For more complete information about Metropolitan West Funds, including management fees and expenses, call 800-241-4671 for a prospectus or you may down load it here. Please read the prospectus carefully before investing.

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The MWAM Low Duration Bond Fund is a short-term bond fund that seeks to outperform the Merrill Lynch 1-3 Year Treasury Index on a consistent basis, while maintaining overall risk similar to the index. The Low Duration Bond Fund will maintain an average duration of between 0 and 3 years. Investments can include government and corporate debt securities, mortgage and other asset-backed securities, money market instruments and derivatives. The fund can invest up to 10% in issues rated below BBB, but no lower than B. The Fund's expense ratio is 0.58%.

The MWAM Total Return Bond Fund is a core bond fund that seeks to outperform the Lehman Brothers Aggregate Index on a consistent basis, while maintaining overall risk similar to the index. The Total Return Bond Fund will maintain an average duration between 2 and 8 years, and is normally expected to be within one year of the duration of the Lehman Brothers Aggregate Index. Investments can include government and corporate debt securities, mortgage and other asset-backed securities, money market instruments and derivatives. The Fund can invest up to 20% in issues rated below BBB but no lower than B. The Fund's expense ratio is 0.65%.

The MWAM AlphaTrak 500 Fund is a fixed income based enhanced S&P 500 Index Fund that seeks to outperform the S&P 500 while still maintaining a very similar risk profile to that of the index. MWAM manages AlphaTrak 500 by combining a non-leveraged position in S&P 500 Index futures with a short duration (0 to 3 years) fixed income portfolio. The S&P futures capture the price return of the S&P Index, while our active management of the short duration fixed income assets seeks to add incremental return above the S&P Index. S&P 500 futures contracts are priced such that a combination of futures and money market instruments normally produces a return equal to that of the S&P 500 Index. If MWAM’s active management of the short duration assets outperforms the money market rate implied in the pricing of the futures contract, we generate an incremental return over the S&P 500. AlphaTrak 500 combines the benefits of index fund management with potential for excess returns, at lower volatility of relative performance, than is commonly associated with fully active equity management styles. The AlphaTrak 500 Fund can maintain exposure to the S&P 500 Index through S&P 500 futures, options on those futures, the basket of 500 stocks included in the index or swaps on the index. Under normal conditions, it is expected that the S&P 500 Index exposure will be achieved primarily through futures, backed by a short duration fixed income portfolio. The maximum average duration of the assets backing the futures is three years. Investments can include money market instruments, government and corporate debt securities, mortgage and other asset-backed securities, and derivatives. The Fund can invest up to 15% in issues rated below BBB, but no lower than B.

The Fund's expense ratio will vary depending upon the performance of the Fund relative to the S&P 500 Index. The maximum expense ratio could be 0.90% should the Fund’s performance exceed the S&P 500 Index by 2% or more annually. The Fund's minimum expense ratio could be 0.20% should the Fund’s performance not exceed the S&P 500 Index.

The Fund is not designed for investors that are sensitive to taxable gains. This Fund will recognize most gains, if any, in each taxable year and is most suitable for tax-deferred or non-taxable investors such as IRAs and employee benefit plans.

Unlike US Treasury Bonds and Bills, the principal value and investment return of the Fund are not guaranteed or insured by the US Government. Quality ratings, such as 'AAA,' refer to the credit risk of individual securities, and not to the Fund. All benchmark indices are unmanaged indices that are not normally available for investment.

The AlphaTrak 500 fund may invest in derivatives and as a result there may be a risk of loss from the investment in options, futures, swaps, structured securities and other derivative instruments.

The Funds can invest in below investment-grade debt obligations, commonly known as "junk bonds". While offering higher current yields, these securities generally are considered more speculative and are subject to greater risks than higher-rated bonds.

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