THE MANAGERS FUNDS (LOGO)
MONEY MARKET FUND
ANNUAL REPORT
NOVEMBER 30, 1995
40 Richards Avenue
Norwalk, CT 06854
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THE MANAGERS FUNDS (LOGO)
Dear Fellow Shareholder:
As you may recall from the proxy statement you received last summer, (or from
disclosure contained in our prospectus), Managers Money Market Fund has
undergone a conversion from a stand-alone mutual fund to a two-tiered
master/feeder structure sometimes known as "Hub and Spoke(REGISTRATION MARK)."
As part of this conversion, the Fund's fiscal year end has been changed to now
correspond with the November 30 year end of the Money Market Portfolio, the
master fund in which the Fund now invests. The fiscal year end for the other
funds within The Managers Funds family remains December 31.
Rather than investing directly in money market securities, the Fund now
invests in the Money Market Portfolio, a $3 billion pool of money market
investments managed by Morgan Guaranty Trust Company of New York, a subsidiary
of J.P. Morgan & Co. Incorporated. This arrangement allows the Fund to benefit
from the economies of scale and increased diversification associated with the
Morgan portfolio. This is expected to result in lower expenses and an improved
yield for the Fund's shareholders.
In addition, the Fund's administrator is initially reimbursing the Fund for
all spoke and hub level costs, and in any case, has undertaken to cap all spoke
level expenses at 5 basis points until at least May 31, 1996.
Operationally, the daily cutoff time for accepting purchase orders which are
eligible to receive that day's dividend has been extended from 11:00 a.m. to
3:00 p.m E.S.T. Please see the current prospectus for details on purchases and
redemptions.
We are excited about this new structure and the enhancements it is expected
to bring to shareholders of Managers Money Market Fund. This report contains
financial statements and a listing of the Fund's portfolio holdings on November
30. As the Fund was being positioned for the December 1 conversion, the
portfolio on November 30 should not be considered to be representative of the
historical or future portfolio.
Under this new structure, the Fund will hold a pro rata ownership in over 100
securities (at current asset levels). This is in comparison to our previous
stand-alone portfolio which typically averaged approximately 18 securities. This
significantly greater degree of diversification is another clear benefit to the
Fund.
Future reports will contain financial information on both the Fund and the
hub portfolio.
As always, please feel free to contact us should you have any questions on
this report or the Fund.
We thank you for your continued investment in The Managers Funds.
Sincerely,
/s/ ROBERT P. WATSON
Robert P. Watson
President
1
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THE MANAGERS FUNDS PERFORMANCE
AVERAGE ANNUAL RETURNS AS OF
SEPTEMBER 30, 1995*
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11 MONTHS ENDED SINCE INCEPTION
EQUITY FUNDS 11/30/95 1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
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Income Equity 30.14% 22.07% 16.54% 13.63% 13.92% Oct. 84
Capital Appreciation 33.01% 27.91% 18.62% 15.59% 15.61% June 84
Special Equity 29.62% 25.95% 22.86% 16.49% 15.50% June 84
International Equity 13.76% 10.15% 15.36% -- 14.63% Dec. 85
FIXED INCOME FUNDS
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Short Government 8.83% 8.06% 4.33% -- 5.24% Oct. 87
Short & Intermediate 14.10% 9.33% 7.61% 7.81% 8.85% June 84
Intermediate Mortgage 15.69% 10.41% 5.28% -- 7.33% May 86
Bond 28.54% 22.82% 11.49% 10.75% 11.68% June 84
Global Bond 16.86% 13.33% .-- -- 7.93% Mar. 94
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*Total return equals income yield plus share price change and assumes
reinvestment of all dividends and capital gain distributions. No adjustment
has been made for taxes payable by shareholders on their reinvested dividends
and capital gain distributions.
Past performance is no guarantee of future results. The investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost. For
additional or more recent information on The Managers Funds, including a
prospectus, call (800)835-3879. Please read the prospectus carefully before you
invest or send money.
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MANAGERS MONEY MARKET FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
November 30, 1995
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PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
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U.S. TREASURY OBLIGATIONS--82.8%
U.S. Treasury Bills,
$2,700,000 5.500% 12/21/95 $ 2,691,750
4,500,000 5.500% 12/21/95 4,486,125
2,000,000 5.500% 12/21/95 1,993,811
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TOTAL U.S. TREASURY OBLIGATIONS 9,171,686
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PRINCIPAL
AMOUNT VALUE
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REPURCHASE AGREEMENT--22.4%
Salomon Brothers,
dated 11/30/95,
due 12/01/95,
5.900%, total at
maturity $2,480,406
(secured by
$2,488,000 U.S.
Treasury Notes,
7.250%, due
11/30/96, market
value $2,530,794) $2,480,000 $ 2,480,000
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TOTAL INVESTMENTS--
AT AMORTIZED COST--105.2% 11,651,686
OTHER ASSETS, LESS
LIABILITIES--(5.2)% (579,276)
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NET ASSETS--100.0% $11,072,410
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The accompanying notes are an integral part of these financial statements.
2
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MANAGERS MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1995
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ASSETS:
Investments at amortized cost and value $ 9,171,686
Repurchase agreement at amortized cost and value 2,480,000
Cash 950
Receivable from shares sold 9,090
Interest receivable 407
Prepaid expenses 10,614
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Total assets 11,672,747
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LIABILITIES:
Payable for shares repurchased 569,295
Dividends payable to shareholders 3,569
Other accrued expenses 27,473
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Total liabilities 600,337
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NET ASSETS $11,072,410
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Shares outstanding 11,072,410
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Net asset value, offering and redemption price per share $1.00
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NET ASSETS REPRESENT:
Paid-in capital $11,072,410
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STATEMENT OF OPERATIONS
For the eleven months ended November 30, 1995
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INVESTMENT INCOME:
Interest Income $717,921
EXPENSES:
Investment advisory and management fees $ 42,050
Administration fees 6,007
Custodian fees 20,568
Audit fees 19,345
Transfer agent fees 18,092
Reports to shareholders 15,853
Registration fees 11,289
Legal fees 4,395
Trustee fees 1,458
Miscellaneous expenses 2,370
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Total expenses 141,427
Less: waiver of administration fee (6,007)
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Net expenses 135,420
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NET INVESTMENT INCOME $582,501
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The accompanying notes are an integral part of these financial statements.
3
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MANAGERS MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
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For the eleven For the
months ended year ended
November 30, December 31,
1995 1994
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INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income $ 582,501 $ 578,931
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DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (582,501) (578,931)
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FROM CAPITAL SHARE TRANSACTIONS
(AT A CONSTANT $1.00 PER SHARE):
Proceeds from sale of shares 45,741,592 73,465,976
Net asset value of shares issued in
connection with reinvestment
of dividends 541,365 535,461
Cost of shares repurchased (52,479,096) (64,100,877)
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Net increase (decrease) from capital
share transactions (6,196,139) 9,900,560
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Total increase (decrease) in net assets (6,196,139) 9,900,560
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NET ASSETS:
Beginning of period 17,268,549 7,367,989
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End of period $11,072,410 $17,268,549
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The accompanying notes are an integral part of these financial statements.
4
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MANAGERS MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
For a share of capital stock outstanding throughout each period
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<TABLE>
<CAPTION>
Eleven months
ended Year ended December 31,
November 30, ------------------------------------------------------
1995 1994 1993 1992* 1991* 1990*
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<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.044 0.035 0.022 0.030 0.054 0.081(d)
Net realized and unrealized gain
on investments -- -- -- -- 0.003 --
------- ------- ------- ------- ------- -------
Total from investment operations 0.044 0.035 0.022 0.030 0.057 0.081
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income (0.044) (0.035) (0.022) (0.030) (0.054) (0.081)
Net realized gain on investments -- -- -- -- (0.003) --
------- ------- ------- ------- ------- -------
Total distributions to
shareholders (0.044) (0.035) (0.022) (0.030) (0.057) (0.081)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- ------- ------- ------- ------- -------
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Total Return (c) 4.51%(b) 3.61% 2.48% 3.12% 5.35% 7.66%
============================================================================================================
Ratio of net expenses to average
net assets 1.13%(b) 0.73% 0.74% 0.67% 0.57% 0.27%(d)
Ratio of net investment income
to average net assets 4.85%(b) 3.84% 2.48% 3.05% 5.69% 8.09%(d)
Net assets at end of period
(000's omitted) $11,072 $17,269 $7,368 $9,320 $4,868 $14,944
============================================================================================================
Expense Waiver (a)
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Ratio of total expenses to average
net assets 1.18%(b) 1.03% 0.99% 0.98% 1.06% 0.32%
Ratio of net investment income
to average net assets 4.80%(b) 3.54% 2.23% 2.74% 5.21% 8.04%
============================================================================================================
<FN>
(a) Ratio information assuming no waiver of investment advisory and management
fees and/or administrative fees in effect for the period presented, if
applicable. (See Note 2).
(b) Annualized.
(c) The total returns would have been lower had certain expenses not been
reduced during the periods shown.
(d) Does not reflect investment advisory and management fees which, prior to
May 1990, were paid directly to the Manager by the shareholders under an
Asset Management Consulting Agreement providing for a negotiated fee based
on the net assets of the Fund.
* Audited by prior auditors.
</FN>
</TABLE>
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5
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MANAGERS MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
November 30, 1995
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Managers Money Market Fund (the "Fund") is a portfolio of The Managers Funds
(the "Trust"), a no-load, diversified, open-end, management investment company,
organized as a Massachusetts business trust, and registered under the Investment
Company Act of 1940, as amended (the "1940 Act"). Currently the Trust is
comprised of 10 investment series, (collectively the "Funds"). Through November
30, 1995, the Fund operated as a stand-alone mutual fund. On October 27, 1995,
shareholders of the Fund approved certain changes to the fundamental investment
restrictions and investment objective of the Fund to permit the Fund to invest
all of its investable assets in another diversified, open-end management
investment company. This reorganization was made in an effort to reduce the
Fund's expenses and provide an improved investment yield for shareholders. These
changes are discussed below under "Subsequent Events."
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Fund:
(A) VALUATION OF INVESTMENTS
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein,
securities are valued initially at cost and thereafter assume a constant
amortization to maturity of any discount or premium. Securities for which market
quotations are not readily available are valued at fair value, as determined in
good faith and pursuant to procedures established by the Board of Trustees.
(B) SECURITY TRANSACTIONS
Security transactions are accounted for as of trade date. Gains and losses on
securities sold are determined on the basis of identified cost.
(C) INVESTMENT INCOME AND EXPENSES
Investment income consists of accrued interest, including amortization of
premium and accretion of original issue discount, if any. Other income and
expenses are recorded on an accrual basis. Expenses which cannot be directly
attributed to a particular fund are apportioned among the funds in the Trust
based upon their average net assets.
(D) DIVIDENDS AND DISTRIBUTIONS
Dividends resulting from net investment income normally will be declared daily,
payable on the third to the last business day of the month.
Distributions classified as capital gains for federal income tax purposes, if
any, will be made on an annual basis and when required for federal excise tax
purposes. Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from gener-
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6
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NOTES TO FINANCIAL STATEMENTS (continued)
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ally accepted accounting principles. Permanent book and tax differences, if any,
relating to shareholder distributions will result in reclassifications to
capital stock.
(E) REPURCHASE AGREEMENTS
The Fund may enter into repurchase agreements provided that the value of the
underlying collateral, including accrued interest, will be equal to or exceed
the value of the repurchase agreement during the term of the agreement. The
underlying collateral for all repurchase agreements is held in safekeeping by
the Fund's custodian or at the Federal Reserve Bank.
If the seller defaults and the value of the collateral declines, or if
bankruptcy proceedings commence with respect to the seller of the security,
realization of the collateral by the Fund may be delayed or limited.
(F) FEDERAL TAXES
The Fund intends to comply with the requirements under Subchapter M of the
Internal Revenue Code of 1986, as amended, and to distribute substantially all
of its taxable income and gains to its shareholders and to meet certain
diversification and income requirements with respect to investment companies.
Therefore, no federal income or excise tax provision is included in the
accompanying financial statements.
(G) CAPITAL STOCK
The Trust's Declaration of Trust authorizes the issuance of an unlimited number
of shares of beneficial interest, without par value. The Fund records sales and
repurchases of its capital stock on the trade date. Dividends and distributions
to shareholders are recorded as of the ex-dividend date.
At November 30, 1995, one unaffiliated shareholder held 12% of the outstanding
shares of the Fund.
(2) AGREEMENTS AND TRANSACTIONS WITH AFFILIATES
Through November 30, 1995, The Managers Funds, L.P. (the "Investment Manager")
has provided and overseen investment advisory and management services to the
Fund under a Management Agreement. Effective December 1, 1995, the Fund was
re-organized as discussed below under "Subsequent Events."For the eleven months
ended November 30, 1995, the Investment Manager selected portfolio managers for
the Fund (subject to Trustee and shareholder approval), allocated assets among
portfolio managers and monitored the portfolio manager's investment programs and
results. The Fund's investment portfolio was managed by a portfolio manager who
served pursuant to a Portfolio Management Agreement with the Investment Manager
and the Fund. Certain trustees and officers of the Fund are officers of the
Investment Manager.
Investment advisory and management fees were paid directly by the
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7
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NOTES TO FINANCIAL STATEMENTS (continued)
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Fund to The Managers Funds, L.P. based on average daily net assets. The annual
investment advisory and management fee, as a percentage of average daily net
assets, was 0.35%.
The Trust has adopted an Administrative and Shareholder Servicing Agreement
under which The Managers Funds, L.P. serves as the Fund's administrator (the
"Administrator") and is responsible for all aspects of managing the Fund's
operations, including administration and shareholder services to the Fund, its
shareholders, and certain institutions, such as bank trust departments, dealers
and registered investment advisers, that advise or act as an intermediary with
the Fund's shareholders.
For the eleven months ended November 30, 1995, and since May 15, 1990, the
Trustees have approved a fee of 0.05%, all of which has been voluntarily waived
by the Administrator. This waiver may be modified or terminated at anytime at
the sole discretion of the Administrator. The fee paid to the Administrator is
established by the Trustees and may not exceed an annual rate of 0.25% of the
Fund's average daily net assets.
An aggregate annual fee of $10,000 is paid to each outside Trustee for serving
as a Trustee of the Trust. In addition, these Trustees receive meeting fees of
$750 for each in-person meeting attended, and $200 for participation in any
telephonic meetings. The Trustee fee expense shown in the financial statements
represents the Fund's allocated portion of the total fees.
(3) SUBSEQUENT EVENTS
Effective December 1, 1995, the Fund now operates under a two-tiered
master/feeder structure sometimes known as "Hub and Spoke(REGISTRATION
MARK)(1)." Under the Hub and Spoke structure, one or more investment companies
and other collective investment vehicles with substantially the same investment
objectives--the SpokesSM--pool their assets by investing in a single investment
company having substantially the same investment objective--the HubSM. By
enabling a spoke fund to pool its assets with other spoke funds, the Hub and
Spoke structure offers certain advantages over traditional mutual funds. The
changes in investment restrictions necessary to complete this reorganization
were approved by the Fund's shareholders at a meeting held on October 27, 1995,
and on December 1, 1995, the Fund began investing all of its investable assets
in The Money Market Portfolio (the "Hub Portfolio"), advised by Morgan Guaranty
Trust Company of New York.
The Hub Portfolio is a no-load, diversified, open-end management investment
company which is registered under the 1940 Act. The Hub Portfolio
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8
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NOTES TO FINANCIAL STATEMENTS (continued)
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was organized as a trust under New York law on January 29, 1993. The beneficial
interests in the Hub Portfolio are not available for purchase by members of the
general public.
Under the Hub and Spoke Structure, the Fund no longer requires the services of
the Asset Manager as discussed above, as all portfolio management operations are
performed at the level of the Hub Portfolio. The other duties of the Investment
Manager continue to be performed by The Managers Funds, L.P., in its capacity as
the Fund's Administrator.
As approved by shareholders, the Fund's investment objective and restrictions
have been revised to correspond to those of the Hub Portfolio, and under the Hub
and Spoke structure, the Fund now pursues its investment objective through
investment in shares of beneficial interest of the Hub Portfolio, rather than
through direct investments in portfolio securities. All portfolio security
investments are made at the level of the Hub Portfolio.
In connection with, and effective upon, the reorganization under the Hub and
Spoke structure, the Trust's Trustees have approved an increase in the
Administrative fee from 0.05% of average daily net assets to 0.25%. This revised
fee level reflects the increased responsibilities provided under the
Administrative Agreement; however, the Trustees have been advised by
Administrator that the total fee rate for services that would be paid by the
Fund, both directly and through the Hub Portfolio, will not exceed the rate
previously paid by the Fund prior to the reorganization. The Administrator has
agreed to waive its fee as necessary and reimburse all spoke level expenses in
excess of 0.05% of the Fund's average daily net assets for at least the first
six months of operations under the Hub and Spoke structure. Thereafter, the
expense waiver and limitation may be modified at any time, in which event the
expenses of the Fund could rise. For more information on the current expense
structure of the Fund, please contact the Administrator for a copy of the
current prospectus. (As of December 1, 1995, the Manager is currently
reimbursing all expenses. Such reimbursement is subject to change at any time at
the discretion of the Administrator).
(4) CONTINGENCY
Two lawsuits seeking class action status have been filed against Managers
Intermediate Mortgage Fund, Managers Short Government Fund, and the Investment
Manager, among other defendants including the Trust. A motion has been filed to
dismiss the suit relating to Managers Intermediate Mortgage Fund and there has
been no decision yet from the court. On November 24, 1995,
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9
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NOTES TO FINANCIAL STATEMENTS (concluded)
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the defendant's motion to dismiss the suit against Managers Short Government
Fund was granted, in part and denied, in part, and the plaintiff was granted
leave to file an amended complaint. In both of these cases the plaintiffs seek
unspecified damages based upon losses alleged in the two funds named above.
Another non-class action lawsuit and an arbitration have been filed against
certain of the defendants, among others, and Managers Short and Intermediate
Bond Fund based on similar allegations. Management believes that the cases are
without merit and intends to defend vigorously against these actions.
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IMPORTANT TAX INFORMATION
For the 11 months ended November 30, 1995 the percentage of U.S. Treasury income
as a percentage of total income was 2.04%. In January 1996, shareholders will
receive information concerning calendar year 1995 dividends.
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(1) Hub and Spoke is a registered service mark of Signature Financial Group,
Inc., and the terms "Hub" and "Spoke" are service marks of Signature
Financial Group, Inc.
RESULTS OF SHAREHOLDER MEETING
A meeting of shareholders of the Fund was held on October 27, 1995, at which
time a proposal was approved to change the fundamental investment restrictions
and investment objective of the Fund to conform them to those of The Money
Market Portfolio, thereby permitting the Fund to invest all of its investable
assets in The Money Market Portfolio, a diversified, open-end management
investment company. A total of 6,249,650 of the 12,069,277 eligible shares were
voted, of which 6,199,733 (99.2%) voted for the proposal, 8,951 (0.1%) voted
against, and 40,966 (0.7%) abstained.
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10
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REPORT OF INDEPENDENT ACCOUNTANTS
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To the Trustees of The Managers Funds and the Shareholders of Managers Money
Market Fund:
We have audited the accompanying statement of assets and liabilities of
Managers Money Market Fund, including the schedule of portfolio investments, as
of November 30, 1995 and the related statement of operations for the eleven
months then ended, the statement of changes in net assets for the eleven months
then ended and for the year ended December 31, 1994, and the financial
highlights for the eleven months ended November 30, 1995 and for each of the two
years in the period ended December 31, 1994. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The financial highlights for the years
ended December 31, 1990 through 1992, presented herein, were audited by other
auditors whose report dated February 26, 1993, expressed an unqualified opinion
on such financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
November 30, 1995, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Managers Money Market Fund as of November 30, 1995, the results of its
operations for the eleven months then ended, the changes in its net assets for
the eleven months then ended and for the year ended December 31, 1994, and the
financial highlights for the eleven months ended November 30, 1995 and for each
of the two years in the period ended December 31, 1994, in conformity with
generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
December 18, 1995
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11
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The Managers Funds Family
Equity Funds:
Capital Appreciation
Income Equity
Special Equity
International Equity
Fixed Income Funds:
Short Government
Short and Intermediate Bond
Intermediate Mortgage
Bond
Global Bond
Money Market
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INVESTMENT MANAGER AND ADMINISTRATOR
The Managers Funds, L.P.
(800) 835-3879
COUNSEL
Shereff, Friedman, Hoffman & Goodman, LLP
CUSTODIAN
State Street Bank & Trust Co.
TRANSFER AGENT
State Street Bank & Trust Co.
(800) 252-0682
THIS REPORT IS AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS ONLY WHEN
PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS.
