Strategic Income Fund – Overview

Objective
The Strategic Income Fund seeks to maximize long-term total return without tracking any particular markets or indices.

Description
The Strategic Income Fund's strategies strive to provide consistent absolute positive annual returns uncorrelated to cyclical market downturns. The Fund's three primary components are:

• Seek to achieve at least 200 basis points of excess return to the risk-free rate as measured by 90-day T-bills to realize a high degree of positive returns each year.

• Will strive to deliver consistent positive returns uncorrelated to negative market cycles.

• Seek to exploit all of the different markets and variety of financial instruments available in the marketplace.

The major strategies employed by the Adviser include relative value/arbitrage strategies (capital structure arbitrage, commodities/futures arbitrage, convertible arbitrage, and interest rate arbitrage), trading/market timing strategies (interest rate timing, yield curve relationship and arbitrage and sector and issue allocations), income strategies, high yield investment strategies, long-short or market-neutral equity strategies and event driven and special situation strategies.

To implement some or all of these strategies, the Fund’s portfolio may include (but is not limited to): corporate bonds, mezzanine investments, collateralized bond obligations, collateralized debt obligations, collateralized loan obligations, swaps and other derivatives (futures, options and credit default swaps), currency futures and options, bank loans, preferred stock, common stock, warrants, convertible bonds, asset-backed securities and, derivatives (including those involving net interest margins, “NIMs”), mortgage-backed securities, foreign securities, U.S. Treasuries and agency securities, cash and cash equivalents , private placements, defaulted debt securities, restricted securities and unrated securities.  Many of these investments may have interest rates that are fixed, variable or floating.

The Fund may invest up to 25% of its assets in debt securities rated below investment grade. The Fund invests in the U.S. and abroad, including emerging markets.   

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.)