THE MANAGERS FUNDS
Supplement dated October 22, 1998 to
Statement of Additional Information
dated May 1, 1998
The following information supersedes that
contained in the Statement of Additional
Information solely with respect to the
following Funds:
Capital Appreciation Fund
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Effective October 15, 1998, Roxbury
Capital Management, LLC ("Roxbury"), a
Delaware Limited Liabilty Company, will
replace Husic Capital Management as an Asset
Manager of the Capital Appreciation Fund.
Roxbury will be paid the same fee as the other
asset manager on the Fund, 0.40% per annum of
the average daily net assets that Roxbury
manages. Roxbury Capital Management ("RCM"),
a California corporation, was founded in 1986.
In order to facilitate a strategic
partnership with WT Investments, Inc. ("WTI"),
a subsidiary of Wilmington Trust Company and a
wholly-owned subsidiary of Wilmington Trust
Corporation, RCM transferred its assets to
Roxbury. On July 31, 1998, WTI, a Delaware
Corporation, acquired 100% of the Preferred
Interests of Roxbury. RCM, together with its
key employees, own 100% of the Common
Interests of Roxbury.
As of September 30, 1998, assets under
management totaled approximately $4.5 billion.
Roxbury's address is 100 Wilshire Boulevard,
Suite 600, Santa Monica CA 90401.
Kevin P. Riley serves as the portfolio
manager of the portion of the Capital
Appreciation Fund managed by Roxbury. Mr.
Riley has been a Senior Managing Director and
Senior Portfolio Manager of Roxbury since
inception, and was named Chief Investment
Officer in 1997.
Short Government Fund
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On October 15, 1998, the Board of
Trustees of The Managers Funds determined that
it was in the best interests of the
shareholders of Managers Short Government Fund
to close the Fund. Accordingly, the Board of
Trustees approved a plan to liquidate the
assets of Managers Short Government Fund and
terminate the Fund as of November 19, 1998.
It is expected that the cash proceeds of the
liquidation, less a small amount set aside for
the liabilities and debts of the Fund, will be
distributed to shareholders in a complete
redemption of their shares on or before
November 19, 1998.
TRUSTEES AND OFFICERS
Effective September 14, 1998, William W.
Graulty has retired from the Board of Trustees
of The Managers Funds.
October 22, 1998
