0001028621 2021-07-29 2021-07-29 0001028621 mwf:S000001148Member 2021-07-29 2021-07-29 0001028621 mwf:S000001148Member mwf:C000003067Member 2021-07-29 2021-07-29 0001028621 mwf:S000001152Member 2021-07-29 2021-07-29 0001028621 mwf:S000001152Member mwf:C000003074Member 2021-07-29 2021-07-29 0001028621 mwf:S000001152Member mwf:C000003075Member 2021-07-29 2021-07-29 pure iso4217:USD false 2022-01-27 2021-03-31 497 0001028621 N-1A <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;font-weight:bold;text-align:center;">METROPOLITAN WEST FUNDS</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">Supplement dated January 27, 2022 to the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">Prospectus (the “Prospectus”) and Statement of Additional Information (the “SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">dated July 29, 2021, as supplemented </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;font-weight:bold;text-align:justify;"><span style="font-style:italic">For current and prospective investors in the Metropolitan West AlphaTrak 500 Fund (the “AlphaTrak 500 Fund”) and the Metropolitan West Strategic Income Fund (the “Strategic Income Fund” and, together with the AlphaTrak 500 Fund, the “Funds”): </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">At a Special Meeting of Shareholders of the Funds held on January 20, 2022, the following proposals were approved: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:12pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:6%;vertical-align:top;text-align: left;">(1)</td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Shareholders of the AlphaTrak 500 Fund approved an amendment to the investment advisory agreement between Metropolitan West Asset Management, LLC (the “Adviser”) and the Trust, on behalf of the Fund, that removes the Fund’s fulcrum fee structure and implements an advisory fee at an annual rate of 0.40% of average daily net assets of the Fund; and </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:12pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:6%;vertical-align:top;text-align: left;">(2)</td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Shareholders of the Strategic Income Fund approved an amendment to the investment advisory agreement between the Adviser and the Trust, on behalf of the Fund, that removes the Fund’s fulcrum fee structure and implements an advisory fee at an annual rate of 0.65% of average daily net assets of the Fund. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Therefore, effective February 1, 2022, the advisory fee of the AlphaTrak 500 Fund will be payable monthly at an annual rate of 0.40% of average daily net assets of the Fund. Also effective February 1, 2022, the advisory fee of the Strategic Income Fund will be payable monthly at an annual rate of 0.65% of the daily net assets of the Fund. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Accordingly, effective February 1, 2022, the table and example under the heading “<span style="font-weight:bold">Metropolitan West AlphaTrak 500 Fund – Fees and Expenses of the Fund</span>” on page 2 of the Prospectus are deleted in their entirety and replaced with the following: </div><div style="margin-top:18pt;margin-bottom:0pt;margin-left:4%;margin-right:8%;font-size:10pt;font-family:arial;text-align:justify;">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;width:68%;border:0px;margin:0 auto"> <tr> <td style="width:80%;"/> <td style="vertical-align:bottom;width:6%;"/> <td/> <td/> <td style="vertical-align:bottom;width:6%;"/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">M Class</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Management Fees<sup style="font-size:85%;vertical-align:top">1</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">0.40</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Distribution (12b‑1) Fees</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">0.00</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Other Expenses</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">0.74</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Shareholder Servicing Expenses<sup style="font-size:85%;vertical-align:top">2</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">0.06%    </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Acquired Fund Fees and Expenses</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">0.01</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Total Annual Fund Operating Expenses</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">1.15</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Fee Waiver and/or Expense Reimbursement<sup style="font-size:85%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">(0.69</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="vertical-align:top;">Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement</td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">0.46</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">1</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">Effective February 1, 2022, the management fee paid to Metropolitan West Asset Management, LLC (the “Adviser”) for providing services to the Fund is 0.40% of average daily net assets of the Fund. Prior to this date, the management fee consisted of a basic fee at an annual rate of 0.35% of the Fund’s average net assets and a positive or negative performance adjustment of up to an annual rate of 0.35% (applied to the average assets for the rolling 3‑month performance period), resulting in a total minimum fee of 0% and a total maximum fee of 0.70%. The average monthly management fee for the year ended March 31, 2021 was 0.52% (annual rate).</div> </td> <td style="width:8%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">2</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">The Fund is authorized to compensate broker-dealers and other third-party intermediaries up to 0.10% (10 basis points) of the M Class assets serviced by those intermediaries for shareholder services.</div> </td> <td style="width:8%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">3</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">The Adviser has contractually agreed to reduce advisory fees and/or reimburse expenses, including distribution expenses, to limit the Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to the net expenses shown in the table for the applicable share class. The Adviser may recoup reduced fees and expenses only within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contract will remain in place until July 31, 2023. Effective February 1, 2022, the expense limitation for the Fund is 0.45%; prior to this date, the expense limitation was 0.90%. Although it does not expect to do so, the Board of Trustees is permitted to terminate that contract sooner in its discretion with written notice to the Adviser.</div> </td> <td style="width:8%;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"><span style="font-style:italic">Example</span></div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:4%;margin-right:5%;font-size:10pt;font-family:arial;text-align:justify;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through July 31, 2023). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:84%;border:0px;margin:0 auto"> <tr> <td style="width:46%;"/> <td style="vertical-align:bottom;width:8%;"/> <td/> <td/> <td/> <td style="vertical-align:bottom;width:10%;"/> <td/> <td/> <td/> <td style="vertical-align:bottom;width:10%;"/> <td/> <td/> <td/> <td style="vertical-align:bottom;width:6%;"/> <td/> <td/> <td style="vertical-align:bottom;width:4%;"/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">3 Years</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">5 Years</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">10 Years</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Class M</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">$</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">47</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">$</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">297</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">$</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">566</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">$</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">1,336</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Also effective February 1, 2022, the table and example under the heading “<span style="font-weight:bold">Metropolitan West Strategic Income Fund – Fees and Expenses of the Fund</span>” on page 57 of the Prospectus are deleted in their entirety and replaced with the following: </div><div style="margin-top:18pt;margin-bottom:0pt;margin-left:4%;margin-right:8%;font-size:10pt;font-family:arial;text-align:justify;">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;width:76%;border:0px;margin:0 auto"> <tr> <td style="width:60%;"/> <td style="vertical-align:bottom;width:5%;"/> <td/> <td/> <td/> <td style="vertical-align:bottom;width:7%;"/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">M Class</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">I Class    </span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Management Fees<sup style="font-size:85%;vertical-align:top">1</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">0.65%     </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">0.65%     </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Distribution (12b‑1) Fees</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">0.25%     </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">None</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Other Expenses</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">1.21%     </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">0.66%     </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Shareholder Servicing Expenses<sup style="font-size:85%;vertical-align:top">2</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">0.09%          </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"/> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">0.09%          </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Total Annual Fund Operating Expenses</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">2.11%     </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">1.31%     </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Fee Waiver and/or Expense Reimbursement<sup style="font-size:85%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">(1.07)%    </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">(0.51)%    </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:7.5pt;font-family:arial;">Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">1.04%     </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align: center;">0.80%     </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">1</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">Effective February 1, 2022, the management fee paid to Metropolitan West Asset Management, LLC (the “Adviser”) for providing services to the Fund is 0.65% of daily net assets of the Fund. Prior to this date, the management fee consisted of a basic fee at an annual rate of 1.20% of the Fund’s average daily net assets and a positive or negative performance adjustment of up to an annual rate of 0.70% (applied to the average net assets for the rolling 12‑month performance period), resulting in a total minimum fee of 0.50% and a total maximum fee of 1.90%. The average monthly management fee for the period from April 1, 2020 through March 31, 2021 was 1.27% (annual rate) based on average net assets for the year ended March 31, 2021.</div> </td> <td style="width:8%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">2</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">The Fund is authorized to compensate broker-dealers and other third-party intermediaries up to 0.10% (10 basis points) of the M and I Class assets serviced by those intermediaries for shareholder services.</div> </td> <td style="width:8%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">3</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">Metropolitan West Asset Management, LLC (the “Adviser”) has contractually agreed to reduce advisory fees and/or reimburse expenses, including distribution expenses, to limit the Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, swap interest expenses, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to the net expenses shown in the table for the applicable class. The Adviser may recoup reduced fees and expenses only within three years of the waiver or reimbursement, provided that the recoupment does not </div> </td> <td style="width:8%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:7.5pt;text-align:justify;"> cause the Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contract will remain in place until July 31, 2023. Although it does not expect to do so, the Board of Trustees is permitted to terminate that contract sooner in its discretion with written notice to the Adviser. </div> </td> <td style="width:8%;"> </td> </tr> </table><div style="margin-top:18pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"><span style="font-style:italic">Example</span></div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:4%;margin-right:5%;font-size:10pt;font-family:arial;text-align:justify;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through July 31, 2023). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:76%;border:0px;margin:0 auto"> <tr> <td style="width:38%;"/> <td style="vertical-align:bottom;width:6%;"/> <td/> <td style="vertical-align:bottom;width:8%;"/> <td/> <td style="vertical-align:bottom;width:8%;"/> <td/> <td style="vertical-align:bottom;width:4%;"/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">3 Years</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">5 Years</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">10 Years</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Class M</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">$106</td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">$558</td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">$1,035</td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">$2,357</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Class I</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align: center;">$82</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align: center;">$365</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align: center;">$669</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align: center;">$1,534</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;font-weight:bold;text-align:center;">METROPOLITAN WEST FUNDS</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">Supplement dated January 27, 2022 to the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">Prospectus (the “Prospectus”) and Statement of Additional Information (the “SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">dated July 29, 2021, as supplemented </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;font-weight:bold;text-align:justify;"><span style="font-style:italic">For current and prospective investors in the Metropolitan West AlphaTrak 500 Fund (the “AlphaTrak 500 Fund”) and the Metropolitan West Strategic Income Fund (the “Strategic Income Fund” and, together with the AlphaTrak 500 Fund, the “Funds”): </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">At a Special Meeting of Shareholders of the Funds held on January 20, 2022, the following proposals were approved: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:12pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:6%;vertical-align:top;text-align: left;">(1)</td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Shareholders of the AlphaTrak 500 Fund approved an amendment to the investment advisory agreement between Metropolitan West Asset Management, LLC (the “Adviser”) and the Trust, on behalf of the Fund, that removes the Fund’s fulcrum fee structure and implements an advisory fee at an annual rate of 0.40% of average daily net assets of the Fund; and </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:12pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:6%;vertical-align:top;text-align: left;">(2)</td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Shareholders of the Strategic Income Fund approved an amendment to the investment advisory agreement between the Adviser and the Trust, on behalf of the Fund, that removes the Fund’s fulcrum fee structure and implements an advisory fee at an annual rate of 0.65% of average daily net assets of the Fund. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Therefore, effective February 1, 2022, the advisory fee of the AlphaTrak 500 Fund will be payable monthly at an annual rate of 0.40% of average daily net assets of the Fund. Also effective February 1, 2022, the advisory fee of the Strategic Income Fund will be payable monthly at an annual rate of 0.65% of the daily net assets of the Fund. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Accordingly, effective February 1, 2022, the table and example under the heading “<span style="font-weight:bold">Metropolitan West AlphaTrak 500 Fund – Fees and Expenses of the Fund</span>” on page 2 of the Prospectus are deleted in their entirety and replaced with the following: </div><div style="margin-top:18pt;margin-bottom:0pt;margin-left:4%;margin-right:8%;font-size:10pt;font-family:arial;text-align:justify;">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;width:68%;border:0px;margin:0 auto"> <tr> <td style="width:80%;"/> <td style="vertical-align:bottom;width:6%;"/> <td/> <td/> <td style="vertical-align:bottom;width:6%;"/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">M Class</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Management Fees<sup style="font-size:85%;vertical-align:top">1</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">0.40</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Distribution (12b‑1) Fees</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">0.00</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Other Expenses</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">0.74</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Shareholder Servicing Expenses<sup style="font-size:85%;vertical-align:top">2</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">0.06%    </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Acquired Fund Fees and Expenses</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">0.01</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Total Annual Fund Operating Expenses</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">1.15</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Fee Waiver and/or Expense Reimbursement<sup style="font-size:85%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">(0.69</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="vertical-align:top;">Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement</td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">0.46</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">1</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">Effective February 1, 2022, the management fee paid to Metropolitan West Asset Management, LLC (the “Adviser”) for providing services to the Fund is 0.40% of average daily net assets of the Fund. Prior to this date, the management fee consisted of a basic fee at an annual rate of 0.35% of the Fund’s average net assets and a positive or negative performance adjustment of up to an annual rate of 0.35% (applied to the average assets for the rolling 3‑month performance period), resulting in a total minimum fee of 0% and a total maximum fee of 0.70%. The average monthly management fee for the year ended March 31, 2021 was 0.52% (annual rate).</div> </td> <td style="width:8%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">2</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">The Fund is authorized to compensate broker-dealers and other third-party intermediaries up to 0.10% (10 basis points) of the M Class assets serviced by those intermediaries for shareholder services.</div> </td> <td style="width:8%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">3</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">The Adviser has contractually agreed to reduce advisory fees and/or reimburse expenses, including distribution expenses, to limit the Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to the net expenses shown in the table for the applicable share class. The Adviser may recoup reduced fees and expenses only within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contract will remain in place until July 31, 2023. Effective February 1, 2022, the expense limitation for the Fund is 0.45%; prior to this date, the expense limitation was 0.90%. Although it does not expect to do so, the Board of Trustees is permitted to terminate that contract sooner in its discretion with written notice to the Adviser.</div> </td> <td style="width:8%;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"><span style="font-style:italic">Example</span></div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:4%;margin-right:5%;font-size:10pt;font-family:arial;text-align:justify;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through July 31, 2023). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:84%;border:0px;margin:0 auto"> <tr> <td style="width:46%;"/> <td style="vertical-align:bottom;width:8%;"/> <td/> <td/> <td/> <td style="vertical-align:bottom;width:10%;"/> <td/> <td/> <td/> <td style="vertical-align:bottom;width:10%;"/> <td/> <td/> <td/> <td style="vertical-align:bottom;width:6%;"/> <td/> <td/> <td style="vertical-align:bottom;width:4%;"/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">3 Years</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">5 Years</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">10 Years</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Class M</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">$</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">47</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">$</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">297</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">$</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">566</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;">$</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align: right;">1,336</td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;font-weight:bold;text-align:center;">METROPOLITAN WEST FUNDS</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">Supplement dated January 27, 2022 to the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">Prospectus (the “Prospectus”) and Statement of Additional Information (the “SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">dated July 29, 2021, as supplemented </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;font-weight:bold;text-align:justify;"><span style="font-style:italic">For current and prospective investors in the Metropolitan West AlphaTrak 500 Fund (the “AlphaTrak 500 Fund”) and the Metropolitan West Strategic Income Fund (the “Strategic Income Fund” and, together with the AlphaTrak 500 Fund, the “Funds”): </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">At a Special Meeting of Shareholders of the Funds held on January 20, 2022, the following proposals were approved: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:12pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:6%;vertical-align:top;text-align: left;">(1)</td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Shareholders of the AlphaTrak 500 Fund approved an amendment to the investment advisory agreement between Metropolitan West Asset Management, LLC (the “Adviser”) and the Trust, on behalf of the Fund, that removes the Fund’s fulcrum fee structure and implements an advisory fee at an annual rate of 0.40% of average daily net assets of the Fund; and </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:12pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:6%;vertical-align:top;text-align: left;">(2)</td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Shareholders of the Strategic Income Fund approved an amendment to the investment advisory agreement between the Adviser and the Trust, on behalf of the Fund, that removes the Fund’s fulcrum fee structure and implements an advisory fee at an annual rate of 0.65% of average daily net assets of the Fund. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Therefore, effective February 1, 2022, the advisory fee of the AlphaTrak 500 Fund will be payable monthly at an annual rate of 0.40% of average daily net assets of the Fund. Also effective February 1, 2022, the advisory fee of the Strategic Income Fund will be payable monthly at an annual rate of 0.65% of the daily net assets of the Fund. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:justify;">Also effective February 1, 2022, the table and example under the heading “<span style="font-weight:bold">Metropolitan West Strategic Income Fund – Fees and Expenses of the Fund</span>” on page 57 of the Prospectus are deleted in their entirety and replaced with the following: </div><div style="margin-top:18pt;margin-bottom:0pt;margin-left:4%;margin-right:8%;font-size:10pt;font-family:arial;text-align:justify;">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;width:76%;border:0px;margin:0 auto"> <tr> <td style="width:60%;"/> <td style="vertical-align:bottom;width:5%;"/> <td/> <td/> <td/> <td style="vertical-align:bottom;width:7%;"/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">M Class</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">I Class    </span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Management Fees<sup style="font-size:85%;vertical-align:top">1</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">0.65%     </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">0.65%     </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Distribution (12b‑1) Fees</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">0.25%     </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">None</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Other Expenses</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">1.21%     </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">0.66%     </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Shareholder Servicing Expenses<sup style="font-size:85%;vertical-align:top">2</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">0.09%          </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"/> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">0.09%          </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Total Annual Fund Operating Expenses</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">2.11%     </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">1.31%     </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:7.5pt;font-family:arial;">Fee Waiver and/or Expense Reimbursement<sup style="font-size:85%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;text-align: right;">(1.07)%    </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">(0.51)%    </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:7.5pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:7.5pt;font-family:arial;">Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">1.04%     </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align: center;">0.80%     </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">1</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">Effective February 1, 2022, the management fee paid to Metropolitan West Asset Management, LLC (the “Adviser”) for providing services to the Fund is 0.65% of daily net assets of the Fund. Prior to this date, the management fee consisted of a basic fee at an annual rate of 1.20% of the Fund’s average daily net assets and a positive or negative performance adjustment of up to an annual rate of 0.70% (applied to the average net assets for the rolling 12‑month performance period), resulting in a total minimum fee of 0.50% and a total maximum fee of 1.90%. The average monthly management fee for the period from April 1, 2020 through March 31, 2021 was 1.27% (annual rate) based on average net assets for the year ended March 31, 2021.</div> </td> <td style="width:8%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">2</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">The Fund is authorized to compensate broker-dealers and other third-party intermediaries up to 0.10% (10 basis points) of the M and I Class assets serviced by those intermediaries for shareholder services.</div> </td> <td style="width:8%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:1%;vertical-align:top;text-align: left;"><sup style="font-size:85%;vertical-align:top">3</sup> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;text-align:justify;">Metropolitan West Asset Management, LLC (the “Adviser”) has contractually agreed to reduce advisory fees and/or reimburse expenses, including distribution expenses, to limit the Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, swap interest expenses, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to the net expenses shown in the table for the applicable class. The Adviser may recoup reduced fees and expenses only within three years of the waiver or reimbursement, provided that the recoupment does not </div> </td> <td style="width:8%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:7.5pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:7.5pt;text-align:justify;"> cause the Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contract will remain in place until July 31, 2023. Although it does not expect to do so, the Board of Trustees is permitted to terminate that contract sooner in its discretion with written notice to the Adviser. </div> </td> <td style="width:8%;"> </td> </tr> </table><div style="margin-top:18pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"><span style="font-style:italic">Example</span></div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:4%;margin-right:5%;font-size:10pt;font-family:arial;text-align:justify;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through July 31, 2023). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:76%;border:0px;margin:0 auto"> <tr> <td style="width:38%;"/> <td style="vertical-align:bottom;width:6%;"/> <td/> <td style="vertical-align:bottom;width:8%;"/> <td/> <td style="vertical-align:bottom;width:8%;"/> <td/> <td style="vertical-align:bottom;width:4%;"/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">3 Years</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">5 Years</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">10 Years</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Class M</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">$106</td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">$558</td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">$1,035</td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">    </td> <td style="text-align: center;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;white-space:nowrap;">$2,357</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Class I</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align: center;">$82</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align: center;">$365</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align: center;">$669</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align: center;">$1,534</td> </tr> </table> METROPOLITAN WEST FUNDS 2022-01-27 2021-07-29 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0000 0.0074 0.0006 0.0001 0.0115 -0.0069 0.0046 July 31, 2023 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through July 31, 2023). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 47 297 566 1336 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0025 0 0.0121 0.0066 0.0009 0.0009 0.0211 0.0131 -0.0107 -0.0051 0.0104 0.0080 July 31, 2023 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through July 31, 2023). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 106 558 1035 2357 82 365 669 1534 Effective February 1, 2022, the management fee paid to Metropolitan West Asset Management, LLC (the “Adviser”) for providing services to the Fund is 0.40% of average daily net assets of the Fund. Prior to this date, the management fee consisted of a basic fee at an annual rate of 0.35% of the Fund’s average net assets and a positive or negative performance adjustment of up to an annual rate of 0.35% (applied to the average assets for the rolling 3‑month performance period), resulting in a total minimum fee of 0% and a total maximum fee of 0.70%. The average monthly management fee for the year ended March 31, 2021 was 0.52% (annual rate). Effective February 1, 2022, the management fee paid to Metropolitan West Asset Management, LLC (the “Adviser”) for providing services to the Fund is 0.65% of daily net assets of the Fund. Prior to this date, the management fee consisted of a basic fee at an annual rate of 1.20% of the Fund’s average daily net assets and a positive or negative performance adjustment of up to an annual rate of 0.70% (applied to the average net assets for the rolling 12‑month performance period), resulting in a total minimum fee of 0.50% and a total maximum fee of 1.90%. The average monthly management fee for the period from April 1, 2020 through March 31, 2021 was 1.27% (annual rate) based on average net assets for the year ended March 31, 2021. The Fund is authorized to compensate broker-dealers and other third-party intermediaries up to 0.10% (10 basis points) of the M and I Class assets serviced by those intermediaries for shareholder services. Metropolitan West Asset Management, LLC (the “Adviser”) has contractually agreed to reduce advisory fees and/or reimburse expenses, including distribution expenses, to limit the Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, swap interest expenses, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to the net expenses shown in the table for the applicable class. The Adviser may recoup reduced fees and expenses only within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contract will remain in place until July 31, 2023. Although it does not expect to do so, the Board of Trustees is permitted to terminate that contract sooner in its discretion with written notice to the Adviser. The Fund is authorized to compensate broker-dealers and other third-party intermediaries up to 0.10% (10 basis points) of the M Class assets serviced by those intermediaries for shareholder services. The Adviser has contractually agreed to reduce advisory fees and/or reimburse expenses, including distribution expenses, to limit the Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to the net expenses shown in the table for the applicable share class. The Adviser may recoup reduced fees and expenses only within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contract will remain in place until July 31, 2023. Effective February 1, 2022, the expense limitation for the Fund is 0.45%; prior to this date, the expense limitation was 0.90%. Although it does not expect to do so, the Board of Trustees is permitted to terminate that contract sooner in its discretion with written notice to the Adviser.