Metropolitan West Funds

LEGAL DISCLOSURES

About Performance
The performance data presented represents past performance and is no guarantee of future results. Total returns include reinvestment of dividends and distributions. Current performance may be lower or higher than the performance data presented. Performance data current to the most recent month end is available on the product detail page for each Fund. Investment returns and principal value will fluctuate with market conditions. The value of an investment in the Fund, when redeemed, may be worth more or less than its original purchase cost.

Net and Gross Expense Ratio
For MWUIX the total expense ratio is 0.51%, and the net expense ratio is 0.34%. Expenses reflect a contractual agreement by the Adviser to reduce its fees and/or absorb certain expenses to limit the fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, AFFE, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to 0.34% of average daily net assets until July 31, 2013, unless terminated earlier by the Board of Trustees. For more information about fees and expenses, please read the prospectus.

For MWUSX the total expense ratio is 0.67%, and the net expense ratio is 0.50%. Expenses reflect a contractual agreement by the Adviser to reduce its fees and/or absorb certain expenses to limit the fund’s total annual operating expenses until July 31, 2011, unless terminated earlier by the Board of Trustees. For more information about fees and expenses, please read the prospectus.

For MWLIX the total expense ratio (gross and net) is 0.39%. For more information about fees and expenses, please read the prospectus.

For MWLDX the total expense ratio (gross and net) is 0.58%. For more information about fees and expenses, please read the prospectus.

For MWIIX the total expense ratio is 0.51%, and the net expense ratio is 0.44%. Expenses reflect a contractual agreement by the Adviser to reduce its fees and/or absorb certain expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, AFFE, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to 0.44% of average daily net assets until July 31, 2013, unless terminated earlier by the Board of Trustees. For more information about fees and expenses, please read the prospectus.

For MWIMX the total expense ratio is 0.72%, and the net expense ratio is 0.65%. Expenses reflect a contractual agreement by the Adviser to reduce its fees and/or absorb certain expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, AFFE, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to 0.65% of average daily net assets until July 31, 2013, unless terminated earlier by the Board of Trustees. For more information about fees and expenses, please read the prospectus.

For MWTIX the total expense ratio (gross and net) is 0.41%. For more information about fees and expenses, please read the prospectus.

For MWTRX the total expense ratio (gross and net) is 0.62%. For more information about fees and expenses, please read the prospectus.

For MWHIX the total expense ratio is 0.58%, and the net expense ratio is 0.55%. Expenses reflect a contractual agreement by the Adviser to reduce its fees and/or absorb certain expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, swap interest expense, AFFE, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to 0.55% of average daily net assets until July 31, 2013. This contract will remain in place until July 31, 2013, unless the Board of Trustees terminates it sooner. For more information about fees and expenses, please read the prospectus.

For MWHYX the total expense ratio is 0.83%, and the net expense ratio is 0.80%. Expenses reflect a contractual agreement by the Adviser to reduce its fees and/or absorb certain expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, AFFE, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to 0.80% of average daily net assets until July 31, 2013, unless terminated earlier by the Board of Trustees. For more information about fees and expenses, please read the prospectus.

For MWATX the total gross expense ratio is 2.02%, and the net expense ratio is 0.90%. Expenses reflect a contractual agreement by the Adviser to reduce its fees and/or absorb certain expenses including distribution expenses to limit the Fund’s total annual operating expenses to 0.90% and limit “Other Expenses” to 0.20% of the Fund’s average daily net assets, assuming the maximum management fee. “Other Expenses” does not include interest, taxes, brokerage commissions, short sale dividend expenses, acquired fund fees and expenses (“AFFE”), and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation. The contractual agreement will remain in place until July 31, 2013, unless terminated earlier by the Board of Trustees. For more information about fees and expenses, please read the prospectus.

For MWSIX the total expense ratio is 1.85%. For more information about fees and expenses, please read the prospectus.

For MWSTX the total expense ratio is 2.10%. For more information about fees and expenses, please read the prospectus.

About the Index or Indices
BofA Merrill Lynch 1-Year U.S. Treasury Index - Is an unmanaged index comprised of a single issue purchased at the beginning of the month and held for a full month. The issue selected at each month-end rebalancing is the outstanding two-year Treasury Note Bill that matures closest to, but, not beyond one year from the rebalancing date.

BofA Merrill Lynch 1-3 Year U.S. Treasury Index - Is a subset of the Bank of America Merrill Lynch US Treasury Index including all securities with a remaining term to final maturity less than 3 months.

Barclays Capital Intermediate U.S. Government/Credit Index - Is a subset of the Barclays Capital Gov't/Credit Index including all securities with over 1 year but less than 10 years left until maturity. The Barclays Capital Gov't/Credit Index is an unmanaged index composed of securities from the Barclays Capital US Treasury Index, Barclays Capital US Government Related Index and the Barclays US Corporate Index.

Barclays Capital U.S. Aggregate Bond Index - Is an unmanaged index composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index, ERISA Eligible CMBS Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization.

Barclays U.S. Corporate High Yield Index - 2% Issuer Cap - Is an unmanaged index that covers the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. The index limits exposures to a specific issuer to a maximum 2% by market value.

S&P 500 Index - A capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

BofA Merrill Lynch 3-Month U.S. Treasury Bill Index - Is an unmanaged index comprised of a single issue purchased at the beginning of the month and held for a full month. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but, not beyond three months from the rebalancing date.

The indices listed are not available for direct investment; therefore its performance does not reflect a reduction for fees or expenses incurred in managing a portfolio. The securities in the index may be substantially different from those in the Fund.

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.

The Strategic Income Fund may, from time to time, invest in a limited number of issuers, which may result in the Fund being more susceptible to a single economic, political or regulatory event than a diversified fund.

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.

Fund Performance Summary