Before you invest, you may want to review the
Fund’s prospectus and statement of additional information, which contain more information about the Fund and its risks. You can find the Fund’s prospectus, statement of additional information and other information about the Fund online
at http://investor.managersinvest.com/prospectus_annual_reports.html. 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 dated March
1, 2014, as revised March 7, 2014, and statement of additional information, dated March 1, 2014, are incorporated by reference into this summary prospectus.
Investment Objective
The Trilogy Global Equity Fund's (the “Fund”)
investment objective is to achieve long-term capital appreciation.
Fees and Expenses of the Fund
The table below describes the fees and expenses that you may pay if
you buy and hold shares of the Fund.
Annual Fund
Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
|
Investor
Class
|
Service
Class
|
Institutional
Class
|
|
Management
Fee
|
0.45%
|
0.45%
|
0.45%
|
|
Distribution
and Service (12b-1) Fees
|
0.25%
|
None
|
None
|
|
Other
Expenses
1
|
0.47%
|
0.32%
|
0.22%
|
|
Acquired
Fund Fees and Expenses
|
0.01%
|
0.01%
|
0.01%
|
|
Total
Annual Fund Operating Expenses
|
1.18%
|
0.78%
|
0.68%
|
1
Other Expenses do not include extraordinary expenses as determined under generally accepted accounting principles. If extraordinary expenses had been
included, Other Expenses of the Investor Class, Service Class and Institutional Class would have been 0.49%, 0.35% and 0.25%, respectively.
Expense Example
This Example will help you compare the cost of investing in the
Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those
periods. It also assumes that your investment has a 5% total return each year and the Fund’s operating expenses remain the same. The Example reflects the impact of the Fund’s contractual expense limitation through March 1, 2015. Although
your actual costs may be higher or lower, based on the above assumptions, your costs would be:
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
|
Investor
Class
|
$120
|
$375
|
$649
|
$1,432
|
|
Service
Class
|
$
80
|
$249
|
$433
|
$
966
|
|
Institutional
Class
|
$
69
|
$218
|
$379
|
$
847
|
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys
and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in Annual
Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 58% 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 that expose the Fund to such issuers, and the Fund will invest in issuers located in or have investments that expose the Fund to
issuers located in a minimum of three countries, including the United States. The Fund considers an issuer to be located outside the United States if the issuer maintains its principal place of business outside the United States, its securities are
traded principally outside the United States, or it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed outside the United States or it has at least 50% of its assets outside the
United States.
The Fund may allocate
investments across all market capitalizations, but investments generally will be in large- and medium- sized companies. Trilogy Global Advisors, L.P. (“Trilogy” or the “Subadvisor”) may invest up to 20% of the Fund’s
net assets in securities of issuers located in emerging market countries. The Subadvisor considers emerging market countries to be any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index. The
Fund considers an issuer to be located in an emerging market country if the issuer maintains its principal place of business in an emerging market country, its securities are traded principally in an emerging market country, or it derives at least
50% of its revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country or it has at least 50% of its assets in an emerging market country. The Fund’s portfolio normally consists of
between 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
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