You should consider the fund’s investment objectives, risks, charges, and expenses carefully before investing. Click here to obtain a prospectus which contains this and other information on the fund. Please read the prospectus carefully before you invest. Consult the prospectus for more information.
Calculations include reinvestment of all distributions. Returns for periods less than one year are cumulative. Performance would have been lower if fees had not been waived in various periods. The Fund offers another class, the performance for which will vary due to fees and expenses. For MWLIX the total expense ratio is 0.44% and the net expense ratio is 0.39%. The Fund incurred interest expense and Acquired Fund Fees and Expenses for the year ended March 31, 2009, and the ratio of annualized operating expenses to average net assets for that year was 0.41%. Expenses reflect a contractual agreement by the Adviser to reduce its fees and/or absorb expenses to limit the fund’s total annual operating expenses until March 31, 2011.
Bond Funds have the same interest rate, high yield and credit risks associated with the underlying bonds in the portfolio, all of which could reduce the Fund’s value. As interest rates rise, the value of the Fund can decline and an investor can lose principal.
The index listed is unmanaged, and is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees, or other expenses. The securities in the Fund may differ substantially from those in the index.
1 Total return figures assume reinvestment of all distributions. Total returns reflect fee waivers in effect. Without fee waivers, returns would have been lower.
2 The Merrill Lynch 1-3 Year Treasury Index consists of all U.S. Treasury securities outstanding with maturities greater than one year and less than three years.
