Ultra Short Bond Fund – Overview

Objective
The Ultra Short Bond Fund seeks to maximize current income, consistent with the preservation of capital.

Description
The Ultra Short Bond Fund will maintain an average duration of up to one year and the dollar-weighted average maturity normally exceeds one year. The Fund pursues its objective by investing, under normal circumstances, at least 90% of its net assets in investment grade fixed income securities or unrated securities that are determined by the Adviser to be of similar quality. The Fund invests in the U.S. and abroad, including emerging markets. The Fund can invest up to 10% in issues rated below investment grade. Under normal conditions, the portfolio duration is up to one year and the dollar-weighted average maturity normally exceeds one year. 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 Fund also seeks to maintain a low degree of share price fluctuation.

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.

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.)	Mitch Flack Joined MetWest: 2001 Education: UC, Santa Barbara (B.A.), University of Chicago, (M.B.A.)