497 1 d463547d497.htm 497 497

METROPOLITAN WEST FUNDS

MetWest Total Return Bond Fund (the “Fund”)

(I Share: MWTIX; I-2 Share: MWTTX; M Share: MWTRX; Admin Share: MWTNX;

Plan Share: MWTSX)

Supplement dated September 6, 2023 to the Prospectus and

the Summary Prospectus

each dated July 29, 2023, as supplemented

For current and prospective investors in the Fund:

Effective September 6, 2023, Jerry Cudzil and Ruben Hovhannisyan will be added as portfolio managers for the Fund, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name   Experience
with the Fund
  Primary Title with
Investment Adviser

Stephen M. Kane, CFA

  27 Years   Founding Partner and Generalist Portfolio Manager

Laird Landmann

(until December 31, 2023)

  27 Years   Founding Partner and Generalist Portfolio Manager

Bryan T. Whalen, CFA

  19 Years   Generalist Portfolio Manager

Jerry Cudzil

  Since September 2023   Generalist Portfolio Manager

Ruben Hovhannisyan, CFA

  Since September 2023   Generalist Portfolio Manager

The foregoing disclosure supersedes any statements to the contrary under the heading “Management of the Funds – Portfolio Managers” on pages 114 to 115 of the Prospectus.

Please retain this Supplement for future reference.

 

 


METROPOLITAN WEST FUNDS

MetWest AlphaTrak 500 Fund

(M Share: MWATX)

MetWest Corporate Bond Fund

(I Share: MWCBX; M Share: MWCSX)

MetWest Sustainable Securitized Fund

(I Share: MWESX; M Share: MWERX)

MetWest Flexible Income Fund

(I Share: MWFEX; M Share: MWFSX)

MetWest Floating Rate Income Fund

(I Share: MWFLX; M Share: MWFRX; Plan Share: MWFPX)

MetWest High Yield Bond Fund

(I Share: MWHIX; M Share: MWHYX)

MetWest Intermediate Bond Fund

(I Share: MWIIX; M Share: MWIMX)

MetWest Investment Grade Credit Fund

(I Share: MWIGX; M Share: MWISX)

MetWest Low Duration Bond Fund

(I Share: MWLIX; M Share: MWLDX; Admin Share: MWLNX)

MetWest Opportunistic High Income Credit Fund

(I Share: MWOPX; M Share: MWORX)

MetWest Strategic Income Fund

(I Share: MWSIX; M Share: MWSTX)

MetWest Ultra Short Bond Fund

(I Share: MWUIX; M Share: MWUSX)

MetWest Unconstrained Bond Fund

(I Share: MWCIX; M Share: MWCRX; Plan Share: MWCPX)

Supplement dated September 6, 2023 to the Prospectus and

the applicable Summary Prospectus

each dated July 29, 2023, as supplemented

For current and prospective investors in each fund specified below (each, a “Fund”):

MetWest AlphaTrak 500 Fund

Effective September 6, 2023, Jamie L. Patton will be added as a portfolio manager for the Fund.

Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Stephen M. Kane, CFA    26 Years    Founding Partner and
Generalist Portfolio
Manager
Bryan T. Whalen, CFA    1 Year    Generalist Portfolio
Manager

Bret R. Barker

   1 Year    Managing Director

Ruben Hovhannisyan, CFA

   1 Year    Generalist Portfolio Manager

Jamie L. Patton

   Since September 2023    Managing Director

 

1


MetWest Corporate Bond Fund

Effective September 6, 2023, Brian Gelfand will be added as a portfolio manager for the Fund.

Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Bryan T. Whalen, CFA    5 Years    Generalist Portfolio Manager
Jerry Cudzil    5 Years    Generalist Portfolio Manager
Tammy Karp    2 Years    Managing Director
Steven J. Purdy    1 Year    Managing Director
Brian Gelfand    Since September 2023    Managing Director

MetWest Sustainable Securitized Fund

Effective September 6, 2023, Palak Pathak, CFA, and effective October 2, 2023, Peter Van Gelderen will be added as a portfolio manager for the Fund.

Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Stephen M. Kane, CFA    1 Year   

Founding Partner and

Generalist Portfolio

Manager

Elizabeth (Liza) Crawford    1 Year    Specialist Portfolio Manager
Mitch Flack    1 Year    Specialist Portfolio Manager
Palak Pathak, CFA    Since September 2023    Managing Director
Peter Van Gelderen    Since October 2023    Managing Director

MetWest Flexible Income Fund

Effective September 6, 2023, Jerry Cudzil and Ruben Hovhannisyan will be added as portfolio managers for the Fund, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

 

2


Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Stephen M. Kane, CFA    4 Years   

Founding Partner and

Generalist Portfolio

Manager

Bryan T. Whalen, CFA    4 Years    Generalist Portfolio
Manager

Laird Landmann

(until December 31, 2023)

   4 Years   

Founding Partner and

Generalist Portfolio

Manager

Jerry Cudzil    Since September 2023    Generalist Portfolio Manager
Ruben Hovhannisyan, CFA    Since September 2023    Generalist Portfolio Manager

MetWest Floating Rate Income Fund

Effective September 6, 2023 Brian Gelfand will be added as a portfolio manager for the Fund, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Laird Landmann

(until December 31, 2023)

   9 Years   

Founding Partner and

Generalist Portfolio

Manager

Jerry Cudzil    9 Years    Generalist Portfolio Manager
Drew Sweeney    3 Years    Managing Director
Steven J. Purdy    2 Years    Managing Director
Kenneth Toshima    1 Year    Managing Director
Brian Gelfand    Since September 2023    Managing Director

MetWest High Yield Bond Fund

Effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

 

3


Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Stephen M. Kane, CFA

  

20 Years

  

Founding Partner and

Generalist Portfolio

Manager

Laird Landmann

(until December 31, 2023)

  

20 Years

  

Founding Partner and

Generalist Portfolio

Manager

Jerry Cudzil

  

3 Years

  

Generalist Portfolio Manager

Steven J. Purdy

  

3 Years

  

Managing Director

Brian Gelfand

  

1 Year

  

Managing Director

MetWest Intermediate Bond Fund

Effective September 6, 2023, Jerry Cudzil and Ruben Hovhannisyan will be added as portfolio managers for the Fund, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Stephen M. Kane, CFA

  

20 Years

  

Founding Partner and

Generalist Portfolio

Manager

Laird Landmann

(until December 31, 2023)

  

20 Years

  

Founding Partner and

Generalist Portfolio

Manager

Bryan T. Whalen, CFA

  

19 Years

  

Generalist Portfolio Manager

Jerry Cudzil

  

Since September 2023

  

Generalist Portfolio Manager

Ruben Hovhannisyan, CFA

  

Since September 2023

  

Generalist Portfolio Manager

MetWest Investment Grade Credit Fund

Effective September 6, 2023, Jerry Cudzil and Ruben Hovhannisyan will be added as portfolio managers for the Fund, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

 

4


Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Stephen M. Kane, CFA

  

4 Years

  

Founding Partner and

Generalist Portfolio

Manager

Laird Landmann

(until December 31, 2023)

  

4 Years

  

Founding Partner and

Generalist Portfolio

Manager

Bryan T. Whalen, CFA

  

4 Years

  

Generalist Portfolio Manager

Jerry Cudzil

  

Since September 2023

  

Generalist Portfolio Manager

Ruben Hovhannisyan, CFA

  

Since September 2023

  

Generalist Portfolio Manager

MetWest Low Duration Bond Fund

Effective September 6, 2023, Jerry Cudzil and Ruben Hovhannisyan will be added as portfolio managers for the Fund, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Stephen M. Kane, CFA

  

27 Years

  

Founding Partner and

Generalist Portfolio

Manager

Laird Landmann

(until December 31, 2023)

  

27 Years

  

Founding Partner and

Generalist Portfolio

Manager

Bryan T. Whalen, CFA

  

19 Years

  

Generalist Portfolio Manager

Jerry Cudzil

  

Since September 2023

  

Generalist Portfolio Manager

Ruben Hovhannisyan, CFA

  

Since September 2023

  

Generalist Portfolio Manager

MetWest Opportunistic High Income Credit Fund

Effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Laird Landmann

(until December 31, 2023)

  

1 Year

  

Founding Partner and

Generalist Portfolio

Manager

Jerry Cudzil

  

1 Year

  

Generalist Portfolio Manager

Steven J. Purdy

  

1 Year

  

Managing Director

Brian Gelfand

  

1 Year

  

Managing Director

 

5


MetWest Strategic Income Fund

Effective September 6, 2023, Jerry Cudzil and Ruben Hovhannisyan will be added as portfolio managers for the Fund, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Stephen M. Kane, CFA

  

20 Years

  

Founding Partner and

Generalist Portfolio

Manager

Laird Landmann

(until December 31, 2023)

  

20 Years

  

Founding Partner and

Generalist Portfolio

Manager

Bryan T. Whalen, CFA

  

19 Years

  

Generalist Portfolio Manager

Jerry Cudzil

  

Since September 2023

  

Generalist Portfolio Manager

Ruben Hovhannisyan, CFA

  

Since September 2023

  

Generalist Portfolio Manager

MetWest Ultra Short Bond Fund

Effective September 6, 2023, Jerry Cudzil and Ruben Hovhannisyan will be added as portfolio managers for the Fund, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Stephen M. Kane, CFA

  

20 Years

  

Founding Partner and

Generalist Portfolio

Manager

Laird Landmann

(until December 31, 2023)

  

20 Years

  

Founding Partner and

Generalist Portfolio

Manager

Bryan T. Whalen, CFA

  

19 Years

  

Generalist Portfolio Manager

Mitch Flack

  

18 Years

  

Specialist Portfolio Manager

Jerry Cudzil

  

Since September 2023

  

Generalist Portfolio Manager

Ruben Hovhannisyan, CFA

  

Since September 2023

  

Generalist Portfolio Manager

MetWest Unconstrained Bond Fund

Effective September 6, 2023, Steven J. Purdy, Jerry Cudzil and Ruben Hovhannisyan will be added as portfolio managers for the Fund, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.

 

6


Therefore, effective September 6, 2023, the disclosure under the heading “Portfolio Managers” for this Fund is deleted in its entirety and replaced with the following:

 

Name    Experience
with the Fund
  

Primary Title with

Investment Adviser

Stephen M. Kane, CFA

  

12 Years

  

Founding Partner and

Generalist Portfolio

Manager

Laird Landmann

(until December 31, 2023)

  

12 Years

  

Founding Partner and

Generalist Portfolio

Manager

Bryan T. Whalen, CFA

  

12 Years

  

Generalist Portfolio Manager

Steven J. Purdy

  

Since September 2023

  

Managing Director

Jerry Cudzil

  

Since September 2023

  

Generalist Portfolio Manager

Ruben Hovhannisyan, CFA

  

Since September 2023

  

Generalist Portfolio Manager

The foregoing disclosure supersedes any statements to the contrary under the heading “Management of the Funds — Portfolio Managers” on pages 114 to 115 of the Prospectus.

Please retain this Supplement for future reference.

 

7


METROPOLITAN WEST FUNDS

MetWest AlphaTrak 500 Fund

(M Share: MWATX)

MetWest Corporate Bond Fund

(I Share: MWCBX; M Share: MWCSX)

MetWest Sustainable Securitized Fund

(I Share: MWESX; M Share: MWERX)

MetWest Flexible Income Fund

(I Share: MWFEX; M Share: MWFSX)

MetWest Floating Rate Income Fund

(I Share: MWFLX; M Share: MWFRX; Plan Share: MWFPX)

MetWest High Yield Bond Fund

(I Share: MWHIX; M Share: MWHYX)

MetWest Intermediate Bond Fund

(I Share: MWIIX; M Share: MWIMX)

MetWest Investment Grade Credit Fund

(I Share: MWIGX; M Share: MWISX)

MetWest Low Duration Bond Fund

(I Share: MWLIX; M Share: MWLDX; Admin Share: MWLNX)

MetWest Opportunistic High Income Credit Fund

(I Share: MWOPX; M Share: MWORX)

MetWest Strategic Income Fund

(I Share: MWSIX; M Share: MWSTX)

MetWest Total Return Bond Fund

(I Share: MWTIX; I-2 Share: MWTTX; M Share: MWTRX; Admin Share: MWTNX; Plan Share: MWTSX)

MetWest Ultra Short Bond Fund

(I Share: MWUIX; M Share: MWUSX)

MetWest Unconstrained Bond Fund

(I Share: MWCIX; M Share: MWCRX; Plan Share: MWCPX)

Supplement dated September 6, 2023 to the Statement of Additional Information

dated July 29, 2023, as supplemented (the “SAI”)

For current and prospective investors in each fund specified below (each, a “Fund”):

MetWest AlphaTrak 500 Fund

Effective September 6, 2023, Jamie L. Patton is added as a portfolio manager for the Fund.

MetWest Corporate Bond Fund

Effective September 6, 2023, Brian Gelfand is added as a portfolio manager for the Fund.

MetWest Sustainable Securitized Fund

Effective September 6, 2023, Palak Pathak, CFA is added as a portfolio manager for the Fund, and effective October 2, 2023, Peter Van Gelderen will be added as a portfolio manager for the Fund.

MetWest Flexible Income Fund, MetWest Intermediate Bond Fund, MetWest Investment Grade Credit Fund, MetWest Low Duration Bond Fund, MetWest Strategic Income Fund, MetWest Total Return Bond Fund, MetWest Ultra Short Bond Fund and MetWest Unconstrained Bond Fund

Effective September 6, 2023, Jerry Cudzil and Ruben Hovhannisyan are added as portfolio managers for the Funds, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Funds. In addition, effective September 6, 2023, Steven J. Purdy is added as a portfolio manager of the MetWest Unconstrained Bond Fund.

MetWest Floating Rate Income Fund

Effective September 6, 2023, Brian Gelfand is added as a portfolio manager for the Fund, and effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Fund.


MetWest High Yield Bond Fund and MetWest Opportunistic High Income Credit Fund

Effective December 31, 2023, Laird Landmann will no longer serve as a portfolio manager for the Funds.

As a result of these portfolio manager changes, effective September 6, 2023, the following disclosure is added under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 77 of the SAI:

Palak Pathak, CFA*

 

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

Registered Investment Companies:

                $            0                  $            0 

Other Pooled Investment Vehicles:

                $            0                  $            0 

Other Accounts:

                $            0                  $            0 

Jamie L. Patton*

 

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

Registered Investment Companies:

                $            0                  $            0 

Other Pooled Investment Vehicles:

                $            0                  $            0 

Other Accounts:

                $            0                  $            0 

* Information for Ms. Pathak and Ms. Patton is provided as of July 31, 2023.

In addition, effective September 6, 2023, the disclosure relating to Steven J. Purdy under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 76 of the SAI is deleted in its entirety and replaced with the following:

Steven J. Purdy*

 

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

Registered Investment Companies:

                $             57                  $            0

Other Pooled Investment Vehicles:

        12          $        4,955                  $            3,009

Other Accounts:

        18          $        5,165                  $            0

* Information for Mr. Purdy is provided as of July 31, 2023.

In addition, effective October 2, 2023, the following disclosure is added under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 77 of the SAI:

Peter Van Gelderen*

 

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

Registered Investment Companies:

                $            0                  $            0 

Other Pooled Investment Vehicles:

                $            0                  $            0 

Other Accounts:

                $            0                  $            0 

* Information for Mr. Van Gelderen is provided as of July 31, 2023.


In addition, effective September 6, 2023, the disclosure relating to Brian Gelfand under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 76 of the SAI is deleted in its entirety and replaced with the following:

Brian Gelfand*

 

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

Registered Investment Companies:

                $            0                     $            0

Other Pooled Investment Vehicles:

                $            0                     $            0

Other Accounts:

                $            0                     $            0

* Information for Mr. Gelfand is provided as of July 31, 2023.

In addition, effective September 6, 2023, the disclosure relating to Jerry Cudzil under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 75 of the SAI is deleted in its entirety and replaced with the following:

Jerry Cudzil *

 

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

Registered Investment Companies:

                $             57             0         $            0

Other Pooled Investment Vehicles:

        12          $        4,955             7         $            3,009

Other Accounts:

        21          $        7,681             0         $ 0

* Information for Mr. Cudzil is provided as of July 31, 2023.

In addition, effective September 6, 2023, the disclosure relating to Ruben Hovhannisyan under the heading “PORTFOLIO MANAGERS — Other Accounts Managed” on page 77 of the SAI is deleted in its entirety and replaced with the following:

Ruben Hovhannisyan*

 

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

Registered Investment Companies:

                $            24                  $            0

Other Pooled Investment Vehicles:

                $              0                  $            0

Other Accounts:

                $            48                  $            0

* Information for Mr. Hovhannisyan is provided as of July 31, 2023.


In addition, effective September 6, 2023, the disclosure under the heading “PORTFOLIO MANAGERS Ownership of Securities” beginning on page 78 of the SAI is deleted in its entirety and replaced with the following:

The following table sets forth the dollar range of equity securities beneficially owned by each portfolio manager in the Funds as of March 31, 2023.

 

     Dollar Range of Fund Shares Beneficially Owned

AlphaTrak 500 Fund

  

Stephen Kane

   Over $1,000,000

Bryan T. Whalen

   None

Bret Barker

   None

Ruben Hovhannisyan

   None

Jamie L. Patton*

   None

Corporate Bond Fund

  

Bryan T. Whalen

   $50,001 -$100,000

Jerry Cudzil

   $100,001-$500,000

Tammy Karp

   None

Steven J. Purdy

   $10,001-$50,000

Brian Gelfand*

   None

Sustainable Securitized Fund

  

Mitch Flack

   $50,001-$100,000

Steven Kane

   $100,001-$500,000

Elizabeth Crawford

   $10,001-$50,000

Palak Pathak*

   None

Peter Van Gelderen*

   None

Flexible Income Fund

  

Laird R. Landmann

   Over $1,000,000

Stephen Kane

   Over $1,000,000

Bryan T. Whalen

   Over $1,000,000

Jerry Cudzil*

   None

Ruben Hovhannisyan*

   $10,001-$50,000

Floating Rate Income Fund

  

Drew Sweeney

   None

Laird R. Landmann

   None

Steven J. Purdy

   $50,001-$100,000

Jerry Cudzil

   $100,001-$500,000

Kenneth Toshima

   None

Brian Gelfand*

   None

High Yield Bond Fund

  

Laird R. Landmann

   None

Stephen Kane

   Over $1,000,000

Jerry Cudzil

   $100,001-$500,000

Steven J. Purdy

   None

Brian Gelfand

   None

Intermediate Bond Fund

  

Stephen Kane

   None

Laird R. Landmann

   $100,001-$500,000

Bryan T. Whalen

   None

Jerry Cudzil*

   None

Ruben Hovhannisyan*

   None

Investment Grade Credit Fund

  

Laird R. Landmann

   None

Stephen Kane

   Over $1,000,000

Bryan T. Whalen

   $500,001-$1,000,000

Jerry Cudzil*

   None

Ruben Hovhannisyan*

   None

Low Duration Bond Fund

  

Stephen Kane

   Over $1,000,000

Laird R. Landmann

   $100,001-$500,000


     Dollar Range of Fund Shares Beneficially Owned

Bryan T. Whalen

   $500,001-$1,000,000

Jerry Cudzil*

   None

Ruben Hovhannisyan*

   $1-$10,000

Opportunistic High Income Credit Fund

  

Steven J. Purdy

   $50,001-$100,000

Brian Gelfand

   $10,001-$50,000

Laird Landmann

   None

Jerry Cudzil

   $100,001-$500,000

Strategic Income Fund

  

Stephen Kane

   None

Laird R. Landmann

   $100,001-$500,000

Bryan T. Whalen

   None

Jerry Cudzil*

   None

Ruben Hovhannisyan*

   None

Total Return Bond Fund

  

Stephen Kane

   Over $1,000,000

Laird R. Landmann

   $100,001-$500,000

Bryan T. Whalen

   Over $1,000,000

Jerry Cudzil*

   None

Ruben Hovhannisyan*

   $1-$10,000

Ultra Short Bond Fund

  

Laird R. Landmann

   $10,001-$50,000

Stephen Kane

   Over $1,000,000

Mitch Flack

   $100,001-$500,000

Bryan T. Whalen

   None

Jerry Cudzil*

   None

Ruben Hovhannisyan*

   None

Unconstrained Bond Fund

  

Stephen Kane

   Over $1,000,000

Laird R. Landmann

   None

Bryan T. Whalen

   None

Jerry Cudzil*

   None

Ruben Hovhannisyan*

   None

Steven J. Purdy*

   None

* Information is provided as of August 31, 2023.

Effective December 31, 2023, Mr. Landmann will no longer serve as a portfolio manager of the Funds.

Effective October 2, 2023 Mr. Van Gelderen will serve as a portfolio manager of the TCW Sustainable Securitized Fund.

In addition, effective December 31, 2023, all references to Laird Landmann in the SAI are removed in their entirety.

Please retain this Supplement for future reference.