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 MWSIX the total expense ratio is 0.53% and the net expense ratio is 0.32%. The Fund incurred 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 0.53%. Expenses reflect a contractual agreement by the Advisor 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.
2 The Merrill Lynch 3-Month T-Bill Index is comprised of a single U.S. Treasury issue with approximately three months to final maturity purchased at the beginning of each month and held for one full month. At the end of the month, that issue is sold and rolled into a newly selected issue. The Adviser has selected the Index plus 200 basis points (2%) as the appropriate benchmark for performance comparison purposes.
