High Yield Bond Fund – Overview

Objective
The High Yield Bond Fund seeks to maximize long-term total return consistent with the preservation of capital.

Description
The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in high yield fixed income securities (commonly called “junk bonds”) which are rated below investment grade or are unrated and determined to be of similar quality. Only a maximum of 20% may be invested in debt securities rated below CCC by all three nationally recognized statistical rating organizations. The Fund invests in the U.S. and abroad, including emerging markets.

Investments may include corporate bonds, mezzanine investments, collateralized bond obligations, collateralized debt obligations, collateralized loan obligations, swaps, credit default swaps, currency futures and options, bank loans, preferred stock, common stock, warrants, asset-backed securities, mortgage-backed securities, foreign securities, U.S. Treasuries and agency securities, cash and cash equivalents, private placements, defaulted debt securities and restricted securities. These investments may have interest rates that are fixed, variable or floating.

Management Team

All of MetWest's mutual funds and investment strategies are team-managed with a generalist/specialist structure. The High Yield Bond Fund team has four managers:

Laird Landmann Joined MetWest: 1996 Education: Dartmouth (B.A.), University of Chicago (M.B.A.)	Steve Kane, CFA Joined MetWest: 1996 Education: UC, Berkeley (B.S.), University of Chicago (M.B.A.)

Jamie Farnham Joined MetWest: 2002 Education: Princeton (B.A.), UCLA (M.B.A.)	Gino Nucci, CFA Joined MetWest: 2004 Education: Yale (B.A.), UCLA (M.B.A)