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pure 0001028621 false 485BPOS 2023-03-31 2023-07-29 0.3409 -0.2125 0.1389 0.0039 0.2049 0.2083 -0.0495 0.3197 0.1847 0.2800 0.1471 0.1209 -0.0108 -0.1652 -0.1414 0.1803 0.1217 0.0198 -0.0890 0.0201 0.0136 0.0604 0.0329 0.0040 0.0728 0.0299 0.0330 -0.0273 0.0684 -0.1136 0.0034 -0.0218 0.0792 0.0622 -0.0127 0.1227 0.1145 0.0335 0.0087 -0.0927 0.0329 0.0036 0.0182 0.0211 0.0087 0.0677 0.0762 -0.0117 0.0970 0.0811 -0.0061 -0.1088 0.0193 -0.0517 0.0139 0.0020 0.0123 0.0115 0.0120 0.0423 0.0327 -0.0013 -0.1493 0.0375 -0.0693 0.0254 0.0011 0.0289 0.0379 0.0066 0.0581 0.0488 0.0214 0.0020 0.0583 -0.0005 0.0232 0.0310 -0.0006 0.0895 0.0878 -0.0134 -0.1487 0.0106 -0.0023 -0.0232 0.0041 0.0042 0.0083 0.0083 0.0160 0.0293 0.0119 0.0288 0.0336 -0.0003 0.0350 0.0366 0.0067 0.0617 0.0451 0.0077 -0.0842 2023-07-25 N-1A METROPOLITAN WEST FUNDS 2023-07-29 Metropolitan West AlphaTrak 500 Fund Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The AlphaTrak 500 Fund seeks to achieve a total return that exceeds the total return of the S&amp;P 500 Index. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0000 0.0088 0.0005 0.0002 0.0130 -0.0083 0.0047 July 31, 2024 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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, 2024). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 48 330 633 1495 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 166% of the average value of its portfolio. </div> 1.66 Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund is an enhanced S&amp;P 500 Index fund that combines a fixed-income portfolio with non-leveraged investments in S&amp;P 500 Index futures. The Adviser actively manages the fixed-income portfolio in an effort to produce an investment return that, when combined with the Fund’s return on the S&amp;P 500 Index futures, will exceed the total return of the S&amp;P 500 Index. The Fund may also use S&amp;P 500 swap contracts or exchange-traded funds (ETFs) that track the S&amp;P 500 Index together or in lieu of the S&amp;P 500 Index futures. The Fund is not designed for investors that are sensitive to taxable gains. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pursues its objective by investing, under normal circumstances, in S&amp;P 500 Index futures contracts with a contractual or “notional” value substantially equal to the Fund’s total assets and in fixed-income securities. The Fund typically makes margin deposits with futures commission merchants with a total value equal to approximately 4% to 5% of the notional value of the futures contracts and invests the rest of its assets in a diversified portfolio of fixed-income securities of varying maturities issued by domestic and foreign corporations, mortgage-related issuers and governments. The portfolio duration is up to three years and the dollar-weighted average maturity is up to five years. Under normal circumstances, at least 85% of the Fund’s fixed </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> income investments are securities rated at least investment grade or unrated securities determined by the Adviser to be of comparable quality. Up to 15% of the Fund’s fixed income investments may be invested in securities rated below investment grade (commonly known as “junk bonds”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund invests in the U.S. and abroad, including emerging markets. The Fund may invest up to 15% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 15% of its assets in emerging market securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund’s investments typically include bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, U.S. and non-U.S. money market securities, swaps (including credit default swaps), futures, options, private placements, defaulted debt securities and restricted securities. The Fund’s investments may have interest rates that are fixed, variable or floating. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may normally borrow or sell securities short up to 25% of the value of its total assets. </div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Frequent Trading Risk</span><span style="font-weight:bold">:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter term securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Money Market/Short-Term Securities Risk</span><span style="font-weight:bold">:</span> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Investing Risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </div> </td> </tr> </table> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person. </div> Performance Information <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception date of Class M shares is June 29, 1998. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671. </div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table compares the average annual total returns of the Fund to a broad-based securities market index. 1998-06-29 1998-06-29 1998-06-29 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 AlphaTrak 500 Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 16.77% </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="width:0pt;"></td> <td></td> <td></td> <td style="width:0pt;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td style="width:64%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"><span style="font-weight:bold">Highest:</span></td> <td style="vertical-align:bottom;">  </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;">22.50%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"><span style="font-weight:bold">Lowest:</span></td> <td style="vertical-align:bottom;">  </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;">-21.66%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended March 31, 2020)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.1677 Highest: 0.2250 2020-06-30 Lowest: -0.2166 2020-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.2125 0.0842 0.1283 0.0714 -0.2235 0.0511 0.1083 0.0460 -0.1233 0.0584 0.1013 0.0457 -0.1811 0.0942 0.1256 0.0706 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Corporate Bond Fund Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Corporate Bond Fund seeks to maximize long-term total return. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0.0025 0 0.0328 0.0299 0.0008 0.0003 0.0393 0.0339 -0.0318 -0.0289 0.0075 0.0050 July 31, 2024 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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, 2024). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 77 905 1751 3946 51 771 1514 3480 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 124% of the average value of its portfolio. </div> 1.24 Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of corporate debt instruments of varying maturities issued by U.S. and foreign corporations domiciled in developed market and emerging market countries. The market value of any corporate debt derivatives will count toward the 80% level specified above. In addition to corporate debt instruments, the Fund may also invest its assets in other fixed income securities issued by various U.S. and foreign public or private entities, including government bonds, municipal securities, securities issued by government agencies, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), and U.S. and non-U.S. money market securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The assets held in the Fund may have interest rates that are fixed, variable or floating and can include private placements and restricted securities. Under normal circumstances, the Fund invests at least 80% of its total assets (measured at </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> the time of investment) in investment grade fixed income securities or unrated securities determined by the Adviser to be of comparable quality. The emerging market fixed-income securities in which the Fund may invest are not subject to any minimum credit quality standards, so long as the value of those investments does not cause the Fund to exceed its limit on investments in securities rated below investment grade (commonly known as “junk bonds”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest in securities of any maturity, and there is no limit on the weighted average maturity of the Fund’s portfolio. The Fund does not have a duration target. However, under normal circumstances, the average portfolio duration varies from three to nine years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may sell securities and other instruments short provided that not more than 33<sup style="font-size:75%;vertical-align:top">1/3</sup>% of its net assets is held as collateral for those transactions. Derivatives are used in an effort to hedge investments, for risk management or to increase income or gains for the Fund. The types of derivative instruments in which the Fund will principally invest are currency and other futures, forward contracts, options, and swap agreements (typically interest-rate swaps, index-linked swaps, total return swaps and credit default swaps). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Under normal circumstances, the majority of the Fund’s investments are denominated in U.S. dollars. However, the Fund has the flexibility to allocate up to 20% of its assets to securities denominated in foreign currencies. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest up to 10% of its total assets in a combination of convertible bonds, preferred stock, and common stock of domestic and foreign companies. </div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Securities Selection Risk</span><span style="font-weight:bold">:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Investing Risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Frequent Trading Risk</span><span style="font-weight:bold">:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Currency Risk:</span> the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Portfolio Management Risk: </span>the risk that an investment strategy may fail to produce the intended results. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Large Shareholder Purchase and Redemption Risk:</span> the risk that the Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. </td> </tr> </table> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person. </div> Performance Information The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception date of Class M shares and Class I shares of the Fund is June 29, 2018. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671. </div> 2018-06-29 2018-06-29 2018-06-29 2018-06-29 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Corporate Bond Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2.94% </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="width:0pt;"></td> <td></td> <td></td> <td style="width:0pt;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td style="width:66%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"><span style="font-weight:bold">Highest:</span></td> <td style="vertical-align:bottom;">  </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;">7.48%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"><span style="font-weight:bold">Lowest:</span></td> <td style="vertical-align:bottom;">  </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;">-7.61%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended March 31, 2022)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0294 Highest: 0.0748 2020-06-30 Lowest: -0.0761 2022-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.1652 0.0193 -0.1741 -0.0005 -0.0976 0.0073 -0.1632 0.0218 -0.1576 0.0125 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Sustainable Securitized Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Sustainable Securitized Fund seeks to maximize current income and achieve above average long-term total return.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0.0025 0 0.0271 0.0254 0.0010 0.0002 0.0336 0.0294 -0.0265 -0.0244 0.0071 0.0050 July 31, 2024 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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, 2024). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 73 785 1521 3469 51 678 1332 3086 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was 312% of the average value of its portfolio.</div> 3.12 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in debt securities issued by securitized vehicles and similar instruments that the Adviser believes satisfy one or more of its positive-screening environmental, social and governance (“ESG”) criteria to support sustainable initiatives. A securitized vehicle typically issues debt securities backed by assets it owns such as commercial or residential mortgage loans, as well as other types of loans and assets. The Fund may also invest in other types of real estate related debt, mortgage pass-through securities, as well as floating, variable and fixed-rate securities. The Fund will invest in securities that are issued or guaranteed by the U.S. government or by any of its agencies or instrumentalities and those issued by non-governmental entities, as well as unguaranteed securities issued by private entities. Under normal circumstances, the Fund invests at least 80% of its net assets in securities rated investment grade or unrated securities determined by the Adviser to be of comparable quality. The Fund may also invest up to 20% of its assets in below investment grade bonds (“junk bonds”), which are bonds rated below BBB- by Fitch Ratings, Inc. (“Fitch”), below BBB- by S&amp;P Global Ratings (“S&amp;P”) and below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated, bonds deemed by the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Fund’s investment advisor to be of comparable quality. The Fund may invest up to 15% of its total assets (measured at the time of investment) in asset-backed and mortgage-related securities rated below investment grade by Moody’s, S&amp;P or Fitch, or, if unrated, determined by the Adviser to be of comparable quality.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">In determining whether to buy or sell investments, the portfolio management team evaluates each investment idea based on, among other factors, the team’s view of its current income potential, risk level, capital appreciation potential, and how it fits within the Fund’s overall portfolio. The allocation of capital to sectors and securities is driven primarily by the Adviser’s assessment of relative value offered by each sector and security, respectively, with an additional positive ESG screen to determine whether securities meet the portfolio manager’s criteria to support sustainable initiatives.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">In implementing its positive-screening ESG strategy, the Adviser evaluates potential investments based on a number of factors, including, but not limited to: support for affordable housing and community development, especially serving low- and moderate-income individuals and communities; mortgage-backed securities that support energy efficiency and broader “green” initiatives; certain non-mortgage related asset-backed securities, such as collateralized loan obligations with ESG-related exclusionary criteria; and commercial and consumer secured and unsecured debt related to sustainable initiatives, such as solar facilities. Governance review includes, but is not limited to, lending programs, borrower education and disclosure, origination policies, servicing practices, and securitization deal structure.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">In conducting its positive ESG screening process, the Adviser reviews for environmental, social and/or sustainable features related to the underlying security collateral and issuer programs, evidenced by marketing materials, borrower underwriting criteria, loan tapes (electronic files that capture lending product data from a financial firm’s internal systems), additional issuer disclosures and clarification from engagement, as well as third-party reports such as rating agency presales and second-party opinions where applicable. Typically, there is significant disclosure around issuer lending programs that offers insight into the environmental, social and/or sustainable nature of a securitization, such as supporting energy-efficient property improvements (environmental positive) and/or supporting affordable rental housing access and availability (social positive). The Adviser will also engage with issuers to obtain additional materials, clarification, and/or data points to support the viability of their lending and securitization programs and/or confirm their compliance with industry standards such as the International Capital Market Association (ICMA) Green, Social</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">and/or Sustainable bond principles. The Adviser will continue to monitor the market for additional information sources as well as issuer best-practices to enhance its diligence and positive screening approach.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The types of ESG securitized vehicles in which the Fund invests typically include, but are not limited to: (i) agency mortgage-backed securities and private label residential mortgage-backed securities that are collateralized by mortgage loans originated to support energy-efficient home improvements or with a financial inclusion component, focusing on promoting affordability and/or lending to low-to-moderate income individuals and communities; (ii) commercial mortgage-backed securities collateralized by certified energy efficient commercial properties (usually LEED-certified but also including alternative green building certifications such as BREEAM, NABERS, and Energy Star) or by loans focused on promoting affordable rental housing, typically through a landlord commitment and/or requirement to sustain below-market rents in existing or new construction multifamily properties; and (iii) asset-backed securities with an energy efficiency component, such as lower-carbon transportation and green asset transportation. Other securities considered for positive ESG screening include ESG collateralized loan obligations that often also include investment restrictions in certain sectors such as production and/or sale of weapons or tobacco-related products. The investment analysis and liquidity of these securitized vehicles do not differ materially from other forms of asset-backed securities the Adviser would typically consider for its other registered funds, except for the addition of the positive ESG screening process.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">As ESG standards evolve, the Adviser may update the foregoing criteria to more accurately reflect the portfolio management team’s understanding of ESG factors. The Adviser may use issuer engagement, as necessary, to determine whether investments support positive and sustainable environmental, social and governance impact.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investments are not limited to securities labeled “sustainable” or “ESG.” An investment’s satisfaction of the ESG criteria described above is based on the Adviser’s proprietary analysis and not that of a third party. There can be no guarantee that an investment that passes the Adviser’s positive screening process for ESG criteria will actually support sustainable initiatives. The Fund may invest up to 20% of its net assets in securities that the Adviser does not consider to be ESG investments.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Securities or other instruments may be sold for a number of reasons, including when the portfolio managers believe that (i) another security or instrument may offer a better investment</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">opportunity, (ii) there has been a deterioration in the credit fundamentals of an issuer, (iii) an individual security or instrument has reached its sell target, (iv) the portfolio should be rebalanced for diversification or portfolio weighting purposes, or (v) the security no longer meets the Adviser’s ESG criteria.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund’s portfolio duration is two to eight years and the Fund’s dollar-weighted average maturity ranges from two to fifteen years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund invests in the U.S. and international securitized markets, including securities denominated in foreign currencies. The Fund has the flexibility to allocate up to 20% of its total assets to securities of foreign issues denominated in U.S. dollars or foreign currencies. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances. Up to 10% of the Fund’s total assets may be invested in emerging markets and instruments that are economically tied to emerging market countries. The Fund considers emerging market countries to include all of the countries in the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified, the J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified, the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM), the MSCI Emerging Markets Index and the MSCI Frontier Markets Index. Instruments considered to be economically tied to emerging market countries are (i) those that are principally traded in an emerging market country, or (ii) those that are issued by: (a) an issuer organized under the laws of or maintaining a principal place of business in an emerging market country, (b) an issuer that derives or is expected to derive 50% or more of its total revenues, earnings or profits from business activity in an emerging market country, or that maintains or is expected to maintain 50% or more of its employees, assets, investments or operations in an emerging market country, or (c) a governmental or quasi-governmental entity of an emerging market country. The emerging market fixed-income securities in which the Fund may invest are not subject to any minimum credit quality standards, so long as the value of those investments does not cause the Fund to exceed its limits on investments in securities rated below investment grade.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may sell securities and other instruments short provided that not more than 33<sup style="font-size: 75%; vertical-align: top;">1/3</sup>% of its net assets is held as collateral for those transactions. Derivatives are used in an effort to hedge investments, for risk management, or to</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">increase income or gains for the Fund. The types of derivatives in which the Fund will principally invest are options, futures, swap agreements and currency forwards, as well as: (i) securitized instruments that isolate specific cash flows, such as Principal only (PO) bonds or Interest only (IO) bonds; (ii) tiered index bonds that reference a series of cash securitizations (such as CMBX, a non-agency securitized index where the underlying assets are commercial mortgage-backed securities), and (iii) TBAs (to-be-announced securities). The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" id="table272470" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">New Fund Risk:</span> the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table275173" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table302379" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table600296" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table908151" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table523372" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table428729" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: rgb(0, 0, 0); padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table859922" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table868865" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table738418" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">ESG Investing Risk:</span> the risk that the Fund’s ESG strategy may select or exclude securities of certain issuers for non-financial reasons, and that the Fund’s performance will differ from funds that do not utilize an ESG investing strategy. For example, the application of this strategy could affect the Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. ESG investing is qualitative and subjective by nature, and there is no guarantee that the criteria used by the Adviser or any judgment exercised by the Adviser will reflect the opinions of any particular investor. Funds with ESG investment strategies are generally suited for long-term rather than short-term investors.</td> </tr> </table> <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;">There are no universally agreed upon objective criteria for assessing ESG factors for investments. Rather, these criteria tend to have many subjective characteristics, can be difficult to analyze, and frequently involve a balancing of numerous factors. ESG factors can vary over different periods and can evolve over time. They may also be difficult to apply consistently across different types of investments. For these reasons, ESG standards may be aspirational and tend to be stated broadly and applied flexibly. In addition, investors and others may disagree as to whether a certain investment satisfies ESG standards given the absence of mandated or generally accepted criteria.</div> <table cellpadding="0" cellspacing="0" id="table144043" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table749492" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: rgb(0, 0, 0); padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table786053" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table998054" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table847283" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table540395" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table275643" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table307075" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table890225" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table722761" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table378592" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: rgb(0, 0, 0); padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table284993" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table822301" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table315608" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table276551" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table845045" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table902642" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table489054" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Foreign Investing Risk:</span> the risk that Fund share prices may fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table743285" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table572777" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table184770" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table750119" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Large Shareholder Purchase and Redemption Risk:</span> the risk that the Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table880917" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table113562" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in their securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception date of Class M shares and Class I shares of the Fund is September 30, 2021. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671.</div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. 2021-09-30 2021-09-30 2021-09-30 2021-09-30 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Sustainable Securitized Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 0.24%</div> <table cellpadding="0" cellspacing="0" id="table553903" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border: 0px;"> <tr> <td colspan="1" style="width: 14%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 3%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 0pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 4px; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 42px; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 0pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 5%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 66%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 66%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest:</span></td> <td style="vertical-align: bottom;"></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;">0.40%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended December 31, 2022)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest:</span></td> <td style="vertical-align: bottom;"></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;">-5.60%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended March 31, 2022)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0024 Highest: 0.0040 2022-12-31 Lowest: -0.0560 2022-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.1414 -0.1146 -0.1494 -0.1230 -0.0836 -0.0902 -0.1403 -0.1162 -0.1181 -0.0982 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Flexible Income Fund Investment Objective The Flexible Income Fund seeks a high level of current income with a secondary objective of long-term capital appreciation. Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0.0025 0 0.0030 0.0029 0.0009 0.0008 0.0001 0.0001 0.0101 0.0075 -0.0020 -0.0019 0.0081 0.0056 July 31, 2024 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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, 2024). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 83 302 538 1218 57 221 398 913 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 248% of the average value of its portfolio. </div> 2.48 Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pursues its objective by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The portfolio management team evaluates each investment idea based on, among other factors, the team’s view of its current income potential, risk level, capital appreciation potential, and how it fits within the Fund’s overall portfolio in determining whether to buy or sell investments. The Adviser allocates the Fund’s assets in response to, among other factors, changing market, financial, economic, and political factors and events that the Fund’s portfolio managers believe may affect the values of the Fund’s investments. The allocation of capital to sectors and securities within each sector in the Fund is driven primarily by the Adviser’s assessment of relative value offered by each sector and security, respectively. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Adviser seeks to actively manage the Fund’s risks on an on-going basis to mitigate the risks of excessive losses by the Fund’s portfolio overall. In managing portfolio risk, the Adviser takes into consideration its view of the following factors, among others: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current monetary and fiscal policy. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">To satisfy its objective, the Fund has latitude to invest in a diversified mix of fixed income securities across a wide array of sectors, the credit quality spectrum and maturity profiles. The Fund invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities and instruments that generate income. These investments include securities issued in the U.S. and abroad by domestic and foreign corporations and governments, including emerging markets. The Fund may invest in both investment grade and high yield fixed income securities (commonly known as “junk bonds”), subject to investing no more than 65% of its total assets (measured at the time of investment) in securities rated below investment grade (commonly known as “junk bonds”) by Moody’s Investors Service, Inc. (“Moody’s”), S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings, Inc. (“Fitch”), or unrated securities determined by the Adviser to be of comparable quality. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest in securities of any maturity, and there is no limit on the weighted average maturity of the Fund’s portfolio. The Fund does not have a duration target. However, under normal circumstances, the average portfolio duration varies from zero to eight years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Investments in the Fund include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, municipal securities, U.S. and non-U.S. money market securities, defaulted debt securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating. The Fund may invest up to 35% of its total assets (measured at </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> the time of investment) in asset-backed and mortgage-related securities rated below investment grade by Moody’s, S&amp;P or Fitch, or, if unrated, determined by the Adviser to be of comparable quality. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest in foreign securities, and up to 50% of the Fund’s total assets may be invested in emerging markets and instruments that are economically tied to emerging market countries. The Fund considers emerging market countries to include all of the countries in the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified, the J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified, the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM), the MSCI Emerging Markets Index and the MSCI Frontier Markets Index. Instruments considered to be economically tied to emerging market countries are (i) those that are principally traded in an emerging market country, or (ii) those that are issued by: (a) an issuer organized under the laws of or maintaining a principal place of business in an emerging market country, (b) an issuer that derives or is expected to derive 50% or more of its total revenues, earnings or profits from business activity in an emerging market country, or that maintains or is expected to maintain 50% or more of its employees, assets, investments or operations in an emerging market country, or (c) a governmental or quasi-governmental entity of an emerging market country. The emerging market fixed-income securities in which the Fund may invest are not subject to any minimum credit quality standards, so long as the value of those investments does not cause the Fund to exceed its limits on investments in securities rated below investment grade. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund normally limits its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 40% of its total assets. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest up to 20% of its total assets in a combination of convertible bonds, preferred stock, and common stock of domestic and foreign companies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may sell securities and other instruments short provided that not more than 33<sup style="font-size:75%;vertical-align:top">1/3</sup>% of its net assets is held as collateral for those transactions. Derivatives are used in an effort to hedge investments, for risk management or to increase income or gains for the Fund. The types of derivative instruments in which the Fund will principally invest are, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">primarily currency and other futures, forward contracts, options, and swap agreements (typically interest rate swaps, index-linked swaps, total return swaps and credit default swaps). The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies. </div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Although the Fund is normally able to sell loans within seven days, a substantial portion of the loans held by the Fund will also experience delayed settlement beyond that period, which can impair the ability of the Fund to pay redemptions or to re-invest proceeds, or may require the Fund to borrow to meet redemptions. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. Although the market for below investment grade mortgage-backed securities has improved and become more transparent, the asset class remains complicated. Changes in market and regulatory conditions could adversely affect the liquidity of the Fund’s investments in below investment grade mortgage-backed securities or the ability of the Fund to sell these securities, thereby adversely impacting the value of your investment. These risks may be magnified in an environment of rising interest rates or in other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. This risk is greater for high yield securities, because the analysis of creditworthiness of issuers of high yield securities may be more complex than for issuers of investment grade securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security. This risk is greater for high yield securities, which are considered speculative and are subject to greater risk of loss than investment grade securities, particularly in deteriorating economic conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> management performance, financial leverage and reduced demand for the issuer’s goods or services. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk:</span> the risk that investments held by the Fund may decline in value because of changes in interest rates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Mezzanine Securities Risk:</span> the risk of investing in mezzanine securities, which generally are rated below investment grade or are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Prepayment Risk</span><span style="font-weight:bold">:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Mortgage-Backed Securities Risk:</span> in addition to the risks discussed above under “Below Investment Grade Mortgage-Backed Securities,” the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Investing Risk:</span> the risk that the value of Fund shares will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Equity Risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Frequent Trading Risk:</span> the risk that frequent trading will lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders in the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Municipal Securities Risk:</span> the risk of investing in municipal securities, including that the issuers of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal securities, may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Money Market/Short-Term Securities Risk</span><span style="font-weight:bold">:</span> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Currency Risk:</span> the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. </td> </tr> </table> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person. </div> Performance Information <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception date of Class M shares and Class I shares of the Fund is November 30, 2018. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671. </div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. 2018-11-30 2018-11-30 2018-11-30 2018-11-30 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Flexible Income Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 3.37% </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="width:0pt;"></td> <td></td> <td></td> <td style="width:0pt;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td style="width:66%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"><span style="font-weight:bold">Highest:</span></td> <td style="vertical-align:bottom;">  </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;">8.79%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended March 31, 2019)</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"><span style="font-weight:bold">Lowest:</span></td> <td style="vertical-align:bottom;">  </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;">-4.86%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended June 30, 2022)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0337 Highest: 0.0879 2019-03-31 Lowest: -0.0486 2022-06-30 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.0890 0.0554 -0.1225 0.0070 -0.0523 0.0233 -0.0865 0.0572 -0.1301 0.0047 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Floating Rate Income Fund Investment Objective The Floating Rate Income Fund (the “Fund”) seeks primarily to maximize current income, with a secondary objective of long-term capital appreciation. Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0.0025 0 0 0.0022 0.0015 0.0006 0.0010 0.0003 0.0000 0.0001 0.0001 0.0001 0.0103 0.0071 0.0062 -0.0012 0.0000 -0.0001 0.0091 0.0071 0.0061 July 31, 2024 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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, 2024). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 93 316 557 1249 73 227 395 883 62 198 345 773 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 43% of the average value of its portfolio. </div> 0.43 Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate investments and in investments that are the economic equivalent of floating rate investments. These economically equivalent investments may include, but are not limited to, any combination of the following items: (i) senior secured floating rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; (iii) fixed-rate loans or </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> debt, such as corporate bonds, preferred securities, convertible securities, mezzanine investments, collateralized loan obligations, senior loans, second lien loans, structured products and U.S. government debt securities, with respect to which the Fund has entered into derivative instruments that have the effect of converting the fixed-rate interest payments into floating-rate interest payments; and (iv) written credit derivatives, which would give the Fund exposure to the credit of a single issuer or an index. The market value of written credit derivatives would count toward the 80% test specified above. The Fund may also purchase, without limitation, participations or assignments in senior floating rate loans or second lien floating rate loans. Debt instruments include convertible or preferred securities that produce income. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The portfolio managers may consider many factors in purchasing and selling investments for the Fund, such as a fundamental analysis of the issuer, the credit quality of the issuer and collateral for the investment, capital structure, leverage, operating results for the issuer and the business outlook for the issuer, industry or broader economy. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund’s investments may have any credit quality without limitation, including investments rated below investment grade (commonly known as “junk bonds”). Under normal circumstances, a substantial portion of the Fund’s portfolio consists of leveraged loans rated below investment grade or unrated. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest up to 20% of its net assets, plus any borrowings for investment purposes, in fixed income securities with respect to which the Fund has not entered into derivative instruments to effectively convert the fixed-rate interest payments into floating-rate interest payments. Those fixed income securities may include, but are not limited to, corporate bonds, preferred securities, convertible securities, mezzanine investments, collateralized loan obligations, senior loans, second lien loans, structured products and U.S. government debt securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund’s portfolio securities may have any duration or maturity. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest in securities of foreign issuers, including issuers located in emerging markets. Under normal circumstances, the Fund invests at least 80% of its net assets in loans and other securities of U.S. issuers or issuers with their primary operations, assets or management activities in the U.S. (including limited purpose controlled affiliates outside of the U.S. that borrow or issue securities primarily for the benefit of </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> their U.S. parent companies or affiliates). The Fund may invest up to 20% of its assets in securities of foreign issuers. Investments in securities of foreign issuers that are not denominated in U.S. dollars are limited to a maximum of 20% of the Fund’s assets. The Fund may invest up to 20% of its assets in emerging market securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Up to 15% of the Fund’s net assets may be invested in illiquid securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may also invest in companies whose financial condition is uncertain, where the borrower has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, or that may be involved in bankruptcy proceedings, reorganizations or financial restructurings. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest up to 10% of its net assets in common stocks or other equity securities. In addition, the Fund may acquire and hold those securities (or rights to acquire such securities) in unit offerings with fixed income securities, in connection with an amendment, waiver, conversion or exchange of fixed income securities, in connection with the bankruptcy or workout of a distressed fixed income security, or upon the exercise of a right or warrant obtained on account of a fixed income security. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may use derivatives for hedging purposes, but is not required to do so, as well as to increase the total return on its portfolio investments. The types of derivative instruments in which the Fund will principally invest are options or futures on a security or an index of securities, options on futures, credit default swaps, and interest rate or foreign currency derivatives, including swaps and forward contracts. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may sell securities and other instruments short provided that not more than 15% of its net assets are held as collateral for those transactions. </div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Market Risk:</span> the risk that returns from the investments held by the Fund may underperform returns from the general securities markets or other types of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Although the Fund is normally able to sell loans within seven days, a substantial portion of the loans held by the Fund may also experience delayed settlement beyond that period, which can impair the ability of the Fund to pay redemptions or to re-invest proceeds, or may require the Fund to borrow to meet redemptions. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Bank Loan Risk:</span> the risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Senior Loan Risk:</span> the risk of investing in senior loans, which may be greater than the risk of investing in other types of securities, as a result of, among other factors, less readily available, reliable information about most senior loans than is the case for many other types of securities; possible loss of significant value before a default occurs; possible decline in value or illiquidity of collateral; and lack of an active trading market for certain senior loans. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Second Lien Loan Risk:</span> the risk of investing in second lien loans, which generally are subject to similar risks as those associated with investments in senior loans as well as the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Mezzanine Securities Risk:</span> the risk of investing in mezzanine securities, which generally are rated below investment grade or are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk:</span> the risk that investments held by the Fund may decline in value because of changes in interest rates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Investing Risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Equity Risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk either by segregating an equal amount of liquid assets or by “covering” the transactions that introduce such risk. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. </td> </tr> </table> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person. </div> Performance Information <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I and Plan Class performance because Class I and Plan Class have lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception date of Class M shares and Class I shares of the Fund is June 28, 2013. The inception date for the Plan Class shares is January 29, 2021. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671. </div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I and Plan Class performance because Class I and Plan Class have lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. 2013-06-28 2013-06-28 2013-06-28 2013-06-28 2021-01-29 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Floating Rate Income Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 5.99% </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="width:0pt;"></td> <td></td> <td></td> <td style="width:0pt;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td style="width:66%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"><span style="font-weight:bold">Highest:</span></td> <td style="vertical-align:bottom;">  </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;">6.99%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"><span style="font-weight:bold">Lowest:</span></td> <td style="vertical-align:bottom;">  </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;">-8.90%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended March 31, 2020)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0599 Highest: 0.0699 2020-06-30 Lowest: -0.0890 2020-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.0273 0.0219 0.0289 -0.0472 0.0055 0.0129 -0.0161 0.0098 0.0151 -0.0254 0.0240 0.0310 -0.0264 0.0000 -0.0077 0.0327 0.0358 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West High Yield Bond Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The High Yield Bond Fund seeks to maximize long-term total return consistent with preservation of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0.0025 0 0.0016 0.0011 0.0009 0.0004 0.0001 0.0001 0.0092 0.0062 -0.0006 -0.0001 0.0086 0.0061 July 31, 2024 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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, 2024). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 88 287 503 1126 62 198 345 773 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 116% of the average value of its portfolio.</div> 1.16 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in high yield bonds (commonly known as “junk bonds”), which are bonds rated below investment grade or unrated bonds determined by the Adviser to be of comparable quality. The remainder of the Fund’s net assets may be invested in investment grade securities rated by one of the nationally recognized statistical rating organizations or, if unrated, determined by the Adviser to be of comparable quality.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund’s portfolio duration is two to eight years and the Fund’s dollar-weighted average maturity ranges from two to fifteen years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">varying maturities issued by domestic and foreign corporations and governments. The Adviser focuses the Fund’s portfolio holdings in areas of the bond market that the Adviser believes to be relatively undervalued, based on its analysis of quality, sector, coupon or maturity, and that the Adviser believes offer attractive prospective risk-adjusted returns compared to other segments of the bond market. The Fund may invest up to 25% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 15% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 10% of its assets in emerging market securities.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investments include various types of bonds and debt securities, including corporate bonds, mezzanine investments, swaps (including credit default swaps), currency futures and options, bank loans, preferred stock, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), foreign securities, U.S. Treasuries and agency securities, private placements, defaulted debt securities and restricted securities, cash and cash equivalents; and common stocks or other equity securities, such as warrants. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques such as reverse repurchase agreements. The Fund may normally borrow or short sell up to 33<sup style="font-size: 75%; vertical-align: top;">1/3</sup>% of the value of its total assets. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" id="table455412" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors,</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table111447" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: rgb(0, 0, 0); padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table380761" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table773995" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table875581" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table123601" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table114715" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table121767" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Mezzanine Securities Risk:</span> the risk of investing in mezzanine securities, which generally are rated below investment grade or are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table696970" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table174360" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table353914" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Although the Fund is normally able to sell loans within seven days, a substantial portion of the loans held by the Fund may also experience delayed settlement beyond that period, which can impair the ability of the Fund to pay redemptions or to re-invest proceeds, or may require the Fund to borrow to meet redemptions. Over recent years, the fixed-income</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table825288" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: rgb(0, 0, 0); padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table541426" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table891503" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table174186" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Bank Loan Risk:</span> the risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table882629" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table917350" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table551700" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table341387" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table619149" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Foreign Investing Risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table897647" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table549446" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table924791" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table725406" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table693878" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table387981" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table976873" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception dates of Class M shares</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">and Class I shares of the Fund are September 30, 2002 and March 31, 2003, respectively. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671.</div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. 2002-09-30 2002-09-30 2002-09-30 2003-03-31 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 High Yield Bond Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 3.98%</div> <table cellpadding="0" cellspacing="0" id="table409151" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border: 0px;"> <tr> <td colspan="1" style="width: 14%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 3%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 0pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 4px; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 50px; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 0pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 5%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 64%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 64%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest:</span></td> <td style="vertical-align: bottom;"></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;">8.60%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest:</span></td> <td style="vertical-align: bottom;"></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;">-10.02%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended June 30, 2022)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0398 Highest: 0.0860 2020-06-30 Lowest: -0.1002 2022-06-30 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.1136 0.0250 0.0313 0.0695 -0.1319 0.0081 0.0120 0.0419 -0.0671 0.0122 0.0155 0.0434 -0.1124 0.0276 0.0337 0.0645 -0.1118 0.0230 0.0402 0.0749 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Intermediate Bond Fund Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Intermediate Bond Fund seeks to maximize current income, consistent with preservation of capital. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0035 0.0021 0 0.0016 0.0014 0.0009 0.0008 0.0001 0.0001 0.0073 0.0050 -0.0002 0.0000 0.0071 0.0050 July 31, 2024 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 73 231 404 905 51 160 280 628 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 516% of the average value of its portfolio. </div> 5.16 Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pursues its objective by investing, under normal circumstances, at least 90% of its net assets in fixed-income securities rated investment grade or unrated securities determined by the Adviser to be of comparable quality. Up to 10% of the Fund’s net assets may be invested in securities rated below investment grade (commonly known as “junk bonds”) or unrated securities determined by the Adviser to be of comparable quality. Under normal circumstances, the Fund also invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. A bond is a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The term “bond” is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. Under normal circumstances, the Fund’s portfolio duration is one to six years and the Fund’s dollar-weighted average maturity ranges from three to seven years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. The Fund may invest up to 25% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 15% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 10% of its assets in emerging market securities. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund’s investments include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, U.S. and non-U.S. money market securities, swaps (including credit default swaps), futures, municipal securities, options, defaulted debt securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques such as reverse repurchase agreements. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may normally short sell up to 25% of the value of its total assets. </div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Investing Risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> thus could affect the value of the Fund’s investments. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results. </td> </tr> </table> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person. </div> Performance Information <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class I performance is higher than Class M performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception dates of Class I shares and Class M shares of the Fund are June 28, 2002 and June 30, 2003, respectively. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for Fund is available on our website at www.tcw.com or by calling (800) 241-4671. </div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class I performance is higher than Class M performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. 2002-06-28 2002-06-28 2002-06-28 2003-06-30 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Intermediate Bond Fund – Class I Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Year-to-Date Total Return of Class I Shares as of June 30, 2023: 1.65% </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="width:0pt;"></td> <td></td> <td></td> <td style="width:0pt;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td style="width:66%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"><span style="font-weight:bold">Highest:</span></td> <td style="vertical-align:bottom;">  </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;">3.85%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"><span style="font-weight:bold">Lowest:</span></td> <td style="vertical-align:bottom;">  </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;">-4.52%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended March 31, 2022)</td> </tr> </table> Year-to-Date Total Return of Class I Shares as of June 30, 2023: 2023-06-30 0.0165 Highest: 0.0385 2020-06-30 Lowest: -0.0452 2022-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.0927 0.0077 0.0123 0.0412 -0.1026 -0.0032 0.0020 0.0250 -0.0548 0.0018 0.0051 0.0260 -0.0956 0.0055 0.0100 0.0332 -0.0823 0.0073 0.0111 0.0308 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class I Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class I Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Investment Grade Credit Fund Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Investment Grade Credit Fund seeks to maximize long-term total return. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0035 0.0025 0 0.0331 0.0328 0.0006 0.0006 0.0391 0.0363 -0.0320 -0.0313 0.0071 0.0050 July 31, 2024 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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, 2024). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 73 897 1740 3928 51 820 1611 3683 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 231% of the average value of its portfolio. </div> 2.31 Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pursues its objective by utilizing a flexible investment approach that allocates investments across a range of fixed income sectors. Satisfying the Fund’s objective would require it to achieve positive total returns over a full market cycle, <span style="font-style:italic">i.e.</span>, a period of time generally understood to be contained between two consecutive periods of heightened default activity within the global fixed income markets. Total return includes income and capital gains. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund invests, under normal circumstances, at least 90% of its net assets in investment grade fixed income securities or unrated securities determined by the Adviser to be of comparable quality. Up to 10% of the Fund’s net assets may be invested in securities rated below investment grade (commonly known as “junk bonds”) or unrated securities determined by the Adviser to be of comparable quality. The emerging market fixed-income securities in which the Fund may invest are not subject to any minimum credit quality standards, so long as the value of those investments does not cause the Fund to exceed its limit on investments in securities rated below investment grade. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities and instruments it regards as bonds in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. A bond is a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The term “bond” is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. Bonds for this purpose also include bank loans and instruments that are intended to provide one or more of the characteristics of a direct investment in one or more bonds. The Adviser focuses the Fund’s portfolio holdings in areas of the bond market that the Adviser believes to be relatively undervalued, based on its analysis of quality, sector, coupon or maturity, and that the Adviser believes offer attractive prospective risk-adjusted returns compared to other segments of the bond market. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The portfolio management team evaluates each investment idea based on the team’s view of, among other factors, its potential total return, its risk level and how it fits within the Fund’s overall portfolio in determining whether to buy or sell investments. The Adviser allocates the Fund’s assets in response to, among other considerations, changing market, financial, economic, and political factors and events that the Fund’s portfolio managers believe may affect the values of the Fund’s investments. The allocation of capital to sectors and securities within each sector in the Fund is driven primarily by the Adviser’s assessment of relative value offered by each sector and security, respectively. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Adviser seeks to actively manage the Fund’s risks on an on-going basis to mitigate the risks of excessive losses by the portfolio overall. In managing portfolio risk, the Adviser takes into consideration its view of the following factors, among others: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current monetary and fiscal policy. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest in securities of any maturity, and there is no limit on the weighted average maturity of the Fund’s portfolio. The Fund does not have a duration target. However, under normal circumstances, the average portfolio duration varies from two to eight years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund’s investments include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, municipal securities, U.S. and non-U.S. money market securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may sell securities and other instruments short provided that not more than 33<sup style="font-size:75%;vertical-align:top">1/3</sup>% of its net assets is held as collateral for those transactions. Derivatives are used in an effort to hedge investments, for risk management or to increase income or gains for the Fund. The types of derivative instruments in which the Fund will principally invest are currency and other futures, forward contracts, options, and swap agreements (typically interest-rate swaps, index-linked swaps, total return swaps and credit default swaps). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Under normal circumstances, the majority of the Fund’s investments are denominated in U.S. dollars. However, the Fund has the flexibility to allocate up to 20% of its assets to securities denominated in foreign currencies. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest up to 10% of its total assets in a combination of convertible bonds, preferred stock, and common stock of domestic and foreign companies. </div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Issuer Risk:</span> the risk that the value of a security value may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Investing Risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Municipal Securities Risk:</span> the risk of investing in municipal securities, including that the issuers of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal securities, may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. If required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Currency Risk:</span> the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Large Shareholder Purchase and Redemption Risk:</span> the risk that the Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. </td> </tr> </table> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person. </div> Performance Information <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class I performance is higher than Class M performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception dates of Class I shares and Class M shares of the Fund are June 29, 2019. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for Fund is available on our website at www.tcw.com or by calling (800) 241-4671. </div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class I performance is higher than Class M performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. 2019-06-29 2019-06-29 2019-06-29 2019-06-29 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Investment Grade Credit Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2.61% </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="width:0pt;"></td> <td></td> <td></td> <td style="width:0pt;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td style="width:66%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"><span style="font-weight:bold">Highest:</span></td> <td style="vertical-align:bottom;">  </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;">5.56%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"><span style="font-weight:bold">Lowest:</span></td> <td style="vertical-align:bottom;">  </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;">-5.88%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended March 31, 2022)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0261 Highest: 0.0556 2020-06-30 Lowest: -0.0588 2022-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.1088 0.0224 -0.1386 -0.0102 -0.0640 0.0046 -0.1070 0.0245 -0.0910 0.0153 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Low Duration Bond Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Low Duration Bond Fund seeks to maximize current income, consistent with preservation of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0.0030 0.0019 0 0.0019 0.0015 0.0013 0.0024 0.0010 0.0008 0.0020 0.0064 0.0043 0.0073 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 65 205 357 798 44 138 241 542 75 233 406 906 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 450% of the average value of its portfolio.</div> 4.50 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pursues its objective by investing, under normal circumstances, at least 70% of its net assets in highly rated fixed income securities or unrated securities determined by the Adviser to be of comparable quality. Up to 30% of the Fund’s net assets may be invested in securities rated below highly rated securities or unrated securities determined by the Adviser to be of comparable quality, but not more than 20% of the Fund’s net assets may be invested in securities rated below investment grade (commonly known as “junk bonds”) or unrated securities determined by the Adviser to be of comparable quality. The Fund also invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. A bond is a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The term “bond” is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. Under normal circumstances, the Fund’s portfolio duration is up to three years and the Fund’s dollar-weighted average maturity ranges from one to five years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest up to 25% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">invest up to 15% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 10% of its assets in emerging market securities.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investments include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, U.S. and non-U.S. money market securities, swaps (including credit default swaps), futures, options (including swaptions), municipal securities, defaulted debt securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques such as reverse repurchase agreements. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may normally short sell up to 25% of the value of its total assets.</div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" id="table418228" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table254973" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table154359" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table409829" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table344056" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table748358" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table804866" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table563166" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table502515" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table304572" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table852333" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table594438" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table272053" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table325875" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table835116" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table135143" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table325133" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table864446" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table779513" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Foreign Investing Risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table450941" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table772666" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table797979" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table660905" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table597097" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table229797" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table792105" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table387818" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Foreign Currency Risk:</span> the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table197633" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table109272" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table703728" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table753361" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table688834" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008.</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows the performance of the Fund’s Class M Shares. Class M performance is lower than Class I performance and higher than Administrative Class performance because Class M has higher expenses than Class I and lower expenses than Administrative Class. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception dates of Class M shares, Class I shares and Administrative Class shares of the Fund are March 31, 1997, March 31, 2000 and September 23, 2009, respectively. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671.</div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows the performance of the Fund’s Class M Shares. Class M performance is lower than Class I performance and higher than Administrative Class performance because Class M has higher expenses than Class I and lower expenses than Administrative Class. The table compares the average annual total returns of the Fund to a broad-based securities market index. 1997-03-31 1997-03-31 1997-03-31 2000-03-31 2009-09-23 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Low Duration Bond Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 1.52%</div> <table cellpadding="0" cellspacing="0" id="table444318" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border: 0px;"> <tr> <td colspan="1" style="width: 14%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 3%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 0pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 4px; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 42px; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 0pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 5%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 66%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 66%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest:</span></td> <td style="vertical-align: bottom;"></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;">2.72%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest:</span></td> <td style="vertical-align: bottom;"></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;">-2.70%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended March 31, 2022)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0152 Highest: 0.0272 2020-06-30 Lowest: -0.0270 2022-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.0517 0.0063 0.0090 0.0310 -0.0598 -0.0010 0.0023 0.0162 -0.0306 0.0018 0.0040 0.0178 -0.0497 0.0083 0.0110 0.0278 -0.0525 0.0054 0.0078 0.0229 -0.0365 0.0077 0.0067 0.0277 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Opportunistic High Income Credit Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Opportunistic High Income Credit Fund seeks to maximize total returns through a combination of current income and capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0.0025 0 0.1003 0.0839 0.0010 0.0001 0.1078 0.0889 -0.0992 -0.0828 0.0086 0.0061 July 31, 2024 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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, 2024). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 88 2205 4085 7912 62 1847 3495 7087 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was 131% of the average value of its portfolio.</div> 1.31 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pursues its objective by utilizing a flexible investment approach that, under normal circumstances, invests at least 80% of its net assets in investments across a range of investment opportunities related to income-generating credit securities, with an emphasis on higher volatility, lower-quality debt securities rated below investment grade (commonly known as “junk bonds”) by Moody’s Investors Services, Inc. (“Moody’s”), S&amp;P Global rating (“S&amp;P”) and Fitch Ratings, Inc. (“Fitch”), or unrated securities determined by the Adviser to be of comparable quality. The use of the term “opportunistic” in the Fund’s name means that it is not limited to any single type of investment strategy, sector or income-producing security. Income-generating credit securities may include defaulted securities that are not current with their interest, distribution, or dividend payments, but defaulted securities are not expected to constitute more than 15% of the Fund’s portfolio.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The portfolio management team evaluates each investment idea based on, among other factors, the team’s view of its current income potential, risk level, capital appreciation potential, and how it fits within the Fund’s overall portfolio in determining whether to buy or sell investments. The Adviser allocates the Fund’s assets in response to, among other factors, changing market, financial, economic, and political factors and events that the Fund’s portfolio managers believe may affect the values of the Fund’s investments. The allocation of capital to sectors and securities within each sector in the Fund is driven primarily by the Adviser’s assessment of relative value offered by each sector and security, respectively.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest up to 20% of its total assets in equity securities, including common and preferred stock; rights, warrants or options to purchase common or preferred stock; securities that may be converted into or exchanged for common or preferred stock, such as convertible preferred stock, convertible debt and Eurodollar convertible securities; equity securities of foreign companies listed on established exchanges in the U.S., including NASDAQ; American Depository Receipts (ADRs); and other securities, including structured securities, with equity characteristics. In addition, the Fund may acquire and hold common stocks or other equity securities (or rights to acquire such securities) in unit offerings with fixed income securities, in connection with an amendment, waiver, conversion or exchange of fixed income securities, in connection with the bankruptcy or workout of a distressed fixed income security, or upon the exercise of a right or warrant obtained on account of a fixed income security.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Investments in the Fund include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, municipal securities, U.S. and non-U.S. money market securities, defaulted debt securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating. The Fund may invest in securities of any maturity, and there is no limit on the weighted average maturity of the Fund’s portfolio. The Fund does not have a duration target. The Fund may also invest in companies whose financial condition is uncertain, where the borrower has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, or that may be involved in bankruptcy proceedings, reorganizations or financial restructurings.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest in both investment grade and high yield fixed income securities (commonly known as “junk bonds”).</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest up to 100% of its total assets (measured at the time of investment) in securities rated below investment grade by Moody’s Investors Service, Inc. (“Moody’s”), S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings, Inc. (“Fitch”), or, if unrated, determined by the Adviser to be of comparable quality. The Fund may invest up to 25% of its total assets (measured at the time of investment) in asset-backed and mortgage-related securities rated below investment grade by Moody’s, S&amp;P or Fitch, or, if unrated, determined by the Adviser to be of comparable quality.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest in foreign securities, and up to 20% of the Fund’s total assets may be invested in emerging markets and instruments that are economically tied to emerging market countries. The Fund considers emerging market countries to include all of the countries in the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified, the J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified, the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM), the MSCI Emerging Markets Index and the MSCI Frontier Markets Index. Instruments considered to be economically tied to emerging market countries are (i) those that are principally traded in an emerging market country, or (ii) those that are issued by: (a) an issuer organized under the laws of or maintaining a principal place of business in an emerging market country, (b) an issuer that derives or is expected to derive 50% or more of its total revenues, earnings or profits from business activity in an emerging market country, or that maintains or is expected to maintain 50% or more of its employees, assets, investments or operations in an emerging market country, or (c) a governmental or quasi-governmental entity of an emerging market country. The emerging market fixed-income securities in which the Fund may invest are not subject to any minimum credit quality standards.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund normally limits its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may sell securities and other instruments short provided that not more than 33<sup style="font-size: 75%; vertical-align: top;">1/3</sup>% of its net assets is held as collateral for those transactions. Derivatives are used in an effort to hedge investments, for risk management or to increase income or gains for the Fund. The types of derivative instruments in which the Fund will principally invest are currency and other futures, forward contracts, options, and swap</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">agreements (typically interest rate swaps, index-linked swaps, total return swaps and credit default swaps). The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" id="table600704" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">New Fund Risk:</span> the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table733853" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table192341" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table973820" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table304655" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table953390" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table622454" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table576575" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table571714" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. A security held by the Fund may default, or the issuer of the security may become distressed, after the Fund’s investment. In addition, the Fund may invest a significant portion of its assets in fixed income securities that are distressed or defaulted at the time of investment. Because the issuer of such securities is in default and is likely to be in distressed financial condition, repayment of defaulted securities and obligations of distressed issuers is uncertain. To the extent that the Fund is invested in distressed or defaulted securities, its ability to achieve current income for its shareholders may be diminished. The Fund is also subject to significant uncertainty as to when, in what manner and for what value the obligations evidenced by the distressed or defaulted securities will eventually be satisfied, and the Fund may lose its entire investment or be required to accept cash or securities with a lesser value than its original investment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table775075" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Mezzanine Securities Risk:</span> the risk of investing in mezzanine securities, which generally are rated below investment grade or are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table347380" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Second Lien Loan Risk:</span> the risk of investing in second lien loans, which generally are subject to similar risks as those associated with investments in senior loans as well as the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table510485" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Bank Loan Risk:</span> the risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table528145" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Equity Risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table182613" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: rgb(0, 0, 0); padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table180956" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table320818" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table409749" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table934501" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table937407" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table485872" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table352023" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table244001" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: rgb(0, 0, 0); padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table846904" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table181739" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table547563" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table606721" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table446383" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table193558" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table321598" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Short Sales Risk:</span> the risk that the use of short sales, which are speculative investments, may cause the Fund to lose</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table571092" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: rgb(0, 0, 0); padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">money if the value of a security does not go down as the Adviser expects. The risk of loss is theoretically unlimited if the value of the security sold short continues to increase. In addition, the use of short sales may cause the Fund to have higher expenses (especially interest and dividend expenses) than those of other mutual funds that do not engage in short sales.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table329598" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table608919" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table680806" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Foreign Investing Risk:</span> the risk that Fund share prices may fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table884542" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Money Market/Short-Term Securities Risk:</span> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table516474" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Foreign Currency Risk:</span> the risk that any hedging transactions used by the Fund are not effective in protecting against a decline in the value of foreign currencies relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table786062" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table444945" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table262672" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Large Shareholder Purchase and Redemption Risk:</span> the risk that the Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception date of Class M shares and Class I shares of the Fund is July 30, 2021. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671.</div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. 2021-07-30 2021-07-30 2021-07-30 2021-07-30 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Opportunistic High Income Credit Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 3.49%</div> <table cellpadding="0" cellspacing="0" id="table279165" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border: 0px;"> <tr> <td colspan="1" style="width: 14%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 3%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 0pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 4px; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 49px; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 0pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 5%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 64%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 64%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest:</span></td> <td style="vertical-align: bottom;"></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;">3.36%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended December 31, 2022)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest:</span></td> <td style="vertical-align: bottom;"></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;">-11.99%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended June 30, 2022)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0349 Highest: 0.0336 2022-12-31 Lowest: -0.1199 2022-06-30 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.1493 -0.0880 -0.1871 -0.1293 -0.0869 -0.0813 -0.1474 -0.0866 -0.1118 -0.0698 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Strategic Income Fund Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Strategic Income Fund seeks to maximize long-term total return without tracking any particular markets or indices. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> 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 0.0097 0.0101 0.0008 0.0009 0.0187 0.0166 -0.0082 -0.0085 0.0105 0.0081 July 31, 2024 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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, 2024). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 107 508 935 2123 83 440 822 1894 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 177% of the average value of its portfolio. </div> 1.77 Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pursues its objective by using techniques intended to provide absolute (positive) returns in all markets and employs a strategy intended to produce high income while exploiting disparities or inefficiencies in markets. The Fund focuses on inefficiencies related to secured or asset-backed debt compared with unsecured and subordinated debt or equity of companies and issuers. Additionally, the Fund focuses on longer-term cyclical anomalies in the fixed income markets to both enhance yield and realize potential price appreciation. These anomalies include shifts in the portfolio’s duration, yield curve anomalies, and sector and issue-specific dislocations. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The major strategies employed by the Adviser include relative value/arbitrage strategies (capital structure arbitrage, commodities/futures arbitrage, convertible arbitrage, and interest rate arbitrage), trading/market timing strategies (interest rate timing, yield curve relationship and arbitrage and sector and </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> issue allocations), income strategies, high yield investment strategies, long-short or market-neutral equity strategies and event driven and special situation strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">To implement some or all of these strategies, the Fund’s portfolio investments typically include corporate bonds, mezzanine investments, bank loans, preferred stock, common stock, warrants, convertible bonds, municipal securities, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), derivatives of asset-backed securities (including those involving net interest margins), other derivatives including credit default swaps and other swaps, currency futures and other futures, and options, foreign securities, U.S. Treasuries and agency securities, cash and cash equivalents, private placements, defaulted debt securities, restricted securities and unrated securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Under normal circumstances, the average dollar-weighted credit quality of the Fund’s long-term debt investments is investment grade or unrated and determined by the Adviser to be of comparable quality. The Fund may invest up to 50% of its assets in debt securities rated below investment grade (commonly known as “junk bonds”), or unrated and determined by the Adviser to be of comparable quality. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund invests in the U.S. and abroad, including emerging markets. The Fund may invest up to 25% of its assets in foreign securities that are denominated in U.S. dollars. Investments in securities of foreign issuers that are not denominated in U.S. dollars are limited to a maximum of 30% of the Fund’s assets. The Fund may also invest up to 15% of its assets in emerging market securities. Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may normally borrow or sell securities short each up to 33<sup style="font-size:75%;vertical-align:top">1</sup>/<sub style="font-size:75%; vertical-align:bottom">3</sub>% of the value of its total assets. </div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Mezzanine Securities Risk:</span> the risk of investing in mezzanine securities, which generally are rated below investment grade or unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Equity Risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Investing Risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Absolute Return Investing Risk:</span> the risk of absolute return investing, which may involve greater risk than investing in a traditional portfolio of stocks or bonds. There is no guarantee that the performance of the Fund will have low correlation with the returns of traditional capital markets, and increased correlation between the Fund’s strategies and the traditional capital markets could result in an increase in the Fund’s overall volatility. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Event Driven Strategies Risk: </span>the risk that the success or failure of event driven investing, which involves attempting to predict the outcome of a particular transaction and the best time at which to commit capital to such a transaction, </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> will usually depend on whether the Adviser accurately predicts the outcome and timing of the transaction event. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Short Sales Risk:</span> the risk that the use of short sales, which are speculative investments, may cause the Fund to lose money if the value of a security does not go down as the Adviser expects. The risk of loss is theoretically unlimited if the value of the security sold short continues to increase. In addition, the use of borrowing and short sales may cause the Fund to have higher expenses (especially interest and dividend expenses) than those of other mutual funds that do not engage in short sales. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Currency Risk:</span> the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Money Market/Short-Term Securities Risk:</span> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. </td> </tr> </table> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person. </div> Performance Information <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception dates of Class M shares and Class I shares of the Fund are June 30, 2003 and March 31, 2004, respectively. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671. </div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. 2003-06-30 2003-06-30 2003-06-30 2004-03-31 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Strategic Income Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 3.61% </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="width:0pt;"></td> <td></td> <td></td> <td style="width:0pt;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td style="width:66%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"><span style="font-weight:bold">Highest:</span></td> <td style="vertical-align:bottom;">  </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;">7.31%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"><span style="font-weight:bold">Lowest:</span></td> <td style="vertical-align:bottom;">  </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;">-7.03%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended March 31, 2020)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0361 Highest: 0.0731 2020-06-30 Lowest: -0.0703 2020-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.0693 0.0121 0.0191 0.0348 -0.1096 -0.0145 -0.0009 0.0121 -0.0407 -0.0013 0.0062 0.0176 -0.0671 0.0142 0.0216 0.0304 0.0348 0.0325 0.0275 0.0329 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares.After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Total Return Bond Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Total Return Bond Fund seeks to maximize long-term total return.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0035 0.0035 0.0035 0.0035 0.0021 0 0 0.0021 0 0.0011 0.0010 0.0017 0.0022 0.0002 0.0008 0.0007 0.0015 0.0020 0.0000 0.0067 0.0045 0.0052 0.0078 0.0037 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 67 211 368 822 46 144 252 567 53 167 291 653 80 249 433 966 38 119 208 468 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 426% of the average value of its portfolio.</div> 4.26 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in investment grade fixed income securities or unrated securities determined by the Adviser to be of comparable quality. Up to 20% of the Fund’s net assets may be invested in securities rated below investment grade (commonly known as “junk bonds”) or unrated securities determined by the Adviser to be of comparable quality. The Fund also invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. A bond is a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The term “bond” is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. Under normal circumstances, the Fund’s portfolio duration is two to eight years and the Fund’s dollar-weighted average maturity ranges from two to fifteen years.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. The Fund may invest up to 25% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 15% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 10% of its assets in emerging market securities. The Adviser focuses the Fund’s portfolio holdings in areas of the bond market that the Adviser believes to be relatively undervalued, based on its analysis of quality, sector, coupon or maturity, and that the Adviser believes offer attractive prospective risk-adjusted returns compared to other segments of the bond market.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investments include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, U.S. and non-U.S. money market securities, municipal securities, derivatives including credit default swaps and other swaps, futures, options and currency forward contracts, defaulted debt securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may normally short sell up to 25% of the value of its total assets.</div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" id="table987854" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table486043" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table270688" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table457390" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table291520" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table635799" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table268822" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table723289" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table827136" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table854026" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table284132" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table536971" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table242724" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table457960" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table596116" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table605948" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table160196" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Mezzanine Securities Risk:</span> the risk of investing in mezzanine securities, which generally are rated below investment grade or unrated and present many of the same risks as</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table473631" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: #000000; padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table548530" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table682501" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table601400" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table606401" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table843384" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table524898" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table472734" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: #000000; padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table535048" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table940999" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table733918" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in their securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table859120" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Foreign Investing Risk:</span> the risk that Fund share prices may fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table584491" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Foreign Currency Risk:</span> the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table939537" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; width: 9pt; vertical-align: top; color: #000000; padding-top: 0px; padding-bottom: 0px;"></td> <td style="width: 0.75pt; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: top; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table391756" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table383813" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table336306" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">•</td> <td style="width: 0.75pt; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"></td> <td style="text-align: left; vertical-align: top; padding-top: 0px; padding-bottom: 0px;"><span style="font-weight: bold;">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations.</td> </tr> </table> Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person. Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I and Plan Class and higher than the Administrative Class because Class M has higher expenses than Class I and Plan Class and lower expenses than the Administrative Class. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception dates of Class M shares, Class I shares, Class I-2 Shares, Administrative Class shares and Plan Class shares of the Fund are March 31, 1997, March 31, 2000, March 6, 2020, December 18, 2009 and July 29, 2011, respectively. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671.</div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I and Plan Class and higher than the Administrative Class because Class M has higher expenses than Class I and Plan Class and lower expenses than the Administrative Class. The table compares the average annual total returns of the Fund to a broad-based securities market index. 1997-03-31 1997-03-31 1997-03-31 2000-03-31 2020-03-06 2009-12-18 2011-07-29 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Total Return Bond Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2.06%</div> <table cellpadding="0" cellspacing="0" id="table922117" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border: 0px;"> <tr> <td colspan="1" style="width: 14%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 3%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 0pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 4px; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 42px; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 0pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 5%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 66%; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 66%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest:</span></td> <td style="vertical-align: bottom;"></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;">4.01%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest:</span></td> <td style="vertical-align: bottom;"></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;">-6.25%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended March 31, 2022)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0206 Highest: 0.0401 2020-06-30 Lowest: -0.0625 2022-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.1487 -0.0011 0.0107 0.0499 -0.1576 -0.0133 -0.0011 0.0296 -0.0879 -0.0051 0.0036 0.0307 -0.1479 0.0009 0.0129 0.0475 -0.1486 -0.0474 -0.1506 -0.0024 0.0094 0.0270 -0.1468 0.0018 0.0136 0.0226 -0.1301 0.0002 0.0106 0.0425 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Ultra Short Bond Fund Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Ultra Short Bond Fund seeks to maximize current income, consistent with preservation of capital. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0025 0.0016 0 0.0034 0.0035 0.0008 0.0009 0.0001 0.0001 0.0076 0.0061 -0.0025 -0.0026 0.0051 0.0035 July 31, 2024 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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, 2024). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 52 218 398 919 36 169 314 737 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 479% of the average value of its portfolio. </div> 4.79 Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pursues its objective by investing, under normal circumstances, at least 90% of its net assets in investment grade fixed income securities or unrated securities determined by the Adviser to be of comparable quality. Up to 10% of the Fund’s net assets may be invested in securities rated below investment grade (commonly known as “junk bonds”) or unrated securities determined by the Adviser to be of comparable quality. The Fund also invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. A bond is a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The term “bond” is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. Under normal circumstances, the Fund’s portfolio duration will remain within one year of its benchmark index, and its dollar-weighted average maturity can exceed one year. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. The Fund also seeks to maintain a low degree of share price fluctuation. The Fund may invest up to 25% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 15% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 10% of its assets in emerging market securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund’s investments include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, U.S. and non-U.S. money market securities, municipal securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may normally short sell up to 25% of the value of its total assets. Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The types of derivative instruments in which the Fund will principally invest are credit default swaps and other swaps, futures, options and currency forward contracts. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques such as reverse repurchase agreements. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies. </div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Investing Risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. </td> </tr> </table> Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person. Performance Information <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception dates of Class M shares and Class I shares of the Fund are June 30, 2003 and July 31, 2004, respectively. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241-4671. </div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. 2003-06-30 2003-06-30 2003-06-30 2004-07-31 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Ultra Short Bond Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Year-To-Date Total Return of Class M Shares as of June 30, 2023: 1.58% </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="width:0pt;"></td> <td></td> <td></td> <td style="width:0pt;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td style="width:66%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"><span style="font-weight:bold">Highest:</span></td> <td style="vertical-align:bottom;">  </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;">1.00%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended December 31, 2022)</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"><span style="font-weight:bold">Lowest:</span></td> <td style="vertical-align:bottom;">  </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;">-1.27%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended March 31, 2022)</td> </tr> </table> Year-To-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0158 Highest: 0.0100 2022-12-31 Lowest: -0.0127 2022-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.0232 0.0062 0.0066 0.0154 -0.0301 -0.0001 0.0016 0.0059 -0.0137 0.0021 0.0029 0.0082 -0.0239 0.0073 0.0082 0.0140 -0.0102 0.0109 0.0074 0.0145 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. Metropolitan West Unconstrained Bond Fund Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Unconstrained Bond Fund seeks to provide investors with positive long-term returns irrespective of general securities market conditions. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0.0025 0 0 0.0015 0.0012 0.0006 0.0009 0.0006 0.0000 0.0105 0.0077 0.0071 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 107 334 579 1283 79 246 428 954 73 227 395 883 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 223% of the average value of its portfolio. </div> 2.23 Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pursues its objective by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. Satisfying the Fund’s objective would require it to achieve positive total returns over a full market cycle, <span style="font-style:italic">i.e.</span>, a period of time generally understood to be contained between two consecutive periods of heightened default activity within the global fixed income markets. Total return includes income and capital gains. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The use of the term “unconstrained” in the Fund’s name means that it is not limited by the types of investments in a particular securities index. The Fund is not managed to be compared to any such index. The Fund also is unconstrained in the sense that it is not limited to any single type of investment strategy. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The portfolio management team evaluates each investment idea based on the team’s view of, among other factors, its potential return, its risk level and how it fits within the Fund’s overall portfolio in determining whether to buy or sell investments. The Adviser allocates the Fund’s assets in response to, among other considerations, changing market, financial, economic, and political factors and events that the Fund’s portfolio managers believe may affect the values of the Fund’s investments. The allocation of capital to sectors and securities within each sector in the Fund is driven primarily by the Adviser’s assessment of relative value offered by each sector and security, respectively. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Adviser seeks to actively manage the Fund’s risks on an on-going basis to mitigate the risks of excessive losses by the portfolio overall. In managing portfolio risk, the Adviser takes into consideration its view of the following factors, among others: the potential relative performance of various market sectors, security selection available within a given sector, the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current monetary and fiscal policy. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities and instruments it regards as bonds in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. A bond is a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The term “bond” is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. The Fund may invest in both investment grade and high yield fixed income securities (commonly known as “junk bonds”), subject to investing no more than 50% of its total assets (measured at the time of investment) in securities rated below investment grade by Moody’s, S&amp;P or Fitch, or, if unrated, determined by the Adviser to be of comparable quality. Under normal circumstances, the average portfolio duration of the fixed-income portion of the Fund’s portfolio will vary from negative three (-3) years to positive eight (8) years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. As a separate measure, there is no limit on the weighted average maturity of the Fund’s portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest in foreign securities, and up to 50% of the Fund’s total assets may be invested in emerging markets and instruments that are economically tied to emerging market countries. The Fund considers emerging market countries to include all of the countries in the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified, the J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified, the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM), the MSCI Emerging Markets Index and the MSCI Frontier Markets Index. Instruments considered to be economically tied to emerging market countries are (i) those that are principally traded in an emerging market country, or (ii) those that are issued by: (a) an issuer organized under the laws of or maintaining a principal place </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> of business in an emerging market country, (b) an issuer that derives or is expected to derive 50% or more of its total revenues, earnings or profits from business activity in an emerging market country, or that maintains or is expected to maintain 50% or more of its employees, assets, investments or operations in an emerging market country, or (c) a governmental or quasi-governmental entity of an emerging market country. The emerging market fixed-income securities in which the Fund may invest are not subject to any minimum credit quality standards, so long as the value of those investments does not cause the Fund to exceed its limit on investments in securities rated below investment grade. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund normally limits its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 40% of its total assets. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may sell securities and other instruments short provided that not more than 25% of its net assets is held as collateral for those transactions. Derivatives are used in an effort to hedge investments, for risk management or to increase income or gains for the Fund. The types of derivative instruments in which the Fund will principally invest are currency and other futures, forward contracts, options, and swap agreements (typically interest rate swaps, index-linked swaps, total return swaps and credit default swaps). The Fund may invest up to 10% of its total assets in preferred stock and up to 5% in common stock of domestic and foreign companies. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies. </div> Principal Risks You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Market Risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Issuer Risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Emerging Markets Risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Equity Risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Derivatives Risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Investing Risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Rus- sia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Currency Risk:</span> the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade, and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results. Also, because the Fund may use multiple investment strategies, it may use a strategy that produces a less favorable result than would have been produced by another strategy. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Leverage Risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:9pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. </div> </td> </tr> </table> Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity, or person. Performance Information <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception date of Class M shares and Class I shares of the Fund is October 1, 2011. The inception date for the Plan Class shares is March 6, 2020. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">available on our website at www.tcw.com or by calling (800) 241-4671. </div> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I performance because Class I has lower expenses than Class M. The table compares the average annual total returns of the Fund to a broad-based securities market index. 2011-10-01 2011-10-01 2011-10-01 2011-10-01 2020-03-06 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241-4671 Unconstrained Bond Fund – Class M Shares Annual Total Returns for Year Ended 12/31 <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Year-to-Date Total Return of Class M Shares as of June 30, 2023: 3.02% </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="width:0pt;"></td> <td></td> <td></td> <td style="width:0pt;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td style="width:66%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"><span style="font-weight:bold">Highest:</span></td> <td style="vertical-align:bottom;">  </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;">6.35%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"><span style="font-weight:bold">Lowest:</span></td> <td style="vertical-align:bottom;">  </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;">-5.99%</td> <td style="white-space:nowrap;vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;">(quarter ended March 31, 2020)</td> </tr> </table> Year-to-Date Total Return of Class M Shares as of June 30, 2023: 2023-06-30 0.0302 Highest: 0.0635 2020-06-30 Lowest: -0.0599 2020-03-31 Average Annual Total Returns (For Periods Ended December 31, 2022) -0.0842 0.0061 0.0163 0.0351 -0.1005 -0.0084 0.0040 0.0219 -0.0497 -0.0009 0.0074 0.0220 -0.0818 0.0089 0.0191 0.0379 -0.0803 -0.0128 0.0152 0.0122 0.0073 0.0065 0.0191 0.0153 0.0104 0.0097 Effective as of the date of this Prospectus, the Fund’s primary benchmark changed from the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Average Index2 to the Bloomberg U.S. Treasury Bill 1-3 Month Index. The Adviser believes that the new primary benchmark more appropriately reflects the types of securities held in the Fund’s portfolio and provides better comparative information. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class M Shares. After-tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. The Fund is authorized to compensate broker-dealers and other third-party intermediaries up to 0.10% (10 basis points) of the M Class and I Class assets serviced by that intermediary 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, 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, 2024. 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 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 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, 2024, and the Adviser may not terminate the contract before that date. Although it does not expect to do so, the Board of Trustees is permitted to terminate this 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 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, 2024. 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 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, 2024. 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 and I Class assets serviced by that intermediary 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, 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, 2024. 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. Shareholder Servicing Expenses for the Administrative Class Shares includes up to 0.20% charged under the Shareholder Servicing Plan. 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. 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 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 Fund is authorized to compensate broker-dealers and other third-party intermediaries up to 0.10% (10 basis points) of the M Class and I Class assets serviced by that intermediary 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, 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, 2024. 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. 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, 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, 2024. 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 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, 2024. 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. For the Administrative Class Shares, includes up to 0.20% charged under the Shareholder Servicing Plan. 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 and up to 0.15% (15 basis points) of the I-2 Class assets serviced by those intermediaries for shareholder services. 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, 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, 2024. 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 and I Class assets serviced by those intermediaries for shareholder services. Effective as of the date of this Prospectus, the Fund’s primary benchmark changed from the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Average Index2 to the Bloomberg U.S. Treasury Bill 1-3 Month Index. The Adviser believes that the new primary benchmark more appropriately reflects the types of securities held in the Fund’s portfolio and provides better comparative information. The Bloomberg U.S. Treasury Bill 1-3 Month Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month or less than 3 months. 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, 2024. 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 and I Class assets serviced by that intermediary 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, 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, 2024. 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.