Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Metropolitan West Total Return Bd Plan  MWTSX
Release date as of 2021-12-31. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2021-12-31
Out of 569
Intermediate Core-Plus Bond Funds
Morningstar®
Style Box™
What is this?
As of 2021-09-30
Total Fund Assets ($ Mil)
85,629.84
View Historical Morningstar Star Ratings and Definitions
  Investment Objective & Strategy  
The investment seeks to maximize long-term total return.
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 or unrated securities determined by the Adviser to be of comparable quality. The fund also invests at least 80% of its net assets plus borrowings for investment purposes in fixed income securities it regards as bonds.
  Morningstar Category: Intermediate Core-Plus Bond
Intermediate-term core-plus bond portfolios invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. 
  Performance
Growth of $10,000
(from 2011-07-29 to 2021-12-31)
Investment: Metropolitan West Total Return Bd Plan
This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.
Total Annualized Returns %
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Investment -1.11 -1.11 5.65 4.12 4.11 4.04
Bloomberg US Agg Bond TR USD -1.54 -1.54 4.79 3.57 2.90 5.01
Bloomberg US Universal TR USD -1.10 -1.10 5.15 3.84 3.31 ---
Category -0.67 -0.67 5.38 3.95 3.58 5.07
Morningstar Rating --- --- ---
# of compared Intermediate Core-Plus Bond funds covered (3 yrs : out of 569 funds) (5 yrs : out of 495 funds) (10 yrs : out of 353 funds)
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.
Fees and Expenses
Total Annual Operating Expense 0.37%
Prospectus Net Expense Ratio 0.37%
Maximum Sales Charge ---
The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio.
Waiver Data
Type Date %
--- --- --- ---
  Portfolio Profile
Asset Allocation
% of Net Assets
U.S. Stocks 0.0
Non-U.S. Stocks 0.0
Bonds 105.6
Cash -7.4
Other 1.8
Total 100.0
Asset Allocation Long/Short/Net Graph
Data through 2021-11-30
Morningstar Fixed-Income Sectors
% Fund
Government 34.20
Corporate 21.17
Securitized 36.70
Municipal 0.55
Cash & Equivalents 5.25
Other 2.14
Data through 2021-11-30
Credit Analysis
% Bonds
AAA 65.80
AA 4.10
A 9.31
BBB 14.82
BB 2.60
B 0.68
Below B 2.67
Not Rated 0.01
Data through 2021-09-30
Credit Analysis Graph
Holding Status
Total Number of Stock Holdings 0
Total Number of Bond Holdings 1689
% of Net Assets in Top 10 Holdings 47.44
Turnover % (as of 2021-03-31) 470.00
30 Day SEC Yield % 1.42
Top Holdings
Maturity
Date
Shares
Value
$000
% of Net
Assets
Federal National Mortgage Association 2.5% 2052-01-01 6,194,975 6,335,051 7.33
Federal National Mortgage Association 2% 2052-01-01 5,902,850 5,897,581 6.83
United States Treasury Notes 0.25% 2023-09-30 5,015,211 4,993,367 5.78
United States Treasury Notes 1.25% 2026-11-30 4,911,850 4,934,874 5.71
United States Treasury Bonds 1.875% 2051-11-15 3,942,135 4,020,978 4.65
United States Treasury Notes 0.5% 2023-11-30 3,943,038 3,939,187 4.56
United States Treasury Notes 0.375% 2023-10-31 3,484,605 3,475,281 4.02
United States Treasury Notes 1.125% 2026-10-31 3,223,122 3,219,270 3.73
United States Treasury Notes 0.875% 2026-09-30 2,362,727 2,332,736 2.70
United States Treasury Notes 1.375% 2031-11-15 1,854,501 1,843,635 2.13
Data through 2021-11-30
  Principal Risks   
Short Sale, Credit and Counterparty, Extension, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, High Portfolio Turnover, Issuer, Interest Rate, Market/Market Volatility, Distressed Investments, Futures, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Other, Restricted/Illiquid Securities, U.S. Government Obligations, Derivatives, Leverage, Pricing, Fixed-Income Securities, Management, Swaps, Unrated Securities
Show Risk Definitions
  Other Information
Inception Date: 2011-07-29
Portfolio Manager(s)
Bryan T. Whalen   (2004-12-31)
Bryan T. Whalen, CFA Group Managing Director U.S. Fixed Income Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest's Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA charterholder.
Laird R. Landmann   (1997-03-31)
Laird R. Landmann Group Managing Director Co-Director Fixed Income U.S. Fixed Income Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.
Stephen M. Kane   (1997-03-31)
Stephen M. Kane, CFA Group Managing Director U.S. Fixed Income Mr. Kane is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). At MetWest, Mr. Kane was responsible for leading MetWest's AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm's mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar's Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a BS in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.
Investment Advisor(s)
Metropolitan West Asset Management, LLC.
Issuer
Metropolitan West Funds
Show Data Definitions

© Copyright 2022 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Metropolitan West Total Return Bd Plan  MWTSX
Release date as of 2021-12-31. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Growth of $10,000 from 2011-07-29 to 2021-12-31  
Investment: Metropolitan West Total Return Bd Plan
This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.
  Calendar Year Total Returns
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 12-21
Total return % 4.9 11.5 0.4 6.2 0.2 2.6 3.5 0.3 9.2 9.2 -1.1
Bloomberg US Agg Bond TR USD 7.8 4.2 -2.0 6.0 0.5 2.6 3.5 0.0 8.7 7.5 -1.5
Bloomberg US Universal TR USD 7.4 5.5 -1.3 5.6 0.4 3.9 4.1 -0.3 9.3 7.6 -1.1
Category 6.3 7.8 -0.9 5.4 -0.5 3.9 4.3 -0.6 8.9 8.1 -0.7
% Rank in Cat --- 7 17 27 31 83 78 17 53 27 64
# of Funds --- 467 500 510 528 561 597 617 613 602 605
Data through 2021-12-31
Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.
  Total Annualized Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Investment -1.11 -1.11 5.65 4.12 4.11 4.04
Bloomberg US Agg Bond TR USD -1.54 -1.54 4.79 3.57 2.90 5.01
Bloomberg US Universal TR USD -1.10 -1.10 5.15 3.84 3.31 ---
Category -0.67 -0.67 5.38 3.95 3.58 5.07
Morningstar Rating --- --- ---
# of compared Intermediate Core-Plus Bond funds covered (3 yrs : out of 569 funds) (5 yrs : out of 495 funds) (10 yrs : out of 353 funds)
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
  Quarterly Trailing Average Annualized Total Returns
YTD 1-Year 3-Year 5-Year 10-Year Since Inception
Total Avg. Ann. Return % -1.11 -1.11 5.65 4.12 4.11 4.04
Data through 2021-12-31
  Fees and Expenses
Total Annual Operating Expense 0.37%
Prospectus Net Expense Ratio 0.37%
Maximum Sales Charge ---
The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio.
  Waiver Data
Type Date %
--- --- --- ---
Performance information may reflect historical or current expense waivers or reimbursements, without which, performance would have been lower.
Show Data Definitions

© Copyright 2022 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Metropolitan West Total Return Bd Plan  MWTSX
Release date as of 2021-12-31. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Ratings
Morningstar
Return
Morningstar
Risk
Morningstar
Rating
Number of
Funds
3-Year Average Below Avg 569
5-Year Average Below Avg 495
10-Year Above Avg Below Avg 353
Overall Above Avg Below Avg 569
Morningstar Category: Intermediate Core-Plus Bond | Number of Funds in Category: 569
Data through 2021-12-31
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
  Volatility Measurements
Standard Deviation 3.51
Mean 5.65
Sharpe Ratio 1.38
Trailing 3-Yr as of 2021-12-31
  Modern Portfolio Theory Statistics
Best Fit Index
Bloomberg US Universal TR USD
R-Squared 97
Beta 0.99
Alpha 0.50
Trailing 3-Yr as of 2021-12-31
  Principal Risks   
Short Sale, Credit and Counterparty, Extension, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, High Portfolio Turnover, Issuer, Interest Rate, Market/Market Volatility, Distressed Investments, Futures, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Other, Restricted/Illiquid Securities, U.S. Government Obligations, Derivatives, Leverage, Pricing, Fixed-Income Securities, Management, Swaps, Unrated Securities
Show Risk Definitions
Show Data Definitions

© Copyright 2022 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Metropolitan West Total Return Bd Plan  MWTSX
Release date as of 2021-12-31. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Style Box Details for Bond Holdings
Average Eff Duration 6.29 Yrs
Average Eff Maturity 8.47 Yrs
Average Wtd Coupon 2.20
Average Wtd Price 102.13
As of 2021-09-30
Data as of 2021-09-30
  Asset Allocation
% of Net Assets
U.S. Stocks 0.0
Non-U.S. Stocks 0.0
Bonds 105.6
Cash -7.4
Other 1.8
Total 100.0
Asset Allocation Long/Short/Net Graph
Data through 2021-11-30
  Morningstar Fixed-Income Sectors
% Fund
Government 34.20
Corporate 21.17
Securitized 36.70
Municipal 0.55
Cash & Equivalents 5.25
Other 2.14
Data through 2021-11-30
  Credit Analysis
% Bonds
AAA 65.80
AA 4.10
A 9.31
BBB 14.82
BB 2.60
B 0.68
Below B 2.67
Not Rated 0.01
Data through 2021-09-30
Credit Analysis Graph
  Top 25 Holdings
Total Number of Stock Holdings 0
Total Number of Bond Holdings 1689
% of Net Assets in Top 10 Holdings 47.44
Turnover % (as of 2021-03-31) 470.00
30 Day SEC Yield % 1.42
Top 25 Holdings
Maturity
Date
Shares
Value
$000
% of Net
Assets
Federal National Mortgage Association 2.5% 2052-01-01 6,194,975 6,335,051 7.33
Federal National Mortgage Association 2% 2052-01-01 5,902,850 5,897,581 6.83
United States Treasury Notes 0.25% 2023-09-30 5,015,211 4,993,367 5.78
United States Treasury Notes 1.25% 2026-11-30 4,911,850 4,934,874 5.71
United States Treasury Bonds 1.875% 2051-11-15 3,942,135 4,020,978 4.65
United States Treasury Notes 0.5% 2023-11-30 3,943,038 3,939,187 4.56
United States Treasury Notes 0.375% 2023-10-31 3,484,605 3,475,281 4.02
United States Treasury Notes 1.125% 2026-10-31 3,223,122 3,219,270 3.73
United States Treasury Notes 0.875% 2026-09-30 2,362,727 2,332,736 2.70
United States Treasury Notes 1.375% 2031-11-15 1,854,501 1,843,635 2.13
Government National Mortgage Association 2.5% 2052-01-20 1,192,850 1,223,230 1.42
United States Treasury Bonds 2.25% 2041-05-15 1,092,034 1,161,992 1.34
Federal National Mortgage Association 2% 2037-01-01 1,083,850 1,109,380 1.28
Government National Mortgage Association 2% 2052-01-20 863,100 872,844 1.01
Federal National Mortgage Association 3% 2052-01-01 758,000 786,258 0.91
Federal Home Loan Banks 1.04% 2024-06-14 746,595 747,090 0.86
Federal National Mortgage Association 1.5% 2037-01-01 667,275 669,618 0.77
Federal Home Loan Banks 0% 2022-03-07 500,000 499,920 0.58
Canada (Government of) 0.75% 2024-02-01 603,980 467,771 0.54
GE Capital International Funding Company Unlimited Company 4.418% 2035-11-15 363,587 437,824 0.51
Canada (Government of) 0.5% 2023-11-01 538,010 415,553 0.48
Federal Home Loan Mortgage Corporation 3.5% 2048-01-01 371,231 400,429 0.46
CIM TRUST 1.951% 2057-06-01 372,587 372,150 0.43
Federal Home Loan Mortgage Corporation 3.5% 2048-03-01 333,251 356,751 0.41
Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III 2028-03-20 310,120 348,170 0.40
Data through 2021-11-30
Show Data Definitions

© Copyright 2022 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Metropolitan West Total Return Bd Plan  MWTSX
Release date as of 2021-12-31. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Fees and Expenses Taken from prospectus dated 2021-07-29  
Maximum Sales Fees
Maximum Sales Charge ---
Maximum Fees
Administrative ---
Management 0.35%
12b-1 ---
Actual Fees
12b-1 ---
Management 0.35%
Prospectus Net Expense Ratio 0.37%
Total Annual Operating Expense 0.37%
Waiver Data
Type Date %
--- --- --- ---
  Management
Inception Date: 2011-07-29
Mngr Name Bryan T. Whalen
Mngr Start Date 2004-12-31
Biography
Bryan T. Whalen, CFA Group Managing Director U.S. Fixed Income Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest's Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA charterholder.
Mngr Name Laird R. Landmann
Mngr Start Date 1997-03-31
Biography
Laird R. Landmann Group Managing Director Co-Director Fixed Income U.S. Fixed Income Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.
Mngr Name Stephen M. Kane
Mngr Start Date 1997-03-31
Biography
Stephen M. Kane, CFA Group Managing Director U.S. Fixed Income Mr. Kane is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). At MetWest, Mr. Kane was responsible for leading MetWest's AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm's mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar's Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a BS in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.
Investment Advisor(s)
Metropolitan West Asset Management, LLC.
Web Site
www.mwamllc.com
Issuer
Metropolitan West Funds
Show Data Definitions

© Copyright 2022 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Morningstar Investment Profilessm: Disclosure Statement
Performance
Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing investment expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Due to market volatility, the investment's return may vary greatly over short periods of time.
For mutual funds, standardized total return is total return adjusted for sales charges. The sales charge utilized in the standard return calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar. The investment option's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and the index does not reflect any initial or ongoing expenses. An index cannot be invested in directly. A fund's portfolio may differ significantly from the securities in the index.
For separate accounts and commingled funds, Net-of-Fee returns are collected on a monthly and quarterly basis. Morningstar calculates total returns using the raw data collected from the asset management firm or plan provider. The performance data reported by the separate account managers or plan provider represents actual performance net of trading expenses, management fees, brokerage commissions or other expenses. The investment option's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and the index does not reflect any initial or ongoing expenses. An index cannot be invested in directly. A fund's portfolio may differ significantly from the securities in the index. Clients should refer to the disclosure document of the separate account manager and their Summary Plan Description (SPD) for specific information regarding fees and expenses.
Growth of $10,000
Shows the growth of $10,000. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing investment expenses, and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted.
Morningstar Rating, Risk and Return
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
For private funds, the Morningstar Rating presented is hypothetical, because Morningstar does not independently analyze private funds. Rather, the rating is assigned as a means to compare these funds with the universe of mutual funds that Morningstar rates. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar.
Overall ratings represent a weighted average of specific time period (3-, 5- and 10-year) ratings.
The Morningstar Return rates a fund's performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.
Morningstar Risk evaluates a fund's downside volatility relative to that of other products in its Morningstar Category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk (Low), the next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next 22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.
Metropolitan West Total Return Bd Plan
Morningstar Ratings (Relative to Category)
  Morningstar ReturnMorningstar RiskMorningstar Rating# of Funds
3-year AverageBelow Avg569
5-year AverageBelow Avg495
10-year Above AvgBelow Avg353
Overall Above AvgBelow Avg569
Morningstar Category : Intermediate Core-Plus Bond | Number of Funds in Category: 569
Data through 2021-12-31
Risk Measures
R-squared reflects the percentage of an investment option's movements that are explained by movements in its benchmark index, showing the degree of correlation between the investment option and the benchmark.
Beta is a measure of an investment option's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. Alpha measures the difference between an investment option's actual returns and its expected performance, given its level of risk (as measured by beta).
The Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk.
Standard deviation is a statistical measure of the volatility of the investment option's returns.
Mean represents the annualized three-year geometric return.
Morningstar Style BoxTM
The Morningstar Style Box reveals a fund's investment strategy as of the date noted on this report.
For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).
For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.
Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm.
Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time.
For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low" , "medium" , or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.
For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive.
For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.
Investment Risk
Foreign Securities Investment Options:/Emerging Market Investment Options: The investor should note that investment options that invest in foreign securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.
Sector Investment Options: The investor should note that investment options that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks.
Non-Diversified Investment Options: The investor should note that investment options that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.
Small Cap Investment Options: The investor should note that investment options that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average.
Mid Cap Investment Options: The investor should note that investment options that invest in companies with market capitalizations below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies.
High-Yield Bond Investment Options: The investor should note that investment options that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default.
Yield
The yield of an investment option refers to the income generated by an investment in that investment option over an identified period of time. The SEC 30-day yield refers to the income generated by an investment over an identified 30-day period. The SEC 30-day yield is calculated by dividing: (I) the net investment income per share of the investment option earned over a 30-day period; by (II) the maximum offering price per share of the investment option on the last day of the period. This number is then annualized using semi-annual compounding. This means that the amount of income generated during the 30-day period is assumed to be generated each month over a 12-month period and is reinvested every six months. The yield does not necessarily reflect income actually earned by investing in the investment option because of certain adjustments required by the SEC and, therefore, may not correlate to the dividends or other distributions paid to shareholders.