N-Q

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: 811-06520

MANAGERS TRUST I

(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: October 31st

Date of reporting period: JULY 31, 2009 (3^rd Quarter End Portfolio Holdings)

Item 1. SCHEDULE OF INVESTMENTS.

Managers AMG FQ Tax-Managed U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Common Stocks - 100.1%
Consumer Discretionary - 13.8%
Amazon.com, Inc.*	1,800		$	154,368
Apollo Group, Inc., Class A*	5,000			345,200
Autonation, Inc.*	30,200	2		624,535
AutoZone, Inc.*	3,400			522,138
Children’s Place Retail Stores, Inc., The*	7,400			242,498
Chipotle Mexican Grill, Inc.*	3,800	2		356,554
Comcast Corp., Class A	44,600			662,756
Gymboree Corp.*	9,400			373,932
H&R Block, Inc.	4,000			66,760
Jarden Corp.*	6,000			147,900
Knology, Inc.*	21,000			180,600
Kohl’s Corp.*	1,800			87,390
Liberty Global, Inc.*	30,000			628,500
Liberty Media Corp.*	3,000			83,910
Marvel Entertainment, Inc.*	2,600			102,856
McDonald’s Corp.	6,800			374,408
Polo Ralph Lauren Corp.	8,800			554,840
RCN Corp.*	41,000			298,480
Rent-A-Center, Inc.*	13,600			282,336
Sherwin-Williams Co., The	600			34,650
Target Corp.	1,000			43,620
Time Warner Cable, Inc.	6,342			209,667
Time Warner, Inc.	25,266			673,592
V.F. Corp.	400			25,876
WMS Industries, Inc.*	10,400			376,064
Total Consumer Discretionary				7,453,430
Consumer Staples - 11.2%
Altria Group, Inc.	4,800			84,144
Archer-Daniels-Midland Co.	21,200			638,544
BJ’s Wholesale Club, Inc.*	8,600			286,810
Bunge, Ltd.	9,000	2		629,730
Chattem, Inc.*	5,600			350,952
Church & Dwight Co., Inc.	9,000			530,820
Coca-Cola Co., The	3,000			149,520
Colgate-Palmolive Co.	3,000			217,320
CVS Caremark Corp.	6,800			227,664
Dean Foods Co.*	17,200			364,468
General Mills, Inc.	2,000			117,820
Kimberly-Clark Corp.	2,400			140,280
Kroger Co., The	26,400			564,432
Lorillard, Inc.	1,000			73,720
Pantry, Inc., The*	6,200			108,810
PepsiAmericas, Inc.	3,000			80,340
Philip Morris International, Inc.	3,800			177,080
Procter & Gamble Co., The	16,600			921,466
Reynolds American, Inc.	1,000			43,510
Wal-Mart Stores, Inc.	6,200			309,256
Total Consumer Staples				6,016,686

Managers AMG FQ Tax-Managed U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Energy - 12.9%
Anadarko Petroleum Corp.	16,200		$	780,840
Chevron Corp.	18,000			1,250,460
CVR Energy, Inc.*	25,000			213,500
Diamond Offshore Drilling, Inc.	3,600	2		323,532
Encore Acquisition Co.*	5,000			178,000
Exxon Mobil Corp.	30,400			2,139,856
Noble Corp.	6,200			209,932
Occidental Petroleum Corp.	4,800			342,432
Oil States International, Inc.*	15,000			406,800
Peabody Energy Corp.	5,200			172,172
Schlumberger, Ltd.	7,000			374,500
Southwestern Energy Co.*	10,200			422,586
Western Refining, Inc.*	23,800			154,938
Total Energy				6,969,548
Financials - 12.8%
Aflac, Inc.	3,400			128,724
American Express Co.	6,000			169,980
Aon Corp.	13,800			544,410
Arch Capital Group, Ltd.*	4,400			273,636
BancFirst Corp.	3,600			128,988
Chubb Corp., The	11,200			517,216
CNA Surety Corp.*	4,400			69,168
CVB Financial Corp.	16,000	2		120,640
EZCORP, Inc., Class A*	9,200			116,380
First Cash Financial Services, Inc.*	5,200			97,760
Goldman Sachs Group, Inc.	2,000			326,600
Hatteras Financial Corp.	10,200			288,966
International Bancshares Corp.	15,600	2		205,608
Investment Technology Group, Inc.*	8,400			187,740
JPMorgan Chase & Co.	14,700			568,155
Knight Capital Group, Inc., Class A*	13,400			248,838
Loews Corp.	4,000			120,080
Metlife, Inc.	3,000			101,850
Nelnet, Inc.*	9,200			131,468
Northern Trust Corp.	7,800			466,518
Odyssey Re Holdings Corp.	5,400			249,480
Platinum Underwriter Holdings, Ltd.	3,600			121,500
Provident New York Bancorp	20,800			201,760
Public Storage, Inc.	2,000			145,140
Republic Bancorp, Inc., Class A	5,800			139,838
Santander BanCorp	21,400			129,684
Southside Bancshares, Inc.	15,554			352,135
StanCorp Financial Group, Inc.	2,600			89,492
State Street Corp.	2,400			120,720
TFS Financial Corp.	17,800			197,580
Torchmark Corp.	2,000			78,120
Travelers Companies, Inc., The	3,000			129,210
UnumProvident Corp.	5,000			93,850
Vornado Realty Trust	808			41,224
Total Financials				6,902,458

Managers AMG FQ Tax-Managed U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Health Care - 14.2%
Abbott Laboratories Co.	9,200		$	413,908
Amgen, Inc.*	6,400			398,784
Atrion Corp.	400			52,076
Baxter International, Inc.	3,600			202,932
Becton, Dickinson and Co.	1,400			91,210
Biogen Idec, Inc.*	1,600			76,080
Chemed Corp.	9,800			432,180
CR Bard, Inc.	400			29,428
Cubist Pharmaceuticals, Inc.*	21,600			429,192
Eli Lilly and Co.	8,800			307,032
Forest Laboratories, Inc.*	8,800			227,304
Gilead Sciences, Inc.*	5,400			264,222
Haemonetics Corp.*	5,800			342,258
HealthSpring, Inc.*	4,000			50,520
Invacare Corp.	13,600			277,440
Johnson & Johnson	15,700			955,973
Kensey Nash Corp.*	11,800			337,008
Lincare Holdings, Inc.*	16,200			424,116
Magellan Health Services, Inc.*	9,800			317,128
Maxygen, Inc.*	11,600			92,684
McKesson Corp.	3,800			194,370
Omnicare, Inc.	9,000			214,830
Par Pharmaceutical Co., Inc.*	11,000			178,310
Pfizer, Inc.	12,400			197,532
PSS World Medical, Inc.*	13,400			270,814
ResMed, Inc.*	5,000			205,000
Stryker Corp.	1,800			69,984
Universal Health Services, Inc., Class B	4,000			222,440
Valeant Pharmaceuticals International*	7,800	2		201,240
Watson Pharmaceuticals, Inc.*	5,400			187,542
Total Health Care				7,663,537
Industrials - 10.5%
Alliant Techsystems, Inc.*	6,400			503,808
Burlington Northern Santa Fe Corp.	1,600			125,744
CSX Corp.	2,200			88,264
Danaher Corp.	1,400			85,736
Dun & Bradstreet Corp., The	6,800			489,532
EMCOR Group, Inc.*	12,098			291,804
Emerson Electric Co.	4,600			167,348
Encore Wire Corp.	13,000			281,970
ESCO Technologies, Inc.*	6,600			271,194
Esterline Technologies Corp.*	2,400			68,232
FedEx Corp.	1,800			122,112
Fluor Corp.	2,800			147,840
Goodrich Corp.	2,000			102,720
Jacobs Engineering Group, Inc.*	2,400			98,352
KBR, Inc.	11,800			250,042
Lincoln Electric Holdings, Inc.	4,400			186,472
M&F Worldwide Corp.*	9,400			186,966
Powell Industries, Inc.*	3,400			121,210

Managers AMG FQ Tax-Managed U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Industrials - 10.5% (continued)
Precision Castparts Corp.	3,200		$	255,392
Ryder System, Inc.	4,800			168,624
SkyWest, Inc.	21,400			271,352
Transdigm Group, Inc.*	13,500			516,915
Tyco International, Ltd.	2,800			84,616
Union Pacific Corp.	3,000			172,560
United Technologies Corp.	5,800			315,926
Waste Management, Inc.	2,800			78,708
Waste Services, Inc.*	13,400			64,052
Wesco International, Inc.*	5,600			138,264
Total Industrials				5,655,755
Information Technology - 18.1%
Apple, Inc.*	5,200			849,628
Benchmark Electronics, Inc.*	23,800			376,040
BMC Software, Inc.*	1,000			34,030
Cisco Systems, Inc.*	2,600			57,226
CPI International, Inc.*	8,200			78,310
Dolby Laboratories, Inc.*	8,200			341,366
EMC Corp.*	25,000			376,500
Equinix, Inc.*	1,400	2		114,422
Google, Inc.*	1,400			620,270
Harris Stratex Networks, Inc.*	16,400			113,816
Hewlett-Packard Co.	14,800			640,840
Intel Corp.	17,400			334,950
International Business Machines Corp.	10,800			1,273,644
Microsoft Corp.	20,800			489,216
NCR Corp.*	39,000			504,660
NVE Corp.*	3,000			161,190
Oracle Corp.	15,000			331,950
QLogic Corp.*	19,400			253,170
QUALCOMM, Inc.	14,000			646,940
SAIC, Inc.*	26,600			481,194
Silicon Laboratories, Inc.*	8,200			351,206
Sohu.com, Inc.*	4,200	2		256,914
Sybase, Inc.*	3,000			107,400
Tekelec*	4,200			77,238
Texas Instruments, Inc.	2,400			57,720
TIBCO Software, Inc.*	20,600			179,838
Tyler Technologies, Inc.*	18,400			283,360
VMware, Inc. Class A*	6,400			206,272
Western Union Co., The	9,600			167,808
Total Information Technology				9,767,118
Materials - 1.7%
Ball Corp.	2,800			135,408
Compass Minerals International, Inc.	2,800			148,932
Crown Holdings, Inc.*	4,400			110,440
FMC Corp.	7,200			350,208
Praxair, Inc.	1,800			140,724
Total Materials				885,712

Managers AMG FQ Tax-Managed U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Telecommunication Services - 2.2%
AT&T, Inc.	15,000	$	393,450
CenturyTel, Inc.	5,206		163,416
Syniverse Holdings, Inc.*	12,000		210,360
Telephone & Data Systems, Inc.	16,200		416,988
Verizon Communications, Inc.	200		6,414
Total Telecommunication Services			1,190,628
Utilities - 2.7%
DTE Energy Co.	800		27,568
Entergy Corp.	1,000		80,330
Exelon Corp.	3,800		193,268
FirstEnergy Corp.	1,800		74,160
FPL Group, Inc.	2,400		136,008
Integrys Energy Group, Inc.	400		13,512
Mirant Corp.*	30,200		545,412
NSTAR	600		19,260
PG&E Corp.	2,000		80,740
PPL Corp.	2,200		74,338
Progress Energy, Inc.	700		27,608
Southern Co., The	1,000		31,400
UGI Corp.	6,400		169,216
Total Utilities			1,472,820
Total Common Stocks (cost $49,029,836)			53,977,692
Short-Term Investments - 5.3%1
BNY Institutional Cash Reserves Fund, Series A, 0.19%3	2,434,054		2,434,054
BNY Institutional Cash Reserves Fund, Series B*3,4	320,520		54,489
Dreyfus Cash Management Fund, Institutional Class Shares, 0.35%11	369,983		369,983
Total Short-Term Investments (cost $3,124,557)			2,858,526
Total Investments - 105.4% (cost $52,154,393)			56,836,218
Other Assets, less Liabilities - (5.4)%			(2,901,651	)
Net Assets - 100.0%		$	53,934,567

Managers AMG FQ U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Common Stocks - 99.6%
Consumer Discretionary - 10.0%
Amazon.com, Inc.*	1,600		$	137,216
Comcast Corp., Class A	21,400			318,004
DISH Network Corp., Class A*	10,400			176,280
Dress Barn, Inc., The*	5,000	2		77,950
Foot Locker, Inc.	14,800			163,984
Gap, Inc., The	11,400			186,048
Garmin, Ltd.	7,400	2		204,684
H&R Block, Inc.	10,000			166,900
Home Depot, Inc., The	8,800			228,272
Jo-Ann Stores, Inc.*	1,200			27,960
Kohl’s Corp.*	1,600			77,680
La-Z-Boy, Inc.	4,600			31,142
Liberty Global, Inc.*	11,800			247,210
Lowe’s Companies, Inc.	7,200			161,712
McDonald’s Corp.	4,800			264,288
Mediacom Communications Corp.*	4,800			22,992
News Corp., Inc., Class A	11,000			113,630
Pre-Paid Legal Services, Inc.*	800			39,016
RadioShack Corp.	12,000			186,120
Rent-A-Center, Inc.*	6,800			141,168
Ross Stores, Inc.	4,600			202,814
Sally Beauty Holdings, Inc.*	19,000			132,620
Sears Holdings Corp.*	3,000	2		199,020
Target Corp.	4,000			174,480
Tempur-Pedic International, Inc.	10,000			148,300
The Finish Line, Inc., Class A	7,000			60,900
Time Warner Cable, Inc.,	2,660			87,940
Time Warner, Inc.	5,800			154,628
TJX Cos., Inc., The	7,400			268,102
Viacom, Inc., Class B*	9,200			213,072
Walt Disney Co., The	7,600			190,912
Wyndham Worldwide Corp.	12,800			178,560
Yum! Brands, Inc.	2,200			78,012
Total Consumer Discretionary				5,061,616
Consumer Staples - 10.1%
Altria Group, Inc.	7,800			136,734
Campbell Soup Co.	6,600			204,798
Church & Dwight Co., Inc.	3,600			212,328
Coca-Cola Co., The	9,400			468,496
Colgate-Palmolive Co.	3,600			260,784
CVS Caremark Corp.	7,000			234,360
General Mills, Inc.	1,600			94,256
Herbalife, Ltd.	5,000			172,050
Hormel Foods Corp.	5,200			186,732
Kimberly-Clark Corp.	2,200			128,590
Kraft Foods, Inc.	10,600			300,404
Kroger Co., The	6,000			128,280
Lorillard, Inc.	2,800			206,416

Managers AMG FQ U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Consumer Staples - 10.1% (continued)
PepsiCo, Inc.	6,200		$	351,850
Philip Morris International, Inc.	7,600			354,160
Procter & Gamble Co., The	14,200			788,242
Reynolds American, Inc.	3,800			165,338
Walgreen Co.	5,200			161,460
Wal-Mart Stores, Inc.	12,000			598,560
Total Consumer Staples				5,153,838
Energy - 11.6%
Anadarko Petroleum Corp.	2,400			115,680
Apache Corp.	600			50,370
Chevron Corp.	8,600			597,442
Complete Production Services, Inc.*	10,200			84,252
ConocoPhillips Co.	7,200			314,712
CONSOL Energy, Inc.	5,400			191,862
Diamond Offshore Drilling, Inc.	2,400	2		215,688
Dril-Quip, Inc.*	3,400			143,786
El Paso Corp.	19,800			199,188
Encore Acquisition Co.*	5,200			185,120
Exxon Mobil Corp.	23,800			1,675,282
Hess Corp.	1,400			77,280
Marathon Oil Corp.	9,000			290,250
Murphy Oil Corp.	3,800			221,160
Nabors Industries, Ltd.*	9,600			163,392
National-Oilwell, Inc.*	6,200			222,828
Occidental Petroleum Corp.	3,800			271,092
Oil States International, Inc.*	1,800			48,816
Pride International, Inc.*	7,800			195,546
Schlumberger, Ltd.	4,200			224,700
Tidewater, Inc.	3,600			162,000
Valero Energy Corp.	3,800			68,400
Williams Co., Inc.	3,000			50,070
World Fuel Services Corp.	3,200			140,352
Total Energy				5,909,268
Financials - 14.4%
Advance America, Cash Advance Centers, Inc.	7,800			43,056
Aflac, Inc.	9,000			340,740
Allstate Corp., The	2,600			69,966
American Express Co.	4,800			135,984
American Financial Group, Inc.	7,400			180,486
Anworth Mortgage Asset Corp.	7,200			54,288
Aon Corp.	5,000			197,250
Arch Capital Group, Ltd.*	3,400			211,446
Bank of America Corp.	33,200			491,028
Bank of Hawaii Corp.	2,000			76,740
Bank of New York Mellon Corp.	5,800			158,572
Capstead Mortgage Corp.	2,800			37,408
Chubb Corp., The	5,200			240,136
Citigroup, Inc.	35,000			110,950
CME Group, Inc.	200			55,766
Delphi Financial Group, Inc., Class A	3,200			76,256

Managers AMG FQ U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Financials - 14.4% (continued)
Discover Financial Services	16,200		$	192,456
First American Corp.	6,800			200,940
Goldman Sachs Group, Inc.	2,200			359,260
Hudson City Bancorp, Inc.	15,200			213,712
JPMorgan Chase & Co.	21,000			811,650
MFA Financial, Inc.	24,800			183,520
Morgan Stanley Co.	5,400			153,900
Northern Trust Corp.	4,800			287,088
OneBeacon Insurance Group, Ltd., Class A	2,000			22,600
Oriental Financial Group, Inc.	10,200			143,922
Penson Worldwide, Inc.*	10,400	2		121,368
Prudential Financial, Inc.	6,400			283,328
Public Storage, Inc.	3,600			261,252
Republic Bancorp, Inc., Class A	2,000			48,220
State Street Corp.	4,800			241,440
TD Ameritrade Holding Corp.*	10,600			196,524
Travelers Companies, Inc., The	5,800			249,806
U.S. Bancorp	9,000			183,690
UnumProvident Corp.	13,400			251,518
Wells Fargo & Co.	17,600			430,496
Total Financials				7,316,762
Health Care - 12.7%
Abbott Laboratories Co.	5,600			251,944
American Medical Systems Holdings, Inc.*	8,200			125,378
Amgen, Inc.*	4,800			299,088
Baxter International, Inc.	2,800			157,836
Biogen Idec, Inc.*	1,400			66,570
Boston Scientific Corp.*	4,400			47,256
Bristol-Myers Squibb Co.	5,400			117,396
Cantel Medical Corp.*	2,800			43,344
Chemed Corp.	1,800			79,380
Covidien PLC	2,600			98,306
DaVita, Inc.*	600			29,820
Eli Lilly & Co.	4,800			167,472
Emergency Medical Services Corp., Class A*	3,400			133,076
Express Scripts, Inc.*	4,200			294,168
Forest Laboratories, Inc.*	8,000			206,640
Gilead Sciences, Inc.*	4,000			195,720
ICU Medical, Inc.*	800			31,144
Johnson & Johnson	13,400			815,926
Matrixx Initiatives, Inc.*	4,400			24,816
Medco Health Solutions, Inc.*	5,800			306,588
Medtronic, Inc.	5,400			191,268
Merck & Co., Inc.	8,800			264,088
Millipore Corp.*	2,000			139,200
Molina Healthcare, Inc.*	4,600			103,730
PDL BioPharma, Inc.	7,000			57,610
Pfizer, Inc.	33,000			525,690
Pharmerica Corp.*	2,000	2		41,920
RehabCare Group, Inc.*	1,800			43,308

Managers AMG FQ U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Health Care - 12.7% (continued)
Schering-Plough Corp.	8,400		$	222,684
Steris Corp.	5,600			157,248
Thermo Fisher Scientific, Inc.*	2,000			90,560
UnitedHealth Group, Inc.	9,400			263,764
Universal Health Services, Inc., Class B	3,400			189,074
Valeant Pharmaceuticals International*	7,800	2		201,240
Varian, Inc.*	3,200			162,432
Wyeth	7,000			325,850
Total Health Care				6,471,534
Industrials - 10.1%
3M Co.	2,000			141,040
AAON, Inc.	1,400			27,454
Aircastle, Ltd.	4,600			33,396
Alliant Techsystems, Inc.*	800			62,976
Ameron International Corp.	1,000			74,520
Apogee Enterprises, Inc.	7,200			104,976
Beacon Roofing Supply, Inc.*	1,800			30,186
Boeing Co., The	1,800			77,238
Burlington Northern Santa Fe Corp.	1,200			94,308
Caterpillar, Inc.	400			17,624
Chart Industries, Inc.*	7,200			138,672
Cooper Industries, Ltd., Class A	6,000			197,700
CSX Corp.	1,800			72,216
Danaher Corp.	600			36,744
Deluxe Corp.	6,800			106,420
Dollar Thrifty Automotive Group*	7,400	2		122,470
Dover Corp.	2,400			81,624
Emerson Electric Co.	3,600			130,968
EnerSys*	7,400			146,446
Flowserve Corp.	2,600			210,002
General Electric Co.	37,400			501,160
Hawaiian Holdings, Inc.*	14,200			90,738
Honeywell International, Inc.	3,600			124,920
L-3 Communications Holdings, Inc.	2,600			196,300
Lockheed Martin Corp.	3,000			224,280
M&F Worldwide Corp.*	1,800			35,802
Manpower, Inc.	3,800			182,210
Marten Transport, Ltd.*	1,600			28,224
Mueller Industries, Inc.	1,000			23,760
Norfolk Southern Corp.	1,600			69,200
Pall Corp.	5,800			174,464
Powell Industries, Inc.*	2,600			92,690
R.R. Donnelley & Sons Co.	16,200			225,180
Raytheon Co.	5,000			234,750
Union Pacific Corp.	3,600			207,072
United Parcel Service, Inc., Class B	3,600			193,428
United Technologies Corp.	4,000			217,880
URS Corp.*	3,400			172,040
Waste Management, Inc.	4,400			123,684
Wesco International, Inc.*	5,000			123,450
Total Industrials				5,148,212

Managers AMG FQ U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Information Technology - 19.9%
3Com Corp.*	32,000		$	120,640
Accenture, Ltd.	5,800			203,406
Acxiom Corp.	11,400			110,010
Adobe Systems, Inc.*	2,400			77,808
Amphenol Corp.	3,600			120,060
Apple, Inc.*	4,000			653,560
Arrow Electronics, Inc.*	7,400			190,698
Avnet, Inc.*	7,400			180,560
Benchmark Electronics, Inc.*	4,600			72,680
Broadridge Financial Solutions, Inc.	7,800			134,706
Cirrus Logic, Inc.*	5,800			31,204
Cisco Systems, Inc.*	28,200			620,682
Compuware Corp.*	21,600			158,328
Corning, Inc.	7,600			129,200
Dell, Inc.*	15,400			206,052
EarthLink, Inc.*	15,200			128,440
EMC Corp.*	17,000			256,020
Fidelity National Information Services, Inc.	10,400			243,568
FLIR Systems, Inc.*	6,600			141,834
Google, Inc.*	1,200			531,660
Harris Corp.	5,600			175,336
Harris Stratex Networks, Inc.*	19,600			136,024
Hewlett-Packard Co.	12,800			554,240
Intel Corp.	21,800			419,650
International Business Machines Corp.	8,000			943,440
J2 Global Communications, Inc.*	1,200			28,788
MasterCard, Inc.	800			155,224
Microsoft Corp.	38,200			898,464
Multi-Fineline Electronix, Inc.*	1,600			36,464
Oracle Corp.	23,200			513,416
QUALCOMM, Inc.	8,000			369,680
S1 Corp.*	5,000			35,450
SeaChange International, Inc.*	4,600			42,090
STEC, Inc.*	6,600	2		224,994
Sybase, Inc.*	6,000			214,800
Symantec Corp.*	12,600			188,118
Synaptics, Inc.*	3,200	2		76,704
Tessera Technologies, Inc.*	5,200			146,068
Texas Instruments, Inc.	6,200			149,110
Visa, Inc., Class A	3,600			235,656
Western Digital Corp.*	1,000			30,250
Western Union Co., The	12,200			213,256
Total Information Technology				10,098,338
Materials - 4.5%
Air Products & Chemicals, Inc.	1,000			74,600
Bemis Co., Inc.	6,600			173,712
Celanese Corp.	7,200			185,040
Crown Holdings, Inc.*	7,400			185,740
E.I. du Pont de Nemours & Co.	3,000			92,790
Innophos Holdings, Inc.	5,400			101,412
International Paper Co.	11,400			214,434

Managers AMG FQ U.S. Equity Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Materials - 4.5% (continued)
Monsanto Co.	2,200		$	184,800
NewMarket Corp.	1,600			121,040
Owens-Illinois, Inc.*	6,000			203,640
Pactiv Corp.*	7,800			196,404
P.H. Glatfelter Co.	6,200			64,170
Praxair, Inc.	1,400			109,452
Rock-Tenn Co.	5,000			224,800
Schweitzer-Mauduit International, Inc.	2,400			78,480
Stepan Co.	1,200			53,736
Total Materials				2,264,250
Telecommunication Services - 2.6%
AT&T, Inc.	28,600			750,178
iPCS, Inc.*	2,200			39,622
Qwest Communications International, Inc.	46,000	2		177,560
USA Mobility, Inc.	2,000			27,000
Verizon Communications, Inc.	10,800			346,356
Total Telecommunication Services				1,340,716
Utilities - 3.7%
American Electric Power Co., Inc.	1,200			37,152
Atmos Energy Corp.	5,000			135,800
Calpine Corp.*	15,000			193,200
Energen Corp.	4,200			173,544
Entergy Corp.	800	2		64,264
Exelon Corp.	3,400			172,924
FirstEnergy Corp.	1,400			57,680
FPL Group, Inc.	2,000			113,340
Mirant Corp.*	12,200			220,332
NRG Energy, Inc.*	5,200			141,492
PPL Corp.	1,800			60,822
Public Service Enterprise Group, Inc.	6,800			220,660
Sempra Energy	1,000			52,430
Southern Co., The	800			25,120
UGI Corp.	7,600			200,944
Total Utilities				1,869,704
Total Common Stocks (cost $50,662,502)				50,634,238
Short-Term Investments - 2.5%1
BNY Institutional Cash Reserves Fund, Series A, 0.19%3	1,162,026			1,162,026
BNY Institutional Cash Reserves Fund, Series B*3,4	201,100			34,187
Dreyfus Cash Management Fund, Institutional Class Shares, 0.35%11	95,810			95,810
Total Short-Term Investments (cost $1,458,936)				1,292,023
Total Investments - 102.1% (cost $52,121,438)				51,926,261
Other Assets, less Liabilities - (2.1)%				(1,078,387	)
Net Assets - 100.0%			$	50,847,874

Managers AMG FQ Global Alternatives Fund

July 31, 2009

Statement of Net Assets (unaudited)
	Principal Amount		Value
Assets:
Investments in Securities - 98.0%
U.S. Government Obligations - 8.0%
U.S. Treasury Bills, 0.170%, 11/05/096,12	$	6,380,000	$	6,376,887
U.S. Treasury Bills, 0.175%, 10/29/096,12		10,225,000		10,220,552
Total U.S. Government Obligations (cost $16,596,786)				16,597,439
	Shares
Exchange Traded Fund - 21.3%
S&P 500 SPDR Trust Series I (cost $39,230,480)		448,130		44,279,725
Short-Term Investments - 68.7%1,11
Dreyfus Cash Management Fund, Institutional Class Shares, 0.35%		49,674,279		49,674,279
JPMorgan Liquid Assets Money Market Fund, Capital Shares, 0.34%		92,908,316		92,908,316
Total Short-Term Investments (cost $142,582,595)				142,582,595
Total Investments in Securities (cost $198,409,861)				203,459,759
Foreign currency*				4,445,229
Receivable for investments sold				862,459
Receivable for Fund shares sold				1,650,550
Interest and other receivables				49,311
Receivable for variation margin on futures contracts				2,805,425
Unrealized gains on forward foreign currency contracts				9,209,726
Prepaid expenses				37,243
Total assets				222,519,702
Liabilities:
Payable for Fund shares repurchased				1,605,551
Payable for investments purchased				866,350
Unrealized losses on forward foreign currency contracts				9,080,600
Payable for variation margin on futures contracts				3,084,034
Accrued expenses:
Investment advisory and management fees				215,626
Administrative fees				44,065
Distribution fees				60,882
Professional fees				35,053
Other				23,551
Total liabilities				15,015,712
Net Assets			$	207,503,990
Net Assets Represent:
Paid-in capital			$	221,367,295
Undistributed net investment loss				(7,227,168	)
Accumulated net realized loss from investments, futures and foreign currency contracts				(11,463,097	)
Net unrealized appreciation of investments, futures and foreign currency contracts				4,826,960
Net Assets			$	207,503,990
Class A Shares - Net Assets			$	180,395,265
Shares outstanding				18,601,479
Net asset value and redemption price per share			$	9.70
Offering price per share based on a maximum sales charge of 5.75% (Net asset value per share/(100% - maximum sales charge))			$	10.29
Class C Shares - Net Assets			$	27,108,725
Shares outstanding				2,844,236
Net asset value and redemption price per share			$	9.53
* Foreign currency at cost			$	4,414,253

Managers Fremont Global Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Common Stocks - 68.9%
Consumer Discretionary - 6.6%
Advance Auto Parts, Inc.	1,600		$	73,968
Amazon.com, Inc.*	600			51,456
Anta Sports Products, Ltd. (China)	84,000			125,709
Burberry Group PLC (United Kingdom)	12,978			99,746
Comcast Corp., Class A	9,600			142,656
Daimler AG (Germany)	7,766			359,880
DISH Network Corp., Class A*	5,000			84,750
Dress Barn, Inc., The*	1,200	2		18,708
Electrolux AB, Series B (Sweden)*	5,200			97,575
Esprit Holdings Limited (Hong Kong)	21,700			156,266
Family Dollar Stores, Inc.	2,400			75,408
Foot Locker, Inc.	6,800			75,344
Gap, Inc., The	5,000			81,600
Garmin, Ltd. (Cayman Islands)	3,400			94,044
H&R Block, Inc.	4,600			76,774
Home Depot, Inc., The	4,000			103,760
Hyundai Motor Co., Ltd. (South Korea)	1,654			118,467
Jo-Ann Stores, Inc.*	600			13,980
Kingfisher PLC (United Kingdom)	61,583			219,186
Kohl’s Corp.*	600			29,130
Lagardere (France)	3,500			130,595
Li & Fung Ltd. (Hong Kong)	18,000			53,035
Liberty Global, Inc.*	6,400			134,080
Lowe’s Companies, Inc.	3,200			71,872
Matsushita Electric Industrial Co., Ltd. (Japan)	9,000			142,258
McDonald’s Corp.	2,400			132,144
Mediacom Communications Corp.*	2,000			9,580
Naspers, Ltd. (South Africa)	1,738			51,886
Nikon Corp. (Japan)	3,000			59,937
Nissan Motor Co., Ltd. (Japan)	25,200			182,850
Pre-Paid Legal Services, Inc.*	400			19,508
RadioShack Corp.	5,400			83,754
Rakuten, Inc. (Japan)	355			227,283
Renault SA (France)*	8,859			376,463
Rent-A-Center, Inc.*	3,000			62,280
Ross Stores, Inc.	2,000			88,180
Sally Beauty Holdings, Inc.*	9,000			62,820
Sears Holdings Corp.*	1,800	2		119,412
Swatch Group AG, Class B (Switzerland)	885			161,984
Target Corp.	2,600			113,412
Tempur-Pedic International, Inc.	4,800			71,184
The Finish Line, Inc., Class A	3,200			27,840
Time Warner Cable, Inc.	1,070			35,374
Time Warner, Inc.	200			5,332
TJX Cos., Inc., The	3,400			123,182
Viacom, Inc., Class B*	4,400			101,904
Walt Disney Co., The	3,400			85,408
WPP PLC (United Kingdom)	9,600			74,041
Wyndham Worldwide Corp.	5,800			80,910
Yum! Brands, Inc.	1,000			35,460
Total Consumer Discretionary				5,022,375
Consumer Staples - 6.4%
Altria Group, Inc.	4,800			84,144
Associated British Foods PLC (United Kingdom)*	10,700			141,971
British American Tobacco PLC (United Kingdom)	9,217			286,091
Campbell Soup Co.	3,000			93,090
Carlsberg A/S, Class B (Denmark)	1,518			105,368

Managers Fremont Global Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Consumer Staples - 6.4% (continued)
Casino Guichard-Perrachon SA (France)	1,000	$	68,708
Church & Dwight Co., Inc.	1,600		94,368
Coca-Cola Co., The	4,600		229,264
Colgate-Palmolive Co.	1,600		115,904
CVS Caremark Corp.	4,000		133,920
Delhaize Group (Belgium)	2,000		143,155
General Mills, Inc.	800		47,128
Herbalife, Ltd.	2,000		68,820
Hormel Foods Corp.	2,600		93,366
Imperial Tobacco Group PLC (United Kingdom)	3,846		109,755
Kimberly-Clark Corp.	800		46,760
Koninklijke Ahold, N.V. (Netherlands)	18,800		213,564
Kraft Foods, Inc.	5,000		141,700
Kroger Co., The	4,600		98,348
Lorillard, Inc.	1,400		103,208
Metro AG (Germany)	8,278		479,400
Nestle SA, Registered (Switzerland)	6,045		248,416
PepsiCo, Inc.	2,800		158,900
Philip Morris International, Inc.	3,600		167,760
Procter & Gamble Co.,	7,000		388,570
Reckitt Benckiser Group PLC (United Kingdom)	6,415		308,194
Reynolds American, Inc.	2,000		87,020
Unilever, N.V. (Netherlands)	6,629		180,666
Walgreen Co.	2,400		74,520
Wal-Mart Stores, Inc.	5,800		289,304
Total Consumer Staples			4,801,382
Energy - 6.2%
Anadarko Petroleum Corp.	1,000		48,200
Apache Corp.	200		16,790
BP PLC (United Kingdom)	18,500		153,415
Chevron Corp.	4,000		277,880
China Shenhua Energy Co., Ltd. (China)	17,500		71,130
Complete Production Services, Inc.*	4,600		37,996
ConocoPhillips Co.	3,600		157,356
CONSOL Energy, Inc.	2,600		92,378
Diamond Offshore Drilling, Inc.	1,200		107,844
Dril-Quip, Inc.*	1,400		59,206
El Paso Corp.	9,400		94,564
Encore Acquisition Co.*	2,000		71,200
Eni S.p.A. (Italy)	7,000		163,567
Exxon Mobil Corp.	11,600		816,524
Hess Corp.	600		33,120
LUKOIL Holdings, ADR (Russia)	4,200		212,268
Lundin Petroleum AB (Sweden)*	9,814		86,932
Marathon Oil Corp.	4,200		135,450
Murphy Oil Corp.	1,600		93,120
Nabors Industries, Ltd. (Barbados)*	4,400		74,888
National-Oilwell, Inc.*	3,000		107,820
Nexen, Inc. (Canada)	6,306		130,715
Occidental Petroleum Corp.	1,800		128,412
Oil States International, Inc.*	800		21,696
Peabody Energy Corp.	2,800		92,708
Petro-Canada (Canada)	5,100		210,628
Pride International, Inc.*	3,600		90,252
Royal Dutch Shell PLC, Class A (Netherlands)	16,000		419,067
Schlumberger, Ltd.	2,400		128,400
StatoilHydro ASA (Norway)	10,350		221,292
Technip-Coflexip, ADR (France)*	1,492		90,325

Managers Fremont Global Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Energy - 6.2% (continued)
Tidewater, Inc.	1,600		$	72,000
Valero Energy Corp.	1,000			18,000
World Fuel Services Corp.	1,400			61,404
XTO Energy, Inc.	2,600			104,598
Total Energy				4,701,145
Financials - 13.1%
Advance America, Cash Advance Centers, Inc.	3,600			19,872
Aflac, Inc.	4,200			159,012
Allianz SE (Germany)	2,800			276,454
Allstate Corp., The	1,200			32,292
American Express Co.	2,000			56,660
American Financial Group, Inc.	3,200			78,048
Anworth Mortgage Asset Corp.	5,000			37,700
Aon Corp.	2,800			110,460
Arch Capital Group, Ltd. (Bermuda)*	1,600			99,504
Ashford Hospitality Trust	2,800			8,372
Australia and New Zealand Banking Group, Ltd. (Australia)	16,900			261,051
Aviva PLC (United Kingdom)	28,581			166,845
Banca Intesa S.p.A. (Italy)*	38,300			142,414
Banco do Brasil, S.A. (Brazil)	14,800			187,365
Banco Santander Central Hispano, S.A. (Spain)	30,250			438,050
Bank of America Corp.	14,600			215,934
Bank of Hawaii Corp.	1,000			38,370
Bank of New York Mellon Corp.	2,800			76,552
Barclays PLC (United Kingdom)*	30,700			156,047
BNP Paribas SA (France)	7,304			530,351
BOC Hong Kong Holdings, Ltd. (Hong Kong)	27,000			57,258
Capstead Mortgage Corp.	2,000			26,720
Chubb Corp., The	2,400			110,832
Cincinnati Financial Corp.	3,200			77,280
Citigroup, Inc.	12,800	2		40,576
Credit Agricole SA (France)	15,408			219,454
Credit Suisse Group AG (Switzerland)	5,975			282,354
Delphi Financial Group, Inc., Class A	1,400			33,362
Deutsche Bank AG (Germany)	4,700			303,747
Deutsche Boerse AG (Germany)	1,140			90,212
Discover Financial Services	7,000			83,160
EFG Hermes Holdings, GDR (Egypt)	3,080			24,640
First American Corp.	3,000			88,650
GAMCO Investors, Inc., Class A	600			27,390
Goldman Sachs Group, Inc.	1,000			163,300
HSBC Holdings PLC (United Kingdom)	34,000			344,041
Hudson City Bancorp, Inc.	6,800			95,608
ING Groep, N.V. (Netherlands)	13,200			168,915
Itau Unibanco Banco Multiplo, S.A., ADR (Brazil)	9,500			169,955
JPMorgan Chase & Co.	10,000			386,500
Julius Baer Holding, Ltd. (Switzerland)	4,238			202,350
KB Financial Group, Inc., ADR (South Korea)*	4,000	2		171,640
KB Financial Group, Rights (South Korea)	310			4,185
Lloyds TSB Group PLC (United Kingdom)*	115,440			164,045
MFA Financial, Inc.	11,200			82,880
Morgan Stanley Co.	2,400			68,400
Muenchener Rueckversicherungs AG (Germany)	2,000			303,286
National Australia Bank Ltd. (Australia)	3,900			79,154
Northern Trust Corp.	2,200			131,582
Old Mutual PLC (United Kingdom)*	102,300			164,091
OneBeacon Insurance Group, Ltd., Class A	1,200			13,560
Oriental Financial Group, Inc.	5,000			70,550

Managers Fremont Global Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Financials - 13.1% (continued)
Penson Worldwide, Inc.*	5,000	2	$	58,350
Prudential Financial, Inc.	2,800			123,956
Public Storage, Inc.	1,600			116,112
Republic Bancorp, Inc., Class A	800			19,288
Societe Generale (France)	4,987			319,717
StanCorp Financial Group, Inc.	1,200			41,304
Standard Chartered PLC (United Kingdom)	10,108			239,973
State Street Corp.	2,000			100,600
Sumitomo Mitsui Financial Group, Inc. (Japan)	5,000			212,837
Sun Hung Kai Properties, Ltd. (Hong Kong)	11,000			167,010
TD Ameritrade Holding Corp.*	4,800			88,992
Travelers Companies, Inc., The	3,200			137,824
Turkiye Garanti Bankasi A.S. (Turkey)*	28,700			102,044
U.S. Bancorp	4,000			81,640
UBS AG (Switzerland)*	10,650			155,911
UMB Financial Corp.	1,000			41,720
Unibail (France)	800			139,757
UniCredito Italiano SpA (Italy)*	27,300			79,662
UnumProvident Corp.	6,000			112,620
Wells Fargo & Co.	9,800			239,708
Total Financials				9,920,055
Health Care - 7.6%
Abbott Laboratories Co.	2,800			125,972
American Medical Systems Holdings, Inc.*	3,800			58,102
Amgen, Inc.*	2,600			162,006
AstraZeneca PLC (United Kingdom)	9,067			422,325
Baxter International, Inc.	1,400			78,918
Bayer AG (Germany)	5,200			318,681
Becton, Dickinson & Co.	400			26,060
Biogen Idec, Inc.*	600			28,530
Bristol-Myers Squibb Co.	4,400			95,656
Cantel Medical Corp.*	1,400			21,672
Chemed Corp.	800			35,280
Covidien PLC (Ireland)	1,200			45,372
DaVita, Inc.*	400			19,880
Eli Lilly & Co.	2,200			76,758
Emergency Medical Services Corp., Class A*	1,400			54,796
Essilor International SA (France)	2,036			112,850
Express Scripts, Inc.*	1,800			126,072
Forest Laboratories, Inc.*	3,600			92,988
Gilead Sciences, Inc.*	1,600			78,288
GlaxoSmithKline PLC (United Kingdom)	11,800			226,084
ICU Medical, Inc.*	800			31,144
Johnson & Johnson	6,600			401,874
McKesson Corp.	600			30,690
Medco Health Solutions, Inc.*	2,600			137,436
Medtronic, Inc.	2,600			92,092
Merck & Co., Inc.	3,800			114,038
Molina Healthcare, Inc.*	2,200			49,610
Novartis AG (Switzerland)*	4,920			224,792
Omnicare, Inc.	800			19,096
PDL BioPharma, Inc.	6,200			51,026
Pfizer, Inc.	15,800			251,694
Pharmerica Corp.*	1,200	2		25,152
Qiagen N.V. (Netherlands)*	12,800			242,450
RehabCare Group, Inc.*	800			19,248
Roche Holding AG (Switzerland)*	2,365			372,835

Managers Fremont Global Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Health Care - 7.6% (continued)
Sanofi-Aventis SA (France)	5,300		$	346,763
Schering-Plough Corp.	3,800			100,738
Sonova Holding AG (Switzerland)	1,114			98,055
Steris Corp.	2,600			73,008
Stryker Corp.	600			23,328
Teva Pharmaceutical Industries, Ltd., Sponsored ADR (Israel)	5,501			293,424
Thermo Fisher Scientific, Inc.*	800			36,224
UnitedHealth Group, Inc.	4,400			123,464
Universal Health Services, Inc., Class B	1,600			88,976
Valeant Pharmaceuticals International*	4,200	2		108,360
Varian, Inc.*	1,400			71,064
Wyeth	3,200			148,960
Total Health Care				5,781,831
Industrials - 6.6%
3M Co.	1,600			112,832
AAON, Inc.	600			11,766
Adecco SA (Switzerland)	1,600			77,101
Alliant Techsystems, Inc.*	200			15,744
Ameron International Corp.	400			29,808
Apogee Enterprises, Inc.	3,400			49,572
Beacon Roofing Supply, Inc.*	800			13,416
Boeing Co., The	800			34,328
Burlington Northern Santa Fe Corp.	600			47,154
Caterpillar, Inc.	1,400			61,684
Chart Industries, Inc.*	3,400			65,484
China High Speed Transmission Equipment Group Co., Ltd. (Hong Kong)	41,000			102,488
China Railway Construction Corp. (China)	42,000			66,862
Cooper Industries, Ltd., Class A	2,600			85,670
CSX Corp.	800			32,096
Danaher Corp.	600			36,744
Deluxe Corp.	3,200			50,080
Deutsche Lufthansa AG (Germany)	4,900			66,123
Deutsche Post AG (Germany)*	14,920			235,755
Dollar Thrifty Automotive Group*	3,400			56,270
Dover Corp.	800			27,208
Emerson Electric Co.	1,800			65,484
EnerSys*	3,400			67,286
Experian PLC (JCI)	15,015			123,927
FedEx Corp.	600			40,704
Flowserve Corp.	800			64,616
General Electric Co.	19,200			257,280
Hansen Transmissions International, N.V. (Belgium)*	50,152			113,170
Hawaiian Holdings, Inc.*	8,800			56,232
Honeywell International, Inc.	1,600			55,520
John Bean Technologies Corp.	1,200			16,632
Komatsu, Ltd. (Japan)	12,200			198,110
L-3 Communications Holdings, Inc.	800			60,400
Lockheed Martin Corp.	1,400			104,664
Manpower, Inc.	1,600			76,720
Marten Transport, Ltd.*	600			10,584
Michael Page International PLC (United Kingdom)	42,332			213,420
Mueller Industries, Inc.	400			9,504
Norfolk Southern Corp.	800			34,600
Northrop Grumman Corp.	1,200			53,496
Pall Corp.	2,600			78,208
Powell Industries, Inc.*	1,200			42,780
R.R. Donnelley & Sons Co.	7,200			100,080
Randstad Holding, N.V. (Netherlands)*	4,900			169,815

Managers Fremont Global Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Industrials - 6.6% (continued)
Raytheon Co.	800		$	37,560
Rolls-Royce Group PLC (United Kingdom)	35,200			243,810
Siemens AG (Germany)	3,266			260,274
Suntech Power Holdings Co., Ltd. (China)*	6,600	2		121,374
Thomas & Betts Corp.*	2,600			69,264
Union Pacific Corp.	1,200			69,024
United Parcel Service, Inc., Class B	1,600			85,968
United Technologies Corp.	2,200			119,834
URS Corp.*	1,600			80,960
Vestas Wind Systems A/S (Denmark)*	2,933			206,447
Waste Management, Inc.	1,200			33,732
Wesco International, Inc.*	2,200			54,318
Wolseley PLC (United Kingdom)*	8,600			192,444
Yingli Green Energy Holding Co., Ltd. - ADR (China)*	9,102	2		120,784
Total Industrials				4,987,210
Information Technology - 10.2%
3Com Corp.*	18,000			67,860
Accenture, Ltd. (Bermuda)	2,600			91,182
Adobe Systems, Inc.*	1,200			38,904
Alcatel SA (France)*	24,986			69,088
Alibaba.com, Ltd. (China)*	24,500			56,207
Amphenol Corp.	1,600			53,360
Apple, Inc.*	1,800			294,102
ARM Holdings PLC (United Kingdom)	92,880			195,856
Arrow Electronics, Inc.*	2,600			67,002
ASML Holding, N.V. (Netherlands)	9,651			252,017
AU Optronics Corp., Sponsored ADR (Taiwan)	15,550			173,227
Avnet, Inc.*	3,400			82,960
Benchmark Electronics, Inc.*	1,000			15,800
Broadridge Financial Solutions, Inc.	4,000			69,080
Cisco Systems, Inc.*	13,600			299,336
Compuware Corp.*	9,800			71,834
Corning, Inc.	3,600			61,200
Dell, Inc.*	7,400			99,012
Dolby Laboratories, Inc.*	2,400			99,912
EarthLink, Inc.*	7,200			60,840
EMC Corp.*	8,000			120,480
Ericsson (LM), Class B (Sweden)	33,264			327,489
Fidelity National Information Services, Inc.	5,000			117,100
FLIR Systems, Inc.*	3,000			64,470
Fujitsu, Ltd. (Japan)	29,000			189,656
Google, Inc.*	600			265,830
Harris Stratex Networks, Inc.*	8,800			61,072
Hewlett-Packard Co.	5,800			251,140
High Tech Computer Corp. (Taiwan)	5,000			68,194
Intel Corp.	11,200			215,600
International Business Machines Corp.	3,800			448,134
J2 Global Communications, Inc.*	600			14,394
Microsoft Corp.	18,600			437,472
Multi-Fineline Electronix, Inc.*	800			18,232
NetEase.com, Inc., ADR (Cayman Islands)*	2,500	2		110,150
Nippon Electric Glass Co., Ltd. (Japan)	16,000			184,298
Nokia Oyj (Finland)	18,700			251,448
Oracle Corp.	11,000			243,430
QUALCOMM, Inc.	3,600			166,356
Research In Motion, Ltd. (Canada)*	1,900			144,400
S1 Corp.*	2,200			15,598
Samsung Electronics Co., Ltd. (South Korea)	230			135,426

Managers Fremont Global Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Information Technology - 10.2% (continued)
Samsung Electronics Co., Ltd., GDR, (South Korea)(a)*	450		$	132,633
SeaChange International, Inc.*	2,200			20,130
Shanda Interactive Entertainment, Ltd. (China)*	1,900			94,202
STEC, Inc.*	3,000	2		102,270
Sybase, Inc.*	2,600			93,080
Symantec Corp.*	8,400			125,412
Synaptics, Inc.*	1,600	2		38,352
Tessera Technologies, Inc.*	2,400			67,416
Texas Instruments, Inc.	2,800			67,340
TIBCO Software, Inc.*	7,400			64,602
Toshiba Corp. (Japan)	96,000			423,690
Ubisoft Entertainment SA (France)*	6,519			111,335
VeriSign, Inc.*	4,000			81,760
Visa, Inc., Class A	1,600			104,736
Western Digital Corp.*	2,000			60,500
Western Union Co., The	5,400			94,392
Total Information Technology				7,750,998
Materials - 4.7%
Agnico-Eagle Mines, Ltd. (Canada)	1,300			76,116
Air Products & Chemicals, Inc.	400			29,840
ArcelorMittal (Luxembourg)	6,100	2		219,844
Ball Corp.	1,600			77,376
BASF SE (Germany)	4,600			230,074
Bemis Co., Inc.	3,000			78,960
Celanese Corp.	3,200			82,240
China Zhongwang Holdings, Ltd. (Cayman Islands)	149,600			200,366
Crown Holdings, Inc.*	3,200			80,320
E.I. du Pont de Nemours & Co.	2,000			61,860
Eurasian Natural Resources Corp. (Kazakhstan)	16,003			230,795
Fresnillo PLC (Mexico)	12,409			129,491
GMK Norilsk Nickel, Sponsored ADR (Russia)*	7,044			70,651
Innophos Holdings, Inc.	2,600			48,828
International Paper Co.	5,400			101,574
Mitsubishi Chemical Holdings Corp. (Japan)	10,500			46,994
Monsanto Co.	1,200			100,800
NewMarket Corp.	800			60,520
Pactiv Corp.*	3,400			85,612
Potash Corp. of Saskatchewan, Inc. (Canada)	600			55,806
Praxair, Inc.	600			46,908
Rio Tinto PLC (United Kingdom)	5,224			217,569
Rock-Tenn Co.	2,200			98,912
Schweitzer-Mauduit International, Inc.	1,200			39,240
Shin-Etsu Chemical Co., Ltd. (Japan)	1,000			53,633
Stepan Co.	400			17,912
Svenska Cellulosa AB (SCA) (Sweden)	11,000			141,403
Teck Resources, Ltd., Class B*	10,200			268,158
ThyssenKrupp AG (Germany)	11,124			341,806
Xstrata PLC (United Kingdom)*	20,049			270,811
Total Materials				3,564,419
Telecommunication Services - 4.9%
AT&T, Inc. (United States)	15,600			409,188
BT Group PLC (United Kingdom)	98,350			207,624
Deutsche Telekom AG (Germany)	11,900			152,674
France Telecom SA (France)	8,900			221,991
iPCS, Inc. (United States)*	1,000			18,010
Nippon Telegraph & Telephone Corp. (Japan)	7,100			293,087
Qwest Communications International, Inc. (United States)	20,600			79,516
Royal KPN NV (Netherlands)	14,452			217,372

Managers Fremont Global Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Telecommunication Services - 4.9% (continued)
Softbank Corp. (Japan)	9,000		$	190,620
Telecom Italia S.p.A. (Italy)	147,400			230,750
Telecom Italia S.p.A. (Italy)	135,900			153,456
Telefonica, S.A. (Spain)	12,300			306,020
USA Mobility, Inc. (United States)	1,000			13,500
Verizon Communications, Inc. (United States)	5,200			166,764
Vimpel Communication, ADR (Russia)*	12,300	2		166,173
Vodafone Group PLC (United Kingdom)	417,091			857,538
Total Telecommunication Services				3,684,283
Utilities - 2.6%
Atmos Energy Corp.	2,200			59,752
Calpine Corp.*	7,200			92,736
Centrica PLC (United Kingdom)	46,200			170,070
Ceske Energeticke Zavody (Czech Republic)*	2,800			150,535
CH Energy Group, Inc.	400			19,796
DTE Energy Co.	2,400			82,704
E.ON AG (Germany)	5,000			188,918
Electricite de France SA (France)	2,600			128,764
Enel SpA (Italy)	14,000			76,080
Energen Corp.	1,800			74,376
Entergy Corp.	400			32,132
Exelon Corp.	1,400			71,204
FirstEnergy Corp.	600			24,720
FPL Group, Inc.	1,000			56,670
Mirant Corp.*	4,800			86,688
NRG Energy, Inc.*	2,400			65,304
PPL Corp.	800			27,032
Public Service Enterprise Group, Inc.	1,200			38,940
Red Electrica Corporacion SA (Spain)*	4,786			224,667
RWE AG (Germany)	1,920			161,978
Sempra Energy	400			20,972
Southern Co., The	800			25,120
UGI Corp.	3,400			89,896
UIL Holdings Corp.	200			4,880
Total Utilities				1,973,934
Total Common Stocks (cost $51,932,814)				52,187,632
Other Investment Companies - 30.2%
Managers Global Bond Fund (cost $23,708,012)	1,164,480			22,870,389
Short-Term Investments - 2.3%1
BNY Institutional Cash Reserves Fund, Series A, 0.19%3	1,268,028			1,268,028
BNY Institutional Cash Reserves Fund, Series B*3,4	103,687			17,627
Dreyfus Cash Management Fund, Institutional Class Shares, 0.35%11	490,675			490,675
Total Short-Term Investments (cost $1,862,390)				1,776,330
Total Investments - 101.4% (cost $77,503,216)				76,834,351
Other Assets, less Liabilities - (1.4)%				(1,059,044	)
Net Assets - 100.0%			$	75,775,307

Managers Fremont Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Common Stocks - 98.3%
Consumer Discretionary - 14.2%
Ambassadors Group, Inc.	71,113	$	1,101,540
American Public Education, Inc.*	4,245		150,146
America’s Car-Mart, Inc.*	17,400		380,538
AnnTaylor Stores Corp.*	18,600		224,502
BJ’s Restaurants, Inc.*	59,930		963,674
Bridgepoint Education, Inc.*	18,195		330,421
Buffalo Wild Wings, Inc.*	24,495		988,373
Cache, Inc.*	72,373		309,033
California Pizza Kitchen, Inc.*	29,400		485,100
Chinacast Education Corp.*	35,900		213,605
Citi Trends, Inc.*	14,088		411,370
CKE Restaurants, Inc.	15,600		138,060
Core-Mark Holding Co., Inc.*	5,600		150,416
CSS Industries, Inc.	12,400		287,680
FGX International Holdings, Ltd.*	34,071		450,078
Grand Canyon Education, Inc.*	12,895		225,791
Hawk Corp., Class A*	8,845		126,041
hhgregg, Inc.*	56,200		1,031,270
Hibbett Sports, Inc.*	38,061		700,703
Home Inns & Hotels Management Inc., (ADR)*	22,202		355,232
Hooker Furniture Corp.	16,488		226,380
IMAX Corp.*	52,677		474,093
JAKKS Pacific, Inc.*	23,000		265,190
Jo-Ann Stores, Inc.*	8,700		202,710
K12, Inc.*	8,200		153,914
Kenneth Cole Productions, Inc.	30,407		244,168
Learning Tree International, Inc.*	13,600		145,928
Lincoln Educational Services Corp.*	8,600		175,096
Lumber Liquidators, Inc.*	46,160		757,947
Maidenform Brands, Inc.*	29,000		401,070
McCormick & Schmick’s Seafood Restaurants, Inc.*	82,079		635,291
Midas, Inc.*	13,100		129,297
Monro Muffler Brake, Inc.	29,900		795,041
Morton’s Restaurant Group, Inc.*	24,100		87,724
Movado Group, Inc.	36,296		518,307
Peet’s Coffee & Tea, Inc.*	23,200		637,304
PetMed Express, Inc.*	17,400		322,944
Pinnacle Entertainment, Inc.*	61,633		618,179
RC2 Corp.*	7,325		111,853
Rentrak Corp.*	5,700		104,310
Shutterfly, Inc.*	46,550		747,593
Steiner Leisure, Ltd.*	16,720		530,191
The Finish Line, Inc., Class A	18,500		160,950
True Religion Apparel, Inc.*	15,235		340,655
Universal Electronics, Inc.*	13,863		292,648
Volcom, Inc.*	17,900		217,127
Westport Innovations, Inc.*	44,200		395,148
Zumiez, Inc.*	21,300		203,415
Total Consumer Discretionary			18,918,046
Consumer Staples - 2.2%
Andersons, Inc., The	4,900		157,878
Boston Beer Co., Inc.*	13,900		433,541
Diedrich Coffee, Inc.*	17,340		412,172
Elizabeth Arden, Inc.*	28,700		275,520
Inter Parfums, Inc.	10,500		107,310
J&J Snack Foods Corp.	5,500		238,370
Lance, Inc.	13,000		329,420
Nutraceutical International Corp.*	7,400		92,130

Managers Fremont Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Consumer Staples - 2.2% (continued)
Rocky Mountain Chocolate Factory, Inc.	11,400	$	92,454
Smart Balance, Inc.*	124,832		765,220
Total Consumer Staples			2,904,015
Energy - 4.2%
Bolt Technology Corp.*	7,400		83,620
Carrizo Oil & Gas, Inc.*	52,125		990,375
Clean Energy Fuels Corp.*	47,400		437,976
Dawson Geophysical Co.*	16,500		501,765
GMX Resources, Inc.*	15,300		177,939
Goodrich Petroleum Corp.*	10,505		269,453
Gulf Island Fabrication, Inc.	18,100		262,450
James River Coal Co.*	23,960		444,937
Natural Gas Services Group, Inc.*	16,700		230,293
Northern Oil & Gas, Inc.*	93,780		618,010
Panhandle Oil and Gas, Inc.	7,400		186,554
RPC, Inc.	90,409		743,162
Tetra Technologies, Inc.*	33,700		259,827
TGC Industries, Inc.*	30,243		137,908
Union Drilling, Inc.*	30,800		220,220
Total Energy			5,564,489
Financials - 12.3%
American Physicians Capital, Inc.	7,500		333,675
American Safety Insurance Holdings, Ltd.*	5,900		96,937
Amerisafe, Inc.*	22,206		369,286
Associated Estates Realty Corp.	18,500		109,890
Baldwin & Lyons, Inc.	3,700		80,179
Bancorp Rhode Island, Inc.	21,297		470,664
Broadpoint Gleacher Securities Group, Inc.*	87,912		547,692
Bryn Mawr Bank Corp.	23,452		429,875
Columbia Banking Systems	32,334		392,535
Community Trust Bancorp, Inc.	11,000		298,650
Cowen Group, Inc.*	92,282		679,196
Danvers Bancorp, Inc.	60,109		754,368
DiamondRock Hospitality Co.	22,900		154,804
Donegal Group, Inc.	34,560		544,320
Eastern Insurance Holdings, Inc.	16,136		153,937
ESB Financial Corp.	5,600		83,048
Evercore Partners, Inc., Class A	11,300		222,271
Financial Institutions, Inc.	48,755		719,624
First Cash Financial Services, Inc.*	19,600		368,480
First Community Bancshares, Inc.	19,975		271,660
First Mercury Financial Corp.*	10,000		144,500
Hallmark Financial Services, Inc.*	17,700		116,112
Iberia Bank Corp.	16,003		749,581
Independent Bank Corp.	11,200		238,896
JMP Group, Inc.	34,100		302,467
Kite Realty Group Trust	14,200		45,440
Lakeland Bancorp, Inc.	26,100		235,944
Legacy Bancorp, Inc.	56,593		753,253
Meadowbrook Insurance Group, Inc.	55,100		435,841
Mission West Properties, Inc.	8,100		56,295
National Interstate Corp.	4,700		84,694
OceanFirst Financial Corp., Inc.	65,692		799,472
Penson Worldwide, Inc.*	88,312		1,030,601
Ramco-Gershenson Properties Trust	12,800		116,352
S.Y. Bancorp, Inc.	10,200		250,716
SCBT Financial Corp.	5,866		150,698
Shore Bancshares, Inc.	3,400		66,436
Simmons First National Corp., Class A	6,800		203,864

Managers Fremont Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Financials - 12.3% (continued)
Smithtown Bancorp, Inc.	19,646	$	227,108
Southside Bancshares, Inc.	13,283		300,716
Standard Chartered PLC	63,081		1,065,438
Sun Communities, Inc.	5,700		87,210
Texas Capital Bancshares, Inc.*	21,400		355,454
ViewPoint Financial Group	4,800		63,024
Washington Trust Bancorp, Inc.	8,400		152,544
Webster Financial Corp.	44,300		501,033
Westwood Holdings Group, Inc.	8,200		320,128
WSFS Financial Corp.	18,800		505,156
Total Financials			16,440,064
Health Care - 17.8%
athenahealth, Inc.*	19,795		731,227
ATS Medical, Inc.*	106,200		369,576
Bio-Reference Laboratories, Inc.*	54,538		1,748,488
Cardiovascular Systems, Inc.*	34,300		344,372
Conceptus, Inc.*	17,565		294,916
Cutera, Inc.*	19,300		161,155
Cyberonics, Inc.*	21,800		362,098
Cypress Bioscience, Inc.*	55,900		494,156
DexCom, Inc.*	98,000		633,080
Endologix, Inc.*	129,880		627,320
Ensign Group, Inc.,The	9,000		144,180
eResearch Technology, Inc.*	37,000		201,650
Eurand N.V.*	53,903		732,003
Exactech, Inc.*	47,967		683,530
Genomic Health, Inc.*	7,300		123,078
Genoptix, Inc.*	8,770		274,589
Hanger Orthopedic Group, Inc.*	72,658		996,868
Harvard Bioscience, Inc.*	119,400		496,704
HMS Holdings Corp.*	30,245		1,161,408
Home Diagnostics, Inc.*	9,930		67,425
Insulet Corp.*	64,600		432,820
IPC The Hospitalist Co., Inc.*	23,200		646,120
Kensey Nash Corp.*	5,900		168,504
Landauer, Inc.	3,600		240,912
LHC Group, Inc.*	6,400		187,840
Medical Action Industries, Inc.*	19,800		247,302
Medidata Solutions, Inc.*	21,500		396,675
MEDTOX Scientific, Inc.*	99,540		895,860
Merit Medical Systems, Inc.*	50,033		915,104
MWI Veterinary Supply, Inc.*	32,800		1,258,864
Neogen Corp.*	26,099		760,525
NxStage Medical, Inc.*	82,800		458,712
Obagi Medical Products, Inc.*	21,100		160,149
Odyssey HealthCare, Inc.*	7,900		92,035
Optimer Pharmaceuticals, Inc.*	27,200		383,248
Orthovita, Inc.*	128,400		835,884
Phase Forward, Inc.*	15,500		220,100
Psychemedics Corp.	45,947		303,250
Questcor Pharmaceuticals, Inc.*	16,000		93,760
Res-Care, Inc.*	16,900		263,978
Somanetics Corp.*	30,100		422,303
SXC Health Solutions Corp.*	19,195		567,404
Synovis Life Technologies, Inc.*	25,000		386,250
U.S. Physical Therapy, Inc.*	105,885		1,731,220
Vanda Pharmaceuticals, Inc.*	28,622		435,054
Volcano Corp.*	15,851		240,777
Young Innovations, Inc.	4,300		108,876
Zoll Medical Corp.*	13,300		245,119
Total Health Care			23,746,468

Managers Fremont Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Industrials - 22.5%
51job, Inc. (ADR)*	18,700	$	210,001
AAON, Inc.	9,000		176,490
AeroVironment, Inc.*	8,052		228,999
Alamo Group, Inc.	10,600		146,598
Altra Holdings, Inc.*	63,792		560,732
American Ecology Corp.	38,700		631,971
Ameron International Corp.	4,700		350,244
Ampco-Pittsburgh Corp.	5,600		127,288
Apogee Enterprises, Inc.	21,400		312,012
Applied Signal Technology, Inc.	6,400		160,000
AZZ, Inc.*	23,095		894,931
Barrett Business Services, Inc.	17,837		178,013
Cascade Corp.	9,400		229,830
CBIZ, Inc.*	130,600		854,124
Celadon Group, Inc.*	30,500		282,125
Chart Industries, Inc.*	38,165		735,058
Colfax Corp.*	36,800		348,496
Columbus McKinnon Corp.*	18,300		264,801
Comfort Systems USA, Inc.	15,600		183,768
Courier Corp.	12,800		211,712
Ducommun, Inc.	15,500		267,840
Duoyuan Global Water, Inc., (ADR)*	13,144		393,663
DXP Enterprises, Inc.*	63,726		646,182
Dynamex, Inc.*	16,600		258,462
Energy Recovery, Inc.*	83,635		584,609
EnerNOC, Inc.*	35,971		1,103,590
Ennis, Inc.	13,800		203,274
EnPro Industries, Inc.*	11,400		203,148
Exponent, Inc.*	37,481		967,385
Furmanite Corp.*	53,800		244,790
GP Strategies Corp.*	129,133		896,183
Great Lakes Dredge & Dock Corp.	207,615		1,202,091
Harbin Electric, Inc.*	20,600		325,892
Hill International, Inc.*	110,563		515,224
ICF International, Inc.*	7,275		188,422
II-VI, Inc.*	31,904		765,377
Kadant, Inc.*	12,900		143,319
Kforce, Inc.*	34,300		334,082
Kimball International, Inc., Class B	10,800		73,440
Knight Transportation, Inc.	32,650		592,271
Knoll, Inc.	21,200		207,548
LaBarge, Inc.*	144,232		1,524,532
LB Foster Co., Class A*	4,800		144,000
LMI Aerospace, Inc.*	44,294		403,075
LSI Industries, Inc.	57,187		371,144
Marten Transport, Ltd.*	57,127		1,007,720
Met-Pro Corp.	20,800		221,312
Multi-Color Corp.	93,929		1,467,171
MYR Group, Inc.*	22,800		410,856
Old Dominion Freight Line, Inc.*	12,450		443,594
On Assignment, Inc.*	53,000		224,190
Orion Marine Group, Inc.*	46,865		1,047,900
Raven Industries, Inc.	25,418		729,497
RBC Bearings, Inc.*	10,300		244,110
Saia, Inc.*	44,020		795,001
Spherion Corp.*	23,700		130,350
Sterling Construction, Inc.*	40,990		652,971
Sun Hydraulics Corp.	11,500		202,170
Sykes Enterprises, Inc.*	15,000		298,500
Titan Machinery, Inc.*	46,946		583,539
TrueBlue, Inc.	22,400		284,480
Universal Truckload Services, Inc.	9,100		146,783
Vitran Corp., Inc., Class A*	118,903		1,284,152
Volt Information Sciences, Inc.*	15,800		125,768
Total Industrials			29,946,800

Managers Fremont Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Information Technology - 21.8%
3PAR, Inc.*	63,063	604,774

Managers Fremont Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Information Technology - 21.8% (continued)
Actuate Corp.*	49,500	$	258,885
Anadigics, Inc.*	88,100		364,734
Anaren Microwave, Inc.*	28,900		519,622
Art Technology Group, Inc.*	116,500		441,535
Aruba Networks, Inc.*	23,700		210,456
Bel Fuse, Inc.	22,700		417,226
Cavium Networks, Inc.*	16,200		305,694
China Digital Tv Holding Co., Ltd.	27,800		243,528
CommVault Systems, Inc.*	16,300		283,783
Compellent Technologies, Inc.*	56,620		899,692
Constant Contact, Inc.*	30,957		699,938
CTS Corp.	56,095		472,881
CyberSource Corp.*	74,248		1,287,460
DealerTrack Holdings, Inc.*	22,990		455,892
DemandTec, Inc.*	64,741		576,842
DG FastChannel, Inc.*	35,490		744,935
Digi International, Inc.*	31,428		320,880
Double-Take Software, Inc.*	24,300		211,410
DTS, Inc.*	18,065		496,246
Dynamics Research Corp.*	4,200		51,744
Ebix, Inc.*	9,415		390,534
EMS Technologies, Inc.*	59,020		1,298,440
Forrester Research, Inc.*	50,864		1,148,000
GSI Commerce, Inc.*	19,400		353,856
iGATE Corp.*	37,380		271,005
Interactive Intelligence, Inc.*	25,500		412,080
IPG Photonics Corp.*	19,200		206,016
IXYS Corp.	14,100		108,993
Knot, Inc., The*	52,200		456,228
LogMein, Inc.*	15,035		293,333
Maxwell Technologies, Inc.*	39,480		559,037
Mellanox Technologies, Ltd.*	66,213		1,048,152
Methode Electronics, Inc.	12,100		91,718
Monolithic Power Systems, Inc.*	11,500		255,185
MTS Systems Corp.	16,900		396,981
Multi-Fineline Electronix, Inc.*	3,900		88,881
NCI, Inc., Class A*	17,606		557,934
Netezza Corp.*	46,700		422,168
NetLogic Microsystems, Inc.*	12,725		505,692
Neutral Tandem, Inc.*	23,855		739,505
Online Resources Corp.*	97,840		646,722
OpenTable, Inc.*	8,000		237,600
PC Connection, Inc.*	31,500		180,810
PDF Solutions, Inc.*	192,900		443,670
Perficient, Inc.*	41,800		308,484
PROS Holdings, Inc.*	44,100		346,626
Radiant Systems, Inc.*	53,200		535,192
Renaissance Learning, Inc.	6,900		67,137
Rogers Corp.*	2,600		64,870
ShoreTel, Inc.*	52,500		452,550
SonicWALL, Inc.*	41,900		318,021
Spectrum Control, Inc.*	28,100		277,347
Super Micro Computer, Inc.*	11,900		94,486
Supertex, Inc.*	28,250		651,162
Switch and Data Facilities Co., Inc.*	102,980		1,430,392
Symmetricom, Inc.*	27,292		176,852
Synchronoss Technologies, Inc.*	38,700		459,756
Taleo Corp.*	20,900		365,750
TESSCO Technologies, Inc.*	7,500		113,100
Ultimate Software Group, Inc., The*	12,000		307,200
VanceInfo Technologies, Inc. (ADR)*	22,500		340,875
Virtusa Corp.*	71,910		670,201
Vocus, Inc.*	17,470		293,845
Volterra Semiconductor Corp.*	19,310		320,353
White Electronic Designs Corp.*	31,200		142,584

Managers Fremont Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Zygo Corp.*	50,527	319,331
Total Information Technology		29,036,811

Managers Fremont Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Materials - 2.7%
Balchem Corp.*	34,195	$	948,911
Brust Well Man, Inc.*	4,100		87,453
Buckeye Technologies, Inc.*	53,200		337,820
Chemspec International, Ltd., (ADR)*	42,700		398,391
ICO, Inc.*	116,800		482,384
Koppers Holdings, Inc.	10,300		287,473
Landec Corp.*	30,500		192,760
Quaker Chemical Corp.	11,700		210,600
Schweitzer-Mauduit International, Inc.	3,400		111,180
Universal Stainless & Alloy Products, Inc.*	11,800		207,798
Zagg*	44,565		283,879
Total Materials			3,548,649
Telecommunication Services - 0.4%
Cbeyond, Inc.*	20,605		288,882
Shenandoah Telecommunications Co.	11,949		243,282
Total Telecommunication Services			532,164
Utilities - 0.2%
American States Water Co.	7,200		261,720
Total Common Stocks (cost $123,985,179)			130,899,226
Short-Term Investments - 0.9%1
Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.35%7 (cost $1,212,039)	1,212,039		1,212,039
Total Investments - 99.2% (cost $125,197,218)			132,111,265
Other Assets, less Liabilities - 0.8%			1,068,112
Net Assets - 100.0%		$	133,179,377

Managers Fremont Institutional Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Common Stocks - 95.6%
Consumer Discretionary - 13.5%
Ambassadors Group, Inc.	14,380	$	222,746
American Public Education, Inc.*	860		30,418
America’s Car-Mart, Inc.*	2,700		59,049
AnnTaylor Stores Corp.*	3,300		39,831
BJ’s Restaurants, Inc.*	10,650		171,252
Bridgepoint Education, Inc.*	3,610		65,558
Buffalo Wild Wings, Inc.*	4,500		181,575
Cache, Inc.*	13,381		57,137
California Pizza Kitchen, Inc.*	4,900		80,850
Chinacast Education Corp.*	5,700		33,915
Citi Trends, Inc.*	2,731		79,745
CKE Restaurants, Inc.	2,750		24,338
Core-Mark Holding Co., Inc.*	983		26,403
CSS Industries, Inc.	1,838		42,642
FGX International Holdings, Ltd.*	7,063		93,302
Grand Canyon Education, Inc.*	2,560		44,826
Hawk Corp., Class A*	1,550		22,088
hhgregg, Inc.*	10,585		194,235
Hibbett Sports, Inc.*	6,984		128,575
Home Inns & Hotels Management Inc., (ADR)*	3,500		56,000
Hooker Furniture Corp.	2,097		28,792
IMAX Corp.*	8,344		75,096
JAKKS Pacific, Inc.*	4,050		46,696
Jo-Ann Stores, Inc.*	1,225		28,542
K12, Inc.*	1,300		24,401
Kenneth Cole Productions, Inc.	5,378		43,185
Learning Tree International, Inc.*	2,300		24,679
Lincoln Educational Services Corp.*	1,360		27,690
Lumber Liquidators, Inc.*	8,045		132,099
Maidenform Brands, Inc.*	4,225		58,432
McCormick & Schmick’s Seafood Restaurants, Inc.*	12,945		100,194
Midas, Inc.*	2,304		22,740
Monro Muffler Brake, Inc.	5,026		133,641
Morton’s Restaurant Group, Inc.*	4,500		16,380
Movado Group, Inc.	6,972		99,560
Peet’s Coffee & Tea, Inc.*	3,525		96,832
PetMed Express, Inc.*	2,800		51,968
Pinnacle Entertainment, Inc.*	12,138		121,744
RC2 Corp.*	930		14,201
Rentrak Corp.*	745		13,634
Shutterfly, Inc.*	8,090		129,926
Steiner Leisure, Ltd.*	3,233		102,518
The Finish Line, Inc., Class A	3,450		30,015
True Religion Apparel, Inc.*	2,965		66,297
Universal Electronics, Inc.*	2,458		51,888
Volcom, Inc.*	2,900		35,178
Westport Innovations, Inc.*	7,000		62,580
Zumiez, Inc.*	3,400		32,470
Total Consumer Discretionary			3,325,863
Consumer Staples - 2.1%
Andersons, Inc., The	875		28,192
Boston Beer Co., Inc.*	2,200		68,618
Diedrich Coffee, Inc.*	3,440		81,769
Elizabeth Arden, Inc.*	5,062		48,596
Inter Parfums, Inc.	1,847		18,876
J&J Snack Foods Corp.	1,079		46,764
Lance, Inc.	2,013		51,009
Nutraceutical International Corp.*	1,283		15,974
Rocky Mountain Chocolate Factory, Inc.	2,004		16,252
Smart Balance, Inc.*	24,648		151,092
Total Consumer Staples			527,142

Managers Fremont Institutional Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Energy - 4.1%
Bolt Technology Corp.*	1,200	$	13,560
Carrizo Oil & Gas, Inc.*	9,745		185,156
Clean Energy Fuels Corp.*	7,600		70,224
Dawson Geophysical Co.*	2,105		64,013
GMX Resources, Inc.*	2,400		27,912
Goodrich Petroleum Corp.*	2,085		53,480
Gulf Island Fabrication, Inc.	3,196		46,342
James River Coal Co.*	4,760		88,393
Natural Gas Services Group, Inc.*	2,700		37,233
Northern Oil & Gas, Inc.*	18,625		122,739
Panhandle Oil and Gas, Inc.	1,300		32,773
RPC, Inc.	18,275		150,220
Tetra Technologies, Inc.*	6,625		51,079
TGC Industries, Inc.*	5,638		25,709
Union Drilling, Inc.*	5,448		38,953
Total Energy			1,007,786
Financials - 12.4%
American Physicians Capital, Inc.	1,330		59,172
American Safety Insurance Holdings, Ltd.*	1,050		17,252
Amerisafe, Inc.*	3,940		65,522
Associated Estates Realty Corp.	3,443		20,451
Baldwin & Lyons, Inc.	609		13,197
Bancorp Rhode Island, Inc.	4,610		101,881
Broadpoint Gleacher Securities Group, Inc.*	13,860		86,348
Bryn Mawr Bank Corp.	4,400		80,652
Columbia Banking Systems	6,473		78,582
Community Trust Bancorp, Inc.	1,961		53,241
Cowen Group, Inc.*	17,117		125,981
Danvers Bancorp, Inc.	11,233		140,974
DiamondRock Hospitality Co.	4,050		27,378
Donegal Group, Inc.	6,956		109,557
Eastern Insurance Holdings, Inc.	2,620		24,995
ESB Financial Corp.	950		14,088
Evercore Partners, Inc., Class A	1,800		35,406
Financial Institutions, Inc.	11,015		162,581
First Cash Financial Services, Inc.*	2,803		52,696
First Community Bancshares, Inc.	3,530		48,008
First Mercury Financial Corp.*	1,750		25,288
Hallmark Financial Services, Inc.*	3,025		19,844
Iberia Bank Corp.	3,259		152,652
Independent Bank Corp.	1,990		42,447
JMP Group, Inc.	5,400		47,898
Kite Realty Group Trust	2,700		8,640
Lakeland Bancorp, Inc.	3,926		35,491
Legacy Bancorp, Inc.	13,620		181,282
Meadowbrook Insurance Group, Inc.	8,333		65,914
Mission West Properties, Inc.	1,544		10,731
National Interstate Corp.	800		14,416
OceanFirst Financial Corp., Inc.	12,575		153,038
Penson Worldwide, Inc.*	18,615		217,237
Ramco-Gershenson Properties Trust	1,300		11,817
S.Y. Bancorp, Inc.	1,940		47,684
SCBT Financial Corp.	840		21,580
Shore Bancshares, Inc.	600		11,724
Simmons First National Corp., Class A	1,200		35,976
Smithtown Bancorp, Inc.	3,302		38,171
Southside Bancshares, Inc.	2,275		51,512
Standard Chartered PLC	11,682		197,309
Sun Communities, Inc.	875		13,388
Texas Capital Bancshares, Inc.*	3,400		56,474
ViewPoint Financial Group	850		11,160
Washington Trust Bancorp, Inc.	1,400		25,424
Webster Financial Corp.	8,600		97,266

Managers Fremont Institutional Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Financials - 12.4% (continued)
Westwood Holdings Group, Inc.	1,300	$	50,752
WSFS Financial Corp.	3,355		90,149
Total Financials			3,053,226
Health Care - 17.2%
athenahealth, Inc.*	3,930		145,174
ATS Medical, Inc.*	16,700		58,116
Bio-Reference Laboratories, Inc.*	10,001		320,632
Cardiovascular Systems, Inc.*	5,100		51,204
Conceptus, Inc.*	3,490		58,597
Cutera, Inc.*	3,068		25,618
Cyberonics, Inc.*	3,400		56,474
Cypress Bioscience, Inc.*	8,900		78,676
DexCom, Inc.*	15,600		100,776
Endologix, Inc.*	22,580		109,061
Ensign Group, Inc.,The	1,575		25,232
eResearch Technology, Inc.*	6,550		35,698
Eurand N.V.*	8,588		116,625
Exactech, Inc.*	9,528		135,774
Genomic Health, Inc.*	1,200		20,232
Genoptix, Inc.*	1,742		54,542
Hanger Orthopedic Group, Inc.*	13,842		189,912
Harvard Bioscience, Inc.*	21,200		88,192
HMS Holdings Corp.*	6,100		234,240
Home Diagnostics, Inc.*	1,892		12,847
Insulet Corp.*	10,300		69,010
IPC The Hospitalist Co., Inc.*	3,700		103,045
Kensey Nash Corp.*	1,050		29,988
Landauer, Inc.	571		38,211
LHC Group, Inc.*	1,137		33,371
Medical Action Industries, Inc.*	3,511		43,852
Medidata Solutions, Inc.*	3,400		62,730
MEDTOX Scientific, Inc.*	20,500		184,500
Merit Medical Systems, Inc.*	9,903		181,126
MWI Veterinary Supply, Inc.*	6,300		241,794
Neogen Corp.*	5,141		149,809
NxStage Medical, Inc.*	13,200		73,128
Obagi Medical Products, Inc.*	3,400		25,806
Odyssey HealthCare, Inc.*	1,400		16,310
Optimer Pharmaceuticals, Inc.*	4,300		60,587
Orthovita, Inc.*	20,500		133,455
Phase Forward, Inc.*	2,500		35,500
Psychemedics Corp.	11,182		73,801
Questcor Pharmaceuticals, Inc.*	2,800		16,408
Res-Care, Inc.*	2,990		46,704
Somanetics Corp.*	4,800		67,344
SXC Health Solutions Corp.*	3,815		112,771
Synovis Life Technologies, Inc.*	4,000		61,800
U.S. Physical Therapy, Inc.*	18,942		309,702
Vanda Pharmaceuticals, Inc.*	4,528		68,826
Volcano Corp.*	3,143		47,742
Young Innovations, Inc.	547		13,850
Zoll Medical Corp.*	2,100		38,703
Total Health Care			4,257,495
Industrials - 22.2%
51job, Inc.(ADR)*	3,000		33,690
AAON, Inc.	1,850		36,278
AeroVironment, Inc.*	1,614		45,902
Alamo Group, Inc.	1,709		23,635
Altra Holdings, Inc.*	12,842		112,881
American Ecology Corp.	7,646		124,859
Ameron International Corp.	725		54,027
Ampco-Pittsburgh Corp.	1,000		22,730
Apogee Enterprises, Inc.	3,770		54,967

Managers Fremont Institutional Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Industrials - 22.2% (continued)
Applied Signal Technology, Inc.	1,043	$	26,075
AZZ, Inc.*	4,257		164,959
Barrett Business Services, Inc.	3,110		31,038
Cascade Corp.	1,675		40,954
CBIZ, Inc.*	25,257		165,181
Celadon Group, Inc.*	4,557		42,152
Chart Industries, Inc.*	6,945		133,761
Colfax Corp.*	5,800		54,926
Columbus McKinnon Corp.*	3,050		44,134
Comfort Systems USA, Inc.	2,750		32,395
Courier Corp.	2,172		35,925
Ducommun, Inc.	2,925		50,544
Duoyuan Global Water, Inc., (ADR)*	2,000		59,900
DXP Enterprises, Inc.*	12,215		123,860
Dynamex, Inc.*	2,694		41,946
Energy Recovery, Inc.*	14,350		100,306
EnerNOC, Inc.*	5,700		174,876
Ennis, Inc.	1,900		27,987
EnPro Industries, Inc.*	2,000		35,640
Exponent, Inc.*	7,390		190,736
Furmanite Corp.*	8,425		38,334
GP Strategies Corp.*	24,291		168,580
Great Lakes Dredge & Dock Corp.	41,892		242,555
Harbin Electric, Inc.*	3,500		55,370
Hill International, Inc.*	21,600		100,656
ICF International, Inc.*	1,445		37,426
II-VI, Inc.*	6,166		147,922
Kadant, Inc.*	2,275		25,275
Kforce, Inc.*	5,400		52,596
Kimball International, Inc., Class B	1,500		10,200
Knight Transportation, Inc.	6,558		118,962
Knoll, Inc.	3,750		36,712
LaBarge, Inc.*	27,378		289,385
LB Foster Co., Class A*	850		25,500
LMI Aerospace, Inc.*	8,677		78,961
LSI Industries, Inc.	9,283		60,247
Marten Transport, Ltd.*	10,709		188,907
Met-Pro Corp.	3,675		39,102
Multi-Color Corp.	18,096		282,660
MYR Group, Inc.*	3,700		66,674
Old Dominion Freight Line, Inc.*	2,499		89,039
On Assignment, Inc.*	10,939		46,272
Orion Marine Group, Inc.*	8,115		181,451
Raven Industries, Inc.	5,050		144,935
RBC Bearings, Inc.*	1,700		40,290
Saia, Inc.*	7,186		129,779
Spherion Corp.*	4,175		22,962
Sterling Construction, Inc.*	7,860		125,210
Sun Hydraulics Corp.	2,043		35,916
Sykes Enterprises, Inc.*	2,816		56,038
Titan Machinery, Inc.*	9,513		118,247
TrueBlue, Inc.	3,600		45,720
Universal Truckload Services, Inc.	1,450		23,388
Vitran Corp., Inc., Class A*	24,016		259,373
Volt Information Sciences, Inc.*	3,125		24,876
Total Industrials			5,495,784
Information Technology - 21.0%
3PAR, Inc.*	11,013		105,615
Actuate Corp.*	8,738		45,700
Anadigics, Inc.*	14,100		58,374
Anaren Microwave, Inc.*	5,000		89,900
Art Technology Group, Inc.*	18,500		70,115
Aruba Networks, Inc.*	4,705		41,780

Managers Fremont Institutional Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Information Technology - 21.0% (continued)
Bel Fuse, Inc.	4,009	$	73,684
Cavium Networks, Inc.*	2,500		47,175
China Digital Tv Holding Co., Ltd.	4,400		38,544
CommVault Systems, Inc.*	2,600		45,266
Compellent Technologies, Inc.*	9,950		158,106
Constant Contact, Inc.*	5,275		119,268
CTS Corp.	7,470		62,972
CyberSource Corp.*	14,455		250,650
DealerTrack Holdings, Inc.*	4,565		90,524
DemandTec, Inc.*	13,106		116,774
DG FastChannel, Inc.*	7,050		147,980
Digi International, Inc.*	4,805		49,059
Double-Take Software, Inc.*	4,650		40,455
DTS, Inc.*	3,590		98,617
Dynamics Research Corp.*	800		9,856
Ebix, Inc.*	1,870		77,568
EMS Technologies, Inc.*	11,143		245,146
Forrester Research, Inc.*	9,422		212,654
GSI Commerce, Inc.*	3,100		56,544
iGATE Corp.*	7,425		53,831
Interactive Intelligence, Inc.*	4,400		71,104
IPG Photonics Corp.*	3,000		32,190
IXYS Corp.	2,487		19,225
Knot, Inc., The*	8,300		72,542
LogMein, Inc.*	2,985		58,237
Maxwell Technologies, Inc.*	7,085		100,324
Mellanox Technologies, Ltd.*	12,634		199,996
Methode Electronics, Inc.	1,893		14,349
Monolithic Power Systems, Inc.*	1,800		39,942
MTS Systems Corp.	2,876		67,557
Multi-Fineline Electronix, Inc.*	600		13,674
NCI, Inc., Class A*	3,472		110,028
Netezza Corp.*	7,500		67,800
NetLogic Microsystems, Inc.*	2,525		100,344
Neutral Tandem, Inc.*	4,740		146,940
Online Resources Corp.*	20,345		134,480
OpenTable, Inc.*	1,300		38,610
PC Connection, Inc.*	4,746		27,242
PDF Solutions, Inc.*	39,453		90,742
Perficient, Inc.*	6,600		48,708
PROS Holdings, Inc.*	6,900		54,234
Radiant Systems, Inc.*	10,100		101,606
Renaissance Learning, Inc.	1,242		12,085
Rogers Corp.*	475		11,851
ShoreTel, Inc.*	8,400		72,408
SonicWALL, Inc.*	5,975		45,350
Spectrum Control, Inc.*	3,864		38,138
Super Micro Computer, Inc.*	1,961		15,570
Supertex, Inc.*	5,380		124,009
Switch and Data Facilities Co., Inc.*	18,957		263,312
Symmetricom, Inc.*	4,400		28,512
Synchronoss Technologies, Inc.*	6,200		73,656
Taleo Corp.*	3,300		57,750
TESSCO Technologies, Inc.*	1,075		16,211
Ultimate Software Group, Inc., The*	1,900		48,640
VanceInfo Technologies, Inc. (ADR)*	3,600		54,540
Virtusa Corp.*	13,855		129,129
Vocus, Inc.*	2,967		49,905
Volterra Semiconductor Corp.*	3,835		63,623
White Electronic Designs Corp.*	5,494		25,108
Zygo Corp.*	8,978		56,741
Total Information Technology			5,202,569

Managers Fremont Institutional Micro-Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Materials - 2.5%
Balchem Corp.*	6,528	$	181,152
Brust Well Man, Inc.*	725		15,464
Buckeye Technologies, Inc.*	9,389		59,620
Chemspec International, Ltd., (ADR)*	7,100		66,244
ICO, Inc.*	20,625		85,181
Koppers Holdings, Inc.	1,600		44,656
Landec Corp.*	5,400		34,128
Quaker Chemical Corp.	2,050		36,900
Schweitzer-Mauduit International, Inc.	412		13,472
Universal Stainless & Alloy Products, Inc.*	1,575		27,736
Zagg*	8,850		56,374
Total Materials			620,927
Telecommunication Services - 0.4%
Cbeyond, Inc.*	4,090		57,342
Shenandoah Telecommunications Co.	1,863		37,930
Total Telecommunication Services			95,272
Utilities - 0.2%
American States Water Co.	1,034		37,586
Total Common Stocks (cost $22,656,517)			23,623,650
Short-Term Investments - 3.2%1
Dreyfus Cash Management Fund, Institutional Class Shares, 0.35%7 (cost $801,012)	801,012		801,012
Total Investments - 98.8% (cost $23,457,529)			24,424,662
Other Assets, less Liabilities - 1.2%			291,902
Net Assets - 100.0%		$	24,716,564

Managers Fremont Bond Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Principal Amount			Value
Corporate Bonds - 49.2%
Asset-Backed Securities - 3.6%
Asset Backed Funding Certificates, Series 2006-OPT3 A3A, 0.345%, 11/25/36, (08/25/09)9	$	319,781		$	311,213
Amortizing Residential Collateral Trust, 0.575%, 07/25/32, (08/25/09)9		77,398			48,387
Bear Stearns Asset Backed Securities, Inc., 0.365%, 10/25/36, (08/25/09)9		472,145			424,438
Countrywide Asset-Backed Certificates, 0.335%, 11/25/37, (08/25/09)9		512,116			484,336
EMC Mortgage Loan Trust, Class A, 0.655%, 05/25/40, (08/25/09)(a)9		1,082,286			757,104
First Franklin Mortgage Loan Asset Backed Certificates, Series 2006-FF15, Class A3, 0.335%, 11/25/36, (08/25/09)9		891,971			878,457
First NLC Trust, 0.355%, 08/25/37, (08/25/09)(a)9		1,276,703			804,014
Fremont Home Loan Trust, 0.345%, 01/25/37, (08/25/09)9		684,436			440,180
GSAMP Trust, Series 2006-HE7, Class A2A, 0.325%, 11/25/46, (08/25/09)9		574,731			547,766
HSI Asset Securitization Corp. Trust, 0.335%, 12/25/36, (08/25/09)9		373,101			223,595
Indymac Residential Asset Backed Trust, 0.345%, 01/25/37, (08/25/09)9		238,402			228,032
JPMorgan Acquisition Corp., Class A, 0.335%, 08/25/36, (08/25/09)9		110,499			107,334
Lehman XS Trust, 0.365%, 11/25/46, (08/25/09)9		1,034,988			881,026
Long Beach Mortgage Loan Trust, 0.565%, 10/25/34, (08/25/09)9		55,661			35,965
Morgan Stanley ABS Capital I, 0.325%, 10/25/36, (08/25/09)9		250,601			238,185
Morgan Stanley ABS Capital I, 0.335%, 10/25/36, (08/25/09)9		179,012			170,934
Morgan Stanley Ixic Real Estate Capital Trust, 0.335%, 11/25/36, (08/25/09)9		339,510			323,684
Option One Mortgage Loan Trust, 0.335%, 01/25/37, (08/25/09)9		305,058			291,007
Park Place Securities, Inc., Series 2005-WCW1, Class A1B, 0.545%, 09/25/35, (08/25/09)9		1,587,551			874,634
Residential Asset Securities Corp., 0.355%, 11/25/36, (08/25/09)9		513,714			506,873
Saxon Asset Securities Trust, 0.345%, 11/25/36, (08/25/09)9		103,529			100,340
SBAP, Series 2009-20E, Class 1, 4.430%, 05/01/29		5,500,000			5,604,696
SBAP, Series 2007-20K, Class 1, 5.510%, 11/01/27		4,879,623			5,160,103
Securitized Asset Backed Receivables LLC Trust, Series 2007-NC2, Class A2A, 0.325%, 01/25/37, (08/25/09)9		1,018,781			881,709
Securitized Asset Backed Receivables LLC Trust, 0.345%, 12/25/36, (08/25/09)9		784,030			404,927
Structured Asset Securities Corp., 0.335%, 10/25/36, (08/25/09)9		677,797			630,481
Structured Asset Securities Corp., 0.575%, 01/25/33, (08/25/09)9		77,557			54,721
U.S. Small Business Administration Participation Certificates, Series 2008-10E, Class 1, 5.110%, 09/01/18		3,954,672			4,221,992
U.S. Small Business Administration Participation Certificates, 5.130%, 09/01/23		116,271			122,132
U.S. Small Business Administration Participation Certificates, Series 2008-20I, 5.600%, 09/01/28		9,808,356			10,464,291
U.S. Small Business Administration Surety Bonds, 6.344%, 08/01/11		336,651			352,528
U.S. Small Business Administration Surety Bonds, 7.449%, 08/01/10		18,161			18,739
Total Asset-Backed Securities					36,593,823
Financials - 28.5%
Allstate Life Global Funding Trusts, 5.375%, 04/30/13		1,600,000			1,676,558
American Express Bank FSB, 0.349%, 10/20/09, (08/20/09)9		2,300,000			2,297,303
American Express Centurion, Series BKNT, 0.349%, 03/23/10, (08/24/09)9		5,000,000			4,937,051
American Express Co., 7.000%, 03/19/18		1,000,000			1,028,084
American Express Credit Co., 0.362%, 11/09/09, (08/10/09)9		2,400,000			2,393,971
American Express Travel Related Services Co., Inc., Series EMTN, 0.481%, 06/01/11, (09/01/09)9		900,000			828,736
American International Group, Inc., 5.050%, 10/01/15		400,000			206,272
American International Group, Inc., 8.250%, 08/15/18		4,500,000			2,663,199
ANZ National Bank, Ltd., 1.014%, 08/07/09(a)		2,500,000			2,500,050
ANZ National International, Ltd., 6.200%, 07/19/13(a)		1,800,000			1,874,378
Australia and New Zealand Banking Group, Ltd., 3.200%, 12/15/11(a)		19,000,000			19,524,400
Bank of America Corp., 2.100%, 04/30/12		5,500,000			5,535,822
Bank of America Corp., 6.000%, 10/15/36		900,000			776,080
Bank of America Corp., 6.500%, 08/01/16		2,800,000			2,852,399
Barclays Bank PLC, 5.450%, 09/12/12		17,300,000			18,377,323
Bear Stearns Companies, Inc., The, 0.843%, 08/21/09		4,600,000			4,601,854
Bear Stearns Companies, Inc., The, 1.093%, 08/15/11, (08/17/09)9		200,000			198,563
Bear Stearns Companies, Inc., The, 6.950%, 08/10/12		5,800,000			6,433,145
C10 Capital SPV, Ltd., 6.722%, 12/31/49(a)10		1,500,000	2		848,640
Chrysler Term Loan, 4.290%, 08/03/14		5,895,000			5,588,460
CIT Group, Inc., 0.974%, 08/17/09		2,400,000			1,875,000
CIT Group, Inc., 5.000%, 05/13/14		1,800,000			1,244,281
Citigroup Capital XXI, 8.300%, 12/21/5710		1,200,000			1,011,000
Citigroup Funding, Inc., 2.250%, 12/10/12		3,500,000			3,511,921
Citigroup, Inc., 0.631%, 12/28/09, (09/28/09)9		300,000			298,293
Citigroup, Inc., 5.300%, 10/17/12		200,000			199,258
Citigroup, Inc., 5.625%, 08/27/12		1,300,000			1,263,002
Citigroup, Inc., 8.500%, 05/22/19		100,000			106,650
Citigroup, Inc., 5.500%, 08/27/12		500,000			499,752
Citigroup, Inc., 5.850%, 07/02/13		100,000			98,330
Citigroup, Inc., 6.000%, 08/15/17		4,200,000			3,850,409
Citigroup, Inc., 6.125%, 05/15/18		800,000			733,692
Citigroup, Inc., 6.125%, 08/25/36		4,900,000			3,701,313
Citigroup, Inc., Series EMTN, Class B, 3.625%, 11/30/1710		3,800,000			4,236,707
Commonwealth Bank of Australia, 0.925%, 07/12/13, (10/12/09)(a)9		7,500,000			7,480,125
Credit Agricole, 0.714%, 05/28/10, (08/28/09)(a)9		2,200,000			2,189,312
Danske Bank A/S, 2.500%, 05/10/12,(a)		1,200,000			1,205,124
Deutsche Bank AG London, 6.000%, 09/01/17		5,000,000			5,261,230
Ford Motor Credit Company LLC, 5.700%, 01/15/10		1,500,000			1,477,190
Ford Motor Credit Company LLC, 7.250%, 10/25/11		200,000			187,888
Ford Motor Credit Company LLC, 7.375%, 02/01/11		300,000			289,354

Ford Motor Credit Company LLC, 7.875%, 6/15/10		2,900,000			2,857,883
Ford Motor Credit Company LLC, 8.625%, 11/01/10		700,000			688,830
Fortis Bank Nederland Holding N.V., 3.000%, 04/17/12		200,000			290,591
Schedule of Portfolio Investments (unaudited) Security Description	Principal Amount			Value
Financials - 28.5% (continued)
GAZ Capital, 6.212%, 11/22/16(a)	$	400,000		$	354,500
General Electric Capital Corp., 0.580%, 01/20/10, (10/20/09)9		2,000,000			1,999,854
General Electric Capital Corp., 0.604%, 10/21/10, (10/21/09)9		5,000,000	2		4,935,915
General Electric Capital Corp., 0.953%, 08/15/11, (08/17/09)9		3,600,000			3,454,812
General Electric Capital Corp., 2.000%, 09/28/12		3,100,000			3,109,796
General Electric Capital Corp., Series MTN, 2.625%, 12/28/12		7,900,000			8,023,208
General Electric Capital Corp., 3.000%, 12/09/11		200,000			206,338
General Electric Capital Corp., 5.500%, 09/15/67(a)10		5,500,000			4,899,367
General Electric Capital Corp., 5.875%, 01/14/38		2,300,000			1,998,902
GMAC LLC, 6.000%, 12/15/11		400,000			354,946
Goldman Sachs Group, Inc., 0.934%, 11/16/09, (08/17/09)9		1,300,000			1,300,225
Goldman Sachs Group, Inc., 5.950%, 01/18/18		4,800,000			5,065,819
Goldman Sachs Group, Inc., 6.150%, 04/01/18		2,000,000			2,140,736
Goldman Sachs Group, Inc., 6.250%, 09/01/17		3,200,000			3,432,451
HSBC Finance Corp., 0.564%, 10/21/09		1,600,000			1,593,944
HSBC Holdings PLC, 6.500%, 05/02/36		800,000			762,705
HSBC Holdings PLC, 6.500%, 09/15/37		900,000			850,707
ICICI Bank, Ltd., 1.050%, 01/12/10, (10/12/09)(a)9		3,400,000			3,332,717
International Lease Finance Corp., 4.375%, 11/01/09		2,500,000			2,434,770
JPMorgan Chase Bank, 0.959%, 06/13/16, (09/14/09)9		1,300,000			1,063,432
JPMorgan Chase Bank, N.A., 6.000%, 10/01/17		4,500,000			4,683,366
JPMorgan Chase & Co., 6.000%, 01/15/18		1,600,000			1,697,186
JPMorgan Chase Capital XX, 6.550%, 09/29/36		400,000			342,182
KBC Bank Fund Trust II, 6.875%, (Perpetual)		1,900,000			1,326,948
Key Bank N.A., 2.906%, 06/02/10, (09/02/09)9		2,700,000			2,684,621
Korea Development Bank, 0.728%, 04/03/10, (10/05/09)9		7,100,000			6,981,473
LeasePlan Corp. N.V., 3.125%, 02/10/12	EUR	1,300,000			1,901,473
Lehman Brothers Holdings, Inc., 10/22/08*5,15		3,900,000			682,500
Lehman Brothers Holdings, Inc., 12/23/08*5,15		200,000			35,000
Lehman Brothers Holdings, Inc., 04/03/09*5,15		4,700,000			822,500
Lehman Brothers Holdings, Inc., 11/16/09*5,15		1,200,000			210,000
Lehman Brothers Holdings, Inc., 05/25/10*5,15		1,000,000			175,000
Lehman Brothers Holdings, Inc., 07/18/11*5,15		1,700,000			297,500
Lehman Brothers Holdings, Inc., 01/24/13*5,15		2,000,000			360,000
Lehman Brothers Holdings, Inc., 05/02/18*5,15		600,000			109,500
Lloyds Banking Group PLC, 5.920%, 09/29/49(a)10		400,000			154,000
Lloyds TSB Bank PLC, 6.350%, 10/29/4910	EUR	1,800,000			1,593,449
Merrill Lynch & Co., Inc., 0.704%, 07/25/11, (10/26/09)9		3,000,000			2,861,469
Merrill Lynch & Co., Inc., 0.726%, 12/04/09, (09/04/09)9		2,100,000			2,096,504
Merrill Lynch & Co., Inc., 0.996%, 08/14/09, (08/14/09)9		2,200,000			2,200,079
Met Life Global Funding, 0.894%, 05/17/10, (08/17/09)(a)9		4,100,000			4,069,480
Metlife, Inc., 6.400%, 12/15/36		800,000			629,752
Morgan Stanley, 0.599%, 01/15/10, (10/15/09)9		4,600,000			4,584,296
Morgan Stanley, 3.250%, 12/01/11		1,300,000	2		1,349,716
Morgan Stanley, 5.950%, 12/28/17		1,800,000			1,856,477
Morgan Stanley, 6.250%, 08/28/17		1,000,000			1,041,575
Morgan Stanley, Series MTN, 3.006%, 05/14/10		3,100,000			3,125,519
MUFG Captial Finance, Ltd., 6.299%10	GBP	400,000			529,567
National Australia Bank, Ltd., 5.350%, 6/12/13(a)		1,500,000			1,583,404
Petroleum Export, Ltd., 5.265%, 06/15/11(a)		158,603			152,439
Principal Life Income Funding Trust, 5.300%, 04/24/13		1,500,000			1,516,287
Principal Life Income Funding Trust, 5.550%, 04/27/15		2,300,000			2,287,552
Resona Bank, Ltd., 5.850%, 04/15/4910		500,000			400,523
Royal Bank of Scotland PLC, 9.118%, 03/1/498		1,000,000			920,134
Royal Bank of Scotland PLC, The, 1.320%, 04/08/11, (08/13/09)(a)9		3,700,000			3,696,000
Royal Bank of Scotland PLC, The, 3.000%, 12/09/11(a)		2,700,000			2,761,231
Royal Bank of Scotland PLC, The, 6.990%, 10/29/49(a)8		2,600,000			1,249,531
Santander, 6.671%, 10/29/49(a)10		2,100,000			1,756,379
SLM Corp., 0.829%, 03/15/11, (09/15/09)9		4,500,000			3,737,858
SMFG Preferred Capital, Ltd., Series REGS, 6.164%, 01/29/4910	GBP	1,100,000			1,331,690
SMFG Preferred Capital, Ltd., 6.078%, 01/29/49(a)10		200,000			176,006
Societe Financement de l’Economie Francaise, 0.713%, 07/16/12, (10/16/09)(a)9		1,000,000			1,000,000
State Street Capital Trust III, 8.250%, 03/15/428		2,000,000			1,871,400
State Street Capital, 1.629%, 06/15/37, (09/15/09)9		300,000			169,952
Swedbank AB, 3.625%, 12/02/11		200,000			294,800
TNK- BP Finance SA, 6.125%, 03/20/12		400,000			386,000
TransCapitalInvest, Ltd., 8.700%, 08/07/18(a)		600,000			600,925
UBS AG, 5.750%, 04/25/18		1,300,000			1,228,960
UBS AG, Series DPNT, 5.875%, 12/20/17		1,400,000			1,346,275
USB CAPITAL IX, 6.189%, 03/29/4910		300,000			214,576
Wachovia Corp., Series MTN, 0.673%, 08/01/13, (11/02/09)9		300,000			274,297
Wachovia Corp., 0.639%, 10/15/11, (10/15/09)9		3,500,000			3,379,470
Wachovia Corp., 0.718%, 12/01/09, (09/01/09)9		4,500,000			4,499,559
Wachovia Corp., 5.750%, 02/01/18		4,400,000			4,542,925
Wells Fargo & Co., Series K, 02/28/4910		21,200,000			18,365,072

Total Financials					289,158,944
Industrials - 8.6%
Amgen, Inc., 6.150%, 06/01/18		4,900,000			5,511,482
AstraZeneca PLC, 5.900%, 09/15/17		800,000			893,445
AstraZeneca PLC, 6.450%, 09/15/37		700,000			816,585
AT&T, Inc., 0.572%, 02/05/10, (11/05/09)9		1,200,000			1,200,818
Schedule of Portfolio Investments (unaudited) Security Description	Principal Amount			Value
Industrials - 8.6% (continued)
AT&T, Inc., 4.950%, 01/15/13	$	1,700,000		$	1,797,177
AT&T, Inc., 5.500%, 02/01/18		1,700,000			1,803,326
AT&T, Inc., 6.300%, 01/15/38		1,200,000			1,284,276
Codelco, Inc., 6.150%, 10/24/36(a)		300,000			296,916
Comcast Corp., 5.875%, 02/15/18		600,000			645,738
Comcast Corp., 6.450%, 03/15/37		600,000			644,394
Corp Nacional del Cobre de Chile, 7.500%, 01/15/19(a)		1,500,000			1,742,538
DaimlerChrysler NA Holdings, 1.466%, 08/03/09		2,200,000			2,200,000
DnB NOR Bank ASA, 0.580%, 10/13/09(a)		13,100,000			13,043,880
Gaz Capital SA, 8.625%, 04/28/34		5,500,000			5,761,250
General Electric, 0.748%, 01/08/16, (10/08/09)9		1,000,000			825,759
IBM Corp., 5.700%, 09/14/17		9,000,000			9,864,117
NGPL Pipeco LLC, Series 144A, 6.514%, 12/15/12(a)		1,800,000			1,957,239
Peabody Energy Corp., 7.875%, 11/01/26(a)		700,000			647,500
Petroleos Mexicanos, 8.000%, 05/03/19		5,100,000			5,775,750
Philip Morris International, Inc., 5.650%, 05/16/18		1,000,000			1,065,772
Qwest Capital Funding, Inc., 7.250%, 02/15/11		1,813,000			1,803,936
Ras Laffan Liquefied Natural Gas Co., Ltd, 5.298%, 09/30/20(a)		900,000			877,300
Rohm & Haas Holdings, 6.000%, 09/15/17		1,100,000			1,047,370
Salomon Brothers, 10.500%, 10/21/09		2,100,000			2,134,230
Sonat, Inc., 7.625%, 07/15/11		1,300,000			1,330,866
Tennessee Gas Pipeline Co., 7.000%, 10/15/28		6,145,000			6,326,806
Time Warner, Inc., 1.150%, 11/13/09, (08/13/09)9		2,000,000			1,994,730
Time Warner, Inc., 5.875%, 11/15/16		1,200,000	2		1,261,356
UnitedHealth Group, Inc., 4.875%, 02/15/13		1,600,000			1,633,587
Vale Overseas, Ltd., 6.250%, 01/23/17		500,000			534,920
Vale Overseas, Ltd., 6.875%, 11/01/36		500,000			506,560
Verizon Wireless Capital LLC, 5.250%, 02/01/12(a)		9,300,000			9,931,284
Total Industrials					87,160,907
Mortgage-Backed Securities - 7.9%
American Home Mortgage Investment Trust, 4.390%, 02/25/45, (11/25/09)(a)9		809,934			639,606
Banc of America Funding Corp., 3.678%, 05/25/35		1,224,989			1,109,171
Bear Stearns Adjustable Rate Mortgage Trust, 3.440%, 11/25/30		29,916			27,537
Bear Stearns Adjustable Rate Mortgage Trust, 5.099%, 04/25/3310		506,263			471,185
Bear Stearns Adjustable Rate Mortgage Trust, 5.639%, 02/25/3310		128,537			124,390
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-2, Class A2, 2.235%, 03/25/35, (09/01/09)9		9,869,211			8,483,736
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-2, Class A1, 2.940%, 03/25/35, (09/01/09)9		14,118,994			12,220,517
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-5, Class A2, 4.550%, 08/25/35, (10/25/09)9		18,278,596			16,134,568
Bear Stearns Alt-A Trust, 5.360%, 05/25/3510		1,720,962			1,180,777
Bear Stearns Alt-A Trust, Series 2005-7, Class 22A1, 5.491%, 09/25/3510		839,075			572,613
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4, 5.700%, 06/11/50		2,800,000			2,361,847
Bear Stearns Mortgage Funding Trust, 0.355%, 02/25/37, (08/25/09)9		1,393,803			1,163,367
Citigroup Mortgage Loan Trust, Inc., Series 2005-11, Class 2A1, 4.700%, 12/25/35, (07/25/09)9		532,729			429,953
Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A1, 4.748%, 08/25/35, (10/25/09)9		9,090,367			8,030,432
Countrywide Alternative Loan Trust, 0.465%, 04/25/47,08/25/09)9		1,599,954			731,426
Countrywide Home Loans, Inc., Asset Backed Certificates, 5.250%, 02/20/36, (09/20/10)9		551,247			364,028
Greenpoint Mortgage Funding Trust, 0.365%, 12/25/36, (08/25/09)9		1,405,445			1,111,466
Greenpoint Mortgage Funding Trust, 0.365%, 10/25/46, (08/25/09)9		1,289,006			1,074,256
GS Mortgage Securities Corp. II, 5.410%, 03/06/20, (08/06/09)(a)9		2,223,170			1,916,703
GSR Mortgage Loan Trust, Series 2005-AR7, Class 6A1, 5.239%, 11/25/3510		2,096,222			1,752,172
Impac Secured Assets Corp, 0.365%, 01/25/37, (08/25/09)9		452,050			330,481
IndyMac Index Mortgage Loan Trust, 0.375%, 11/25/46, (08/25/09)9		673,070			614,996
IndyMac Index Mortgage Loan Trust, Series 2005-AR31, Class 1A1, 4.229%. 01/25/3610		2,090,794			1,235,504
JPMorgan Mortgage Trust, Series 2005-A1, Class 6T1, 5.012%, 02/25/35		1,337,922			1,232,971
JPMorgan Chase Commercial Mortgage Securities Corp., 2006-LDP9, Class A3, 5.336%, 05/15/47		2,100,000			1,711,153
Lehman Brothers Floating Rate Commecial Mortgage Trust, 0.368%, 09/15/21, (08/15/09)9		272,026			239,901
Merrill Lynch Mortgage Investors, Inc., Series 2005-A10, Class A, 0.495%, 02/25/36, (08/25/09)9		938,136			522,588
MLCC Mortgage Investors, Inc., Series 2005-3, Class 4A, 0.535%, 11/25/35, (08/25/09)9		249,982			179,713
Morgan Stanley Capital I, Series 2007-IQ16, Class A4, 5.809%, 12/12/4910		3,000,000			2,426,002
Prime Mortgage Trust, 0.685%, 02/25/19, (08/25/09)9		45,744			43,397
Prime Mortgage Trust, 0.685%, 02/25/34, (08/25/09)9		294,492			238,429
Structured Asset Mortgage Investments, Inc., 0.949%, 09/19/32, (09/19/09)9		439,494			321,902
Structured Asset Mortgage Investments, Inc., Series 2005-AR5, Class A2, 0.539%, 07/19/35, (08/19/09)9		1,049,759			697,851
Structured Asset Securities Corp., 4.400%, 10/25/3510		1,198,311			800,993
Structured Asset Securities Corp., 3.694%, 01/25/32		27,612			25,331
Thornburg Mortgage Securities Trust, 0.395%, 11/25/46, (08/25/09)9		1,254,174			1,131,070
Wachovia Bank Commercial Mortgage Trust, 0.368%, 06/15/20, (08/15/09)(a)9		2,547,462			1,910,017
Wachovia Bank Commercial Mortgage Trust, Series 2006-WL7A Class A1, 5.490%, 09/15/21, (08/15/09)9		5,644,189			4,078,375
Washington Mutual MSC Mortgage Pass-Through, 3.327%, 02/25/31		67,090			54,378
Washington Mutual, 2.410%, 11/25/42, (09/01/09)9		220,242			134,964
Washington Mutual, Series 2005-AR13, Class A1A1, 0.575%, 10/25/45,(08/25/09)9		387,726			222,279
Wells Fargo Mortgage Backed Securities, Series 2006-AR2, Class 2A1, 4.950%, 03/25/36		2,298,477			1,828,098

Total Mortgage-Backed Securities			79,880,150
Utilities - 0.6%
Enel Finance International SA, 6.800%, 09/15/37(a)		5,800,000	6,658,632
Total Corporate Bonds (cost $531,384,924)			499,452,456
Foreign Government - 0.1%
Export-Import Bank of China, The, 4.875%, 07/21/15(a)		300,000	319,375
Republic of Brazil, 10.250%, 01/10/28	BRL	1,250,000	674,997
Total Foreign Government (cost $1,014,836)			994,372

Schedule of Portfolio Investments (unaudited) Security Description	Principal Amount			Value
U.S. Government and Agency Obligations - 75.8%
Federal Home Loan Mortgage Corporation - 14.8%
FHLMC, 0.438%, 07/15/19, (08/15/09)9	$	2,187,414		$	2,143,095
FHLMC, 0.438%, 08/15/19, (08/15/09)9		4,983,107			4,875,644
FHLMC, 0.588%, 05/15/36, (08/15/09)9		1,432,427			1,409,208
FHLMC, 0.788%, 09/15/30, (09/15/09)9		54,791			54,220
FHLMC, 1.125%, 06/01/11		6,000,000			6,003,156
FHLMC, 1.625%, 04/26/11		400,000			403,720
FHLMC Structured Pass Through Securities, 2.540%, 02/25/45, (10/01/2009)9		187,290			177,906
FHLMC, 4.388%, 07/01/30, (01/01/10)9		3,382			3,440
FHLMC Gold Pool, 4.500%, 02/01/14		183,544			189,706
FHLMC, 4.689%, 11/01/34, (11/01/09)9		2,596,414			2,700,633
FHLMC, 4.875%, 06/13/18		800,000			870,819
FHLMC, 5.000%, 04/18/17 to 11/01/18		6,632,910			7,206,676
FHLMC, 5.000%, TBA		25,000,000			25,566,400
FHLMC, 5.027%, 08/01/35, (08/01/15)9		304,355			319,129
FHLMC, 5.250%, 07/18/11		600,000			647,005
FHLMC, 5.500%, 08/01/37		2,755,391			2,858,760
FHLMC, 5.500%, TBA		35,000,000			36,252,335
FHLMC Gold Pool, 5.500%, 04/01/37 to 01/01/39		15,743,975			16,328,304
FHLMC, 6.000%, 02/01/16 to 09/01/16		136,009			163,071
FHLMC Gold Pool, 6.000%, 05/01/16 to 02/01/38		522,916			548,817
FHLMC, 6.000%, TBA		29,500,000			30,915,087
FHLMC, 6.500%, 01/01/26 to 08/15/31		9,215,949			9,920,546
FHLMC, 7.000%, 11/15/20		25,300			26,926
FHLMC, 7.500%, 08/15/30		351,807			392,369
Total Federal Home Loan Mortgage Corporation					149,976,972
Federal National Mortgage Association - 49.5%
FNMA, 0.345%, 12/25/36, (08/25/09)9		978,945			953,196
FNMA, 2.539%, 07/01/44, (08/01/09)9		348,844			342,253
FNMA, 3.500%, 07/01/11		346,399			354,998
FNMA, 3.841%, 05/01/36, (08/01/09)9		1,639,022			1,636,806
FNMA, 4.000%, 05/01/14		228,484			234,194
FNMA, 4.025%, 05/01/36, (08/01/09)9		915,334			922,730
FNMA, 4.500%, 05/01/21 to 03/01/24		5,823,726			5,988,778
FNMA, 4.590%, 05/25/35		354,390			348,856
FNMA, 4.685%, 09/01/35, (09/01/35)9		3,464,278			3,596,824
FNMA, 4.826%, 06/01/35, (01/01/10)9		5,689,218			5,904,872
FNMA, 5.000%, 10/01/17 to 02/01/36		71,816,634			74,474,654
FNMA, 5.000%, TBA		83,000,000			84,932,323
FNMA, 5.046%, 05/01/35, (05/01/15)9		280,815			292,894
FNMA, 5.500%, 12/01/16 to 12/01/38		154,693,773			160,566,047
FNMA, 5.500%, TBA		67,950,000			70,402,587
FNMA, 6.000%, 04/01/16 to 10/01/38		47,746,727			50,194,326
FNMA, 6.000%, TBA		32,500,000			34,069,132
FNMA, 6.500%, 11/01/35 to 04/01/37		1,076,250			1,153,405
FNMA, 6.500%, TBA		4,800,000			5,133,755
FNMA Whole Loan, 6.500%, 12/25/42		331,732			358,816
FNMA, 7.200%, 05/25/23		761,665			837,867
Total Federal National Mortgage Association					502,699,313
Federal Home Loan Bank - 0.1%
FHLB, 3.375%, 06/24/11		1,000,000	2		1,038,311
Government National Mortgage Association - 1.3%
GNMA, 4.125%, 11/20/24 to 11/20/29, (01/01/10)9		363,574			368,392
GNMA, 4.375%, 03/20/24, (04/01/10)9		42,630			43,332
GNMA, 4.625%, 08/20/25, (10/01/09)9		27,930			28,593
GNMA, 5.375%, 04/20/21, (07/01/10)9		8,155			8,407
GNMA, 6.000%, 12/15/37 to 10/15/38		2,395,854			2,519,553
GNMA, 6.500%, 06/20/28		949,154			1,021,186
GNMA, 6.750%, 10/16/40		8,441,171			8,981,689
Total Government National Mortgage Association					12,971,152
United States Treasury Securities - 10.1%
U.S. Treasury Bills, 0.061%, 08/06/0915		27,000			27,000
U.S. Treasury Bills, 0.118%, 09/03/0915		14,000			13,998
U.S. Treasury Bills, 0.153%, 10/08/0915		72,000			71,979
U.S. Treasury Bills, 0.244%, 01/28/1015		42,000			41,949
U.S. Treasury Bills, 2.375%, 01/15/25		13,746,931			14,047,645
U.S. Treasury Bills, 4.250%, 05/15/3915		23,400,000			23,166,070
U.S. Treasury Notes, 0.875%, 04/30/1115		1,708,000			1,705,341
U.S. Treasury Notes, 1.000%, 07/31/1115		23,112,000			23,061,454
U.S. Treasury Notes, 1.125%, 06/30/11		4,300,000	2		4,305,044
U.S. Treasury Notes, 1.625%, 01/15/18		3,266,272			3,255,043
U.S. Treasury Notes, 1.875%, 07/15/15		15,413,860			15,611,342
U.S. Treasury Notes, 3.125%, 05/15/19		4,800,000	2		4,652,990
U.S. Treasury Inflation Indexed Bonds, 1.625%, 01/15/15		7,389,894			7,371,419
U.S. Treasury Inflation Indexed Bonds, 2.500%, 01/15/29		4,282,714			4,484,807
U.S. Treasury Inflation Indexed Bonds, 2.625%, 07/15/17		1,031,750			1,102,683
Total United States Treasury Securities					102,918,764
Total U.S. Government and Agency Obligations (cost $754,655,795)					769,604,512

Schedule of Portfolio Investments (unaudited) Security Description	Principal Amount			Value
Municipal Bonds - 3.1%
Buckeye Tobacco Settlement Financing Authority (OH), Class A-2, 5.875%, 06/01/30	$	1,000,000		$	697,480
California State University, Series A, 5.250%, 11/01/38		1,000,000			936,220
Chicago Transit Authority (IL), Series A, 6.300%, 12/01/21		300,000			310,716
Chicago Transit Authority (IL), Series A, 6.899% 12/01/40		3,300,000			3,530,835
Illinois Municipal Electric Agency Power Supply System Revenue, Series C, 6.832%, 02/01/35		800,000			834,896
Los Angeles, CA Unified School District-Ref-Ser A-1, 4.500%, 07/01/22		3,600,000			3,561,660
Los Angeles, CA Community College District, 5.000%, 08/01/33		9,000,000			8,495,910
North Carolina Turnpike Authority Revenue, Series B, 6.700%, 01/01/39		900,000			930,348
Public Power Generation Agency Revenue, Series A, 7.240%, 01/01/41		1,200,000			1,187,040
State of California, 5.000%, 06/01/32		5,600,000			5,235,328
State of California, 5.650%, 04/01/395		1,200,000			1,213,692
State of California, 7.500%, 04/01/34		1,300,000			1,342,978
State of California, 7.550%, 04/01/39		1,300,000			1,345,474
State of Texas, Transportation Commisssion Mobility Fund, Series A, 4.750%, 04/01/35		1,200,000			1,153,476
Truckee Meadows Water Authority (NV), 5.000%, 07/01/36		200,000			185,652
Total Municipal Bonds (cost $29,764,810)					30,961,705
	Shares
Municipal Bond Funds - 0.6%
Dreyfus Municipal Income, Inc.		37,500			306,000
DWS Municipal Income Trust		55,000			574,200
MFS Municipal Income Trust		53,800	2		331,408
Nuveen Performance Plus Municipal Fund		55,000			718,850
Nuveen Premium Income Municipal Fund II		55,000	2		696,850
Nuveen Premium Income Municipal Fund IV		55,000			614,900
Nuveen Quality Income Municipal Fund		55,000			732,050
Putnam Municipal Opportunities Trust		33,648			345,228
Van Kampen Advantage Municipal Income Trust II		61,796			658,127
Van Kampen Trust for Investment Grade Municipals		55,000			694,650
Total Municipal Bond Funds (cost $6,544,612)					5,672,264
Preferred Stocks - 0.4%
DG Funding Trust, 1.062%(a) (cost $6,037,773)		573			4,390,612
	Notional Amount
Options and Swaptions - 0.0%#
3-Month USD-LIBOR-BBA (Call), 3.450%, 08/05/11	$	4,700,000			184,385
3-Month USD-LIBOR-BBA (Call), 3.850%, 08/05/11		3,700,000			174,342
Total Options and Swaptions (cost $91,158)					358,727
Short-Term Investments - 3.0%
	Shares
Other Investment Companies - 2.1%1
BNY Institutional Cash Reserves Fund, Series Series A, 0.19%3		15,910,353			15,910,353
BNY Institutional Cash Reserve Fund, Series B*3,4		643,217			109,347
Dreyfus Cash Management Fund, Institutional Class Shares, 0.35%11		5,206,178			5,206,178
Total Other Investment Companies					21,225,878
	Principal Amount
Repurchase Agreements - 0.9%
JPMorgan Chase & Co., dated 07/30/09, due 08/03/09, 0.20%, total to be received $2,500,042 (secured by $2,500,000 U.S. Treasury Bills, 0.210%, 12/17/09)	$	2,500,000			2,500,000
JPMorgan Chase & Co., dated 07/31/09, due 08/04/09, 0.18%, total to be received $6,700,039 (secured by $6,700,000 U.S. Treasury Bills, 0.180%, 10/22/09)		6,700,000			6,700,000
Total Repurchase Agreements					9,200,000
Total Short-Term Investments (cost $30,959,748)
Total Investments - 132.2% (cost $1,360,453,656)					1,341,860,526
Other Assets, less Liabilities - (31.7)%					(326,619,102	)
Net Assets - 100.0%				$	1,015,241,424

Managers Real Estate Securities Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
REITs - 95.4%
Apartments - 14.4%
Apartment Investment & Management Co.	7,080	$	66,410
AvalonBay Communities, Inc.	1,770		103,014
Camden Property Trust	5,790		170,863
Education Realty Trust, Inc.	18,150		88,028
Equity Residential	22,940		550,560
Essex Property Trust, Inc.	6,440		418,664
Home Properties of NY, Inc.	4,060		144,942
Post Properties, Inc.	8,420		119,227
UDR, Inc.	9,620		100,529
Total Apartments			1,762,237
Diversified - 9.7%
Digital Realty Trust, Inc.	5,930		240,461
Duke Realty Corp.	27,770		263,537
Vornado Realty Trust	13,379		682,597
Total Diversified			1,186,595
Health Care - 16.6%
Cogdell Spencer, Inc.	13,340		59,763
HCP, Inc.	13,520		348,275
Health Care REIT, Inc.	2,870		114,972
Healthcare Realty Trust, Inc.	7,320		142,081
Nationwide Health Properties, Inc.	14,090		408,892
Senior Housing Properties Trust	25,710		479,749
Ventas, Inc.	13,450		474,785
Total Health Care			2,028,517
Hotels - 4.0%
Host Hotels & Resorts, Inc.	34,490		313,169
LaSalle Hotel Properties	8,660		129,121
Sunstone Hotel Investors, Inc.	7,220		40,143
Total Hotels			482,433
Office Property - 18.4%
Alexandria Real Estate Equities, Inc.	3,051		116,274
Boston Properties, Inc.	13,780		728,962
Brandywine Realty Trust	39,840		325,891
Kilroy Realty Corp.	18,640		439,904
Mack-Cali Realty Corp.	9,360		261,238
Parkway Properties, Inc.	8,670		122,854
SL Green Realty Corp.	10,130		261,151
Total Office Property			2,256,274
Regional Malls - 10.7%
Macerich Co., The	5,458		107,359
Simon Property Group, Inc.	16,630		926,624
Taubman Centers, Inc.	10,490		279,139
Total Regional Malls			1,313,122
Shopping Centers - 8.4%
Federal Realty Investment Trust	3,820		217,931
Kimco Realty Corp.	33,740		332,002
Regency Centers Corp.	7,440		238,675
Weingarten Realty Investors	15,450		238,393
Total Shopping Centers			1,027,001
Single Tenant - 0.3%
National Retail Properties, Inc.	1,610		31,733
Storage - 7.2%
Extra Space Storage, Inc.	12,820		112,560
Public Storage, Inc.	10,620		770,693
Total Storage			883,253
Warehouse/Industrials - 5.7%
AMB Property Corp.	17,680		350,241
ProLogis	39,360		345,974
Total Warehouse/Industrials			696,215
Total REITs (cost $12,084,646)			11,667,380
REOCs - 1.4%
Wireless Equipment
American Tower Corp., Class A* (cost $163,329)	5,100		173,859
Short-Term Investments - 1.5%1
Dreyfus Cash Management Fund, Institutional Class Shares, 0.35%11 (cost $183,905)	183,905		183,905
Total Investments - 98.3% ($12,431,880)			12,025,144
Other Assets, less Liabilities - 1.7%			209,415
Net Assets - 100.0%		$	12,234,559

Managers California Intermediate Tax-Free Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Principal Amount		Value
Municipal Bonds - 96.1%
Alhambra, CA Unified School District, Election 2004, Series B, 5.250%, 08/01/24 (Assured Guaranty Insured)	$	1,000,000	$	1,038,590
Bakersfield, CA City School District, Series A, 5.250%, 11/01/21 (FSA Insured)		110,000		117,333
Banning, CA Unified School District, Election 2006, Series A, 4.500%, 08/01/09 (FGIC Insured)		150,000		150,000
Bay Area, CA Toll Authority, Series D, 4.300%, 04/01/10		75,000		76,802
Bay Area, CA Toll Authority, Series D, 5.000%, 04/01/10		25,000		25,715
Bay Area, CA Toll Authority, Series F, 5.000%, 04/01/13		50,000		55,392
Bay Area, CA Toll Authority, Series F, 5.000%, 04/01/17		20,000		22,297
Bonita, CA Unified School District, Election 2004, Series B, 5.000%, 08/01/16 (FGIC Insured)		50,000		53,399
Burbank, CA Unified School District, Election 1997, Series C, 3.750%, 08/01/09 (FGIC Insured)		30,000		30,000
Byron,CA Unified School District, Series A, 5.000%, 08/01/14 (FGIC Insured)		35,000		38,187
Cabrillo, CA Community College District, Election 2004, Series B, 4.000%, 08/01/11 (National Insured)		50,000		52,460
California Educational Facilities Authority Revenue, 5.250%, 09/01/17 (AMBAC Insured)		1,000,000		1,119,130
California Educational Facilities Authority, Series A, 5.000%, 10/01/32		40,000		43,772
California Housing Finance Agency, Series B, 3.650%, 08/01/09		100,000		100,000
California State, Economic National, Series A, 5.000%, 07/01/10 (National Insured)		25,000		25,795
California State, 6.500%, 11/01/09		75,000		75,925
California State Department of Water Resources, Series A, 5.250%, 05/01/11 (FSA Insured)		25,000		26,634
California State Department of Water Resources, Series A, 5.500%, 05/01/14 (AMBAC Insured)		200,000		219,214
California State Department of Water Resources, Series A, 5.500%, 05/01/15 (AMBAC Insured)		200,000		217,926
California State Department of Water Resources, Series A, 5.875%, 05/01/16		2,150,000		2,468,565
California State Public Works Board, Series G, 3.450%, 11/01/09		50,000		50,130
California State Public Works Board, Series A, 3.700%, 12/01/12 (AMBAC Insured)		35,000		35,612
California State Public Works Board, Series G, 4.000%, 11/01/11		100,000		103,709
California State Public Works Board, Series D, 4.250%, 10/01/09		10,000		10,043
California State Public Works Board, Series A, 5.000%, 10/01/09 (AMBAC Insured)		50,000		50,268
California State Public Works Board, Series A, 5.000%, 03/01/10		400,000		405,912
California State Public Works Board, Series A, 5.000%, 06/01/10		100,000		101,379
California State Public Works Board, Series C, 5.000%, 06/01/10		250,000		253,448
California State Public Works Board, Series A, 5.000%, 12/01/11		50,000		52,524
California State Public Works Board, Series C, 5.000%, 06/01/12		10,000		10,498
California State Public Works Board, Sereis A, 5.150%, 12/01/11 (AMBAC Insured)		50,000		50,416
California State Public Works Board, Series A, 5.250%, 06/01/11 (AMBAC Insured)		5,000		5,346
California State Public Works Board, Series B, 5.250%, 03/01/19 (AMBAC Insured)		200,000		200,612
California State Public Works Board, Series A, 5.500%, 10/01/10		75,000		77,788
California State Public Works Board, Series A, 6.000%, 04/01/24		500,000		513,215
California State University, Series A, 4.000%, 11/01/10		45,000		46,336
Chabot-Las Positas, CA Community College District, 4.000%, 08/01/09 (AMBAC Insured)		25,000		25,000
Chino Valley, CA Unified School District COP, Series A, 5.375%, 08/01/14 (FSA Insured)		70,000		77,008
City of Bakersfield, CA Series A, 5.000%, 09/15/19 (FSA Insured)		150,000		158,276
City of Los Angeles, CA Series A, 4.000%, 09/01/10 (National Insured)		75,000		77,663
City of San Jose, CA 5.000%, 09/01/12		10,000		11,114
City of Vernon, CA Series A, 3.000%, 08/01/10		800,000		807,952
Claremont, CA Unified School District, Election 2000, Series B, 5.000%, 08/01/09 (FSA Insured)		50,000		50,000
Clovis, CA Unified School District, Election 2004, Sereis B, 4.000%, 08/01/11(National Insured)		20,000		20,944
Contra Costa County, CA Water District, Series L, 4.000%, 10/01/13 (FSA Insured)		75,000		80,086
Corona-Norco, CA Unified School District, Election 2006, Series A, 5.500%, 08/01/15 (FSA Insured)		50,000		57,248
Cotati-Rohnert Park, CA Unified School District, Series B, 4.000%, 08/01/13 (FGIC Insured)		50,000		52,288
Covina-Valley, CA Unified School District, Election 2006, Series A, 4.000%, 08/01/13 (National Insured)		115,000		121,600
Desert Sands, CA University School District, Election 2001, 5.000%, 06/01/22 (AMBAC Insured)		40,000		41,494
East Bay, CA Regional Park District, Series E, 4.150%, 09/01/10		50,000		51,992
East Side, CA Union High School District-Santa Clara County, Election 2002, Series C, 5.000%, 08/01/14 (FSA Insured)		60,000		64,558
Eastern, CA Municipal Water District, Water & Sewer Revenue, Series A, 5.000%, 07/01/21(National Insured)		330,000		346,074
El Monte, CA Union High School District Election 2002, Series B, 4.250%, 03/01/10 (National Insured)		150,000		152,774
Fairfield-Suisun, CA Unified School District, Election 2002, 5.250%, 01/01/16 (National Insured)		125,000		135,350
Fairfield-Suisun, CA Unified School District, Election 2002, 5.250%, 08/01/22 (National Insured)		2,555,000		2,627,127
Fresno, CA Sewer Revenue, Series A-1, 5.250%, 09/01/19 (AMBAC Insured)		1,000,000		1,079,840
Jurupa, CA Unified School District, Election 2001, 5.000%, 08/01/14 (FGIC Insured)		225,000		239,879
Kern, CA High School District, Series B, Election 2004, 5.000%, 08/01/21 (FSA Insured)		500,000		524,625
Kings Canyon, CA Joint Unified School District, 3.750%, 08/01/10 (FGIC Insured)		60,000		61,487
Laguna Beach, CA 4.625%, 08/15/09		10,000		10,012
Larkspur, CA School District, Series A, 5.250%, 08/01/10		40,000		41,762
Lincoln, CA Unified School District, Election 2004, 4.000%, 08/01/14 (FGIC Insured)		75,000		78,027
Long Beach, CA Unified School District, Series B, 5.250%, 08/01/24		550,000		582,439
Long Beach, CA Harbor Revenue Refunding—Series B, 5.000%, 05/15/18 (FGIC Insured)		670,000		715,654
Los Angeles, CA County Metropolitan Transportation Authority, Series A, 4.250%, 07/01/11(National Insured)		75,000		75,859
Los Angeles, CA County Metropolitan Transportation Authority, Series A, 5.000%, 07/01/10 (FSA Insured)		50,000		52,044

Managers California Intermediate Tax-Free Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Principal Amount		Value
Los Angeles, CA County Metropolitan Transportation Authority, Series B, 5.000%, 07/01/10		25,000		25,980
Los Angeles, CA County Metropolitan Transportation Authority, Series A, 5.000%, 07/01/13 (FSA Insured)		55,000		61,564
Los Angeles, CA County Public Works Financing Authority, Series A, 5.000%, 03/01/12 (National Insured)		100,000		108,957
Municipal Bonds - 96.1% (continued)
Los Angeles, CA County Sanitation Districts Financing Authority, Series A, 5.000%, 10/01/11(FSA Insured)	$	95,000	$	103,274
Los Angeles, CA Department of Water & Power, Series A-1, 5.000%, 07/01/11(National Insured)		15,000		16,106
Los Angeles, CA Department of Water & Power, Series A-A-1, 5.250%, 07/01/10 (National Insured)		50,000		52,054
Los Angeles, CA Department of Water, Series A-A-1, 4.000%, 07/01/10 (National Insured)		40,000		41,193
Los Angeles, CA County Public Works Financing Authority, Series A, 5.000%, 10/01/15 (National Insured)		15,000		17,173
Los Angeles, CA Certificate Participation Real Property Program, 5.250%, 04/01/19 (AMBAC Insured)		300,000		310,950
Los Angeles, CA Harbor Department Revenue, Series B, 5.000%, 08/01/20 (National Insured)		275,000		291,330
ManteCA CA Unified School District General Obligation, 3.750%, 08/01/10 (FGIC Insured)		50,000		51,290
Metropolitan Water District of Southern California, Series A, 4.500%, 03/01/10		70,000		71,659
Metropolitan Water District of Southern California, Series B, 5.000%, 07/01/10		300,000		311,985
Metropolitan Water District of Southern California, Series A, 5.000%, 03/01/12		25,000		27,506
Moreno Valley, CA Unified School District, 4.000%, 08/01/13 (National Insured)		200,000		208,000
Moreno Valley, CA Unified School District, 4.000%, 08/01/14 (National Insured)		75,000		77,152
Moreno Valley, CA Unified School District, 5.000%, 08/01/17 (National Insured)		50,000		52,552
Moulton Niguel, CA Water District, 4.000%, 09/01/10 (AMBAC Insured)		100,000		102,843
Mount Diablo, CA Unified School District, Election 2002, 4.125%, 07/01/14 (FGIC Insured)		50,000		51,926
Murrieta Valley, CA Unified School District Public Financing Authority, Election 2002, Series B, 3.500%, 09/01/10 (FSA Insured)		25,000		25,686
Newhall, CA School District, Series A, 5.250%, 05/01/10 (FSA Insured)		50,000		51,791
North Orange County, CA Community College District, 5.000%, 08/01/19 (National Insured)		340,000		366,578
Port of Oakland, CA Series M, 3.500%, 11/01/10 (FGIC Insured)		50,000		51,447
Port of Oakland, CA Series C, 5.000%, 11/01/15 (National Insured)		310,000		326,948
Port of Oakland, CA Series B, 5.000%, 11/01/16 (National Insured)		255,000		266,309
Port Of Oakland, CA Series C, 5.000%, 11/01/17 (National Insured)		50,000		51,736
Port of Oakland, CA Series B, 5.000%, 11/01/21 (National Insured)		1,000,000		979,320
Rancho Santiago, California, Community College District, Election 2002, Series C, 5.000%, 09/01/20 (FSA Insured)		460,000		490,415
Riverside, CA Community College District, 5.000%, 08/01/24 (FSA Insured)		35,000		36,356
Roseville, CA 6.000%, 09/01/33		20,000		20,678
Roseville, CA 6.250%, 09/01/32		35,000		36,193
Sacramento, CA City Unified School District, Series D, 4.000%, 07/01/10 (FSA Insured)		40,000		41,134
Sacramento, CA County Sanitation District, Series A, 5.200%, 12/01/11		150,000		159,054
Sacramento, CA County Sanitation District, Series A, 5.250%, 12/01/12		100,000		105,951
Sacramento, CA Municipal Utility District, Series S, 5.000%, 11/15/10 (FSA Insured)		25,000		26,064
Sacramento, CA Municipal Utility District, Series R, 5.000%, 08/15/18 (National Insured)		40,000		41,189
Sacramento, CA Municipal Utility District, Series O, 5.250%, 08/15/10 (National Insured)		45,000		46,965
Sacramento, CA Regional County Sanitation District No. 1, 5.000%, 12/01/13 (AMBAC Insured)		115,000		122,889
San Bernardino, CA Community College District, Election 2002, Series A, 6.250%, 08/01/23		420,000		480,190
San Bernardino, CA Community College District, Election 2002, Series A, 6.375%, 08/01/26		480,000		543,658
San Bernardino, CA County Transportation Authority, Series B, 4.000%, 03/01/10 (FSA Insured)		50,000		50,940
San Bernadino, CA County Transportation Authority, Series A, 5.000%, 03/01/10 (AMBAC Insured)		100,000		102,015
San Bernardino, CA County Transportation Authority, Series A, 6.250%, 03/01/10 (National Insured)		25,000		25,688
San Diego, CA Public Facilities Financing Authority, Series C, 4.000%, 05/15/12		350,000		370,374
San Diego, CA Unified School District, Series C, 5.000%, 07/01/19 (FSA Insured)		200,000		217,864
San Francisco, CA City & County Airports Commission, Series 28C, 4.000%, 05/01/11 (National Insured)		100,000		103,992
San Francisco, CA City & County Airports Commission, Series 28C, 4.000%, 05/01/12 (National Insured)		250,000		263,530
San Francisco, CA City & County Airports Commission, Series 27B, 4.125%, 05/01/11 (FGIC Insured)		75,000		78,220
San Francisco, CA City & County Airport Commission, Second Series, Issue 20, 4.500%, 05/01/10 (National Insured)		50,000		50,272
San Francisco, CA City & County Airports Commission, Series 32F, 5.000%, 05/01/16 (FGIC Insured)		45,000		47,824
San Francisco, CA City & County Airports Commission, Series 29B, 5.125%, 05/01/18 (FGIC Insured)		1,000,000		1,028,500
San Francisco, CA City & County Airports Commission, Series 27B, 5.250%, 05/01/12 (FGIC Insured)		70,000		73,510
San Francisco, CA City & County Airports Commission, Second Series, Issue 30, 5.250%, 05/01/15 (XLCA Insured)		75,000		80,475
San Francisco, CA City & County Airport Commission, Series 32F, 5.250%, 05/01/17 (FGIC Insured)		345,000		370,116
San Francisco, CA City & County Public Utilities Commission, Series A, 3.250%, 10/01/10 (National Insured)		25,000		25,519
San Francisco, CA City & County Public Utilities Commission, Series A, 5.250%, 10/01/19 (National Insured)		1,145,000		1,185,682
San Francisco, CA City & County Unified School District, Election 2003, Series B, 5.000%, 06/15/13 (FSA Insured)		250,000		274,880
San Francisco, CA Community College District, Series B, 5.000%, 06/15/10 (AMBAC Insured)		50,000		51,820
San Francisco, CA Community College District, Series B, 5.000%, 06/15/14 (AMBAC Insured)		120,000		131,448
San Francisco, CA City & County Public Utilities Commission, Series A, 4.000%, 10/01/11 (National Insured)		130,000		136,838
San Jose-Santa Clara, CA Water Financing Authority, Series A, 3.250%, 11/15/10 (FSA Insured)		75,000		77,165
San Juan, CA Unified School District, Election 2002, Series A, 5.000%, 08/01/10 (National Insured)		40,000		41,623
Santa Barbara, CA Community College District, Election 2008, Series A, 4.000%, 08/01/10		125,000		129,096
Santa Clara County, CA Alum Rock Union Elementary School District General Obligation Refunding, 3.500%, 09/01/12 (FGIC Insured)		15,000		15,581
Santa Clara County, CA East Side Union High School District, Series B, 5.000%, 08/01/12 (FGIC Insured)		30,000		32,054
Santa Clara County, CA East Side Union High School District, Election 2002, Series D, 4.000%, 08/01/14 (XLCA Insured)		40,000		41,427

Managers California Intermediate Tax-Free Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Principal Amount		Value
Santa Clara, CA Valley Transportation Authority, Series A, 5.000%, 06/01/23 (National Insured)		60,000		64,846
Santa Rosa, CA High School District, Election of 2002, 5.000%, 08/01/19 (National Insured)		100,000		103,504
Solano County, CA Community College District, 4.000%, 08/01/15 (National Insured)		25,000		26,474
Solano County, CA Community College District, 5.000%, 08/01/16 (National Insured)		40,000		43,827
Sonoma Valley, CA Unified School District, 5.125%, 08/01/25 (FGIC Insured)		15,000		15,834
State of California, Series K, 4.750%, 11/01/10		30,000		30,080
Municipal Bonds - 96.1% (continued)
State of California, 5.000%, 09/01/10	$	50,000	$	50,654
State of California, 5.000%, 04/01/14		15,000		16,383
State of California, 5.000%, 11/01/30		330,000		362,317
State of California, 5.200%, 06/01/10		50,000		50,583
State of California, 5.250%, 10/01/09		100,000		100,618
State of California, 5.250%, 10/01/18 (FGIC Insured)		40,000		42,191
State of California, 5.500%, 02/01/10 (FGIC Insured)		25,000		25,469
State of California, 6.600%, 02/01/10 (National Insured)		560,000		573,916
Sweetwater Authority, San Diego County, CA Water Revenue, Series 2005, 5.000%, 04/01/17 (AMBAC Insured)		50,000		52,402
Tamalpais, CA Union High School District, Election 2006, 4.000%, 08/01/09 (National Insured)		50,000		50,000
University of California, Revenue Bonds, Series Q, 5.000%, 09/01/11(FSA Insured)		55,000		59,170
University of California, Series O, 5.000%, 09/01/25 (FGIC Insured)		50,000		52,962
University of California, Series Q, 5.000%, 09/01/33 (FSA Insured)		20,000		22,033
Vacaville, CA Unified School District, Election 2001, 5.000%, 08/01/16 (National Insured)		105,000		111,231
Ventura, CA Unified School District, Election 1997, Series F, 4.000%, 08/01/11 (FSA Insured)		75,000		78,327
Wiseburn, CA School District General Obligation Refunding, Series A, 3.250%, 08/01/10 (National Insured)		25,000		25,560
Wiseburn, CA School District, Series A, 5.000%, 08/01/16 (National Insured)		75,000		80,278
Woodside, CA Elementary School District, 5.500%, 10/01/24 (National Insured)		50,000		50,904
Total Municipal Bonds (cost $29,329,148)				29,694,609
Short-Term Investments - 3.3%1
	Shares
Fidelity California AMT Tax-Free Money Market Fund, Institutional Class Shares, 0.19% (cost $1,005,467)		1,005,467		1,005,467
Total Investments - 99.4% (cost $30,334,615)13				30,700,076
Other Assets, less Liabilities - 0.6%				191,870
Net Assets - 100.0%			$	30,891,946

Managers Small Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Common Stocks - 96.3%
Consumer Discretionary - 7.2%
American Public Education, Inc.*	11,100		$	392,607
Arbitron, Inc.	12,300			200,244
Capella Education Co.*	9,600			617,856
Corinthian Colleges, Inc.*	36,800			568,192
FGX International Holdings, Ltd.*	16,900			223,249
Hibbett Sports, Inc.*	7,400			136,234
Iconix Brand Group, Inc.*	19,800			346,896
Monro Muffler Brake, Inc.	15,200			404,168
Pool Corp.	12,350			291,707
Total Consumer Discretionary				3,181,153
Consumer Staples - 2.1%
Chattem, Inc.*	4,500			282,015
Herbalife, Ltd.	9,000			309,690
United Natural Foods, Inc.*	12,600			340,578
Total Consumer Staples				932,283
Energy - 7.7%
Approach Resources, Inc.*	11,800			82,718
Arena Resources, Inc.*	18,200			593,866
Atlas America, Inc.	11,700	2		235,287
Cal Dive International, Inc.*	43,000			383,990
Concho Resources, Inc.	12,000			368,400
Concho Resources, Inc.*	9,800			300,860
Dril-Quip, Inc.*	5,300			224,137
Exterran Holdings, Inc.*	12,500			217,375
NATCO Group, Inc.*	13,100			472,386
Quicksilver Resources, Inc.*	27,800			318,588
T-3 Energy Services, Inc.*	14,400			195,120
Total Energy				3,392,727
Financials - 7.6%
Amerisafe, Inc.*	16,700			277,721
Argo Group International Holdings, Ltd.*	16,574			556,886
Assured Guaranty, Ltd.	14,900			208,153
CVB Financial Corp.	19,100			144,014
Evercore Partners, Inc., Class A	13,600			267,512
Iberia Bank Corp.	4,900			229,516
Jefferies Group, Inc.*	9,400			214,884
optionsXpress, Inc.	3,400			61,438
Portfolio Recovery Associates, Inc.*	12,200			563,030
Safety Insurance Group, Inc.	12,300			396,798
StanCorp Financial Group, Inc.	12,600			433,692
Total Financials				3,353,644
Health Care - 16.2%
Align Technology, Inc.*	32,600			355,666
Amedisys, Inc.*	9,400			420,274
American Dental Partners, Inc.*	16,050			210,094
BioMarin Pharmaceutical, Inc.*	29,800			489,018
Bio-Rad Laboratories, Inc.*	8,580			664,435
Brookdale Senior Living, Inc.	21,700			232,407
CardioNet, Inc.*	26,400			187,440
Catalyst Health Solutions, Inc.*	16,600			427,948
Dionex Corp.*	5,300			349,323

Managers Small Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares	Value
Health Care - 16.2% (continued)
Genoptix, Inc.*	9,900	$	309,969
Haemonetics Corp.*	8,700		513,387
ICON PLC*	13,600		319,600
Magellan Health Services, Inc.*	17,600		569,536
MedAssets, Inc.*	27,400		511,832
Sepracor, Inc.*	20,900		362,615
United Therapeutics Corp.*	4,700		435,314
Volcano Corp.*	28,400		431,396
WellCare Health Plans, Inc.*	16,800		373,968
Total Health Care			7,164,222
Industrials - 23.1%
Advisory Board Co., The*	12,200		312,076
American Reprographics Co.*	24,600		212,790
Clean Harbors, Inc.*	12,800		667,776
Columbus McKinnon Corp.*	21,800		315,446
Corporate Executive Board Co.	8,400		157,752
CoStar Group, Inc.*	10,800		396,684
DigitalGlobe, Inc.*	13,300		242,060
Duff & Phelps Corp., Class A	19,000		344,470
EMCOR Group, Inc.*	9,900		238,788
Genesee & Wyoming, Inc., Class A*	16,500		450,285
Granite Construction, Inc.	12,400		420,112
Healthcare Services Group, Inc.	13,600		253,912
Hub Group, Inc.*	10,300		221,347
Huron Consulting Group, Inc.*	7,500		332,625
Interline Brands, Inc.*	29,900		506,207
Kennametal, Inc.	14,000		298,480
Middleby Corp., The*	6,500		317,850
Mobile Mini, Inc.*	26,400		427,152
On Assignment, Inc.*	62,900		266,067
Orbital Sciences Corp.*	38,800		525,352
RBC Bearings, Inc.*	12,100		286,770
Regal-Beloit Corp.	6,800		315,248
Resources Connection, Inc.*	29,700		448,470
Stanley, Inc.*	17,900		550,246
Stericycle, Inc.*	6,800		348,160
Transdigm Group, Inc.*	18,100		693,049
UTi Worldwide, Inc.*	32,300		407,626
Watsco, Inc.	4,200		220,332
Total Industrials			10,177,132
Information Technology - 29.7%
Advanced Analogic Technologies, Inc.*	66,600		321,012
Atheros Communications, Inc.*	23,100		577,500
Blackboard, Inc.*	8,300		281,951
CommVault Systems, Inc.*	19,500		339,495
Constant Contact, Inc.*	8,600		194,446
CyberSource Corp.*	21,939		380,422
Cymer, Inc.*	18,600		636,306
DealerTrack Holdings, Inc.*	23,900		473,937
DTS, Inc.*	7,500		206,025
Epiq Systems, Inc.*	17,800		285,690
Global Payments, Inc.	26,400		1,116,720

Managers Small Cap Fund

July 31, 2009

Schedule of Portfolio Investments (unaudited) Security Description	Shares		Value
Information Technology - 29.7% (continued)
Hittite Microwave Corp.*	10,000		$	351,200
Informatica Corp.*	23,800			437,682
J2 Global Communications, Inc.*	22,600			542,174
Jack Henry & Associates, Inc.	29,100			624,778
ManTech International Corp., Class A*	6,600			351,780
Monolithic Power Systems, Inc.*	15,600			346,164
Netezza Corp.*	49,400			446,576
Power Integrations, Inc.	18,700			547,723
SkillSoft PLC*	71,600			612,896
Solera Holdings, Inc.*	44,200			1,190,306
SRA International, Inc.*	22,800			449,160
Ultimate Software Group, Inc., The*	26,100			668,160
Varian Semiconductor Equipment Associates, Inc.*	16,200			519,048
ViaSat, Inc.*	21,500			580,500
Wright Express Corp.*	22,300			630,644
Total Information Technology				13,112,295
Telecommunication Services - 2.7%
General Communication, Inc., Class A*	38,100			260,985
NTELOS Holdings Corp.	25,200			390,348
SBA Communications Corp.*	20,200	2		527,018
Total Telecommunication Services				1,178,351
Total Common Stocks (cost $35,626,640)				42,491,807
Short-Term Investments - 4.8%1
BNY Institutional Cash Reserves Fund, Series A, 0.19%3	634,014			634,014
BNY Institutional Cash Reserves Fund, Series B*3,4	118,432			20,134
Dreyfus Cash Management Fund, Institutional Class Shares, 0.35%11	1,443,224			1,443,224
Total Short-Term Investments (cost $2,195,670)				2,097,372
Total Investments - 101.1% (cost $37,822,310)				44,589,179
Other Assets, less Liabilities - (1.1)%				(482,238	)
Net Assets - 100.0%			$	44,106,941

Notes to Schedules of Portfolio Investments (unaudited)

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

At July 31, 2009, 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
FQ Tax-Managed U.S. Equity	$	52,153,178	$	7,255,163	$	(2,572,123	)	$	4,683,040
FQ U.S. Equity		54,612,096		1,715,891		(4,401,726	)		(2,685,835	)
FQ Global Alternatives		198,409,861		5,049,922		(24	)		5,049,898
Fremont Global		79,999,328		5,032,789		(8,197,766	)		(3,164,977	)
Small Cap		38,032,833		8,645,799		(2,089,453	)		6,556,346
Fremont Micro-Cap		129,013,579		20,001,532		(16,903,846	)		3,097,686
Fremont Institutional Micro-Cap		24,750,753		3,584,030		(3,910,121	)		(326,091	)
Real Estate Securities		13,712,261		715,675		(2,402,792	)		(1,687,117	)
Fremont Bond		1,364,948,649		31,798,717		(54,886,840	)		(23,088,123	)
California Intermediate Tax-Free		30,334,615		497,027		(131,566	)		365,461

* Non-income-producing security.

^# Rounds to less than 0.1%.

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified buyers. At July 31, 2009, the value of these securities amounted to the following:

Fund	Market Value		% of Net Assets
Fremont Bond	$	117,309,164	11.6	%

¹ Yield shown for each investment company represents its July 31, 2009, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

² Some or all of these shares were out on loan to various brokers as of July 31, 2009, amounting to:

Fund	Market Value		% of Net Assets
FQ Tax-Managed U.S. Equity	$	2,700,793	4.8	%
FQ U.S. Equity		1,280,104	2.5	%
Fremont Global		1,301,311	1.5	%
Small Cap		741,224	1.7	%
Fremont Bond		16,290,087	1.6	%

³ Collateral received from brokers for securities lending was invested in this short-term investment.

⁴ On September 12, 2008, The Bank of New York Mellon (“BNYM”) established a separate sleeve of the BNY Institutional Cash Reserves Fund (“ICRF”) (Series B) to hold certain Lehman Brothers floating rate notes. The Fund’s position in Series B is being marked to market daily.

⁵ 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 Fund may not invest more than 15% of its net assets in illiquid securities. All securities are valued by an independent pricing agent or broker.

⁶ Represents yield to maturity at July 31, 2009.

⁷ Cash held as collateral for futures contracts and forward contracts in a segregated account at BNYM.

⁸ Perpetuity Bond. The date shown is the final call date.

⁹ Floating Rate Security. The rate listed is as of July 31, 2009. Date in parenthesis represents the security’s next coupon rate reset.

¹⁰ Variable Rate Security. The rate listed is as of July 31, 2009 and is periodically reset subject to terms and conditions set forth in the debenture.

¹¹ The Funds’ investments are covered under the U.S. Treasury Temporary Money Market Fund Guarantee Program up to a maximum of:

	Dreyfus Cash Management Fund		JPMorgan Liquid Assets Money Market Fund
FQ Tax-Managed U.S. Equity	$	599,935	$	0
FQ U.S. Equity		1,008,765		0
FQ Global Alternatives		7,677,578		32,419,104
Fremont Global		2,154,888		0
Small Cap		3,608,525		0
Real Estate Securities		595,984		0
Fremont Bond		794,700		0
California Intermediate Tax-Free		0		0
Fremont Micro Cap		9,181,340		0
Fremont Institutional Micro Cap		1,060,665		0

¹² Securities held as collateral for futures contracts, amounting to a market value of $16,597,439, or 8.0% of net assets.

Notes to Schedules of Portfolio Investments (unaudited)—(Continued)

¹³ At July 31, 2009, the concentration of the Fund’s investments by state or territory determined as a percentage of net assets was as follows: California 99.4%. At July 31, 2009, 67.3% of the securities in the portfolio were backed by insurance of financial institutions and financial guaranty assurance agencies. Insurers with a concentration greater than 10% of net assets were as follows: National Insured 30.9%, AMBAC 12.7%, and FGIC 10.9%.

¹⁴ Security held as collateral for futures contracts, amounting to a market value of $25,026,337, or 2.5% of net assets.

¹⁵ Security is in default. Issuer has failed to make a timely payment of either principal or interest or has failed to comply with some provision of the bond indenture.

Investment Definitions and Abbreviations:

ADR/GDR: ADR after the name of a holding stands for American Depositary Receipt, representing ownership of foreign securities on deposit with a domestic custodian bank; a GDR (Global Depositary Receipt) is comparable, but foreign securities are held on deposit in a non-U.S. bank. The value of the ADR/GDR securities is determined or significantly influenced by trading on exchanges not located in the United States or Canada. Sponsored ADR/GDRs are initiated by the underlying foreign company.

Registered shares: A security whose owner has been recorded with its issuer or issuer’s registrar.

AMBAC: American Municipal Bond Assurance Corp.	HKD: Hong Kong Dollar
AUD: Australian Dollar	JPY: Japanese Yen
BBA: British Banker’s Association	LIBOR: London Inter-Bank Offered Rate
BRL: Brazilian Real
CAD: Canadian Dollar	MBIA: Municipal Bond Investor Assurance Corp
EUR: Euro	MUD: Municipal Utility District
FGIC: Financial Guaranty Insurance Corp.	REIT: Real Estate Investment Trust
FHLMC: Federal Home Loan Mortgage Corp.	REOC: Real Estate Operating Company
FHLB: Federal Home Loan Bank	TBA: To Be Announced
FNMA: Federal National Mortgage Association	USD: United States Dollar
FSA: FSA Capital, Inc.
GBP: British Pound

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

A$: Australian Dollar	£: British Pound	€: Euro
R$: Brazilian Real	C: Canadian Dollar

Notes to Schedules of Portfolio Investments (continued)

(16) Fair Value Measurements

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. The following table summarizes the valuation of the Funds’ investments by the above fair value hierarchy levels as of July 31, 2009:

	Level 1		Level 2		Level 3	Total
FQ Tax-Managed U.S. Equity
Investments in Securities
Common Stocks
Information Technology	$	9,767,118		—	—	$	9,767,118
Health Care		7,663,537		—	—		7,663,537
Consumer Discretionary		7,453,430		—	—		7,453,430
Energy		6,969,548		—	—		6,969,548
Financials		6,902,458		—	—		6,902,458
Consumer Staples		6,016,686		—	—		6,016,686
Industrials		5,655,755		—	—		5,655,755
Utilities		1,472,820		—	—		1,472,820
Telecommunication Services		1,190,628		—	—		1,190,628
Materials		885,712		—	—		885,712
Short-Term Investments		2,804,037	$	54,489	—		2,858,526
Total Investments in Securities		56,781,729		54,489	—		56,836,218
Other Financial Instruments*		—		—	—		—
Totals	$	56,781,729	$	54,489	—	$	56,836,218
	Level 1		Level 2		Level 3	Total
FQ U.S. Equity
Investments in Securities
Common Stocks
Information Technology	$	10,098,338		—	—	$	10,098,338
Financials		7,316,762		—	—		7,316,762
Health Care		6,471,534		—	—		6,471,534
Energy		5,909,268		—	—		5,909,268
Consumer Staples		5,153,838		—	—		5,153,838
Industrials		5,148,212		—	—		5,148,212
Consumer Discretionary		5,061,616		—	—		5,061,616
Materials		2,264,250		—	—		2,264,250
Utilities		1,869,704		—	—		1,869,704
Telecommunication Services		1,340,716		—	—		1,340,716
Short-Term Investments		1,257,836	$	34,187	—		1,292,023
Total Investments in Securities		51,892,074		34,187	—		51,926,261
Other Financial Instruments*		10,921		—	—		10,921
Totals	$	51,902,995	$	34,187	—	$	51,937,182

Notes to Schedules of Portfolio Investments—(Continued)

	Level 1			Level 2		Level 3	Total
FQ Global Alternatives
Investments in Securities
Short-Term Investments	$	142,582,595			—	—	$	142,582,595
Other Equities		44,279,725			—	—		44,279,725
US Government Obligations		—		$	16,597,439	—		16,597,439
Total Investments in Securities		186,862,320			16,597,439	—		203,459,759
Other Financial Instruments*		(379,149	)		129,126	—		(250,023	)
Totals	$	186,483,171		$	16,726,565	—	$	203,209,736
	Level 1			Level 2		Level 3	Total
Fremont Global
Investments in Securities
Common Stocks
Financials	$	9,920,056			—	—	$	9,920,056
Information Technology		7,750,998			—	—		7,750,998
Health Care		5,781,831			—	—		5,781,831
Consumer Discretionary		5,022,375			—	—		5,022,375
Industrials		4,987,210			—	—		4,987,210
Consumer Staples		4,801,382			—	—		4,801,382
Energy		4,701,145			—	—		4,701,145
Telecommunication Services		3,684,283			—	—		3,684,283
Materials		3,564,419			—	—		3,564,419
Utilities		1,973,933			—	—		1,973,933
Short-Term Investments		24,629,092		$	17,627	—		24,646,719
Total Investments in Securities		76,816,724			17,627	—		76,834,351
Other Financial Instruments*		—			—	—		—
Totals	$	76,816,724		$	17,627	—	$	76,834,351
	Level 1			Level 2		Level 3	Total
Small Cap
Investments in Securities
Common Stocks
Information Technology	$	13,112,295			—	—	$	13,112,295
Industrials		10,177,132			—	—		10,177,132
Health Care		7,164,222			—	—		7,164,222
Energy		3,392,727			—	—		3,392,727
Financials		3,353,644			—	—		3,353,644
Consumer Discretionary		3,181,153			—	—		3,181,153
Telecommunication Services		1,178,351			—	—		1,178,351
Consumer Staples		932,283			—	—		932,283
Short-Term Investments		2,077,238		$	20,134	—		2,097,372
Total Investments in Securities		44,569,045			20,134	—		44,589,179
Other Financial Instruments*		—			—	—		—
Totals	$	44,569,045		$	20,134	—	$	44,589,179

Notes to Schedules of Portfolio Investments—(Continued)

	Level 1		Level 2		Level 3		Total
Micro-Cap
Investments in Securities
Common Stocks
Industrials	$	29,946,800		—		—	$	29,946,800
Information Technology		29,036,811		—		—		29,036,811
Health Care		23,746,468		—		—		23,746,468
Consumer Discretionary		18,918,046		—		—		18,918,046
Financials		16,440,064		—		—		16,440,064
Energy		5,564,489		—		—		5,564,489
Materials		3,548,649		—		—		3,548,649
Consumer Staples		2,904,015		—		—		2,904,015
Telecommunication Services		532,164		—		—		532,164
Utilities		261,720		—		—		261,720
Short-Term Investments		1,212,039		—		—		1,212,039
Total Investments in Securities		132,111,265		—		—		132,111,265
Other Financial Instruments*		—		—		—		—
Totals	$	132,111,265		—		—	$	132,111,265
	Level 1		Level 2		Level 3		Total
Fremont Bond Fund
Investments in Securities
Corporate Bonds
Asset-Backed Securities		—	$	36,593,823		—	$	36,593,823
Financials		—		288,158,944	$	1,000,000		289,158,944
Industrials		—		87,160,907		—		87,160,907
Mortgage-Backed Securities		—		79,880,150		—		79,880,150
Utilities		—		6,658,632		—		6,658,632
Foreign Government Obligations		—		994,372		—		994,372
U.S. Government and Agency Obligations		—		769,604,512		—		769,604,512
Municipal Bonds		—		30,961,705		—		30,961,705
Municipal Bond Funds	$	5,672,264		—		—		5,672,264
Preferred Stocks		4,390,612		—		—		4,390,612
Options and Swaptions		—		358,727		—		358,727
Short-Term Investments		30,316,531		109,347		—		30,425,878
Total Investments in Securities		40,379,407		1,300,481,119		1,000,000		1,341,860,526
Other Financial Instruments*		70,950		4,168,174		—		4,239,124
Totals	$	40,450,357	$	1,304,649,293	$	1,000,000	$	1,346,099,650
	Level 1		Level 2		Level 3		Total
Institutional Micro-Cap
Investments in Securities
Common Stocks
Industrials	$	5,495,784		—		—	$	5,495,784
Information Technology		5,202,569		—		—		5,202,569

Notes to Schedules of Portfolio Investments—(Continued)

Health Care		4,257,495		—	—		4,257,495
Consumer Discretionary		3,325,863		—	—		3,325,863
Financials		3,053,226		—	—		3,053,226
Energy		1,007,786		—	—		1,007,786
Materials		620,927		—	—		620,927
Consumer Staples		527,142		—	—		527,142
Telecommunication Services		95,272		—	—		95,272
Utilities		37,586		—	—		37,586
Short-Term Investments		801,012		—	—		801,012
Total Investments in Securities		24,424,662		—	—		24,424,662
Other Financial Instruments*		—		—	—		—
Totals	$	24,424,662		—	—	$	24,424,662
	Level 1		Level 2		Level 3	Total
Real Estate Securities
Investments in Securities
Common Stocks
Office Properties	$	2,256,274		—	—	$	2,256,274
Health Care		2,028,517		—	—		2,028,517
Apartments		1,762,237		—	—		1,762,237
Regional Malls		1,313,122		—	—		1,313,122
Diversified		1,186,595		—	—		1,186,595
Shopping Centers		1,027,001		—	—		1,027,001
Storage		883,253		—	—		883,253
Warehouse/Industrials		696,215		—	—		696,215
Hotels		482,433		—	—		482,433
Real Estate Operating Company		173,859		—	—		173,859
Single Tenant		31,733		—	—		31,733
Short-Term Investments		183,905		—	—		183,905
Total Investments in Securities		12,025,144		—	—		12,025,144
Other Financial Instruments*		—		—	—		—
Totals	$	12,025,144		—	—	$	12,025,144
	Level 1		Level 2		Level 3	Total
California Intermediate Tax-Free
Investments in Securities
Debt Securities
State and Political
Subdivisions (municipals)		—	$	29,694,609	—	$	29,694,609
Short-Term Investments	$	1,005,467		—	—		1,005,467
Total Investments in Securities		1,005,467		29,694,609	—		30,700,076
Other Financial Instruments*		—		—	—		—
Totals	$	1,005,467	$	29,694,609	—	$	30,700,076

Notes to Schedules of Portfolio Investments—(Continued)

* Other financial instruments are derivative instruments not reflected in the Schedule of Portfolio Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation of the instrument.

The following table is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Investments in Securities		Other Financial Instruments
Fremont Bond Fund
Balance as of October 31, 2008		—	—
Accrued discounts/premiums		—	—
Realized gain (loss)		—	—
Change in unrealized appreciation/(depreciation)		—	—
Net purchases (sales)		—	—
Net transfers in and/or out of Level 3	$	1,000,000	—
Balance as of July 31, 2009	$	1,000,000	—

(17) Forward Foreign Currency Contracts

A forward currency contract is an obligation to purchase or sell a currency against another currency at a future date and price as agreed upon by the parties. These contracts are traded over-the-counter and not on organized commodities or securities exchanges.

At July 31, 2009, the underlying values for open foreign currency contracts were as follows:

Managers AMG FQ Global Alternatives Fund

Foreign Currency		Settlement Date	Current Value (Receivable)		Contract Value (Payable)		Unrealized Gain/(Loss)
Australian Dollar	Short	09/16/09		15,116,556		15,985,185		(868,629	)
Canadian Dollar	Short	09/16/09		34,946,006		35,906,179		(960,173	)
Swiss Franc	Short	09/16/09		87,503,906		88,000,349		(496,443	)
Euro Dollar	Short	09/16/09		74,266,708		75,423,351		(1,156,643	)
Pound Sterling	Short	09/16/09		65,728,466		67,776,072		(2,047,606	)
Japanese Yen	Short	09/16/09		6,172,923		6,340,563		(167,640	)
New Zealand Dollar	Short	09/16/09		10,462,007		10,888,647		(426,640	)
Swedish Krona	Short	09/16/09		36,760,258		39,631,963		(2,871,705	)
Australian Dollar	Long	09/16/09		62,678,343		59,701,175		2,977,168
Canadian Dollar	Long	09/16/09		20,449,228		19,949,618		499,610
Swiss Franc	Long	09/16/09		12,387,132		12,154,181		232,951
Euro Dollar	Long	09/16/09		11,831,917		11,687,419		144,498
Pound Sterling	Long	09/16/09		48,142,261		47,317,250		825,011
Japanese Yen	Long	09/16/09		37,105,955		36,785,839		320,116
New Zealand Dollar	Long	09/16/09		52,181,135		49,700,067		2,481,068
Swedish Krona	Long	09/16/09		25,732,956		24,088,773		1,644,183
Total			$	601,465,757	$	601,336,631	$	129,126

Managers Fremont Global Fund

Foreign Currency		Settlement Date	Current Value (Receivable)		Contract Value (Payable)		Unrealized Gain/Loss
Canadian Dollar	Short	03/16/09	$	332,139	$	332,633	$	(494	)
Canadian Dollar	Long	02/04/09		44,675		44,648		27
Danish Krone	Short	02/02/09-02/04/09		82,293		80,405		1,888
Euro	Short	02/03/09-02/04/09		184,648		183,061		1,587
Euro	Long	02/02/09		28,133		29,089		(956	)

Notes to Schedules of Portfolio Investments—(Continued)

Japanese Yen	Short	02/04/09		36,256		36,222		34
Japanese Yen	Long	02/02/09-02/03/09		184,760		185,545		(785	)
Norwegian Krone	Long	02/04/09		28,277		28,348		(71	)
Pound Sterling	Short	02/02/09-02/04/09		189,718		192,600		(2,882	)
Pound Sterling	Long	02/02/09		86,951		85,884		1,067
Swedish Krona	Short	02/02/09-02/03/09		49,749		47,956		1,793
Swedish Krona	Long	02/03/09-02/04/09		110,840		112,326		(1,486	)
Swiss Franc	Short	02/04/09		37,062		37,083		(21	)
Swiss Franc	Long	02/02/09-02/03/09		46,747		47,152		(405	)
Total			$	1,442,248	$	1,442,952	$	(704	)

Managers Fremont Bond Fund

Foreign Currency		Settlement Date	Contract Value (Receivable)		Contract Value (Payable)		Unrealized Gain/Loss
Australian Dollar	Long	08/25/09-08/28/09	$	2,517,940	$	2,443,348	$	74,592
Brazilian Real	Short	08/04/09		5,150,202		5,496,990		(346,788	)
Brazilian Real	Long	08/04/09-10/02/09		10,901,408		9,940,679		960,729
Canadian Dollar	Short	08/04/09		1,191,138		1,192,852		(1,714	)
Canadian Dollar	Long	08/04/09-09/17/09		2,385,950		2,364,750		21,200
Chinese Yuan Renminbi	Short	09/08/09		2,787,289		2,855,910		(68,621	)
Chinese Yuan Renminbi	Long	09/08/09-03/29/10		4,526,997		4,498,749		28,248
Euro	Short	09/04/09		10,734,806		10,760,305		(25,499	)
Japanese Yen	Long	09/02/09		396,838		399,235		(2,397	)
Pound Sterling	Short	08/06/09		8,106,434		8,191,792		(85,358	)
Total			$	48,699,002	$	48,144,610	$	554,392

(18) Futures Contracts Held or Issued for Purposes other than Trading

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

The aggregate principal amounts of the contracts are not recorded in the financial statements. The Funds had the following open futures contracts as of July 31, 2009:

Managers AMG FQ Global Alternatives Fund

The market value of assets pledged to cover margin requirements for the open futures positions at July 31, 2009 amounted to $16,597,439.

Type	Currency	Number of Contracts	Position	Expiration Month	Unrealized Gain/(Loss)
Australian Dollar 10-Year Bond	AUD	1120	Long	9/15/09	$	223,825
SPI 200	AUD	189	Short	9/17/09		(879,645	)
Canadian Dollar 10-Year Bond	CAD	1125	Short	9/21/09		838,061
S&P/ TSE 60 Index	CAD	8	Long	9/17/09		50,241
CAC40 10 Index	EUR	112	Short	8/21/09		(558,637	)
Amsterdam Index	EUR	158	Short	8/21/09		(1,446,452	)
DAX Index	EUR	13	Long	9/18/09		207,701
IBEX 35 Index	EUR	51	Short	8/21/09		(886,704	)
Euro Bond	EUR	757	Long	9/8/09		2,863,086
S&P/MIB Index	EUR	56	Long	9/18/09		443,811
British Gilt	GBP	236	Short	9/28/09		147,181
FTSE 100 Index	GBP	300	Long	9/18/09		1,298,518
Hang Seng Index	HKD	79	Long	8/28/09		29,536

Notes to Schedules of Portfolio Investments—(Continued)

Japanese Yen 10-Year Bond	JPY	914	Short	9/10/09		(1,203,018	)
TOPIX Index	JPY	3	Short	9/10/09		(10,982	)
S&P 500 Index	USD	152	Short	9/17/09		(1,663,015	)
U.S. Dollar Long Bond	USD	595	Long	9/21/09		167,344
Total:					$	(379,149	)

Managers AMG FQ U.S. Equity Fund

The market value of assets pledged to cover margin requirements for the open futures positions at July 31, 2009 amounted to $77,000.

Type	Number of Contracts	Position	Expiration Date	Unrealized Gain/(Loss)
S&P 500 Index	1	Long	09/17/09	$	10,921

Managers Fremont Bond Fund

Type	Number of Contracts	Position	Expiration Date	Unrealized Gain/(Loss)
3-Month Euro Euribor	69	Long	12/14/09-03/15/10		142,167
3-Month Eurodollar	1,206	Long	12/14/09-12/14/10		1,906,150
3-Month Pound Sterling	124	Long	12/16/09-03/16/11		175,238
Total				$	2,223,555

(19) Interest Rate Caps, Swap Contracts and Options

A Fund may enter into over-the-counter transactions involving interest rate caps, swap contracts, or purchased and written (sell) options to enter into such contracts, in order to manage interest rate risk. In an interest rate cap agreement, one party agrees to make payments only under specified circumstances, usually in return for payment of a fee by the other party. An interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. Swap contracts represent an agreement between counterparties to exchange cash flows based on the difference between two rates applied to a notional principal amount for a specified period. The most common type of interest rate swap involves the exchange of fixed-rate cash flows for variable-rate cash flows. Swaps do not involve the exchange of principal between the parties. Purchased options on swap contracts (“swaptions”) give the holder the right, but not the obligation, to enter into a swap contract with the counterparty which has written the option on a date, at an interest rate, and with a notional amount as specified in the swaption agreement. If the counterparty to the swap transaction defaults, the Fund will be limited to contractual remedies pursuant to the agreements governing the transaction. There is no assurance that swap or swaption contract counterparties will be able to meet their obligations under the contracts or that, in the event of default, the Fund will succeed in pursuing contractual remedies. The Fund may thus assume the risk that payments owed the Fund under a swap or swaption contract will be delayed, or not received at all. During the term of the swap agreement or swaption, unrealized gains or losses are recorded as a result of “marking to market.” When the swap agreement or swaption is terminated, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Accrued interest and interest paid are recognized as unrealized and realized gain (loss), respectively. In each of the contracts, the Fund pays a premium, to the counterparty, in return for the swaption. These swaptions may be exercised by entering into a swap contract with the counterparty only on the date specified in each contract. The fund also sold credit protection through credit default swaps. Under the terms of the swaps, the seller of the credit protection receives a periodic payment amount (premium) from the buyer that is a fixed percentage amount applied to a notional principal amount. In return, the seller agrees to pay the buyer the notional amount and take delivery of a debt instrument of the reference issuer of the same notional par amount if the reference entity is subject to a credit event (such as bankruptcy, failure to pay, or obligation acceleration) during the term of the swap. The following Swaps were outstanding on July 31, 2009 for the Managers Fremont Bond Fund:

Notes to Schedules of Portfolio Investments—(Continued)

Pay	Receive	Counterparty	Maturity	Notional Amount		Unrealized Gain/(Loss)
Interest Rate Swaps
6-Month AUD-BBR-BBSW	Fixed Rate 4.500%	DUB	06/15/11	A$	40,800,000	$	(176,844	)
6-Month AUD-BBR-BBSW	Fixed Rate 5.000%	DUB	06/15/13	A$	2,700,000		(62,373	)
6-Month USD-LIBOR-BBA	Fixed Rate 3.600%	RYL	05/21/09	$	16,100,000		668,813
6-Month EUR-EURIBOR-Reuters	Fixed Rate 4.500%	BPS	03/18/14	€	2,200,000		249,139
6-Month France CPI Excl. Tobacco Index	Fixed Rate 2.103%	BRC	10/15/10	€	3,900,000		234,131
6-Month France CPI Excl. Tobacco Index	Fixed Rate 2.146%	UAG	10/15/10	€	1,000,000		63,932
6-Month GBP-LIBOR-BBA	Fixed Rate 5.000%	GLM	09/17/13	£	500,000		51,197
6-Month GBP-LIBOR-BBA	Fixed Rate 5.000%	HUS	09/17/13	£	2,900,000		296,945
6-Month GBP-LIBOR-BBA	Fixed Rate 5.000%	DUB	03/18/14	£	3,100,000		320,290
6-Month GBP-LIBOR-BBA	Fixed Rate 5.000%	DUB	03/18/14	£	9,000,000		929,875
6-Month GBP-LIBOR-BBA	Fixed Rate 5.250%	RYL	03/18/14	£	1,500,000		181,941
6-Month GBP-LIBOR-BBA	Fixed Rate 5.250%	GLM	03/18/14	£	600,000		72,777
6-Month GBP-LIBOR-BBA	Fixed Rate 6.000%	GLM	12/19/09	£	2,400,000		70,892
6-Month AUD-BBR-BBSW	Fixed Rate 6.000%	UAG	09/15/12	A$	15,300,000		2,488
Credit Default Swaps
General Electric Capital Corp.	Fixed Rate 5.000%	JPM	12/20/09	$	6,000,000		30,251
General Electric Capital Corp.	Fixed Rate 5.000%	JPM	09/20/11	$	2,000,000		4,399
Federative Republic of Brazil Bond	Fixed Rate 1.520%	MYC	01/20/17	$	3,000,000		11,593
Federative Republic of Brazil Bond	Fixed Rate 1.950%	MYC	08/20/16	$	3,500,000		108,875
Republic of Panama Bond	Fixed Rate 1.250%	JPM	01/20/17	$	200,000		(6,630	)
Zero Coupon Swaps
Brazil Interbank Deposit Rate	Fixed Rate 10.575%	UAG	01/02/12	R$	6,700,000		(77,412	)
Brazil Interbank Deposit Rate	Fixed Rate 10.600%	JPM	01/02/12	R$	600,000		(1,341	)
Brazil Interbank Deposit Rate	Fixed Rate 10.600%	JPM	03/11/09	R$	900,000		(2,011	)
Brazil Interbank Deposit Rate	Fixed Rate 10.610%	HUS	03/11/09	R$	1,400,000		(2,980	)
Brazil Interbank Deposit Rate	Fixed Rate 11.360%	BRC	01/04/10	R$	5,500,000		7,285
Brazil Interbank Deposit Rate	Fixed Rate 11.430%	MLC	01/04/10	R$	3,600,000		8,020
Brazil Interbank Deposit Rate	Fixed Rate 11.465%	GLM	01/04/10	R$	1,400,000		3,734
Brazil Interbank Deposit Rate	Fixed Rate 11.980%	MLC	01/02/12	R$	5,800,000		67,543
Brazil Interbank Deposit Rate	Fixed Rate 12.410%	UAG	01/04/10	R$	2,800,000		39,558
Brazil Interbank Deposit Rate	Fixed Rate 12.540%	UAG	01/02/12	R$	3,400,000		65,182
Brazil Interbank Deposit Rate	Fixed Rate 12.540%	BRC	01/02/12	R$	3,400,000		65,182
Brazil Interbank Deposit Rate	Fixed Rate 12.540%	MLC	01/02/12	R$	7,300,000		139,950
Brazil Interbank Deposit Rate	Fixed Rate 12.670%	MYC	01/04/10	R$	2,800,000		39,931
Brazil Interbank Deposit Rate	Fixed Rate 12.780%	MYC	01/04/10	R$	5,000,000		94,252
Brazil Interbank Deposit Rate	Fixed Rate 12.948%	MLC	01/04/10	R$	2,100,000		44,313
Brazil Interbank Deposit Rate	Fixed Rate 14.765%	HUS	01/02/12	R$	300,000		12,758
Brazil Interbank Deposit Rate	Fixed Rate 14.765%	MLC	01/02/12	R$	1,200,000		51,032
Total						$	3,606,687

BPS: BNP Paribas	HUS: HSBC Bank	MYC: Morgan Stanley
BRC: Barclays Bank	JPM: JPMorgan	RYL: Royal Bank of Scotland
DUB: Deutsche Bank	MLC: Merrill Lynch	UAG: Union Bank of Switzerland
GLM: Goldman Sachs

A written option contract is a contract in which the writer of the option grants the buyer of the option the right to purchase from (call option) or sell to (put option) the writer a designated instrument at a specified price within a specified period of time. Options written (sold) are recorded as liabilities. When an option expires, the premium (original option value) is realized as a gain if the option was written or as a loss if the option was purchased. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is recognized as realized gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the difference between the premium and the cost to close the position is realized as a gain or loss. The following written options were outstanding on July 31, 2009 for the Managers Fremont Bond Fund:

Name	Number of Contracts/Par	Exercise Price		Expiration Date	Value
3-Month USD-LIBOR-BBA (Put)	4,500,000	4.40	%	08/04/09	$	16,650
3-Month USD-LIBOR-BBA (Put)	3,500,000	4.40	%	08/04/09		18,000
3-Month USD-LIBOR-BBA (Put)	8,000,000	4.55	%	08/04/09		36,300
Total	16,000,000				$	70,950

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 I
By:	/S/    JOHN H. STREUR
	John H. Streur, President
Date:	September 29, 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/    JOHN H. STREUR
	John H. Streur, President
Date:	September 29, 2009

By:	/S/    DONALD S. RUMERY
	Donald S. Rumery, Chief Financial Officer
Date:	September 29, 2009

EX-99.CERT

CERTIFICATION

I, John H. Streur, certify that:

1. I have reviewed this report on Form N-Q of Managers Trust I;

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 schedules 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 principals;

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;

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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and 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.

Date:    September 29, 2009

/s/ John H. Streur

John H. Streur

President

CERTIFICATION

I, Donald S. Rumery, certify that:

1. I have reviewed this report on Form N-Q of Managers Trust I;

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 schedules 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 principals;

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;

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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and 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.

Date:    September 29, 2009

/s/ Donald S. Rumery

Donald S. Rumery

Chief Financial Officer