UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-06431

MANAGERS TRUST II

(Exact name of registrant as specified in charter)

800 Connecticut Avenue, Norwalk, Connecticut 06854

(Address of principal executive offices) (Zip code)

Managers Investment Group LLC

800 Connecticut Avenue, Norwalk, Connecticut 06854

(Name and address of agent for service)

Registrant’s telephone number, including area code: (203) 299-3500

Date of fiscal year end: December 31^st

Date of reporting period: SEPTEMBER 30, 2008 (3^rd Quarter End Portfolio Holdings)

Item 1. SCHEDULE OF INVESTMENTS.

Managers AMG Chicago Equity Partners Balanced Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Shares		Value
Common Stocks - 54.4%
Consumer Discretionary - 5.4%
Best Buy Co., Inc.	2,100		$	78,750
CBS Corp., Class B	5,000	2		72,900
Goodyear Tire & Rubber Co.*	800	2		12,248
Jones Apparel Group, Inc.	3,500	2		64,785
Leggett & Platt, Inc.	3,600	2		78,444
McDonald’s Corp.	3,650			225,205
Omnicom Group, Inc.	1,600			61,696
Ross Stores, Inc.	2,400			88,344
TJX Cos., Inc.	6,650	2		202,958
Walt Disney Co., The	5,050			154,984
Total Consumer Discretionary				1,040,314
Consumer Staples - 5.7%
Altria Group, Inc.	2,420			48,013
Anheuser-Busch Companies, Inc.	650			42,172
Avon Products, Inc.	3,550			147,574
Bunge, Ltd.	1,200	2		75,816
Costco Wholesale Corp.	1,000			64,930
Herbalife, Ltd.	2,300			90,896
Kroger Co., The	5,850			160,758
PepsiCo, Inc.	2,750			195,992
Philip Morris International, Inc.	1,620			77,922
Procter & Gamble Co., The	1,512			105,371
Sysco Corp.	3,200			98,656
Total Consumer Staples				1,108,100
Energy - 6.9%
Cameron International Corp.*	1,000	2		38,540
Chevron Corp.	450			37,116
Cimarex Energy Co.	2,400			117,384
ConocoPhillips Co.	1,500			109,875
Devon Energy Corp.	1,500			136,800
Ensco International, Inc.	1,500	2		86,445
Exxon Mobil Corp.	6,920			537,407
FMC Technologies, Inc.*	2,300			107,065
Massey Energy Co.	1,600			57,072
Tidewater, Inc.	1,000			55,360
Valero Energy Corp.	2,100			63,630
Total Energy				1,346,694
Financials - 8.9%
Annaly Capital Management, Inc.	2,700	2		36,315
Bank of America Corp.	3,600			126,000
Bank of Hawaii Corp.	1,300	2		69,485
Boston Properties, Inc.	800			74,928
CBL & Associates Properties, Inc.	1,300			26,104
Charles Schwab Corp., The	3,800	2		98,800
Chubb Corp., The	3,350			183,915
Citigroup, Inc.	4,400			90,244
Goldman Sachs Group, Inc.	1,050			134,400
Hospitality Properties Trust	1,300	2		26,676
HRPT Properties Trust	3,200	2		22,048
Janus Capital Group, Inc.	1,600	2		38,848
JPMorgan Chase & Co.	5,698			266,097
Merrill Lynch & Co., Inc.	1,600			40,480
Northern Trust Corp.	1,500			108,300
PNC Financial Services Group, Inc., The	650			48,555
Raymond James Financial, Inc.	1,000			32,980
SunTrust Banks, Inc.	1,300	2		58,487
Travelers Companies, Inc., The	3,850			174,020
U.S. Bancorp	600			21,612
UnumProvident Corp.	2,100			52,710
Total Financials				1,731,004
Health Care - 7.1%
Abbott Laboratories Co.	1,100			63,338
AmerisourceBergen Corp.	3,300			124,244
Amgen, Inc.*	1,000			59,270
Baxter International, Inc.	650			42,660
CIGNA Corp.	500			16,990

Managers AMG Chicago Equity Partners Balanced Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Shares			Value
Health Care - 7.2% (continued)
Express Scripts, Inc.*		1,700		$	125,494
Genentech, Inc.*		450			39,906
Humana, Inc.*		1,800			74,160
Invitrogen Corp.*		3,300	2		124,740
Johnson & Johnson		5,730			396,974
Pfizer, Inc.		17,490			322,516
Total Health Care					1,390,292
Industrials - 5.5%
CSX Corp.		1,700			92,769
Cummins, Inc.		3,000	2		131,160
Emerson Electric Co.		5,250			214,148
Fluor Corp.		1,600			89,120
Grainger (W.W.), Inc.		1,300	2		113,061
Honeywell International, Inc.		800			33,240
Lockheed Martin Corp.		1,650			180,956
Raytheon Co.		1,600			85,616
Southwest Airlines Co.		8,500	2		123,335
Total Industrials					1,063,405
Information Technology - 9.4%
Accenture Ltd.		6,050			229,900
ADC Telecommunications, Inc.*		4,400	2		37,180
Adobe Systems, Inc.*		3,000	2		118,410
Hewitt Associates, Inc., Class A*		2,700	2		98,388
Hewlett-Packard Co.		7,450			344,488
Intel Corp.		7,100			132,983
International Business Machines Corp.		950			111,112
Juniper Networks, Inc.*		3,800	2		80,066
Lexmark International, Inc.*		1,550	2		50,484
MasterCard, Inc.		550			97,532
MEMC Electronic Materials, Inc.*		1,200			33,912
Microsoft Corp.		4,900			130,780
NCR Corp.*		1,150	2		25,358
Novellus Systems, Inc.*		1,200	2		23,568
QUALCOMM, Inc.		1,800			77,346
Sanmina-SCI Corp.*		15,100			21,140
Symantec Corp.*		4,300			84,194
Tech Data Corp.*		2,800			83,580
Texas Instruments, Inc.		1,100			23,650
Yahoo!, Inc.*		1,200			20,760
Total Information Technology					1,824,831
Materials - 1.7%
AK Steel Holding Corp.		2,600	2		67,392
FMC Corp.		1,500			77,085
Mosaic Co., The,		1,500			102,030
Owens-Illinois, Inc.*		800			23,520
Packaging Corp. of America		2,600			60,268
Total Materials					330,295
Telecommunication Services - 1.6%
CenturyTel, Inc.		1,200			43,980
Telephone & Data Systems, Inc.		1,600	2		57,200
Verizon Communications, Inc.		6,650			213,398
Total Telecommunication Services					314,578
Utilities - 2.2%
Alliant Energy Corp.		5,050			162,660
Dominion Resources, Inc.		4,350	2		186,093
Energen Corp.		1,600			72,448
Total Utilities					421,201
Total Common Stocks (cost $11,115,158)					10,570,714
	Principal Amount
Mortgage-Backed Securities - 0.9%
Bank of America Corp., 4.875%, 06/10/39	$	49,249			48,835
GE Capital Commercial Mortgage Corp., 4.970%, 08/11/36		30,136			29,490
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 04/10/37		90,000			88,219
Total Mortgage-Backed Securities (cost $168,951)					166,544
U.S. Government and Agency Obligations - 31.4%
FHLB, 4.75%, 12/16/16		425,000	2		424,616
FHLMC, 4.375%, 07/17/15		375,000	2		374,484
FHLMC, 4.500%, 01/15/14		90,000	2		92,029

Managers AMG Chicago Equity Partners Balanced Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount			Value
U.S. Government and Agency Obligations - 31.4% (continued)
FHLMC, 5.000%, 12/01/20 to 12/15/22	$	264,184		$	264,684
FNMA, 4.000%, 10/01/20 to 12/01/21		77,418			73,734
FNMA, 4.375%, 04/15/15		44,729			44,748
FNMA, 4.500%, 11/01/19 to 09/01/35		450,971			431,202
FNMA, 5.000%, 02/01/36		900,791			879,290
FNMA, 5.500%, 02/01/22 to 02/01/37		1,442,232			1,440,584
FNMA, 6.000%, 03/01/37 to 08/01/37		966,657			980,357
FNMA, 6.500%, 03/01/37		303,786			311,893
USTB, 6.125%, 11/15/27		520,000	2		633,182
USTN, 4.750%, 08/15/17		140,000	2		150,117
Total U.S. Government and Agency Obligations (cost $6,098,662)					6,100,920
Corporate Bonds - 7.5%
Finance - 2.5%
Bank of America Corp., 5.750%, 12/01/17		55,000			46,718
Berkshire Hathaway Finance Corp., 4.850%, 01/15/15		85,000			82,942
Chubb Corp., The, 6.500%, 05/15/38		25,000			22,683
Citigroup, Inc., 5.500%, 04/11/13		50,000			43,685
General Electric Capital Corp., Series MTNA, 6.750%, 03/15/32		32,000			26,781
Goldman Sachs Group, Inc., 5.950%, 01/18/18		45,000			37,186
JPMorgan Chase & Co., 6.000%, 01/15/18		60,000			54,808
Merrill Lynch & Co., Inc., 5.450%, 02/05/13		30,000			27,050
Morgan Stanley, 6.600%, 04/01/12		45,000			32,710
Travelers Cos., Inc., 5.375%, 06/15/12		40,000			40,125
U.S. Bank NA, 4.950%, 10/30/14		70,000			67,900
Total Finance					482,588
Industrials - 4.1%
Abbott Laboratories, 5.875%, 05/15/16		48,000			47,957
Archer-Daniels-Midland Co., 5.450%, 03/15/18		45,000			41,686
AT&T, Inc., 5.100%, 09/15/14		65,000			60,871
Burlington Northern Santa Fe Corp., 5.900%, 07/01/12		35,000			35,820
Cardinal Health, Inc., 5.500%, 06/15/13		25,000			23,944
Comcast Corp., 5.875%, 02/15/18		20,000			17,864
E.I. du Pont de Nemours & Company, 5.000%, 01/15/13		40,000			39,565
Hewlett-Packard Co., 4.500%, 03/01/13		55,000			52,900
Honeywell International, Inc., 4.250%, 03/01/13		55,000			53,478
IBM Corp., 4.750%, 11/29/12		60,000			60,120
Kellogg Co., 7.450%, 04/01/31		25,000			27,488
Kimberly-Clark Corp., 6.125%, 08/01/17		40,000			40,131
Kraft Foods, Inc., 6.875%, 01/26/39		25,000			22,839
Kroger Co., 6.750%, 04/15/12		40,000			40,980
Lockheed Martin Corp., 7.650%, 05/01/16		65,000			72,671
McDonald’s Corp., 4.300%, 03/01/13		40,000			39,561
TransCanada Pipelines Ltd., 4.875%, 01/15/15		45,000			41,316
Verizon Communications, Inc., 6.400%, 02/15/38		20,000			16,742
Wal-Mart Stores, Inc., 6.500%, 08/15/37		25,000			23,530
Wyeth Co., 5.250%, 03/15/13		40,000			40,462
Total Industrials					799,925
Utilities - 0.9%
Consolidated Edison, Inc., 5.375%, 12/15/15		75,000			71,652
Exelon Generation Co. LLC, 6.200%, 10/01/17		45,000			39,612
Florida Power & Light Co., 4.850%, 02/01/13		45,000			44,960
Midamerican Energy Co., 5.750%, 11/01/35		25,000			21,166
Total Utilities					177,390
Total Corporate Bonds (cost $1,566,727)					1,459,903
Asset-Backed Securities - 1.4%
Harley-Davidson Motorcycle Trust, 5.350%, 03/15/13		172,387			169,099
John Deere Corp., 5.070%, 04/15/14		100,000			98,268
Total Asset-Backed Securities (cost $272,252)					267,367
Other Investment Companies - 25.3% 4
Bank of New York Institutional Cash Reserves Fund, Series A, 2.20% 8,15		3,456,205			3,456,205
Bank of New York Institutional Cash Reserves Fund, Series B, 0.00%* 8,15		28,392			3,549
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.73%		1,458,417			1,458,417
Total Other Investment Companies (cost $4,943,013)					4,918,171
Total Investments - 120.9% (cost $24,164,763)					23,483,619
Other Assets, less Liabilities - (20.9)%					(4,062,327	)
Net Assets - 100%				$	19,421,292

Managers AMG Chicago Equity Partners Mid-Cap Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Shares		Value
Common Stocks - 98.3%
Consumer Discretionary - 14.4%
Aeropostale, Inc.*	7,800		$	250,458
ArvinMeritor, Inc.	16,700	2		217,768
Barnes & Noble, Inc.	21,400	2		558,112
Big Lots, Inc.*	4,100			114,103
Blyth, Inc.	11,700			132,678
Bob Evans Farms, Inc.	11,100	2		302,919
Callaway Golf Co.	7,300			102,711
DeVry, Inc.	5,200			257,608
Furniture Brands International, Inc.	36,400	2		382,928
Hasbro, Inc.	7,600	2		263,872
Lear Corp.*	14,000	2		147,000
Leggett & Platt, Inc.	6,300	2		137,277
Netflix, Inc.*	9,100	2		281,008
NVR, Inc.*	300	2		171,600
Priceline.com, Inc.*	3,000	2		205,290
Ross Stores, Inc.	25,500			938,655
Scholastic Corp.*	9,600	2		246,528
Strayer Education, Inc.	4,400			881,144
Toll Brothers, Inc.*	4,700	2		118,581
TRW Automotive Holdings Corp.*	16,800			267,288
Tupperware Brands Corp.	8,500			234,855
Warnaco Group, Inc., The*	8,500	2		384,965
Total Consumer Discretionary				6,597,348
Consumer Staples - 4.9%
BJ’s Wholesale Club, Inc.*	21,900	2		851,034
Corn Products International, Inc.	3,600			116,208
Flowers Foods, Inc.	2,500	2		73,400
Herbalife, Ltd.	15,100	2		596,752
Ralcorp Holdings, Inc.*	6,600			444,906
Tyson Foods, Inc., Class A	14,700			175,518
Total Consumer Staples				2,257,818
Energy - 6.9%
Cimarex Energy Co.	16,700			816,797
FMC Technologies, Inc.*	16,200			754,110
Massey Energy Co.	2,500	2		89,175
Noble Energy, Inc.	2,500			138,975
Patterson-UTI Energy, Inc.	16,200			324,324
Pride International, Inc.*	5,300			156,933
Stone Energy Corp.*	11,000	2		465,630
Tidewater, Inc.	2,900			160,544
Walter Industries, Inc.	1,200			56,940
Whiting Petroleum Corp.*	2,600			185,276
Total Energy				3,148,704
Financials - 18.3%
Allied Capital Corp	10,000	2		108,000
AMB Property Corp.	21,500			973,950
Annaly Capital Management, Inc.	30,100			404,845
Apartment Investment & Management Co.	4,100			143,582
Arch Capital Group, Ltd.*	11,400	2		832,542
Associated Bank Corp.	18,700	2		373,065
Axis Capital Holdings, Ltd.	20,500			650,055
Bank of Hawaii Corp.	8,800	2		470,360
Capitol Federal Financial	3,100	2		137,423
Cullen/Frost Bankers, Inc.	3,100	2		186,000
First Industrial Realty Trust, Inc.	11,200			321,216
Hospitality Properties Trust	20,300	2		416,556
HRPT Properties Trust	50,100			345,189
Mack-Cali Realty Corp.	9,600			325,152
New York Community Bancorp, Inc.	6,300	2		105,777
PartnerRe Ltd.	3,900	2		265,551

Managers AMG Chicago Equity Partners Mid-Cap Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Shares		Value
Financials - 18.3% (continued)
Potlatch, Corp.	15,400		$	714,406
Raymond James Financial, Inc.	20,000	2		659,600
Stancorp Financial Group, Inc.	3,600	2		187,200
Waddell & Reed Financial, Inc.	11,000			272,250
Webster Financial Corp.	6,700	2		169,175
Westamerica Bancorporation	5,500	2		316,415
Total Financials				8,378,309
Health Care - 11.8%
Applied Biosystems, Inc.	15,600			534,300
Edwards Lifesciences Corp.*	8,000	2		462,080
Health Net, Inc.*	4,800			113,280
Invitrogen Corp.*	12,000	2		453,600
Kindred Healthcare, Inc.*	22,700			625,839
King Pharmaceuticals, Inc.*	26,700	2		255,786
Lifepoint Hospitals, Inc.*	23,400	2		752,076
Lincare Holdings, Inc.*	5,200	2		156,468
Masimo Corp.*	3,600			133,920
Medicis Pharmaceutical Corp.	3,400	2		50,694
Myriad Genetics, Inc.*	1,900	2		123,272
OSI Pharmaceuticals, Inc.*	5,200	2		256,308
Owens & Minor, Inc.	11,600	2		562,600
Par Pharmaceutical Co., Inc.*	3,100	2		38,099
Patterson Companies, Inc.*	5,400	2		164,214
PDL BioPharma, Inc.*	17,100	2		159,201
Techne Corp.*	4,500			324,540
Universal Health Services, Inc., Class B	1,300			72,839
Valeant Pharmaceuticals International*	7,500	2		153,525
Total Health Care				5,392,641
Industrials - 12.4%
AGCO Corp.*	23,300			992,813
Alaska Airgroup, Inc.*	5,800	2		118,262
Alliant Techsystems, Inc.*	800	2		75,152
Avis Budget Group, Inc.*	4,700			26,978
Brink’s Co., The	7,200			439,344
Cummins, Inc.	7,700			336,644
DRS Technologies, Inc.	2,100			161,175
Flowserve Corp.	10,400			923,208
Gardner Denver, Inc.*	1,800			62,496
Jacobs Engineering Group, Inc.*	6,800			369,308
Joy Global, Inc.	4,000			180,560
KBR, Inc.	14,700			224,469
Lennox International, Inc.	2,800			93,156
Lincoln Electric Holdings, Inc.	2,300	2		147,913
Manpower, Inc.	4,800			207,168
Ryder System, Inc.	7,800	2		483,600
Shaw Group Inc., The*	4,800			147,504
SPX Corp.	1,000			77,000
UTi Worldwide, Inc.	5,500			93,610
Werner Enterprises, Inc.	23,300	2		505,843
Total Industrials				5,666,203
Information Technology - 14.7%
Activision Blizzard, Inc.*	25,000			385,750
Affiliated Computer Services, Inc.*	3,700			187,331
Amkor Technology, Inc.*	34,000	2		216,580
ANSYS, Inc.*	3,100			117,397
Arrow Electronics, Inc.*	6,200	2		162,564
Avnet, Inc.*	13,600			334,968
Broadridge Financial Solutions, Inc.	6,700			103,113
DST Systems, Inc.*	4,600	2		257,554
Foundry Networks, Inc.*	7,000			127,470
Global Payments, Inc.	3,900			174,954

Managers AMG Chicago Equity Partners Mid-Cap Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Shares		Value
Information Technology - 14.7% (continued)
Hewitt Associates, Inc., Class A*	22,400		$	816,256
Ingram Micro, Inc., Class A*	31,000			498,170
Integrated Device Technology, Inc.*	25,700	2		199,946
Lexmark International, Inc.*	8,600	2		280,102
LSI Logic Corp.*	19,700	2		105,592
Metavante Technologies, Inc.*	7,300			140,598
NCR Corp.*	22,500			496,125
Novellus Systems, Inc.*	6,100	2		119,804
Plantronics, Inc.	19,900			448,148
SAIC, Inc.*	9,100			184,093
Silicon Laboratories, Inc.*	5,500			168,850
Sohu.com, Inc.*	2,600	2		144,950
Sybase, Inc.*	20,000	2		612,400
Tech Data Corp.*	11,800			352,230
Triquint Semiconductor, Inc.*	24,500	2		117,355
Total Information Technology				6,752,300
Materials - 6.0%
AK Steel Holding Corp.	10,900			282,528
Celanese Corp.	7,200			200,952
CF Industries Holdings, Inc.	1,500			137,190
Cleveland-Cliffs, Inc.	2,200	2		116,468
Compass Minerals International, Inc.	3,700	2		193,843
Crown Holdings, Inc.*	9,400			208,774
FMC Corp.	7,300			375,147
MeadWestvaco Corp.	7,500			174,825
Packaging Corp. of America	9,100			210,938
Temple-Inland, Inc.	9,500	2		144,970
Terra Industries, Inc.	16,600			488,040
Worthington Industries, Inc.	16,400	2		245,016
Total Materials				2,778,691
Telecommunication Services - 1.1%
CenturyTel, Inc.	6,000			219,900
Telephone & Data Systems, Inc.	8,400			300,300
Total Telecommunication Services				520,200
Utilities - 7.8%
Alliant Energy Corp.	22,100			711,841
DPL, Inc.	6,700	2		166,160
Energen Corp.	19,000			860,320
Hawaiian Electric Industries, Inc.	9,500	2		276,545
Integrys Energy Group, Inc.	18,500	2		923,890
Nicor, Inc.	2,400	2		106,440
Wisconsin Energy Corp.	12,300			552,270
Total Utilities				3,597,466
Total Common Stocks (cost $53,331,935)				45,089,680
Other Investment Companies - 29.0% 4
Bank of New York Institutional Cash Reserves Fund, Series A, 2.20% 8,15	12,382,317			12,382,317
Bank of New York Institutional Cash Reserves Fund, Series B, 0.00%* 8,15	159,721			19,965
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.73%	911,708			911,708
Total Other Investment Companies (cost $13,453,746)				13,313,990
Total Investments - 127.3% (cost $66,785,681)				58,403,670
Other Assets, less Liabilities - (27.3)%				(12,525,177	)
Net Assets - 100%			$	45,878,493

Managers Fixed Income Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount			Value
Corporate Bonds - 66.6%
Finance - 15.0%
American General Finance Corp., Series MTN, 6.900%, 12/15/17	$	2,770,000		$	1,286,103
ASIF Global Financial, 2.380%, 02/26/09 3	SGD	1,000,000			646,177
Bank of America Capital Trust VI, 5.625%, 03/08/35		295,000			225,940
Barclays Capital Corp., 4.160%, 02/22/10 3	THB	6,000,000			178,218
Bear Stearns Companies, Inc., The,
4.650%, 07/02/18		480,000			376,586
5.300%, 10/30/15		25,000			22,197
6.400%, 10/02/17		65,000			60,804
CIGNA Corp., 6.150%, 11/15/36		240,000			202,807
CIT Group, Inc., 7.625%, 11/30/12		3,450,000			2,190,288
Colonial Realty, L.P.,
4.800%, 04/01/11		625,000			594,090
5.500%, 10/01/15		190,000			162,236
Developers Divers Realty Corp., 3.875%, 01/30/09		200,000			196,815
Duke Realty, L.P., 5.950%, 02/15/17		35,000			31,380
Equity One, Inc., 3.875%, 04/15/09		150,000			147,085
ERAC USA Finance Co.,
6.375%, 10/15/17 3		240,000			191,064
6.700%, 06/01/34 3		65,000			43,709
7.000%, 10/15/37 3		925,000			653,077
ERP Operating, L.P.,
5.125%, 03/15/16		15,000			12,583
5.750%, 06/15/17		70,000			59,047
Ford Motor Credit Company LLC,
5.700%, 01/15/10		15,000			11,491
7.000%, 10/01/13		135,000			83,042
9.750%, 09/15/10		309,000			221,665
Highwoods Realty, L.P.,
5.850%, 03/15/17		30,000			24,102
7.500%, 04/15/18		350,000			310,678
Hospitality Properties Trust, 6.750%, 02/15/13		465,000			424,434
iStar Financial, Inc., 4.383%, 10/01/12, (01/01/09) 7		325,000			175,500
Kinder Morgan Finance Co.,
5.150%, 03/01/15		75,000			63,938
5.700%, 01/05/16	USD	165,000			142,725
Korea Development Bank, 3.875%, 03/02/09	USD	425,000			422,244
Lehman Brothers Holdings, Inc.,
6.000%, 05/03/32 7,14		70,000			350
6.875%, 07/17/37 14		885,000			4,425
Mack-Cali Realty, L.P., 7.250%, 03/15/09		250,000			250,942
Marsh & McLennan Companies, Inc.,
5.375%, 07/15/14		410,000			380,138
5.750%, 09/15/15		652,000			612,034
5.875%, 08/01/33		730,000			613,262
MBIA Insurance Corp., 14.00%, 01/15/33 3,7		25,000	2		14,512
Merrill Lynch & Co., Inc., 6.110%, 01/29/37		2,900,000			2,018,632
Morgan Stanley Co.,
3.875%, 01/15/09		95,000	2		87,402
5.550%, 04/27/17		300,000			186,258
6.625%, 04/01/18		920,000			609,790
Mutual of Omaha Insurance Co., 6.800%, 06/15/36 3		620,000			585,021
PNC Bank, N.A., 6.875%, 04/01/18		395,000			378,958
ProLogis Trust,
5.625%, 11/15/15		15,000			13,133
5.750%, 04/01/16		15,000			13,089
Rabobank Nederland,
12.500%, 02/17/09	ISK	20,000,000			189,931
14.000%, 01/28/09 3	ISK	16,000,000			152,584
SLM Corp., 8.450%, 06/15/18		845,000			575,420
Sovereign Bank, 5.125%, 03/15/13		335,000			192,886
Toll Brothers Finance Corp., 5.150%, 05/15/15		555,000			470,003
Travelers Cos., Inc., 6.250%, 06/15/37		755,000			656,541
Travelers Property Casualty Corp., 6.375%, 03/15/33		330,000			290,495
XL Capital (Europe) PLC, 6.500%, 01/15/12	USD	105,000			100,903
Total Finance					17,556,734
Industrials - 41.8%
Anadarko Petroleum Corp.,
5.950%, 09/15/16		485,000			446,456
6.450%, 09/15/36		360,000			283,044
Anheuser-Busch Companies, Inc.,
5.950%, 01/15/33		330,000			255,812
6.450%, 09/01/37		420,000			341,250
Apache Corp., 6.000%, 01/15/37		630,000			534,136
AstraZeneca PLC, 6.450%, 09/15/37	USD	905,000			868,072
AT&T Corp.,
6.150%, 09/15/34		185,000			154,734
6.500%, 03/15/29		775,000			650,496
AT&T Wireless Services, Inc., 8.750%, 03/01/31		310,000			343,641

Managers Fixed Income Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount			Value
Industrials - 41.8% (continued)
Avnet, Inc.,
2.000%, 03/15/34	$	100,000		$	100,125
6.000%, 09/01/15		720,000			694,621
6.625%, 09/15/16		140,000			136,554
BellSouth Corp.,
6.000%, 11/15/34		935,000	2		759,575
6.550%, 06/15/34		55,000			47,287
Bowater, Inc., 6.500%, 06/15/13		170,000			66,300
Camden Property Trust, 5.700%, 05/15/17		255,000			225,784
Canadian Pacific Railway Co., 5.950%, 05/15/37	USD	410,000			336,639
Cardinal Health, Inc., 4.000%, 06/15/15		320,000			276,047
Charter Communications, Inc., 8.000%, 04/30/12 3		245,000			220,500
Chartered Semiconductor Manufacturing, Ltd., 6.250%, 04/04/13	USD	715,000			638,621
Coca-Cola HBC Finance, B.V., 5.125%, 09/17/13	USD	265,000			261,578
Comcast Corp.,
5.650%, 06/15/35		265,000			197,560
6.450%, 03/15/37		795,000			643,046
6.500%, 11/15/35		460,000			385,164
6.950%, 08/15/37		240,000			205,284
Continental Airlines, Inc., 5.983%, 04/19/22		85,000			65,450
Continental Airlines, Inc., Series B, 6.903%, 04/19/22		94,000	2		65,800
Corning, Inc., 6.850%, 03/01/29		600,000			531,359
Covidien International Finance, S.A.,
6.000%, 10/15/17	USD	295,000			291,959
6.550%, 10/15/37	USD	300,000			289,331
CSX Corp., 6.000%, 10/01/36		570,000			434,441
Cummins Engine Co., Inc., 6.750%, 02/15/27		153,000			137,505
D.R. Horton, Inc., 5.250%, 02/15/15		420,000			312,900
Delta Air Lines, Inc., 8.021%, 08/10/22		771,956			540,369
Desarrolladora Homex, S.A. de C.V., 7.500%, 09/28/15	USD	245,000			216,825
DP World, Ltd., 6.850%, 07/02/37 3	USD	1,420,000			1,054,015
Dun & Bradstreet Corp., The, 6.000%, 04/01/13		790,000			785,251
El Paso Corp., 6.950%, 06/01/28		165,000			131,108
Energy Transfer Partners, L.P.,
6.125%, 02/15/17		65,000			59,493
6.625%, 10/15/36		145,000			123,901
Equifax, Inc., 7.000%, 07/01/37		280,000			236,811
Equitable Resources, Inc., 6.500%, 04/01/18		1,730,000			1,653,430
Federated Retail Holdings, Inc., 6.375%, 03/15/37		820,000			595,514
General Motors Corp., 8.250%, 07/15/23		35,000	2		13,912
Georgia-Pacific Corp., 7.250%, 06/01/28		70,000			55,650
HCA, Inc.,
6.250%, 02/15/13		5,000			4,200
6.375%, 01/15/15		5,000			3,962
6.750%, 07/15/13		5,000			4,225
7.050%, 12/01/27		750,000			510,218
7.190%, 11/15/15		5,000			4,017
7.500%, 12/15/23		5,000			3,688
7.500%, 11/06/33		75,000	2		53,625
7.690%, 06/15/25		315,000			235,696
7.750%, 07/15/36		5,000			3,574
8.360%, 04/15/24		40,000			31,203
8.750%, 09/01/10		625,000			618,750
International Paper Co.,
4.000%, 04/01/10		300,000			291,191
4.250%, 01/15/09		300,000			298,169
5.500%, 01/15/14		635,000			584,701
Intuit, Inc., 5.750%, 03/15/17		210,000			186,029
J.C. Penney Co., Inc.,
5.750%, 02/15/18		25,000	2		21,039
6.375%, 10/15/36		580,000	2		442,367
7.400%, 04/01/37		20,000			16,778
7.625%, 03/01/97		25,000			19,439
Johnson & Johnson, 5.950%, 08/15/37		810,000			803,856
Kinder Morgan Energy Partners, L.P., 5.950%, 02/15/18		2,335,000			2,083,476
KLA Instruments Corp., 6.900%, 05/01/18		1,135,000			1,057,117
Koninklijke Philips Electronics, N.V., 6.875%, 03/11/38	USD	1,090,000			1,083,394
Kraft Foods, Inc., 6.500%, 11/01/31		310,000			270,262
Kroger Co., 7.000%, 05/01/18		460,000			456,020
Lennar Corp.,
5.600%, 05/31/15		400,000			262,000
6.500%, 04/15/16		280,000			190,400
Liberty Media Corp., 5.700%, 05/15/13		190,000			158,976
Lubrizol Corp., 6.500%, 10/01/34		880,000			793,344
Macy’s Retail Holdings, Inc.,
6.790%, 07/15/27		40,000			31,612
6.900%, 04/01/29		70,000			54,871
Marks & Spencer Group PLC, 7.125%, 12/01/37 3	USD	300,000			237,473
Masco Corp., 5.850%, 03/15/17		350,000			295,861
Medco Health Solutions, Inc.,
7.125%, 03/15/18		1,260,000			1,278,940
7.250%, 08/15/13		420,000			445,735
Missouri Pacific Railroad Co., 5.000%, 01/01/45 13		200,000			120,000

Managers Fixed Income Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount			Value
Industrials - 41.8% (continued)
Motorola, Inc.,
5.220% 10/01/97	$	40,000		$	22,401
6.500%, 09/01/25		15,000			11,534
6.500%, 11/15/28		70,000			52,438
6.625%, 11/15/37		95,000			69,431
New England Telephone & Telegraph Co., 7.875%, 11/15/29		95,000			86,008
News America, Inc.,
6.200%, 12/15/34		350,000			279,845
6.400%, 12/15/35		425,000			358,051
7.280%, 06/30/28		225,000			212,677
7.625%, 11/30/28		460,000			440,657
Nextel Communications, Inc.,
5.950%, 03/15/14		710,000			476,203
6.875% 10/31/13		5,000			3,402
7.375%, 08/01/15		20,000			13,207
Northwest Airlines, Inc., 8.028%, 11/01/17		475,000			380,000
Owens & Minor, Inc., 6.350%, 04/15/16 13		125,000			121,896
PPG Industries, Inc., 6.650%, 03/15/18		1,935,000			1,914,247
Pulte Homes, Inc.,
5.200%, 02/15/15		405,000			326,025
6.000%, 02/15/35		1,265,000	2		910,800
6.375%, 05/15/33		465,000			341,775
Qantas Airways, Ltd., 6.050%, 04/15/16 3	USD	1,500,000			1,375,208
Questar Market Resources, Inc., 6.800%, 04/01/18		1,365,000			1,378,713
Qwest Corp., 6.875%, 09/15/33		20,000			13,550
Safeway, Inc., 6.350%, 08/15/17		400,000			388,313
Samsung Electronics Co., Ltd., 7.700%, 10/01/27 3	USD	600,000			636,383
Simon Property Group, L.P., 5.750%, 12/01/15		20,000			18,929
Sprint Capital Corp.,
6.875%, 11/15/28		30,000			20,144
6.900%, 05/01/19		20,000			15,527
Telecom Italia Capital S.p.A.,
6.000%, 09/30/34	USD	40,000			28,100
6.375%, 11/15/33	USD	105,000			76,724
Tele-Communications, Inc., 9.800%, 02/01/12		350,000			382,962
Telefonica Emisiones SAU, 7.045%, 06/20/36	USD	1,475,000			1,337,884
Tennessee Gas Pipeline Co., 7.000%, 10/15/28		240,000	2		206,868
Texas Eastern Transmission, L.P., 7.000%, 07/15/32		255,000			248,488
TGT Pipeline LLC, 5.200%, 06/01/18		465,000			406,151
Time Warner Cable, Inc., 6.750%, 7/01/18		1,500,000			1,403,326
Time Warner, Inc.,
6.625%, 05/15/29		270,000			216,197
6.950%, 01/15/28		120,000			100,289
7.625%, 04/15/31		80,000			69,641
7.700%, 05/01/32		685,000			600,012
Toro Co., The, 6.625%, 05/01/37		365,000			385,879
Union Pacific Corp., 5.375%, 06/01/33		50,000			39,512
V.F. Corp., 6.450%, 11/01/37		412,000			347,339
Verizon Global Funding Corp., 5.850%, 09/15/35		1,095,000			858,743
Verizon Maryland, Inc., 5.125%, 06/15/33		295,000			200,159
Verizon New York, Inc., Series B, 7.375%, 04/01/32		195,000			170,659
Viacom, Inc., 6.875%, 04/30/36		470,000			377,800
Vondafone Group PLC, 6.150%, 02/27/37	USD	650,000			523,556
Walt Disney Co., The, 7.000%, 03/01/32		190,000			196,787
Watson Pharmaceuticals, Inc., 1.750%, 03/15/23		65,000			60,938
Western Union Co., 6.200%, 11/17/36		635,000			497,634
Weyerhaeuser Co., 6.875%, 12/15/33		645,000			561,999
XTO Energy, Inc., 6.750%, 08/01/37		300,000			266,979
Total Industrials					49,055,548
Utilities - 9.8%
Abu Dhabi National Energy Co. PJSC, 7.250%, 08/01/18 3	USD	1,040,000			1,034,020
Ameren Energy Generating Co., 7.000%, 04/15/18		1,200,000			1,120,958
Bruce Mansfield Unit 12, 6.850%, 06/01/34 13		285,000			296,444
CILCORP, Inc., 8.700%, 10/15/09		315,000			334,688
Cleveland Electric Illuminating Co., The, 5.950%, 12/15/36		715,000			570,130
Commonwealth Edison Co.,
4.700%, 04/15/15		510,000			460,484
5.875%, 02/01/33		620,000			509,597
Dominion Resources, Inc., 5.950%, 06/15/35		90,000			74,680
Empresa Nacional de Electricidad, Yankee, 7.875%, 02/01/27	USD	900,000			944,874
Illinois Power Co., 6.250%, 04/01/18		1,370,000			1,263,886
ITC Holdings Corp.,
5.875%, 09/30/16 3		225,000			212,328
6.375%, 09/30/36 3		300,000			260,011
Methanex Corp., 6.000%, 08/15/15	USD	320,000			281,866
MidAmerican Energy Holdings Co., 6.500%, 09/15/37		340,000			299,200
NiSource Finance Corp.,
6.400%, 03/15/18		1,645,000			1,476,747
6.800%, 01/15/19		900,000			818,966
Pacific Gas and Electric Co., 6.050%, 03/01/34		500,000			442,680
Southwestern Electric Power Co., 6.450%, 01/15/19		1,225,000			1,154,649
Total Utilities					11,556,208
Total Corporate Bonds (cost $90,258,361)					78,168,490

Managers Fixed Income Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount			Value
U.S. Government and Agency Obligations - 11.0%
FNMA, 2.290%, 02/19/09	$	700,000		$	488,066
U.S. Treasury Inflation Indexed Bonds, 2.000%, 01/15/14		523,706	2		522,806
USTN, 4.500%, 09/30/11		750,000	2		797,637
USTN, 4.750%, 05/15/14		835,000	2		912,238
USTN, 4.875%, 05/31/09		9,940,000	2		10,145,798
Total U.S. Government and Agency Obligations (cost $12,464,042)					12,866,545
Foreign Government Obligations - 6.7%
Brazil, Republic of, 10.250%, 01/10/28	BRL	750,000			348,219
Canadian Government,
3.750%, 06/01/12	CAD	135,000			129,836
4.250%, 09/01/09	CAD	1,000,000			952,596
5.250%, 06/01/12	CAD	390,000			393,950
Export-Import Bank of Korea, 4.125%, 02/10/09 3	USD	485,000			481,699
Inter-American Development Bank,
6.000%, 12/15/17	NZD	3,500,000			2,266,338
11.500%, 02/05/09	ISK	5,700,000			53,499
International Bank for Reconstruction & Development, 9.500%, 05/27/10	ISK	3,300,000			31,039
Mexican Fixed Rate Bonds, 8.000%, 12/07/23	MXN	3,500,000			307,794
Mexican Government, 9.000%, 12/20/12	MXN	12,000,000			1,124,521
New South Wales Treasury Corp., Series 12RG, 6.000%, 05/01/12	AUD	520,000			412,390
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/10	AUD	995,000			804,856
Queensland Treasury Corp., Series 11G, 6.000%, 06/14/11	AUD	665,000			528,430
Total Foreign Government Obligations (cost $8,070,291)					7,835,167
Municipal Bonds - 2.1%
Alabama Public School & College Authority, Capital Improvement Bond, 4.500%, 12/01/26		30,000			26,163
Buckeye Tobacco Settlement Financing Authority, Asset-A-2, 5.875%, 06/01/47 13		250,000			189,010
Chicago Illinois Board of Education, Dedicated-Series B, 4.750%, 12/01/31		50,000			44,322
Chicago Illinois O’Hare International Airport Revenue Bond, Series A, 4.500%, 01/01/38		15,000			12,215
Decatur Texas Hospital Authority Hospital Revenue, 7.750%, 09/01/09		60,000			61,142
District of Columbia, Series A, 4.750%, 06/01/36		30,000			24,526
Eufaula Alabama, Series C, 4.000%, 08/15/12		285,000			282,657
Florida State Turnpike Authority, Revenue Bond, Department of Transportation, Series A, 3.500%, 07/01/27		30,000			21,990
Green Bay Wisconsin, Water System Revenue Refunding Bonds, 3.500%, 11/01/26 (FSA Insured)		20,000			14,976
Green Bay Wisconsin, Water System Revenue Refunding Bonds, 3.500%, 11/01/29 (FSA Insured)		20,000			14,404
Grosse Pointe Michigan Public School System, 3.000%, 05/01/27		15,000			10,002
Harris County Texas, Road Bonds, Series B, 4.500%, 10/01/31		85,000			73,198
JEA Florida Water & Sewer System Revenue Bond, Series B, 4.750%, 10/01/41		45,000			37,958
Louisianna State, Series C, 3.250%, 05/01/26 (FSA Insured)		30,000			21,406
Massachusetts State School Building Auth Dedicated Sales Tax Revenue Bond, Series A, 4.750%, 08/15/32		30,000			25,523
Michigan Tobacco Settlement Financial Authority Series A, 7.309%, 06/01/34 13		395,000			340,174
Omaha Public Power District (Nebraska), Electric System Subordinated Revenue Bonds, Series AA, 4.500%, 02/01/34		70,000			57,008
San Diego California Unified School District, Refunding Bonds, Election 1998, Series F-1, 4.500%, 07/01/29		30,000			25,192
San Jose California Redevelopment Agency Tax Allocation, Series C, 3.750%, 08/01/28		35,000			25,563
San Jose Redevelopment Agency, 3.750%, 08/01/28		15,000			11,036
State of California (AMBAC Insured), 4.500%, 08/01/27		45,000			37,906
State of California (AMBAC Insured), 4.500%, 08/01/30		35,000			28,909
State of California, 4.500%, 10/01/29		130,000			107,854
State of California, 4.500%, 08/01/30		30,000			24,779
State of California, Variable Purpose Bond, 3.250%, 12/01/27		25,000			17,434
State of California, Variable Purpose Bond, 4.500%, 12/01/33		110,000			88,363
Tobacco Settlement Financing Corp., 6.706%, 06/01/46 13		1,075,000			832,534
University of California Regents Medical Center, Series A, 4.750%, 05/15/31		10,000			8,584
Wisconsin Housing & Economic Development Authority, Revenue Bonds, Series E, 4.900%, 11/01/35		10,000			8,761
Total Municipal Bonds (cost $2,889,291)					2,473,589
Mortgage-Backed Securities - 0.7%
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 08/25/20		324,163			289,870
LB-UBS Commercial Mortgage Trust, Series 2001-C3, Class A2, 6.365%, 12/15/28		320,000			320,858
Morgan Stanley Dean Witter Capital, Inc., Series 2001-PPM, Class A2, 6.400%, 02/15/31		224,611			225,512
Total Mortgage-Backed Securities (cost $884,369)					836,240
Asset-Backed Securities - 3.0%
ARGF, Series 2005-2A, Class A5, 3.348%, 05/20/11, (10/20/08) 3,7		385,000			354,032
Capital One Auto Finance Trust 2006-C A4, 2.518%, 05/15/13, (10/15/08) 7		735,000			614,305
CCCIT, Series 2008-C6, Class C6, 6.300%, 06/20/14		780,000			679,586
Centex Home Equity Loan, Series 2004-A, Class AF6, 4.270%, 01/25/34		262,129			230,056
CHAIT, Series 2007-B1, Class B1, 2.737%, 04/15/19, (10/15/08) 7		845,000			598,535
Chase Issuance Trust, Series 2005-C1, Class C1, 2.857%, 11/15/12, (10/15/08) 7		56,000			51,382
Community Program Loan Trust, Series 87-A, Class A4, 4.500%, 10/01/18		18,011			17,966
Countrywide Home Loans, Series 2002-S1, Class A5, 6.460%, 11/25/16 11		287,306			273,566
MBNAS, Series 2005-B2, Class B, 2.668%, 12/17/12, (10/15/08) 7		535,000			499,364
Merrill Auto Trust Securitization, Series 2008-1, Class B, 6.750%, 04/15/15		200,000			181,637
Total Asset-Backed Securities (cost $3,732,092)					3,500,429

Managers Fixed Income Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount	Value
	Shares
Preferred Stocks - 0.7%
CIT Group, Inc., 6.350%	5,365	$	41,579
FHLMC, Series F, 5.000%	750		1,406
FHLMC, 5.570%	11,750		14,688
FHLMC, Series W, 5.660%	3,450		2,911
FHLMC, Series R, 5.700%	1,200		2,244
FHLMC, Series K, 5.790%	2,250		4,500
FHLMC, Series O, 5.810%	750		1,444
FHLMC, Series U, 5.900%	1,700		2,125
FHLMC, 6.000%	1,000		2,094
FHLMC, Series T, 6.420%	700		1,260
FHLMC, Series Y, 6.550%	3,300		4,331
FHLMC, 8.375%	29,524		48,124
FNMA, Series M, 4.750%	1,500		4,650
FNMA, 5.125%	550		1,925
FNMA, Series I, 5.375%	1,050		3,465
FNMA Series H, 5.810%	450		1,620
FNMA, Series Q, 6.750%	700		1,260
FNMA, 8.250%	52,775		115,050
Lehman Brothers Holdings, Inc., Series P, 7.250% * 13,14	385		385
Lehman Brothers Holdings, Inc. 7.950%* 13,14	230		14
Newell Financial Trust I, 5.250%	13,455		522,222
Total Preferred Stocks (cost $3,243,453)			777,297
Other Investment Companies - 16.8% 4
Bank of New York Institutional Cash Reserves Fund, Series A, 2.20% 8,15	15,023,237		15,023,237
Bank of New York Institutional Cash Reserves Fund, Series B, 0.00%* 8,15	247,573		30,946
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.73%	4,765,036		4,765,036
Total Other Investment Companies (cost $20,035,846)			19,819,219
Total Investments - 107.6% (cost $141,577,745)			126,276,976
Other Assets, less Liabilities - (7.6)%			(8,864,823	)
Net Assets - 100%		$	117,412,153

Managers High Yield Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount			Value
Corporate Bonds - 98.6%
Finance - 12.1%
AAC Group Holding Corp., 10.250%, 10/01/12 3,11	$	140,000		$	139,300
Aeroflex, Inc. Term Loan B1, 6.062%, 08/16/14, (11/14/08) 7		99,250			90,814
Allison Transmission, Inc., Term Loan, 5.220%, 08/07/14, (10/02/08) 7		93,681			77,856
Allison Transmission, Inc., Term Loan, 5.559%, 08/07/14, (11/12/08) 7		16,415			13,642
Allison Transmission, Inc., Term Loan, 5.569%, 08/07/14, (12/10/08) 7		72,227			60,026
Allison Transmission, Inc., Term Loan, 6.249%, 08/07/14, (01/06/09) 7		16,415			13,642
Arch Western Finance, LLC, 6.750%, 07/01/13		185,000			174,825
DJO Finance LLC, 10.875%, 11/15/14		80,000			77,000
Dresser 2nd Lien Term Loan, 8.556%, 05/04/14, (11/18/08) 7		195,000			182,812
Ford Motor Credit Company LLC,
4.361%, 01/15/10, (10/15/08) 7		140,000			114,698
7.000%, 10/01/13		275,000			169,160
7.250%, 10/25/11		75,000			47,721
7.800%, 06/01/12		375,000			233,010
8.000%, 12/15/16		280,000			177,266
GMAC LLC,
6.625%, 05/15/12		175,000			74,137
6.750%, 12/01/14		25,000			9,605
6.875%, 08/28/12		895,000			355,982
Hawker Beechcraft Acquisition Co., LLC,
8.875%, 04/01/15		275,000	2		250,250
9.750%, 04/01/17		30,000	2		27,000
Host Hotels & Resorts, L.P.,
6.375%, 03/15/15		205,000			167,588
6.875%, 11/01/14		100,000			87,000
7.125%, 11/01/13		45,000			40,275
Idearc, Inc., 8.000%, 11/15/16		180,000			49,950
KAR Holdings, Inc., 8.750%, 05/01/14		140,000			114,800
Lyondell Chemical B2 Term Loan, 6.999%, 12/20/14, (10/10/08) 7		149,625			109,143
Nuveen Investments, Inc., 10.500%, 11/15/15 3		160,000			124,000
Petroplus Finance, Ltd.,
6.750%, 05/01/14 3	USD	175,000	2		148,750
7.000%, 05/01/17 3	USD	160,000			133,600
Rainbow National Services LLC, 8.750%, 09/01/12 3		100,000			100,500
Simmons Holding Co., Inc., Term Loan, 9.095%, 02/15/12, (02/17/09) 7		120,000			52,500
Texas Competitive Electric Holdings B2 Term Loan, 6.302%, 08/07/14, (11/10/08) 7		82,128			69,706
Texas Competitive Electric Holdings Co. LLC, B2 Term Loan, 7.261%, 08/07/14, (12/31/08) 7		1,134			962
UCI Holdco, Inc., 12.491%, 12/15/13		128,553			98,343
Wind Acquisition PIK Loan, 10.035%, 12/21/11, (10/20/08) 7		240,209			214,987
Total Finance					3,800,850
Industrials - 83.0%
ACCO Brands Corp., 7.625%, 08/15/15		430,000	2		331,100
Advanced Micro Devices, Inc., 7.750%, 11/01/12		170,000	2		131,325
Alliance Laundry Corp., 8.500%, 01/15/13		305,000			285,938
Allied Waste North America, Inc.,
7.250%, 03/15/15		255,000			245,438
7.375%, 04/15/14		60,000	2		58,650
Alltel Communications, Inc., Term Loan, 5.316%, 05/16/15, (12/17/08) 7		59,849			57,820
Ames True Temper, Inc.,
6.791%, 01/15/12, (10/15/08) 7		180,000			135,900
10.000%, 07/15/12		125,000	2		66,875
ArvinMeritor, Inc., 8.750%, 03/01/12		235,000			198,575
Ashtead Capital, Inc., 9.000%, 08/15/16 3		170,000			147,050
Ashtead Holdings, PLC, 8.625%, 08/01/15 3	USD	75,000	2		64,875
Atlas Energy Resources LLC, 10.750%, 02/01/18 3		150,000			135,750
Baldor Electric Co., 8.625%, 02/15/17		185,000			177,600
Beazer Homes USA, Inc.,
6.500%, 11/15/13		115,000			71,875
8.375%, 04/15/12		80,000			59,200
8.675%, 05/15/11		40,000			32,600
Biomet, Inc., 10.375%, 10/15/17		415,000			412,925
Boyd Gaming Corp., 7.125%, 02/01/16		125,000	2		87,188
CCH II LLC/CCH II Capital Corp., 10.250%, 10/01/13 3		123,000			102,705
CCO Holdings LLC, 8.750%, 11/15/13		365,000	2		319,375
Chaparral Energy, Inc., 8.875%, 02/01/17		115,000			91,425
Charter Communications, Inc., 11.000%, 10/01/15		355,000	2		236,075
Chesapeake Energy Corp., 7.000%, 08/15/14		200,000	2		188,000
Chiquita Brands International, Inc., 8.875%, 12/01/15		125,000			101,875
Citizens Communications Co., 6.625%, 03/15/15		70,000			58,450
Claire’s Stores, Inc., 9.625%, 06/01/15		205,000			57,400
Community Health Systems, Inc., 8.875%, 07/15/15		345,000			329,475
Constellation Brands, Inc., 7.125%, 09/01/16		310,000			286,750
Cooper Companies, Inc., 7.125%, 02/15/15		145,000			142,825
Copano Energy LLC, 7.750%, 06/01/18 3		120,000			105,600
Cricket Communications, Inc., 9.375%, 11/01/14		325,000	2		303,875
Cricket Communications, Inc., 10.000%, 07/15/15 3		35,000	2		33,600
Del Monte Corp., 6.750%, 02/15/15		235,000			212,675
Denbury Resources, Inc., 7.500%, 04/01/13		145,000			137,750
Dex Media West LLC, 9.875%, 08/15/13		130,000			80,925
Dex Media, Inc.,
8.000%, 11/15/13		125,000			58,125
9.000%, 11/15/13 11		270,000	2		125,550

Managers High Yield Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount			Value
Industrials - 83.0% (continued)
Digicel Group, Ltd.,
8.875%, 01/15/15 3	USD$	100,000	2	$	84,250
9.125%, 01/15/15 3	USD	104,000	2		87,620
9.250%, 09/01/12 3	USD	50,000			49,750
DirectTV Holdings LLC, 6.375%, 06/15/15		560,000			495,600
Dynegy Holdings, Inc., 7.500%, 06/01/15		185,000			157,250
EchoStar Communications Corp., 7.125%, 02/01/16		545,000			440,088
EchoStar DBS Corp., 7.750%, 05/31/15		325,000			277,062
El Paso Corp., 7.000%, 06/15/17		55,000			49,410
El Paso Natural Gas Co., 7.250%, 06/01/18		90,000			84,150
Fairpoint Communications, Inc., 13.125%, 04/01/18 3		215,000			196,725
First Data Corp., 9.875%, 09/24/15 3		200,000	2		157,250
FMG Finance Pty, Ltd., 10.625%, 09/01/16 3	USD	180,000			177,300
Ford Motor Co., 6.500%, 08/01/18		295,000			122,425
Forest Oil Corp.,
7.250%, 06/15/19 3		85,000			73,100
7.750%, 05/01/14		40,000			38,000
Freeport-McMoRan Copper & Gold, Inc.,
8.250%, 04/01/15		135,000			132,801
8.375%, 04/01/17		30,000			29,594
Freescale Semiconductor, Inc.,
8.875%, 12/15/14		55,000			38,225
9.125%, 12/15/14		310,000			196,850
General Motors Corp.,
7.125%, 07/15/13		300,000	2		138,750
8.250%, 07/15/23		175,000	2		69,562
8.375%, 07/15/33		235,000	2		95,175
Georgia-Pacific Corp.,
7.000%, 01/15/15 3		165,000			150,975
7.700%, 06/15/15		225,000			207,000
Goodyear Tire & Rubber Co., The,
8.625%, 12/01/11		83,000			82,585
9.000%, 07/01/15		25,000	2		24,875
Graham Packaging Co., L.P., 9.875%, 10/15/14		275,000	2		240,625
Hanesbrands, Inc., 6.508%, 12/15/14, (12/15/08) 7		360,000			300,600
Harrah’s Operating Companies, Inc., 10.750%, 02/01/16 3		375,000			193,125
HCA, Inc.,
8.750%, 09/01/10		14,000			13,860
9.250%, 11/15/16		450,000			438,750
9.625%, 11/15/16		435,000	2		414,338
Helix Energy Solutions Group, Inc., 9.500%, 01/15/16 3		185,000			173,900
Hertz Corp., 8.875%, 01/01/14		310,000			268,925
Host Hotels & Resorts, L.P., 6.750%, 06/01/16		75,000			61,688
Huntsman International LLC, 7.875%, 11/15/14		155,000			134,075
Ineos Group Holdings PLC, 8.500%, 02/15/16 3	USD	285,000	2		155,325
Intelsat Bermuda, Ltd., 11.250%, 06/15/16	USD	190,000			185,725
Intelsat Jackson Holdings, 9.500%, 06/15/16 3	USD	90,000			84,150
Intelsat Subsidiary Holding Company, Ltd., 8.875%, 01/15/15 3	USD	50,000			46,000
Interline Brands, Inc., 8.125%, 06/15/14		110,000			109,450
IPCS, Inc.,
4.926%, 05/01/13, (11/03/08) 7		90,000			73,800
6.051%, 05/01/14, (11/03/08) 7		230,000			180,550
Iron Mountain, Inc., 7.750%, 01/15/15		265,000			263,675
Jarden Corp., 7.500%, 05/01/17		435,000	2		364,312
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17		195,000			119,925
L-3 Communications Corp.,
5.875%, 01/15/15		110,000			100,100
6.375%, 10/15/15		150,000			138,750
Level 3 Financing, Inc., 8.750%, 02/15/17		150,000	2		109,500
MarkWest Energy Partners LP, 8.750%, 04/15/18		160,000			152,800
MetroPCS Wireless, Inc., 9.250%, 11/01/14		375,000			352,500
MGM Mirage, Inc.,
6.750%, 04/01/13		405,000			317,925
6.875%, 04/01/16		155,000			113,538
7.500%, 06/01/16		175,000	2		128,625
Nalco Company, 8.875%, 11/15/13		180,000	2		180,450
Neiman Marcus Group, Inc.,The, 9.000%, 10/15/15		290,000	2		244,325
Newfield Exploration Co., 6.625%, 04/15/16		175,000			156,625
Noranda Aluminium Acquisition Co., 6.827%, 05/15/15, (11/15/08) 7		195,000			149,175
Nordic Telephone Co., 8.875%, 05/01/16 3	USD	315,000			288,225
Nxp Bv/Nxp Funding LLC, 9.500%, 10/15/15	USD	485,000	2		250,988
Open Solutions, Inc., 9.750%, 02/01/15 3		380,000			248,900
OPTI Canada, Inc.,
7.875%, 12/15/14	USD	30,000			26,700
8.250%, 12/15/14	USD	120,000			108,000
Packaging Dynamics, Inc., 10.000%, 05/11/16 3		160,000			104,800
Paetec Holding Corp., 9.500%, 07/15/15		200,000	2		138,000
Petrohawk Energy Corp.,
7.875%, 06/01/15 3		120,000			105,000
9.125%, 07/15/13		175,000			165,375
Petroprod, Ltd., 10.850%, 05/24/13 3	USD	100,000			86,000
PolyOne Corp., 8.875%, 05/01/12		275,000			262,625
Quebecor Media, Inc., 7.750%, 03/15/16	USD	270,000			237,600
Quebecor World, Inc., 8.750%, 03/15/16 3,14	USD	165,000	2		66,825
Quicksilver Resources, Inc., 7.750%, 08/01/15		160,000	2		147,200
Qwest Corp.,
7.500%, 10/01/14		105,000			91,350
8.875%, 03/15/12		215,000			211,775
RBS Global & Rexnord Corp., 8.875%, 09/01/16		175,000			160,125
Reichhold Industries, Inc., 9.000%, 08/15/14 3		190,000			183,350

Managers High Yield Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount			Value
Industrials - 83.0% (continued)
Rental Service Corp., 9.500%, 12/01/14	$	255,000	2	$	194,438
RH Donnelley, Inc., 11.750%, 05/15/15 3		71,000			43,665
Rite Aid Corp.,
7.500%, 03/01/17		50,000	2		38,250
9.500%, 06/15/17		150,000			79,500
Royal Caribbean Cruises, Ltd.,
7.000%, 06/15/13	USD	90,000			77,850
7.250%, 06/15/16		50,000			41,750
Sally Holdings LLC,
9.250%, 11/15/14		275,000	2		260,562
10.500%, 11/15/16		30,000	2		28,650
SandRidge Energy, Inc., 8.000%, 06/01/18 3		140,000			121,100
Sealy Mattress Co., 8.250%, 06/15/04		440,000	2		347,600
Sensata Technologies, B.V., 8.000%, 05/01/14	USD	380,000			323,000
Service Corp. International, 6.750%, 04/01/15		225,000			197,438
Simmons Co., 10.000%, 12/15/14 11		559,000			315,834
Smurfit-Stone Container Enterprises, Inc., 8.375%, 07/01/12		230,000			194,350
Spectrum Brands, Inc., 7.375%, 02/01/15		205,000			89,175
Sprint Capital Corp.,
6.900%, 05/01/19		555,000			430,864
8.750%, 03/15/32		75,000			58,623
Steel Dynamics, Inc., 7.750%, 04/15/16 3		70,000			62,650
Steinway Musical Instruments, Inc., 7.000%, 03/01/14 3		275,000			239,250
Stewart Enterprises, Inc., 6.250%, 02/15/13		120,000			111,000
Sun Media Corp., 7.625%, 02/15/13	USD	115,000			106,375
Sungard Data Systems, Inc., 10.250%, 08/15/15		435,000			379,538
Surgical Care Affiliates, Inc., 8.875%, 07/15/15 3		135,000			118,125
Tenet Healthcare Corp., 9.250%, 01/01/15		340,000	2		323,000
Tenneco Automotive, Inc., 8.625%, 11/15/14		295,000	2		236,000
Tenneco, Inc., 8.125%, 11/15/15		25,000			21,500
Terex Corp., 8.000%, 11/15/17		320,000			292,800
Tesoro Corp., 6.625%, 11/01/15		100,000			82,000
Titan International Inc., 8.000%, 01/15/12		200,000			195,000
Travelport LLC,
7.436%, 09/01/14, (12/01/08) 7		80,000			62,000
9.875%, 09/01/14		100,000			82,000
11.875%, 09/01/16		110,000	2		79,475
TRW Automotive, Inc.,
7.000%, 03/15/14 3		150,000	2		124,500
7.250%, 03/15/17 3		150,000	2		119,250
United Components, Inc., 9.375%, 06/15/13		60,000			50,100
United Rentals (North America), Inc., 6.500%, 02/15/12		155,000			130,200
United Surgical Partners International, Inc.,
8.875%, 05/01/17		55,000	2		46,475
9.250%, 05/01/17		185,000			158,175
Vail Resorts, Inc., 6.750%, 02/15/14		280,000			263,900
Vedanta Resources PLC, 9.500%, 07/18/18 3	USD	120,000			102,468
Venoco, Inc., 8.750%, 12/15/11		190,000			164,350
Videotron, Ltd.,
6.875%, 01/15/14	USD	198,000			188,100
9.125%, 04/15/18 3	USD	30,000			30,450
Visant Holding Corp., 10.250%, 12/01/13 11		555,000	2		505,050
Vitro, S.A.B. de C.V., 9.125%, 02/01/17	USD	405,000			265,275
West Corp, 9.500%, 10/15/14		175,000			134,750
Wind Acquisition Finance, S.A., 10.750%, 12/01/15 3	USD	150,000			147,750
Windstream Corp.,
8.125%, 08/01/13		60,000			57,300
8.625%, 08/01/16		165,000			153,038
Total Industrials					26,053,953
Utilities - 3.5%
Edison Mission Energy, 7.000%, 05/15/17		160,000	2		144,800
Energy Future Holdings Corp., 10.875%, 11/01/17 3		275,000			249,562
Mirant North America LLC, 7.375%, 12/31/13		175,000			165,375
NRG Energy, Inc.,
7.250% 02/01/14		145,000			134,850
7.375%, 02/01/16		120,000			108,300
Texas Competitive Electric Holdings Company LLC, 10.250%, 11/01/15 3		315,000			285,862
Texas Competitive Electric Holdings B2 Term Loan, 5.988%, 08/07/14, (10/09/08) 7		29,279			24,850
Total Utilities					1,113,599
Total Corporate Bonds (cost $37,844,121)					30,968,402
	Shares
Common Stocks - 0.8%
Information Technology - 0.3%
Flextronics International, Ltd.*	USD	13,000	2		92,040
Materials - 0.5%
Huntsman Corp.		12,603			158,799
Total Common Stocks (cost $216,202)					250,839
Other Investment Companies - 27.7% 4
Bank of New York Institutional Cash Reserves Fund, Series A, 2.20% 8,15		8,180,852			8,180,852
Bank of New York Institutional Cash Reserves Fund, Series B, 0.00%* 8,15		87,750			10,968
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.73%		514,245			514,245
Total Other Investment Companies (cost $8,782,847)					8,706,065
Total Investments - 127.1% (cost $46,843,170)					39,925,306
Other Assets, less Liabilities - (27.1)%					(8,518,141	)
Net Assets - 100%				$	31,407,165

Managers Intermediate Duration Government Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount		Value
U.S. Government and Agency Obligations - 121.8% 1
Federal Home Loan Mortgage Corporation - 62.7%
FHLMC, 4.140%, 11/01/33, (12/01/08) 7	$	2,586,752	$	2,622,932
FHLMC, 4.500%, 04/01/35		700,136		664,280
FHLMC, 5.000%, 05/01/18		390,818		391,421
FHLMC, 5.000%, 05/15/26		999,361		1,003,917
FHLMC, 5.000%, 10/15/33		2,000,000		1,948,124
FHLMC, 5.000%, 07/01/35		818,025		798,116
FHLMC, 5.000%, 11/01/35		4,886,244		4,767,327
FHLMC, 5.000%, 12/01/35		1,990,209		1,941,773
FHLMC, 5.500%, 11/01/17		245,003		249,025
FHLMC, 5.500%, 12/01/17		323,165		328,470
FHLMC, 5.500%, 01/01/18		324,827		330,159
FHLMC, 5.500%, 01/01/18		338,618		343,541
FHLMC, 5.500%, 01/01/19		498,916		504,923
FHLMC, 5.500%, 09/01/33 9		1,730,881		1,726,849
FHLMC, 5.500%, 05/01/34 9		1,323,647		1,319,323
FHLMC, 5.500%, TBA		1,000,000		994,688
FHLMC, 5.500%, TBA		19,000,000		18,863,428
FHLMC, 5.622%, 01/01/36, (01/01/13) 7,9		9,202,266		9,365,229
FHLMC, 5.943%, 02/01/37, (02/01/12) 7		904,206		923,663
FHLMC, 6.000%, 02/01/22		1,334,315		1,359,120
FHLMC, 6.000%, 03/01/22		771,484		785,672
FHLMC, 6.500%, TBA		1,000,000		1,025,312
FHLMC, 7.500%, 01/01/31		91,636		99,436
FHLMC Gold Pool, 3.750%, 11/15/25		2,949,439		2,930,493
FHLMC Gold Pool, 4.000%, 12/01/20		866,693		826,051
FHLMC Gold Pool, 4.500%, 05/01/34		311,322		295,379
FHLMC Gold Pool, 4.500%, 10/01/34 9		2,409,808		2,286,396
FHLMC Gold Pool, 4.500%, 04/01/35 9		4,162,634		3,944,253
FHLMC Gold Pool, 4.500%, 05/01/35		858,391		813,358
FHLMC Gold Pool, 4.500%, 08/01/35 9		1,621,241		1,536,187
FHLMC Gold Pool, 4.500%, 09/01/35		824,910		781,633
FHLMC Gold Pool, 4.500%, 10/01/35 9		3,200,436		3,032,534
FHLMC Gold Pool, 4.500%, 10/01/35		687,081		651,036
FHLMC Gold Pool, 4.500%, 11/01/35 9		2,481,412		2,351,232
FHLMC Gold Pool, 4.500%, 12/01/35		581,237		550,744
FHLMC Gold Pool, 4.500%, 01/01/36		959,751		909,401
FHLMC Gold Pool, 5.000%, 04/01/19		277,999		277,560
FHLMC Gold Pool, 5.000%, 08/01/19		56,518		56,429
FHLMC Gold Pool, 5.000%, 11/01/33		1,000,000		972,500
FHLMC Gold Pool, 5.500%, 10/01/33		130,313		130,010
FHLMC Gold Pool, 5.500%, 01/01/35		124,085		123,679
FHLMC Gold Pool, 5.500%, 01/01/35 9		6,771,367		6,749,244
FHLMC Gold Pool, 5.500%, 02/01/35 9		1,588,938		1,582,754
FHLMC Gold Pool, 5.500%, 02/01/35 9		9,950,139		9,917,632
FHLMC Gold Pool, 5.500%, 06/01/35 9		8,829,625		8,800,778
FHLMC Gold Pool, 5.500%, 06/01/35 9		2,749,532		2,740,549
FHLMC Gold Pool, 6.000%, 09/01/17		122,900		125,171
FHLMC Gold Pool, 6.000%, 09/01/21		1,321,014		1,345,572
FHLMC Gold Pool, 6.000%, 10/01/21		6,035,201		6,147,398
FHLMC Gold Pool, 6.000%, 05/01/22		708,802		721,979
FHLMC Structured Pass Through Securities, Series T-51, Class 2A, 7.500%, 08/25/42 10		323,247		342,339
Total Federal Home Loan Mortgage Corporation				113,299,019
Federal National Mortgage Association - 55.1%
FNMA, 3.527%, 11/25/30, (10/25/08) 7,9		2,934,169		2,864,183
FNMA, 3.607%, 03/25/35, (10/25/08) 7,9		1,967,430		1,873,161
FNMA, 3.781%, 06/01/34, (06/01/09) 7		2,398,910		2,428,659
FNMA, 4.245%, 06/01/34, (04/01/09) 7		2,779,771		2,771,340
FNMA, 4.433%, 08/01/34, (04/01/09) 7		1,446,225		1,464,421
FNMA, 4.536%, 07/01/33, (12/01/08) 7		838,382		843,181
FNMA, 4.500%, TBA		5,000,000		4,728,125
FNMA, 5.000%, 06/01/18		326,777		327,852
FNMA, 5.000%, 01/01/20 9		2,854,150		2,854,622
FNMA, 5.000%, 03/25/24		1,029,030		1,033,775
FNMA, 5.000%, 10/01/35		11,541,050		11,263,782

Managers Intermediate Duration Government Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount		Value
Federal National Mortgage Association - 55.1% (continued)
FNMA, 5.299%, 06/01/37, (05/01/10) 7	$	1,382,710	$	1,393,996
FNMA, 5.500%, 03/01/17		195,658		199,359
FNMA, 5.500%, 02/01/18		290,669		295,350
FNMA, 5.500%, 02/01/18		297,544		302,893
FNMA, 5.500%, 10/01/18		378,878		384,979
FNMA, 5.500%, 11/15/18		6,000,000		6,035,628
FNMA, 5.500%, 01/01/19 9		749,646		756,329
FNMA, 5.500%, 02/01/19		448,531		452,529
FNMA, 5.500%, 03/01/19		348,250		351,355
FNMA, 5.500%, 10/01/20		649,507		656,515
FNMA, 5.500%, 10/01/20		685,405		692,801
FNMA, 5.500%, 01/01/21		727,136		734,982
FNMA, 5.500%, 02/01/21		568,750		574,176
FNMA, 5.500%, 02/01/21		146,605		148,003
FNMA, 5.500%, 02/01/21		820,563		828,392
FNMA, 5.500%, 04/01/21		1,452,667		1,466,526
FNMA, 5.500%, 11/01/34		2,567,003		2,565,034
FNMA, 5.500%, 02/01/35		878,968		878,294
FNMA, 5.500%, 07/01/37		1,851,573		1,848,024
FNMA, 5.500%, 12/01/37		452,035		451,168
FNMA, 5.500%, TBA		9,000,000		8,974,692
FNMA, 5.545%, 02/01/36, (01/01/11) 7		382,555		387,992
FNMA, 6.000%, 08/01/17		401,791		411,149
FNMA, 6.000%, 10/15/33		6,000,000		6,076,872
FNMA, 6.000%, 11/01/33		14,500,000		14,658,602
FNMA, 6.500%, 11/01/28		9,018		9,340
FNMA, 6.500%, 04/01/30		202,373		209,481
FNMA, 6.500%, 07/01/32		418,496		428,748
FNMA, 6.500%, 10/15/33		11,500,000		11,791,089
FNMA, Series 1994-55, Class H, 7.000%, 03/25/24 9		2,750,000		2,859,003
FNMA Whole Loan, Series 2003-W4, Class 4A, 7.500%, 10/25/42		194,564		205,248
Total Federal National Mortgage Association				99,481,650
Government National Mortgage Association - 0.4%
GNMA, 5.125%, 11/20/17, (01/01/09) 7		294,709		298,644
GNMA, 5.125%, 12/20/17, (01/01/09) 7		21,616		21,904
GNMA, 5.375%, 03/20/16, (04/01/09) 7		33,819		34,234
GNMA, 5.375%, 06/20/16, (07/01/09) 7		40,127		40,802
GNMA, 5.375%, 05/20/21, (07/01/09) 7		49,563		50,343
GNMA, 5.625%, 08/20/17, (10/01/09) 7		51,768		52,499
GNMA, 5.625%, 08/20/18, (10/01/09) 7		104,642		106,129
GNMA, 7.500%, 09/15/28		21,143		22,812
GNMA, 7.500%, 09/15/28		39,219		42,314
GNMA, 7.500%, 11/15/31		12,713		13,695
Total Government National Mortgage Association				683,376
Interest and Principal Only Strips - 3.0%
FHLMC IO Strip, 4.213%, 11/15/18, (10/15/08) 7,13		664,214		42,219
FHLMC IO Strip, 4.500%, 08/15/35		397,216		83,899
FHLMC IO Strip, 4.500%, 09/15/35		241,473		59,774
FHLMC IO Strip, 4.500%, 09/15/35		791,610		171,329
FHLMC IO Strip, 4.500%, 09/15/35		242,342		52,469
FHLMC IO Strip, 4.613%, 11/15/30, (10/15/08) 7,13		251,962		20,427
FHLMC IO Strip, 5.000%, 05/15/17		299,798		32,460
FHLMC IO Strip, 5.000%, 02/15/20		386,670		63,690
FHLMC IO Strip, 5.000%, 02/15/20		333,440		53,523
FHLMC IO Strip, 5.000%, 04/15/20		539,022		87,790
FHLMC IO Strip, 5.000%, 12/01/34 9		5,580,198		1,291,229
FHLMC IO Strip, 5.000%, 08/01/35		1,675,412		375,653
FHLMC IO Strip, 5.000%, 09/15/35		666,618		129,383
FHLMC IO Strip, 6.000%, 05/01/31		11,091		2,348
FHLMC IO Strip, 5.162%, 9/15/16, (10/15/08) 7,13		92,067		4,589
FHLMC IO Strip, 5.162%, 10/15/16, (10/15/08) 7,13		388,072		20,531
FHLMC IO Strip, 5.412%, 06/15/31, (10/15/08) 7		92,008		10,252

Managers Intermediate Duration Government Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount			Value
Interest and Principal Only Strips - 3.0% (continued)
FNMA IO Strip, 4.000%, 09/01/33	$	953,406		$	100,071
FNMA IO Strip, 4.000%, 09/01/34		490,178			52,041
FNMA IO Strip, 4.500%, 02/25/22		47,961			376
FNMA IO Strip, 4.500%, 09/01/33		433,020			82,369
FNMA IO Strip, 5.000%, 11/01/33		480,102			97,759
FNMA IO Strip, 5.000%, 05/01/34		568,061			133,265
FNMA IO Strip, 5.000%, 05/01/34		335,502			77,892
FNMA IO Strip, 5.000%, 05/01/34		284,295			66,037
FNMA IO Strip, 5.000%, 05/01/34		161,146			37,916
FNMA IO Strip, 5.000%, 07/01/34		1,606,689			363,813
FNMA IO Strip, 5.000%, 02/01/35		484,862			106,799
FNMA IO Strip, 5.000%, 03/01/35		646,824			150,874
FNMA IO Strip, 5.000%, 03/01/35		253,855			51,725
FNMA IO Strip, 5.000%, 07/01/35		3,856,516			864,310
FNMA IO Strip, 5.000%, 12/01/35		963,696			226,950
FNMA IO Strip, 7.000%, 04/01/23		343,256			65,035
FNMA IO Strip, 7.000%, 06/01/23		39,831			9,202
FNMA PO Strip, 4.664%, 07/01/33 5		468,935			356,200
Total Interest and Principal Only Strips					5,344,199
U.S. Treasury Notes - 0.6%
USTN, 2.375%, 04/15/11		1,153,438	2		1,166,595
Total U.S. Government and Agency Obligations (cost $220,425,888)					219,974,839
Mortgage-Backed Securities - 11.7%1
American Home Loan Investment Trust, 5.294%, 06/25/45, (03/25/10) 7,13		2,326,718			1,291,706
American Home Mortgage Assets, Series 2005-1, Class 1A1, 6.782%, 11/25/35 10		198,958			142,545
American Home Mortgage Investment Trust, 3.280%, 04/25/44, (02/25/09) 7,13		244,913			202,525
American Home Mortgage Investment Trust, 5.001%, 06/25/45, (11/01/08) 7,13		171,663			127,625
American Home Mortgage Investment Trust, 7.500%, 02/25/45, (11/25/09) 7,13		1,134,965			760,073
Bank of America Funding Corp., 6.619%, 12/20/34 10		300,004			233,375
Bear Stearns Alt-A Trust, 5.912%, 04/25/35 10,13		246,954			164,500
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, 5.634%, 04/25/37 10		1,592,453			1,021,285
Countrywide Alternative Loan Trust, 3.507%, 05/25/35, (10/25/08) 7,13		1,242,261			1,072,120
Countrywide Home Loans, Inc., Series 2004-R2, Class 1AF1, 3.734%, 11/25/34, (10/25/08) 7		477,243			447,030
Countrywide Home Loans, Inc., Series 2005-HYB8, Class 1A1, 5.392%, 12/20/35 10,13		185,936			156,837
Countrywide Home Loan Mortgage Pass Through Trust, Series 2007-HYB2, Class 3A1, 5.455%, 02/25/47 10,13		430,833			281,334
Countrywide Alternative Loan Trust, Series 2007-25, Class 2A1, 6.000%, 11/25/22 13		846,238			760,293
Countrywide Alternative Loan Trust, 6.000%, 06/25/34		673,838			580,764
Countrywide Home Loans, Inc., 6.460%, 05/20/35 10,13		196,346			134,050
Deutsche Alt-A Securities, Inc., Series 2006-AR6, Class A6, 3.397%, 02/25/37, (10/27/08) 7,13		1,741,000			966,721
GSMPS Mortgage Loan Trust, 3.370%, 03/25/35, (10/25/08) 3,7,13		382,611			351,836
GSR Mortgage Loan Trust, 3.440%, 05/25/34, (11/01/08) 7,13		95,551			83,715
Harborview Mortgage Loan Trust, 5.349%, 11/19/34 10		170,967			133,582
Master Alternative Loans Trust, 6.000%, 01/25/35 9,13		1,360,277			1,077,170
Merrill Lynch Mortgage Investors, Inc., 7.560%, 11/15/31		1,544,157			1,553,540
Morgan Stanley Mortgage Loan Trust, 6.099%, 08/25/35 10,13		1,741,171			1,448,436
Morgan Stanley Mortgage Loan Trust, Series 2007-14AR, Class 6A1, 6.471%, 11/25/37 10,13		1,438,257			945,396
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-7, Class 2AS2, 5.728%, 08/25/47 10		1,912,421			1,293,704
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-9, Class 2A1, 5.994%, 10/25/15 10		1,709,151			1,117,189
Structured Asset Securities Corp., Series 2005-RF1, Class A, 3.414%, 03/25/35, (10/25/08) 3,7,13		468,970			420,859
Washington Mutual Mortgage Pass-Through Certificates, 6.000%, 10/25/35 13		2,418,571			1,842,649
Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.000%, 12/28/37		2,860,710			2,522,789
Total Mortgage-Backed Securities (cost $28,206,546)					21,133,648
Short-Term Investments - 3.6%
U.S. Government and Agency Discount Notes - 0.1% 5,6
FHLMC Discount Notes, 1.925%, 11/03/08 (cost $177,660)		178,000			177,682
	Shares
Other Investment Companies - 3.5% 4,9
Bank of New York Institutional Cash Reserves Fund, Series A, 2.20% 8,15		1,191,415			1,191,415
Bank of New York Institutional Cash Reserves Fund, Series B, 0.00%* 8,15		13,850			1,731
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.73%		5,137,097			5,137,097
Total Other Investment Companies					6,330,243
Total Short-Term Investments (cost $6,520,022)					6,507,925
Total Investments - 137.1% (cost $255,152,456)					247,616,412
Other Assets, less Liabilities - 37.1%					(66,992,503	)
Net Assets - 100%				$	180,623,909

Managers Short Duration Government Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount		Value
U.S. Government and Agency Obligations - 92.5% 1
Federal Home Loan Mortgage Corporation - 37.0%
FHLMC, 3.799%, 07/01/34, (06/01/09) 7,9	$	814,898	$	820,584
FHLMC, 3.810%, 05/01/34, (06/01/09) 7,9		483,161		486,552
FHLMC, 4.000%, 09/15/15		939,280		937,326
FHLMC, 4.103%, 10/01/33, (12/01/08) 7,9		3,264,382		3,304,952
FHLMC, 4.675%, 03/01/38, (04/01/13) 7		1,973,092		1,961,050
FHLMC, 4.901%, 12/01/35, (10/01/10) 7		1,830,461		1,835,544
FHLMC, 5.000%, 06/01/09		225,333		224,977
FHLMC, 5.000%, 05/01/18		390,818		391,421
FHLMC, 5.000%, 05/01/18 9		1,316,236		1,318,268
FHLMC, 5.000%, 07/15/25		1,137,012		1,143,863
FHLMC, 5.000%, 05/15/26		1,249,201		1,254,897
FHLMC, 5.000%, 06/15/27 9		4,738,363		4,791,262
FHLMC, 5.943%, 02/01/37, (02/01/12) 7,9		10,798,804		11,031,175
FHLMC, 6.000%, 02/01/22 9		3,916,522		3,989,332
FHLMC, 6.000%, 10/15/26		1,304,355		1,328,458
FHLMC, 6.000%, 07/01/37		706,544		715,905
FHLMC, 6.000%, 12/21/14, TBA		13,000,000		13,223,444
FHLMC, 6.500%, TBA		3,000,000		3,075,936
FHLMC Gold Pool, 2.737%, 06/15/35, (10/15/08) 7,9		7,189,988		7,004,567
FHLMC Gold Pool, 3.750%, 11/15/25 9		3,692,641		3,668,921
FHLMC Gold Pool, 4.000%, 12/01/20 9		4,114,529		3,921,585
FHLMC Gold Pool, 5.000%, 06/01/09		399,105		398,474
FHLMC Gold Pool, 5.000%, 05/01/18 9		1,272,810		1,274,775
FHLMC Gold Pool, 5.000%, 01/01/19 9		1,472,296		1,474,569
FHLMC Gold Pool, 5.000%, 04/01/19		555,998		555,119
FHLMC Gold Pool, 5.000%, 08/01/19		175,206		174,929
FHLMC Gold Pool, 5.500%, 11/01/17 9		618,970		629,131
FHLMC Gold Pool, 5.500%, 12/01/17		303,795		308,782
FHLMC Gold Pool, 5.500%, 08/01/19		543,284		549,825
FHLMC Gold Pool, 5.500%, 09/01/19		489,879		495,777
FHLMC Gold Pool, 6.000%, 09/01/17		122,900		125,171
FHLMC Gold Pool, 6.000%, 09/01/17		705,281		718,315
FHLMC Gold Pool, 6.000%, 07/01/21 9		2,114,718		2,154,032
FHLMC Gold Pool, 6.000%, 07/01/21		3,627,587		3,695,026
FHLMC Gold Pool, 6.000%, 09/01/21 9		2,642,028		2,691,145
FHLMC Gold Pool, 6.000%, 10/01/21 9		4,693,941		4,781,203
FHLMC Gold Pool, 6.000%, 02/01/22		821,453		836,560
FHLMC Gold Pool, 6.000%, 03/01/23		9,500,287		9,676,902
FHLMC Gold Pool, 6.000%, 09/01/37		546,122		553,357
FHLMC Gold Pool, 7.500%, 04/01/15		5,102		5,369
FHLMC Gold Pool, 7.500%, 04/01/15		13,952		14,683
FHLMC Gold Pool, 7.500%, 04/01/15		447,141		470,573
FHLMC Gold Pool, 7.500%, 10/01/15		2,383		2,511
FHLMC Gold Pool, 7.500%, 12/01/15		5,044		5,316
FHLMC Gold Pool, 7.500%, 12/01/15		100,522		105,948
FHLMC Gold Pool, 7.500%, 04/01/29		112,378		121,943
FHLMC Gold Pool, 8.500%, 12/01/25 9		90,177		99,932
FHLMC Pool, 7.500%, 03/01/33		1,041,210		1,127,720
FHLMC, Series 2697, Class LP, 4.500%, 10/15/19		970,652		973,712
FHLMC, Series 3165, Class JA, 5.500%, 04/15/26		843,783		859,923
FHLMC Structured Pass Through Securities, 4.391%, 11/25/38		77,379		77,278
FHLMC Structured Pass Through Securities, 7.500%, 02/25/42		141,327		146,170
FHLMC Structured Pass Through Securities, Series T-51, Class 2A, 7.500%, 08/25/42 10		230,891		244,528
Total Federal Home Loan Mortgage Corporation				101,778,717
Federal National Mortgage Association - 46.8%
FNMA, 3.527%, 11/25/30, (10/25/08) 7,9		2,934,169		2,864,183
FNMA, 3.607%, 03/25/35, (10/25/08) 7,9		3,166,696		3,014,964
FNMA, 3.781%, 06/01/34, (06/01/09) 7		2,959,032		2,995,728
FNMA, 4.245%, 06/01/34, (04/01/09) 7,9		3,487,481		3,476,904
FNMA, 4.399%, 08/01/34, (02/01/09) 7		1,267,430		1,272,329
FNMA, 4.433%, 08/01/34, (04/01/09) 7		1,807,781		1,830,526
FNMA, 4.862%, 09/01/33, (09/01/09) 7,9		1,173,388		1,174,743
FNMA, 4.977%, 01/01/36, (11/01/10) 7		620,920		623,202
FNMA, 5.000%, 07/01/18		385,586		386,855
FNMA, 5.000%, 07/01/18		398,934		400,746
FNMA, 5.000%, 09/01/19 9		1,060,003		1,053,553
FNMA, 5.000%, 03/25/24		1,289,628		1,295,575
FNMA, 5.161%, 01/01/36, (12/01/10) 7		258,923		261,039
FNMA, 5.299%, 06/01/37, (05/01/10) 7		1,739,784		1,753,984
FNMA, 5.335%, 08/01/36, (05/01/11) 7		1,276,460		1,296,112
FNMA, 5.357%, 02/01/37, (12/01/09) 7		2,188,901		2,207,554
FNMA, 5.496%, 05/01/36, (05/01/11) 7		820,179		834,235

Managers Short Duration Government Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount		Value
Federal National Mortgage Association - 46.8% (continued)
FNMA, 5.500%, 10/20/18	$	11,500,000	$	11,589,838
FNMA, 5.500%, 11/01/18 9		1,740,262		1,755,777
FNMA, 5.500%, 11/15/18		250,000		251,484
FNMA, 5.500%, 12/01/18		558,274		563,251
FNMA, 5.500%, 01/01/21	$	673,555	$	680,823
FNMA, 5.500%, TBA		8,500,000		8,476,098
FNMA, 5.625%, 10/01/36, (04/01/11) 7		3,374,797		3,440,376
FNMA, 5.762%, 01/01/37, (01/01/12) 7,9		4,189,055		4,244,900
FNMA, 5.880%, 09/01/37, (08/01/12) 7		1,778,610		1,812,429
FNMA, 5.892%, 09/01/37, (09/01/12) 7		1,906,314		1,942,167
FNMA, 6.000%, 03/01/17		303,880		311,053
FNMA, 6.000%, 08/01/17		436,859		447,034
FNMA, 6.000%, 09/01/22 9		5,280,128		5,383,832
FNMA, 6.00%, TBA		9,000,000		9,165,942
FNMA, 6.00%, TBA		2,000,000		2,033,124
FNMA, 6.006%, 11/01/37, (10/01/12) 7		2,731,622		2,790,610
FNMA, 6.010%, 12/01/08 9		4,221,001		4,206,904
FNMA, 6.040%, 10/01/08 9		1,080,426		1,076,832
FNMA, 6.500%, 10/01/03		5,000,000		5,126,560
FNMA, 6.500%, 04/01/17 9		796,066		827,440
FNMA, 6.500%, 08/01/32		1,589,498		1,645,326
FNMA, 6.516%, 01/01/33, (12/01/08) 7		125,407		126,601
FNMA, 6.740%, 06/01/09		883,210		891,125
FNMA, 7.000%, 09/01/14		1,285,496		1,356,049
FNMA, 7.500%, 12/01/33		138,939		147,026
FNMA, 7.500%, 01/01/34		156,054		165,136
FNMA, Series 2005-86, Class WH, 5.000%, 11/25/25		3,070,764		3,085,026
FNMA, Series 2008-22, Class KA, 5.500%, 06/25/21		863,539		869,876
FNMA, Series 2005-108, Class TA, 5.500%, 03/25/22		887,985		890,764
FNMA, Series 2006-48, Class TA, 5.500%, 04/25/28		4,162,974		4,235,091
FNMA, Series 2006-33, Class QA, 6.000%, 01/25/29		2,955,038		3,005,359
FNMA, Series 2005-115, Class OC, 6.000%, 10/25/33		1,883,608		1,915,047
FNMA Grantor Trust, Series 2002-T5, Class A1, 3.207%, 05/25/32, (10/27/08) 7		660,242		587,129
FNMA Grantor Trust Pass Through, Series 2004-T1, Class 1A2, 6.500%, 01/25/44		919,559		961,463
FNMA Pass Through Securities, Series 2002-33, Class A2, 7.500%, 06/25/32		142,231		149,298
FNMA Whole Loan, Series 2005-W2, Class A1, 3.407%, 05/25/35, (10/25/08) 7,9		5,822,347		5,516,425
FNMA Whole Loan, Series 2003-W8, Class 3F1, 3.607%, 05/25/42, (10/25/08) 7,9		2,240,392		2,194,666
FNMA Whole Loan, Series 2004-W14, Class 1AF, 3.607%, 07/25/44, (10/25/08) 7,9		4,622,656		4,584,821
FNMA Whole Loan, Series 2004-W5, Class F1, 3.657%, 02/25/47, (10/25/08) 7		1,107,422		1,106,676
FNMA Whole Loan, Series 2002-W1, Class 2A, 7.500%, 02/25/42 9		681,276		717,207
FNMA Whole Loan, Series 2002-W6, Class 2A, 7.500%, 06/25/42		585,629		626,536
FNMA Whole Loan, Series 2003-W4, Class 4A, 7.500%, 10/25/42 9		1,167,382		1,231,488
FNMA Whole Loan, Series 2003-W1, Class 2A, 7.500%, 12/25/42		37,552		39,006
Total Federal National Mortgage Association				128,915,847
Government National Mortgage Association - 7.0%
GNMA, 3.500%, 07/20/35, (10/01/09) 7,9		2,984,190		3,041,988
GNMA, 3.500%, 09/20/35, (10/01/09) 7		2,292,247		2,336,506
GNMA, 3.625%, 03/20/37, (04/01/09) 7		1,068,125		1,065,416
GNMA, 4.750%, 01/20/32, (04/01/09) 7		197,226		198,142
GNMA, 4.750%, 10/20/34, (01/01/09) 7		607,448		611,312
GNMA, 5.000%, 10/20/32, (01/01/09) 7		404,735		407,804
GNMA, 5.000%, 03/20/35, (04/01/09) 7		152,267		153,871
GNMA, 5.000%, 06/20/35, (07/01/09) 7		189,635		191,095
GNMA, 5.125%, 10/20/17, (01/01/09) 7,9		82,397		83,496
GNMA, 5.125%, 11/20/17, (01/01/09) 7		95,979		97,261
GNMA, 5.125%, 12/20/17, (01/01/09) 7		67,949		68,856
GNMA, 5.125%, 12/20/21, (01/01/09) 7		153,396		155,132
GNMA, 5.125%, 11/20/23, (01/01/09) 7		82,539		83,390
GNMA, 5.125%, 11/20/23, (01/01/09) 7		1,017,369		1,028,916
GNMA, 5.125%, 10/20/25, (01/01/09) 7		309,181		312,814
GNMA, 5.125%, 12/20/25, (01/01/09) 7		158,142		159,943
GNMA, 5.125%, 11/20/27, (01/01/09) 7		97,536		98,649
GNMA, 5.250%, 01/20/28, (04/01/09) 7		100,327		101,289
GNMA, 5.375%, 03/20/21, (04/01/09) 7		66,981		67,731
GNMA, 5.375%, 06/20/22, (07/01/09) 7		129,875		131,902
GNMA, 5.375%, 03/20/23, (04/01/09) 7		121,744		122,740
GNMA, 5.375%, 04/20/24, (07/01/09) 7,9		763,758		773,422
GNMA, 5.375%, 04/20/26, (07/01/09) 7		139,972		141,800
GNMA, 5.375%, 05/20/27, (07/01/09) 7,9		667,381		676,239
GNMA, 5.375%, 05/20/33, (07/01/09) 7		167,594		169,200
GNMA, 5.500%, 01/20/34, (04/01/09) 7		887,917		902,311
GNMA, 5.625%, 07/20/18, (10/01/09) 7		88,769		89,928
GNMA, 5.625%, 07/20/18, (10/01/09) 7		111,142		113,019
GNMA, 5.625%, 08/20/21, (10/01/09) 7		72,534		73,484

Managers Short Duration Government Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount			Value
Government National Mortgage Association - 7.0% (continued)
GNMA, 5.625%, 09/20/22, (10/01/09) 7	$	35,675		$	36,070
GNMA, 5.625%, 08/20/23, (10/01/09) 7		92,193			93,179
GNMA, 5.625%, 08/20/26, (10/01/09) 7		103,806			105,086
GNMA, 5.625%, 08/20/32, (10/01/09) 7		889,347			899,078
GNMA, 5.625%, 07/20/33, (10/01/09) 7		1,010,595			1,020,830
GNMA, 5.625%, 08/20/33, (10/01/09) 7		1,985,828			2,005,942
GNMA, 5.625%, 09/20/35, (10/01/09) 7		1,581,874			1,601,153
GNMA, 9.500%, 07/15/09		2,202			2,266
GNMA, 9.500%, 12/15/17		15,304			16,841
Total Government National Mortgage Association					19,238,101
Interest Only Strips - 1.2%
FHLMC IO Strip, 4.500%, 08/15/35		158,887			33,559
FHLMC IO Strip, 4.500%, 09/15/35		321,963			79,699
FHLMC IO Strip, 4.500%, 09/15/35		403,883			87,413
FHLMC IO Strip, 4.613%, 11/15/30, (10/15/08) 7,13		310,219			25,150
FHLMC IO Strip, 5.000%, 05/15/18		94,260			10,899
FHLMC IO Strip, 5.000%, 02/15/20		552,385			90,986
FHLMC IO Strip, 5.000%, 02/15/20		389,013			62,443
FHLMC IO Strip, 5.000%, 04/15/20		479,131			78,036
FHLMC IO Strip, 5.000%, 07/15/20		182,193			29,417
FHLMC IO Strip, 5.000%, 12/01/34		2,194,156			507,716
FHLMC IO Strip, 5.000%, 08/01/35		2,904,047			651,132
FHLMC IO Strip, 7.500%, 10/01/27		56,726			12,837
FHLMC IO Strip, 8.000%, 06/01/31		13,131			3,100
FNMA IO Strip, 3.875%, 01/25/24, (10/25/08) 7		111,138			10,597
FNMA IO Strip, 5.000%, 02/01/35		1,177,521			259,369
FNMA IO Strip, 5.000%, 07/01/35		5,391,635			1,208,355
FNMA IO Strip, 5.000%, 12/01/35		650,299			153,145
FNMA IO Strip, 7.500%, 11/18/14		89,992			6,989
FNMA IO Strip, 8.000%, 08/25/22		98,352			18,859
FNMA IO Strip, 8.000%, 03/18/27		50,378			11,629
FNMA IO Strip, 8.000%, 05/18/27		37,626			8,805
FNMA IO Strip, 8.000%, 05/01/30		30,525			6,856
FNMA IO Strip, 9.000%, 12/15/16		50,612			11,083
Total Interest Only Strips					3,368,074
U.S. Treasury Notes - 0.5%
USTN, 2.375%, 04/15/11		1,291,940	2		1,306,676
Total U.S. Government and Agency Obligations (cost $255,354,820)					254,607,415
Mortgage-Backed Securities and Interest Only Strips - 8.5%1
Mortgage-Backed Securities - 8.4%
Countrywide Home Loans, Inc., 3.707%, 02/25/35, (10/27/08) 9,10,13		1,604,941			701,743
Deutsche Alt-A Securities, Inc. Mortgage Loan, 6.250%, 07/25/36 10,13		511,370			472,856
FNR 2005-30 BU, 5.00%, 03/25/24		971,136			972,863
GE Capital Commercial Mortgage Corporation, 6.496%, 01/15/33		499,591			501,647
GMAC Commercial Mortgage Securities, Inc., Series 2000-C3, Class A2, 6.957%, 09/15/35		1,555,874			1,574,727
GMAC Commercial Mortgage Securities, Inc., Series 2000-C1, Class A2, 7.724%, 03/15/33 9		6,989,409			7,083,265
Greenwich Capital Commercial Funding Corp., Class A2, Series 2005-GG3, 4.305%, 08/10/42 10		1,754,000			1,719,148
Harborview Mortgage Loan Trust, 3.440%, 11/19/34, (10/20/08) 7,13		1,471,786			1,137,777
Lehman Brothers Mortgage Trust, 6.000%, 08/25/2113		2,204,894			1,804,569
Merrill Lynch Mortgage Investors, Inc., 7.560%, 11/15/31		2,109,838			2,122,658
PNC Mortgage Acceptance, 7.300%, 10/12/33		2,002,631			2,031,374
Salomon Brothers Mortgage, 7.455%, 07/18/33		286,120			289,450
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-7, Class 2AS2, 5.728%, 08/25/47 10		2,347,062			1,587,729
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-9, Class 2A1, 5.994%, 10/25/15 10		1,079,464			705,593
Washington Mutual, Class 2A3, Series 2005-AR2, 3.557%, 01/25/45, (10/25/08) 7,13		979,450			537,177
Total Mortgage-Backed Securities					23,242,576
Mortgage-Backed Interest Only Strips - 0.1%
Bank of America-First Union IO Strip, Series 2001-3, Class XC, 0.433%, 04/11/37 3,7		4,845,741			180,142
CS First Boston Mortgage IO Strip, 0.839%, 12/15/35 3,7		1,400,869			40,810
CS First Boston Mortgage Sec. Corp. IO Strip, Series 1998-C1, Class AX, 1.069%, 05/17/40 7		792,482			36,404
GMAC, Series 1999-C1 IO Strip, Class X, 0.571%, 05/15/33 7		6,237,688			88,265
Total Mortgage-Backed Interest Only Strips					345,621
Total Mortgage-Backed Securities and Interest Only Strips (cost $28,661,254)					23,588,197
Asset-Backed Securities - 1.1%1
First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FF10, Class A4, 3.527%, 11/25/35, (10/27/08) 7		1,800,000			1,623,345
FNMA Grantor Trust, Series 2004-T10, Class 1AV1, 2.690%, 06/25/35, (10/27/08) 7,9		90,769			90,197
FNMA Grantor Trust, Series 2003-T2, Class A1, 3.487%, 03/25/33, (10/27/08) 7		394,826			328,372
FNMA Grantor Trust, Series 2003-T4, Class A1, 3.539%, 09/26/33, (10/27/08) 7		19,620			18,329
FNMA Whole Loan, Series 2003-W13, Class AV2, 3.487%, 10/25/33, (10/27/08) 7		173,177			164,291
FNMA Whole Loan, Series 2001-W2, Class AS5, 5.973%, 10/25/31 11		148,642			148,098
Structured Asset Investment Loan Trust, 3.747%, 12/25/34, (10/27/08) 7,9		585,866			533,982
Total Asset-Backed Securities (cost $3,214,818)					2,906,613

Managers Short Duration Government Fund

September 30, 2008

Schedule of Portfolio Investments (unaudited)

Security Description	Principal Amount		Value
Short-Term Investments - 4.1%
U.S. Government and Agency Discount Notes - 0.3% 5,6
FHLMC Discount Notes, 1.925%, 11/03/08	$	156,000	$	155,721
FHLMC Discount Notes, 2.997%, 02/02/05		50,000		49,492
FHLMC Discount Notes, 3.019%, 03/30/09		250,000		246,312
FNMA Discount Notes, 0.462%, 10/15/08		150,000		149,971
FNMA Discount Notes, 1.269%, 12/03/08		75,000		74,834
FNMA Discount Notes, Series BB, 2.504%, 12/04/08		75,000		74,667
FNMA Discount Notes, 2.511%, 12/10/08		75,000		74,635
FNMA Discount Notes, 3.002%, 02/11/09		50,000		49,455
Total U.S. Government and Agency Discount Notes				669,874
	Shares
Other Investment Companies - 3.8% 4,9
Bank of New York Institutional Cash Reserves Fund, Series A, 2.20% 8,15		1,334,465		1,334,465
Bank of New York Institutional Cash Reserves Fund, Series B, 0.00% 8,15		15,506		1,938
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.73%		9,072,868		9,072,868
Total Other Investment Companies				10,409,271
Total Short-Term Investments (cost $11,297,533)				11,079,145
Total Investments - 106.2% (cost $298,528,425)				292,181,370
Other Assets, less Liabilities - (6.2)%				(16,822,376	)
Net Assets - 100%			$	275,358,994

Notes to Schedules of Portfolio Investments (unaudited)

The following footnotes and abbreviations are to be read in conjunction with the Schedules of Portfolio Investments previously presented in this report.

At September 30, 2008, the cost of securities for Federal income tax purposes and the gross aggregate unrealized appreciation and/or depreciation based on tax cost were approximately as follows:

Fund	Cost		Appreciation		Depreciation			Net
Short Duration	$	298,532,523	$	1,211,272	$	(7,357,212	)	$	(6,145,940	)
Intermediate Duration		255,164,817		1,459,838		(9,008,243	)		(7,548,405	)
Mid-Cap		66,923,619		1,191,594		(9,711,542	)		(8,519,948	)
Balanced		24,169,983		570,365		(1,256,729	)		(686,364	)
High Yield		46,868,908		133,647		(7,077,249	)		(6,943,602	)
Fixed-Income		141,709,982		965,360		(16,398,366	)		(15,433,006	)

^* Non-income producing security

^# Rounds to less than 0.1%

¹ Mortgage-backed obligations and other assets are subject to principal paydowns as a result of prepayments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity. The interest rate shown is the rate in effect at September 30, 2008.

² Some or all of these securities were out on loan to various brokers as of September 30, 2008, amounting to:

Fund	Market Value		% of Net Assets
Short Duration	$	1,306,676	0.5	%
Intermediate Duration		1,166,595	0.6	%
Mid-Cap		12,620,966	27.5	%
Balanced		3,421,209	17.6	%
High Yield		7,954,923	25.3	%
Fixed Income		14,908,167	12.7	%

³ Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified buyers. At September 30, 2008, the value of these securities amounted to the following:

Fund	Market Value		% of Net Assets
Short Duration	$	220,952	0.1	%
Intermediate Duration		772,695	0.4	%
High Yield		5,592,933	17.8	%
Fixed Income		8,330,028	7.1	%

⁴ Yield shown for each of the investment companies listed represents the September 30, 2008, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

⁵ Indicates yield to maturity at September 30, 2008.

⁶ Security pledged to cover margin requirements for open futures positions at September 30, 2008.

⁷ Floating Rate Security. The rate listed is as of September 30, 2008. Date in parenthesis represents the security’s next coupon rate reset.

⁸ Collateral received from brokers for securities lending was invested in this short-term investment.

⁹ All or part of security has been segregated for delayed delivery transactions.

¹⁰ Variable Rate Security. The rate listed is as of September 30, 2008 and is periodically reset subject to terms and conditions set forth in the debenture.

¹¹ Step Bond. A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

¹² Payment-in-kind security. A type of high yield debt instrument whose issuer has the option of making interest payments either in cash or in additional debt securities.

¹³ Illiquid Security. A security not readily convertible into cash such as a stock, bond or commodity that is not actively traded and would be difficult to sell in a current sale. The Funds may not invest more than 15% of their net assets in illiquid securities. All securities are valued by an independent pricing agent.

¹⁴ Security is in default. Issuer has failed to make a timely payment of either principal or interest or has failed to comply with some provision of the bond indenture.

¹⁵ In September 2008, The Bank of New York Mellon established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman floating rate notes. The Fund’s position in Series B is being marked to market daily.

Securities Transacted on a When Issued Basis

Each Fund may enter into TBA purchase commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities. Each contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. TBA sale commitments outstanding at March 31, 2008 were as follows:

Security Name	Principal/Share Amount		Current Liability
FNMA, 5.000%, 10/15/21	$	4,800,000	$	4,765,498
FNMA, 5.500%, 10/15/37		2,000,000		1,994,376
Total			$	6,759,874

Fair Value Measurements

The Funds adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is as signed a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below:

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk)

Level 3 –significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

	Investments in Securities		Other Financial Instruments*
Managers Short Duration Government Fund
Level 1 - Quoted Prices	$	10,407,332	$	520,677
Level 2 - Other Significant Observable Inputs		281,979,251		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	292,386,583	$	520,677
Managers Intermediate Duration Government Fund
Level 1 - Quoted Prices	$	6,328,512	$	427,074
Level 2 - Other Significant Observable Inputs		241,287,900		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	247,616,412	$	427,074
Managers AMG Chicago Equity Mid - Cap Fund
Level 1 - Quoted Prices	$	58,383,705		—
Level 2 - Other Significant Observable Inputs		19,965		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	58,403,670		—

Managers AMG Chicago Equity Balanced Fund
Level 1 - Quoted Prices	$	15,485,336		—
Level 2 - Other Significant Observable Inputs		7,998,283		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	23,483,619		—
Managers High Yield Fund
Level 1 - Quoted Prices	$	8,945,935		—
Level 2 - Other Significant Observable Inputs		30,979,371		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	39,925,306		—
Managers Fixed Income Fund
Level 1 - Quoted Prices	$	20,565,568		—
Level 2 - Other Significant Observable Inputs		105,711,408		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	126,276,976		—
*   Other financial instruments are derivative instruments not reflected in the Schedule of Portfolio Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation of the instrument. The following table is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
	Investments in Securities		Other Financial Instruments
Managers Short Duration Government Fund
Balance as of December 31, 2007	$	0	$	0
Accrued discounts/premiums		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net purchases (sales)		—		—
Net Transfers in and/or out of Level 3		—		—
Balance as of September 30, 2008	$	0	$	0
Net change in unrealized appreciation/depreciation from Investments still held as of September 30, 2008	$	0	$	0
	Investments in Securities		Other Financial Instruments
Managers Intermediate Duration Government Fund
Balance as of December 31, 2007	$	0	$	0
Accrued discounts/premiums		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net purchases (sales)		—		—
Net Transfers in and/or out of Level 3		—		—
Balance as of September 30, 2008	$	0	$	0
Net change in unrealized appreciation/depreciation from Investments still held as of September 30, 2008	$	0	$	0
	Investments in Securities		Other Financial Instruments
Managers AMG Chicago Equity Mid - Cap Fund
Balance as of December 31, 2007	$	0	$	0
Accrued discounts/premiums		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net purchases (sales)		—		—
Net Transfers in and/or out of Level 3		—		—
Balance as of September 30, 2008	$	0	$	0
Net change in unrealized appreciation/depreciation from Investments still held as of September 30, 2008	$	0	$	0

	Investments in Securities		Other Financial Instruments
Managers AMG Chicago Equity Balanced Fund
Balance as of December 31, 2007	$	0	$	0
Accrued discounts/premiums		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net purchases (sales)		—		—
Net Transfers in and/or out of Level 3		—		—
Balance as of September 30, 2008	$	0	$	0
Net change in unrealized appreciation/depreciation from Investments still held as of September 30, 2008	$	0	$	0

	Investments in Securities		Other Financial Instruments
Managers High Yield Fund
Balance as of December 31, 2007	$	0	$	0
Accrued discounts/premiums		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net purchases (sales)		—		—
Net Transfers in and/or out of Level 3		—		—
Balance as of September 30, 2008	$	0	$	0
Net change in unrealized appreciation/depreciation from Investments still held as of September 30, 2008	$	0	$	0
	Investments in Securities		Other Financial Instruments
Managers Fixed Income Fund
Balance as of December 31, 2007	$	0	$	0
Accrued discounts/premiums		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net purchases (sales)		—		—
Net Transfers in and/or out of Level 3		—		—
Balance as of September 30, 2008	$	0	$	0
Net change in unrealized appreciation/depreciation from Investments still held as of September 30, 2008	$	0	$	0

Futures Contracts (Short & Intermediate Duration Funds)

A Fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital shares transactions. There are certain risks associated with futures contracts. Prices may not move as expected or a Fund may not be able to close out the contract when it desires to do so, resulting in losses. Futures are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. The Funds had the following open futures contracts as of September 30, 2008:

Short Duration

The market value of assets pledged to cover margin requirements for the open futures positions at September 30, 2008 amounted to $874,907.

Type	Number of Contracts	Position	Expiration Month	Unrealized Gain/(Loss)
2-Year U.S. Treasury Note	246	Long	December 2008	$	267,995
5-Year U.S. Treasury Note	375	Short	December 2008		(106,779	)
10-Year U.S. Treasury Note	73	Short	December 2008		53,849
U.S. Treasury Long Bond	84	Long	December 2008		(63,866	)
10-Year Interest Swap	211	Short	December 2008		429,503
3-Month Eurodollar	1	Short	March 2008 - December 2009		2,848
3-Month Eurodollar	104	Long	March 2008 - December 2009		20,911
3-Month Eurodollar	45	Long	December 2010 - September 2011		50,675
3-Month Eurodollar	84	Short	December 2008 - December 2012		(134,459	)
Total					$520,677

Intermediate Duration

The market value of assets pledged to cover margin requirements for the open futures positions at September 30, 2008 amounted to $177,680.

Type	Number of Contracts	Position	Expiration Month	Unrealized Gain/(Loss)
2-Year U.S. Treasury Note	12	Short	December 2008	$	(15,405	)
5-Year U.S. Treasury Note	4	Short	December 2008		(1,139	)
10-Year U.S. Treasury Note	60	Short	December 2008		92,756
10-Year Swap	7	Long	December 2008		(14,291	)
U.S. Treasury Long Bond	3	Long	December 2008		(2,281	)
3-Month Eurodollar	124	Long	June 2009 - September 2012		487,414
3-Month Eurodollar	78	Short	June 2010		(119,981	)
Total				$	427,073

Investments Abbreviations:

FHLMC: Federal Home Loan Mortgage Corp.

FNMA: Federal National Mortgage Association

GMAC: General Motors Acceptance Corp.

GNMA: Government National Mortgage Association

GSMPS: Goldman Sachs Mortgage Participating Security

GSR: Goldman Sachs REMIC

IO: Interest Only

PO: Principal Only

USTN: United States Treasury Note

Security Ratings (unaudited):

The composition of debt holdings as a percentage of portfolio assets is as follows:

S&P/Moody’s Ratings	Gov’t/AAA		AA		A		B		BBB		BB		Below BB		Not Rated
Short Duration	99.7	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.3	%
Intermediate Duration	100.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
High Yield	0.0	%	0.0	%	0.0	%	53.8	%	3.1	%	29.8	%	11.6	%	1.7	%
Fixed Income	20.0	%	5.2	%	22.2	%	0.0	%	46.9	%	3.6	%	2.0	%	0.1	%

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MANAGERS TRUST II
By:	/s/    John H. Streur
	John H. Streur, President

Date: November 26, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    John H. Streur
	John H. Streur, President

Date: November 26, 2008

By:	/s/    Donald S. Rumery
	Donald S. Rumery, Chief Financial Officer

Date: November 26, 2008