-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SxpxK2uPpohIHCS9RXq4JFBl4RlyIoYI/fbNmt4lN3we7TUhNElCSCD9/h+/Ncqc 7oI+FJzp6a7NKJNEk/zB1g== 0001224568-09-000012.txt : 20091029 0001224568-09-000012.hdr.sgml : 20091029 20091029104059 ACCESSION NUMBER: 0001224568-09-000012 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090831 FILED AS OF DATE: 20091029 DATE AS OF CHANGE: 20091029 EFFECTIVENESS DATE: 20091029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS MANAGER FUNDS II CENTRAL INDEX KEY: 0001224568 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-21327 FILM NUMBER: 091143541 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 212-922-6000 MAIL ADDRESS: STREET 1: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS PREMIER MANAGER FUNDS II DATE OF NAME CHANGE: 20031016 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS PREMIER TP BALANCED FUND DATE OF NAME CHANGE: 20030326 0001224568 S000000342 Dreyfus Balanced Opportunity Fund C000000867 Class A DBOAX C000000868 Class B DBOBX C000000869 Class C DBOCX C000000870 Class I DBORX C000000872 Class J TJPBX C000001397 Class Z dbozx N-Q 1 formnq6000.htm FORM N-Q formnq6000.htm - Generated by SEC Publisher for SEC Filing

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  811-21327 

Dreyfus Manager Funds II
(Exact name of Registrant as specified in charter)

c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
(Address of principal executive offices) (Zip code)

Michael A. Rosenberg, Esq.
200 Park Avenue
New York, New York 10166
(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 922-6000 

Date of fiscal year end:  11/30 
Date of reporting period:  8/31/09 


FORM N-Q

Item 1. Schedule of Investments.


STATEMENT OF INVESTMENTS     
Dreyfus Balanced Opportunity Fund     
August 31, 2009 (Unaudited)     
 
 
Common Stocks--69.4%  Shares  Value ($) 
Consumer Discretionary--7.7%     
Autoliv  38,340  1,229,564 
Best Buy  15,800  573,224 
Carnival  35,993  1,052,795 
Gap  34,710  682,052 
Hasbro  29,540  838,641 
Home Depot  141,267  3,855,176 
Interpublic Group of Cos.  125,920 a  792,037 
Johnson Controls  30,930  766,136 
Lowe's Cos.  24,040  516,860 
Newell Rubbermaid  92,980  1,294,282 
News, Cl. A  201,100  2,155,792 
Nordstrom  56,670  1,589,027 
NVR  1,350 a  911,588 
Omnicom Group  67,450  2,449,784 
Rent-A-Center  24,780 a  488,909 
Target  31,370  1,474,390 
Time Warner  89,703  2,503,611 
Viacom, Cl. B  19,460 a  487,278 
Whirlpool  19,510  1,252,737 
    24,913,883 
Consumer Staples--6.9%     
Coca-Cola Enterprises  139,150  2,812,221 
Colgate-Palmolive  5,161  375,205 
CVS Caremark  150,261  5,637,793 
Kellogg  23,150  1,090,134 
Kraft Foods, Cl. A  39,422  1,117,614 
Kroger  66,510  1,435,951 
Nestle, ADR  52,680  2,183,586 
PepsiCo  67,215  3,809,074 
Philip Morris International  59,640  2,726,144 
Walgreen  30,950  1,048,586 
    22,236,308 
Energy--9.1%     
Anadarko Petroleum  29,320  1,550,148 
Cameron International  32,180 a  1,149,148 
Chevron  108,778  7,607,933 
ConocoPhillips  31,580  1,422,047 
Devon Energy  26,210  1,608,770 


ENSCO International  21,950  809,955 
EOG Resources  14,210  1,023,120 
Hess  40,694  2,058,709 
Marathon Oil  47,790  1,475,277 
Newfield Exploration  27,160 a  1,050,820 
Occidental Petroleum  90,370  6,606,047 
XTO Energy  71,447  2,757,854 
    29,119,828 
Exchange Traded Funds--.1%     
iShares Russell 1000 Value Index     
     Fund  5,920  318,022 
 
Financial--14.1%     
American Express  17,070  577,307 
Ameriprise Financial  28,510  856,155 
AON  30,500  1,273,680 
Bank of America  376,330  6,619,645 
BlackRock  5,450  1,087,656 
Capital One Financial  8,540  318,457 
Charles Schwab  34,128  616,352 
Citigroup  498,280  2,491,400 
Fidelity National Financial, Cl. A  27,120  407,342 
First American  8,870  279,582 
Franklin Resources  21,480  2,004,728 
Goldman Sachs Group  14,790  2,447,153 
JPMorgan Chase & Co.  213,034  9,258,458 
Lincoln National  28,200  711,768 
Marsh & McLennan Cos.  22,380  526,825 
MetLife  80,267  3,030,882 
Moody's  22,220  605,273 
Morgan Stanley  103,800  3,006,048 
Prudential Financial  10,850  548,793 
State Street  47,190  2,476,531 
TD Ameritrade Holding  35,950 a  691,678 
Travelers Cos.  22,290  1,123,862 
Wells Fargo & Co.  161,522  4,445,085 
    45,404,660 
Health Care--9.0%     
Aetna  20,050  571,425 
Alexion Pharmaceuticals  19,010 a  858,111 
AmerisourceBergen  108,200  2,305,742 
Amgen  51,730 a  3,090,350 
Boston Scientific  43,200 a  507,600 
CIGNA  42,680  1,256,072 
Covidien  19,651  777,590 


DaVita   10,540 a  545,023 
Gilead Sciences   22,132 a  997,268 
Hospira   15,150 a  592,214 
King Pharmaceuticals   51,260 a  532,079 
Life Technologies   10,560 a  470,237 
McKesson   10,010  569,169 
Merck & Co.   82,990  2,691,366 
Pfizer  440,247  7,352,125 
Schering-Plough   26,260  740,007 
St. Jude Medical   35,450 a  1,366,243 
Teva Pharmaceutical Industries,     
ADR   10,050  517,575 
Universal Health Services, Cl. B   14,280  839,093 
Vertex Pharmaceuticals   29,880 a  1,117,811 
WellPoint   12,410 a  655,869 
Zimmer Holdings   11,280 a  534,108 
    28,887,077 
Industrial--5.7%     
Cummins   15,950  722,854 
Delta Air Lines   61,279 a  442,434 
Dover   52,993  1,833,028 
Eaton   10,290  555,146 
FedEx   20,611  1,416,182 
General Electric   52,950  736,005 
Honeywell International   13,190  484,864 
JetBlue Airways  138,200 a  802,942 
Norfolk Southern   55,580  2,549,455 
Paccar   30,260  1,094,504 
Parker Hannifin   24,860  1,209,688 
R.R. Donnelley & Sons   31,430  560,711 
Raytheon   41,510  1,958,442 
Textron   21,010  322,714 
Tyco International   41,115  1,302,934 
Union Pacific   27,163  1,624,619 
Waste Management   26,756  800,807 
    18,417,329 
Information Technology--10.7%     
Apple   18,821 a  3,165,880 
BMC Software   24,490 a  873,068 
Broadcom, Cl. A   27,984 a  796,145 
Cisco Systems  222,498 a  4,805,957 
EMC  116,280 a  1,848,852 
Google, Cl. A     4,440 a  2,049,815 
Hewlett-Packard  113,528  5,096,272 
Intel   32,991  670,377 


International Business Machines               22,410  2,645,501 
Microsoft             163,620  4,033,233 
Motorola             155,670  1,117,711 
Oracle               90,623  1,981,925 
QUALCOMM               11,972  555,740 
Sybase               31,480 a  1,097,078 
Symantec               30,070 a  454,658 
Teradata               27,071 a  729,022 
Texas Instruments               44,070  1,083,681 
Vishay Intertechnology               92,900 a  749,703 
Western Union               28,330  511,073 
        34,265,691 
Materials--2.6%         
Air Products & Chemicals      6,250  468,937 
Celanese, Ser. A               20,810  530,031 
Dow Chemical               79,130  1,684,678 
E.I. du Pont de Nemours & Co.               38,980  1,244,631 
Freeport-McMoRan Copper & Gold               30,370  1,912,703 
International Paper               50,940  1,169,073 
Newmont Mining      4,200  168,798 
Owens-Illinois               17,520 a  594,629 
Packaging Corp. of America               24,490  498,616 
        8,272,096 
Telecommunication Services--.6%         
AT & T               74,334  1,936,401 
 
Utilities--2.9%         
American Electric Power               22,180  697,117 
Entergy               20,250  1,599,750 
Exelon               14,130  706,783 
FPL Group               26,650  1,497,197 
Mirant               37,350 a  629,348 
NRG Energy               34,750 a  933,038 
PG & E               21,620  877,556 
Questar               32,240  1,088,422 
Sempra Energy               26,130  1,310,942 
        9,340,153 
Total Common Stocks         
(cost $227,964,359)        223,111,448 
  Coupon  Maturity     Principal   
Bonds and Notes--26.1%  Rate (%)  Date  Amount ($)  Value ($) 
Asset - Backed Certificates--.0%         
Securitized Asset Backed         
       Receivables, Ser. 2005-FR2,         
Cl. M1  0.71  3/25/35           93,576 b  88,768 


Asset-Backed Ctfs./Auto Receivables--.5%         
Americredit Automobile Receivables         
       Trust, Ser. 2008-AF, Cl. A2A  4.47  1/12/12   49,198  49,612 
Americredit Automobile Receivables         
       Trust, Ser. 2006-BG, Cl. A3  5.21  10/6/11  9,698  9,693 
Americredit Automobile Receivables         
       Trust, Ser. 2007-DF, Cl. A3A  5.49  7/6/12  312,447  315,318 
Americredit Prime Automobile         
       Receivables, Ser. 2007-1, Cl. B  5.35  9/9/13  210,000  200,012 
Capital One Auto Finance Trust,         
       Ser. 2007-A, Cl. A3B  0.27  8/15/11   18,315 b  18,248 
Capital One Auto Finance Trust,         
       Ser. 2006-C, Cl. A3A  5.07  7/15/11   29,393  29,396 
Capital One Auto Finance Trust,         
       Ser. 2007-C, Cl. A3A  5.13  4/16/12  636,111  641,651 
Ford Credit Auto Owner Trust,         
       Ser. 2006-C, Cl. C  5.47  9/15/12  100,000  101,771 
Hyundai Auto Receivables Trust,         
       Ser. 2007-A, Cl. A3A  5.04  1/17/12  234,344  239,211 
        1,604,912 
Asset-Backed Ctfs./Credit Cards--.1%         
Citibank Credit Card Issuance         
       Trust, Ser. 2006-C4, Cl. C4  0.50  1/9/12  200,000 b  197,480 
 
Asset-Backed Ctfs./Home Equity Loans--.4%         
Ameriquest Mortgage Securities,         
       Ser. 2003-11, Cl. AF6  5.14  1/25/34  152,442 b  134,033 
Bear Stearns Asset Backed         
       Securities Trust,         
       Ser. 2005-EC1, Cl. A2  0.52  11/25/35  192,745 b  180,326 
Bear Stearns Asset Backed         
       Securities Trust,         
       Ser. 2005-HE7, Cl. M1  0.79  7/25/35  315,000 b  287,247 
Citigroup Mortgage Loan Trust,         
       Ser. 2005-HE1, Cl. M1  0.70  5/25/35  121,511 b  118,447 
Home Equity Asset Trust,         
       Ser. 2005-2, Cl. M1  0.72  7/25/35  158,034 b  151,749 
Mastr Asset Backed Securities         
       Trust, Ser. 2006-AM1, Cl. A2  0.40  1/25/36   17,220 b  16,351 
Residential Asset Securities,         
       Ser. 2005-EMX4, Cl. A2  0.53  11/25/35  340,639 b  297,482 
        1,185,635 
Asset-Backed Ctfs./Manufactured Housing--.0%         
Green Tree Financial,         


       Ser. 1994-7, Cl. M1  9.25  3/15/20  33,261  33,352 
 
Chemicals--.1%         
E.I. Du Pont De Nemours,         
       Sr. Notes  5.75  3/15/19   210,000  229,736 
 
Commercial Mortgage Pass-Through Ctfs.--2.8%         
Banc of America Commercial         
       Mortgage, Ser. 2003-1, Cl. A1  3.88  9/11/36   488,459  494,380 
Banc of America Commercial         
       Mortgage, Ser. 2002-2, Cl. A3  5.12  7/11/43   265,000  272,278 
Bear Stearns Commercial Mortgage         
       Securities, Ser. 2003-T12,         
       Cl. A3  4.24  8/13/39   568,235 b  571,507 
Bear Stearns Commercial Mortgage         
       Securities, Ser. 2007-T26,         
       Cl. A4  5.47  1/12/45   335,000 b  309,347 
Bear Stearns Commercial Mortgage         
       Securities, Ser. 2006-PW12,         
       Cl. AAB  5.88  9/11/38   100,000 b  100,273 
Crown Castle Towers,         
       Ser. 2006-1A, Cl. AFX  5.24  11/15/36  1,050,000 c  1,039,500 
Crown Castle Towers,         
       Ser. 2006-1A, Cl. B  5.36  11/15/36   250,000 c  247,575 
Crown Castle Towers,         
       Ser. 2006-1A, Cl. C  5.47  11/15/36   665,000 c  651,700 
Crown Castle Towers,         
       Ser. 2005-1A, Cl. D  5.61  6/15/35  70,000 c  69,300 
Crown Castle Towers,         
       Ser. 2006-1A, Cl. D  5.77  11/15/36   815,000 c  798,700 
CS First Boston Mortgage         
       Securities, Ser. 2005-C4,         
       Cl. A2  5.02  8/15/38   175,000  176,377 
CS First Boston Mortgage         
       Securities, Ser. 2005-C5,         
       Cl. A4  5.10  8/15/38   660,000 b  639,231 
First Union National Bank         
       Commercial Mortgage,         
       Ser. 2001-C2, Cl. A2  6.66  1/12/43   176,713  185,204 
Goldman Sachs Mortgage Securities         
       Corporation II, Ser. 2007-EOP,         
       Cl. E  0.72  3/6/20   560,000 b,c  444,712 
Goldman Sachs Mortgage Securities         
       Corporation II, Ser. 2007-EOP,         
       Cl. K  1.33  3/6/20   325,000 b,c  238,588 


LB-UBS Commercial Mortgage Trust,         
       Ser. 2006-C1, Cl. A4  5.16  2/15/31  525,000  473,440 
Merrill Lynch Mortgage Trust,         
       Ser. 2005-CKI1, Cl. A2  5.38  11/12/37   45,000 b  45,837 
Merrill Lynch/Countrywide         
       Commercial Mortgage Trust,         
       Ser. 2006-2, Cl. A4  6.10  6/12/46   25,000 b  23,818 
Morgan Stanley Capital I,         
       Ser. 2007-HQ11, Cl. A4  5.45  2/12/44  500,000 b  432,778 
Morgan Stanley Capital I,         
       Ser. 2007-T27, Cl. A4  5.80  6/11/42  220,000 b  203,064 
Morgan Stanley Capital,         
       Ser. 2005-WMC4, Cl. M2  0.71  4/25/35  127,740 b  122,879 
SBA CMBS Trust,         
       Ser. 2006-1A, Cl. D  5.85  11/15/36  291,000 c  285,180 
TIAA Seasoned Commercial Mortgage         
       Trust, Ser. 2007-C4, Cl. A3  6.07  8/15/39  415,000 b  430,067 
Wachovia Bank Commercial Mortgage         
       Trust, Ser. 2005-C16, Cl. A2  4.38  10/15/41  41,758  41,864 
Wachovia Bank Commercial Mortgage         
       Trust, Ser. 2005-C19, Cl. A5  4.66  5/15/44  265,000  259,366 
Wachovia Bank Commercial Mortgage         
       Trust, Ser. 2007-C34, Cl. A3  5.68  5/15/46  710,000  600,143 
        9,157,108 
Computers--.1%         
IBM,         
       Unsub. Notes  5.70  9/14/17  365,000  400,035 
 
Consumer Staples--.6%         
Altria Group,         
       Gtd. Notes  9.70  11/10/18  200,000  245,040 
Anheuser-Busch InBev Worldwide,         
       Gtd. Notes  8.20  1/15/39  445,000 c  566,414 
Diageo Capital,         
       Gtd. Notes  7.38  1/15/14  315,000  364,236 
Kraft Foods,         
       Sr. Unscd. Notes  6.00  2/11/13  105,000  114,311 
Kraft Foods,         
       Sr. Unscd. Notes  6.88  2/1/38  325,000  374,097 
Safeway,         
       Sr. Unscd. Notes  6.35  8/15/17  125,000  137,643 
        1,801,741 
Diversified Financial Services--2.0%         
Barclays Bank,         
       Sub. Notes  10.18  6/12/21  308,000 c  383,750 


BSKYB Finance UK,         
       Gtd. Notes  6.50  10/15/35  400,000 c  394,572 
Capital One Bank USA,         
       Sub. Notes  8.80  7/15/19  250,000  268,293 
Caterpillar Financial Services,         
       Sr. Unscd. Notes  7.15  2/15/19  275,000  314,560 
Citigroup,         
       Sr. Unscd. Notes  5.50  4/11/13  330,000  328,730 
Citigroup,         
       Sr. Unscd. Notes  6.13  5/15/18  405,000  381,426 
Countrywide Home Loans,         
       Gtd. Notes, Ser. L  4.00  3/22/11   40,000  40,403 
ERAC USA Finance,         
       Sr. Unscd. Bonds  5.60  5/1/15   90,000 c  87,109 
ERAC USA Finance,         
       Gtd. Notes  6.38  10/15/17   90,000 c  88,247 
ERAC USA Finance,         
       Gtd. Notes  7.00  10/15/37  685,000 c  614,397 
ERAC USA Finance,         
       Sr. Unscd. Notes  7.95  12/15/09   50,000 c  50,396 
Goldman Sachs Group,         
       Sub. Notes  5.63  1/15/17  400,000  398,328 
Goldman Sachs Group,         
       Sub. Notes  6.75  10/1/37  310,000  311,340 
HSBC Finance Capital Trust IX,         
       Gtd. Notes  5.91  11/30/35  410,000 b  276,750 
Jefferies Group,         
       Sr. Unscd. Debs.  6.25  1/15/36  595,000  459,774 
Jefferies Group,         
       Sr. Unscd. Notes  7.75  3/15/12  184,000  197,367 
JPMorgan Chase & Co.,         
       Sr. Unscd. Notes  6.00  1/15/18  285,000  306,794 
JPMorgan Chase & Co.,         
       Sr. Unscd. Notes  6.40  5/15/38  400,000  443,241 
M&T Bank,         
       Sr. Unscd. Bonds  5.38  5/24/12  105,000  107,927 
Morgan Stanley,         
       Sr. Unscd. Notes  5.30  3/1/13   30,000  31,365 
Morgan Stanley,         
       Sr. Unscd. Notes  6.60  4/1/12   95,000  103,287 
Pearson Dollar Finance Two,         
       Gtd. Notes  6.25  5/6/18  395,000 c  410,325 
PNC Funding,         
       Gtd. Notes  6.70  6/10/19  215,000  235,933 
SMFG Preferred Capital,         


       Sub. Bonds  6.08  1/29/49  188,000 b,c  164,391 
Sovereign Bancorp,         
       Sr. Unscd. Notes  4.80  9/1/10  140,000 b  143,904 
        6,542,609 
Foreign/Governmental--.2%         
Province of Quebec Canada,         
       Unscd. Notes  4.60  5/26/15  85,000  90,883 
United Mexican States,         
       Sr. Unscd. Notes  5.63  1/15/17  420,000  427,350 
        518,233 
Industrial--.3%         
Allied Waste North America,         
       Sr. Unscd. Notes, Ser. B  7.13  5/15/16  80,000  83,310 
Allied Waste North America,         
       Sr. Unscd. Notes  7.25  3/15/15  115,000  120,023 
Hutchison Whampoa International,         
       Gtd. Notes  7.63  4/9/19  100,000 c  115,266 
Republic Services,         
       Sr. Unscd. Notes  5.50  9/15/19  150,000 c  150,846 
USA Waste Services,         
       Sr. Unscd. Notes  7.00  7/15/28  45,000  48,574 
Waste Management,         
       Gtd. Notes  7.38  5/15/29  285,000  319,089 
        837,108 
Insurance--.2%         
Ace INA Holdings,         
       Gtd. Notes  5.80  3/15/18  45,000  47,708 
Lincoln National,         
       Sr. Unscd. Notes  8.75  7/1/19  120,000  134,417 
MetLife,         
       Sr. Unscd. Notes  7.72  2/15/19  205,000  240,203 
Metropolitan Life Global Funding         
       I, Sr. Scd. Notes  5.13  4/10/13  250,000 c  257,406 
Prudential Financial,         
       Sr. Unscd. Notes  6.63  12/1/37  60,000  58,644 
Willis North America,         
       Gtd. Notes  6.20  3/28/17  25,000  23,639 
        762,017 
Media & Telecommunications--1.6%         
AT&T,         
       Sr. Unscd. Notes  6.55  2/15/39  495,000  541,960 
Cisco Systems,         
       Sr. Unscd. Notes  5.90  2/15/39  150,000  160,876 
Comcast,         
       Gtd. Notes  6.30  11/15/17  80,000  87,448 


Comcast,         
       Gtd. Notes  6.50  11/15/35  135,000  144,609 
Cox Communications,         
       Sr. Unscd. Notes  6.25  6/1/18  355,000 c  378,450 
Discovery Communications,         
       Gtd. Notes  5.63  8/15/19  75,000  76,836 
News America,         
       Gtd. Notes  6.65  11/15/37  570,000  588,047 
Reed Elsevier Capital,         
       Gtd. Notes  8.63  1/15/19  240,000  292,431 
Telecom Italia Capital,         
       Gtd. Notes  5.25  11/15/13  410,000  429,366 
Telefonica Emisiones,         
       Gtd. Notes  5.98  6/20/11  250,000  266,319 
Time Warner Cable,         
       Gtd. Notes  5.85  5/1/17  715,000  752,025 
Time Warner,         
       Gtd. Notes  5.88  11/15/16  54,000  56,504 
Verizon Communications,         
       Sr. Unscd. Notes  5.85  9/15/35  500,000  506,086 
Verizon Communications,         
       Sr. Unscd. Notes  6.35  4/1/19  70,000  77,874 
Verizon Communications,         
       Sr. Unscd. Notes  7.35  4/1/39  165,000  198,835 
Verizon Wireless Capital,         
       Sr. Unscd. Notes  5.55  2/1/14  455,000 c  492,515 
        5,050,181 
Mining--.0%         
BHP Billiton Finance USA,         
       Gtd. Notes  6.50  4/1/19  95,000  108,502 
 
Office And Business Equipment--.2%         
Home Depot,         
       Sr. Unscd. Notes  5.88  12/16/36  157,000  151,609 
Staples,         
       Gtd. Notes  9.75  1/15/14  170,000  199,742 
Xerox,         
       Sr. Unscd. Notes  5.50  5/15/12  75,000  78,236 
Xerox,         
       Sr. Unscd. Notes  5.65  5/15/13  105,000  107,931 
        537,518 
Oil & Gas--.5%         
Husky Energy,         
       Sr. Unscd. Notes  7.25  12/15/19  215,000  243,576 
Kinder Morgan Energy Partners,         


       Sr. Unscd. Notes  6.85  2/15/20  315,000  346,999 
Marathon Oil,         
       Sr. Unscd. Notes  7.50  2/15/19  225,000  257,364 
Petro-Canada,         
       Sr. Unscd. Notes  6.80  5/15/38  320,000  339,791 
Trans-Canada Pipelines,         
       Sr. Unscd. Notes  7.63  1/15/39  195,000  242,974 
Transocean,         
       Sr. Unscd. Notes  6.00  3/15/18  190,000  202,710 
Valero Energy,         
       Gtd. Notes  9.38  3/15/19  95,000  109,732 
        1,743,146 
Real Estate Investment Trusts--.8%         
Arden Realty,         
       Sr. Unscd. Notes  5.25  3/1/15  125,000  126,609 
Boston Properties,         
       Sr. Unscd. Notes  5.63  4/15/15  245,000  240,259 
Federal Realty Investment Trust,         
       Sr. Unscd. Bonds  5.65  6/1/16  260,000  235,946 
Liberty Property,         
       Sr. Unscd. Notes  5.50  12/15/16  135,000  118,939 
Mack-Cali Realty,         
       Sr. Unscd. Notes  5.05  4/15/10  70,000  70,219 
Mack-Cali Realty,         
       Sr. Unscd. Notes  5.25  1/15/12  100,000  100,496 
National Retail Properties,         
       Sr. Unscd. Notes  6.15  12/15/15  50,000  46,879 
Regency Centers,         
       Gtd. Notes  5.25  8/1/15  20,000  17,995 
Regency Centers,         
       Gtd. Notes  5.88  6/15/17  415,000  374,968 
Simon Property Group,         
       Sr. Unscd. Notes  5.00  3/1/12  175,000  179,513 
Simon Property Group,         
       Sr. Unscd. Notes  5.75  5/1/12  833,000  874,163 
WEA Finance,         
       Sr. Notes  7.13  4/15/18  295,000 c  303,543 
        2,689,529 
Residential Mortgage Pass-Through Ctfs.--.0%         
ChaseFlex Trust,         
       Ser. 2006-2, Cl. A1A  5.59  9/25/36  2,251 b  2,220 
 
State/Territory General Obligations--.3%         
State of California Build America         
       Taxable Various Purpose, Bonds  7.55  4/1/39  435,000  466,964 


Tobacco Settlement Finance         
       Authority of West Virginia,         
       Tobacco Settlement         
       Asset-Backed Bonds  7.47  6/1/47  695,000  491,254 
        958,218 
Transportation--.1%         
Norfolk Southern,         
       Sr. Unscd. Notes  5.75  4/1/18  195,000  208,895 
 
U.S. Government Agencies/Mortgage-Backed--11.5%         
Federal Home Loan Mortgage Corp.:         
       3.50%, 9/1/10      26,634 d  26,810 
       4.50%, 1/1/39 - 2/1/39      427,722 d  430,535 
       5.00%, 1/1/23 - 8/1/39      4,662,595 d  4,802,989 
       5.50%, 4/1/22 - 6/1/39      3,028,759 d  3,174,579 
       6.00%, 9/1/37 - 3/1/38      1,346,787 d  1,420,762 
Federal National Mortgage Association:         
       4.00%, 5/1/10      114,173 d  115,830 
       4.50%, 2/1/38 - 2/1/39      5,252,303 d  5,290,271 
       5.00%, 8/1/20 - 7/1/39      8,122,117 d  8,404,810 
       5.50%, 9/1/34 - 5/1/39      6,629,326 d  6,917,888 
       6.00%, 5/1/22 - 5/1/39      2,931,435 d  3,092,104 
       8.00%, 3/1/30      315 d  357 
Government National Mortgage Association I:         
       5.50%, 4/15/33      149,772  157,653 
       Ser. 2005-90, Cl. A, 3.76%,         
                 9/16/28      167,323  171,776 
       Ser. 2005-29, Cl. A, 4.02%,         
                 7/16/27      139,953  144,363 
       Ser. 2007-34, Cl. A 4.27%,         
                 11/16/26      2,822,318  2,902,400 
       Ser. 2005-87, Cl. A, 4.45%,         
                 3/16/25      97,515  100,239 
        37,153,366 
U.S. Government Securities--2.6%         
U.S. Treasury Bonds  4.25  5/15/39  1,916,000  1,937,856 
U.S. Treasury Notes  2.50  3/31/13  1,209,000  1,241,209 
U.S. Treasury Notes  3.50  2/15/18  3,426,000  3,470,970 
U.S. Treasury Notes  4.88  4/30/11  1,563,000  1,668,748 
U.S. Treasury Strip  0.00  2/15/36  490,000 e  160,277 
        8,479,060 
Utilities--1.2%         
Appalachian Power,         
       Sr. Unscd. Notes, Ser. O  5.65  8/15/12  225,000  238,436 
Consolidated Edison of NY,         


       Sr. Unscd. Debs., Ser. 06-D  5.30  12/1/16  95,000  100,393 
Consolidated Edison of NY,         
       Sr. Unscd. Debs., Ser. 08-A  5.85  4/1/18  115,000  124,868 
Consolidated Edison of NY,         
       Sr. Unscd. Debs., Ser. 07-A  6.30  8/15/37  495,000  550,494 
Consumers Energy,         
       First Mortgage Bonds  6.70  9/15/19  200,000  230,387 
Duke Energy Carolinas,         
       First Mortgage Bonds  5.25  1/15/18  95,000  101,102 
E.ON International Finance,         
       Gtd. Notes  5.80  4/30/18  190,000 c  202,957 
Enel Finance International,         
       Gtd. Notes  5.70  1/15/13  185,000 c  197,720 
Enel Finance International,         
       Gtd. Bonds  6.25  9/15/17  735,000 c  806,566 
FirstEnergy,         
       Sr. Unscd. Notes, Ser. B  6.45  11/15/11  40,000  42,822 
National Grid,         
       Sr. Unscd. Notes  6.30  8/1/16  365,000  395,167 
Nevada Power,         
       Mortgage Notes  6.50  8/1/18  270,000  295,247 
Nevada Power,         
       Mortgage Notes, Ser. R  6.75  7/1/37  55,000  60,075 
Potomac Electric Power,         
       First Mortgage Bonds  6.50  11/15/37  200,000  226,621 
Sierra Pacific Power,         
       Mortgage Notes, Ser. P  6.75  7/1/37  25,000  27,307 
Virginia Electric & Power,         
       Sr. Unscd. Notes  5.40  4/30/18  205,000  217,704 
        3,817,866 
Total Bonds and Notes         
       (cost $81,615,309)        84,107,235 
      Principal   
Short-Term Investments--3.1%      Amount ($)  Value ($) 
U.S. Treasury Bills         
       0.19%, 10/22/09         
       (cost $9,997,351)      10,000,000  9,998,510 
 
Other Investment--1.3%      Shares  Value ($) 
Registered Investment Company;         
Dreyfus Institutional Preferred         
       Plus Money Market Fund         
       (cost $4,255,000)      4,255,000 f  4,255,000 
 
Total Investments (cost $323,832,019)      99.9%  321,472,193 


Cash and Receivables (Net)  .1%  279,063 
Net Assets  100.0%  321,751,256 

ADR - American Depository Receipts

a Non-income producing security. 
b Variable rate security--interest rate subject to periodic change. 
c Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in 
       transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2009, these securities 
       amounted to $9,440,125 or 2.9% of net assets. 
d On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Federal National Mortgage Association and Federal Home 
       Loan Mortgage Corporation into conservatorship with FHFA as the conservator. As such, the FHFA will oversee the continuing 
       affairs of these companies. 
e Security issued with a zero coupon. Income is recognized throught he accretion of discount. 
f Investment in affiliated money market mutual fund. 

At August 31, 2009, the aggregate cost of investment securities for income tax purposes was $323,832,019.

Net unrealized depreciation on investments was $2,359,826 of which $19,862,668 related to appreciated investment securities and $22,222,494 related to depreciated investment securities.


Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.

  Level 1 - quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of August 31, 2009 in valuing the fund's investments:

      Level 3 -   
    Level 2 - Other  Significant   
  Level 1 -  Significant Observable  Unobservable   
Assets ($)  Quoted Prices  Inputs  Inputs  Total 
Investments in Securities:         
Equity Securities - Domestic  218,862,701  -  -  218,862,701 
Equity Securities - Foreign  1,747,139  2,183,586  -  3,930,725 
U.S. Treasury Securities  -  18,477,570  -  18,477,570 
Asset-Backed  -  3,110,147  -  3,110,147 
Corporate Bonds  -  24,728,883  -  24,728,883 
Foreign Government  -  518,233  -  518,233 
Municipal Bonds  -  958,218  -  958,218 
U.S. Government  -  37,153,366  -  37,153,366 
Agencies/Mortgage-Backed         
Residential Mortgage-Backed  -  2,220  -  2,220 
Commercial Mortgage-Backed  -  9,157,108  -  9,157,108 
Mutual Funds/Exchange Traded  4,573,022  -  -  4,573,022 
Funds         
Other Financial Instruments+  -  -  -  - 
Liabilities ($)         
Other Financial Instruments+  -  -  -  - 

Other financial instruments include derivative instruments, such as futures, forward foreign currency exchange contracts, swap contracts and options contracts. Amounts shown represent unrealized appreciation (depreciation), or in the case of options, market value at period end.


The fund adopted Statement of Financial Accounting Standards No. 161 Disclosures about Derivative Instruments and Hedging Activities ( FAS 161 ). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. Since the fund held no derivatives during the period, FAS 161 disclosures did not impact the notes to the financial statements.

Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. For other securities that are fair valued by the Board of Trustees, certain factors may be considered such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold


and public trading in similar securities of the issuer or comparable issuers. Financial futures are valued at the last sales price.

Debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent pricing service (the Service ) approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other debt securities are valued as determined by the Service, based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions.

Restricted securities, as well as securities or other assets for which recent market quotations are not readily available, that are not valued by a pricing service approved by the Board of Trustees, or are determined by the fund not to reflect accurately fair value, are valued at fair value as determined in good faith under the direction of the Board of Trustees. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold and public trading in similar securities of the issuer or comparable issuers. Short-term investments, excluding U.S.Treasury Bills, are carried at amortized cost, which approximates value.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.


Item 2.  Controls and Procedures. 

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3.  Exhibits. 

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.


FORM N-Q

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.

Dreyfus Manager Funds II 
 
By:  /s/ J. David Officer 
  J. David Officer 
President
 
Date:  October 28, 2009 

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/ J. David Officer 
  J. David Officer 
President
 
Date:  October 28, 2009 
 
By:  /s/ James Windels 
  James Windels 
Treasurer
 
Date:  October 28, 2009 

EXHIBIT INDEX

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

 EX-99.CERT 2 certification6000.htm CERTIFICATION certification6000.htm - Generated by SEC Publisher for SEC Filing

SECTION 302 CERTIFICATION

I, J. David Officer, certify that:

1. I have reviewed this report on Form N-Q of Dreyfus Manager Funds II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:  /s/ J. David Officer 
  J. David Officer 
President
Date:  October 28, 2009 


SECTION 302 CERTIFICATION

I, James Windels, certify that:

1. I have reviewed this report on Form N-Q of Dreyfus Manager Funds II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:  /s/ James Windels 
  James Windels 
Treasurer
Date:  October 28, 2009 

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