Unconstrained Bond Fund – Overview

Objective
The Unconstrained Bond Fund (the “Fund”) seeks to provide investors with positive long-term returns irrespective of general securities market conditions.

Description
Employing a highly flexible approach that allocates investments across a range of global invest- ment opportunities related to credit, interest rates and currencies, the Fund will pursue its objective of attractive returns. The Fund is “unconstrained” in that it is not limited to the securi- ties of any particular index or indices, nor will it be so compared. Additionally, the Fund is expected to implement multiple strategies simultaneously to dampen correlation to and, in particular, downside risks of the broader securities markets.

At least 80% of the Fund’s net assets, which may include authorized borrowings, will be invested in income producing, generally debt, securities issued in the US or globally, includ- ing high yield (up to 50%) and emerging markets (also up to 50%). Overall interest rate sensitivity of the Fund will be managed from negative three (-3) to positive eight (+8) years, while all credit-sensitive holdings will be evaluated on an issue-by-issue basis and considered for potential return and diversification properties either in isolation or aggregate. The Fund has latitude to hold up to 40% of total assets in non-US dollar securities or currencies and may, but is not required to, hedge such exposure. Further investments may include up to 10% of the Fund’s total assets in preferred stock and up to 5% in common stock of domestic and foreign companies.

While the Fund is expected to execute strategies predominantly in the cash securities markets, derivative instruments may be utilized, primarily futures and forward contracts, options, currency futures, and swap agreements (typically interest- and index-linked swaps, total return swaps and credit default swaps). Such derivative exposures may be employed for general risk management of, to hedge specific exposures within, or to generate incremental income or returns for the Fund.

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.)

LEGAL DISCLOSURES

A Word About Risk
Fixed income investments entail interest rate risk, the risk of issuer default, issuer credit risk, and price volatility risk. Funds investing in bonds can lose their value as interest rates rise and an investor can lose principal.

Obtain a Prospectus
You should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. Click here to obtain a prospectus which contains this and other information on the Fund. Please read the prospectus carefully before you invest or send money.

The MetWest Funds are distributed by Foreside Distributors, LLC, which is not affiliated with TCW. The MetWest Funds are advised by Metropolitan West Asset Management, LLC, which is a wholly-owned subsidiary of The TCW Group, Inc.