Managers Trust II

N-Q 1 dnq.htm MANAGERS TRUST II Managers Trust II

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: MARCH 31, 2011 (1^st Quarter End Portfolio Holdings)

Item 1. SCHEDULE OF INVESTMENTS.

Managers AMG Chicago Equity Partners Mid-Cap Fund

Schedule of Portfolio Investments

March 31, 2011 (unaudited)


Security Description	Shares			Value
Common Stocks - 97.9%
Consumer Discretionary - 13.1%
Advance Auto Parts, Inc.		7,100		$	465,902
Borg Warner, Inc.*		2,900			231,101
Brinker International, Inc.		16,100			407,330
Chipotle Mexican Grill, Inc.*		800			217,896
Dana Holding Corp.*		6,800			118,252
Dillard’s, Inc., Class A		4,900	²		196,588
Foot Locker, Inc.		12,700			250,444
Fossil, Inc.*		3,600			337,140
GameStop Corp., Class A*		10,000	²		225,200
Gannett Co., Inc.		7,900			120,317
Interpublic Group of Companies, Inc.*		9,200			115,644
Liberty Global, Inc., Class A*		5,300	²		219,473
PetSmart, Inc.		3,000			122,850
Polaris Industries, Inc.		7,100			617,842
Signet Jewelers, Ltd.*		1,900			87,438
Sotheby’s		6,700			352,420
Timberland Co.*		10,300			425,287
Tractor Supply Co.		5,000			299,300
TRW Automotive Holdings Corp.*		4,600			253,368
Tupperware Brands Corp.		1,900			113,449
Warnaco Group, Inc., The*		2,000			114,380
Weight Watchers International, Inc.		1,200			84,120
Williams-Sonoma, Inc.		14,600			591,300
Total Consumer Discretionary					5,967,041
Consumer Staples - 3.5%
Alberto-Culver Co.		2,900			108,083
Constellation Brands, Inc.*		3,600			73,008
Corn Products International, Inc.		9,300			481,926
Hansen Natural Corp.*		3,500			210,805
Herbalife, Ltd.		3,500			284,760
Hormel Foods Corp.		10,000			278,400
McCormick & Co., Inc.		2,400			114,792
Smithfield Foods, Inc.*		2,900			69,774
Total Consumer Staples					1,621,548
Energy - 5.2%
Atwood Oceanics, Inc.*		6,800			315,724
Berry Petroleum Co., Class A		3,300			166,485
Cabot Oil & Gas Corp.		5,100			270,147
Oil States International, Inc.*		4,900			373,086

Managers AMG Chicago Equity Partners Mid-Cap Fund

Schedule of Portfolio Investments (continued)


Security Description	Shares			Value
Energy - 5.2% (continued)
Patterson-UTI Energy, Inc.		16,800		$	493,752
Seacor Holdings, Inc.		400			36,984
Tesoro Corp.*		15,800			423,914
Whiting Petroleum Corp.*		4,200			308,490
Total Energy					2,388,582
Financials - 18.3%
Allied World Assurance Co. Holdings, Ltd.		2,400			150,456
American Capital Agency Corp.		5,800			169,012
Ares Capital Corp.		6,300			106,470
Assurant, Inc.		11,000			423,610
Cathay General Bancorp		23,200			395,560
CBL & Associates Properties, Inc.		11,400			198,588
Chimera Investment Corp.		27,400			108,504
Commerce Bancshares, Inc.		3,840			155,290
Commonwealth REIT		14,700			381,759
Endurance Specialty Holdings, Ltd.		7,000			341,740
Federal Realty Investment Trust		2,700			220,212
Huntington Bancshares, Inc.		93,800			622,832
Legg Mason, Inc.		6,300	²		227,367
MFA Financial, Inc.		47,100			386,220
National Retail Properties, Inc.		20,900	²		546,117
Nationwide Health Properties, Inc.		15,400			654,962
Platinum Underwriter Holdings, Ltd.		6,700			255,203
Raymond James Financial, Inc.		8,900			340,336
Rayonier, Inc.		10,300			641,793
Realty Income Corp.		9,000			314,550
RenaissanceRe Holdings, Ltd.		4,165			287,343
Senior Housing Properties Trust		12,200			281,088
SL Green Realty Corp.		1,800			135,360
Trustmark Corp.		11,900			278,698
Waddell & Reed Financial, Inc.		11,600			471,076
Webster Financial Corp.		11,100			237,873
Total Financials					8,332,019
Health Care - 10.3%
AMERIGROUP Corp.*		8,300			533,275
Beckman Coulter, Inc.		2,600			215,982
Charles River Laboratories International, Inc.*		3,100			118,978
Cooper Companies, Inc., The		9,100			631,995
Coventry Health Care, Inc.*		7,700			245,553
Health Net, Inc.*		21,200			693,240
Hill-Rom Holdings, Inc.		11,000			417,780

Managers AMG Chicago Equity Partners Mid-Cap Fund

Schedule of Portfolio Investments (continued)


Security Description	Shares			Value
Health Care - 10.3% (continued)
Kindred Healthcare, Inc.*		10,700		$	255,516
Medicis Pharmaceutical Corp., Class A		16,100			515,844
Mettler-Toledo International, Inc.*		700			120,400
Sirona Dental Systems, Inc.*		6,600			331,056
Techne Corp.		2,300			164,680
United Therapeutics Corp.*		6,500			435,630
Total Health Care					4,679,929
Industrials - 16.7%
Aecom Technology Corp.*		8,700			241,251
AGCO Corp.*		2,800			153,916
Alaska Airgroup, Inc.*		5,400			342,468
Alexander & Baldwin, Inc.		3,400	²		155,210
Brink’s Co., The		3,200			105,952
Bucyrus International, Inc.		3,000			274,350
Chicago Bridge & Iron Co., N.V.*		2,700			109,782
Corporate Executive Board Co.		7,400			298,738
Crane Co.		8,400			406,812
EMCOR Group, Inc.*		10,200			315,894
Esterline Technologies Corp.*		900			63,648
Gardner Denver, Inc.		2,500			195,075
GATX Corp.		8,200			317,012
J.B. Hunt Transport Services, Inc.		5,800			263,436
Joy Global, Inc.		3,500			345,835
KBR, Inc.		22,300			842,271
Kennametal, Inc.		17,400			678,600
Manpower, Inc.		5,100			320,688
Nordson Corp.		1,500			172,590
R.R. Donnelley & Sons Co.		7,500			141,900
Ryder System, Inc.		1,400			70,840
Snap-On, Inc.		2,100			126,126
Timken Co.		17,900			936,170
Toro Co., The		5,000			331,100
Towers Watson & Co., Class A		2,300			127,558
United Rentals, Inc.*		7,400			246,272
Total Industrials					7,583,494
Information Technology - 17.1%
Acme Packet, Inc.*		2,100			149,016
Anixter International, Inc.		10,700			747,823
Atmel Corp.*		30,200			411,626
Convergys Corp.*		17,400			249,864
Factset Research Systems, Inc.		7,400			775,002

Managers AMG Chicago Equity Partners Mid-Cap Fund

Schedule of Portfolio Investments (continued)


Security Description	Shares			Value
Information Technology - 17.1% (continued)
Gartner, Inc.*		24,200	²	$	1,008,414
IAC/lnterActiveCorp*		3,400			105,026
Ingram Micro, Inc., Class A*		3,300			69,399
Integrated Device Technology, Inc.*		48,500			357,445
InterDigital, Inc.		6,200	²		295,802
International Rectifier Corp.*		10,900			360,354
Jack Henry & Associates, Inc.		8,500			288,065
MICROS Systems, Inc.*		9,000			444,870
NCR Corp.*		14,100			265,644
Riverbed Technology, Inc.*		8,400			316,260
Skyworks Solutions, Inc.*		8,300			269,086
Solera Holdings, Inc.		6,900			352,590
Tech Data Corp.*		2,000			101,720
Teradyne, Inc.*		11,000			195,910
TIBCO Software, Inc.*		16,200			441,450
VeriFone Holdings, Inc.*		3,200			175,840
Vishay Intertechnology, Inc.*		13,500			239,490
Zebra Technologies Corp., Class A*		4,400			172,656
Total Information Technology					7,793,352
Materials - 6.7%
Cabot Corp.		8,600			398,094
Cytec Industries, Inc.		3,300			179,421
Domtar Corp.		4,300			394,654
International Flavors & Fragrances, Inc.		1,000			62,300
Lubrizol Corp.		2,400			321,504
Reliance Steel & Aluminum Co.		4,200			242,676
Rock-Tenn Co., Class A		2,100	²		145,635
Sonoco Products Co.		11,100			402,153
Steel Dynamics, Inc.		7,100			133,267
Westlake Chemical Corp.		7,100			399,020
Worthington Industries, Inc.		18,300			382,836
Total Materials					3,061,560
Telecommunication Services - 0.6%
MetroPCS Communications, Inc.*		16,300			264,712
Utilities - 6.4%
AGL Resources, Inc.		2,500			99,600
American Water Works Co., Inc.		10,000			280,500
Energen Corp.		5,400			340,848
Idacorp, Inc.		9,300			354,330
Integrys Energy Group, Inc.		6,200			313,162
NiSource, Inc.		28,600			548,548

Managers AMG Chicago Equity Partners Mid-Cap Fund

Schedule of Portfolio Investments (continued)


Security Description	Shares			Value
Utilities - 6.4% (continued)
Northeast Utilities		17,300		$	598,580
NV Energy, Inc.		13,600			202,504
Pepco Holdings, Inc.		4,300			80,195
Piedmont Natural Gas Co.		2,600	²		78,910
Total Utilities					2,897,177
Total Common Stocks (cost $35,004,586)					44,589,414
Short-Term Investments - 4.0%³
BNY Institutional Cash Reserves Fund, Series B* ⁷^,¹²		159,721			127,534
BNY Mellon Overnight Government Fund, 0.17%⁷		1,060,000			1,060,000
Dreyfus Cash Management Fund, Institutional Class Shares, 0.11%		624,326			624,326
Total Short-Term Investments (cost $1,844,047)					1,811,860
Total Investments - 101.9% (cost $36,848,633)					46,401,274
Other Assets, less Liabilities - (1.9)%					(883,482	)
Net Assets - 100.0%				$	45,517,792

Managers AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments

March 31, 2011 (unaudited)


Security Description	Shares			Value
Common Stocks - 55.3%
Consumer Discretionary - 5.1%
Advance Auto Parts, Inc.		500		$	32,810
Brinker International, Inc.		5,000			126,500
Coach, Inc.		500			26,020
Interpublic Group of Companies, Inc.*		9,800			123,186
Liberty Global, Inc., Class A*		3,200	²		132,512
Macy’s, Inc.		2,200			53,372
Ross Stores, Inc.		1,400			99,568
Signet Jewelers, Ltd.*		900			41,418
Stanley Black & Decker, Inc.		1,100			84,260
Starbucks Corp.		3,500			129,325
Time Warner, Inc.		1,500			53,550
TRW Automotive Holdings Corp.*		1,300			71,604
Total Consumer Discretionary					974,125
Consumer Staples - 5.5%
Altria Group, Inc.		2,920			76,008
Coca-Cola Co., The		1,700			112,795
Coca-Cola Enterprises, Inc.		1,900			51,870
Colgate-Palmolive Co.		600			48,456
Corn Products International, Inc.		1,600			82,912
Dr Pepper Snapple Group, Inc.		1,100			40,876
Estee Lauder Co., Class A		850			81,906
Herbalife, Ltd.		1,250			101,700
Hormel Foods Corp.		2,600			72,384
Kroger Co., The		1,900			45,543
Lorillard, Inc.		1,200			114,012
McCormick & Co., Inc.		700			33,481
Wal-Mart Stores, Inc.		4,000			208,200
Total Consumer Staples					1,070,143
Energy - 6.5%
Chevron Corp.		1,600			171,888
ConocoPhillips Co.		3,400			271,524
Devon Energy Corp.		1,600			146,832
Exxon Mobil Corp.		2,720			228,833
Halliburton Co.		1,800			89,712
Helmerich & Payne, Inc.		1,300			89,297
Patterson-UTI Energy, Inc.		4,300			126,377
Tesoro Corp.*		2,600			69,758
Valero Energy Corp.		2,200			65,604
Total Energy					1,259,825

Managers AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


Security Description	Shares		Value
Financials - 8.7%
American Financial Group, Inc.		2,600	$	91,052
Annaly Capital Management, Inc.		3,700		64,565
Berkshire Hathaway, Inc., Class B*		700		58,541
Capital One Financial Corp.		2,800		145,488
Citigroup, Inc.*		35,300		156,026
Commonwealth REIT		3,700		96,089
Endurance Specialty Holdings, Ltd.		300		14,646
Goldman Sachs Group, Inc.		505		80,027
JPMorgan Chase & Co.		4,748		218,883
KeyCorp		23,100		205,128
M&T Bank Corp.		800		70,776
Prudential Financial, Inc.		800		49,264
Public Storage, Inc.		500		55,455
Rayonier, Inc.		400		24,924
RenaissanceRe Holdings, Ltd.		2,200		151,778
SLM Corp.*		3,500		53,550
Travelers Companies, Inc., The		1,500		89,220
Wells Fargo & Co.		1,500		47,550
Total Financials				1,672,962
Health Care - 6.3%
AmerisourceBergen Corp.		5,200		205,712
Amgen, Inc.*		1,700		90,865
Biogen Idec, Inc.*		1,500		110,085
CR Bard, Inc.		1,100		109,241
Hill-Rom Holdings, Inc.		1,300		49,374
Humana, Inc.*		1,700		118,898
Johnson & Johnson		4,200		248,850
Medco Health Solutions, Inc.*		1,400		78,624
Pfizer, Inc.		9,757		198,165
Total Health Care				1,209,814
Industrials - 6.3%
Caterpillar, Inc.		800		89,080
Chicago Bridge & Iron Co., N.V.*		1,500		60,990
General Dynamics Corp.		1,100		84,216
General Electric Co.		8,600		172,430
Grainger (W.W.), Inc.		1,100		151,448
Huntington Ingalls Industries, Inc.*		417		17,292
KBR, Inc.		1,500		56,655
Manpower, Inc.		400		25,152
Northrop Grumman Corp.		2,500		156,775

Managers AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


Security Description	Shares		Value
Industrials - 6.3% (continued)
Timken Co.		4,100	$	214,430
Union Pacific Corp.		600		58,998
United Parcel Service, Inc., Class B		1,700		126,344
Total Industrials				1,213,810
Information Technology - 10.8%
Accenture PLC, Class A		3,400		186,898
Altera Corp.		3,700		162,874
Apple, Inc.*		785		273,533
Automatic Data Processing, Inc.		1,100		56,441
Cognizant Technology Solutions Corp.*		900		73,260
F5 Networks, Inc.*		800		82,056
Google, Inc.*		160		93,794
International Business Machines Corp.		1,700		277,219
Linear Technology Corp.		3,700		124,431
MICROS Systems, Inc.*		800		39,544
Microsoft Corp.		7,650		194,004
NetApp, Inc.*		2,000		96,360
Oracle Corp.		3,900		130,143
QUALCOMM, Inc.		2,200		120,626
Visa, Inc., Class A		1,700		125,154
Vishay Intertechnology, Inc.*		2,500		44,350
Total Information Technology				2,080,687
Materials - 2.7%
Alcoa, Inc.		3,800		67,070
Domtar Corp.		900		82,602
E.I. du Pont de Nemours & Co.		3,200		175,904
Freeport McMoRan Copper & Gold, Inc., Class B		1,600		88,880
PPG Industries, Inc.		600		57,126
Steel Dynamics, Inc.		2,100		39,417
Total Materials				510,999
Telecommunication Services - 1.5%
MetroPCS Communications, Inc.*		2,300		37,352
Verizon Communications, Inc.		6,700		258,218
Total Telecommunication Services				295,570
Utilities - 1.9%
Duke Energy Corp.		8,900		161,535
Integrys Energy Group, Inc.		1,700		85,867
NiSource, Inc.		2,700		51,786
Pepco Holdings, Inc.		3,600		67,140
Total Utilities				366,328
Total Common Stocks (cost $8,597,675)				10,654,263

Managers AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Corporate Bonds - 4.6%
Financials - 0.7%
American Express Co., 7.250%, 05/20/14	$	50,000	$	56,912
Credit Suisse New York, Medium Term Notes, 5.000%, 05/15/13		40,000		42,725
General Electric Capital Corp., Global Medium Term Notes, Series A, 6.750%, 03/15/32		10,000		11,021
JPMorgan Chase & Co., 6.000%, 01/15/18		15,000		16,470
Total Financials				127,128
Industrials - 3.6%
Altria Group, Inc., 9.700%, 11/10/18		23,000		30,291
AT&T, Inc., 5.100%, 09/15/14		80,000		87,554
AT&T, Inc., 6.700%, 11/15/13		65,000		73,211
Coca-Cola Enterprises, Inc., 7.375%, 03/03/14		50,000		58,014
E.I. du Pont de Nemours & Company, 5.000%, 01/15/13		6,000		6,415
Hewlett-Packard Co., 4.500%, 03/01/13		55,000		58,612
Honeywell International, Inc., 4.250%, 03/01/13		55,000		58,374
International Business Machines Corp., 5.600%, 11/30/39		20,000		20,984
Kellogg Co., 7.450%, 04/01/31		20,000		24,989
Kroger Co., The, 5.500%, 02/01/13		25,000		26,762
Kroger Co., The, 6.750%, 04/15/12		40,000		42,397
McDonald’s Corp., 4.300%, 03/01/13		40,000		42,273
McDonald’s Corp., 6.300%, 10/15/37		20,000		23,067
TransCanada Pipelines Ltd., 4.875%, 01/15/15		45,000		49,073
United Parcel Service, Inc., 6.200%, 01/15/38		20,000		22,449
Wal-Mart Stores, Inc., 6.500%, 08/15/37		20,000		22,841
Wyeth, 5.250%, 03/15/13		40,000		43,375
Total Industrials				690,681
Utilities - 0.3%
Florida Power & Light Co., 4.850%, 02/01/13		45,000		47,842
Georgia Power Co., Series 2010B, 5.400%, 06/01/40		20,000		19,758
Total Utilities				67,600
Total Corporate Bonds (cost $834,270)				885,409
Asset-Backed Securities - 0.1%
Harley-Davidson Motorcycle Trust 2006-2, Class A2, 5.350%, 03/15/13 (cost $23,142)		23,160		23,202
Mortgage-Backed Securities - 1.9%
CSFB Mortgage Securities Corp., Series 2005-C2, Class A3, 4.691%, 04/15/37		66,339		67,179
GE Capital Commercial Mortgage Corp., 4.970%, 08/11/36		13,552		13,838
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 04/10/37		104,671		105,750
Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A7, 5.317%, 06/10/36⁹		80,000		85,705
JPMorgan Chase Mortgage Securities Corp., Series 2002-C2, Class A2, 5.050%, 12/12/34		90,000		93,874
Total Mortgage-Backed Securities (cost $397,915)				366,346

Managers AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount			Value
U.S. Government and Agency Obligations - 35.2%
Federal Home Loan Bank - 1.9%
FHLB, 4.000%, 09/06/13	$	280,000		$	298,849
FHLB, 5.375%, 05/18/16		65,000			74,063
Total Federal Home Loan Bank					372,912
Federal Home Loan Mortgage Corporation - 5.1%
FHLMC, 1.625%, 09/26/12		100,000			101,498
FHLMC, 3.750%, 03/27/19		215,000	²		222,004
FHLMC, 4.375%, 07/17/15		55,000			60,206
FHLMC, 4.500%, 01/15/14 to 11/01/24		214,645			232,128
FHLMC, 4.750%, 11/17/15		145,000			160,811
FHLMC, 5.000%, 12/01/20		57,488			61,462
FHLMC, 5.125%, 07/15/12		35,000			37,125
FHLMC, 6.000%, 01/01/38		58,312			63,468
FHLMC Gold Pool, 6.000%, 04/01/38		42,464			46,192
Total Federal Home Loan Mortgage Corporation					984,894
Federal National Mortgage Association - 20.4%
FNMA, 2.875%, 12/11/13		45,000			46,960
FNMA, 3.630%, 02/12/13		65,000			68,329
FNMA, 4.000%, 10/01/20 to 11/01/40		392,443			392,794
FNMA, 4.375%, 03/15/13		160,000			170,991
FNMA, 4.500%, 11/01/19 to 11 /01/40		865,412			885,359
FNMA, 5.000%, 05/11/17 to 08/01/40		908,971			971,171
FNMA, 5.375%, 07/15/16 to 06/12/17		545,000			621,573
FNMA, 5.500%, 02/01/22 to 06/01/38		494,527			531,009
FNMA, 6.000%, 03/01/37 to 06/01/38		177,714			194,299
FNMA, 6.500%, 03/01/37		49,380			55,528
Total Federal National Mortgage Association					3,938,013
United States Treasury Securities - 7.8%
U.S. Treasury Bonds, 3.500% 02/05/39		515,000			431,876
U.S. Treasury Notes, 2.125%, 02/29/16		5,000			4,985
U.S. Treasury Notes, 2.250%, 05/31/14		445,000			457,550
U.S. Treasury Notes, 2.625%, 08/15/20		306,100			287,208
U.S. Treasury Notes, 2.750%, 02/28/18		55,000			54,592
U.S. Treasury, Principal Only Strip, 08/15/39		1,000,000			259,185
Total United States Treasury Treasury Securties					1,495,396
Total U.S. Government and Agency Obligations (cost $6,819,443)					6,791,215

Managers AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


Security Description	Shares		Value
Short-Term Investments - 3.9%³
BNY Institutional Cash Reserves Fund, Series B* ^7,12		28,392	$	22,670
BNY Mellon Overnight Government Fund, 0.17%⁷		224,000		224,000
Dreyfus Cash Management Fund, Institutional Class Shares, 0.11%		504,564		504,564
Total Short-Term Investments (cost $756,956)				751,234
Total Investments - 101.0% (cost $17,429,401)				19,471,669
Other Assets, less Liabilities - (1.0)%				(190,663	)
Net Assets - 100.0%			$	19,281,006

Managers High Yield Fund

Schedule of Portfolio Investments

March 31, 2011 (unaudited)


Security Description	Principal Amount			Value
Corporate Bonds - 97.6%
Financials - 12.2%
Alliance Laundry Systems LLC, Term Loan, Class B, 6.250%, 09/10/16, (04/06/11)⁶	$	149,018		$	150,694
Ally Financial, Inc., 6.250%, 12/01/17 (a)		85,000			86,700
Bank of America Corp., 8.000%, 12/29/49⁹		90,000			96,911
Bumble Bee Acquisition Corp., 9.000%, 12/15/17 (a)		90,000			94,050
Caesars Entertainment Operating Co., Inc., Term B-3 Loan, 3.303%, 01/28/15, (04/26/11)⁶		117,544			109,078
Caesars Entertainment Operating Co., Inc., Term B-3 Loan, 3.307%, 01/28/15, (06/30/11)⁶		375			347
CIT Group, Inc., 6.625%, 04/01/18 (a)		30,000	²		30,481
CIT Group, Inc., 7.000%, 05/01/15		25,789			26,079
CIT Group, Inc., 7.000%, 05/01/16		327,983			329,213
CIT Group, Inc., 7.000%, 05/01/17		180,176			180,852
Citigroup Capital XXI, 8.300%, 12/21/57⁹		85,000			88,825
Claire’s Escrow Corp., 8.875%, 03/15/19 (a)		60,000	²		57,600
Clear Channel Communications, Inc. Term Loan B, 3.896%, 01/29/16, (04/28/11)⁶		36,740			32,387
First Data Corp. Term Loan B-2, 3.002%, 09/24/14, (04/26/11)⁶		56,615			54,333
Ford Motor Credit Co. LLC, 6.625%, 08/15/17		235,000			251,130
Ford Motor Credit Co. LLC, 7.000%, 04/15/15		110,000			119,172
Ford Motor Credit Co. LLC, 8.700%, 10/01/14		170,000			193,124
GMAC, Inc., 6.750%, 12/01/14		417,000			441,499
Host Hotels & Resorts, L.P., 6.375%, 03/15/15		130,000			133,412
Host Hotels & Resorts, L.P., 9.000%, 05/15/17		30,000	²		33,975
Ineos Holdings, Ltd., Term Loan, Class B-2, 7.500%, 12/16/13, (04/28/11)⁶		143,602			148,045
Ineos Holdings, Ltd., Term Loan, Class C-2, 8.000%, 12/16/14, (04/28/11)⁶		164,264			169,346
International Lease Finance Corp., 7.125%, 09/01/18 (a)		25,000			26,987
International Lease Finance Corp., 8.250%, 12/15/20		40,000			43,900
International Lease Finance Corp., 8.625%, 09/15/15 (a)		130,000			143,325
International Lease Finance Corp., 8.750%, 03/15/17 (a)		195,000			219,862
Nexeo Solutions LLC/Nexeo Solutions Finance Corp., 8.375%, 03/01/18 (a)		55,000			56,375
Nuveen Investments, Inc., 2nd Lien Term Loan, 12.500%, 07/21/15		70,000			75,250
Pinafore LLC/Pinafore, Inc., 9.000%, 10/01/18 (a)		65,000			70,850
Realogy Corp.,7.875%, 02/15/19 (a)		110,000	²		109,725
Regions Financial Corp., 5.750%, 06/15/15		45,000			45,886
Texas Competitive Electric Holdings, Term Loan, Class B-2, 3.746%, 10/10/14, (04/28/11)⁶		5,823			4,915
Texas Competitive Electric Holdings, Term Loan, Class B-2, 3.759%, 10/10/14, (04/11/11)⁶		64,204			54,195
Texas Competitive Electric Holdings, Term Loan, Class B-2, 3.803%, 12/14/13, (04/11/11)⁶		90,523			76,411
Vertafore, Inc., 2nd Lien Term Loan, 9.750%, 10/18/17, (06/29/11)⁶		45,000			45,900
Total Financials					3,800,834

Managers High Yield Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount			Value
Industrials - 83.3%
ACCO Brands Corp., 7.625%, 08/15/15	$	65,000		$	66,625
ACCO Brands Corp., 10.625%, 03/15/15		95,000			107,588
Accellent, Inc., 8.375%, 02/01/17		45,000			48,488
Accellent, Inc., 10.000%, 11/01/17 (a)		85,000			85,425
Aeroflex, Inc., 11.750%, 02/15/15		145,000			158,412
Aircastle, Ltd., 9.750%, 08/01/18		55,000			61,188
Aleris International, Inc., 7.625%, 02/15/18 (a)		15,000			15,112
Alliant Techsystems, Inc., 6.750%, 04/01/16		120,000			123,750
AMC Entertainment, Inc., 8.750%, 06/01/19		10,000			10,900
AMC Entertainment, Inc., 9.750%, 12/01/20 (a)		90,000			96,750
American Axle & Manufacturing, Inc., 7.875%, 03/01/17		95,000	²		96,900
American Axle & Manufacturing, Inc., 9.250%, 01/15/17 (a)		20,000			22,300
American Tire Distributors, Inc., 9.750%, 06/01/17		65,000			71,825
Amerstar Casinos, Inc., 7.500%, 04/15/21		95,000			94,169
Amkor Technologies, Inc., 7.375%, 05/01/18		115,000	²		119,600
Amsted Industries, Inc., 8.125%, 03/15/18 (a)		60,000			64,275
Arch Coal, Inc., 8.750%, 08/01/16		135,000			151,538
Ardagh Packaging Finance PLC, 9.125%, 10/15/20 (a)		200,000			217,500
Ashland, Inc., 9.125%, 06/01/17		30,000			34,575
Ashtead Capital, Inc., 9.000%, 08/15/16 (a)		70,000			74,025
Aspect Software, Inc., 10.625%, 05/15/17 (a)		55,000			59,125
Associated Materials, Inc., 9.125%, 11/01/17 (a)		85,000			91,162
Atkore International, Inc., 9.875%, 01/01/18 (a)		75,000			80,438
Avaya, Inc., 7.000%, 04/01/19 (a)		80,000			78,400
Avaya, Inc., 9.750%, 11/01/15		65,000			66,381
Avaya, Inc., 10.125%, 11/01/15¹⁰		94,893			97,503
Avis Budget Car Rental LLC, 7.750%, 05/15/16		110,000			113,988
Avis Budget Car Rental LLC, 8.250%, 01/15/19		45,000			47,362
Avis Budget Car Rental LLC, 9.625%, 03/15/18		40,000			44,400
AWAS Aviation Capital, Ltd., 7.000%, 10/15/16 (a)		100,000			100,500
B&G Foods, Inc., 7.625%, 01/15/18		30,000			32,475
Bausch & Lomb, Inc., 9.875%, 11/01/15		65,000			70,038
BE Aerospace, Inc., 6.875%, 10/01/20		25,000			26,000
Belden, Inc., 9.250%, 06/15/19		75,000			83,531
Berry Plastics Corp., 9.750%, 01/15/21 (a)		55,000			54,725
Biomet, Inc., 10.375%, 10/15/17¹⁰		370,000			408,388
Blue Merger Sub, Inc., 7.625%, 02/15/19 (a)		55,000			56,031
Bon-Ton Stores, Inc., The, 10.250%, 03/15/14		85,000	²		87,550
Breitburn Energy Partners, L.P., 8.625%, 10/15/20		95,000			99,988
Brigham Exploration Co., 8.750%, 10/01/18 (a)		70,000			78,050

Managers High Yield Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount			Value
Industrials - 83.4% (continued)
Building Materials Corp. of America, 6.875%, 08/15/18 (a)	$	85,000		$	87,338
BWAY Holding Co., 10.000%, 06/15/18 (a)		110,000			121,550
Caesars Entertainment Inc., 10.000%, 12/15/18		72,000	²		66,060
Caesars Entertainment Inc., 11.250%, 06/01/17		185,000			211,131
Case New Holland, Inc., 7.875%, 12/01/17 (a)		80,000			89,300
CCH II LLC & CCH II Capital Corp., 13.500%, 11/30/16		25,000			30,062
CCO Holdings LLC/CCO Holdings Capital Corp., 7.000%, 01/15/19 (a)		30,000			30,825
CCO Holdings LLC/CCO Holdings Capital Corp., 7.000%, 01/15/19		40,000			41,200
CCO Holdings LLC/CCO Holdings Capital Corp., 7.250%, 10/30/17		10,000			10,500
CCO Holdings LLC/CCO Holdings Capital Corp., 7.875%, 04/30/18		200,000			213,500
Central Garden & Pet Co., 8.250%, 03/01/18		85,000			89,462
Cequel Communications Holdings I, LLC and Cequel Capital Corp., 8.625%, 11/15/17 (a)		110,000			115,225
Chesapeake Energy Corp., 6.625%, 08/15/20		5,000			5,350
Chesapeake Energy Corp., 6.875%, 08/15/18		40,000			43,700
Chesapeake Energy Corp., 7.250%, 12/15/18		75,000			84,188
Chinos Acquisition Corp., 8.125%, 03/01/19 (a)		70,000	²		69,038
Chiquita Brands International, Inc., 8.875%, 12/01/15		165,000			170,775
Cincinnati Bell, Inc., 8.375%, 10/15/20		110,000			108,350
Citizens Communications Co., 6.625%, 03/15/15		90,000	²		94,275
CityCenter Holdings LLC/CityCenter Finance Corp., 7.625%, 01/15/16 (a)		70,000	²		72,625
Clean Harbors, Inc., 7.625%, 08/15/16		61,000			65,041
Clean Harbors, Inc., 7.625%, 08/15/16 (a)		35,000			37,319
Clear Channel Communications, Inc., 9.000%, 03/01/21 (a)		75,000			75,188
Clear Channel Worldwide Holdings, Inc., Series B, 9.250%, 12/15/17		225,000			247,781
Clearwater Paper Corp., 7.125%, 11 /01/18 (a)		5,000			5,262
Clearwater Paper Corp., 10.625%, 06/15/16		85,000			96,475
Clearwire Communications LLC, 12.000%, 12/01/15 (a)		185,000			200,725
Clearwire Communications LLC/Clearwire Finance, Inc., 12.000%, 12/01/17 (a)		35,000	²		37,494
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.250%, 12/15/17		65,000			71,175
Cogent Communications Group, Inc., 8.375%, 02/15/18 (a)		55,000			56,856
Commscope, Inc., 8.250%, 01/15/19 (a)		80,000			84,000
Community Health Systems, Inc., 8.875%, 07/15/15		155,000			163,912
Constellation Brands, Inc., 7.125%, 09/01/16		60,000			65,175
Constellation Brands, Inc., 7.250%, 05/15/17		100,000			109,000
Cricket Communications, Inc. 7.750%, 10/15/20		35,000	²		35,350
Crosstex Energy, L.P., 8.875%, 02/15/18		115,000			125,925
Dana Holding Corp., 6.500%, 02/15/19		45,000			45,000
Dana Holding Corp., 6.750%, 02/15/21		15,000			15,075
DaVita, Inc., 6.375%, 11/01/18		45,000			45,562
DaVita, Inc., 6.625%, 11/01/20		10,000			10,175
Denbury Resources, Inc., 9.750%, 03/01/16		50,000			56,625

Managers High Yield Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount			Value
Industrials - 83.4% (continued)
Digicel Group, Ltd., 10.500%, 04/15/18 (a)	$	100,000		$	115,000
DineEquity, Inc., 9.500%, 10/30/18 (a)		60,000			65,400
Diversey, Inc., 8.250%, 11/15/19		110,000			118,525
DJO Finance LLC, 10.875% 11/15/14		65,000			71,175
Dole Food Co., Inc., 8.000%, 10/01/16 (a)		40,000			42,650
Dole Food Co., Inc., 13.875%, 03/15/14		36,000			43,740
Dunkin Finance Corp., 9.625%, 12/01/18 (a)		73,000	²		74,734
Easton-Bell Sports, Inc., 9.750%, 12/01/16		145,000			163,850
EchoStar Communications Corp., 7.125%, 02/01/16		315,000			337,838
EchoStar DBS Corp., 7.750%, 05/31/15		325,000			357,500
El Paso Natural Gas Co., 7.250%, 06/01/18		65,000			73,386
EV Energy Partners, L.P./EV Energy Finance Corp., 8.000%, 04/15/19 (a)		50,000	²		51,000
EXCO Resources, Inc., 7.500%, 09/15/18		25,000			25,500
Fidelity National Information Services, Inc., 7.625%, 07/15/17		15,000			16,331
Fidelity National Information Services, Inc., 7.875%, 07/15/20		10,000			10,975
First Data Corp., 7.375%, 06/15/19 (a)		30,000			30,562
First Data Corp., 8.250%, 01/15/21 (a)		118,000	²		118,295
First Data Corp., 8.750%, 01/15/22 (a)¹⁰		120,000	²		120,000
First Data Corp., 8.875%, 08/15/20 (a)		85,000			93,712
First Data Corp., 12.625%, 01/15/21 (a)		240,000			261,600
Forest Oil Corp., 7.250%, 06/15/19		25,000			26,250
Fortescue Metals Group Resources Pty., Ltd., 6.875%, 02/01/18 (a)		50,000			52,375
Fortescue Metals Group Resources Pty., Ltd., 7.000%, 11/01/15 (a)		25,000			26,062
Freescale Semiconductor, Inc., 9.250%, 04/15/18 (a)		210,000	²		231,000
GCI, Inc., 8.625%, 11/15/19		105,000	²		115,762
General Cable Corp., 7.125%, 04/01/17		105,000			108,806
Geo Group, Inc., The, 7.750%, 10/15/17		105,000			112,481
Georgia-Pacific Corp., 8.250%, 05/01/16, (a)		20,000			22,650
Giraffe Acquisition Corp., 9.125%, 12/01/18 (a)		70,000	²		68,250
GMX Resources, Inc., 11.375%, 02/15/19 (a)		35,000			34,212
Goodyear Tire & Rubber Co., The, 8.250%, 08/15/20		90,000	²		96,750
Goodyear Tire & Rubber Co., The, 8.750%, 08/15/20		10,000			11,075
Goodyear Tire & Rubber Co., The, 10.500%, 05/15/16		45,000			50,625
Graham Packaging Co., L.P., 8.250%, 01/01/17		90,000			96,975
Graham Packaging Co., L.P., 8.250%, 10/01/18		15,000			16,162
Graham Packaging Co., L.P./GPC Capital Corp. I, 9.875%, 10/15/14		105,000			109,069
Graphic Packaging International, Inc., 7.875%, 10/01/18		35,000			37,669
Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19 (a)		70,000			71,225
Griffon Corp., 7.125%, 04/01/18 (a)		55,000			56,238
GWR Operating Partnership, L.L.L.P., 10.875%, 04/01/17		65,000			70,769
GXS Worldwide, Inc., 9.750%, 06/15/15		85,000			86,912

Managers High Yield Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount			Value
Industrials - 83.4% (continued)
Hanesbrands, Inc., 8.000%, 12/15/16	$	130,000		$	141,538
HCA Holdings, Inc., 7.750%, 05/15/21 (a)		120,000			125,700
HCA, Inc., 9.625%, 11/15/16¹⁰		723,000			780,840
Health Management Associates, Inc., 6.125%, 04/15/16		195,000			202,312
HealthSouth Corp., 7.250%, 10/01/18		50,000			51,938
HealthSouth Corp., 7.750%, 09/15/22		50,000			52,250
Hertz Corp., 6.750%, 04/15/19 (a)		15,000			14,944
Hertz Corp., 7.500%, 10/15/18 (a)		145,000			150,800
Hertz Corp., 8.875%, 01/01/14		32,000			32,960
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/20 (a)		50,000			51,969
Hillman Group, Inc., 10.875%, 06/01/18		60,000			66,900
Hillman Group, Inc., 10.875%, 06/01/18 (a)		15,000			16,725
Huntsman International LLC, 5.500%, 06/30/16		55,000			54,312
Huntsman International LLC, 7.375%, 01/01/15		19,000			19,522
Huntsman International LLC, 8.625%, 03/15/20		45,000	²		49,275
Huntsman International LLC, 8.625%, 03/15/21 (a)		25,000			27,375
Ineos Group Holdings PLC, 8.500%, 02/15/16 (a)		100,000			101,375
Inergy L.P./lnergy Finance Corp., 7.000%, 10/01/18 (a)		70,000			73,150
Inergy L.P./lnergy Finance Corp., 8.750%, 03/01/15		16,000			17,360
Intelsat Bermuda, Ltd., 11.250%, 06/15/16		190,000			203,538
Intelsat Jackson Holdings, S.A., 7.250%, 04/01/19 (a)		60,000			60,375
Intelsat Jackson Holdings, S.A., 7.250%, 10/15/20 (a)		75,000			75,375
Intelsat Jackson Holdings, Ltd., 9.500%, 06/15/16		310,000			328,600
Intelsat Subsidiary Holding Co., Ltd., 8.875%, 01/15/15 (a)		35,000			36,138
Interactive Data Corp., 10.250%, 08/01/18 (a)		105,000			117,075
Interline Brands, Inc., 7.000%, 11/15/18		75,000			77,250
Iron Mountain, Inc., 8.750%, 07/15/18		190,000			200,925
ITC Deltacom, Inc., 10.500%, 04/01/16		65,000			71,988
J.C. Penney Co., Inc., 5.750%, 02/15/18		10,000			10,125
J.C. Penney Co., Inc., 7.950%, 04/01/17		75,000			84,188
James River Escrow, Inc., 7.875%, 04/01/19 (a)		60,000	²		62,400
Jarden Corp., 7.500%, 05/01/17		105,000	²		112,612
Jarden Corp., 8.000%, 05/01/16		40,000			43,950
JDA Software Group, Inc., 8.000%, 12/15/14		60,000			66,000
Key Energy Services, Inc., 6.750%, 03/01/21		20,000			20,400
Libbey Glass, Inc., 10.000%, 02/15/15		91,000			99,645
Limited Brands, Inc., 6.625%, 04/01/21		30,000			30,825
Linn Energy LLC/Linn Energy Finance Corp., 7.750%, 02/01/21 (a)		40,000			42,900
Lucent Technologies, Inc., 6.450%, 03/15/29		155,000			134,075
Lyondell Chemical Co., 11.000%, 05/01/18		164,918			185,945

Managers High Yield Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount			Value
Industrials - 83.4% (continued)
MagnaChip Semiconductor Corp., 10.500%, 04/15/18	$	125,000		$	140,312
Manitowoc Co., Inc., 8.500%, 11/01/20		70,000			75,425
Manitowoc Co., Inc., 9.500%, 02/15/18		55,000	²		61,050
Marina District Finance Co., Inc., 9.500%, 10/15/15 (a)		35,000	²		36,794
Marina District Finance Co., Inc., 9.875%, 08/15/18 (a)		125,000	²		131,406
MarkWest Energy Partners LP, 8.750%, 04/15/18		120,000			131,400
Masco Corp., 7.125%, 03/15/20		20,000			20,732
MEMC Electronic Materials, Inc. 7.750%, 04/01/19 (a)		65,000			66,869
MetroPCS Wireless, Inc., 7.875%, 09/01/18		140,000	²		150,500
MGM Mirage, Inc., 6.875%, 04/01/16		40,000			37,400
MGM Mirage, Inc., 7.500%, 06/01/16		150,000			142,500
MGM Mirage, Inc., 11.125%, 11/15/17		160,000			184,000
MGM Resorts International, 9.000%, 03/15/20		50,000			55,062
Michael Foods, Inc., 9.750%, 07/15/18 (a)		65,000			71,338
Michaels Stores, Inc., 7.750%, 11/01/18 (a)		95,000	²		97,375
Michaels Stores, Inc., 13.000%, 11/01/16 (b)		40,000			41,000
Mueller Water Products, Inc., 8.750%, 09/01/20		40,000			44,700
Mylan, Inc., 7.625%, 07/15/17 (a)		25,000			27,031
Mylan, Inc., 7.875%, 07/15/20 (a)		90,000			98,325
Neiman Marcus Group, Inc., The, 9.000%, 10/15/15¹⁰		114,897	²		120,642
NewPage Corp., 11.375%, 12/31/14		50,000			50,312
Nexstar Broadcasting, Inc., 8.875%, 04/15/17		75,000			81,562
Noranda Aluminium Acquisition Corp., 5.193%, 05/15/15¹⁰		203,822			197,198
Nova Chemicals Corp., 8.625%, 11/01/19		40,000	²		44,950
Novelis, Inc., 8.375%, 12/15/17 (a)		70,000			76,125
Novelis, Inc., 8.750%, 12/15/20 (a)		90,000			99,450
NXP B.V./NXP Funding LLC, 9.500%, 10/15/15		75,000			79,875
NXP B.V./NXP Funding LLC, 9.750%, 08/01/18 (a)		165,000			185,625
NXP B.V./NXP Funding LLC, 10.000%, 07/15/13 (a)		75,000			83,625
Oshkosh Corp., 8.250%, 03/01/17		45,000			49,725
P.H. Glatfelter Co., 7.125%, 05/01/16		115,000			118,594
Packaging Dynamics Corp., 8.750%, 02/01/16 (a)		70,000			71,925
PAETEC Holding Corp., 8.875%, 06/30/17		70,000			75,775
PAETEC Holding Corp., 9.500%, 07/15/15		45,000	²		47,362
PAETEC Escrow Corp., 9.875%, 12/01/18 (a)		100,000	²		106,000
Parker Drilling Co., 9.125%, 04/01/18		40,000			43,200
Petco Animal Supplies, Inc., 9.250%, 12/01/18 (a)		85,000			91,375
Petrohawk Energy Corp., 7.250%, 08/15/18		20,000			20,700
Petrohawk Energy Corp., 7.875%, 06/01/15		170,000			181,050
Plains Exploration & Production Co., 7.000%, 03/15/17		70,000			72,625
Plains Exploration & Production Co., 7.750%, 06/15/15		25,000			26,219

Managers High Yield Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount			Value
Industrials - 83.4% (continued)
Ply Gem Industries, Inc., 8.250%, 02/15/18 (a)	$	65,000		$	67,112
Polymer Group, Inc., 7.750%, 02/01/19 (a)		65,000			67,356
PolyOne Corp., 7.375%, 09/15/20		35,000	²		36,925
Polypore International, Inc., 7.500%, 11/15/17 (a)		85,000			89,675
Quebecor Media, Inc., 7.750%, 03/15/16		250,000			260,625
Quebecor World, Escrow, 6.500%, 08/01/27*		165,000			10,106
Qwest Communications International, Inc., 7.500%, 02/15/14		135,000			137,781
Radiation Therapy Services, Inc., 9.875%, 04/15/17		90,000			92,250
RailAmerica, Inc., 9.250%, 07/01/17		73,000			81,121
Rain Cll Carbon LLC/Rain Cll Carbon Corp., 8.000%, 12/01/18 (a)		30,000			32,250
RBS Global, Inc./Rexnord LLC, 8.500%, 05/01/18		150,000			162,750
Reichhold Industries, Inc., 9.000%, 08/15/14 (a)		235,000			208,269
Rental Service Corp., 9.500%, 12/01/14		87,000	²		91,568
Reynolds Group Holdings, Ltd., 8.250%, 02/15/21 (a)		100,000			99,500
Reynolds Group Issuer, Inc., 8.500%, 05/15/18 (a)		205,000			208,588
Rite Aid Corp., 7.500%, 03/01/17		45,000	²		45,225
Rite Aid Corp., 8.000%, 08/15/20		75,000	²		79,781
Rite Aid Corp., 9.500%, 06/15/17		30,000			27,112
Rite Aid Corp., 10.250%, 10/15/19		15,000			16,481
RSC Equipment Rental, Inc./RSC Holdings III LLC, 8.250%, 02/01/21 (a)		30,000			31,350
Sally Holdings LLC, 9.250%, 11/15/14		40,000			42,150
SandRidge Energy, Inc., 7.500%, 03/15/21 (a)		45,000			46,744
SandRidge Energy, Inc., 8.000%, 06/01/18 (a)		30,000			31,575
SBA Telecommunications, Inc., 8.000%, 08/15/16		30,000			32,812
SBA Telecommunications, Inc., 8.250%, 08/15/19		20,000			22,200
Scotts Miracle-Gro Co., The, 7.250%, 01/15/18		20,000			21,350
Sealy Mattress Co., 8.250%, 06/15/14		315,000			319,725
Sequa Corp., 11.750%, 12/01/15 (a)		90,000			97,650
Service Corp. International, 6.750%, 04/01/15		175,000			187,250
Service Corp. International, 7.000%, 06/15/17		60,000			64,500
Service Corp. International, 7.000%, 05/15/19		40,000			42,200
ServiceMaster Co., 10.750%, 07/15/15 (a)¹⁰		130,000			138,775
Simmons Bedding Co., 11.250%, 07/15/15 (a)		235,000			254,681
Sinclair Television Group, Inc., 8.375%, 10/15/18 (a)		25,000			26,562
Sinclair Television Group, Inc., 9.250%, 11/01/17 (a)		75,000			84,000
SM Energy Co., 6.625%, 02/15/19 (a)		20,000			20,575
Solo Cup Co., 10.500%, 11/01/13		100,000			105,000
Spectrum Brands, Inc., 9.500%, 06/15/18 (a)		55,000			60,912
Spectrum Brands, Inc., 12.000%, 08/28/19¹⁰		186,327			208,686
Spirit AeroSystems, Inc., 7.500%, 10/01/17		90,000			97,200
Sprint Capital Corp., 8.750%, 03/15/32		415,000			443,532

Managers High Yield Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount			Value
Industrials - 83.4% (continued)
SSI Investments II, Ltd./SSI Co-Issuer LLC, 11.125%, 06/01/18	$	100,000		$	112,500
Steinway Musical Instruments, Inc., 7.000%, 03/01/14 (a)		200,000			203,750
SunGard Data Systems, Inc., 7.375%, 11/15/18 (a)		80,000			82,200
SunGard Data Systems, Inc., 10.250%, 08/15/15		340,000			357,850
SUPERVALU, Inc., 8.000%, 05/01/16		200,000	²		201,000
Surgical Care Affiliates, Inc., 8.875%, 07/15/15 (a)¹⁰		159,291			163,672
Syniverse Holdings, Inc., 9.125%, 01/15/19 (a)		40,000			42,600
Tenet Healthcare Corp., 8.875%, 07/01/19		20,000			22,900
Tenet Healthcare Corp., 9.250%, 01/01/15		230,000	²		254,438
Terex Corp., 8.000%, 11/15/17		75,000	²		79,406
Travelport LLC, 4.936%, 09/01/14, (06/01/11)⁶		60,000			54,675
Travelport LLC, 9.000%, 03/01/16		40,000			37,350
Travelport LLC, 11.875%, 09/01/16		5,000	²		4,688
Trilogy International Partners LLC, 10.250%, 08/15/16 (a)		10,000			10,400
Trinidad Drilling, Ltd., 7.875%, 01/15/19 (a)		60,000			63,600
TRW Automotive, Inc., 7.250%, 03/15/17 (a)		50,000			55,250
Uncle Acquisition 2010 Corp., 8.625%, 02/15/19 (a)		40,000			42,200
United Rentals North America, Inc., 8.375%, 09/15/20		25,000			26,250
United Rentals North America, Inc., 9.250%, 12/15/19		85,000			94,988
United Surgical Partners International, Inc., 8.875%, 05/01/17		15,000			15,806
United Surgical Partners International, Inc., 9.250%, 05/01/17¹⁰		145,000			154,062
UPCB Finance III, Ltd., 6.625%, 07/01/20 (a)		150,000			147,750
Valeant Pharmaceuticals International, Inc., 6.500%, 07/15/16 (a)		35,000			34,738
Valeant Pharmaceuticals International, Inc., 6.750%, 10/01/17 (a)		40,000			39,600
Valeant Pharmaceuticals International, Inc., 6.875%, 12/01/18 (a)		150,000			147,750
Valeant Pharmaceuticals International, Inc., 7.250%, 07/15/22 (a)		50,000			48,625
Vertellus Specialties, Inc., 9.375%, 10/01/15 (a)		75,000			80,438
Visant Corp., 10.000%, 10/01/17		150,000			162,750
Visteon Corp., 6.750%, 04/15/19 (a)		30,000			30,000
Wind Acquisition Finance, S.A., 11.750%, 07/15/17 (a)		200,000			231,000
Windstream Corp., 7.500%, 04/01/23 (a)		30,000			29,700
Windstream Corp., 7.750%, 10/01/21 (a)		100,000	²		102,125
Windstream Corp., 8.125%, 09/01/18		50,000			53,625
WMG Acquisition Corp., 9.500%, 06/15/16		75,000			79,688
Wynn Las Vegas LLC, 7.875%, 11/01/17		15,000	²		16,162
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.750%, 08/15/20		35,000			37,275
Yankee Acquisition Corp., Series B, 9.750%, 02/15/17		100,000			106,875
YCC Holdings LLC/Yankee Finance, Inc., 10.250%, 02/15/16 (a)¹⁰		15,000			15,188
Zayo Group LLC, 10.250%, 03/15/17		90,000			99,450
Total Industrials					25,962,574

Managers High Yield Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount			Value
Utilities - 2.1%
AES Corp., 9.750%, 04/15/16	$	125,000		$	144,062
Aguila 3 SA, 7.875%, 01/31/18 (a)		20,000			20,500
Calpine Corp., 7.250%, 10/15/17 (a)		40,000			41,800
Calpine Corp., 7.500%, 02/15/21 (a)		60,000			62,400
Calpine Corp., 7.875%, 07/31/20 (a)		65,000			69,388
Energy Future Holdings Corp., 10.250%, 01/15/20		50,000			53,234
Energy Future Intermediate Holding Co. LLC, 10.000%, 12/01/20		56,000			59,622
NRG Energy, Inc., 7.375%, 02/01/16		105,000			108,938
NRG Energy, Inc., 7.625%, 01/15/18 (a)		30,000			31,162
NRG Energy, Inc., 8.250%, 09/01/20 (a)		55,000			57,475
Total Utilities					648,581
Total Corporate Bonds (cost $28,185,623)					30,411,989

	Shares
Common Stocks - 0.6%
Consumer Discretionary - 0.1%
Dex One Corp.*		3,380	²		16,359
Information Technology - 0.2%
Flextronics International, Ltd.*		10,500			78,435
Materials - 0.3%
Huntsman Corp.		5,000			86,901
Total Common Stocks (cost $455,793)					181,695
Short-Term Investments - 12.5%³
BNY Institutional Cash Reserves Fund, Series B*^7,12		87,750			70,066
BNY Mellon Overnight Government Fund, 0.17%⁷		3,551,000			3,551,000
Dreyfus Cash Management Fund, Institutional Class Shares, 0.11%		266,948			266,948
Total Short-Term Investments (cost $3,905,698)					3,888,014
Total Investments - 110.7% (cost $32,547,114)					34,481,698
Other Assets, less Liabilities - (10.7)%					(3,340,066	)
Net Assets - 100.0%				$	31,141,632

Managers Fixed Income Fund

Schedule of Portfolio Investments

March 31, 2011 (unaudited)


Security Description	Principal Amount			Value
Corporate Bonds - 75.1%
Financials - 25.1%
AgriBank FCB, 9.125%, 07/15/19	$	810,000		$	968,501
Alta Wind Holdings LLC, 7.000%, 06/30/35 (a)		600,000			633,811
American General Finance Corp., Medium Term Notes, Series I, 4.875%, 07/15/12		400,000	²		395,000
American General Finance Corp., Medium Term Notes, Series J, 5.200%, 12/15/11		100,000	²		100,250
American General Finance Corp., Medium Term Notes, Series G, 5.375%, 10/01/12		400,000			395,500
American General Finance Corp., Medium Term Notes, Series I, 5.850%, 06/01/13		100,000			98,250
American International Group, Inc., Euro Medium Term Notes, 5.000%, 04/26/23		750,000			1,041,369
American International Group, Inc., Medium Term Notes, Series MP, 5.450%, 05/18/17		30,000			30,876
Associates Corp. of North America, 6.950%, 11/01/18		650,000			727,511
Bank of America Capital Trust VI, 5.625%, 03/08/35		295,000			258,170
Bear Stearns Companies, Inc., The, 4.650%, 07/02/18		480,000			485,482
Camden Property Trust, 5.700%, 05/15/17		255,000			279,499
Cantor Fitzgerald, L.P., 6.375%, 06/26/15 (a)		910,000			916,809
Cantor Fitzgerald, L.P., 7.875%, 10/15/19 (a)¹¹		700,000			728,472
Caterpillar Financial Services Corp., 6.125%, 02/17/14		615,000			693,187
Citigroup, Inc., 5.500%, 10/15/14		1,340,000			1,446,487
Citigroup, Inc., 5.850%, 12/11/34		75,000			73,775
Citigroup, Inc., 6.125%, 05/15/18		345,000			376,841
Citigroup, Inc., 6.125%, 08/25/36		935,000			894,404
Colonial Realty, L.P., 4.800%, 04/01/11		181,000			181,000
Crown Castle Towers LLC, 6.113%, 01/15/20 (a)		850,000			922,861
Duke Realty, L.P., 5.950%, 02/15/17		35,000			37,802
ERAC USA Finance Co., 6.375%, 10/15/17 (a)		240,000			269,423
ERAC USA Finance Co., 6.700%, 06/01/34 (a)		65,000			67,344
ERAC USA Finance Co., 7.000%, 10/15/37 (a)		925,000			1,010,984
ERP Operating, L.P., 5.125%, 03/15/16		15,000			16,126
ERP Operating, L.P., 5.750%, 06/15/17		70,000			77,170
GE Capital Australia Funding Pty., Ltd., Euro Medium Term Notes, 8.000%, 02/13/12	AUD	260,000			274,403
General Electric Capital Corp., Global Medium Term Notes, Series A, 0.603%, 05/13/24, (04/15/11)⁶		180,000			158,079
Hanover Insurance Group, Inc., The, 7.500%, 03/01/20		465,000			495,088
Highwoods Realty, L.P., 5.850%, 03/15/17		30,000			31,968
Highwoods Realty, L.P., 7.500%, 04/15/18		350,000			400,620
International Lease Finance Corp., 8.625%, 09/15/15 (a)		10,000			11,025
International Lease Finance Corp., Medium Term Notes, Series R, 5.650%, 06/01/14		105,000			106,050
iStar Financial, Inc., 0.805%, 10/01/12, (07/01/11)^6,13		325,000			296,562
Lloyds TSB Bank PLC, 6.500%, 09/14/20 (a)		1,255,000			1,235,943
Marsh & McLennan Companies, Inc., 5.375%, 07/15/14		410,000			443,801
Marsh & McLennan Companies, Inc., 5.875%, 08/01/33		1,230,000			1,161,355
MBIA Insurance Corp., 14.000%, 01/15/33 (a)⁹		25,000			14,125

Managers Fixed Income Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Financials - 25.1% (continued)
Merrill Lynch & Co., Inc., 6.110%, 01/29/37	$	1,800,000	$	1,712,529
Merrill Lynch & Co., Inc., Medium Term Notes, Series C, 6.050%, 06/01/34		1,100,000		1,014,344
Metlife, Inc., 6.400%, 12/15/36		340,000		329,154
Morgan Stanley, 4.750%, 04/01/14		540,000		563,080
Morgan Stanley, 5.500%, 07/24/20		1,800,000		1,801,980
Morgan Stanley, 5.950%, 12/28/17		200,000		215,127
Morgan Stanley, 6.625%, 04/01/18		160,000		176,107
Morgan Stanley, Global Medium Term Notes, Series F, 5.500%, 01/26/20		200,000		201,218
Morgan Stanley, Global Medium Term Notes, Series F, 5.625%, 09/23/19		500,000		511,522
Mutual of Omaha Insurance Co., 6.800%, 06/15/36 (a)		620,000		629,308
National City Bank of Indiana, 4.250%, 07/01/18		395,000		390,110
Old Republic International Corp., 3.750%, 03/15/18¹³		2,620,000		2,642,926
Penn Mutual Life Insurance Co., The, 7.625%, 06/15/40 (a)		895,000		970,551
ProLogis Trust, 5.625%, 11/15/15		15,000		15,935
ProLogis Trust, 5.750%, 04/01/16		15,000		16,129
Simon Property Group, L.P., 5.250%, 12/01/16		25,000		27,216
Simon Property Group, L.P., 5.750%, 12/01/15		85,000		94,633
Simon Property Group, L.P., 5.875%, 03/01/17		40,000		44,434
Simon Property Group, L.P., 6.100%, 05/01/16		100,000		113,131
SLM Corp., 0.603%, 01/27/14, (04/26/11)⁶		135,000		128,126
SLM Corp., 5.000%, 10/01/13		10,000		10,357
SLM Corp., 5.375%, 01/15/13		20,000		20,812
SLM Corp., 8.450%, 06/15/18		845,000		947,696
Sovereign Bank, 5.125%, 03/15/13		335,000		345,522
Springleaf Finance Corp., Medium Term Notes, Series J, 6.900%, 12/15/17		2,770,000		2,544,939
Standard Chartered Bank, 6.400%, 09/29/17 (a)		100,000		108,516
Standard Chartered PLC, 5.500%, 11/18/14 (a)		750,000		812,110
WEA Finance LLC / WT Finance Australia, 6.7500%, 09/02/19 (a)	AUD	535,000		614,874
Willis North America, Inc., 7.000%, 09/29/19		220,000		238,637
XL Capital PLC, 6.500%, 01/15/12		105,000		109,350
Total Financials				35,106,296
Industrials - 41.6%
Alltel Corp., 7.875%, 07/01/32		210,000		272,229
Anadarko Petroleum Corp., 5.950%, 09/15/16		450,000		489,895
Anadarko Petroleum Corp., 6.450%, 09/15/36		395,000		395,717
Anheuser-Busch InBev Worldwide, Inc., 5.375%, 11/15/14		975,000		1,075,315
AT&T Corp., 6.500%, 03/15/29		775,000		822,204
Avnet, Inc., 6.000%, 09/01/15		720,000		774,145
Avnet, Inc., 6.625%, 09/15/16		140,000		153,405
Bell Atlantic Pennsylvania, Inc., 6.000%, 12/01/28		85,000		79,359

Managers Fixed Income Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Industrials - 41.6% (continued)
BellSouth Corp., 6.000%, 11/15/34	$	280,000	$	275,022
Cardinal Health, Inc., 4.000%, 06/15/15		320,000		330,776
CenturyTel, Series P, 7.600%, 09/15/39		605,000		650,043
Charter Communications Operating LLC, 8.000%, 04/30/12 (a)		245,000		258,475
Chesapeake Energy Corp., 2.250%, 12/15/38¹³		210,000		193,988
Chesapeake Energy Corp., 2.500%, 05/15/37¹³		120,000		130,950
Chevron Phillips Chemical Co. LLC, 8.250%, 06/15/19 (a)		1,205,000		1,440,878
Choice Hotels International, Inc., 5.700%, 08/28/20		810,000		802,704
Ciena Corp., 0.875%, 06/15/17¹³		1,300,000		1,275,625
CIGNA Corp., 6.150%, 11/15/36		240,000		245,572
Coca-Cola HBC Finance, B.V., 5.125%, 09/17/13		265,000		283,506
Comcast Corp., 5.650%, 06/15/35		150,000		141,451
Continental Airlines, Inc., 5.983%, 04/19/22		409,964		420,213
Continental Airlines, Inc., Series 2010 B, 6.000%, 01/12/19		2,500,000		2,450,000
Continental Airlines, Inc., Series B, 6.903%, 04/19/22		92,335		93,027
Continental Airlines, Inc., Series 00A1, 8.048%, 11/01/20		80,267		87,491
Corning, Inc., 6.850%, 03/01/29		600,000		677,120
Covidien International Finance, S.A., 6.000%, 10/15/17		295,000		336,668
Cummins Engine Co., Inc., 6.750%, 02/15/27		153,000		160,965
Cytec Industries, Inc., 6.000%, 10/01/15		80,000		87,667
Darden Restaurants, Inc., 6.000%, 08/15/35		170,000		165,013
Delta Air Lines, Inc. Pass Through Certificate, Series 2010-1A, 6.200%, 07/02/18		345,902		358,874
Delta Air Lines, Inc., 8.021%, 08/10/22		616,332		636,363
DP World, Ltd., 6.850%, 07/02/37 (a)		1,720,000		1,591,583
Dun & Bradstreet Corp., The, 6.000%, 04/01/13		790,000		852,333
El Paso Corp., 6.950%, 06/01/28		165,000		167,987
Energy Transfer Partners, L.P., 6.125%, 02/15/17		65,000		72,658
Energy Transfer Partners, L.P., 6.625%, 10/15/36		145,000		151,983
Equifax, Inc., 7.000%, 07/01/37		228,000		243,809
Equitable Resources, Inc., 6.500%, 04/01/18		1,730,000		1,883,705
Express Scripts, Inc., 6.250%, 06/15/14		305,000		339,088
Express Scripts, Inc., 7.250%, 06/15/19		165,000		197,359
Ford Motor Co., 4.250%, 11/15/16¹³		3,380,000		6,143,150
GATX Corp., 4.750%, 10/01/12		560,000		585,612
Georgia-Pacific Corp., 7.250%, 06/01/28		70,000		73,500
Hasbro, Inc., 6.600%, 07/15/28		165,000		172,544
HCA, Inc., 7.500%, 11/06/33		75,000		69,188
Intel Corp., 2.950%, 12/15/35¹³		265,000		273,944
Intel Corp., 3.250%, 08/01/39¹³		1,035,000		1,222,594
International Paper Co., 7.500%, 08/15/21		2,000,000		2,351,536
Intuit, Inc., 5.750%, 03/15/17		210,000		230,215

Managers Fixed Income Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Industrials - 41.6% (continued)
J.C. Penney Co., Inc., 5.750%, 02/15/18	$	25,000	$	25,312
J.C. Penney Co., Inc., 6.375%, 10/15/36		297,000		269,156
J.C. Penney Co., Inc., 7.625%, 03/01/97		25,000		22,500
Kinder Morgan Energy Partners, L.P., 5.950%, 02/15/18		2,335,000		2,574,758
Kinder Morgan Finance Co., 5.700%, 01/05/16		165,000		173,869
Kroger Co., The, 7.000%, 05/01/18		460,000		533,802
Macy’s Retail Holdings, Inc., 6.790%, 07/15/27		80,000		77,800
Macy’s Retail Holdings, Inc., 6.900%, 04/01/29		30,000		30,525
Marks & Spencer Group PLC, 7.125%, 12/01/37 (a)		300,000		287,298
Masco Corp., 5.850%, 03/15/17		350,000		343,595
Masco Corp., 6.500%, 08/15/32		25,000		22,619
Masco Corp., 7.125%, 03/15/20		300,000		310,974
Masco Corp., 7.750%, 08/01/29		50,000		50,984
Medco Health Solutions, Inc., 7.250%, 08/15/13		420,000		470,636
Methanex Corp., 6.000%, 08/15/15		320,000		320,992
Missouri Pacific Railroad Co., 5.000%, 01/01/45¹¹		200,000		146,414
Motorola, Inc., 6.500%, 09/01/25		15,000		15,821
Motorola, Inc., 6.500%, 11/15/28		70,000		72,127
New England Telephone & Telegraph Co., 7.875%, 11/15/29		95,000		110,185
News America, Inc., 7.280%, 06/30/28		225,000		249,150
News America, Inc., 7.625%, 11/30/28		460,000		527,989
Nextel Communications, Inc., 5.950%, 03/15/14		710,000		715,325
Northwest Airlines, Inc., 8.028%, 11/01/17		336,017		342,737
Omnicare, Inc., 3.750%, 12/15/25¹³		470,000		608,062
Owens & Minor, Inc., 6.350%, 04/15/16¹¹		125,000		128,386
Owens Corning, Inc., 6.500%, 12/01/16		210,000		228,920
Owens Corning, Inc., 7.000%, 12/01/36		385,000		387,471
Portugal Telecom International Finance, B.V., Euro Medium Term Notes, Series 2005, 4.500%, 06/16/25	EUR	50,000		54,740
Portugal Telecom International Finance, B.V., Euro Medium Term Notes, Series 25, 5.000%, 11/04/19	EUR	150,000		183,149
PPG Industries, Inc., 6.650%, 03/15/18		1,935,000		2,255,622
Pulte Homes, Inc., 6.000%, 02/15/35		1,265,000		996,188
Pulte Homes, Inc., 6.375%, 05/15/33		465,000		380,138
Qantas Airways, Ltd., 6.050%, 04/15/16 (a)		1,500,000		1,599,262
Qwest Corp., 6.875%, 09/15/33		20,000		20,125
Rowan Cos., Inc., 7.875%, 08/01/19		300,000		356,413
Safeway, Inc., 6.350%, 08/15/17		400,000		447,740
Samsung Electronics Co., Ltd., 7.700%, 10/01/27 (a)		510,000		601,876
SBC Communications, Inc., 6.150%, 09/15/34		840,000		839,651
Sprint Capital Corp., 6.900%, 05/01/19		15,000		15,562
Sprint Capital Corp., 8.750%, 03/15/32		5,000		5,344
Telecom Italia Capital S.p.A., 6.000%, 09/30/34		40,000		36,302

Managers Fixed Income Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount			Value
Industrials - 41.6% (continued)
Telecom Italia Capital S.p.A., 6.375%, 11/15/33	$	105,000		$	99,378
Tele-Communications, Inc., 9.800%, 02/01/12		350,000			376,425
Telefonica Emisiones SAU, 5.877%, 07/15/19		265,000			279,123
Texas Eastern Transmission, L.P., 7.000%, 07/15/32		255,000			298,859
TGT Pipeline LLC, 5.200%, 06/01/18		465,000			478,808
Time Warner Cable, Inc., 6.750%, 07/01/18		1,500,000			1,706,511
Time Warner, Inc., 6.625%, 05/15/29		270,000			288,678
Time Warner, Inc., 7.625%, 04/15/31		80,000			92,537
Time Warner, Inc., 7.700%, 05/01/32		685,000			801,047
Toll Brothers Finance Corp., 5.150%, 05/15/15		270,000	²		275,846
Toro Co., The, 6.625%, 05/01/37¹¹		365,000			328,826
V.F. Corp., 6.450%, 11/01/37		412,000			478,131
Verizon Maryland, Inc., 5.125%, 06/15/33		295,000			267,122
Verizon New England, Inc., 6.500%, 09/15/11		530,000			544,238
Verizon New York, Inc., Series B, 7.375%, 04/01/32		110,000			123,760
Viacom, Inc., 6.875%, 04/30/36		470,000			516,252
Western Union Co., The, 6.200%, 11/17/36		440,000			431,937
Western Union Co., The, 6.200%, 06/21/40		5,000			4,923
Weyerhaeuser Co., 6.875%, 12/15/33		660,000			664,671
Weyerhaeuser Co., 7.375%, 10/01/19		50,000	²		56,580
Weyerhaeuser Co., 7.375%, 03/15/32		90,000			95,162
Wyndham Worldwide Corp., 6.000%, 12/01/16		405,000			429,669
Wyndham Worldwide Corp., 7.375%, 03/01/20		460,000			508,289
Total Industrials					58,173,739
Utilities - 8.4%
Abu Dhabi National Energy Co., 7.250%, 08/01/18 (a)		1,040,000			1,148,589
Ameren Energy Generating Co., 7.000%, 04/15/18		1,200,000	²		1,217,939
Ameren Illinois Co., 6.250%, 04/01/18		1,370,000			1,501,310
Bruce Mansfield Unit 12, 6.850%, 06/01/34¹¹		315,916			332,288
Cleveland Electric Illuminating Co., The, 5.950%, 12/15/36		695,000			652,169
Commonwealth Edison Co., 4.700%, 04/15/15		510,000			547,548
EDP Finance, B.V., 4.900%, 10/01/19 (a)		300,000			262,298
Empresa Nacional de Electricidad, 7.875%, 02/01/27		900,000			1,009,793
ITC Holdings Corp., 5.875%, 09/30/16 (a)		225,000			248,438
ITC Holdings Corp., 6.375%, 09/30/36 (a)		300,000			314,873
Korea Gas Corp., 6.000%, 07/15/14 (a)		300,000			327,832
Nisource Finance Corp., 6.400%, 03/15/18		1,645,000			1,842,981
Nisource Finance Corp., 6.800%, 01/15/19		900,000			1,031,207
Southwestern Electric Power Co., 6.450%, 01/15/19		1,225,000			1,369,208
Total Utilities					11,806,473
Total Corporate Bonds (cost $96,839,107)					105,086,508

Managers Fixed Income Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
U.S. Government and Agency Obligations - 2.5%
Federal Home Loan Bank - 0.4%
FHLB, 1.875%, 06/21/13	$	500,000	$	509,826
United States Treasury Securities - 2.1%
U.S. Treasury Notes, 3.875%, 11/15/40		3,080,000		2,946,214
Total U.S. Government and Agency Obligations (cost $3,414,001)				3,456,040
Foreign Government Obligations - 8.9%
Brazil, Republic of, 10.250%, 01/10/28	BRL	750,000		459,376
Canadian Government, 2.000%, 09/01/12	CAD	3,700,000		3,838,344
Canadian Government, 3.750%, 06/01/12	CAD	135,000		142,920
Canadian Government, 5.250%, 06/01/12	CAD	390,000		419,788
Inter-American Development Bank, 6.000%, 12/15/17	NZD	3,500,000		2,808,793
International Bank for Reconstruction & Development, Series GDIF, 1.430%, 03/05/14	SGD	1,000,000		798,854
Ireland Government Notes, 4.500%, 04/18/20	EUR	75,000		73,074
Ireland Government Notes, 5.000%, 10/18/20	EUR	25,000		24,780
Ireland Treasury Bonds, 4.500%, 10/18/18	EUR	275,000		281,033
Ireland Treasury Bonds, 5.400%, 03/13/25	EUR	125,000		119,748
Mexican Bonos, Series M10, 7.250%, 12/15/16	MXN	6,850,000		583,446
Mexican Fixed Rate Bonds, 8.000%, 12/07/23	MXN	3,500,000		299,287
Mexican Government, 9.000%, 12/20/12	MXN	5,950,000		529,597
New South Wales Treasury Corp., 6.000%, 05/01/12	AUD	995,000		1,040,523
New South Wales Treasury Corp., Series 12RG, 6.000%, 05/01/12	AUD	260,000		271,856
Portugal Obrigacoes do Tesouro, 3.850%, 04/15/21	EUR	50,000		50,261
Portugal Obrigacoes do Tesouro, 4.800%, 06/15/20	EUR	25,000		27,847
Queensland Treasury Corp., Series 11G, 6.000%, 06/14/11	AUD	665,000		689,329
Total Foreign Government Obligations (cost $11,111,912)				12,458,856
Municipal Bonds - 1.6%
Buckeye Tobacco Settlement Financing Authority, Series 2007 A-2, 5.875%, 06/01/47¹¹	$	250,000		165,832
California State, 4.500%, 08/01/27, (AMBAC Insured)		45,000		40,528
California State, 4.500%, 10/01/29		130,000		113,000
California State, 4.500%, 08/01/30		30,000		25,827
California State, 4.500%, 08/01/30, (AMBAC Insured)		35,000		30,131
California State, Variable Purpose Bond, 3.250%, 12/01/27, (National Insured)		25,000		18,625
California State, Variable Purpose Bond, 4.500%, 12/01/33, (AMBAC Insured)		110,000		92,699
Chicago Illinois O’Hare International Airport Revenue Bond, Series 2008 A, 4.500%, 01/01/38, (AGM Insured)		15,000		11,676
Eufaula Alabama, Series 2003 C, 4.000%, 08/15/12, (AMBAC Insured)		175,000		175,409
Illinois State General Obligation, Series 2003, 5.100%, 06/01/33		770,000		624,370
Michigan Tobacco Settlement Financial Authority, Series 2006 A, 7.309%, 06/01/34¹¹		390,000		276,631
San Jose California Redevelopment Agency Tax Allocation, Series 2006 C, 3.750%, 08/01/28, (BHAC Insured)		15,000		11,168

Managers Fixed Income Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Municipal Bonds - 1.6% (continued)
San Jose California Redevelopment Agency Tax Allocation, Series 2006 C, 3.750%, 08/01/28, (National Insured)	$	35,000	$	24,201
Virginia Tobacco Settlement Financing Corp., 6.706%, 06/01/46¹¹		1,055,000		663,542
Total Municipal Bonds (cost $2,831,930)				2,273,639
Asset-Backed Securities - 5.4%
Centex Home Equity Loan, Series 2004-A, Class AF6, 4.270%, 01/25/34⁹		232,166		233,810
Chase Issuance Trust, Series 2007-B1, Class B1, 0.505%, 04/15/19, (04/15/11)⁶		845,000		814,666
Chrysler Financial Lease Trust, Series 2010-A, Class B, 3.460%, 09/16/13 (a)		480,557		481,036
Countrywide Home Loans, Series 2002-S1, Class A5, 6.460%, 11/25/16 (b)		128,765		121,678
Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 07/20/31 (a)		791,237		812,080
Merrill Auto Trust Securitization, Series 2008-1, Class B, 6.750%, 04/15/15		200,000		210,621
Sierra Receivables Funding Company, Series 2010-2A, Class A, 3.840%, 11/20/25 (a)		1,319,397		1,315,626
Trinity Rail Leasing, L.P., Series 2010 1A, Class A, 5.194%, 10/16/40 (a)		2,957,314		2,963,496
World Financial Network Credit Card Master Note Trust, Series 2010-A, 6.750%, 04/15/19		500,000		542,644
Total Asset-Backed Securities (cost $7,315,797)				7,495,657
Mortgage-Backed Securities - 0.6%
Credit Suisse Mortgage Capital, Series 2007-C5, Class A4, 5.695%, 09/15/40⁹		300,000		312,233
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 01/15/49		110,000		116,168
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.818%, 06/15/49⁹		220,000		235,947
LB-UBS Commercial Mortgage Trust, Series 2001-C3, Class A2, 6.365%, 12/15/28		190,510		191,016
Total Mortgage-Backed Securities (cost $ 532,894)				855,364

	Shares
Common Stocks - 3.0%
Intel Corp. (cost $4,461,584)		204,750		4,129,808
Preferred Stocks - 0.6%
General Motors Co., Series 2010 B, 4.750%¹³		2,400		115,680
Health Care REIT, Inc., Series I, 6.500%¹³		1,200		62,520
Newell Financial Trust I, 5.250%¹³		13,455		647,522
Total Preferred Stocks (cost $757,997)				825,722
Short-Term Investments - 3.0%³
BNY Institutional Cash Reserves Fund, Series B*^7,12		247,573		197,681
BNY Mellon Overnight Government Fund, 0.17%⁷		1,897,000		1,897,000
Dreyfus Cash Management Fund, Institutional Class Shares, 0.11%		2,169,259		2,169,259
Total Short-Term Investments (cost $4,313,832)				4,263,940
Total Investments - 100.7% (cost $131,579,054)				140,845,534
Other Assets, less Liabilities - (0.7)%				(979,907	)
Net Assets - 100.0%			$	139,865,627

Managers Short Duration Government Fund

Schedule of Portfolio Investments

March 31, 2011 (unaudited)


Security Description	Principal Amount		Value
U.S. Government and Agency Obligations - 76.0%
Federal Home Loan Mortgage Corporation - 28.3%
FHLMC, 2.250%, 11/01/33, (11/01/11)⁶	$	1,687,422	$	1,751,161
FHLMC, 2.384%, 10/01/28, (09/01/11)⁶		116,354		121,718
FHLMC, 2.480%, 12/01/33, (12/01 /11)⁶		3,114,607		3,279,830
FHLMC, 2.484%, 10/01/33, (10/01/11)⁶		2,360,272		2,478,888
FHLMC, 2.493%, 10/01/33, (10/01/11)⁶		3,769,671		3,958,777
FHLMC, 2.551%, 12/01/35, (10/01/11)⁶		854,957		896,525
FHLMC, 2.566%, 09/01/35, (09/01/11)^6,8		2,844,939		2,961,574
FHLMC, 2.653%, 07/01/34, (06/01/11)^6,8		544,798		567,854
FHLMC, 2.712%, 02/01/23, (10/01/11)⁶		973,019		1,023,877
FHLMC, 2.864%, 09/01/33, (08/01/11)^6,8		3,408,338		3,591,990
FHLMC, 2.941%, 06/01/35, (09/01/11)^6,8		1,303,698		1,367,798
FHLMC, 4.000%, 01/01/14		6,640,839		6,810,465
FHLMC, 4.500%, 07/01/18⁸		2,737,061		2,896,074
FHLMC, 5.000%, 05/01/18⁸		756,301		809,414
FHLMC, 5.000%, 09/01/17 to 10/15/27		6,362,217		6,801,485
FHLMC, 5.500%, 01/01/18		1,027,582		1,115,556
FHLMC, 5.500%, 11/01/19⁸		3,585,204		3,891,983
FHLMC, 5.771%, 02/01/37, (02/01/12)^6,8		1,786,424		1,890,960
FHLMC Gold Pool, 0.505%, 06/15/35, (04/15/11)^6,8		2,655,489		2,654,321
FHLMC Gold Pool, 5.000%, 05/01/18⁸		654,593		700,563
FHLMC Gold Pool, 5.000%, 01/01/19⁸		916,439		983,089
FHLMC Gold Pool, 5.000%, 04/01/19 to 08/01/19		656,674		703,507
FHLMC Gold Pool, 5.500%, 11/01/17⁸		394,196		426,942
FHLMC Gold Pool, 5.500%, 12/01/17 to 09/01/19		669,643		728,652
FHLMC Gold Pool, 5.500%, 01/01/20 ⁸		3,336,950		3,637,092
FHLMC Gold Pool, 7.000%, 06/01/17		1,442,220		1,546,658
FHLMC Gold Pool, 7.500%, 04/01/15 to 03/01/33		970,666		1,106,834
FHLMC REMICS, Series 2870, Class CN, 4.000%, 10/15/27		195,276		196,493
FHLMC REMICS, Series 2885, Class DE, 4.500%, 12/15/17		175,736		180,425
FHLMC Structured Pass Through Securities, Series T-51, Class 2A, 7.500%, 08/25/42⁹		178,275		204,847
FHLMC, Series 2628, Class GQ, 3.140%, 11/15/17		944,882		969,329
FHLMC, Series 2692, Class AB, 4.000%, 05/15/16		915,562		926,680
FHLMC, Series 2696, Class MD, 4.000%, 11/15/16		487,916		495,258
FHLMC, Series 2551, Class CH, 4.000%, 12/15/16		129,864		130,429
FHLMC, Series 2675, Class CB, 4.000%, 05/15/16		353,991		357,492
FHLMC, Series 2677, Class BA, 4.000%, 09/15/16		826,104		839,388
FHLMC, Series 2608, Class GJ, 4.000%, 03/15/17		262,393		265,029
FHLMC, Series 2843, Class BH, 4.000%, 01/15/18		2,337,933		2,390,341
FHLMC, Series 3249, Class CJ, 4.250%, 01/15/29		737,703		743,025
FHLMC, Series 2561, Class EO, 4.500%, 09/15/16⁸		22,785		22,780

Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Federal Home Loan Mortgage Corporation - 28.3% (continued)
FHLMC, Series 2760, Class EB, 4.500%, 09/15/16	$	1,206,941	$	1,218,109
FHLMC, Series 2582, Class BC, 4.500%, 04/15/17		414,811		420,066
FHLMC, Series 2561, Class BH, 4.500%, 05/15/17		897,760		917,126
FHLMC, Series 2764, Class OD, 4.500%, 10/15/17		994,769		1,029,348
FHLMC, Series 2664, Class GA, 4.500%, 01/15/18		456,137		460,695
FHLMC, Series 2697, Class LP, 4.500%, 10/15/19		51,677		51,749
FHLMC, Series 2688, Class DA, 4.500%, 02/15/20		305,015		305,825
FHLMC, Series 2844, Class PU, 4.500%, 06/15/27		716,402		719,420
FHLMC, Series 2857, Class BG, 4.500%, 08/15/27		1,816,917		1,831,718
FHLMC, Series 2638, Class OW, 4.500%, 10/15/27		1,805,212		1,807,947
FHLMC, Series 2760, Class PN, 4.500%, 11/15/27		801,928		805,594
FHLMC, Series 2776, Class OL, 4.500%, 11/15/27		333,885		336,265
FHLMC, Series 2702, Class AC, 4.500%, 07/15/28		2,707,000		2,774,652
FHLMC, Series 2554, Class HA, 4.500%, 04/15/32		3,150,123		3,300,756
FHLMC, Series 2939, Class DE, 4.750%, 04/15/25		3,846,764		3,914,685
FHLMC, Series 2877, Class MV, 4.750%, 12/15/28		774,771		788,963
FHLMC, Series 3266, Class C, 5.000%, 02/15/20		660,698		684,386
FHLMC, Series 2657, Class DA, 5.000%, 10/15/20		70,636		70,691
FHLMC, Series 2726, Class PB, 5.000%, 04/15/26		422,035		423,322
FHLMC, Series 2764, Class UC, 5.000%, 05/15/27		1,326,430		1,335,255
FHLMC, Series 2844, Class PB, 5.000%, 06/15/27		840,108		843,917
FHLMC, Series 2907, Class HC, 5.000%, 06/15/27		1,982,372		2,003,921
FHLMC, Series 2780, Class LC, 5.000%, 07/15/27		891,810		899,520
FHLMC, Series 2893, Class PB, 5.000%, 12/15/27		1,819,038		1,832,629
FHLMC, Series 2783, Class PB, 5.000%, 01/15/28		1,072,537		1,082,982
FHLMC, Series 2684, Class PC, 5.000%, 05/15/28		401,482		401,403
FHLMC, Series 2881, Class TC, 5.000%, 06/15/28		1,423,429		1,441,574
FHLMC, Series 2649, Class OC, 5.000%, 07/15/28		370,245		374,415
FHLMC, Series 2827, Class TC, 5.000%, 10/15/28		318,620		323,265
FHLMC, Series 2764, Class TD, 5.000%, 02/15/29		4,369,000		4,524,654
FHLMC, Series 2960, Class NE, 5.000%, 08/15/31		1,651,129		1,663,675
FHLMC, Series 2558, Class UE, 5.500%, 05/15/22		646,491		675,284
FHLMC, Series 2429, Class HB, 6.500%, 12/15/23		479,399		528,635
Total Federal Home Loan Mortgage Corporation				106,217,549
Federal National Mortgage Association - 39.4%
FNMA, 0.570%, 11/25/30, (04/25/11)^6,8		1,938,755		1,933,273
FNMA, 0.650%, 03/25/35, (04/25/11)^6,8		2,114,238		2,106,714
FNMA, 1.990%, 08/01/34, (05/01/11)⁶		727,251		751,787
FNMA, 2.028%, 01/01/35, (06/01/11)⁶		513,190		536,449
FNMA, 2.039%, 01/01/35, (06/01/11)⁶		858,675		896,687
FNMA, 2.040%, 02/01/35, (07/01/11)⁶		6,932,661		7,251,728
FNMA, 2.060%, 08/01/33, (07/01/11)⁶		939,005		976,787

Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Federal National Mortgage Association - 39.4% (continued)
FNMA, 2.077%, 08/01/33, (07/01/11)⁶	$	595,348	$	619,302
FNMA, 2.082%, 11/01/34, (06/01/11)⁶		798,598		831,634
FNMA, 2.089%, 01/01/24, (09/01/11)⁶		1,845,221		1,893,770
FNMA, 2.113%, 06/01/34, (06/01/11)⁶		1,974,444		2,066,352
FNMA, 2.150%, 09/01/34, (08/01/11)⁶		2,874,412		2,996,979
FNMA, 2.309%, 02/01/36, (12/01/11)⁶		4,673,267		4,911,332
FNMA, 2.366%, 01/01/36, (11/01/11)⁶		251,558		264,411
FNMA, 2.378%, 03/01/33, (01/01/12)⁶		1,041,899		1,087,936
FNMA, 2.411%, 01/01/33, (12/01/11)⁶		71,154		74,535
FNMA, 2.425%, 02/01/37, (12/01/11)⁶		631,669		661,455
FNMA, 2.470%, 04/01/35, (10/01/11)⁶		838,071		880,882
FNMA, 2.496%, 05/01/33, (05/01/11)⁶		2,600,634		2,704,597
FNMA, 2.527%, 01/01/26,(10/01/11)⁶		750,711		793,288
FNMA, 2.552%, 08/01/34, (08/01/11)⁶		919,105		962,679
FNMA, 2.559%, 06/01/33, (05/01/11)⁶		1,077,525		1,122,944
FNMA, 2.569%, 01/01/25, (08/01/11)⁶		947,964		1,002,000
FNMA, 2.576%, 09/01/33, (09/01/11)^6,8		1,046,161		1,087,760
FNMA, 2.612%, 01/01/36, (12/01/11)⁶		112,826		119,142
FNMA, 2.629%, 04/01/34, (11/01/11)⁶		1,384,075		1,453,760
FNMA, 2.666%, 06/01/34, (06/01/11)⁶		2,873,999		3,012,360
FNMA, 2.667%, 10/01/35, (08/01/11)⁶		3,332,451		3,498,108
FNMA, 2.685%, 01/01/33, (01/01/12)⁶		1,775,368		1,858,378
FNMA, 2.685%, 02/01/33, (07/01/11)⁶		2,774,969		2,881,362
FNMA, 2.686%, 11/01/34, (09/01/11)⁶		8,069,490		8,503,627
FNMA, 2.695%, 06/01/34, (05/01/11)⁶		5,647,724		5,901,386
FNMA, 2.708%, 06/01/35, (06/01/11)⁶		439,114		460,343
FNMA, 2.725%, 06/01/35, (06/01/11)⁶		399,244		419,221
FNMA, 2.998%, 09/01/35, (08/01/11)⁶		1,557,722		1,633,549
FNMA, 3.037%, 12/01/34, (10/01/11)⁶		5,378,570		5,644,274
FNMA, 3.086%, 03/01/36, (09/01/11)⁶		2,059,641		2,174,271
FNMA, 3.113%, 03/01/36, (09/01/11)⁶		2,517,565		2,656,955
FNMA, 3.328%, 06/01/37, (05/01/11)⁶		803,421		837,800
FNMA, 4.500%, 10/01/19		751,780		794,634
FNMA, 5.000%, 09/01/19⁸		614,307		654,281
FNMA, 5.000%, 03/01/18 to 10/01/24		6,636,296		7,106,153
FNMA, 5.006%, 08/01/36, (09/01/11)⁶		437,449		459,113
FNMA, 5.452%, 05/01/36, (05/01/11)⁶		342,014		358,857
FNMA, 5.500%, 11/01/18⁸		1,021,627		1,106,172
FNMA, 5.500%, 10/01/17 to 12/25/26		10,297,138		11,158,222
FNMA, 5.798%, 09/01/37, (09/01/12)⁶		612,666		652,485
FNMA, 6.000%, 09/01/22⁸		2,569,058		2,821,956
FNMA, 6.000%, 03/01/17 to 11/01/23		8,425,639		9,200,454

Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Federal National Mortgage Association - 39.4% (continued)
FNMA, 6.500%, 04/01/17⁸	$	462,727	$	508,566
FNMA, 6.500%, 05/01/17 to 08/01/32		2,520,153		2,792,551
FNMA, 7.000%, 09/01/14		502,491		546,753
FNMA, 7.500%, 12/01/33 to 01/01/34		185,961		212,618
FNMA Grantor Trust, Series 2003-T4, Class A1, 0.468%, 09/26/33, (04/26/11)⁶		16,975		15,809
FNMA Grantor Trust, Series 2002-T5, Class A1, 0.490%, 05/25/32, (04/25/11)⁶		428,198		409,351
FNMA Grantor Trust, Series 2003-T2, Class A1, 0.530%, 03/25/33, (04/25/11)⁶		264,483		214,804
FNMA Grantor Trust Pass Through, Series 2004-T1, Class 1A2, 6.500%, 01/25/44		706,961		753,117
FNMA Pass Through Securities, Series 2002-33, Class A2, 7.500%, 06/25/32		110,808		126,344
FNMA Whole Loan, Series 2005-W2, Class A1, 0.450%, 05/25/35, (04/25/11)^6,8		3,698,491		3,658,846
FNMA Whole Loan, Series 2003-W13, Class AV2, 0.530%, 10/25/33, (04/25/11)^6,11		71,478		71,384
FNMA Whole Loan, Series 2004-W14, Class 1AF, 0.650%, 07/25/44, (04/25/11)^6,8		3,507,799		3,497,829
FNMA Whole Loan, Series 2004-W5, Class F1, 0.700%, 02/25/47, (04/25/11)⁶		856,428		856,734
FNMA Whole Loan, Series 2002-W6, Class 2A, 7.223%, 06/25/42⁹		1,675,048		1,931,937
FNMA Whole Loan, Series 2002-W1, Class 2A, 7.244%, 02/25/42^8,9		516,440		600,846
FNMA Whole Loan, Series 2003-W1, Class 2A, 7.279%, 12/25/42⁹		29,943		34,033
FNMA Whole Loan, Series 2003-W4, Class 4A, 7.354%, 10/25/42^8,9		895,086		1,020,803
FNMA, Series 2007-25, Class FA, 0.650%, 04/25/37, (04/25/11)⁶		2,328,942		2,325,637
FNMA, Series 2003-15, Class CH, 4.000%, 02/25/17		208,835		210,160
FNMA, Series 2003-23, Class AB, 4.000%, 03/25/17		850,697		861,452
FNMA, Series 2003-23, Class AD, 4.500%, 03/25/17		444,043		450,240
FNMA, Series 2003-92, Class PD, 4.500%, 03/25/17		828,622		851,848
FNMA, Series 2002-94, Class CA, 5.000%, 05/25/17		2,098,994		2,119,813
FNMA, Series 2003-5, Class EL, 5.000%, 08/25/22		1,535,951		1,597,451
FNMA, Series 1994-76, Class J, 5.000%, 04/25/24		727,381		769,477
FNMA, Series 2006-75, Class YA, 5.000%, 12/25/25		176,732		177,662
FNMA, Series 2004-90, Class PC, 5.000%, 03/25/27		938,451		940,870
FNMA, Series 2006-107, Class QA, 5.000%, 04/25/27		610,869		615,299
FNMA, Series 2882, Class YB, 5.000%, 10/15/27		707,325		712,820
FNMA, Series 2005-15, Class EA, 5.000%, 10/25/28		740,689		756,499
FNMA, Series 2003-81, Class MB, 5.000%, 05/25/29		2,035,574		2,063,837
FNMA, Series 2006-44, Class OA, 5.500%, 12/25/26		139,995		139,979
FNMA, Series 2006-57, Class PA, 5.500%, 08/25/27		454,875		455,339
FNMA, Series 2006-48, Class TA, 5.500%, 04/25/28		624,206		629,553
FNMA, Series 2006-129, Class PA, 5.500%, 07/25/28		648,634		654,064
FNMA, Series 1993-139, Class GA, 7.000%, 08/25/23⁸		358,741		359,508
Total Federal National Mortgage Association				147,725,977
Government National Mortgage Association - 3.3%
GNMA, 1.750%, 10/20/34, (01/01/12)⁶		342,850		352,135
GNMA, 1.875%, 03/20/37, (04/01/12)⁶		492,282		506,476
GNMA, 2.125%, 12/20/21 to 11/20/27, (01/01/12)⁶		1,369,792		1,413,224
GNMA, 2.500%, 07/20/35, (10/01/11)^6,8		1,378,947		1,422,966

Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Government National Mortgage Association - 3.3% (continued)
GNMA, 2.500%, 09/20/35, (10/01/11)⁶	$	1,168,079	$	1,205,368
GNMA, 2.625%, 07/20/18 to 09/20/35, (10/01/11)⁶		3,612,852		3,736,671
GNMA, 2.750%, 10/20/17, (01/01/12)⁶^,⁸		51,568		53,364
GNMA, 2.750%, 01/20/32, (04/01/12)⁶		137,201		142,003
GNMA, 3.000%, 11/20/17 to 12/20/17, (01/01/12)⁶		109,194		113,135
GNMA, 3.000%, 03/20/35, (04/01/12)⁶		87,016		90,170
GNMA, 3.000%, 06/20/35, (07/01/11)⁶		101,887		105,767
GNMA, 3.250%, 01/20/28, (04/01/12)⁶		67,879		70,628
GNMA, 3.375%, 03/20/21, (04/01/12)⁶		50,197		52,303
GNMA, 3.375%, 04/20/24 to 05/20/27, (07/01/11)^6,8		1,094,003		1,137,716
GNMA, 3.375%, 06/20/22 to 05/20/33, (07/01/11)⁶		302,829		314,929
GNMA, 3.500%, 07/20/18, (10/01/11)⁶		62,150		64,444
GNMA, 3.500%, 02/20/34		174,167		176,217
GNMA, 9.500%, 12/15/17		8,918		10,126
GNMA, Series 2005-58, Class NJ, 4.500%, 08/20/35		475,581		485,205
GNMA, Series 2003 39, Class PB, 5.500%, 04/20/32		828,075		863,944
Total Government National Mortgage Association				12,316,791
Interest Only Strips - 2.9%
FHLMC, 4.500%, 09/15/35		242,877		52,102
FHLMC, 5.000%, 02/15/20 to 04/15/20		837,887		107,463
FHLMC, 6.445%, 11/15/18, (04/15/11)⁶		805,233		66,113
FHLMC, 6.845%, 11/15/30, (04/15/11)⁶		243,357		16,304
FHLMC, 8.000%, 06/01/31¹¹		253,166		64,873
FHLMC, Series 3721, Class SA, 4.245%, 09/15/40, (04/15/11)⁶		4,226,317		390,367
FHLMC, Series 2530, Class Ql, 6.745%, 01/15/32, (04/15/11)⁶		480,772		79,377
FHLMC, Series 2010-121, Class SB, 4.200%, 10/25/40, (04/25/11)⁶		1,624,205		131,132
FHLMC, Series 3449, Class AI, 4.500%, 10/15/20		1,136,571		41,194
FHLMC, Series 3659, Class IE, 5.000%, 03/15/19		2,013,035		233,435
FHLMC, Series 3685, Class El, 5.000%, 03/15/19		4,752,565		499,333
FHLMC, Series 3731, Class IO, 5.000%, 07/15/19		2,187,213		232,469
FHLMC, Series 2637, Class SI, 5.745%, 06/15/18, (04/15/11)⁶		531,294		46,601
FHLMC, Series 2965, Class SA, 5.795%, 05/15/32, (04/15/11)⁶		1,902,868		233,568
FHLMC, Series 3560, Class KS, 6.145%, 11/15/36, (04/15/11)⁶		3,627,661		537,396
FHLMC, Series 3424, Class XI, 6.315%, 05/15/36, (04/15/11)⁶		1,169,673		164,379
FHLMC, Series 3153, Class Jl, 6.365%, 05/15/36, (04/15/11)⁶		5,720,231		889,074
FHLMC, Series 2882, Class SJ, 6.445%, 10/15/34, (04/15/11)⁶		721,512		86,731
FHLMC, Series 2980, Class SL, 6.445%, 11/15/34, (04/15/11)⁶		999,573		180,631
FHLMC, Series 2922, Class SE, 6.495%, 02/15/35, (04/15/11)⁶		716,586		114,353
FHLMC, Series 2929, Class CS, 6.545%, 12/15/22, (04/15/11)⁶		260,650		10,321
FHLMC, Series 2608, Class SJ, 6.845%, 03/15/17, (04/15/11)⁶		267,871		5,888
FHLMC, Series 2644, Class ES, 6.895%, 02/15/18, (04/15/11)⁶		1,256,283		113,643
FHLMC, Series 2772, Class KS, 6.925%, 06/15/22, (04/15/11)⁶		290,166		17,940

Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Interest Only Strips - 2.9% (continued)
FHLMC, Series 3489, Class SD, 7.545%, 06/15/32, (04/15/11)⁶	$	1,000,819	$	209,259
FNMA, 5.000%, 12/01/35		363,756		73,680
FNMA, 7.500%, 11/18/14¹¹		6,313		170
FNMA, 8.000%, 05/01/30¹¹		190,770		43,863
FNMA, 9.000%, 12/15/16¹¹		28,642		4,180
FNMA, Series 2008-22, Class AI, 1.097%, 09/25/12⁹		20,372,174		235,655
FNMA, Series 2010-95, Class DI, 4.500%, 11/25/20		2,871,789		298,863
FNMA, Series 2008-86, Class IO, 4.500%, 03/25/23		4,197,690		430,961
FNMA, Series 2010-105, Class IO, 5.000%, 08/25/20		2,030,162		232,481
FNMA, Series 2010-65, Class IO, 5.000%, 09/25/20		4,955,029		629,040
FNMA, Series 2003-48, Class SJ, 5.750%, 06/25/18, (04/25/11)⁶		680,838		60,196
FNMA, Series 2005-67, Class SM, 5.901%, 08/25/35, (04/25/11)⁶		501,347		62,856
FNMA, Series 2006-3, Class SA, 5.901%, 03/25/36, (04/25/11)⁶		1,161,041		155,509
FNMA, Series 2009-87, Class SX, 6.000%, 11/25/39, (04/25/11)⁶		2,454,834		305,688
FNMA, Series 2003-73, Class SM, 6.351%, 04/25/18, (04/25/11)⁶		711,291		70,069
FNMA, Series 2005-45, Class SR, 6.471%, 06/25/35, (04/25/11)⁶		1,084,967		158,136
FNMA, Series 2005-12, Class SC, 6.500%, 03/25/35, (04/25/11)⁶		786,936		117,799
FNMA, Series 2005-29, Class SC, 6.500%, 04/25/35, (04/25/11)⁶		1,394,997		159,450
FNMA, Series 2008-34, Class SM, 6.500%, 05/25/38, (04/25/11)⁶		2,239,033		335,251
FNMA, Series 2005-66, Class GS, 6.601%, 07/25/20, (04/25/11)⁶		508,590		70,199
FNMA, Series 2005-65, Class KI, 6.750%, 08/25/35, (04/25/11)⁶		5,482,000		964,955
FNMA, Series 2004-49, Class SQ, 6.801%, 07/25/34, (04/25/11)⁶		579,055		105,195
FNMA, Series 2004-64, Class SW, 6.801%, 08/25/34, (04/25/11)⁶		1,869,101		305,770
FNMA, Series 2003-67, Class TS, 6.851%, 08/25/17, (04/25/11)⁶		780,847		40,145
FNMA, Series 2004-51, Class SX, 6.870%, 07/25/34, (04/25/11)⁶		929,351		158,580
FNMA, Series 2006-101, Class SE, 7.000%, 10/25/36, (04/25/11)⁶		3,082,839		518,905
GNMA, Series 2010-147, Class IG, 2.000%, 11/16/13		23,295,836		927,840
Total Interest Only Strips				10,989,382
U.S. Treasury Notes - 2.1%
U.S. Treasury Inflation Linked Notes, 2.375%, 04/15/11		814,255		816,610
U.S. Treasury Inflation Linked Notes, 2.375%, 01/15/25		6,191,089		6,949,980
Total U.S. Treasury Notes				7,766,590
Total U.S. Government and Agency Obligations (cost $281,878,711)				285,016,289
Mortgage-Backed Securities - 9.5%
Bank of America Commercial Mortgage, Inc., Series 2005 2, Class A4, 4.783%, 07/10/43⁹		1,774,184		1,825,460
Bank of America Commercial Mortgage, Inc., Series 2002-2, Class A3, 5.118%, 07/11/43		877,000		895,244
Bank of America Commercial Mortgage, Inc., Series 2002-PB2, Class A4, 6.186%, 06/11/35		557,912		571,956
Countrywide Home Loans, Inc., 0.750%, 02/25/35, (04/25/11)⁶^,8,11		1,307,031		353,319
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A3, 4.500%, 11/15/37		1,000,000		1,010,707
First Union National Bank Commercial Mortgage Trust, Series 2002-C1, Class A2, 6.141%, 02/12/34		1,702,372		1,749,594
GE Capital Commercial Mortgage Corp., Series 2002-2A, Class A3, 5.349%, 08/11/36		1,650,000		1,713,716
GE Capital Commercial Mortgage Corp., Series 2001-3, Class A2, 6.070%, 06/10/38		1,492,915		1,517,879

Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Mortgage-Backed Securities - 9.5% (continued)
GE Capital Commercial Mortgage Corp., Series 2002-1A, Class A3, 6.269%, 12/10/35	$	1,518,778	$	1,566,880
GMAC Commercial Mortgage Securities, Inc., Series 2003-C3, Class A3, 4.646%, 04/10/40		696,108		720,145
Greenwich Capital Commercial Funding Corp., Class A2, Series 2005-GG3, 4.305%, 08/10/42		976,061		976,756
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-CBX, Class A4, 4.529%, 01/12/37		1,310,000		1,322,576
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-CB12, Class A3A1, 4.824%, 09/12/37		725,000		730,695
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A3A1, 4.871%, 10/15/42		3,078,802		3,096,323
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2002-CIB5, Class A2, 5.161%, 10/12/37		3,515,000		3,670,674
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A3B, 5.559%, 04/15/43⁹		2,892,000		2,915,652
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIB3, Class A3, 6.465%, 11/15/35		1,113,389		1,127,909
LB-UBS Commercial Mortgage Trust, Series 2004-C8, Class A4, 4.510%, 12/15/29		973,940		982,306
LB-UBS Commercial Mortgage Trust, Series 2008-C8, Class A3, 4.830%, 11/15/27		654,551		674,378
LB-UBS Commercial Mortgage Trust, Series 2001-C3, Class A2, 6.365%, 12/15/28		3,021,381		3,029,225
LB-UBS Commercial Mortgage Trust, Series 2002-C1, Class A4, 6.462%, 03/15/31		970,541		1,000,614
Merrill Lynch Mortgage Trust, Series 2004-MKB1, Class A3, 4.892%, 02/12/42		1,196,509		1,225,265
Morgan Stanley Dean Witter Capital I, Series 2002-IQ2, Class A4, 5.740%, 12/15/35		2,597,004		2,676,521
Washington Mutual, Class 2A3, Series 2005-AR2, 0.600%, 01/25/45, (04/25/11)⁶		705,790		486,068
Total Mortgage-Backed Securities (cost $37,351,606)				35,839,862
Asset-Backed Securities - 0.3%
First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FF10, Class A4, 5.640%, 11/25/35, (04/25/11)⁶		1,001,566		858,137
Structured Asset Investment Loan Trust, 0.790%, 12/25/34, (04/25/11)⁶^,8		235,318		222,311
Total Asset-Backed Securities (cost $1,237,378)				1,080,448
Short-Term Investments - 17.7%
U.S. Government and Agency Discount Notes - 13.1%
FHLMC, 0.046%, 05/02/11⁴		15,000,000		14,999,355
FHLMC, 0.090%, 06/20/11^4,5		564,000		563,887
FNMA, 0.014%, 04/26/11⁴		10,000,000		9,999,860
FNMA, 0.130%, 08/24/11^4,5		15,400,000		15,391,946
FNMA, 0.162%, 09/12/11^4,5		100,000		99,927
FNMA, 0.182%, 11/01/11⁴		8,000,000		7,991,448
Total U.S. Government and Agency Discount Notes				49,046,423

	Shares
Other Investment Companies - 4.6%³
BNY Institutional Cash Reserves Fund, Series B*^7,12		15,506		12,381
Dreyfus Cash Management Fund, Institutional Class Shares, 0.11%		10,187,236		10,187,236
JPMorgan Liquid Assets Money Market Fund, Capital Shares, 0.14%		7,033,178		7,033,178
Total Other Investment Companies				17,232,795
Total Short-Term Investments (cost $66,278,369)				66,279,218
Total Investments - 103.5% (cost $386,746,064)				388,215,817
Other Assets, less Liabilities - (3.5)%				(13,069,374	)
Net Assets - 100.0%			$	375,146,443

Managers Intermediate Duration Government Fund

Schedule of Portfolio Investments

March 31, 2011 (unaudited)


Security Description	Principal Amount		Value
U.S. Government and Agency Obligations - 109.6%
Federal Home Loan Mortgage Corporation - 35.8%
FHLMC, 2.474%, 11/01/33, (12/01/11)⁶	$	1,730,820	$	1,815,206
FHLMC, 4.500%, 04/01/35		422,951		433,470
FHLMC, 5.000%, 05/01/18		231,288		247,531
FHLMC, 5.000%, 11/01/35⁸		3,009,485		3,158,788
FHLMC, 5.000%, TBA		7,000,000		7,305,158
FHLMC, 5.500%, 11/01/17 to 01/01/19		982,532		1,066,153
FHLMC, 5.500%, 09/01/33⁸		913,321		981,089
FHLMC, 5.500%, 05/01/34⁸		756,539		814,802
FHLMC, 5.633%, 01/01/36, (01/01/13)⁶^,8		4,547,229		4,829,611
FHLMC, 5.771%, 02/01/37, (02/01/12)⁶		149,581		158,334
FHLMC, 6.000%, 02/01/22 to 03/01/22		786,836		857,343
FHLMC, 7.500%, 07/01/34⁸		2,192,508		2,535,519
FHLMC Gold Pool, 4.500%, 10/01/34⁸		1,508,836		1,546,363
FHLMC Gold Pool, 4.500%, 04/01/35⁸		2,231,134		2,283,836
FHLMC Gold Pool, 4.500%, 05/01/34 to 05/01/35		643,054		658,491
FHLMC Gold Pool, 4.500%, 10/01/35⁸		1,703,095		1,743,324
FHLMC Gold Pool, 4.500%, 11/01/35⁸		1,440,536		1,474,563
FHLMC Gold Pool, 5.000%, 10/01/18 to 08/01/19		402,334		430,626
FHLMC Gold Pool, 5.500%, 02/01/35⁸		1,191,880		1,277,710
FHLMC Gold Pool, 5.500%, 06/01/35⁸		4,364,697		4,683,103
FHLMC Gold Pool, 5.500%, 06/01/35⁸		1,398,980		1,501,036
FHLMC Gold Pool, 5.500%, 12/01/38⁸		893,814		958,739
FHLMC Gold Pool, 5.500%, 10/01/33 to 05/01/38		1,998,340		2,140,075
FHLMC Gold Pool, 5.500%, TBA		6,000,000		6,399,372
FHLMC Gold Pool, 6.000%, 10/01/21⁸		2,349,985		2,560,015
FHLMC Gold Pool, 6.000%, 09/01/17 to 05/01/22		882,573		961,289
FHLMC Structured Pass Through Securities, Series T-51, Class 2A, 7.500%, 08/25/42⁹		249,585		286,786
Total Federal Home Loan Mortgage Corporation				53,108,332
Federal National Mortgage Association - 59.0%
FNMA, 0.570%, 11/25/30, (04/25/11)⁶^,8		1,938,755		1,933,273
FNMA, 0.650%, 03/25/35, (04/25/11)⁶^,8		1,134,184		1,130,148
FNMA, 2.059%, 07/01/33, (06/01/11)⁶		542,953		564,552
FNMA, 2.113%, 06/01/34, (06/01/11)⁶^,8		1,573,773		1,647,030
FNMA, 2.181%, 02/01/36, (01/01/12)⁶		166,714		172,915
FNMA, 2.552%, 08/01/34, (08/01/11)⁶		735,285		770,144
FNMA, 2.666%, 06/01/34, (06/01/11)⁶^,8		1,727,274		1,810,429
FNMA, 3.328%, 06/01/37, (05/01/11)⁶		638,527		665,850
FNMA, 3.500%, TBA		4,000,000		4,010,000
FNMA, 4.000%, TBA		7,000,000		7,192,500
FNMA, 4.500%, 10/01/40⁸		3,642,895		3,712,438

Managers Intermediate Duration Government Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Federal National Mortgage Association - 59.0% (continued)
FNMA, 4.500%, 11/01/40⁸	$	2,484,125	$	2,531,547
FNMA, 4.500%, TBA		21,800,000		22,184,900
FNMA, 5.000%, 01/01/20⁸		1,737,682		1,865,960
FNMA, 5.000%, 02/01/36⁸		2,547,756		2,681,279
FNMA, 5.000%, 06/01/18 to 03/01/36		1,183,580		1,248,966
FNMA, 5.000%, TBA		14,000,000		14,645,316
FNMA, 5.500%, 01/01/19⁸		437,877		474,114
FNMA, 5.500%, 11/01/34⁸		1,338,489		1,439,638
FNMA, 5.500%, 03/01/17 to 07/01/38		4,905,508		5,315,632
FNMA, 5.500%, TBA		2,100,000		2,245,688
FNMA, 6.000%, 08/01/17 to 06/01/39		1,823,629		1,986,628
FNMA, 6.000%, TBA		4,300,000		4,676,250
FNMA, 6.500%, 11/01/28 to 07/01/32		381,980		428,853
FNMA, Series 1994-55, Class H, 7.000%, 03/25/24⁸		1,865,768		2,055,574
FNMA Whole Loan, Series 2003-W4, Class 4A, 7.354%, 10/25/42⁹		149,181		170,134
Total Federal National Mortgage Association				87,559,758
Government National Mortgage Association - 11.4%
GNMA, 3.000%, 08/20/17, (10/01/11)⁶		30,189		31,228
GNMA, 3.000%, 11/20/17, (01/01/12)⁶		194,073		201,075
GNMA, 3.000%, 12/20/17, (01/01/12)⁶		14,630		15,158
GNMA, 3.000%, 08/20/18, (10/01/11)⁶		66,079		68,353
GNMA, 3.375%, 03/20/16, (04/01/12)⁶		17,657		18,398
GNMA, 3.375%, 06/20/16, (07/01/11)⁶		22,192		23,079
GNMA, 3.375%, 05/20/21, (07/01/11)⁶		34,750		36,139
GNMA, 4.500%, 09/15/40		991,879		1,025,096
GNMA, 4.500%, TBA		1,000,000		1,031,409
GNMA, 5.000%, 09/15/39 to 12/15/39		9,182,669		9,770,699
GNMA, 5.500%, 10/15/39⁸		3,337,721		3,638,463
GNMA, 5.500%, 11/15/39		922,779		1,005,925
GNMA, 7.500%, 09/15/28 to 11/15/31		25,357		29,504
Total Government National Mortgage Association				16,894,526
Interest Only Strips - 2.9%
FHLMC, 4.500%, 09/15/35		476,039		102,120
FHLMC, 5.000%, 02/15/20 to 05/15/17		865,113		100,910
FHLMC, 6.000%, 05/01/31		5,347		1,280
FHLMC, 6.445%, 11/15/18, (04/15/11)⁶		640,057		52,551
FHLMC, 6.845%, 11/15/30, (04/15/11)⁶		98,934		6,628
FHLMC, 7.645%, 06/15/31, (04/15/11)⁶		46,710		8,448
FHLMC, Series 3721, Class SA, 4.245%, 09/15/40, (04/15/11)⁶		1,850,785		170,949
FHLMC, Series 3424, Class XI, 6.315%, 05/15/36, (04/15/11)⁶		524,507		73,711
FHLMC, Series 2010-121, Class SB, 4.200%, 10/25/40, (04/25/11)⁶		714,439		60,660

Managers Intermediate Duration Government Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Interest Only Strips - 2.9% (continued)
FHLMC, Series 2608, Class SJ, 6.845%, 03/15/17, (04/15/11)⁶	$	410,134	$	9,017
FHLMC, Series 2637, Class SI, 5.745%, 06/15/18, (04/15/11)⁶		406,729		35,676
FHLMC, Series 2644, Class ES, 6.895%, 02/15/18, (04/15/11)⁶		665,763		60,225
FHLMC, Series 2772, Class KS, 6.925%, 06/15/22, (04/15/11)⁶		222,134		13,734
FHLMC, Series 2882, Class SJ, 6.445%, 10/15/34, (04/15/11)⁶		1,600,124		192,348
FHLMC, Series 2922, Class SE, 6.495%, 02/15/35, (04/15/11)⁶		317,911		50,733
FHLMC, Series 2965, Class SA, 5.795%, 05/15/32, (04/15/11)⁶		768,490		94,329
FHLMC, Series 2980, Class SL, 6.445%, 11/15/34, (04/15/11)⁶		452,944		81,851
FHLMC, Series 3153, Class JI, 6.365%, 05/15/36, (04/15/11)⁶		992,713		147,839
FHLMC, Series 3489, Class SD, 7.545%, 06/15/32, (04/15/11)⁶		447,187		93,501
FHLMC, Series 3560, Class KS, 6.145%, 11/15/36, (04/15/11)⁶		1,250,140		185,194
FHLMC, Series 3659, Class IE, 5.000%, 03/15/19		901,499		102,791
FHLMC, Series 3685, Class EI, 5.000%, 03/15/19		2,128,344		245,904
FHLMC, Series 3731, Class IO, 5.000%, 07/15/19		964,221		102,483
FNMA, 4.000%, 09/01/33 to 09/01/34		759,133		68,851
FNMA, 4.500%, 09/01/33		276,134		44,850
FNMA, 5.000%, 05/01/34 to 12/01/35		1,208,506		237,870
FNMA, 7.000%, 04/01/23¹¹		215,790		47,366
FNMA, 7.000%, 06/01/23¹¹		22,749		5,030
FNMA, Series 2010-95, Class DI, 4.500%, 11/25/20		1,283,499		133,572
FNMA, Series 2008-86, Class IO, 4.500%, 03/25/23		1,876,089		192,611
FNMA, Series 2010-65, Class IO, 5.000%, 09/25/20		2,141,188		271,824
FNMA, Series 2006-3, Class SA, 5.901%, 03/25/36, (04/25/11)⁶		501,659		67,192
FNMA, Series 2009-87, Class SX, 6.000%, 11/25/39, (04/25/11)⁶		1,096,873		136,584
FNMA, Series 2003-73, Class SM, 6.351%, 04/25/18, (04/25/11)⁶		544,524		53,641
FNMA Series 2005-45, Class SR, 6.471%, 06/25/35, (04/25/11)⁶		481,343		70,157
FNMA, Series 2005-12, Class SC, 6.500%, 03/25/35, (04/25/11)⁶		349,797		52,363
FNMA, Series 2005-29, Class SC, 6.500%, 04/25/35, (04/25/11)⁶		750,568		85,791
FNMA, Series 2008-34, Class SM, 6.500% 05/25/38, (04/25/11)⁶		995,262		149,021
FNMA, Series 2005-65, Class KI, 6.750%, 08/25/35, (04/25/11)⁶		2,197,988		342,963
FNMA, Series 2004-49, Class SQ, 6.801%, 07/25/34, (04/25/11)⁶		259,661		36,698
FNMA, Series 2004-64, Class SW, 6.801%, 08/25/34, (04/25/11)⁶		812,241		132,876
FNMA, Series 2003-67, Class TS, 6.851%, 08/25/17, (04/25/11)⁶		597,771		30,733
FNMA, Series 2004-51, Class SX, 6.870%, 07/25/34, (04/25/11)⁶		523,182		89,274
FNMA, Series 2006-101, Class SE, 7.000%, 10/25/36, (04/25/11)⁶		629,235		105,912
Total Interest Only Strips				4,348,061
U.S. Treasury Notes - 0.5%
U.S. Treasury Inflation Linked Notes, 2.375%, 04/15/11		728,836		730,943
Total U.S. Government and Agency Obligations (cost $158,573,475)				162,641,620

Managers Intermediate Duration Government Fund

Schedule of Portfolio Investments (continued)


Security Description	Principal Amount		Value
Mortgage-Backed Securities - 15.3%
American Home Loan Investment Trust, 2.460%, 06/25/45, (05/01/11)⁶	$	1,568,263	$	1,323,152
American Home Mortgage Investment Trust, 2.249%, 02/25/45, (05/01/11)⁶		726,743		662,984
American Home Mortgage Investment Trust, 2.460%, 04/25/44, (05/01/11)⁶		175,515		138,014
American Home Mortgage Investment Trust, 2.460%, 06/25/45, (05/01/11)⁶		96,055		89,133
American Home Mortgage Assets, Series 2005-1, Class 1A1, 3.073%, 11/25/35, (04/25/11)⁶		108,206		68,051
Banc of America Commercial Mortgage, Inc., Series 2006-6, Class A2, 5.309%, 10/10/45		1,592,772		1,608,091
Bank of America Funding Corp., Series 2004-B, Class 1A2, 3.002%, 12/20/34⁹		202,347		140,702
Bear Stearns Alt-A Trust, Mortgage Pass-Through Certificates, Series 2005-3, 2.736%, 04/25/35⁹		185,033		141,100
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Class A3, 4.868%, 09/11/42		1,000,000		1,012,688
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A3, 5.822%, 12/10/49⁹		1,148,000		1,205,656
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A4, 5.658%, 10/15/48		2,000,000		2,056,726
Countrywide Alternative Loan Trust, 0.550%, 05/25/35, (04/25/11)⁶		652,564		586,847
Countrywide Home Loans, Inc., Series 2004-R2, Class 1AF1, 0.670%, 11/25/34, (04/25/11) (a)⁶^,11		291,394		257,826
Countrywide Home Loans, Inc., Series 2005-HYB8, Class 1A1, 2.703%, 12/20/35⁹		143,990		112,003
Countrywide Home Loans, Inc., Series 2005-HYB2, Class 1A4, 2.844%, 05/20/35⁹		145,786		103,360
CS First Boston Mortgage Securities Corp., Series 2005-C3, Class A3, 4.645%, 07/15/37		2,000,000		2,074,462
CS First Boston Mortgage Securities Corp., Series 2002-CP5, Class A2, 4.940%,12/15/35		1,000,000		1,043,175
GMAC Commercial Mortgage Securities, Inc., Series 2005-C1, Class A3, 4.538%, 05/10/43		827,153		826,669
Goldman Sachs Mortgage Loan Trust, Series 2005-RP2, Class 1AF, 0.600%, 03/25/35, (04/25/11) (a)⁶^,11		295,825		254,230
GSR Mortgage Loan Trust, Series 2004-5, Class 1A3, 1.990%, 05/25/34, (05/01/11)⁶		76,114		60,103
Harborview Mortgage Loan Trust, 2.545%, 11/19/34⁹		117,308		83,866
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-CBX, Class A4, 4.529%, 01/12/37		350,000		353,360
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A3B, 5.559%, 04/15/43⁹		1,900,000		1,915,539
Master Alternative Loans Trust, 6.000%, 01/25/35⁸		977,103		953,416
Morgan Stanley Mortgage Loan Trust, 6.028%, 08/25/35⁹		1,440,631		1,280,894
Structured Asset Securities Corp., Series 2005-RF1, Class A, 0.600%, 03/25/35, (04/25/11) (a)⁶^,11		353,550		303,324
Wachovia Bank Commercial Mortgage Trust, Series 2005-C19, Class A3, 4.566%, 05/15/44		309,028		310,514
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A3, 5.679%, 10/15/48		2,206,000		2,290,235
Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.000%, 12/28/37		1,389,448		1,454,417
Total Mortgage-Backed Securities (cost $21,463,961)				22,710,537
Short-Term Investments - 22.8%
U.S. Government and Agency Discount Notes - 0.1%
FHLMC, 0.171%, 10/18/11^4,5		150,000		149,858

	Shares
Other Investment Companies - 22.7%³
BNY Institutional Cash Reserves Fund, Series B*^7,12		13,850		11,059
Dreyfus Cash Management Fund, Institutional Class Shares, 0.11%		4,722,800		4,722,800
JPMorgan Liquid Assets Money Market Fund, Capital Shares, 0.14%		29,051,955		29,051,955
Total Other Investment Companies				33,785,814
Total Short-Term Investments (cost $33,938,404)				33,935,672
Total Investments - 147.7% (cost $213,975,840)				219,287,829
Other Assets, less Liabilities - (47.7)%				(70,813,391	)
Net Assets - 100.0%			$	148,474,438

Notes to Schedule 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 March 31, 2011, 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
Managers AMG Chicago Equity Partners Mid-Cap	$	37,199,397	$	9,365,357	($	163,480	)	$	46,401,274
Managers AMG Chicago Equity Partners Balanced		17,495,389		2,195,589		(219,309	)		19,471,669
Managers High Yield		32,552,625		2,313,990		(384,917	)		34,481,698
Managers Fixed Income		131,600,547		10,959,976		(1,714,989	)		140,845,534
Managers Short Duration Government		386,751,390		4,814,343		(3,349,916	)		388,215,817
Managers Intermediate Duration Government		213,975,840		6,872,031		(1,560,042	)		219,287,829

^*	Non-income producing security

(a)	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 March 31, 2011, the value of these securities amounted to the following:


Fund	Value		% of Net Assets
Managers High Yield	$	10,140,882		32.6	%
Managers Fixed Income		22,599,799		16.2	%
Managers Intermediate Duration Government		815,380		0.5	%

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

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 March 31, 2011.

²	Some or all of these securities were out on loan to various brokers as of March 31, 2011, amounting to:


Fund	Market Value		% of Net Assets
Managers AMG Chicago Equity Partners Mid-Cap	$	1,188,717		2.6	%
Managers AMG Chicago Equity Partners Balanced		246,096		1.3	%
Managers High Yield		3,499,238		11.2	%
Managers Fixed Income		2,013,852		1.4	%

³	Yield shown for an investment company represents the March 31, 2011, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

⁴	Indicates yield to maturity at March 31, 2011.

⁵	Security pledged to cover margin requirements for open futures positions at March 31, 2011.

⁶	Floating Rate Security: The rate listed is as of March 31, 2011. Date in parenthesis represents the security’s next coupon rate reset.

⁷	Collateral received from brokers for securities lending was invested in this short-term investment.

⁸	All or part of security has been segregated for delayed delivery transactions.

⁹	Variable Rate Security: The rate listed is as of March 31, 2011 and is periodically reset subject to terms and conditions set forth in the debenture.

¹⁰	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.

¹¹

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. Illiquid securities market value at March 31, 2011, amounted to the following:


Fund	Value		% of Net Assets
Managers Fixed Income Fund	$	2,770,391		2.0	%
Managers Short Duration Government Fund		537,789		0.1	%
Managers Intermediate Duration Government Fund		867,776		0.6	%

Notes to Schedule of Portfolio Investments (unaudited)

¹²

On September 12, 2008, The Bank of New York Mellon established a separate sleeve of the BNY Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers floating rate notes. Until August 2, 2010, each Fund’s position in Series B was being marked to market daily. Effective August 2, 2010, the Trust, on behalf of each applicable Fund, has entered into an agreement with The Bank of New York Mellon and the Bank of New York Mellon Corporation (“BNYMC”) with respect to each Fund’s position in the BNY Institutional Cash Reserves Fund (the “ICRF”), pursuant to which (i) BNYMC will support the value of certain defaulted securities issued by Lehman Brothers Holdings, Inc. and held by ICRF, and (ii) if certain conditions are met, BNYMC will purchase the defaulted securities from each Fund in September 2011. Each applicable Fund is fair valuing its position in the ICRF daily.

¹³	Convertible Bond: A corporate, usually a junior debenture that can be converted, at the option of the holder, for a specific number of shares of the company’s preferred stock or common stock. Convertible bonds market value at March 31, 2011, amounted to the following:


Fund	Value		% of Net Assets
Managers Fixed Income Fund	$	7,173,810		5.1	%

Securities Transacted on a When Issued Basis

The Managers Short Duration and Intermediate Duration Government Funds entered into To Be Announced (“TBA”) sale commitments to hedge their portfolio positions or to sell mortgage-backed securities they own 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 Funds 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, 2011 were as follows:

Fair Value Measurements


Fund	Principal Amount		Security	Current Liability
Intermediate Duration
	$	1,000,000	FHLMC, 3.500%, TBA	$	1,002,500
		2,000,000	FHLMC, 4.000%, TBA		2,055,000
		1,000,000	GNMA, 4.500%, TBA		1,031,406
		1,800,000	GNMA, 5.000%, TBA		1,908,844

			Total	$	5,997,750

Generally Accepted Accounting Principles (GAAP) define fair value 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. GAAP 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 assigned 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 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active , quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency, exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Funds’ own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Notes to Schedule of Portfolio Investments (unaudited)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. As of March 31, 2011, the Funds had no significant transfers between Level 1 and Level 2 from the beginning of the reporting period. The following table summarizes the inputs used to value the Funds’ net assets by the above fair value hierarchy levels as of March 31, 2011:


	Quoted Prices in Active Markets for Identical Investments Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Managers AMG Chicago Equity Partners Mid-Cap
Investments in Securities
Common Stocks¹	$	44,589,414		—		—	$	44,589,414
Short-Term Investments		1,684,326	$	127,534		—		1,811,860

Total Investments in Securities	$	46,273,740	$	127,534		—	$	46,401,274


	Quoted Prices in Active Markets for Identical Investments Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Managers AMG Chicago Equity Partners Balanced
Investments in Securities
Common Stocks¹	$	10,654,263		—		—	$	10,654,263
Corporate Bonds²		—	$	885,409		—		885,409
U.S. Government and Agency Obligations
Federal Home Loan Bank		—		372,912		—		372,912
Federal Home Loan Mortgage Corporation		—		984,894		—		984,894
Federal National Mortgage Association		—		3,938,013		—		3,938,013
United States Treasury Securities		—		1,495,396		—		1,495,396
Asset-Backed Securities		—		23,202		—		23,202
Mortgage-Backed Securities		—		366,346		—		366,346
Short-Term Investments		728,564		22,670		—		751,234

Total Investments in Securities	$	11,382,827	$	8,088,842		—	$	19,471,669


	Quoted Prices in Active Markets for Identical Investments Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Managers High Yield
Investments in Securities
Common Stocks¹	$	181,696		—		—	$	181,696
Corporate Bonds²		—	$	30,411,988		—		30,411,988
Short-Term Investments		3,817,948		70,066		—		3,888,014

Total Investments in Securities	$	3,999,644	$	30,482,054		—	$	34,481,698

Notes to Schedule of Portfolio Investments (unaudited)


	Quoted Prices in Active Markets for Identical Investments			Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1			Level 2		Level 3		Total
Managers Fixed Income
Investments in Securities
Corporate Bonds²		—		$	105,086,508		—	$	105,086,508
U.S. Government and Agency Obligations		—			3,456,040		—		3,456,040
Asset-Backed Securities		—			7,495,657		—		7,495,657
Mortgage-Backed Securities		—			855,364		—		855,364
Foreign Government Obligations		—			12,458,856		—		12,458,856
Municipal Bonds		—			2,273,639		—		2,273,639
Common Stocks	$	4,129,808			—		—		4,129,808
Preferred Stocks		825,722			—		—		825,722
Short-Term Investments		4,066,259			197,681		—		4,263,940

Total Investments in Securities	$	9,021,789		$	131,823,745		—	$	140,845,534


	Quoted Prices in Active Markets for Identical Investments			Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1			Level 2		Level 3		Total
Managers Short Duration Government
Investments in Securities
U.S. Government and Agency Obligations		—		$	285,016,289		—	$	285,016,289
Mortgage-Backed Securities		—			35,839,862		—		35,839,862
Asset-Backed Securities		—			1,080,448		—		1,080,448
Short-Term Investments:
U.S. Government and Agency Discount Notes		—			49,046,423		—		49,046,423
Other Investment Companies	$	17,220,414			12,381		—		17,232,795

Total Investments in Securities	$	17,220,414		$	370,995,403		—	$	388,215,817

Derivatives³
Interest Rate Futures Contracts	($	715,525	)		—		—	($	715,525	)

Total Derivatives	($	715,525	)		—		—	($	715,525	)

Notes to Schedule of Portfolio Investments (unaudited)


	Quoted Prices in Active Markets for Identical Investments			Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1			Level 2		Level 3		Total
Managers Intermediate Duration Government
Investments in Securities
U.S. Government and Agency Obligations		—		$	162,641,620		—	$	162,641,620
Mortgage-Backed Securites		—			22,710,537		—		22,710,537
Short-Term Investments:
U.S. Government and Agency Discount Notes		—			149,858		—		149,858
Other Investment Companies	$	33,774,755			11,059		—		33,785,814

Total Investments in Securities	$	33,774,755		$	185,513,074		—	$	219,287,829

Derivatives³
Interest Rate Futures Contracts	($	243,012	)		—		—	($	243,012	)

Total Derivatives	($	243,012	)		—		—	($	243,012	)

¹	All common stocks held in the Fund are Level 1 securities. For a detailed break-out of the common stocks by major industry classification, please refer to the Schedule of Portfolio Investments.

²	All corporate bonds held in the Fund are Level 2 securities. For a detailed break-out of the corporate bonds by major industry classification, please refer to the Schedule of Portfolio Investments.

³	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.

Futures Contracts

The Managers Short Duration and Intermediate Duration Government Funds invest in interest rate futures contracts for risk management purposes in order to reduce the interest rate risk of fixed income securities. The Funds are subject to interest rate risk in the normal course of pursuing their investment objectives. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. On entering into a futures contract, either cash or securities in an amount equal to a certain percentage of the contract value (initial margin) must be deposited with the futures broker. Subsequent payments (variation margin) are made or received each day. The variation margin payments equal the daily changes in the contract value and are recorded as unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed or expires equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. 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 March 31, 2010:

Managers Short Duration Government

The market value of assets pledged to cover margin requirements for the open futures positions at March 31, 2011 amounted to $699,678.


Type	Number of Contracts	Position		Expiration	Unrealized Gain/(Loss)
2-Year U.S. Treasury Note	27		Long	June 2011	$	1,620
5-Year U.S. Treasury Note	1		Short	June 2011		(112	)
10-Year U.S. Treasury Note	57		Short	June 2011		(12,166	)
U.S. Treasury Long Bond	24		Short	June 2011		(5,685	)
5-Year Interest Rate Swap	73		Short	June 2011		(11,019	)
10-Year Interest Rate Swap	76		Short	June 2011		(63,721	)
3-Month Eurodollar	27		Short	March 2011 - March 2014		(123,668	)
3-Month Eurodollar	39		Short	June 2011 - June 2013		(218,273	)
3-Month Eurodollar	1		Long	September 2011		11,023
3-Month Eurodollar	19		Short	September 2012 - September 2013		(75,935	)
3-Month Eurodollar	38		Short	December 2011 - December 2013		(217,590	)

				Total	($	715,525	)

Notes to Schedule of Portfolio Investments (unaudited)

Managers Intermediate Duration Government

The market value of assets pledged to cover margin requirements for the open futures positions at March 31, 2011 amounted to $149,858.


Type	Number of Contracts		Position		Expiration	Unrealized Gain/(Loss)
2-Year U.S. Treasury Note		7		Short	June 2011	($	455	)
5-Year U.S. Treasury Note		10		Long	June 2011		991
10-Year U.S. Treasury Note		5		Long	June 2011		1,042
U.S. Treasury Long Bond		3		Long	June 2011		672
5-Year Interest Rate Swap		21		Short	June 2011		(3,170	)
3-Month Eurodollar		9		Short	March 2012 - March 2013		(48,760	)
3-Month Eurodollar		12		Short	June 2011 - June 2013		(61,542	)
3-Month Eurodollar		12		Short	September 2011 - September 2013		(60,805	)
3-Month Eurodollar		14		Short	December 2011 - December 2013		(70,985	)

					Total	($	243,012	)

Investments Definitions and Abbreviations:


AGM:	Assured Guaranty Municipal Corp.	GDIF:	Global Debt Insurance Facility
AMBAC:	American Municipal Bond Assurance Corp.	GMAC:	General Motors Acceptance Corporation
BHAC:	Berkshire Hathaway Assurance Corp.	GNMA:	Government National Mortgage Association
FGIC:	Federal Guaranty Insurance Corp.	GSR:	Goldman Sachs REMIC
FHLB:	Federal Home Loan Bank	National:	National Public Finance Guarantee Group
FHLMC:	Federal Home Loan Mortgage Corp.	REIT:	Real Estate Investment Trust
FNMA:	Federal National Mortgage Association

Abbreviations have been used throughout the portfolios to indicate amounts shown in currencies of par values other than the U.S. dollar (USD):

AUD:	Australian Dollar	MXN:	Mexican Peso
BRL:	Brazilian Real	NZD:	New Zealand Dollar
CAD:	Canadian Dollar	SGD:	Singapore Dollar
EUR:	Euro

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
Managers Short Duration Government		99.60	%		0.00	%		0.00	%		0.30	%		0.00	%		0.00	%		0.00	%		0.10	%
Managers Intermediate Duration Government		98.50	%		0.00	%		0.20	%		0.00	%		0.00	%		1.10	%		0.20	%		0.00	%
Managers High Yield		0.00	%		0.00	%		0.00	%		51.50	%		0.90	%		33.00	%		13.30	%		1.30	%
Managers Fixed Income		21.40	%		0.80	%		25.50	%		0.00	%		39.40	%		9.70	%		2.50	%		0.70	%

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: May 17, 2011

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: May 17, 2011

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

Date: May 17, 2011