METROPOLITAN WEST FUNDS (Form: 485BPOS, Received: 07/24/2015 16:10:28)

As filed with the Securities and Exchange Commission on July 24, 2015

File No. 333-18737

File No. 811-07989

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER


*THE SECURITIES ACT OF 1933*		x
Pre-Effective Amendment No.		¨
Post-Effective Amendment No. 50		x

REGISTRATION STATEMENT

UNDER


*THE INVESTMENT COMPANY ACT OF 1940*		x
Amendment No. 52		x

METROPOLITAN WEST FUNDS

(Exact Name of Registrant as Specified on Charter)

865 South Figueroa Street

Los Angeles, California 90017

(Address of Principal Executive Offices)

(213) 244-0000

(Registrant’s Telephone Number)

David B. Lippman

865 South Figueroa Street

Los Angeles, California 90017

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box).

immediately upon filing pursuant to paragraph (b) of Rule 485

on July 29, 2015 pursuant to paragraph (b) of Rule 485

60 days after filing pursuant to paragraph (a)(1) of Rule 485

on pursuant to paragraph (a)(1) of Rule 485

75 days after filing pursuant to paragraph (a)(2) of Rule 485

on pursuant to paragraph (a)(2) of Rule 485

Please send Copy of Communications to:

David A. Hearth, Esq.

Paul Hastings LLP

55 Second Street, 24 ^th Floor

San Francisco, CA 94105-3441

LOGO

JULY 29

20 15

PROSPECTUS

MetWest Ultra Short Bond Fund

(I Share: MWUIX; M Share: MWUSX)

MetWest Low Duration Bond Fund

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

MetWest Intermediate Bond Fund

(I Share: MWIIX; M Share: MWIMX)

MetWest Total Return Bond Fund

(I Share: MWTIX; M Share: MWTRX; Admin Share: MWTNX; P Share: MWTSX)

MetWest High Yield Bond Fund

(I Share: MWHIX; M Share: MWHYX)

MetWest Unconstrained Bond Fund

(I Share: MWCIX; M Share: MWCRX)

MetWest Strategic Income Fund

(I Share: MWSIX; M Share: MWSTX)

MetWest AlphaTrak 500 Fund

(M Share: MWATX)

MetWest Floating Rate Income Fund

(I Share: MWFLX; M Share: MWFRX)

Metropolitan West Asset Management, LLC

Investment Adviser

As with all mutual funds, the Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

MW-FUNDP_0715

TABLE OF CONTENTS


	Page
FUND SUMMARY		4
Ultra Short Bond Fund		4
Low Duration Bond Fund		9
Intermediate Bond Fund		14
Total Return Bond Fund		19
High Yield Bond Fund		24
Unconstrained Bond Fund		29
Strategic Income Fund		34
AlphaTrak 500 Fund		39
Floating Rate Income Fund		43
SUMMARY OF OTHER IMPORTANT INFORMATION REGARDING FUND SHARES		49
ADDITIONAL FUND INFORMATION		50
General		50
Principal Investment Strategies		50
PRINCIPAL RISKS		58
Fixed Income Securities		58
Government Sponsored Enterprises		59
High Yield Risk		59
Market Risk		59
Risks of Unrated Securities		60
Risks of Using Certain Derivatives		60
Liquidity Risk		60
Mortgage-Backed Securities Risk		61
Risks of Investing in Emerging Market and Other Foreign Securities		61
Asset-Backed Securities Risk		61
Currency Risk		62
Equity Securities Risk		62
Preferred Securities Risk		62
Event Risk		62
Extension Risk		62
Mezzanine Securities Risk		63
Risks of Short Sales		63
Risks of Event Driven Investing Strategies		63
Risks of Swap Agreements		63
Price Volatility Risk		64
Portfolio Management Risk		64
Investment Selection Risk		64
OTHER RISKS		65
Valuation Risk		65
Risks of Frequent Purchases and Redemptions of Fund Shares		65
Risks of Borrowing and Use of Leverage		66
Risks of Inside Information		66
MANAGEMENT OF THE FUNDS		67
The Adviser		67
Portfolio Managers		67
Management Fees and Other Expenses		68
The Transfer Agent and Administrator		71
The Underwriter		71
Disclosure of Portfolio Holdings		71


	Page
HOW TO PURCHASE SHARES		72
Regular Purchases		72
By Payment In Kind		73
By Automatic Investment Plan		73
Purchases Through An Investment Broker or Dealer		73
Identity Verification Procedures Notice		74
Net Asset Value and Fair Value Pricing		74
HOW TO REDEEM SHARES		75
Regular Redemptions		75
Exchanges of Shares		75
Systematic Withdrawal Plan		76
Telephone Transactions		76
Payments		76
Redemptions of Accounts Below Minimum Amount		77
Conversion of Shares Between Classes		77
Trading Limits		77
Reports to Shareholders		78
Withholdings; Reporting		78
DIVIDENDS AND TAX STATUS		79
FINANCIAL HIGHLIGHTS		80

FUND SUMMARY

METROPOLITAN WEST ULTRA SHORT BOND FUND

I NVESTMENT O BJECTIVE

The Ultra Short Bond Fund seeks to maximize current income, consistent with preservation of capital.

F EES AND E XPENSES OF THE F UND

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.


	C LASS M			C LASS I
S HAREHOLDER F EES
(fees paid directly from your investment)		None			None

A NNUAL F UND O PERATING E XPENSES
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.25	%		0.25	%
Distribution (12b-1) Fees		0.16	%		None
Other Expenses		0.25	%		0.23	%

Total Annual Fund Operating Expenses		0.66	%		0.48	%

Fee Waiver and/or Expense Reimbursement (1)		(0.16	)%		(0.14	)%

Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement (2)		0.50	%		0.34	%

(1)

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 within three years, subject to any applicable expense limit at the time of recoupment. This contract will remain in place until July 31, 2016. 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.

(2)

The expense information in the table has been updated to reflect the amended operating expense limit (effective July 29, 2014) as if it had been in effect during the full fiscal year ending March 31, 2015.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the contractual expenses limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year		3 Years		5 Years		10 Years
Class M	$	51	$	195	$	352	$	807
Class I	$	35	$	140	$	255	$	590

P ORTFOLIO T URNOVER

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 16% of the average value of its portfolio.

P RINCIPAL I NVESTMENT S TRATEGIES

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 that are determined by the Adviser to be of similar quality. Up to 10% of the Fund’s net assets may be invested in securities rated below investment grade. The Fund also invests at least 80% of its net assets plus borrowings for investment purposes in fixed income securities it regards as bonds. Under normal conditions, the portfolio duration is up to one year and the dollar-weighted average maturity normally exceeds one year. 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.

Investments include various types of bonds and other securities, typically corporate bonds, notes, collateralized bond obligations, collateralized debt obligations, mortgage-related and asset-backed securities, bank loans, money-market securities, municipal securities, credit default swaps, private placements and restricted securities. These investments may have interest rates that are fixed, variable or floating.

Derivatives will be 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.

P RINCIPAL R ISKS

Because the Fund holds securities with fluctuating market prices, the value of the Fund’s shares will vary as its portfolio securities increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

Interest Rate Risk: the risk that debt securities will decline in value because of changes in interest rates.

Credit Risk: the risk that an issuer will default in the payment of principal and/or interest on a security.

Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.

Market Risk: the risk that returns from the securities in which the Fund invests will underperform returns from the general securities markets or other types of securities.

Prepayment Risk of Asset-Backed and Mortgage-Backed Securities: the risk that in times of declining interest rates, the Fund’s higher yielding securities will be prepaid and the Fund will have to replace them with securities having a lower yield.

Extension Risk of Asset-Backed and Mortgage-Backed Securities: the risk that in times of rising interest rates prepayments will slow 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.

Asset-Backed Securities Investment Risk: the risk that the impairment of the value of the collateral underlying the security in which the Fund invests, such as non-payment of loans, will result in a reduction in the value of the security.

Derivatives Risk: 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.

Swap Agreements Risk: the risk of using 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.

Liquidity Risk: the risk that there may be no willing buyer of the Fund’s portfolio securities and the Fund may have to sell those securities at a lower price or may not be able to sell the securities at all, each of which would have a negative effect on performance. Over recent years, there has been a dramatic decline in 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. Recent changes in regulations such as the Volcker Rule may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility.

Foreign Investing Risk: the risk that the value of the Fund’s foreign investments will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries where the Fund invests or has exposure. Emerging market debt also may be of lower credit quality and subject to greater risk of default.

Securities Selection Risk: 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.

Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results.

Please see “Principal Risks” and “Other Risks” for a more detailed description of the risks of investing in the Fund.

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.

P ERFORMANCE I NFORMATION

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.mwamllc.com or by calling (800) 241-4671.

U LTRA S HORT B OND F UND – C LASS M S HARES

A NNUAL T OTAL R ETURNS F OR Y EARS E NDED 12/31

LOGO

Y EAR - TO -D ATE T OTAL R ETURN OF C LASS M S HARES AS OF J UNE 30, 2015: 0.38%


Highest Performance Quarter		Lowest Performance Quarter
(quarter ended September 30, 2009)		(quarter ended December 31, 2008)
8.59%		–11.98%

A VERAGE A NNUAL T OTAL R ETURNS

(F OR THE PERIODS ENDED D ECEMBER 31, 2014)


	1 Year			5 Years			10 Years			Since Inception
Ultra Short Bond Fund
Class M Return Before Taxes		0.41	%		3.52	%		1.66	%		2.17	%
Class M Return After Taxes on Distributions		0.13	%		2.88	%		0.42	%		0.92	%
Class M Return After Taxes on Distributions and Sale of Fund Shares		0.23	%		2.48	%		0.81	%		1.21	%
Class I Return Before Taxes		0.80	%		3.68	%		1.86	%		1.88	%
BofA Merrill Lynch 1-Year U.S. Treasury Index (reflects no deduction for fees, expenses or taxes; inception calculated from June 30, 2003)		0.18	%		0.41	%		2.00	%		1.86	%

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.

I NVESTMENT A DVISER

Metropolitan West Asset Management, LLC.

P ORTFOLIO M ANAGERS

Tad Rivelle, Founding Partner, Chief Investment Officer and Generalist Portfolio Manager of the Adviser, has been a member of the team managing the Fund since 1996.

Stephen M. Kane, CFA, Founding Partner and Generalist Portfolio Manager of the Adviser, has been a member of the team managing the Fund since 1996.

Laird Landmann, Founding Partner and Generalist Portfolio Manager of the Adviser, has been a member of the team managing the Fund since 1996.

Mitch Flack, Partner and Specialist Portfolio Manager of the Adviser, has been a member of the team managing the Fund since 2001.

Bryan T. Whalen, CFA, Generalist Portfolio Manager of the Adviser, has been a member of the team managing the Fund since 2004.

O THER I MPORTANT I NFORMATION R EGARDING F UND S HARES

For more information about purchase and sale of Fund shares, tax information, and payments to broker-dealers and other financial intermediaries, please turn to the “Summary of Other Important Information Regarding Fund Shares” at page 49 of this prospectus.

FUND SUMMARY

METROPOLITAN WEST LOW DURATION BOND FUND

I NVESTMENT O BJECTIVE

The Low Duration Bond Fund seeks to maximize current income, consistent with preservation of capital.

F EES AND E XPENSES OF THE F UND

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.


	C LASS M			C LASS I			A DMINISTRATIVE C LASS
S HAREHOLDER F EES
(fees paid directly from your investment)		None			None			None

A NNUAL F UND O PERATING E XPENSES
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.30	%		0.30	%		0.30	%
Distribution (12b-1) Fees		0.19	%		None			0.19	%
Other Expenses (1)		0.14	%		0.09	%		0.19	%

Total Annual Fund Operating Expenses (2)		0.63	%		0.39	%		0.68	%

(1)

For the Administrative Class Shares, includes up to 0.20% charged under the Shareholder Servicing Plan.

(2)

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year		3 Years		5 Years		10 Years
Class M	$	64	$	202	$	351	$	786
Class I	$	40	$	125	$	219	$	493
Administrative Class	$	69	$	218	$	379	$	847

P ORTFOLIO T URNOVER

P RINCIPAL I NVESTMENT S TRATEGIES

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 that are determined by the Adviser to be of similar quality. Up to 30% of the Fund’s net assets may be invested in securities rated below highly rated securities but not more than 20% may be below investment grade. The Fund also invests at least 80% of its net assets plus borrowings for investment purposes in fixed income securities it regards as bonds. Under normal conditions, the portfolio duration is up to three years and the dollar-weighted average maturity ranges from one to five years. 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.

Investments include various types of bonds and other securities, typically corporate bonds, notes, collateralized bond obligations, collateralized debt obligations, mortgage-related and asset-backed securities, bank loans, money-market securities, swaps, futures, municipal securities, credit default swaps, private placements and restricted securities. These investments may have interest rates that are fixed, variable or floating.

P RINCIPAL R ISKS

The principal risks affecting the Fund that can cause a decline in value are:

Market Risk: the risk that returns from the securities in which the Fund invests will underperform returns from the general securities markets or other types of securities.

Interest Rate Risk: the risk that debt securities will decline in value because of changes in interest rates.

Credit Risk: the risk that an issuer will default in the payment of principal and/or interest on a security.

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.

Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results.

Please see “Principal Risks” and “Other Risks” for a more detailed description of the risks of investing in the Fund.

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.

P ERFORMANCE I NFORMATION

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.mwamllc.com or by calling (800) 241-4671.

L OW D URATION B OND F UND – C LASS M S HARES

A NNUAL T OTAL R ETURNS F OR Y EARS E NDED 12/31

LOGO

Y EAR - TO -D ATE T OTAL R ETURN OF C LASS M S HARES AS OF J UNE 30, 2015: 0.34%


Highest Performance Quarter		Lowest Performance Quarter
(quarter ended September 30, 2009)		(quarter ended December 31, 2008)
8.19%		–8.05%

A VERAGE A NNUAL T OTAL R ETURNS

(F OR THE PERIODS ENDED D ECEMBER 31, 2014)


	1 Year			5 Years			10 Years			Since Inception
Low Duration Bond Fund
Class M Return Before Taxes		1.39	%		4.39	%		3.13	%		4.19	%
Class M Return After Taxes on Distributions		0.84	%		3.44	%		1.75	%		2.34	%
Class M Return After Taxes on Distributions and Sale of Fund Shares		0.79	%		3.03	%		1.88	%		2.47	%
Class I Return Before Taxes		1.61	%		4.59	%		3.32	%		3.80	%
Administrative Class Return Before Taxes		1.08	%		4.17	%		NA			4.88	%
BofA Merrill Lynch 1-3 Year U.S. Treasury Index (reflects no deduction for fees, expenses or taxes; inception calculated from March 31, 1997)		0.62	%		1.06	%		2.54	%		3.71	%

I NVESTMENT A DVISER

Metropolitan West Asset Management, LLC.

P ORTFOLIO M ANAGERS

Tad Rivelle, Founding Partner, Chief Investment Officer and Generalist Portfolio Manager of the Adviser, has been a member of the team managing the Fund since 1996.

Stephen M. Kane, CFA, Founding Partner and Generalist Portfolio Manager of the Adviser, has been a member of the team managing the Fund since 1996.

Laird Landmann, Founding Partner and Generalist Portfolio Manager of the Adviser, has been a member of the team managing the Fund since 1996.

Bryan T. Whalen, CFA, Generalist Portfolio Manager of the Adviser, has been a member of the team managing the Fund since 2004.

O THER I MPORTANT I NFORMATION R EGARDING F UND S HARES

FUND SUMMARY

METROPOLITAN WEST INTERMEDIATE BOND FUND

I NVESTMENT O BJECTIVE

The Intermediate Bond Fund seeks to maximize current income, consistent with preservation of capital.

F EES AND E XPENSES OF THE F UND

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.


	C LASS M			C LASS I
S HAREHOLDER F EES
(fees paid directly from your investment)		None			None

A NNUAL F UND O PERATING E XPENSES
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.35	%		0.35	%
Distribution (12b-1) Fees		0.21	%		None
Other Expenses		0.17	%		0.14	%

Total Annual Fund Operating Expenses		0.73	%		0.49	%

Fee Waiver and/or Expense Reimbursement (1)		(0.03	)%		0.00	%

Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement (2)		0.70	%		0.49	%

(1)

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 0.70% and 0.49% for Class M and Class I shares, respectively. The Adviser may recoup reduced fees and expenses within three years, subject to any applicable expense limit at the time of recoupment. This contract will remain in place until July 31, 2016. 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.

(2)

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year		3 Years		5 Years		10 Years
Class M	$	72	$	230	$	403	$	904
Class I	$	50	$	157	$	274	$	616

P ORTFOLIO T URNOVER

P RINCIPAL I NVESTMENT S TRATEGIES

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 that are determined by the Adviser to be of similar quality. Up to 10% of the Fund’s net assets may be invested in securities rated below investment grade. The Fund also invests at least 80% of its net assets plus borrowings for investment purposes in fixed income securities it regards as bonds. Under normal conditions, the portfolio duration is one to six years and the dollar-weighted average maturity ranges from three to seven years. 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.

Investments include various types of bonds and other securities, typically corporate bonds, notes, collateralized bond obligations, collateralized debt obligations, mortgage-related and asset-backed securities, bank loans, money-market securities, swaps, futures, municipal securities, options, credit default swaps, private placements and restricted securities. These investments may have interest rates that are fixed, variable or floating.