Mutual Fund Summary Prospectus (497k)
March 01 2013 - 5:23PM
Edgar (US Regulatory)
Before you invest, you may want to review the Funds prospectus and statement of additional information, which
contain more information about the Fund and its risks. You can find the Funds prospectus, statement of additional information and other information about the Fund online at www.managersinvest.com/prospectus_annual_reports. You can also get
this information at no cost by calling 800/835-3879 or by sending an e-mail request to shareholderservices@managersinvest.com. The current prospectus and statement of additional information, dated March 1, 2013, are incorporated by reference
into this summary prospectus.
INVESTMENT OBJECTIVE
The Trilogy Global Equity Funds (the Fund) investment objective is to achieve long-term capital appreciation.
FEES AND EXPENSES OF THE FUND
The tables below describes the fees and expenses that you may pay if
you buy and hold shares of the Fund.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Investor
Class
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Service
Class
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Institutional
Class
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Management Fee
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0.45%
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0.45%
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0.45%
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Distribution and Service (12b-1) Fees
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0.25%
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None
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None
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Other Expenses
1
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0.36%
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0.53%
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0.36%
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Acquired Fund Fees and Expenses
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0.01%
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0.01%
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0.01%
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Total Annual Fund Operating Expenses
2
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1.07%
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0.99%
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0.82%
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Fee Waiver and Expense
Reimbursements
3
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None
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None
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None
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Total Annual Fund Operating Expenses
After Fee Waiver and Expense
Reimbursements
2
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1.07%
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0.99%
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0.82%
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1
Other Expenses have been
restated to reflect current fees. The amount does not reflect expense recoupment during the prior fiscal year of pervious waivers and reimbursements equal to 0.03% that was recovered by the Managers pursuant to the Funds contractual expense
limitation agreement.
2
The Total Annual Fund
Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Funds Prospectus. The ratios
reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.
3
Managers Investment Group LLC (the Investment Manager) has contractually agreed, through at least March 1, 2014, to waive management fees and/or reimburse Fund
expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), shareholder servicing fees,
distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 1.00% of the Funds 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 Funds 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 Funds Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangement, if the
maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the current applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthetical
above) of the Investor Class, Service Class, and Institutional Class would be 1.50%, 1.25% and 1.05%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the
Funds investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Funds Board of Trustees.
EXPENSE EXAMPLE
This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial
investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Funds operating expenses remain the same. The
Example reflects the impact of the Funds contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Investor Class
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$109
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$340
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$590
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$1,306
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Service Class
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$101
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$315
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$547
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$1,213
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Institutional Class
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$84
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$262
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$455
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$1,014
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PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Funds
performance. During the most recent fiscal year, the Funds portfolio turnover rate was 78% of the average value of its portfolio.
PRINCIPAL
INVESTMENT STRATEGIES
Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for
investment purposes, in equity securities (generally common and preferred stocks). Additionally, under normal circumstances, the Fund will invest at least 40% of its net assets, plus the amount of any borrowing for investment purposes, in
investments of issuers located outside the United States, and investments exposed to such issuers, and the Fund will invest in or have investments exposed to a minimum of three countries, including the United States. The Fund considers an issuer to
be located outside the United States if the issuer maintains its principal place of business outside the United States, its securities are traded principally outside the United States, or it derives at least 50% of its revenues or profits from goods
produced or sold, investments made, or services performed outside the United States or it has at least 50% of its assets outside the United States.
The Fund may allocate investments across all market capitalizations, but investments generally will be in large-and mediumsized companies. Trilogy Global Advisors, L.P, (Trilogy or the
Subadvisor) may invest up to 20% of the Funds net assets in
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SUM049-0313
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TRILOGY GLOBAL EQUITY FUND SUMMARY PROSPECTUS
securities of issuers located in emerging markets countries. The Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the
countries comprising the MSCI EAFE Index. The Fund considers an issuer to be located in an emerging market country if the issuer maintains its principal place of business in an emerging market country, its securities are traded in an emerging market
country, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country or it has at least 50% of its assets in an emerging market country. The Funds
portfolio normally consists of between 80 to 120 securities. To gain exposure to foreign issuers, the Fund also may invest in American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other depositary
receipts of non-U.S. listed companies.
The Subadvisor uses a bottom-up investment process driven by fundamental research conducted by its
investment analysts. Under normal market conditions, the Subadvisor seeks to maintain a growth oriented focus and invest the Funds assets pursuant to the following core principles:
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Earnings growth drives equity returns over the long term.
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Early-stage and traditional growth companies provide the greatest opportunity.
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Risk management with respect to the Funds portfolio should focus on avoiding losing money, rather than minimizing tracking error against the
benchmark.
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A disciplined investment process requires consistently idenitfying opportunities, evaluating potential returns and responding with timely buy/sell
decisions.
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PRINCIPAL RISKS
There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in
the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Below are some of the risks of
investing in the Fund.
Currency Risk
fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar
investment when converted back to U.S. dollars.
Emerging Markets Risk
investments
in emerging markets can be subject to the
general risks of foreign investments, as well as additional risks which can result in greater price volatility.
Foreign Securities
Risk
securities
or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S.
issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.
Growth
Stock Risk
growth
stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.
Large-Capitalization Stock Risk
the
stocks of large-capitalization companies are
generally more mature and may not be able to reach the same levels of growth as the stocks of small-or mid-capitalization companies.
Liquidity Risk
particular
investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the
Fund may have to sell them at a loss.
Market Risk
market
prices of securities held by the Fund may fall rapidly or
unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.
Political Risk
changes
in the political status of any country can have profound effects on the value of investments exposed to that country.
Smalland Mid-Capitalization Stock Risk
the
stocks of small-and mid-capitalization companies often have greater price volatility,
lower trading volume, and less liquidity than the stocks of larger, more established companies.
PERFORMANCE
The following performance information illustrates the risks of investing in the Fund by showing changes in the Funds performance from year to year
and by showing how the Funds performance compares to that of a broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. Because the
Funds Investor Class shares have not operated for a full calendar year, performance history for this share class is not available. Investor Class shares would have similar annual returns as Service Class and Institutional Class shares because
all of the classes are invested in the same portfolio of securities. However, Investor Class shares are subject to different expenses than Service Class and Institutional Class shares, and Investor Class share performance would vary to that extent.
To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.
Calendar Year Total Returns as of 12/31/12
(Service Class)
Best Quarter: 9.23% (4th Quarter 2011)
Worst Quarter: -17.83 (3rd Quarter 2011)
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2
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Managers Investment Group
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TRILOGY GLOBAL EQUITY FUND SUMMARY PROSPECTUS
Average Annual Total Returns as of 12/31/12
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Trilogy Global Equity Fund
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1 Year
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Since Inception
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Service Class
Return Before Taxes
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1
7
.3
7
%
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3/1/2011
1.53%
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Service Class
Return After Taxes on Distributions
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1
7
.34%
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3/1/2011
1.51%
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Service Class
Return After Taxes on Distributions and Sale of Fund Shares
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11.5
7
%
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3/1/2011
1.36%
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MSCI All Country World Index
(reflects no deduction for fees, expenses, or taxes)
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15.83%
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3/1/2011
2.26%
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Institutional Class
Return Before Taxes
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1
7
.35%
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3/1/2011
1.55%
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MSCI All Country World Index
(reflects no deduction for fees, expenses, or taxes)
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15.83%
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3/1/2011
2.26%
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class shares only, and after-tax returns for Investor Class and Institutional Class shares will vary.
PORTFOLIO MANAGEMENT
Investment Manager
Managers Investment Group LLC
Subadvisor
Trilogy Global Advisors, LP (Trilogy)
Portfolio
Managers
William Sterling
Chief Executive Officer,
Chairman, Chief Investment Officer, and Senior Portfolio Manager of Trilogy; Portfolio Manager of the Fund since 03/11.
Robert Beckwitt
Managing Director and Senior Portfolio Manager of Trilogy; Portfolio Manager of the Fund since 03/11.
Gregory J. Gigliotti
Managing Director and Senior Portfolio Manager of Trilogy; Portfolio Manager of the Fund since
03/11.
Francois Campeau
Managing Director of Trilogy;
Portfolio Manager of the Fund since 04/11.
BUYING AND SELLING FUND SHARES
Initial Investment Minimum
Investor Class
Regular Account: $2,000
Individual Retirement Account: $1,000
Service Class
Regular Account: $100,000
Individual Retirement Account: $25,000
Institutional Class
Regular Account: $1,000,000
Individual Retirement Account: $50,000
Additional
Investment Minimum
Investor Class and Service Class (all accounts): $100
Institutional Class (all accounts): $1,000
TRANSACTION POLICIES
You may purchase or sell your shares of the Fund any day that the New York Stock Exchange is open for business, either through your registered investment
professional or directly to the Fund. Shares may be purchased, sold or exchanged by mail at the address listed below, by phone at 800.548.4539, online at www.managersinvest.com, or by bank wire (if bank wire instructions are on file for your
account).
Managers
c/o BNY Mellon
Investment Servicing (US) Inc.
P.O. Box 9769
Providence, RI 02940-9769
TAX INFORMATION
The Fund intends to make distributions that are taxable to you as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-advantaged investment plan. By investing
in the Fund through such a plan, you will not be subject to tax on distributions from the Fund so long as the amounts distributed remain in the plan, but you will generally be taxed upon withdrawal of monies from the plan. If your investment is
through such a plan, you should consult your tax adviser to determine the suitability of the Fund as an investment through your plan and the tax treatment of distributions to you (including distributions of amounts attributable to an investment in
the Fund) from the plan.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related
services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediarys
Web site for more information.
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Managers Investment Group
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