PIMCO Bond Fund

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MBDFX Morningstar Risk-Adjusted Ratings as of April 30, 2012
Overall Rating	3 Years	5 Years	10 Years	Category
(of 1006 Funds)	(of 1006 Funds)	(of 865 Funds)	(of 589 Funds)	Intermediate-Term Bond

Fund Facts (as of 3/31/2012)

Investment Style:	Investment-Grade Debt

Benchmark(s):	Barclays U.S. Aggregate Bond

Subadvisor(s):	Pacific Investment Management Company, LLC

Fund Net Assets:	$1,286,545,888

Share Class Facts

Share Class:	Single

Ticker:	MBDFX

Cusip:	561717638

Inception Date:	4/30/1993

Expense Ratio: (Gross / Net)	0.72% / 0.59%

Minimum Investment: Initial / Subsequent	$2,000 / $100

Minimum IRA Investment: Initial / Subsequent	$1,000 / $100

Maximum Sales Charges:	N/A

12b-1 Fees:	N/A

Fund Focus

Under normal circumstances, the Fund will invest at least 80% of its net assets in bonds. The Fund invests primarily in investment-grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") and may also invest in derivatives such as options, futures contracts or swap agreements. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, but will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its assets. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund may invest up to 10% of its total assets in equity-related securities. The average portfolio duration of this Fund normally varies within two years (plus or minus) of the duration of the Barclays Capital U.S. Aggregate Index.

Where This Fund May Fit As Part Of Your Asset Allocation

The Managers PIMCO Bond Fund may be appropriate for your overall investment allocation if you are:

Looking to gain exposure to intermediate-term bonds from around the world
Seeking monthly income and moderate investment risk
Willing to accept short-term volatility of returns

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 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. Unlike the Fund, the index listed is unmanaged, is not available for investment and does not incur expenses.

The Fund's investment manager has contractually agreed, through at least March 1, 2013, to limit Fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's expenses.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metric.

Morningstar Rating is for the share class indicated only (see ticker), other share classes may have different performance characteristics. The Ranking may reflect the waiver of all or a portion of the fund's fees. Without such waiver, the Rankings may have been lower.

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