSION NUMBER: 0001104659-12-069382 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121016 DATE AS OF CHANGE: 20121016 EFFECTIVENESS DATE: 20121016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANAGERS FUNDS CENTRAL INDEX KEY: 0000720309 IRS NUMBER: 222528211 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-84012 FILM NUMBER: 121146087 BUSINESS ADDRESS: STREET 1: 800 CONNECTICUT AVENUE CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 2032993500 MAIL ADDRESS: STREET 1: 800 CONNECTICUT AVENUE CITY: NORWALK STATE: CT ZIP: 06854 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS GROUP OF FUNDS DATE OF NAME CHANGE: 19910429 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS CAPITAL APPRECIATION FUND DATE OF NAME CHANGE: 19881214 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS EQUITY FUND DATE OF NAME CHANGE: 19870819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANAGERS FUNDS CENTRAL INDEX KEY: 0000720309 IRS NUMBER: 222528211 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03752 FILM NUMBER: 121146088 BUSINESS ADDRESS: STREET 1: 800 CONNECTICUT AVENUE CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 2032993500 MAIL ADDRESS: STREET 1: 800 CONNECTICUT AVENUE CITY: NORWALK STATE: CT ZIP: 06854 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS GROUP OF FUNDS DATE OF NAME CHANGE: 19910429 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS CAPITAL APPRECIATION FUND DATE OF NAME CHANGE: 19881214 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS EQUITY FUND DATE OF NAME CHANGE: 19870819 0000720309 S000029671 MANAGERS CADENCE CAPITAL APPRECIATION FUND C000091179 CLASS A MPAFX C000091180 CLASS B MCFBX C000091181 CLASS C MPCFX C000091182 CLASS R MPRFX C000091183 INSTITUTIONAL CLASS MPCIX C000091184 CLASS P MCFPX C000091185 ADMINISTRATIVE CLASS MCFYX C000091186 CLASS D MCFDX 0000720309 S000029672 MANAGERS CADENCE EMERGING COMPANIES FUND C000091187 ADMINISTRATIVE CLASS MECAX C000091188 INSTITUTIONAL CLASS MECIX 0000720309 S000029673 MANAGERS CADENCE FOCUSED GROWTH FUND C000091189 CLASS A MFAGX C000091190 CLASS C MGCFX C000091191 INSTITUTIONAL CLASS MFIGX C000091192 CLASS P MFPGX C000091193 ADMINISTRATIVE CLASS MFYGX C000091194 CLASS D MFDGX 0000720309 S000029674 MANAGERS CADENCE MID-CAP FUND C000091195 CLASS A MCMAX C000091196 CLASS B MCMBX C000091197 CLASS C MCMCX C000091198 CLASS R MCMRX C000091199 INSTITUTIONAL CLASS MCMFX C000091200 CLASS P MCMPX C000091201 ADMINISTRATIVE CLASS MCMYX C000091202 CLASS D MCMDX 485BPOS 1 a12-22429_3485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on October 16, 2012

 

1933 Act Registration No. 002-84012

1940 Act Registration No. 811-03752

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

x

 

Pre-Effective Amendment No.

o

 

Post-Effective Amendment No. 92

x

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

x

Amendment No. 93

x

 

THE MANAGERS 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)

o                      on (date) pursuant to paragraph (b)

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

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

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

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

 

If appropriate, check the following box:

 

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

 

The Amendment relates solely to Managers Cadence Capital Appreciation Fund, Managers Cadence Emerging Companies Fund, Managers Cadence Focused Growth Fund and Managers Cadence Mid-Cap Fund, each a series of The Managers Funds.

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, each as amended, The Managers 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 16th day of October, 2012.

 

 

THE MANAGERS 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/ Jack W. Aber*

 

Trustee

 

October 16, 2012

Jack W. Aber

 

 

 

 

 

 

 

 

 

/s/ Bruce B. Bingham*

 

Trustee

 

October 16, 2012

Bruce B. Bingham

 

 

 

 

 

 

 

 

 

/s/ Christine C. Carsman*

 

Trustee

 

October 16, 2012

Christine C. Carsman

 

 

 

 

 

 

 

 

 

/s/ William E. Chapman, II*

 

Trustee

 

October 16, 2012

William E. Chapman, II

 

 

 

 

 

 

 

 

 

/s/ Edward J. Kaier*

 

Trustee

 

October 16, 2012

Edward J. Kaier

 

 

 

 

 

 

 

 

 

/s/ Steven J. Paggioli*

 

Trustee

 

October 16, 2012

Steven J. Paggioli

 

 

 

 

 

 

 

 

 

/s/ Eric Rakowski*

 

Trustee

 

October 16, 2012

Eric Rakowski

 

 

 

 

 

 

 

 

 

/s/ Thomas R. Schneeweis*

 

Trustee

 

October 16, 2012

Thomas R. Schneeweis

 

 

 

 

 

 

 

 

 

/s/ Keitha L. Kinne

 

President and

 

October 16, 2012

Keitha L. Kinne

 

Principal Executive Officer

 

 

 

 

 

 

 

/s/ Donald S. Rumery

 

Treasurer,

 

October 16, 2012

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: October 16, 2012

 



 

THE MANAGERS 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

 


EX-101.INS 2 ck0000720309-20120531.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-05-31 0000720309 2012-10-01 MANAGERS FUNDS false 2012-09-28 2012-10-01 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 127%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000029674Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000029674Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers Cadence Mid-Cap Fund's (the "Fund" or "Mid-Cap Fund") investment<br />objective is to seek growth of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through October 1, 2013.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund seeks to achieve its investment objective<br />by investing at least 80% of its net assets (plus borrowings made for investment<br />purposes) in common stocks of U.S. companies with medium market capitalizations.<br />The Fund primarily invests in common stocks of mid-capitalization companies.<br />Cadence Capital Management LLC ("Cadence" or the "Subadvisor") employs a<br />"growth-at-a-reasonable-price" ("GARP") investment philosophy, allowing the team<br />to invest in companies that exhibit both growth and value characteristics. The<br />Fund currently defines medium market capitalization companies as those with a<br />market capitalization within the market capitalization range of the companies<br />represented in the Russell Midcap&#xAE; Index (between $1.4 billion and $17.4 billion<br />as of the latest reconstitution of the Index on May 31, 2012). The team ranks the <br />stocks in this universe based on a series of growth criteria, such as the change <br />in consensus earnings estimates over time, the company's history in meeting <br />earnings targets, earnings quality, and improvements in return on capital, and a <br />series of value criteria, such as price-to-earnings ratios and free cash flow <br />relative to enterprise value. The Subadvisor then subjects the most attractively <br />ranked stocks in the universe to an analysis of company factors, such as strength <br />of management, competitive industry position and business prospects, and financial <br />statement data, such as earnings, cash flows and profitability. The Fund may invest <br />a portion of its assets in real estate investment trusts ("REITs"). Generally, the <br />Fund will hold between approximately 70-95 securities.</tt> Managers Cadence Mid-Cap Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect the operating expenses of the Fund and certain expense offset items. You may qualify for sales charge discounts on Class A shares if you or your family invests at least $25,000 in Class A shares of funds within the Managers Family of Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.27 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Class A) PERFORMANCE 25000 <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns depend on an investor's tax situation and may differ <br />from those shown. After-tax returns are not relevant to investors who hold their <br />Fund shares through tax-deferred arrangements, such as 401(k) plans or individual <br />retirement accounts. After-tax returns are shown for Class A shares only. After-tax <br />returns for Class B, Class C and Class R shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad based securities market index. <tt>Best Quarter: 15.99% (3rd Quarter 2009) <br /><br />Worst Quarter: -26.43% (4th Quarter 2008)</tt> 800.835.3879 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns as of 12/31/11 PORTFOLIO TURNOVER <tt>There is the risk that you may lose money on your investment. All investments<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit <br />or obligation of any bank, is not endorsed or guaranteed by any bank, and is <br />not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Growth Stock Risk-growth stocks may be more sensitive to market movements<br />because their prices tend to reflect future investor expectations rather than<br />just current profits.<br /> <br />Liquidity Risk-particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk-market prices of securities held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Mid-Capitalization Stock Risk-the stocks of mid-capitalization companies often<br />have greater price volatility, lower trading volume, and less liquidity than the<br />stocks of larger, more established companies.<br /> <br />Real Estate Industry Risk-investments in the Fund may be subject to many of the<br />same risks as a direct investment in real estate; in addition, equity REITs may<br />be affected by changes in the value of their underlying properties.<br /> <br />Sector Risk-companies or issuers that are in similar industry sectors may be<br />similarly affected by particular economic or market events; to the extent the<br />Fund has substantial holdings within a particular sector, the risks associated<br />with that sector increase. Stocks in the technology and consumer discretionary<br />sectors currently, and may in the future, comprise a significant portion of the<br />Fund's portfolio. The technology industries may be affected by technological<br />obsolescence, short product cycles, falling prices and profits, competitive<br />pressures and general market conditions. The consumer discretionary industries<br />may be affected by the performance of the overall economy, consumer confidence<br />and spending, changes in demographics and consumer tastes, interest rates, and<br />competitive pressures.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Class A shares only. After-tax returns for Class B, Class C and Class R shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broad based securities<br />market index. Annual returns shown in the bar chart do not reflect front end or<br />deferred sales charges (loads), and if these amounts were reflected, returns<br />would be less than those shown. Maximum sales charges (loads) are reflected in<br />the annual returns table. As always, past performance of the Fund (before and<br />after taxes) is not an indication of how the Fund will perform in the future. To<br />obtain performance information for the Fund please visit www.managersinvest.com<br />or call 800.835.3879.<br /> <br />The performance information shown in the bar chart is that of the Fund's Class A<br />shares and the performance information shown in the bar chart and table includes<br />historical performance of the Fund for periods prior to September 27, 2010, which <br />was the date the Fund was reorganized from the Allianz CCM Mid-Cap Fund to the <br />Fund. The performance information shown in the table for Class R shares of the <br />Fund is based on the prior performance of the Institutional Class shares (which <br />are offered in a different prospectus) and has been adjusted to reflect the actual <br />sales charges and higher operating expenses applicable to Class R shares.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and<br />hold shares of the Fund. You may qualify for sales charge discounts on Class A<br />shares if you or your family invests at least $25,000 in Class A shares of funds<br />within the Managers Family of Funds. More information about these and other<br />discounts is available from your financial professional and in "Sales Charge<br />Reductions and Waivers" on page 25 of the Fund's prospectus and "Reductions and<br />Waivers of Sales Charges" on page 52 of the Fund's statement of additional<br />information.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000029674Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The figures shown above for Class A and Class R shares would be the same whether you sold your shares at the end of a period or kept them. For Class B and Class C shares, you would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000029674Member2 column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExampleNoRedemption_S000029674Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ShareholderFeesData_S000029674Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell Midcap® Growth Index (reflects no deduction for fees, expenses, or taxes) -0.0052 0.4629 0.0240 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.1190 -0.0119 0.0088 Class A Return After Taxes on Distributions 0.1831 -0.0217 0.0028 MCMRX 0.0000 Class R Return Before Taxes 139 451 -0.0008 1728 785 0.2492 0.0050 0.0045 2013-10-01 -0.0052 0.0050 0.0191 0.0137 0.0145 0.0000 MCMCX 0.0000 Class C Return Before Taxes 290 190 604 -0.0008 2268 1045 0.2331 0.0050 0.0045 2013-10-01 2268 -0.0102 604 1045 0.0100 0.0147 0.0187 0.0195 0.0100 MCMBX 0.0000 Class B Return Before Taxes 690 190 904 -0.0008 1983 1145 0.1933 0.0050 0.0045 2013-10-01 1983 -0.0134 604 1045 0.0100 0.0169 0.0187 0.0195 0.0500 MCMAX -0.2033 Worst Quarter: Best Quarter: 0.0575 Class A Return Before Taxes 683 2009-09-30 927 -0.2643 0.1825 -0.0008 0.2645 1939 1189 0.2153 0.1599 0.1831 0.0050 -0.4465 0.0045 2013-10-01 2008-12-31 0.2520 -0.0140 0.1272 -0.0164 0.3056 0.0025 0.0165 0.0112 0.0120 0.0391 0.0100 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 127%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000029674Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000029674Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers Cadence Mid-Cap Fund's (the "Fund" or "Mid-Cap Fund") investment<br />objective is to seek growth of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through October 1, 2013.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund seeks to achieve its investment objective<br />by investing at least 80% of its net assets (plus borrowings made for investment<br />purposes) in common stocks of U.S. companies with medium market capitalizations.<br />The Fund primarily invests in common stocks of mid-capitalization companies.<br />Cadence Capital Management LLC ("Cadence" or the "Subadvisor") employs a<br />"growth-at-a-reasonable-price" ("GARP") investment philosophy, allowing the team<br />to invest in companies that exhibit both growth and value characteristics. The<br />Fund currently defines medium market capitalization companies as those with a<br />market capitalization within the market capitalization range of the companies<br />represented in the Russell Midcap&#xAE; Index (between $1.4 billion and $17.4 billion<br />as of the latest reconstitution of the Index on May 31, 2012). The team ranks<br />the stocks in this universe based on a series of growth criteria, such as the<br />change in consensus earnings estimates over time, the company's history in<br />meeting earnings targets, earnings quality, and improvements in return on capital, <br />and a series of value criteria, such as price-to-earnings ratios and free cash <br />flow relative to enterprise value. The Subadvisor then subjects the most <br />attractively ranked stocks in the universe to an analysis of company factors, such <br />as strength of management, competitive industry position and business prospects, <br />and financial statement data, such as earnings, cash flows and profitability. <br />The Fund may invest a portion of its assets in real estate investment trusts <br />("REITs"). Generally, the Fund will hold between approximately 70-95 securities.</tt> Managers Cadence Mid-Cap Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect the operating expenses of the Fund and certain expense offset items. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.27 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Institutional Class) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns depend on an investor's tax situation and may differ <br />from those shown. After-tax returns are not relevant to investors who hold their <br />Fund shares through tax-deferred arrangements, such as 401(k) plans or individual <br />retirement accounts. After-tax returns are shown for Institutional Class shares <br />only. After-tax returns for Class P, Administrative Class and Class D shares will <br />vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broadly based securities market index. <tt>Best Quarter: 16.06% (3rd Quarter 2009) <br /><br />Worst Quarter: -26.34% (4th Quarter 2008)</tt> 800.835.3879 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns as of 12/31/11 PORTFOLIO TURNOVER <tt>There is the risk that you may lose money on your investment. All investments<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit <br />or obligation of any bank, is not endorsed or guaranteed by any bank, and is <br />not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Growth Stock Risk--growth stocks may be more sensitive to market movements<br />because their prices tend to reflect future investor expectations rather than<br />just current profits.<br /> <br />Liquidity Risk--particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk--market prices of securities held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Mid-Capitalization Stock Risk--the stocks of mid-capitalization companies often<br />have greater price volatility, lower trading volume, and less liquidity than the<br />stocks of larger, more established companies.<br /> <br />Real Estate Industry Risk--investments in the Fund may be subject to many of the<br />same risks as a direct investment in real estate; in addition, equity REITs may<br />be affected by changes in the value of their underlying properties.<br /> <br />Sector Risk--companies or issuers that are in similar industry sectors may be<br />similarly affected by particular economic or market events; to the extent the<br />Fund has substantial holdings within a particular sector, the risks associated<br />with that sector increase. Stocks in the technology and consumer discretionary<br />sectors currently, and may in the future, comprise a significant portion of the<br />Fund's portfolio. The technology industries may be affected by technological<br />obsolescence, short product cycles, falling prices and profits, competitive<br />pressures and general market conditions. The consumer discretionary industries<br />may be affected by the performance of the overall economy, consumer confidence<br />and spending, changes in demographics and consumer tastes, interest rates, and<br />competitive pressures.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Institutional Class shares only. After-tax returns for Class P, Administrative Class and Class D shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broadly based securities <br />market index. As always, past performance of the Fund (before and after taxes) is <br />not an indication of how the Fund will perform in the future. To obtain performance <br />information for the Fund please visit www.managersinvest.com or call 800.835.3879.<br /> <br />The performance information shown in the bar chart is that of the Fund's<br />Institutional Class shares, and the performance information shown in the bar<br />chart and table includes historical performance of the Fund for periods prior to<br />September 27, 2010, which was the date the Fund was reorganized from the Allianz<br />CCM Mid-Cap Fund to the Fund. The performance information shown in the table for<br />Class P shares of the Fund is based on the prior performance of the Institutional <br />Class shares and has been adjusted to reflect the higher operating expenses <br />applicable to Class P shares.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000029674Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000029674Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Russell Midcap® Growth Index (reflects no deduction for fees, expenses, or taxes) -0.0165 0.0244 0.0529 0.0375 2008-07-07 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares -0.0083 0.0105 0.0395 Institutional Class Return After Taxes on Distributions -0.0127 0.0090 0.0421 MCMDX Class D Return Before Taxes 114 373 -0.0008 1447 652 -0.0167 0.0050 0.0045 2013-10-01 0.0093 0.0025 0.0420 0.0112 0.0120 MCMYX Administrative Class Return Before Taxes 99 326 -0.0008 1275 572 -0.0153 0.0060 0.0045 2013-10-01 0.0108 0.0000 0.0433 0.0097 0.0105 MCMPX Class P Return Before Taxes 81 270 -0.0008 1065 474 -0.0140 0.0042 0.0045 2013-10-01 0.0000 0.0079 0.0087 -0.0083 2008-07-07 MCMFX -0.2006 Worst Quarter: Best Quarter: Institutional Class Return Before Taxes 74 2009-09-30 247 -0.2634 0.1876 -0.0008 0.2698 982 436 0.2202 0.1606 -0.0127 0.0035 -0.4442 0.0045 2013-10-01 2008-12-31 0.2570 0.0134 0.1315 -0.0127 0.3107 0.0000 0.0461 0.0072 0.0080 0.0430 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 129%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000029673Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000029673Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers Cadence Focused Growth Fund's (the "Fund" or "Focused Growth Fund")<br />investment objective is to seek long-term growth of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through October 1, 2013.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund seeks to achieve its investment objective<br />by investing at least 65% of its net assets (plus borrowings made for investment<br />purposes) in common stocks of U.S. companies in the Russell 1000&#xAE; Growth Index.<br />The Fund primarily invests in common stocks of large capitalization companies.<br />Cadence Capital Management LLC ("Cadence" or the "Subadvisor") employs a<br />"growth-at-a-reasonable-price" ("GARP") investment philosophy, allowing the team<br />to invest in companies that exhibit both growth and value characteristics. The<br />team ranks the stocks in this universe based on a series of growth criteria,<br />such as the change in consensus earnings estimates over time, the company's<br />history in meeting earnings targets, earnings quality, and improvements in<br />return on capital, and a series of value criteria, such as price-to-earnings<br />ratios and free cash flow relative to enterprise value. The Subadvisor then<br />subjects the most attractively ranked stocks in the universe to an analysis of<br />company factors, such as strength of management, competitive industry position<br />and business prospects, and financial statement data, such as earnings, cash<br />flows and profitability. At times, depending on market and other conditions, the<br />Fund may invest a substantial portion of its assets in a small number of<br />issuers, business sectors or industries. The Fund may invest a portion of its<br />assets in real estate investment trusts ("REITs"). Generally, the Fund will hold<br />between approximately 35-45 securities.</tt> Managers Cadence Focused Growth Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect only the operating expenses of the Fund, certain expense offset items and do not include fees and expenses of any acquired Fund. You may qualify for sales charge discounts on Class A shares if you or your family invests at least $25,000 in Class A shares of funds within the Managers Family of Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.29 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Class A) PERFORMANCE 25000 <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns depend on an investor's tax situation and may differ <br />from those shown. After-tax returns are not relevant to investors who hold their <br />Fund shares through tax-deferred arrangements, such as 401(k) plans or individual <br />retirement accounts. After-tax returns are shown for Class A shares only. <br />After-tax returns for Class C shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad based securities market index. <tt>Best Quarter: 13.96% (3rd Quarter 2009) <br /><br />Worst Quarter: -22.94% (4th Quarter 2008)</tt> 800.835.3879 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns as of 12/31/11 PORTFOLIO TURNOVER <tt>There is the risk that you may lose money on your investment. All investments<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit <br />or obligation of any bank, is not endorsed or guaranteed by any bank, and is <br />not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Focused Investment Risk--a greater percentage of the Fund's holdings may be<br />focused in a smaller number of securities which may place the Fund at greater<br />risk than a more diversified fund.<br /> <br />Growth Stock Risk--growth stocks may be more sensitive to market movements<br />because their prices tend to reflect future investor expectations rather than<br />just current profits.<br /> <br />Large-Capitalization Stock Risk--the stocks of large-capitalization companies are<br />generally more mature and may not be able to reach the same levels of growth as<br />the stocks of small- or mid-capitalization companies.<br /> <br />Liquidity Risk--particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk--market prices of securities held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Mid-Capitalization Stock Risk--the stocks of mid-capitalization companies often<br />have greater price volatility, lower trading volume, and less liquidity than the<br />stocks of larger, more established companies.<br /> <br />Real Estate Industry Risk--investments in the Fund may be subject to many of the<br />same risks as a direct investment in real estate; in addition, equity REITs may<br />be affected by changes in the value of their underlying properties.<br /> <br />Sector Risk--companies or issuers that are in similar industry sectors may be<br />similarly affected by particular economic or market events; to the extent the<br />Fund has substantial holdings within a particular sector, the risks associated<br />with that sector increase. Stocks in the technology sector currently, and may in<br />the future, comprise a significant portion of the Fund's portfolio. The<br />technology industries may be affected by technological obsolescence, short<br />product cycles, falling prices and profits, competitive pressures and general<br />market conditions.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Class A shares only. After-tax returns for Class C shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broad based securities<br />market index. Annual returns shown in the bar chart do not reflect front end or<br />deferred sales charges (loads), and if these amounts were reflected, returns<br />would be less than those shown. Maximum sales charges (loads) are reflected in<br />the annual returns table. As always, past performance of the Fund (before and<br />after taxes) is not an indication of how the Fund will perform in the future. To<br />obtain performance information for the Fund please visit www.managersinvest.com<br />or call 800.835.3879.<br /> <br />The performance information shown in the bar chart is that of the Fund's Class A<br />shares and the performance information shown in the bar chart and table includes<br />historical performance of the Fund for periods prior to September 27, 2010, which <br />was the date the Fund was reorganized from Allianz CCM Focused Growth Fund to the <br />Fund. The performance information shown in the table for Class A and Class C <br />shares of the Fund is based on the prior performance of the Institutional Class <br />shares (which are offered in a different prospectus) and has been adjusted to <br />reflect the higher operating expenses applicable to Class A and Class C shares.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and<br />hold shares of the Fund. You may qualify for sales charge discounts on Class A<br />shares if you or your family invests at least $25,000 in Class A shares of funds<br />within the Managers Family of Funds. More information about these and other<br />discounts is available from your financial professional and in "Sales Charge<br />Reductions and Waivers" on page 25 of the Fund's prospectus and "Reductions and<br />Waivers of Sales Charges" on page 52 of the Fund's statement of additional<br />information.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000029673Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The figures shown above for Class A shares would be the same whether you sold your shares at the end of a period or kept them. For Class C shares, you would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000029673Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExampleNoRedemption_S000029673Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ShareholderFeesData_S000029673Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes) 0.0264 0.0250 0.0260 0.0385 2008-07-07 2006-07-05 0.0363 2006-09-15 0.0416 Class A Return After Taxes on Distributions and Sale of Fund Shares -0.0384 -0.0264 -0.0200 2006-07-05 Class A Return After Taxes on Distributions -0.0925 -0.0348 -0.0274 2006-07-05 MGCFX 0.0000 Class C Return Before Taxes 285 185 722 -0.0072 2822 1286 -0.0399 0.0108 0.0045 2013-01-01 2822 -0.0250 722 1286 0.0100 0.0182 0.0254 -0.0183 2006-07-05 0.0001 0.0100 MFAGX Worst Quarter: Best Quarter: 0.0575 Class A Return Before Taxes 679 2009-09-30 1043 -0.2294 -0.0072 0.1257 2513 1430 0.1245 0.1396 -0.0816 0.0109 -0.4148 0.0045 2013-01-01 2008-12-31 0.2660 -0.0294 -0.0258 0.0025 0.0108 0.0180 -0.0218 2006-07-05 0.0001 0.0100 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 129%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000029673Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000029673Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers Cadence Focused Growth Fund's (the "Fund" or "Focused Growth Fund")<br />investment objective is to seek long-term growth of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through October 1, 2013.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund seeks to achieve its investment objective<br />by investing at least 65% of its net assets (plus borrowings made for investment<br />purposes) in common stocks of U.S. companies in the Russell 1000&#xAE; Growth Index.<br />The Fund primarily invests in common stocks of large capitalization companies.<br />Cadence Capital Management LLC ("Cadence" or the "Subadvisor") employs a<br />"growth-at-a-reasonable-price" ("GARP") investment philosophy, allowing the team<br />to invest in companies that exhibit both growth and value characteristics. The<br />team ranks the stocks in this universe based on a series of growth criteria,<br />such as the change in consensus earnings estimates over time, the company's<br />history in meeting earnings targets, earnings quality, and improvements in<br />return on capital, and a series of value criteria, such as price-to-earnings<br />ratios and free cash flow relative to enterprise value. The Subadvisor then<br />subjects the most attractively ranked stocks in the universe to an analysis of<br />company factors, such as strength of management, competitive industry position<br />and business prospects, and financial statement data, such as earnings, cash<br />flows and profitability. At times, depending on market and other conditions, the<br />Fund may invest a substantial portion of its assets in a small number of issuers,<br />business sectors or industries. The Fund may invest a portion of its assets in<br />real estate investment trusts ("REITs"). Generally, the Fund will hold between<br />approximately 35-45 securities.</tt> Managers Cadence Focused Growth Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect only the operating expenses of the Fund, certain expense offset items and do not include fees and expenses of any acquired Fund. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.29 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Institutional Class) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns depend on an investor's tax situation and may differ <br />from those shown. After-tax returns are not relevant to investors who hold their <br />Fund shares through tax-deferred arrangements, such as 401(k) plans or individual <br />retirement accounts. After-tax returns are shown for Institutional Class shares <br />only. After-tax returns for Class P, Administrative Class and Class D shares will <br />vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. <tt>Best Quarter: 13.98% (3rd Quarter 2009) <br /><br />Worst Quarter: -22.92% (4th Quarter 2008)</tt> 800.835.3879 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns as of 12/31/11 PORTFOLIO TURNOVER <tt>There is the risk that you may lose money on your investment. All investments<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit <br />or obligation of any bank, is not endorsed or guaranteed by any bank, and is <br />not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Focused Investment Risk--a greater percentage of the Fund's holdings may be<br />focused in a smaller number of securities which may place the Fund at greater<br />risk than a more diversified fund.<br /> <br />Growth Stock Risk--growth stocks may be more sensitive to market movements<br />because their prices tend to reflect future investor expectations rather than<br />just current profits.<br /> <br />Large-Capitalization Stock Risk--the stocks of large-capitalization companies are<br />generally more mature and may not be able to reach the same levels of growth as<br />the stocks of small- or mid-capitalization companies.<br /> <br />Liquidity Risk--particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk--market prices of securities held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Mid-Capitalization Stock Risk--the stocks of mid-capitalization companies often<br />have greater price volatility, lower trading volume, and less liquidity than the<br />stocks of larger, more established companies.<br /> <br />Real Estate Industry Risk--investments in the Fund may be subject to many of the<br />same risks as a direct investment in real estate; in addition, equity REITs may<br />be affected by changes in the value of their underlying properties.<br /> <br />Sector Risk--companies or issuers that are in similar industry sectors may be<br />similarly affected by particular economic or market events; to the extent the<br />Fund has substantial holdings within a particular sector, the risks associated<br />with that sector increase. Stocks in the technology sector currently, and may <br />in the future, comprise a significant portion of the Fund's portfolio. The<br />technology industries may be affected by technological obsolescence, short<br />product cycles, falling prices and profits, competitive pressures and general<br />market conditions.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Institutional Class shares only. After-tax returns for Class P, Administrative Class and Class D shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broad-based securities<br />market index. As always, past performance of the Fund (before and after taxes)<br />is not an indication of how the Fund will perform in the future. To obtain <br />performance information for the Fund please visit www.managersinvest.com or call <br />800.835.3879.<br /> <br />The performance information shown in the bar chart is that of the Fund's<br />Institutional Class shares and the performance information shown in the bar<br />chart and table includes historical performance of the Fund for periods prior to<br />September 27, 2010, which was the date the Fund was reorganized from Allianz CCM<br />Focused Growth Fund to the Fund. The performance information shown in the table<br />for Administrative Class, Class D and Class P shares of the Fund is based on the<br />prior performance of the Institutional Class shares and has been adjusted to<br />reflect the higher operating expenses applicable to Administrative Class, Class<br />D and Class P shares.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000029673Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000029673Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes) 0.0264 0.0250 0.0260 0.0385 2008-07-07 2006-07-05 0.0363 2006-09-15 0.0416 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0030 -0.0141 0.0186 Institutional Class Return After Taxes on Distributions -0.0344 -0.0206 0.0193 MFDGX Class D Return Before Taxes 114 509 -0.0072 2100 928 -0.0256 0.0113 0.0045 2013-10-01 -0.0180 0.0025 0.0112 0.0184 -0.0077 2006-07-05 0.0001 MFYGX Administrative Class Return Before Taxes 80 403 -0.0072 1729 750 -0.0229 0.0099 0.0045 2013-10-01 -0.0156 0.0005 0.0078 0.0150 -0.0058 2006-09-15 0.0001 MFPGX Class P Return Before Taxes 84 416 -0.0072 1773 771 -0.0232 0.0108 0.0045 2013-10-01 0.0000 0.0082 0.0154 -0.0221 2008-07-07 0.0001 MFIGX -0.2927 Worst Quarter: Best Quarter: Institutional Class Return Before Taxes 79 2009-09-30 400 -0.2292 0.1668 -0.0072 0.1283 1718 745 0.1284 0.1398 -0.0217 0.0103 -0.4126 0.0045 2013-10-01 2008-12-31 0.2710 -0.0144 0.1330 -0.0217 0.3030 0.0000 0.0229 0.0077 0.0149 0.1065 0.0001 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 120%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000029672Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000029672Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers Cadence Emerging Companies Fund's (the "Fund" or "Emerging<br />Companies Fund") investment objective is to seek long-term growth of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through October 1, 2013.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund seeks to achieve its investment <br />objective by investing at least 80% of its net assets in "emerging <br />companies." Cadence Capital Management LLC ("Cadence" or the <br />"Subadvisor") employs a "growth-at-a-reasonable-price" ("GARP") <br />investment philosophy, allowing the team to invest in companies that <br />exhibit both growth and value characteristics. The Subadvisor seeks <br />to find small-cap, emerging companies that have improving fundamentals <br />(based on growth criteria) and whose stock the Subadvisor believes to <br />be reasonably valued by the market (based on value criteria). Cadence <br />defines "emerging companies" as companies it believes have improving <br />fundamentals; are developing new products or technologies, entering <br />new markets or growing market share within existing markets; and whose <br />stock is reasonably valued by the market. Although emerging companies <br />may potentially be found in any market capitalization, Cadence will <br />invest at least 80% of its net assets, under normal circumstances, in <br />U.S. companies with market capitalizations within the range of the <br />Russell Microcap&#xAE; Index and the Russell 2000&#xAE; Index. As of May 31, <br />2012, the latest reconstitution of the indices, the lowest market <br />capitalization in the Russell Microcap&#xAE; Index was $30 million and the <br />highest market capitalization in the Russell 2000&#xAE; Index was $2.6 <br />billion.<br /> <br />The team ranks the stocks in this universe based on a series of growth <br />criteria, such as the change in consensus earnings estimates over time, <br />the company's history in meeting earnings targets, earnings quality, <br />and improvements in return on capital, and a series of value criteria, <br />such as price-to-earnings ratios and free cash flow relative to enterprise <br />value.<br /> <br />The team then subjects the most attractively ranked stocks in the <br />universe to an analysis of company factors, such as strength of <br />management, competitive industry position and business prospects, <br />and financial statement data, such as earnings, cash flows and <br />profitability. The Fund may invest a portion of its assets in <br />real estate investment trusts ("REITs"). Generally, the Fund will <br />hold between approximately 75-120 securities.</tt> Managers Cadence Emerging Companies Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect only the operating expenses of the Fund, certain expense offset items and do not include fees and expenses of any acquired Fund. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.20 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Institutional Class) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns are not relevant to investors who<br />hold their Fund shares through tax-deferred arrangements, such as 401(k) plans<br />or individual retirement accounts. After-tax returns are shown for Institutional<br />Class shares only. After-tax returns for Administrative Class shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index, the Russell Microcap® Growth Index. <tt>Best Quarter: 22.44% (2nd Quarter 2003) <br /><br />Worst Quarter: -24.75% (4th Quarter 2008)</tt> 800.835.3879 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns as of 12/31/11 PORTFOLIO TURNOVER <tt>There is the risk that you may lose money on your investment. All investments<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit <br />or obligation of any bank, is not endorsed or guaranteed by any bank, and is <br />not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Growth Stock Risk--growth stocks may be more sensitive to market movements<br />because their prices tend to reflect future investor expectations rather than<br />just current profits.<br /> <br />Liquidity Risk--particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk--market prices of securities held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Real Estate Industry Risk--investments in the Fund may be subject to many of the<br />same risks as a direct investment in real estate; in addition, equity REITs may<br />be affected by changes in the value of their underlying properties.<br /> <br />Sector Risk--issuers that are in similar industry sectors may be similarly<br />affected by particular economic or market events; to the extent the Fund has<br />substantial holdings within a particular sector, the risks associated with that<br />sector increase. Stocks in each of the technology and health care sectors<br />currently, and may in the future, comprise a significant portion of the Fund's<br />portfolio. Companies in the technology sector may be affected by technological<br />obsolescence, short product cycles, falling prices and profits, competitive<br />pressures and general market conditions. Companies in the health care sector may<br />be affected by technological obsolescence, changes in regulatory approval<br />policies for drugs, medical devices or procedures and changes in governmental<br />and private payment systems.<br /> <br />Small- and Micro-Capitalization Stock Risk--the stocks of small- and<br />micro-capitalization companies and emerging companies often have greater price<br />volatility, lower trading volume, and less liquidity than the stocks of larger,<br />more established companies.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Institutional Class shares only. After-tax returns for Administrative Class shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broad-based securities<br />market index, the Russell Microcap&#xAE; Growth Index. The Fund also compares its<br />performance to a secondary benchmark, the Russell 2000&#xAE; Growth Index. As always,<br />past performance of the Fund (before and after taxes) is not an indication of<br />how the Fund will perform in the future. To obtain performance information for<br />the Fund please visit www.managersinvest.com or call 800.835.3879.<br /> <br />The performance information shown in the bar chart is that of the Fund's<br />Institutional Class shares and the performance information shown in the bar<br />chart and table includes historical performance of the Fund for periods prior to<br />September 27, 2010, which was the date the Fund was reorganized from Allianz CCM<br />Emerging Companies Fund to the Fund.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000029672Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000029672Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Russell Microcap® Growth Index (reflects no deduction for fees, expenses, or taxes) -0.0842 -0.0232 0.0277 Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes) -0.0291 0.0209 0.0448 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0335 0.0189 0.0513 Institutional Class Return After Taxes on Distributions 0.0516 0.0186 0.0517 MECIX -0.1576 Worst Quarter: Best Quarter: Institutional Class Return Before Taxes 146 2003-06-30 518 -0.2475 0.1243 -0.0031 0.4001 2026 915 0.0253 0.2244 0.0516 0.0048 -0.4258 0.0125 2013-10-01 2008-12-31 0.2900 0.0227 0.0725 0.0516 0.5480 0.00 0.0642 0.0143 0.0174 0.0598 0.0001 MECAX Administrative Class Return Before Taxes 169 588 -0.0031 2271 1034 0.0483 0.0071 0.0125 2013-10-01 0.0199 0.00 0.0615 0.0166 0.0197 0.0001 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 163%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000029671Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000029671Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers Cadence Capital Appreciation Fund's (the "Fund" or "Capital<br />Appreciation Fund") investment objective is to seek growth of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through October 1, 2013.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund seeks to achieve its investment objective<br />by investing at least 65% of its net assets in common stocks of U.S. companies<br />with market capitalizations of $3 billion or more that have improving<br />fundamentals (based on growth criteria) and whose stock the portfolio management<br />team believes to be reasonably valued by the market (based on value criteria).<br />The Fund primarily invests in common stocks of large capitalization companies.<br />Cadence Capital Management LLC ("Cadence" or the "Subadvisor") employs a<br />"growth-at-a-reasonable-price" ("GARP") investment philosophy, allowing the team<br />to invest in companies that exhibit both growth and value characteristics. In<br />making investment decisions for the Fund, the Subadvisor considers companies in<br />the Russell 1000&#xAE; Index and the S&amp;P 500 Index. The team ranks the stocks in<br />this universe based on a series of growth criteria, such as the change in<br />consensus earnings estimates over time, the company's history in meeting<br />earnings targets, earnings quality, and improvements in return on capital, and a<br />series of value criteria, such as price-to-earnings ratios and free cash flow<br />relative to enterprise value. The Subadvisor then subjects the most attractively<br />ranked stocks in the universe to an analysis of company factors, such as<br />strength of management, competitive industry position and business prospects,<br />and financial statement data, such as earnings, cash flows and profitability.<br />The Fund may invest a portion of its assets in real estate investment trusts<br />("REITs"). Generally, the Fund will hold between approximately 70-95 securities.</tt> Managers Cadence Capital Appreciation Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect the operating expenses of the Fund and certain expense offset items. You may qualify for sales charge discounts on Class A shares if you or your family invests at least $25,000 in Class A shares of funds within the Managers Family of Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.63 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Class A) PERFORMANCE 25000 <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns are not relevant to investors who<br />hold their Fund shares through tax-deferred arrangements, such as 401(k) plans<br />or individual retirement accounts. After-tax returns are shown for Class A<br />shares only. After-tax returns for Class B, Class C and Class R shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad based securities market index. <tt>Best Quarter: 13.60% (3rd Quarter 2009) <br /><br />Worst Quarter: -22.53% (4th Quarter 2008)</tt> 800.835.3879 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns as of 12/31/11 PORTFOLIO TURNOVER <tt>There is the risk that you may lose money on your investment. All investments<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit <br />or obligation of any bank, is not endorsed or guaranteed by any bank, and is <br />not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Growth Stock Risk--growth stocks may be more sensitive to market movements<br />because their prices tend to reflect future investor expectations rather than<br />just current profits.<br /> <br />Large-Capitalization Stock Risk--the stocks of large-capitalization companies are<br />generally more mature and may not be able to reach the same levels of growth as<br />the stocks of small- or mid-capitalization companies.<br /> <br />Liquidity Risk--particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk--market prices of securities held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Mid-Capitalization Stock Risk--the stocks of mid-capitalization companies often<br />have greater price volatility, lower trading volume, and less liquidity than the<br />stocks of larger, more established companies.<br /> <br />Real Estate Industry Risk--investments in the Fund may be subject to many of the<br />same risks as a direct investment in real estate; in addition, equity REITs may<br />be affected by changes in the value of their underlying properties.<br /> <br />Sector Risk--companies or issuers that are in similar industry sectors may be<br />similarly affected by particular economic or market events; to the extent the<br />Fund has substantial holdings within a particular sector, the risks associated<br />with that sector increase. Stocks in the technology sector currently, and may <br />in the future, comprise a significant portion of the Fund's portfolio. The<br />technology industries may be affected by technological obsolescence, short<br />product cycles, falling prices and profits, competitive pressures and general<br />market conditions.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Class A shares only. After-tax returns for Class B, Class C and Class R shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's performance compares to that of a broad based securities<br />market index. Annual returns shown in the bar chart do not reflect front end or<br />deferred sales charges (loads), and if these amounts were reflected, returns<br />would be less than those shown. Maximum sales charges (loads) are reflected in<br />the annual returns table. As always, past performance of the Fund (before and<br />after taxes) is not an indication of how the Fund will perform in the future. To<br />obtain performance information for the Fund please visit www.managersinvest.com<br />or call 800.835.3879.<br /> <br />The performance information shown in the bar chart is that of the Fund's Class A<br />shares and the performance information shown in the bar chart and table includes<br />historical performance of the Fund for periods prior to September 27, 2010, which <br />was the date the Fund was reorganized from the Allianz CCM Capital Appreciation <br />Fund to the Fund. The performance information shown in the table for Class R shares <br />of the Fund is based on the prior performance of the Institutional Class shares <br />(which are offered in a different prospectus) and has been adjusted to reflect the <br />actual sales charges and higher operating expenses applicable to Class R shares.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and<br />hold shares of the Fund. You may qualify for sales charge discounts on Class A<br />shares if you or your family invests at least $25,000 in Class A shares of funds<br />within the Managers Family of Funds. More information about these and other<br />discounts is available from your financial professional and in "Sales Charge<br />Reductions and Waivers" on page 25 of the Fund's prospectus and "Reductions and<br />Waivers of Sales Charges" on page 52 of the Fund's statement of additional<br />information.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000029671Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The figures shown above for Class A and Class R shares would be the same whether you sold your shares at the end of a period or kept them. For Class B and Class C shares, you would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000029671Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExampleNoRedemption_S000029671Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/ShareholderFeesData_S000029671Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes) -0.0399 0.3721 0.0163 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.1021 -0.0174 -0.0130 Class A Return After Taxes on Distributions 0.1563 -0.0265 -0.0229 MPRFX 0.0000 Class R Return Before Taxes 139 453 -0.0009 1739 789 0.2209 0.0051 0.0045 2013-10-01 -0.0120 0.0050 -0.0083 0.0137 0.0146 0.0000 MPCFX 0.0000 Class C Return Before Taxes 290 190 607 -0.0009 2278 1049 0.2056 0.0051 0.0045 2013-10-01 2278 -0.0168 607 1049 0.0100 -0.0126 0.0187 0.0196 0.0100 MCFBX 0.0000 Class B Return Before Taxes 690 190 907 -0.0009 1993 1149 0.1652 0.0051 0.0045 2013-10-01 1993 -0.0203 607 1049 0.0100 -0.0104 0.0187 0.0196 0.0500 MPAFX -0.2364 Worst Quarter: Best Quarter: 0.0575 Class A Return Before Taxes 683 2009-09-30 929 -0.2253 0.1211 -0.0009 0.1563 1949 1194 0.1711 0.1360 0.1571 0.0051 -0.4277 0.0045 2013-10-01 2008-12-31 0.2240 -0.0206 0.0900 -0.0307 0.2666 0.0025 -0.0108 0.0112 0.0121 0.0661 0.0100 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 163%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.managersinvest.com/role/ExpenseExample_S000029671Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/BarChartData_S000029671Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Managers Cadence Capital Appreciation Fund's (the "Fund" or "Capital<br />Appreciation Fund") investment objective is to seek growth of capital.</tt> <tt>This Example will help you compare the cost of investing in the Fund to the cost<br />of investing in other mutual funds. The Example makes certain assumptions. It<br />assumes that you invest $10,000 as an initial investment in the Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. It also assumes that your investment has a 5% total return each year<br />and the Fund's operating expenses remain the same. The Example reflects the<br />impact of the Fund's contractual expense limitation through October 1, 2013.</tt> reflects no deduction for fees, expenses, or taxes <tt>Under normal circumstances, the Fund seeks to achieve its investment <br />objective by investing at least 65% of its net assets in common stocks <br />of U.S. companies with market capitalizations of $3 billion or more that <br />have improving fundamentals (based on growth criteria) and whose stock <br />the portfolio management team believes to be reasonably valued by the <br />market (based on value criteria). The Fund primarily invests in common <br />stocks of large capitalization companies. Cadence Capital Management LLC <br />("Cadence" or the "Subadvisor") employs a "growth-at-a-reasonable-price" <br />("GARP") investment philosophy, allowing the team to invest in companies <br />that exhibit both growth and value characteristics. In making investment <br />decisions for the Fund, the Subadvisor considers companies in the Russell <br />1000&#xAE; Index and the S&amp;P 500 Index. The team ranks the stocks in this <br />universe based on a series of growth criteria, such as the change in<br />consensus earnings estimates over time, the company's history in meeting<br />earnings targets, earnings quality, and improvements in return on capital, <br />and a series of value criteria, such as price-to-earnings ratios and free <br />cash flow relative to enterprise value. The Subadvisor then subjects the <br />most attractively ranked stocks in the universe to an analysis of company <br />factors, such as strength of management, competitive industry position and <br />business prospects, and financial statement data, such as earnings, cash <br />flows and profitability. The Fund may invest a portion of its assets in <br />real estate investment trusts ("REITs"). Generally, the Fund will hold <br />between approximately 70-95 securities.</tt> Managers Cadence Capital Appreciation Fund The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect the operating expenses of the Fund and certain expense offset items. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. There is the risk that you may lose money on your investment. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on the above assumptions, your costs would be: 1.63 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns as of 12/31/11 (Institutional Class) PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns are not relevant to investors who<br />hold their Fund shares through tax-deferred arrangements, such as 401(k) plans<br />or individual retirement accounts. After-tax returns are shown for Institutional<br />Class shares only. After-tax returns for Class P, Administrative Class and Class<br />D shares will vary.</tt> The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. <tt>Best Quarter: 13.75% (3rd Quarter 2009) <br /><br />Worst Quarter: -22.41% (4th Quarter 2008)</tt> 800.835.3879 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns as of 12/31/11 PORTFOLIO TURNOVER <tt>There is the risk that you may lose money on your investment. All investments<br />carry a certain amount of risk and the Fund cannot guarantee that it will<br />achieve its investment objective. An investment in the Fund is not a deposit <br />or obligation of any bank, is not endorsed or guaranteed by any bank, and is <br />not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other<br />government agency. Below are some of the risks of investing in the Fund.<br /> <br />Growth Stock Risk--growth stocks may be more sensitive to market movements<br />because their prices tend to reflect future investor expectations rather than<br />just current profits.<br /> <br />Large-Capitalization Stock Risk--the stocks of large-capitalization companies are<br />generally more mature and may not be able to reach the same levels of growth as<br />the stocks of small- or mid-capitalization companies.<br /> <br />Liquidity Risk--particular investments, such as illiquid securities, may not be<br />able to be sold at the price the Fund would like or the Fund may have to sell<br />them at a loss.<br /> <br />Market Risk--market prices of securities held by the Fund may fall rapidly or<br />unpredictably due to a variety of factors, including changing economic,<br />political, or market conditions.<br /> <br />Mid-Capitalization Stock Risk--the stocks of mid-capitalization companies often<br />have greater price volatility, lower trading volume, and less liquidity than the<br />stocks of larger, more established companies.<br /> <br />Real Estate Industry Risk--investments in the Fund may be subject to many of the<br />same risks as a direct investment in real estate; in addition, equity REITs may<br />be affected by changes in the value of their underlying properties.<br /> <br />Sector Risk--companies or issuers that are in similar industry sectors may be<br />similarly affected by particular economic or market events; to the extent the<br />Fund has substantial holdings within a particular sector, the risks associated<br />with that sector increase. Stocks in the technology sector currently, and may <br />in the future, comprise a significant portion of the Fund's portfolio. The<br />technology industries may be affected by technological obsolescence, short<br />product cycles, falling prices and profits, competitive pressures and general<br />market conditions.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown for Institutional Class shares only. After-tax returns for Class P, Administrative Class and Class D shares will vary. PRINCIPAL INVESTMENT STRATEGIES www.managersinvest.com <tt>The following performance information illustrates the risks of investing in <br />the Fund by showing changes in the Fund's performance from year to year and <br />by showing how the Fund's performance compares to that of a broad-based <br />securities market index. As always, past performance of the Fund (before and <br />after taxes) is not an indication of how the Fund will perform in the future. <br />To obtain performance information for the Fund please visit <br />www.managersinvest.com or call 800.835.3879.<br /> <br />The performance information shown in the bar chart is that of the Fund's<br />Institutional Class shares, and the performance information shown in the bar<br />chart and table includes historical performance of the Fund for periods prior <br />to September 27, 2010, which was the date the Fund was reorganized from the <br />Allianz CCM Capital Appreciation Fund to the Fund. The performance information <br />shown in the table for Class P shares of the Fund is based on the prior <br />performance of the Institutional Class shares and has been adjusted to reflect <br />the higher operating expenses applicable to Class P shares.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund.</tt> <div style="display:none">~ http://www.managersinvest.com/role/OperatingExpensesData_S000029671Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.managersinvest.com/role/PerformanceTableData_S000029671Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes) 0.0264 0.0250 0.0260 0.0385 2008-07-07 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares -0.0164 -0.0118 0.0157 Institutional Class Return After Taxes on Distributions -0.0279 -0.0175 0.0152 MCFDX Class D Return Before Taxes 114 375 -0.0009 1458 656 -0.0310 0.0051 0.0045 2013-10-01 -0.0167 0.0025 0.0149 0.0112 0.0121 MCFYX Administrative Class Return Before Taxes 99 328 -0.0009 1286 576 -0.0295 0.0061 0.0045 2013-10-01 -0.0152 0.0000 0.0166 0.0097 0.0106 MCFPX Class P Return Before Taxes 79 265 -0.0009 1052 468 -0.0278 0.0041 0.0045 2013-10-01 0.0000 0.0077 0.0086 -0.0213 2008-07-07 MPCIX -0.2332 Worst Quarter: Best Quarter: Institutional Class Return Before Taxes 74 2009-09-30 250 -0.2241 0.1256 -0.0009 0.1607 993 441 0.1755 0.1375 -0.0270 0.0036 -0.4254 0.0045 2013-10-01 2008-12-31 0.2290 -0.0128 0.0942 -0.0270 0.2712 0.0000 0.0189 0.0072 0.0081 0.0709 0000720309 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ck0000720309:SummaryS000029674-2Memberck0000720309:S000029674Memberrr:AfterTaxesOnDistributionsMemberck0000720309:C000091195Member 2012-10-01 2012-10-01 0000720309 ck0000720309:SummaryS000029674-2Memberck0000720309:S000029674Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000720309:C000091195Member 2012-10-01 2012-10-01 0000720309 ck0000720309:SummaryS000029674-2Memberck0000720309:S000029674Memberck0000720309:RRINDEX00004Member 2012-10-01 2012-10-01 0000720309 ck0000720309:SummaryS000029674-2Memberck0000720309:S000029674Member 2012-10-01 2012-10-01 0000720309 2012-10-01 2012-10-01 pure iso4217:USD 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 the operating expenses of the Fund and certain expense offset items. 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. For purchases of Class A shares of $1 million or more that are not assessed a sales charge at the time of purchase, you will be charged a 1% fee on shares redeemed or exchanged for shares not subject to an initial sales charge within the first 18 months of purchase. 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 Class A, Class B, Class C and Class R shares would be 1.12%, 1.87%, 1.87% and 1.37%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements 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, certain expense offset items and do not include fees and expenses of any acquired Fund. 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 1.42% 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 arrangements, 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 and Administrative Class would be 1.42% and 1.67%, 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 ("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 0.71% 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 0.76%, 0.86%, 1.01% and 1.11%, 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 ("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 0.71% 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 Class A and Class C shares would be 1.11% and 1.86%, 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 ("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%, 0.82%, 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. 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