Managers Special Equity Fund
Notes to Financial Statements
December 31, 2007
The Managers Funds (the “Trust”) is an 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 a number of investment series. Included in this report is the Managers Special Equity Fund (“Special
Equity”or the “Fund”).
The Fund offers both Managers Class shares and Institutional Class shares. The Institutional Class shares, which are
designed primarily for institutional investors that meet certain administrative and servicing criteria, have a minimum
investment of $2,500,000. Managers Class shares are offered to all other investors. Each class represents interest in the
same assets of the Fund and the classes are identical except for class specific expenses related to shareholder activity.
Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund and certain Fund
level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each
class to the total net assets of the Fund. Both classes have equal voting privileges except that each class has exclusive
voting rights with respect to its services and/or distribution plan.
The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United
States of America, which require management to make estimates and assumptions that affect the reported amount of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such
differences could be material. The following is a summary of significant accounting policies followed by the Fund in the
preparation of its financial statements: