Total Return Bond Fund – Overview

Objective
The Total Return Bond Fund seeks to maximize long-term total return.

Description
The Total Return Bond Fund is a core bond fund that seeks to outperform the Barclays Capital Aggregate Index while maintaining overall risk similar to the index. The Total Return Bond Fund will maintain an average duration between 2 and 8 years, and the dollar-weighted average maturity ranges from 2 to 15 years.

The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in investment grade fixed income securities or unrated securities that are determined by the Adviser to be of similar quality.  Up to 20% of the Fund’s net assets may be invested in securities rated below investment grade. Under normal conditions, the portfolio duration is two to eight years and the dollar-weighted average maturity ranges from two to fifteen 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. The Adviser will concentrate the Fund’s portfolio holdings in areas of the bond market (based on quality, sector, coupon or maturity) that the Adviser believes to be relatively undervalued.

Investments 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.)