Short Duration Government Fund

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MGSDX Morningstar Risk-Adjusted Ratings as of April 30, 2012
Overall Rating	3 Years	5 Years	10 Years	Category
(of 85 Funds)	(of 85 Funds)	(of 80 Funds)	(of 51 Funds)	Ultrashort Bond

Fund Facts (as of 3/31/2012)

Investment Style:	Government Debt

Benchmark(s):	BofA Merrill Lynch 6 Month U.S. Treasury Bill

Subadvisor(s):	Smith Breeden Associates, Inc.

Fund Net Assets:	$388,006,581

Share Class Facts

Share Class:	Single

Ticker:	MGSDX

Cusip:	561717794

Inception Date:	3/31/1992

Expense Ratio: (Gross / Net)	0.82% / 0.82%

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

The Managers Short Duration Goverment Fund seeks to achieve its objective by matching the duration, or interest-rate risk, of a portfolio that invests exclusively in six-month U.S. Treasury securities on a constant maturity basis. Under normal circumstances, the Fund will invest at least 80% of its assets in debt securities issued by the U.S. Government or its agencies and instrumentalities and synthetic instruments, or derivatives having economic characteristics similar to such debt securities.

The Fund seeks to minimize credit risk by investing in securities of the highest credit quality. Additionally, the Fund typically employs hedging techniques using instruments such as interest-rate futures, options, floors, caps, and swaps designed to reduce the interest-rate risk of the fixed income securities.

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.

Annual expense ratio as of May 1, 2012.

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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