(PUB) Morningstar FundInvestor

6

Data through May 31, 2014 Metropolitan West Total Return Bond M

Ticker Status Yield SEC Yield Total Assets Mstar Category MWTRX Open 2.5% 2.24% $29,262 mil Intermediate-Term Bond

Morningstar Analyst Rating 05-12-14

Investment Style Fixed Income Income Rtn %Rank Cat

Historical Profile Return Risk Rating High Average Highest

7

27

21

8

13

13

12

30

59

Œ

Manager Change Partial Manager Change

10.0 12.0 14.0 16.4 18.8 20.8

Morningstar Pillars Process Performance

Positive Positive Positive Neutral Positive

∞ ∞ ∞

Growth of $10,000

NAV Total Return % +/-BC Agg Bnd +/-BC Agg Bnd Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Investment Values of Fund Investment Values of BC Agg Bnd Performance Quartile (within Category) History

People Parent Price

¶

∞

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 05-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

9.92

9.82 5.15 0.81 0.81 6.15 -1.00 0.59 0.00 0.65 5.62 165 453 12

9.57 3.10 0.67 0.67 5.73 -2.63 0.55 0.00 0.65 6.02 180 503 4

9.73 6.99 2.66 2.66 5.21 1.78 0.49 0.00 0.65 5.49 174 882 3

9.84 6.25 -0.72 -0.72 5.07 1.18 0.48 0.00 0.65 5.01 101 2,708 23

9.01 -1.47 -6.71 -6.71 5.35 -6.82 0.51 0.17 0.65 4.89 124 3,369 41

9.90

10.38 11.53

10.37 5.19 -2.65 -2.65 4.49 0.70

10.90 11.39

10.55 0.20 2.22 2.22 2.86 -2.66

10.85 3.81 -0.06 -0.06 0.96 2.85

13.88

17.08 11.15 11.15

9.78 9.78 6.96 6.92 0.63 0.00 0.65 7.40 1

4.99 4.99 4.92 6.61 0.48 0.17 0.65 5.88 141 4

7.18 7.18 4.04 7.35 0.41 0.22 0.63 4.33 156 7

6.80

10.28

27

75

11

59

Pillar Spectrum Positive ∞

0.59 0.00 0.65 5.74 220

0.46 0.08 0.63 4.47 228

0.31 0.06 0.61 3.30 160

0.10 0.00

§ Negative

¶ Neutral

. . .

Performance 05-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

90

2010 2011 2012 2013 2014

3.88 3.51 1.39 1.36 2.69 2.26 0.89 -2.34

3.81 -0.08 11.53

499

4,232

6,250

10,963 10,074 10,124 8,354

1.44 0.92

5.19

4.53 1.47 11.39

Portfolio Analysis 03-31-14

Rating and Risk Time Load-Adj

1.17 0.52

0.20

1.77

Date of Maturity

Amount

Value % Net $000 Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

. . . .

Period Return % Rtn vs Cat

Total Fixed-Income:1132

$000

1 Yr 3 Yr 5 Yr

3.16 5.57 8.95 6.83 7.17

Trailing

Total

+/- BC

+/- BC %Rank Growth of

US Treasury Note 2.75% US Treasury Bond 3.75% US Treasury Note 1.5% US Treasury Note 1.625% US Treasury Note 2.75%

02-15-24 1,757,475 1,761,457 5.77 11-15-43 897,150 928,971 3.04 01-31-19 471,370 467,264 1.53 03-31-19 446,535 444,286 1.46 11-15-23 429,887 431,869 1.42 04-15-16 386,040 420,381 1.38 01-31-21 419,265 415,203 1.36 04-15-17 360,170 381,577 1.25 06-30-17 331,010 327,958 1.07 03-25-26 287,405 301,416 0.99 01-01-50 275,715 275,715 0.90 07-31-18 263,000 261,466 0.86 01-01-50 260,264 260,264 0.85 357,485 359,719 1.18

Return% Agg Bnd Agg Bnd

Cat

$10,000

High High High

Avg

3 Mo 6 Mo 1 Yr

1.92 0.10 3.31 0.03 3.16 0.45 5.57 2.02 8.95 3.99 6.83 1.84 6.74 1.16

0.10 0.03 0.45 2.02 3.99 1.84 1.16

39 10,192 58 10,331 35 10,316 7 11,766 7 15,351 3 19,361 4 26,602

+Avg

10 Yr Incept

Avg

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index

Best Fit Index BC US Credit

US Treasury TIP

BC Agg Bnd

US Treasury Note 2.125%

Alpha

2.4

2.1

US Treasury TIP

Beta

0.86

0.61

Fannie Mae

R-Squared

66

80

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 3.90 6 1.58 84 7.07 6 1.72 89 4.83 3 1.87 93 Potential Capital Gain Exposure: 5% of assets

US Treasury Note 0.75%

Standard Deviation

2.95 5.57 1.84

Fnma Tba

Mean

Dreyfus Instl Cash Advan US Treasury Note 1.375% DWS Money Market Series

Sharpe Ratio

Morningstar’s Take by Michelle Canavan Ward, CFA 05-12-14 Metropolitan West Total Return Bond ranks among the category’s best. After taking full advantage of a rebound among

Fannie Mae Gnma Tba Fannie Mae

250,655 242,000 0.79 188,735 203,509 0.67 188,105 189,281 0.62

remained elevated at 14% at the end of April. Upon closer examination, though, the managers have made some significant changes to that stake’s composition over the past 18 months: They’ve swapped out of low-dollar-priced bonds that have rallied the most, into marginally better-quality bonds with less downside risk. Indeed, the firm noted that pricing in the fund’s nonagency RMBS stake had risen to more than 80 cents on the dollar from 50 cents as a result, with some help from price appreciation. The team has also maintained a defensive stance toward interest-rate risk, a bet that has been evident in the portfolio for more than three years: The fund’s 4.7 year duration as of March 31 was roughly a year shorter than its index’s 5.7 years, a positioning that helped protect the portfolio when rates spiked in 2013. Indeed, the fund squeaked out a 0.2% gain that year, better than 90% of its intermediate-term bond peers. Over time, the team’s methodical approach and thoughtful research has boosted the fund to a stellar long-term record. Expect that to continue.

US TREASURY TIP

02-15-44 177,185 181,910 0.60

credit-sensitive bonds in 2012, this fund’s veteran team focused on risk reduction in 2013 and the first part of 2014. Its managers’ value-discipline means they look to sell into strength and, as a result, they’ve continued to reduce the fund’s exposure to corporate credit. As of April 30, the fund’s corporate stake stood at 16%, an underweighting to both the Barclays U.S. Aggregate Index’s 23% stake and the 26% in the average intermediate-term bond fund. In turn, this one’s U.S. government allocation soaked up one fourth of portfolio assets, as high as it’s been since 2010. This shift is illustrative of the team’s value discipline, but it’s also reflective of the team’s belief that the economy is in the mid-to-late stage of the credit cycle and that there’s heightened downside risk for the majority of fixed-income sectors. One exception is the fund’s signature nonagency mortgage exposure, notorious for meaningful liquidity and credit risk, which

Fannie Mae

181,875 181,790 0.60

US Treasury Note 0.75%

01-15-17 167,080 166,845 0.55

Sector Breakdown

% of assets

Current Investment Style

US Treasury

20

Duration Ltd Mod Ext

Non US Government Government Related

0 2

Quality High Med Low

Corporate 13 Agency MBS Pass-Through 16 Agency MBS ARM 0 Agency MBS CMO 3 Non-Agency Residential MBS 9 Commercial MBS 2 Asset-Backed 13 Municipal 2 Cash & Equivalents 16 Other 0 Composition - Net Cash 14.4 Bonds 77.2 Stocks 0.1 Other 8.3

figure provided by fund

1

1 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price Coupon Range

4.7 Yrs 8.3 Yrs

BB

3.68%

99.39% of par

% of Bonds Rel Cat

0% PIK 0% to 6% 6% to 8% 8% to 10%

0.8 0.3 89.1 1.1 8.4 0.7 1.6 0.5 0.1 0.2

More than 10%

Address:

865 South Figueroa Street Los Angeles, CA 90017 800-241-4671 www.mwamllc.com

Minimum Purchase: Min Auto Inv Plan:

$5000 $5000

Add: $0 IRA: $1000

1.00=Category Average

Add: $100

Credit Analysis

Special Securities Restricted/Illiquid Secs Exotic Mortgage-Backed Emerging-Markets Secs Options/Futures/Warrants

% bonds 03-31-14

Sales Fees:

No-load, 0.35% 3Yr:$195 Monthly

BB

3

AAA

62

10

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

B 1 Below B 8 NR/NA 0

AA

7

0 0

03-31-97

Actual Fees:

Mgt:0.35% Dist:0.21%

Metropolitan West Asset Management, LLC.

Expense Projections: Income Distribution:

5Yr:$340 10Yr:$762

A

11

None

No

BBB

8

Fidelity Retail-NTF, CommonWealth NTF

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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