497 1 d248038d497.htm 497 497

METROPOLITAN WEST FUNDS

Supplement dated December 30, 2021 to the

Prospectus (the “Prospectus”) and Statement of Additional Information (the “SAI”)

dated July 29, 2021, as supplemented

For current and prospective investors in the Metropolitan West AlphaTrak 500 Fund (the “AlphaTrak 500 Fund”), the Metropolitan West Corporate Bond Fund (the “Corporate Bond Fund”), the Metropolitan West Opportunistic High Income Credit Fund (the “Opportunistic High Income Credit Fund”), as well as the Metropolitan West Flexible Income Fund, the Metropolitan West Intermediate Bond Fund, the Metropolitan West Investment Grade Credit Fund, the Metropolitan West Low Duration Bond Fund, the Metropolitan West Strategic Income Fund, the Metropolitan West Total Return Bond Fund, the Metropolitan West Ultra Short Bond Fund and the Metropolitan West Unconstrained Bond Fund (collectively, the “Funds”):

Effective December 31, 2021, Tad Rivelle, one of the portfolio managers for the Funds, will retire from the Adviser. Therefore, effective the same date, all references to Mr. Rivelle in the Prospectus and SAI are removed in their entirety.

Also effective December 31, 2021, Bryan T. Whalen, Bret R. Barker and Ruben Hovhannisyan will be added to the portfolio management team of the AlphaTrak 500 Fund; Steven J. Purdy will be added to the portfolio management team of the Corporate Bond Fund; and Laird R. Landmann and Jerry Cudzil will be added to the portfolio management team of the Opportunistic High Income Credit Fund.

Therefore, effective December 31, 2021, the disclosure under the heading “Metropolitan West AlphaTrak 500 Fund — Portfolio Managers” on page 6 of the Prospectus is deleted in its entirety and replaced with the following:

 

  Name    Experience
with the Fund		   

Primary Title with

Investment Adviser

  Stephen M. Kane, CFA

    24 Years    Founding Partner and
Generalist Portfolio
Manager

  Bryan T. Whalen, CFA

    Since December 2021    Generalist Portfolio
Manager

  Bret R. Barker

    Since December 2021    Managing Director

  Ruben Hovhannisyan

    Since December 2021    Managing Director

Also effective December 31, 2021, the disclosure under the heading “Metropolitan West Corporate Bond Fund — Portfolio Managers” on page 11 of the Prospectus is deleted in its entirety and replaced with the following:

 

  Name    Experience
with the Fund		   

Primary Title with

Investment Adviser

  Bryan T. Whalen, CFA

    3 Years    Generalist Portfolio Manager

  Jerry Cudzil

    3 Years    Managing Director

  Tammy Karp

    Since July 2020    Managing Director

  Steven J. Purdy

    Since December 2021    Managing Director

Also effective December 31, 2021, the disclosure under the heading “Metropolitan West Opportunistic High Income Credit Fund — Portfolio Managers” on page 56 of the Prospectus is deleted in its entirety and replaced with the following:

 

  Name    Experience
with the Fund		   

Primary Title with

Investment Adviser

  Stephen J. Purdy

    Since July 2021
(inception of the Fund)		    Managing Director

  Harrison Choi

    Since July 2021
(inception of the Fund)		    Specialist Portfolio
Manager, Head of
Securitized Trading

  Brian Gelfand

    Since July 2021
(inception of the Fund)		    Senior Vice President,
Fixed Income

  Laird R. Landmann

    Since December 2021    Founding Partner and
Generalist Portfolio
Manager

  Jerry Cudzil

    Since December 2021    Managing Director

In addition, effective December 31, 2021, disclosure relating to Laird R. Landmann under the heading “Management of the Funds — Portfolio Managers” on page 114 of the Prospectus is deleted in its entirety and replaced with the following::

 

Laird R. Landmann

   

Group Managing Director of the Adviser, has been with the Adviser since August 1996. Mr. Landmann manages the Flexible Income Fund, the Floating Rate Income Fund, the High Yield Bond Fund, the Intermediate Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Opportunistic High Income Credit Fund, the Strategic Income Fund, the Total Return Bond Fund, the Ultra Short Bond Fund and the Unconstrained Bond Fund.

In addition, effective December 31, 2021, the disclosure relating to Jerry Cudzil under the heading “Management of the Funds — Portfolio Managers” on page 114 of the Prospectus is deleted in its entirety and replaced with the following:

 

Jerry Cudzil

   

Managing Director of the Adviser, has been with the Adviser since May 2012. Mr. Cudzil manages the Corporate Bond Fund, the Floating Rate Income Fund, the High Yield Bond Fund and the Opportunistic High Income Credit Fund.

In addition, effective December 31, 2021, disclosure relating to Brian T. Whalen under the heading “Management of the Funds — Portfolio Managers” on page 115 of the Prospectus is deleted in its entirety and replaced with the following:

 

Brian T. Whalen, CFA

   

Group Managing Director of the Adviser, has been with the Adviser since 2004. Mr. Whalen manages the AlphaTrak 500 Fund, the Corporate Bond Fund, the Flexible Income Fund, the Intermediate Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Strategic Income Fund, the Total Return Bond Fund, the Ultra Short Bond Fund and the Unconstrained Bond Fund.

In addition, effective December 31, 2021, disclosure relating to Steven J. Purdy under the heading “Management of the Funds — Portfolio Managers” on page 115 of the Prospectus is deleted in its entirety and replaced with the following:

 

Steven J. Purdy

   

Managing Director of the Adviser, has been with the Adviser since March 2016. Mr. Purdy manages the Corporate Bond Fund, the Floating Rate Income Fund, the High Yield Bond Fund and the Opportunistic High Income Credit Fund.

In addition, effective December 31, 2021, disclosure relating to Bret R. Barker under the heading “Management of the Funds — Portfolio Managers” on page 115 of the Prospectus is added as follows:

 

Bret R. Barker

   

Managing Director of the Adviser since 2009. Mr. Barker manages the AlphaTrak 500 Fund.

In addition, effective December 31, 2021, disclosure relating to Ruben Hovhannisyan under the heading “Management of the Funds — Portfolio Managers” on page 115 of the Prospectus is added as follows:

 

Ruben Hovhannisyan

   

Managing Director of the Adviser since 2009. Mr. Hovhannisyan manages the AlphaTrak 500 Fund.

In addition, effective December 31, 2021, the disclosure relating to Laird Landmann under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 66 of the SAI is deleted in its entirety and replaced with the following:

Laird R. Landmann*

 

   Type of Accounts

    Total # of
Accounts
Managed

 

      Total Assets
(millions)

 

 

      # of Accounts
Managed with
Performance-
Based Advisory
Fee		      Total Assets with
Performance-Based
Advisory Fee
(millions)		  

   Registered Investment Companies:

      19      $ 36,533        0      $ 0  

   Other Pooled Investment Vehicles:

      47      $         23,364        25      $         4,244  

   Other Accounts:

      206      $ 64,721        9      $ 8,285  

* Information for Mr. Landmann is provided as of November 30, 2021.

In addition, effective December 31, 2021, the disclosure relating to Jerry Cudzil under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 67 of the SAI is deleted in its entirety and replaced with the following:

Jerry Cudzil*

 

   Type of Accounts

    Total # of
Accounts
Managed

 

      Total Assets
(millions)

 

 

      # of Accounts
Managed with
Performance-
Based Advisory
Fee		      Total Assets with
Performance-Based
Advisory Fee
(millions)		  

   Registered Investment Companies:

      1      $ 114        0      $ 0  

   Other Pooled Investment Vehicles:

      10      $         4,546        7      $         2,906  

   Other Accounts:

      12      $ 4,743        0      $ 0  

* Information for Mr. Cudzil is provided as of November 30, 2021.

In addition, effective December 31, 2021, the disclosure relating to Bryan T. Whalen under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 67 of the SAI is deleted in its entirety and replaced with the following:

Bryan T. Whalen*

 

   Type of Accounts

    Total # of
Accounts
Managed

 

      Total Assets
(millions)

 

 

      # of Accounts
Managed with
Performance-
Based Advisory
Fee		      Total Assets with
Performance-Based
Advisory Fee
(millions)		  

   Registered Investment Companies:

      20      $ 36,465        0      $ 0  

   Other Pooled Investment Vehicles:

      44      $         23,429        18      $         1,338  

   Other Accounts:

      221      $ 70,015        9      $ 8,285  

* Information for Mr. Whalen is provided as of November 30, 2021.

In addition, effective December 31, 2021, the disclosure relating to Steven J. Purdy under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 67 of the SAI is deleted in its entirety and replaced with the following:

Steven J. Purdy*

 

   Type of Accounts

    Total # of
Accounts
Managed

 

      Total Assets
(millions)

 

 

      # of Accounts
Managed with
Performance-
Based Advisory
Fee		      Total Assets with
Performance-Based
Advisory Fee
(millions)		  

   Registered Investment Companies:

      1      $ 114        0      $ 0  

   Other Pooled Investment Vehicles:

      10      $         4,546        7      $         2,906  

   Other Accounts:

      12      $ 4,743        0      $ 0  

* Information for Mr. Purdy is provided as of November 30, 2021.

In addition, effective December 31, 2021, disclosure relating to Bret R. Barker under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 68 of the SAI is added as follows:

Bret R. Barker*

 

   Type of Accounts

    Total # of
Accounts
Managed

 

      Total Assets
(millions)

 

 

      # of Accounts
Managed with
Performance-
Based Advisory
Fee		      Total Assets with
Performance-Based
Advisory Fee
(millions)		  

   Registered Investment Companies:

      1      $ 11        0      $ 0  

   Other Pooled Investment Vehicles:

      0      $ 0        0      $ 0  

   Other Accounts:

      5      $         56        0      $         0  

* Information for Mr. Barker is provided as of November 30, 2021.

In addition, effective December 31, 2021, disclosure relating to Ruben Hovhannisyan under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 68 of the SAI is added as follows:

Ruben Hovhannisyan*

 

   Type of Accounts

    Total # of
Accounts
Managed

 

      Total Assets
(millions)

 

 

      # of Accounts
Managed with
Performance-
Based Advisory
Fee		      Total Assets with
Performance-Based
Advisory Fee
(millions)		  

   Registered Investment Companies:

      1      $ 11        0      $ 0  

   Other Pooled Investment Vehicles:

      0      $ 0        0      $ 0  

   Other Accounts:

      1      $         52        0      $         0  

* Information for Mr. Hovhannisyan is provided as of November 30, 2021.

In addition, effective December 31, 2021, the disclosure relating to the AlphaTrak 500 Fund under the heading “PORTFOLIO MANAGERS — Ownership of Securities” on page 69 of the SAI is deleted in its entirety and replaced with the following:

 

   Dollar Range of Fund Shares Beneficially Owned    

AlphaTrak 500 Fund

   

Stephen Kane

    $500,001 - $1,000,000

Bryan T. Whalen*

    None

Bret Barker*

    None

Ruben Hovhannisyan*

    None

* Information for Messrs. Whalen, Barker and Hovhannisyan is provided as of November 30, 2021.

In addition, effective December 31, 2021, the disclosure relating to the Corporate Bond Fund under the heading “PORTFOLIO MANAGERS — Ownership of Securities” on page 69 of the SAI is deleted in its entirety and replaced with the following:

 

   Dollar Range of Fund Shares Beneficially Owned    

Corporate Bond Fund

   

Bryan T. Whalen

    $100,001 - $500,000

Jerry Cudzil

    $100,001 - $500,000

Tammy Karp

    None

Steven J. Purdy*

    $50,001 - $100,000

* Information for Mr. Purdy is provided as of November 30, 2021.

In addition, effective December 31, 2021, the disclosure relating to the Opportunistic High Income Credit Fund under the heading “PORTFOLIO MANAGERS — Ownership of Securities” on page 69 of the SAI is deleted in its entirety and replaced with the following:

 

   Dollar Range of Fund Shares Beneficially Owned    

Opportunistic High Income Credit Fund

   

Steven Purdy

    None

Harrison Choi

    None

Brian Gelfand

    None

Laird Landmann*

    $500,001 - $1,000,000

Jerry Cudzil*

    $100,001 - $500,000

* Information for Messrs. Landmann and Cudzil is provided as of November 30, 2021.

Please retain this Supplement with your Prospectus and SAI for future reference.