Low Duration Bond Fund – Overview

Objective
The Low Duration Bond Fund seeks to maximize current income consistent with preservation of capital.

Description
The Low Duration Bond Fund is a short-term bond fund that seeks to outperform the BofA Merrill Lynch 1-3 Year US Treasury Index on a consistent basis, while maintaining overall risk similar to the index. The Low Duration Bond Fund will maintain an average duration of between 0 and 3 years.

The Fund pursues its objective by investing, under normal circumstances, at least 70% of its net assets in highly rated fixed income securities or unrated securities that are determined by the Adviser to be of similar quality. Up to 30% of the Fund’s net assets may be invested in securities rated below highly rated securities but not more than 10% may be below investment grade. Under normal conditions, the portfolio duration is up to three years and the dollar-weighted average maturity ranges from 1-to 5-years. The Fund invests in the U.S. and abroad, including emerging markets and may purchase securities of varying maturities issued by domestic and foreign corporations and governments.

Investments may include bonds, notes, collateralized bond obligations, collateralized debt obligations, mortgage-related and asset-backed securities, bank loans, money-market securities, swaps, futures, options, credit default swaps, private placements, defaulted debt securities and restricted securities. These investments may have interest rates that are fixed, variable or floating.

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