Short Duration Government Fund

Smith Breeden Associates, Inc.

Smith Breeden Associates, Inc. (“Smith Breeden”) is the subadvisor for the Managers Short Duration Government Fund. Smith Breeden, located at 100 Europa Drive, Suite 200, Chapel Hill, NC., was founded in 1982.  Smith Breeden is a money management and consulting firm involved in money management for separate accounts such as pensions and endowments, financial institution consulting and investment advice, and equity investments. The firm specializes in high credit quality fixed-income investments, interest rate risk management, and the application of option pricing to banking and investments.

Portfolio Manager

Timothy J. Cunneen and Daniel Dektar are the portfolio managers for the Fund.

Timothy J. Cunneen, CFA
Principal and Senior Portfolio Manager
Timothy J. Cunneen, CFA is a Principal and Senior Portfolio Manager at Smith Breeden Associates, Inc. Mr. Cunneen's primary focus is the management of short duration portfolios. He also analyzes potential investments and the execution of such investments in the fixed-rate MBS market. Prior to joining Smith Breeden in 1998, Mr. Cunneen was an Associate in Institutional Trading at Schroder Wertheim and a Vice President at Chemical Bank. He holds a Masters of Business Administration with a concentration in Finance from Duke University's Fuqua School of Business, were he was a Fuqua Scholar. Mr. Cunneen also holds a Bachelor of Arts in Economics from Lafayette College.

Daniel C. Dektar
Executive Vice President and Chief Investment Officer
Daniel C. Dektar is a member of the Executive Committee and an Executive Vice President at Smith Breeden Associates, Inc. As Chief Investment Officer and co-head of Smith Breeden’s Investment Management Group, Mr. Dektar is constantly in touch with developments on Wall Street. His primary focus is on Treasury securities and the yield curve, along with short duration portfolio and hedge fund portfolio construction. He serves as a liaison among the portfolio management, client service, and research functions to ensure accurate analysis and timely execution of investment opportunities. Mr. Dektar manages a number of discretionary fixed-income portfolios. Mr. Dektar consults to institutional clients in the areas of investments and risk management. He has made numerous presentations on mortgage investments and risk management at seminars for institutional investors. Mr. Dektar was an Associate in the Mergers and Acquisitions Group of Montgomery Securities in San Francisco, California and a Financial Analyst in the Investment Banking Division of Morgan Stanley & Co., Inc. in New York and Tokyo before joining Smith Breeden in 1986. He holds a Master of Business Administration with a Concentration in Finance from the Stanford University Graduate School of Business, where he was an Arjay Miller Scholar. Mr. Dektar received a Bachelor of Science in Business Administration, summa cum laude, from the University of California at Berkeley, where he was University of California Regents’ Scholar, was elected to Phi Beta Kappa and Phi Eta Sigma, and won the White Award as the top student in finance.

Disclosure
Investors should carefully consider the fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the 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. From time to time the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields on the Fund are net of expenses and the returns and yields on the indices exclude expenses. Current performance of the Fund may be lower or higher than the performance quoted.