PROSPECTUS - TCW Group · 2020-07-08 · TCW Funds, Inc. Supplement dated May 5, 2020 to the...

FEBRUARY 28

PROSPECTUSU.S. EQUITY FUNDS

TCW Artificial Intelligence Equity FundClass I Ticker TGFTX Class N Ticker TGJNX

TCW Global Real Estate FundClass I Ticker TGREX Class N Ticker TGRYX

TCW New America Premier Equities FundClass I Ticker TGUSX Class N Ticker TGUNX

TCW Relative Value DividendAppreciation FundClass I Ticker TGDFX Class N Ticker TGIGX

TCW Relative Value Large Cap FundClass I Ticker TGDIX Class N Ticker TGDVX

TCW Relative Value Mid Cap FundClass I Ticker TGVOX Class N Ticker TGVNX

TCW Select Equities FundClass I Ticker TGCEX Class N Ticker TGCNX

U.S. FIXED INCOME FUNDS

TCW Core Fixed Income FundClass I Ticker TGCFX Class N Ticker TGFNXPlan Class Ticker TGCPX

TCW Enhanced CommodityStrategy Fund*Class I Ticker TGGWX Class N Ticker TGABX

TCW Global Bond FundClass I Ticker TGGBX Class N Ticker TGGFX

TCW High Yield Bond FundClass I Ticker TGHYX Class N Ticker TGHNX

TCW Short Term Bond FundClass I Ticker TGSMX

TCW Total Return Bond FundClass I Ticker TGLMX Class N Ticker TGMNXPlan Class Ticker TGLSX

ASSET ALLOCATION FUND

TCW Conservative Allocation FundClass I Ticker TGPCX Class N Ticker TGPNX

INTERNATIONAL FUNDSTCW Developing Markets Equity FundClass I Ticker TGDMX Class N Ticker TGDPX

TCW Emerging Markets Income FundClass I Ticker TGEIX Class N Ticker TGINXPlan Class Ticker TGEPX

TCW Emerging Markets Local CurrencyIncome FundClass I Ticker TGWIX Class N Ticker TGWNX

TCW Emerging Markets Multi-AssetOpportunities FundClass I Ticker TGMAX Class N Ticker TGMEX

This Prospectus tells you about the Class I, Class N and Plan Class shares, as applicable, of eighteen of the separate investment funds (“eacha “Fund” and collectively, the “Funds”) offered by TCW Funds, Inc., each of which has different investment objectives and policies that aredesigned to meet different investment goals. Please read this document carefully before investing, and keep it for future reference.

As with all mutual funds, the Securities and Exchange Commission and Commodity Futures Trading Commission have not approved ordisapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

* TCW Enhanced Commodity Strategy Fund is not currently available to the public.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annualand semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reportswill be made available on the Funds’ website (www.TCW.com), and you will be notified by mail each time a report is posted and provided with awebsite link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and youneed not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financialintermediary (such as a broker-dealer, bank, or retirement plan), or by calling 1-800-FUND-TCW (1-800-386-3829) if you invest directly with the Funds.

You may elect to receive all future reports in paper free of charge. Contact your financial intermediary or, if you invest directly with the Funds,call 1-800-FUND-TCW (1-800-386-3829), to request that you continue receiving paper copies of your shareholder reports. Your election toreceive reports in paper will apply to all Funds held through your financial intermediary or directly with TCW.

TCW Funds, Inc.

Supplement dated July 8, 2020 tothe Prospectus dated February 28, 2020, as supplemented

To current and prospective shareholders in each series of the TCW Funds (those series,collectively, the “Funds”):

TCW Investment Management Company LLC, the investment adviser to each Fund (the“Adviser”), is investigating and working to resolve a cybersecurity incident that has affected itand its affiliated parent company and related investment advisers (collectively with theAdviser, “TCW”). As part of this investigation, TCW has engaged third-party cybersecurityexperts and law enforcement to address the incident. TCW has implemented a series ofcontainment and remediation measures to resolve this issue.

The incident did impact some of TCW’s computer systems, but the Adviser so far has beenable to maintain its critical business activities, including trading and portfolio management forthe Funds.

TCW currently does not believe that the Funds have been materially affected by this incident.The Funds have continued to process purchases and redemptions without interruption, andhave calculated their daily net asset values per share as required. All assets of the Funds areheld with their third-party bank custodian. That custodian was not affected by this incident.

TCW takes the security of your data extremely seriously and regularly reviews its systems toprotect them against these types of incidents. TCW’s investigation is ongoing, and it ispossible that further unexpected problems may be discovered. However, TCW does not haveindications at this stage that Fund or shareholder data was stolen.

We know how important your trust is in TCW, and TCW is taking steps to further enhance itssecurity program to help prevent similar incidents from happening in the future.

Please retain this Supplement with your Prospectuses for future reference.

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TCW Funds, Inc.

Supplement dated May 5, 2020 tothe Prospectus dated February 28, 2020, as supplemented (the “Prospectus”)

Disclosure relating to all series of TCW Funds, Inc. (each such series, a “Fund”):

Effective immediately, the following disclosure is added under “Principal Risks” in the summary portion of theProspectus for each Fund:

• public health emergency risks: the risk that pandemics and other public health emergencies, includingoutbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”),can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and materiallyand adversely impact economic conditions in ways that cannot be predicted, all of which could result insubstantial investment losses. Containment efforts and related restrictive actions by governments andbusinesses have significantly diminished and disrupted global economic activity across manyindustries. Less developed countries and their health systems may be more vulnerable to these impacts.The ultimate impact of COVID-19 or other health emergencies on global economic conditions andbusinesses is impossible to predict accurately. Ongoing and potential additional material adverseeconomic effects of indeterminate duration and severity are possible. The resulting adverse impact onthe value of an investment in the Fund could be significant and prolonged.

In addition, effective immediately, the following row is added to the table under “Principal Risks of the Funds”on page 79 of the Prospectus:

U.S. Equity FundsTCW

ArtificialIntelligence

EquityFund

TCWGlobalReal

EstateFund

TCW NewAmericaPremierEquities

Fund

TCWRelativeValue

DividendAppreciation

Fund

TCWRelativeValueLargeCapFund

TCWRelativeValueMidCapFund

TCWSelect

EquitiesFund

Public Health Emergency Risk andImpact of the Coronavirus (COVID-19)

✓ ✓ ✓ ✓ ✓ ✓ ✓


U.S. Fixed Income FundsTCW Core

FixedIncomeFund

TCWEnhanced

CommodityStrategy

Fund

TCWGlobalBondFund

TCW HighYield Bond

Fund

TCW ShortTerm Bond

Fund

TCW TotalReturn

Bond Fund

Public Health Emergency Risk andImpact of the Coronavirus COVID-19)

✓ ✓ ✓ ✓ ✓ ✓

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International Funds AssetAllocation Fund

TCWDeveloping

MarketsEquity Fund

TCWEmergingMarketsIncomeFund

TCWEmergingMarkets

LocalCurrency

Income Fund

TCW EmergingMarkets Multi-

AssetOpportunities

Fund

TCWConservative

AllocationFund

Public Health Emergency Risk and Impact of theCoronavirus (COVID-19)

✓ ✓ ✓ ✓ ✓

In addition, effective immediately, the following disclosure is added under “Principal Risks of the Funds” onpage 92 of the Prospectus:

Public Health Emergency Risk and Impact of the Coronavirus (COVID-19)Pandemics and other local, national, and international public health emergencies, including outbreaks ofinfectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current outbreak of the novelcoronavirus (“COVID-19”), can result, and in the case of COVID-19 is resulting, in market volatility anddisruption, and any similar future emergencies may materially and adversely impact economic production andactivity in ways that cannot be predicted, all of which could result in substantial investment losses.

The World Health Organization officially declared in March 2020 that the COVID-19 outbreak formallyconstitutes a “pandemic.” This outbreak has caused a worldwide public health emergency, straining healthcareresources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effortto contain COVID-19, local, regional, and national governments, as well as private businesses and otherorganizations, have imposed and continue to impose severely restrictive measures, including instituting local andregional quarantines, restricting travel (including closing certain international borders), prohibiting publicactivity (including “stay-at-home,” “shelter-in-place,” and similar orders), and ordering the closure of a widerange of offices, businesses, schools, and other public venues. Consequently, COVID-19 has significantlydiminished and disrupted global economic production and activity of all kinds and has contributed to bothvolatility and a severe decline in financial markets. Among other things, these unprecedented developments haveresulted in: (i) material reductions in demand across most categories of consumers and businesses; (ii) dislocation(or, in some cases, a complete halt) in the credit and capital markets; (iii) labor force and operational disruptions;(iv) slowing or complete idling of certain supply chains and manufacturing activity; and (v) strain anduncertainty for businesses and households, with a particularly acute impact on industries dependent on travel andpublic accessibility, such as transportation, hospitality, tourism, retail, sports, and entertainment.

The ultimate impact of COVID-19 (and of the resulting precipitous decline and disruption in economic andcommercial activity across many of the world’s economies) on global economic conditions, and on theoperations, financial condition, and performance of any particular market, industry or business, is impossible topredict. However, ongoing and potential additional materially adverse effects, including further global, regionaland local economic downturns (including recessions) of indeterminate duration and severity, are possible. Theextent of COVID-19’s impact will depend on many factors, including the ultimate duration and scope of thepublic health emergency and the restrictive countermeasures being undertaken, as well as the effectiveness ofother governmental, legislative, and financial and monetary policy interventions designed to mitigate the crisisand address its negative externalities, all of which are evolving rapidly and may have unpredictable results. Evenif COVID-19’s spread is substantially contained, it will be difficult to assess what the longer-term impacts of anextended period of unprecedented economic dislocation and disruption will be on future economic developments,the health of certain markets, industries and businesses, and commercial and consumer behavior.

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The ongoing COVID-19 crisis and any other public health emergency could have a significant adverse impact onour investments and result in significant investment losses. The extent of the impact on business operations andperformance of market participants and the companies in which we invest depends and will continue to dependon many factors, virtually all of which are highly uncertain and unpredictable, and this impact may include orlead to: (i) significant reductions in revenue and growth; (ii) unexpected operational losses and liabilities;(iii) impairments to credit quality; and (iv) reductions in the availability of capital. These same factors may limitour ability to source, research, and execute new investments, as well as to sell investments in the future, andgovernmental mitigation actions may constrain or alter existing financial, legal, and regulatory frameworks inways that are adverse to the investment strategies we intend to pursue, all of which could materially diminish ourability to fulfill investment objectives. They may also impair the ability of the companies in which we invest ortheir counterparties to perform their respective obligations under debt instruments and other commercialagreements (including their ability to pay obligations as they become due), potentially leading to defaults withuncertain consequences, including the potential for defaults by borrowers under debt instruments held in aclient’s portfolio. In addition, an extended period of remote working by the employees of the companies in whichwe invest subjects those companies to additional operational risks, including heightened cybersecurity risk.Remote working environments may be less secure and more susceptible to cyberattacks that seek to exploit theCOVID-19 pandemic, and the operational damage of any such events could potentially disrupt our business andreduce the value of our investments. The operations of securities markets may also be significantly impacted, oreven temporarily or permanently halted, as a result of government quarantine measures, restrictions on travel andmovement, remote-working requirements, and other factors related to a public health emergency, including thepotential adverse impact on the health of any such entity’s personnel. These measures may also hinder normalbusiness operations by impairing usual communication channels and methods, hampering the performance ofadministrative functions such as processing payments and invoices, and diminishing the ability to make accurateand timely projections of financial performance. Because our ability to execute transactions on behalf of theFunds is dependent upon the timely performance of multiple third parties, any interruptions in the businessoperations of those third parties could impair our ability to effectively implement a Fund’s investment strategies.

In addition, effective immediately, the following disclosure is added as the eighth and final paragraph under“Principal Risks of the Funds – Emerging Market Country Risk/Developing Market Country Risk” on page 86of the Prospectus:

Among other risks of investing in emerging and developing market countries are the variable quality andreliability of financial information and related audits of companies. In some cases, financial information andrelated audits can be unreliable and not subject to verification. Auditing firms in some of these markets are notsubject to independent inspection or oversight of audit quality. This can result in investment decisions beingmade based on flawed or misleading information. Additionally, investors may have substantial difficulties inbringing legal actions to enforce or protect investors’ rights, which can increase the risks of loss.

Please retain this Supplement with your Prospectus for future reference.

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TCW Funds, Inc.

TCW Relative Value Dividend Appreciation Fund – Class I and Class N TCW Relative Value Large Cap Fund – Class I and Class N TCW Relative Value Mid Cap Fund – Class I and Class N

Supplement dated April 3, 2020 to the Prospectus dated February 28, 2020 (the “Prospectus”)

TCW Relative Value Dividend Appreciation Fund:

Effective April 3, 2020, Bo Fifer will be added as a co-portfolio manager to the TCW Relative Value Dividend Appreciation Fund. Therefore, effective April 3, 2020, the disclosure under the heading “TCW Relative Value Dividend Appreciation Fund — Portfolio Managers” on page 16 of the Prospectus is deleted in its entirety and replaced with the following:

The portfolio managers for the Fund are:

Name Experience with the Fund

Primary Title with Investment Advisor

Diane E. Jaffee (Lead Portfolio Manager)

18 years Group Managing Director

Bo Fifer, CFA (Co-Portfolio Manager)

10 years Senior Vice President

In addition, effective April 3, 2020, the disclosure relating to the TCW Relative Value Dividend Appreciation Fund under the heading “Management of the Funds – Portfolio Managers” on page 98 of the Prospectus is deleted in its entirety and replaced with the following:

TCW Relative Value Dividend Appreciation Fund Diane E. Jaffee (Lead Portfolio Manager)

Group Managing Director, the Advisor and TCW LLC.

Bo Fifer, CFA (Co-Portfolio Manager)

Senior Vice President, the Advisor and TCW LLC.

TCW Relative Value Large Cap Fund:

Effective April 3, 2020, the disclosure under the heading “TCW Relative Value Large Cap Fund — Portfolio Managers” on page 19 of the Prospectus is revised as indicated below:

The portfolio managers for the Fund are:

Name Experience with the Fund

Primary Title with Investment Advisor

Diane E. Jaffee (Lead Portfolio Manager)


Matthew J. Spahn (Co-Portfolio Manager)

17 years Managing Director

In addition, effective April 3, 2020, the disclosure relating to the TCW Relative Value Large Cap Fund under the heading “Management of the Funds – Portfolio Managers” on page 98 of the Prospectus is revised as indicated below: TCW Relative Value Large Cap Fund Diane E. Jaffee (Lead Portfolio Manager)

See above.

Matthew J. Spahn (Co-Portfolio Manager)

Managing Director, the Advisor and TCW LLC.

TCW Relative Value Mid Cap Fund:

Effective April 3, 2020, Mona Eraiba will be added as a co-portfolio manager to the TCW Relative Value Mid Cap Fund. Therefore, effective April 3, 2020, the disclosure under the heading “TCW Relative Value Mid Cap Fund — Portfolio Managers” on page 23 of the Prospectus is deleted in its entirety and replaced with the following: The portfolio managers for the Fund are: Name Experience

with the Fund Primary Title with

Investment Advisor Diane E. Jaffee (Lead Portfolio Manager)


Mona Eraiba (Co-Portfolio Manager)

8 years Senior Vice President

In addition, effective April 3, 2020, the disclosure relating to the TCW Relative Value Mid Cap Fund under the heading “Management of the Funds – Portfolio Managers” on page 98 of the Prospectus is deleted in its entirety and replaced with the following: TCW Relative Value Mid Cap Fund Diane E. Jaffee (Lead Portfolio Manager)

See above.

Mona Eraiba (Co-Portfolio Manager)

Senior Vice President, the Advisor and TCW LLC.

Please retain this Supplement with your Prospectus for future reference.

Table of Contents

Fund SummariesTCW Artificial Intelligence Equity Fund . . . . . . . . . . . . . . 2TCW Global Real Estate Fund . . . . . . . . . . . . . . . . . . . . . 6TCW New America Premier Equities Fund . . . . . . . . . . . 10TCW Relative Value Dividend Appreciation Fund . . . . . . 14TCW Relative Value Large Cap Fund . . . . . . . . . . . . . . . . 17TCW Relative Value Mid Cap Fund . . . . . . . . . . . . . . . . . 20TCW Select Equities Fund . . . . . . . . . . . . . . . . . . . . . . . . 24TCW Core Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . 27TCW Enhanced Commodity Strategy Fund . . . . . . . . . . . 32TCW Global Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 37TCW High Yield Bond Fund . . . . . . . . . . . . . . . . . . . . . . . 42TCW Short Term Bond Fund . . . . . . . . . . . . . . . . . . . . . . 46TCW Total Return Bond Fund . . . . . . . . . . . . . . . . . . . . . 50TCW Developing Markets Equity Fund . . . . . . . . . . . . . . 54TCW Emerging Markets Income Fund . . . . . . . . . . . . . . 59TCW Emerging Markets Local Currency IncomeFund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63TCW Emerging Markets Multi-Asset OpportunitiesFund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68TCW Conservative Allocation Fund . . . . . . . . . . . . . . . . . 73

Summary of Other Important Information RegardingFund Shares

Purchase and Sale of Fund Shares . . . . . . . . . . . . . . . . . . 78Purchase Minimums for All Share Classes . . . . . . . . . . . 78Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78Payments to Broker-Dealers and Other FinancialIntermediaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78

Principal Risks of the Funds . . . . . . . . . . . . . . . . . . . . . . . 79

Additional Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95

Management of the FundsInvestment Advisor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98Portfolio Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98Advisory Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99Payments by the Advisor . . . . . . . . . . . . . . . . . . . . . . . . .101Multiple Class Structure . . . . . . . . . . . . . . . . . . . . . . . . . .102Other Shareholder Servicing Expenses Paid by theFunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102

Your Investment — Account Policies and ServicesBuying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103Calculation of NAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103Minimums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104Automatic Investment Plan . . . . . . . . . . . . . . . . . . . . . . .104Selling Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104Signature Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . .105Exchanging Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105Third Party Transactions . . . . . . . . . . . . . . . . . . . . . . . . .105Account Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105Household Mailings . . . . . . . . . . . . . . . . . . . . . . . . . . . . .106General Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .106Trading Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .106To Open an Account/To Add to an Account . . . . . . . . . .108To Sell or Exchange Shares . . . . . . . . . . . . . . . . . . . . . . .109Distributions and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . .110Portfolio Holdings Information . . . . . . . . . . . . . . . . . . . .112

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113

Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149

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TCW Artificial Intelligence Equity Fund

Investment ObjectiveThe Fund’s investment objective is to seek long-term capitalappreciation.

Fees and Expenses of the FundThis table describes the fees and expenses you may pay if youbuy and hold shares of the Fund. You may pay additional feesor commissions to broker-dealers or other financial inter-mediaries for the purchase of Class I shares of the Fund,which are not reflected in the table below.

Shareholder Fees (Fees paid directly from your investment)

None.

Annual Fund Operating Expenses (Expenses that you payeach year as a percentage of the value of your investment)

Share ClassesI N

Management Fees 0.70% 0.70%Distribution and/or Service (12b-1) Fees None 0.25%Other Expenses 5.67% 7.04%Total Annual Fund Operating Expenses 6.37% 7.99%Fee Waiver and/or ExpenseReimbursement1 5.47% 6.99%Total Annual Fund Operating ExpensesAfter Fee Waiver and/or ExpenseReimbursement1, 2 0.90% 1.00%1 The Fund’s investment advisor has agreed to waive fees and/or

reimburse expenses to limit the Fund’s total annual operating expenses(excluding interest, brokerage, extraordinary expenses and acquiredfund fees and expenses, if any) to 0.90% of average daily net assetswith respect to Class I shares and 1.00% of average daily net assetswith respect to Class N shares. This contractual fee waiver/expensereimbursement will remain in place through March 1, 2021 and beforethat date, the investment advisor may not terminate this arrangementwithout approval of the Board of Directors. At the conclusion of thisperiod, the Fund’s investment advisor may, in its sole discretion,terminate the contractual fee waiver/expense reimbursement or, withthe Board of Directors’ approval, extend or modify that arrangement.

2 The “Total Annual Fund Operating Expenses After Fee Waiver and/orExpense Reimbursement” do not correlate to the corresponding ratiosincluded in the Fund’s Financial Highlights for each class of sharesbecause the contractual fee waiver/expense reimbursement waschanged during the fiscal year ended October 31, 2019 and was not ineffect for the full fiscal year.

ExampleThis example is intended to help you compare the cost ofinvesting in the Fund with the cost of investing in othermutual funds.

This example assumes that you invest $10,000 in the Fund forthe time periods indicated and then redeem all your shares atthe end of those periods. The example also assumes that yourinvestment has a 5% return each year and that the Fund’soperating expenses remain the same. The cost of investing inthe Fund reflects the net expenses of the Fund that resultfrom the contractual expense limitation in the first year only.Although your actual costs may be higher or lower, based onthese assumptions, your costs would be:

Share Classes 1 Year 3 YearsI $92 $1,400N $102 $1,715

Portfolio TurnoverThe Fund pays transaction costs when it buys and sells secu-rities (or “turns over” its portfolio). A higher portfolio turn-over rate may indicate higher transaction costs and mayresult in higher taxes when Fund shares are held in a taxableaccount. These costs, which are not reflected in annual fundoperating expenses or in the Example, affect the Fund’s per-formance. During the most recent fiscal year, the Fund’s port-folio turnover rate was 61.09% of the average value of itsportfolio.

Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in publicly traded equity securities of busi-nesses that the portfolio managers believe are benefittingfrom or have the potential to benefit from advances in the useof artificial intelligence. If the Fund changes this investmentpolicy, it will notify shareholders in writing at least 60 days inadvance of the change. Artificial intelligence refers to thedevelopment or use by a business of computer systems thatperform tasks previously requiring human intelligence suchas decision-making or audio or visual identification or percep-tion. The Fund invests primarily in issuers that are charac-terized as “growth companies” according to criteriaestablished by the portfolio managers, which may includeattributes such as an expected growth cycle, acceleratingearnings or cash flow, and general growth of a business sec-tor. Bottom-up fundamental research that focuses on the

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individual attributes of a company, such as its financialcharacteristics, is used to identify these companies, as well asboth qualitative and quantitative screening criteria tosupplement the fundamental research.

Furthermore, the portfolio managers use a highly focusedapproach, which seeks to achieve superior long-term returnsover a full market cycle by owning shares of companies thatthe portfolio managers believe to have strong, disruptive andenduring business models and inherent advantages over theircompetitors. In selecting the Fund’s investments, the portfo-lio managers consider the extent to which businesses haveleaders who prudently manage their environmental sustain-ability and social responsibilities with good governance andsolid financial resources.

Equity securities include common and preferred stock; rights,warrants or options to purchase common or preferred stock;securities that may be converted into or exchanged forcommon or preferred stock, such as convertible preferredstock, convertible debt and Eurodollar convertible securities;equity securities of foreign companies listed on establishedexchanges, including NASDAQ; American DepositoryReceipts (ADRs); equity securities of specialized real estateinvestment trusts (“REITs”); and other securities with equitycharacteristics.

The Fund typically invests in companies in information tech-nology, consumer discretionary, industrial and health caresectors with market capitalizations of at least $300 million atthe time of acquisition. The Fund typically invests in a portfo-lio of 25 to 60 companies. The portfolio managers use bothqualitative and quantitative screening criteria to supplementthe fundamental research. The portfolio managers’ qualitativescreening focuses on those companies that they believe havethe potential to grow or otherwise materially benefit partly asa result of their development or use of artificial intelligence inanalysis, forecasting, efficiency, automation, consistency andscale. The Fund is non-diversified, which means that it mayinvest its assets in a smaller number of issuers than a diversi-fied fund.

Portfolio securities may be sold for a number of reasons,including when a company fails to meet expectations or whenthe portfolio managers believe that (i) there has been adeterioration in the underlying fundamentals of a company,(ii) the intermediate- and long-term prospects for a companyare poor or the original thesis was flawed or has been dam-aged, (iii) another security may offer a better investmentopportunity, (iv) an individual security has reached its sell

target or the investment therein has been exhausted, or(v) the portfolio should be rebalanced for diversification orportfolio weighting purposes.

Principal RisksSince the Fund holds securities with fluctuating marketprices, the value of the Fund’s shares will vary as its portfoliosecurities increase or decrease in value. Therefore, the valueof 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 declinein value are:

• equity risk: the risk that stocks and other equity securitiesgenerally fluctuate in value more than bonds and maydecline in value over short or extended periods as a resultof changes in a company’s financial condition or in overallmarket, economic and political conditions.

• market risk: the risk that returns from the securities inwhich the Fund invests may underperform returns from thegeneral securities markets or other types of securities.

• artificial intelligence related companies risk: the risk thatthe Fund’s investments in companies involved in, orexposed to, artificial intelligence-related businesses may benegatively impacted because of, among other things, lim-ited product lines, markets, financial resources and/orpersonnel these companies may have, intense competitionand potentially rapid product obsolescence these compa-nies may face, loss or impairment of intellectual propertyrights, and the inability to successfully develop products orservices even after spending significant amount ofresources.

• price volatility risk: the risk that the value of the Fund’sinvestment portfolio will change as the prices of itsinvestments go up or down.

• information technology sector risk: the risk that the Fundmay be susceptible to the impact of market, economic,regulatory, and other factors affecting the informationtechnology sector and that the value of the Fund may fluc-tuate more widely than it would for a fund that investsmore broadly across varying sectors. Companies in theinformation technology sector may be affected by the over-all economic conditions as well as by factors particular tothe information technology sector, including intensecompetition, short product cycle, rapid productobsolescence, possible loss or impairment of intellectualproperty rights, and changes in government regulations.

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• growth investing risk: the risk of investing in growth stocks,which may be more volatile than other stocks because theyare more sensitive to investor perceptions of the issuingcompany’s growth potential. The growth investment stylemay be out of favor or may not produce the best resultsover short or longer time periods and may increase thevolatility of the Fund’s share price. Growth-oriented fundstypically underperform when value investing is in favor.

• issuer risk: the risk that the value of a security may declinefor reasons directly related to the issuer, such as manage-ment performance, financial leverage and reduced demandfor the issuer’s goods or services.

• liquidity risk: the risk that lack of a ready market orrestrictions on resale may limit the ability of the Fund tosell a security at an advantageous time or price. The liquid-ity of the Fund’s assets may change over time.

• non-diversification risk: the risk that the Fund may be moresusceptible to any single economic, political or regulatoryevent than a diversified fund because a higher percentageof the Fund’s assets may be invested in the securities of alimited number of issuers.

• portfolio management risk: the risk that the Fund’sinvestment strategy may fail to produce the intendedresults.

• securities selection risk: the risk that the securities held bythe Fund may underperform those held by other fundsinvesting in the same asset class or benchmarks that arerepresentative of the asset class because of the portfoliomanagers’ choice of securities.

• small-capitalization company risk: the risk that small-capitalization companies may have more volatile stockperformance than larger companies and are more suscep-tible to adverse business and economic developments andadverse effects due to the loss of personnel, which mayincrease the risk of loss to the Fund.

• mid-capitalization company risk: the risk thatmid-capitalization companies may have more volatile stockperformance than large-capitalization companies and aremore likely to experience business failures, which mayincrease the risk of loss to the Fund.

• foreign investing risk: the risk that Fund share prices willfluctuate with market conditions, currency exchange ratesand the economic and political climates of the foreigncountries in which the Fund invests or has exposure.

• REIT risk: the risk that the value of the Fund’s investmentsin REITs may be negatively impacted by factors generallyaffecting the value of real estate and the earnings ofcompanies engaged in the real estate industry as well as

factors that specifically relate to the structure and oper-ations of REITs, including heavy cash flow dependency,self-liquidation and the possibility of failing to qualify fortax-free “pass-through” of income under the federal tax law.

Please see “Principal Risks of the Fund” for a more detaileddescription of the risks of investing in the Fund.

Your investment in the Fund is not a bank deposit and is notinsured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency entity or person.

Investment ResultsThe bar chart below shows how the Fund’s investment resultshave varied from year to year and the table below shows howthe Fund’s average annual total returns for various periodscompare with a broad measure of market performance. Thisinformation provides some indication of the risks of investingin the Fund by showing changes in the Fund’s performancefrom year to year. The bar chart shows performance of theFund’s Class I shares. Class N performance may be lowerthan Class I performance because of the potentially lowerexpenses paid by Class I shares. Past results (before and aftertaxes) are not predictive of future results. Updatedinformation on the Fund’s investment results can be obtainedby visiting www.TCW.com.

Calendar Year Total ReturnsFor Class I Shares

’18

-2.91%

’19

33.46%

Highest/Lowest quarterly results during this period were:

Highest 18.09% (quarter ended 3/31/2019)Lowest -17.21% (quarter ended 12/31/2018)

4

Average Annual Total Returns(For the period ended December 31, 2019)

Share Class 1 Year

SinceInception

(8/31/2017)

I – Before taxes 33.46% 14.80%- After taxes on distributions 33.46% 14.80%- After taxes on distributions andsale of fund shares 19.81% 11.52%

N – Before taxes 33.27% 14.73%Russell 3000® Growth Index

(reflects no deduction for fees,expenses or taxes)1 35.85% 17.39%

1 The Russell 3000® Growth Index measures the performance of thosecompanies in the Russell 3000® Index with higher price-to-book ratiosand higher forecasted growth values.

After-tax returns are calculated using the highest individualfederal income tax rates in effect each year and do not reflectthe impact of state and local taxes. Your actual after-taxreturns depend on your individual tax situation and likely willdiffer from the results shown above, and after-tax returnsshown are not relevant if you hold your Fund shares througha tax-deferred arrangement, such as a 401(k) plan orindividual retirement account (IRA). After-tax returns areshown for only one class of shares, and after-tax returns forthe other class of shares will vary.

Investment AdvisorTCW Investment Management Company LLC is the invest-ment advisor to the Fund.

Portfolio ManagersThe portfolio managers for the Fund are:

NameExperience

with the FundPrimary Title with

Investment Advisor

Jeffrey W. Lin, CFA(Lead Portfolio

Manager)

2 years(Since inception

of the Fund)

Managing Director

Thomas Lee 2 years(Since inception

of the Fund)

Managing Director

Other Important Information RegardingFund SharesFor more information about purchase and sale of Fundshares, tax information, and payments to broker-dealers andother financial intermediaries, please turn to the “Summary ofOther Important Information Regarding Fund Shares” atpage 78 of this Prospectus.

5

TCW Global Real Estate Fund

Investment ObjectiveThe Fund’s investment objective is to seek to maximize totalreturn from current income and long-term capital growth.



None.


Share ClassesI N

Management Fees 0.80% 0.80%Distribution and/or Service (12b-1) Fees None 0.25%Other Expenses 2.35% 6.12%Total Annual Fund Operating Expenses 3.15% 7.17%Fee Waiver and/or ExpenseReimbursement1 2.15% 6.02%Total Annual Fund Operating ExpensesAfter Fee Waiver and/or ExpenseReimbursement1 1.00% 1.15%1 The Fund’s investment advisor has agreed to waive fees and/or



This example assumes that you invest $10,000 in the Fund forthe time periods indicated and then redeem all your shares atthe end of those periods. The example also assumes that your

investment has a 5% return each year and that the Fund’soperating expenses remain the same. The cost of investing inthe Fund reflects the net expenses of the Fund that resultfrom the contractual expense limitation in the first year only.Although your actual costs may be higher or lower, based onthese assumptions, your costs would be:

Share Classes 1 Year 3 Years 5 Years 10 YearsI $102 $769 $1,462 $3,308N $117 $1,574 $2,969 $6,199


Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in equity securities of real estate investmenttrusts (“REITs”) and real estate companies. If the Fundchanges this investment policy, it will notify shareholders inwriting at least 60 days in advance of the change. REITs arepooled investment vehicles that typically invest directly in realestate, mortgages and/or loans collateralized by real estate.Real estate companies are companies that in whole or partderive their assets, revenues, or net profits from the owner-ship, construction, management, or sale of residential,commercial, or industrial real estate, and include housing andhomebuilding companies; real estate brokers and land devel-opers; and companies with significant real estate holdings.The Fund may also invest in shares of companies such assoftware companies, information technology companies, orother companies that provide real estate related services.

Under normal market conditions, the Fund invests in secu-rities of issuers located in at least three different countries(one of which may be the United States) and invests at least30% of its net assets, plus any borrowings for investmentpurposes, in securities of issuers domiciled outside theUnited States or whose primary business operations are out-side the United States, including pooled investment vehicles

6

domiciled in the United States that invest principally innon-U.S. securities. If the Fund changes this investmentpolicy, it will notify shareholders in writing at least 60 days inadvance of the change. Equity securities include common andpreferred stock; rights, warrants or options to purchasecommon or preferred stock; securities that may be convertedinto or exchanged for common or preferred stock, such asconvertible preferred stock, convertible debt and Eurodollarconvertible securities; equity securities of foreign companieslisted on established exchanges, including NASDAQ; Ameri-can Depository Receipts (ADRs); and other securities withequity characteristics. The Fund may invest in securities ofissuers located in developed and emerging market countries.The Fund’s investments may be denominated in either localcurrency or U.S. dollars.

The Fund typically invests in a portfolio of fewer than 40companies at any given time. In managing the Fund’sinvestments, the portfolio manager uses a “bottom-up”approach to seek to identify securities for investment, withemphasis on assessing asset, earnings, cash flow and man-agement quality and stability. In selecting the Fund’s invest-ments, the portfolio manager considers the extent to whichbusinesses have leaders who prudently manage theirenvironmental sustainability and social responsibilities withgood governance and solid financial resources. The portfoliomanager may use both qualitative and quantitative screeningcriteria to supplement the fundamental research. The Fundseeks to invest in companies trading at prices the portfoliomanager believes are below their estimated intrinsic valuesbased on the qualitative and quantitative criteria.

The Fund may buy or sell call or put options on stocks,indices or exchange-traded funds for investment manage-ment or hedging purposes.

Portfolio securities may be sold for a number of reasons,including when a company fails to meet expectations or whenthe portfolio manager believes that (i) there has been adeterioration in the underlying fundamentals of a company,(ii) the intermediate- and long-term prospects for a companyare poor, (iii) another security may offer a better investmentopportunity, (iv) an individual security has become fully val-ued, has become too large a position in the Fund, or hasreached its sell target, or (v) the portfolio should berebalanced for diversification or portfolio weighting purposes.





• REIT and real estate company risk: the risk that the Fundmay be susceptible to the impact of market, economic,regulatory, and other factors affecting the real estateindustry and/or the local or regional real estate marketsand that the value of the Fund may fluctuate more widelythan it would for a fund that invests more broadly acrossvarying industries and sectors. REITs and real estatecompanies may be negatively impacted by factors generallyaffecting the value of real estate and the earnings ofcompanies engaged in the real estate industry as well asfactors that specifically relate to the structure and oper-ations of REITs and real estate companies, including heavycash flow dependency, self-liquidation, the possibility offailing to qualify for tax-free “pass-through” of incomeunder the federal tax law and the use of leverage.


• other investment company risk: the risk that investmentsby the Fund in the shares of other investment companies,including exchange-traded funds and certain REITs, aresubject to the risks associated with such investmentcompanies’ portfolio securities. Accordingly, the Fund’sinvestment in shares of another investment company willfluctuate based on the performance of such investmentcompany’s portfolio securities. Further, Fund shareholderswill indirectly bear a proportionate share of the expenses ofany investment company in which the Fund invests, inaddition to paying the Fund’s expenses.

• foreign investing risk: the risk that Fund share prices willfluctuate with market conditions, currency exchange rates

7

and the economic and political climates of the foreigncountries in which the Fund invests or has exposure.Investments in foreign securities may involve greater risksthan investing in U.S. securities due to, among others, lesspublicly available information, less stringent and less uni-form accounting, auditing and financial reporting stan-dards, less liquid and more volatile markets, highertransaction and custody costs, additional taxes, lessinvestor protection, delayed or less frequent settlement,political or social instability, civil unrest, acts of terrorism,and regional economic volatility.

• foreign currency risk: the risk that foreign currencies willdecline in value relative to the U.S. dollar and affect theFund’s investments in foreign currencies, in securities thatare denominated, trade, and/or receive revenues in foreigncurrencies, or in derivatives that provide exposure to for-eign currencies.

• valuation risk: the risk that the portfolio instruments maybe sold at prices different from the values established bythe Fund, particularly for investments that trade in lowvolume, in volatile markets or over the counter or that arefair valued.

• issuer risk: the risk that the value of a security may declinefor reasons directly related to the issuer such as manage-ment performance, financial leverage and reduced demandfor the issuer’s goods or services.


• derivatives risk: the risk of investing in derivative instru-ments, which includes liquidity, interest rate, market, creditand management risks as well as risks related to mispric-ing or improper valuation. Changes in the value of aderivative may not correlate perfectly with the underlyingasset, reference rate or index, and the Fund could losemore than the principal amount invested. These invest-ments can create investment leverage and may create addi-tional risks that may subject the Fund to greater volatilityand less liquidity than investments in more traditionalsecurities.

• leverage risk: the risk that leverage may result from certaintransactions, including the use of derivatives and borrow-ing. This may impair the Fund’s liquidity, cause it to liqui-date positions at an unfavorable time, increase its volatilityor otherwise cause it not to achieve its intended result. Tothe extent required by applicable law or regulation, theFund will reduce leverage risk by either segregating an

equal amount of liquid assets or “covering” the trans-actions that introduce such risk.

• counterparty risk: the risk that the other party to a contract,such as a derivatives contract, will not fulfill its contractualobligations.

• portfolio management risk: the risk that an investmentstrategy may fail to produce the intended results.

• securities selection risk: the risk that the securities held bythe Fund may underperform those held by other fundsinvesting in the same asset class or benchmarks that arerepresentative of the asset class because of the portfoliomanager’s choice of securities.

• mortgage REIT risk: the risk that REITs that invest in mort-gages or mortgage-backed securities may also be indirectlysubject to various risks associated with those investments,including, but not limited to, credit risk, interest rate risk,leverage risk and prepayment risk.

• options strategy risk: the risk that the Fund’s use of optionscould result in poor investment performance because writingand purchasing call and put options are highly specializedactivities and entail greater than ordinary investment risks.

• emerging market country risk: the risk of investing inemerging market countries, which are substantial due to,among others, different accounting standards; thinnertrading markets as compared to those in developed coun-tries; the possibility of currency transfer restrictions; andthe risk of expropriation, nationalization or other adversepolitical, economic or social developments.

• frequent trading risk: the risk that frequent trading will leadto increased portfolio turnover and higher transactioncosts, which may reduce the Fund’s performance and maycause higher levels of current tax liability to shareholders inthe Fund.

Please see “Principal Risks of the Funds” for a more detaileddescription of the risks of investing in the Fund.


Investment ResultsThe bar chart below shows how the Fund’s investment resultshave varied from year to year and the table below shows howthe Fund’s average annual total returns for various periodscompare with a broad measure of market performance. Thisinformation provides some indication of the risks of investing

8

in the Fund by showing changes in the Fund’s performancefrom year to year. The bar chart shows performance of theFund’s Class I shares. Class N performance may be lowerthan Class I performance because of the potentially lowerexpenses paid by Class I shares. Past results (before and aftertaxes) are not predictive of future results. Updatedinformation on the Fund’s investment results can be obtainedby visiting www.TCW.com.


-1.26%

11.05%

29.49%

2.25%

’15 ’16 ’17 ’18 ’19

-11.22%




Share Class 1 Year 5 Years

SinceInception

(11/28/2014)

I – Before taxes 29.49% 5.21% 5.01%- After taxes ondistributions 28.13% 4.01% 3.79%

- After taxes ondistributions and saleof fund shares 17.49% 3.45% 3.28%

N – Before taxes 29.19% 5.13% 4.93%S&P Global REIT Index

(reflects nodeduction for fees,expenses or taxes)1 24.49% 6.73% 6.79%

1 The S&P Global REIT Index serves as a comprehensive benchmark ofpublicly traded equity REITs listed in both developed and emergingmarkets.



Portfolio ManagerThe portfolio manager for the Fund is:

NameExperience


Investment Advisor

Iman Brivanlou 5 years(Since inception

of the Fund)

Managing Director


9

TCW New America Premier Equities Fund

Investment ObjectiveThe Fund’s investment objective is to provide long-term capi-tal appreciation.



None.


Share ClassesI N

Management Fees 0.65% 0.65%Distribution and/or Service (12b-1)Fees None 0.25%Other Expenses 0.28% 0.38%Acquired Fund Fees and Expenses(Underlying Fund Fees and Expenses) 0.04% 0.04%Total Annual Fund Operating Expenses1 0.97% 1.32%1 The “Total Annual Fund Operating Expenses” and “Total Annual Fund

Operating Expenses After Fee Waiver and/or Expense Reimbursement”do not correlate to the corresponding ratios included in the Fund’sFinancial Highlights for each class of shares because those ratios donot reflect indirect expenses, such as “Acquired Fund Fees andExpenses,” and because the contractual fee waiver/expensereimbursement was changed subsequent to the fiscal year endedOctober 31, 2019 and was not in effect for that fiscal year.


This example assumes that you invest $10,000 in the Fund forthe time periods indicated and then redeem all your shares atthe end of those periods. The example also assumes that yourinvestment has a 5% return each year and that the Fund’soperating expenses remain the same. The cost of investing inthe Fund reflects the net expenses of the Fund that resultfrom the contractual expense limitation in the first year only.

Although your actual costs may be higher or lower, based onthese assumptions, your costs would be:

Share Classes 1 Year 3 Years 5 Years 10 YearsI $99 $309 $536 $1,190N $134 $418 $723 $1,590


Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in equity securities of U.S. companies. If theFund changes this investment policy, it will notify share-holders in writing at least 60 days in advance of the change.The Fund intends to achieve its objective by investing primar-ily in a portfolio of companies the portfolio manager believesare enduring, cash generating businesses whose leadersprudently manage their environmental, social, and financialresources and whose shares are attractively valued relative tothe free cash flow generated by the businesses.

Equity securities include common and preferred stock; rights,warrants or options to purchase common or preferred stock;securities that may be converted into or exchanged forcommon or preferred stock, such as convertible preferredstock, convertible debt and Eurodollar convertible securities;equity securities of foreign companies listed on establishedexchanges in the U.S., including NASDAQ; American Depos-itory Receipts (ADRs); and other securities with equity charac-teristics. The Fund typically invests a portion of its assets insecurities or other financial instruments issued by companiesin the financial services sector, including, without limitation,the banking, brokerage and insurance industries. For pur-poses of the Fund’s investment strategy, a U.S. company is acompany that generates at least 50% of its revenues or profitsfrom business activities in the U.S. or has at least 50% of itsassets situated in the U.S. Although the Fund emphasizesinvestments in equity securities of large capitalization

10

companies, it may invest in the equity securities of companiesof any size.

In managing the Fund’s investments, the portfolio managerseeks to invest in what he considers to be attractively valuedequity securities of cash generating businesses with prudentlymanaged environmental, social, and financial resources.Fundamental research is used to identify these companies.The portfolio manager uses both qualitative and quantitativescreening criteria to supplement the fundamental research.The portfolio manager’s screening focuses on companieswhose shares are trading at prices the portfolio managerbelieves are below their intrinsic values.

Portfolio securities may be sold for a number of reasons,including when a company fails to meet expectations or whenthe portfolio manager believes that (i) there has been adeterioration in the underlying fundamentals of a company,(ii) the intermediate- and long-term prospects for a companyare poor, (iii) another security may offer a better investmentopportunity, (iv) an individual security has reached its selltarget, or (v) the portfolio should be rebalanced fordiversification or portfolio weighting purposes.






• growth investing risk: the risk of investing in growth stocks,which may be more volatile than other stocks because theyare more sensitive to investor perceptions of the issuingcompany’s growth potential. The growth investment style

may be out of favor or may not produce the best resultsover short or longer time periods and may increase thevolatility of the Fund’s share price. Growth-oriented fundstypically underperform when value investing is in favor.

• value investing risk: the risk of investing in undervaluedstocks, which may not realize their perceived value forextended periods of time or may never realize their per-ceived value. Value stocks may respond differently to mar-ket and other developments than other types of stocks. Thevalue investment style may be out of favor or may notproduce the best results over short or longer time periodsand may increase the volatility of the Fund’s share price.Value-oriented funds typically underperform when growthinvesting is in favor.




• information technology sector risk: the risk that the Fundmay be susceptible to the impact of market, economic,regulatory, and other factors affecting the informationtechnology sector and that the value of the Fund may fluc-tuate more widely than it would for a fund that investsmore broadly across varying sectors. Companies in theinformation technology sector may be affected by the over-all economic conditions as well as by factors particular tothe information technology sector, including intensecompetition, short product cycle, rapid product obso-lescence, possible loss or impairment of intellectual prop-erty rights, and changes in government regulations.

• industrials sector risk: the risk that the Fund may besusceptible to the impact of market, economic, regulatory,and other factors affecting the industrials sector and thatthe value of the Fund may fluctuate more widely than itwould for a fund that invests more broadly across varyingsectors. Companies in the industrials sector may beaffected by the overall economic conditions as well as byfactors particular to the industrial sector, including changesin the supply of and demand for products and services,

11

changes in consumer sentiment and spending, productobsolescence, changes in commodity prices, depletion ofresources, claims for environmental damages or productliability, import controls, and competition.



• financial services sector risk: the risk that the Fund may besusceptible to the impact of market, economic, regulatory,and other factors affecting the financial services sector andthat the value of the Fund may fluctuate more widely than itwould for a fund that invests more broadly across varyingsectors. Companies in the financial services sector may beaffected by the overall economic conditions as well as byfactors particular to the financial services sector, includingchanges in government regulations, changes in interestrates, availability of capital and cost to borrow, credit ratingdowngrades, and decreased liquidity in the credit market.





’19

38.04% 39.75%

’18

3.25%

’17




Share Class 1 Year

SinceInception

(1/29/2016)


N – Before taxes 39.42% 23.35%Russell 1000® Index (reflects no

deduction for fees, expenses ortaxes)1 31.43% 16.25%

1 Russell 1000® Index measures the performance of the large-capsegment of the U.S. equity universe. It is a subset of the Russell 3000®

Index and includes approximately 1,000 of the largest securities in theRussell 3000® Index based on a combination of their market cap andcurrent index membership.


12



NameExperience


Investment Advisor

Joseph R. Shaposhnik 4 years(Since inception

of the Fund)

Managing Director


13

TCW Relative Value Dividend Appreciation Fund

Investment ObjectiveThe Fund’s investment objective is to seek to realize a highlevel of dividend income consistent with prudent investmentmanagement. Capital appreciation is a secondary objective.



None.


Share ClassesI N



2 The “Total Annual Fund Operating Expenses After Fee Waiver and/orExpense Reimbursement” does not correlate to the corresponding ratioincluded in the Fund’s Financial Highlights for each class of sharesbecause the contractual fee waiver/expense reimbursement waschanged subsequent to the fiscal year ended October 31, 2019 and wasnot in effect for that fiscal year.


This example assumes that you invest $10,000 in the Fund forthe time periods indicated and then redeem all your shares atthe end of those periods. The example also assumes that yourinvestment has a 5% return each year and that the Fund’soperating expenses remain the same. The cost of investing inthe N share class of the Fund reflects the net expenses of theN share class of the Fund that result from the contractualexpense limitation in the first year only. Although your actualcosts may be higher or lower, based on these assumptions,your costs would be:

Share Classes 1 Year 3 Years 5 Years 10 YearsI $72 $235 $412 $926N $92 $315 $556 $1,248

Portfolio TurnoverThe Fund pays transaction costs when it buys and sells secu-rities (or “turns over” its portfolio). A higher portfolio turn-over rate may indicate higher transaction costs and mayresult in higher taxes when Fund shares are held in a taxableaccount. These costs, which are not reflected in annual fundoperating expenses or in the Example, affect the Fund’s per-formance. During the most recent fiscal year, the Fund’s port-folio turnover rate was 17.71% of the average value ofits portfolio.

Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in equity securities of companies that have arecord of paying dividends. If the Fund changes this invest-ment policy, it will notify shareholders in writing at least 60days in advance of the change. Equity securities includecommon and preferred stock; rights, warrants or options topurchase common or preferred stock; securities that may beconverted into or exchanged for common or preferred stock,such as convertible preferred stock, convertible debt andEurodollar convertible securities; equity securities of foreigncompanies listed on established exchanges, including NAS-DAQ; American Depository Receipts (ADRs); and other secu-rities with equity characteristics.

14

The portfolio manager analyzes economic and market con-ditions and identifies securities that the portfolio managerbelieves will make the best investments in the pursuit of theFund’s investment objective. In selecting the Fund’s invest-ments, the portfolio manager sometimes considers the extentto which businesses have leaders who prudently manage theirenvironmental sustainability and social responsibilities withgood governance and solid financial resources. Additionally,the portfolio manager considers various factors, including:

• a company’s market capitalization;

• a company’s price-to-book;

• a company’s price-to-earnings;

• a company’s price-to-sales;

• a company’s price-to-cash flow; and/or

• a company’s dividend yield.






• dividend-paying stock risk: the risk that dividend-payingstocks may underperform the broader stock market andthat issuers of dividend-paying stocks may not declaredividends at current levels in the future.









• information technology sector risk: the risk that the Fundmay be susceptible to the impact of market, economic,regulatory, and other factors affecting the informationtechnology sector and that the value of the Fund may

15

fluctuate more widely than it would for a fund that investsmore broadly across varying sectors. Companies in theinformation technology sector may be affected by the over-all economic conditions as well as by factors particular tothe information technology sector, including intensecompetition, short product cycle, rapid product obso-lescence, possible loss or impairment of intellectual prop-erty rights, and changes in government regulations.





’10 ’11 ’12 ’13 ’14 ’15 ’17’16 ’19’18

19.34%

-1.78%

20.73% 35.33%9.84%

-4.76%

16.68% 11.17%

-14.07%

26.83%




Share Class 1 Year 5 Years 10 Years

I – Before taxes 26.83% 6.04% 10.93%- After taxes on distributions 24.27% 4.73% 10.05%- After taxes on distributionsand sale of fund shares 17.66% 4.60% 8.97%

N – Before taxes 26.54% 5.80% 10.64%Russell 1000® Value Index

(reflects no deduction forfees, expenses or taxes)1 26.54% 8.29% 11.80%

1 The Russell 1000® Value Index measures the performance of thosecompanies in the Russell 1000® Index with lower price-to-book ratiosand lower forecasted growth values.




NameExperience


Investment Advisor

Diane E. Jaffee 18 years Group ManagingDirector


16

TCW Relative Value Large Cap Fund

Investment ObjectiveThe Fund’s investment objective is to seek capital apprecia-tion, with a secondary goal of current income.



None.


Share ClassesI N



2 The “Total Annual Fund Operating Expenses After Fee Waiver and/orExpense Reimbursement” does not correlate to the corresponding ratioincluded in the Fund’s Financial Highlights for I Class shares becausethe contractual fee waiver/expense reimbursement was changedsubsequent to the fiscal year ended October 31, 2019 and was not ineffect for that fiscal year.





Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in equity securities of large-capitalizationcompanies (i.e., companies with a market capitalization ofgreater than $1 billion at the time of purchase). If the Fundchanges this investment policy, it will notify shareholders inwriting at least 60 days in advance of the change. Equity secu-rities include common and preferred stock; rights, warrants oroptions to purchase common or preferred stock; securitiesthat may be converted into or exchanged for common or pre-ferred stock, such as convertible preferred stock, convertibledebt and Eurodollar convertible securities; equity securities offoreign companies listed on established exchanges, includingNASDAQ; American Depository Receipts (ADRs); and othersecurities with equity characteristics.

The portfolio managers analyze economic and market con-ditions and identify securities that the portfolio managerbelieve will make the best investments in the pursuit of theFund’s investment objective. In selecting the Fund’s invest-ments, the portfolio managers sometimes consider the extent

17

to which businesses have leaders who prudently manage theirenvironmental sustainability and social responsibilities withgood governance and solid financial resources. Additionally,the portfolio managers consider various factors including:

• a company’s market capitalization;

• a company’s price-to-book;

• a company’s price-to-earnings;

• a company’s price-to-sales;

• a company’s price-to-cash flow; and/or

• a company’s dividend yield.

The Fund will invest mostly in companies the portfolio manag-ers believe are “value companies.” In managing the Fund’sinvestments, the portfolio managers blend a number ofinvestment strategies. The portfolio managers emphasizeinvesting in companies that tend to have one or more charac-teristics that are lower than the equivalent characteristics forcompanies in the S&P 500 Index. The portfolio managersseek companies that they believe are neglected or out of favorand whose stock prices are low in relation to current earnings,cash flow, book value and sales and companies that theybelieve have reasonable prospects for growth even though theexpectations for these companies are low and their valuationsare temporarily depressed.

Portfolio securities may be sold for a number of reasons,including when a company fails to meet expectations or whenthe portfolio managers believe that (i) there has been adeterioration in the underlying fundamentals of a company,(ii) the intermediate- and long-term prospects for a companyare poor, (iii) another security may offer a better investmentopportunity, (iv) an individual security has reached its selltarget, or (v) the portfolio should be rebalanced fordiversification or portfolio weighting purposes.



• equity risk: the risk that stocks and other equity securitiesgenerally fluctuate in value more than bonds and maydecline in value over short or extended periods as a result

of changes in a company’s financial condition or in overallmarket, economic and political conditions.







• healthcare sector risk: the risk that the Fund may besusceptible to the impact of market, economic, regulatoryand other factors affecting the healthcare sector and thatthe value of the Fund may fluctuate more widely than itwould for a fund that invests more broadly across varyingsectors. Companies in the healthcare sector may beaffected by the overall economic conditions as well as byfactors particular to the healthcare sector, includingextensive government regulation, restrictions on govern-ment reimbursement for medical expenses, rising costs ofmedical products, services and facilities, pricing pressure,limited number of

18

products and product obsolescence due to industryinnovation, changes in technologies and other marketdevelopments.








’10 ’11 ’12 ’13 ’14 ’15 ’16 ’19’18’17

17.02% 15.27%16.65%

-16.95%-3.61%

19.40%36.27%

10.99%

-6.19%

26.23%






- After taxes ondistributions and sale offund shares 23.64% 4.32% 8.49%

N – Before taxes 25.87% 5.56% 10.16%Russell 1000® Value Index


1 The Russell 1000® Value Index measures the performance of thosecompanies in the Russell 1000® Index with lower price-to-book ratiosand lower forecasted growth values.




NameExperience


Investment Advisor


Matthew J. Spahn 17 years ManagingDirector


19

TCW Relative Value Mid Cap Fund

Investment ObjectiveThe Fund’s investment objective is to seek to provide long-term capital appreciation.



None.


Share ClassesI N



2 The “Total Annual Fund Operating Expenses After Fee Waiver and/orExpense Reimbursement” do not correlate to the corresponding ratiosincluded in the Fund’s Financial Highlights for each class of sharesbecause the contractual fee waiver/expense reimbursement waschanged subsequent to the fiscal year ended October 31, 2019, and wasnot in effect that fiscal year.





Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in equity securities of mid-capitalizationcompanies (i.e., companies with market capitalizations, at thetime of acquisition, within the capitalization range of thecompanies comprising the Russell MidCap® Index). As ofDecember 31, 2019, the market capitalization of companiesincluded in the Russell MidCap® Index was between$824 million and $78.6 billion. If the Fund changes thisinvestment policy, it will notify shareholders in writing at least60 days in advance of the change. Equity securities includecommon and preferred stock; rights, warrants or options topurchase common or preferred stock; securities that may beconverted into or exchanged for common or preferred stock,such as convertible preferred stock, convertible debt andEurodollar convertible securities; equity securities of foreigncompanies listed on established exchanges, includingNASDAQ; American Depository Receipts (ADRs); equitysecurities of real estate investment trusts (“REITs”) and realestate companies; and other securities with equity character-istics.

20

The Fund invests mostly in what the portfolio managerbelieves are “value companies.” The portfolio manager seeksto identify those companies that have fallen out of favor andwhose stock is selling below what the portfolio managerbelieves is its real value. The portfolio manager looks forthose stocks with a potential catalyst, such as new products,technologies, or management, which may trigger an increasein their values.






• mid-capitalization company risk: the risk thatmid-capitalization companies may have more volatile stockperformance than large capitalization companies and aremore likely to experience business failures, which mayincrease the risk of loss to the Fund.


• value investing risk: the risk of investing in undervaluedstocks, which may not realize their perceived value forextended periods of time or may never realize their

perceived value. Value stocks may respond differently tomarket and other developments than other types of stocks.The value investment style may be out of favor or may notproduce the best results over short or longer time periodsand may increase the volatility of the Fund’s share price.Value-oriented funds typically underperform when growthinvesting is in favor.




• healthcare sector risk: the risk that the Fund may besusceptible to the impact of market, economic, regulatoryand other factors affecting the healthcare sector and thatthe value of the Fund may fluctuate more widely than itwould for a fund that invests more broadly across varyingsectors. Companies in the healthcare sector may beaffected by the overall economic conditions as well as byfactors particular to the healthcare sector, includingextensive government regulation, restrictions on govern-ment reimbursement for medical expenses, rising costs ofmedical products, services and facilities, pricing pressure,limited number of products and product obsolescence dueto industry innovation, changes in technologies and othermarket developments.

• REIT and real estate company risk: the risk that the Fundmay be susceptible to the impact of market, economic,regulatory, and other factors affecting the real estateindustry and/or the local or regional real estate marketsand that the value of the Fund may fluctuate more widelythan it would for a fund that invests more broadly acrossvarying industries and sectors. REITs and real estatecompanies may be negatively impacted by factors generallyaffecting the value of real estate and the earnings of

21

companies engaged in the real estate industry as well asfactors that specifically relate to the structure and oper-ations of REITs and real estate companies, including heavycash flow dependency, self-liquidation, the possibility offailing to qualify for tax-free “pass-through” of incomeunder the federal tax law and the use of leverage.








’10 ’11 ’12 ’13 ’14 ’15 ’17’16

-22.18%

’19’18

22.90%

-5.14%

21.09% 35.97%5.65%

-11.93%

25.85% 19.70% 29.35%







N – Before taxes 29.18% 5.78% 10.22%Russell MidCap® Value

Index (reflects nodeduction for fees,expenses or taxes)1 27.06% 7.62% 12.41%

1 The Russell MidCap® Value Index measures the performance of thosecompanies in the Russell MidCap® Index with lower price-to-bookratios and lower forecasted growth values.



22


NameExperience


Investment Advisor


Other Important Information RegardingFund SharesFor more information about purchase and sale of Fundshares, tax information, and payments to broker-dealers andother financial intermediaries, please turn to the “Summaryof Other Important Information Regarding Fund Shares” atpage 78 of this Prospectus.

23

TCW Select Equities Fund

Investment ObjectiveThe Fund’s investment objective is to seek to provide long-term capital appreciation.



None.


Share ClassesI N

Management Fees 0.65% 0.65%Distribution and/or Service (12b-1) Fees None 0.25%Other Expenses 0.15% 0.17%Total Annual Fund Operating Expenses 0.80% 1.07%Fee Waiver and/or ExpenseReimbursement1 None 0.07%Total Annual Fund Operating ExpensesAfter Fee Waiver and/or ExpenseReimbursement1, 2 0.80% 1.00%1 The Fund’s investment advisor has agreed to waive fees and/or


2 The “Total Annual Fund Operating Expenses After Fee Waiver and/orExpense Reimbursement” does not correlate to the corresponding ratioincluded in the Fund’s Financial Highlights for N Class shares becausethe contractual fee waiver/expense reimbursement was changed duringthe fiscal year ended October 31, 2019 and was not in effect for the fullfiscal year.





Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in equity securities. If the Fund changes thisinvestment policy, it will notify shareholders in writing at least60 days in advance of the change. The Fund invests primarilyin equity securities of mid- and large-capitalization compa-nies. Equity securities include common and preferred stock;rights, warrants or options to purchase common or preferredstock; securities that may be converted into or exchanged forcommon or preferred stock, such as convertible preferredstock, convertible debt and Eurodollar convertible securities;equity securities of foreign companies listed on establishedexchanges, including NASDAQ; American DepositoryReceipts (ADRs); equity securities of real estate investmenttrusts (“REITs”); and other securities with equity character-istics.

The portfolio manager uses a highly focused approach, whichseeks to achieve superior long-term returns over a full marketcycle by owning shares of companies that the portfoliomanager believes to have strong and enduring business

24

models and inherent advantages over their competitors. Inselecting the Fund’s investments, the portfolio manager con-siders the extent to which businesses have leaders who pru-dently manage their environmental sustainability and socialresponsibilities with good governance and solid financialresources. Fundamental research is used to identify thesecompanies and the portfolio manager uses both qualitativeand quantitative screening criteria to supplement the funda-mental research.








• mid-capitalization company risk: the risk thatmid-capitalization companies may have more volatile stockperformance than large capitalization companies and aremore likely to experience business failures, which mayincrease the risk of loss to the Fund.



• information technology sector risk: the risk that the Fundmay be susceptible to the impact of market, economic,regulatory, and other factors affecting the informationtechnology sector and that the value of the Fund may fluc-tuate more widely than it would for a fund that investsmore broadly across varying sectors. Companies in theinformation technology sector may be affected by the over-all economic conditions as well as by factors particular tothe information technology sector, including intensecompetition, short product cycle, rapid product obso-lescence, possible loss or impairment of intellectual prop-erty rights, and changes in government regulations.

• REIT and real estate company risk: the risk that the Fundmay be susceptible to the impact of market, economic,regulatory, and other factors affecting the real estateindustry and/or the local or regional real estate marketsand that the value of the Fund may fluctuate more widelythan it would for a fund that invests more broadly acrossvarying industries and sectors. REITs and real estatecompanies may be negatively impacted by factors generallyaffecting the value of real estate and the earnings ofcompanies engaged in the real estate industry as well asfactors that specifically relate to the structure and oper-ations of REITs and real estate companies, including heavycash flow dependency, self-liquidation, the possibility offailing to qualify for tax-free “pass-through” of incomeunder the federal tax law and the use of leverage.



25






’10 ’11 ’12 ’13 ’14 ’15 ’17’16 ’19’18

16.96% 3.87% 15.80%29.02%7.51% 12.19%

-8.07%

32.80% 36.02%2.22%







N – Before taxes 35.75% 13.47% 13.73%Russell 1000® Growth Index


1 The Russell 1000® Growth Index measures the performance of thosecompanies in the Russell 1000® Index with higher price-to-book ratiosand higher forecasted growth values.




NameExperience


Investment Advisor

Craig C. Blum 16 years Group ManagingDirector


26

TCW Core Fixed Income Fund

Investment ObjectiveThe Fund’s investment objective is to seek to maximize cur-rent income and achieve above average total return con-sistent with prudent investment management over a fullmarket cycle.

Fees and Expenses of the FundThis table describes the fees and expenses you may pay if youbuy and hold shares of the Fund. You may pay additional feesor commissions to broker-dealers or other financial inter-mediaries for the purchase of Class I or Plan Class shares ofthe Fund, which are not reflected in the table below.


None.


Share ClassesI N Plan

Management Fees 0.40% 0.40% 0.40%Distribution and/or Service(12b-1) Fees None 0.25% NoneOther Expenses1 0.11% 0.16% 0.06%Total Annual Fund OperatingExpenses 0.51% 0.81% 0.46%Fee Waiver and/or ExpenseReimbursement2 0.02% 0.11% 0.02%Total Annual Fund OperatingExpenses After Fee Waiver and/or Expense Reimbursement2, 3 0.49% 0.70% 0.44%1 Other Expenses for Plan Class are estimated for the current fiscal year.

2 The Fund’s investment advisor has agreed to waive fees and/orreimburse expenses to limit the Fund’s total annual operating expenses(excluding interest, brokerage, extraordinary expenses and acquiredfund fees and expenses, if any) to 0.49% of average daily net assetswith respect to Class I shares, 0.70% of average daily net assets withrespect to Class N shares and 0.44% of average daily net assets withrespect to Plan Class shares. This contractual fee waiver/expensereimbursement will remain in place through March 1, 2021 and beforethat date the investment advisor may not terminate this arrangementwithout approval of the Board of Directors. At the conclusion of thisperiod, the Fund’s investment advisor may, in its sole discretion,terminate the contractual fee waiver/expense reimbursement or, withthe Board of Directors’ approval, extend or modify that arrangement.

3 The “Total Annual Fund Operating Expenses After Fee Waiver and/orExpense Reimbursement” do not correlate to the corresponding ratiosincluded in the Fund’s Financial Highlights for each class of shares

because the contractual fee waiver/expense reimbursement waschanged for Class N shares subsequent to the fiscal year endedOctober 31, 2019, and was not in effect that fiscal year.



Share Classes 1 Year 3 Years 5 Years 10 YearsI $50 $162 $283 $639N $72 $248 $439 $991Plan $45 $146 $256 $577


Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in debt securities. If the Fund changes thisinvestment policy, it will notify shareholders in writing at least60 days in advance of the change. The Fund may invest invarious types of debt securities, including but not limited tosecurities issued or guaranteed by the United States govern-ment or its agencies, instrumentalities or sponsored corpo-rations; corporate obligations (including convertiblesecurities); mortgage-backed and asset-backed securities(which may be privately issued); local currency- or U.S. dollar-denominated foreign debt securities (corporate and

27

government); money market instruments; and other secu-rities bearing fixed or variable interest rates of any maturity.

The Fund invests in the U.S. and abroad, including emergingmarkets, and may purchase securities of varying maturitiesissued by domestic and foreign corporations and govern-ments. The Fund may invest in foreign securities that aredenominated in U.S. dollars as well as in local currency.

The Fund may invest up to 5% of its net assets in belowinvestment grade bonds (commonly known as “junk bonds”),which are bonds rated below BBB by Fitch Ratings, Inc., belowBBB by S&P Global Ratings and below Baa by Moody’sInvestors Service, Inc., or, if unrated, bonds deemed by theFund’s investment advisor to be of comparable quality. TheFund may also invest a portion of its assets in bank loans ofcompanies that have issued high yield securities. High yieldportfolio holdings are diversified by industry and issuer in anattempt to reduce the impact of negative events on anindustry or issuer.

The Fund may invest in derivative instruments such asoptions, futures and swap agreements for investment man-agement or hedging purposes. The derivatives in which theFund may invest also include securities that are commonlyreferred to as mortgage derivatives, including inverse floaters,interest only (IO) strips, principal-only (PO) strips, inverseIOs and tiered index bonds. The Fund may also purchase orsell securities on a when-issued, delayed delivery or forwardcommitment basis.

In managing the Fund’s investments, under normal marketconditions, the portfolio managers use a controlled riskapproach. The techniques of this approach attempt to controlthe principal risk components of the fixed income marketsand include consideration of:

• security selection within a given sector;

• relative performance of the various market sectors;

• the shape of the yield curve; and

• fluctuations in the overall level of interest rates.

Portfolio securities and other instruments may be sold for anumber of reasons, including when the portfolio managersbelieve that (i) another security or instrument may offer abetter investment opportunity, (ii) there has been a deterio-ration in the credit fundamentals of an issuer, (iii) anindividual security or instrument has reached its sell target, or(iv) the portfolio should be rebalanced for diversification orportfolio weighting purposes.



• debt securities risk: the risk that the value of a debt securitymay increase or decrease as a result of various factors,including changes in interest rates, actual or perceivedinability or unwillingness of issuers to make principal orinterest payments, market fluctuations and illiquidity in thedebt securities market.


• interest rate risk: the risk that debt securities will decline invalue because of changes in interest rates.

• credit risk: the risk that an issuer will default in the paymentof principal and/or interest on a security.



• liquidity risk: the risk that lack of a ready market orrestrictions on resale may limit the ability of the Fund tosell a security at an advantageous time or price. In addition,the Fund, by itself or together with other accounts man-aged by the investment advisor, may hold a position in asecurity that is large relative to the typical trading volumefor that security, which can make it difficult for the Fund todispose of the position at an advantageous time or price.Over recent years, the fixed-income markets have grownmore than the ability of dealers to make markets, which canfurther constrain liquidity and increase the volatility of port-folio valuations. High levels of redemptions in bond fundsin response to market conditions could cause greaterlosses as a result. Regulations such as the Volcker Rule orfuture regulations may further constrain the ability of mar-ket participants to create liquidity, particularly in times ofincreased market volatility. The liquidity of the Fund’sassets may change over time.

28



• prepayment risk: the risk that in times of declining interestrates, the Fund’s higher yielding securities may be prepaidand the Fund may have to replace them with securitieshaving a lower yield.

• extension risk: the risk that in times of rising interest rates,borrowers may pay off their debt obligations more slowly,causing securities considered short- or intermediate-termto become longer-term securities that fluctuate morewidely in response to changes in interest rates thanshorter-term securities.

• mortgage-backed securities risk: the risk of investing inmortgage-backed securities, including prepayment risk andextension risk. Mortgage-backed securities react differentlyto changes in interests rates than other bonds, and somemortgage-backed securities are not backed by the full faithand credit of the U.S. government.

• U.S. government securities risk: the risk that debt securitiesissued or guaranteed by certain U.S. government agencies,instrumentalities, and sponsored enterprises are not sup-ported by the full faith and credit of the U.S. government,and as so investments in their securities or obligationsissued by them involve credit risk greater than investmentsin other types of U.S. government securities.

• U.S. treasury obligations risk: the risk that the value of U.S.treasury obligations may decline as a result of changes ininterest rates, certain political events in the U.S., andstrained relations with certain foreign countries.


• leverage risk: the risk that leverage may result from certaintransactions, including the use of derivatives and borrow-ing. This may impair the Fund’s liquidity, cause it to liqui-date positions at an unfavorable time, increase its volatilityor otherwise cause it not to achieve its intended result. Tothe extent required by applicable law or regulation, theFund will reduce leverage risk by either segregating anequal amount of liquid assets or “covering” the trans-actions that introduce such risk.




• asset-backed securities risk: the risk of investing in asset-backed securities, including the risk of loss as a result ofthe impairment of the value of the underlying financialassets, prepayment risk and extension risk. Issuers ofasset-backed securities may have limited ability to enforcethe security interest in the underlying assets, and creditenhancements provided to support the asset-backed secu-rities, if any, may be inadequate to protect investors in theevent of default.

• junk bond risk: the risk that junk bonds have a higherdegree of default risk and may be less liquid and subject togreater price volatility than investment grade bonds.

• foreign investing risk: the risk that Fund share prices willfluctuate with market conditions, currency exchange ratesand the economic and political climates of the foreigncountries in which the Fund invests or has exposure.Investments in foreign securities may involve greater risksthan investing in U.S. securities due to, among others, lesspublicly available information, less stringent and less uni-form accounting, auditing and financial reporting stan-dards, less liquid and more volatile markets, highertransaction and custody costs, additional taxes, lessinvestor protection, delayed or less frequent settlement,political or social instability, civil unrest, acts of terrorism,and regional economic volatility.

• foreign currency risk: the risk that foreign currencies willdecline in value relative to the U.S. dollar and affect theFund’s investments in foreign currencies, in securities thatare denominated, trade, and/or receive revenues in foreign

29

currencies, or in derivatives that provide exposure to for-eign currencies.




Investment ResultsThe bar chart below shows how the Fund’s investment resultshave varied from year to year and the table below shows howthe Fund’s average annual total returns for various periodscompare with a broad measure of market performance. Thisinformation provides some indication of the risks of investingin the Fund by showing the changes in the Fund’s perform-ance from year to year. The bar chart shows performance ofthe Fund’s Class I shares. Class N performance may be lowerthan Class I and Plan Class performance because of thepotentially lower expenses paid by Class I and PlanClass shares. Past results (before and after taxes) are notpredictive of future results. Updated information on theFund’s investment results can be obtained by visitingwww.TCW.com.


’10 ’11 ’12 ’13 ’14 ’15 ’17’16 ’19’18

10.28% 6.98% 7.19%

-1.54%

5.65%0.03% 2.28% 3.23%

8.75%0.08%



Average Annual Total Returns1

(For the period ended December 31, 2019)



N – Before taxes 8.53% 2.55% 3.91%Bloomberg Barclays U.S.

Aggregate Bond Index(reflects no deduction forfees, expenses or taxes)2 8.72% 3.05% 3.75%

1 Because the Fund has not issued Plan Class shares as of the date ofthis Prospectus, it has no performance history.

2 The Bloomberg Barclays U.S. Aggregate Bond Index is a marketcapitalization-weighted index of investment grade, U.S. dollar-denominated, fixed-rate debt issues, including Treasuries, government-related and corporate securities, mortgage-backed securities (agencyfixed-rate and hybrid adjustable-rate mortgage), asset-backed securitiesand commercial mortgage-backed securities (agency and non-agency).

After-tax returns are calculated using the highest individualfederal income tax rates in effect each year and do not reflectthe impact of state and local taxes. Your actual after-taxreturns depend on your individual tax situation and likely willdiffer from the results shown above, and after-tax returnsshown are not relevant if you hold your Fund shares througha tax-deferred arrangement, such as a 401(k) plan orindividual retirement account (IRA). After-tax returns areshown for only one class of shares, and after-tax returns forthe other classes of shares will vary.


30


NameExperience


Investment Advisor

Stephen M. Kane 9 years Group ManagingDirector

Laird R. Landmann 9 years Group ManagingDirector

Tad Rivelle 10 years Group ManagingDirector and

Chief InvestmentOfficer — Fixed

IncomeBryan Whalen 6 years Group Managing

Director


31

TCW Enhanced Commodity Strategy Fund(Please note that TCW Enhanced Commodity Fund is not currently available to the public.)

Investment ObjectiveThe Fund’s investment objective is to seek total return whichexceeds that of its commodity benchmark.



None.


Share ClassesI N

Management Fees1 0.50% 0.50%Distribution and/or Service (12b-1)Fees None 0.25%Other Expenses 8.48% 9.55%Expenses of the Subsidiary 8.84% 8.84%Total Annual Fund Operating Expenses 17.82% 19.14%Fee Waiver and/or ExpenseReimbursement2 17.12% 18.39%

Total Annual Fund Operating ExpensesAfter Fee Waiver and/or ExpenseReimbursement2 0.70% 0.75%

1 The Fund may invest a portion of its assets in TCW Cayman EnhancedCommodity Fund, Ltd., a wholly-owned subsidiary of the Fundorganized under the laws of the Cayman Islands (the “Subsidiary”). TheSubsidiary has entered into a separate advisory agreement with theFund’s investment advisor, TCW Investment Management CompanyLLC (the “Advisor”), for the management of the Subsidiary’s portfolio,pursuant to which the Subsidiary is obligated to pay the Advisor amanagement fee at the same rate that the Fund pays the Advisor forservices provided to the Fund. The Advisor is contractually obligated towaive the management fee it receives from the Fund in an amountequal to the management fee paid to the Advisor by the Subsidiary forthe management of the portion of the Fund’s assets invested in theSubsidiary. This waiver may not be terminated without the consent ofthe Board of Directors.

2 The Advisor has agreed to waive fees and/or reimburse expenses tolimit the Fund’s total annual operating expenses (excluding interest,brokerage, extraordinary expenses and acquired fund fees andexpenses, if any) to 0.70% of average daily net assets with respect toClass I shares and 0.75% of average daily net assets with respect toClass N shares. This contractual fee waiver/expense reimbursement is

will remain in place through March 1, 2021 and before that date, theinvestment advisor may not terminate this arrangement withoutapproval of the Board of Directors. At the conclusion of this period, theFund’s investment advisor may, in its sole discretion, terminate thecontractual fee waiver/expense reimbursement or, with the Board ofDirectors’ approval, extend or modify that arrangement.



Share Classes 1 Year 3 Years 5 Years 10 YearsI $72 $3,327 $5,802 $9,693N $77 $3,523 $6,064 $9,865


Principal Investment StrategiesUnder normal circumstances, the Fund seeks to achieve itsinvestment objective by investing primarily in commodity-linked derivative instruments backed by a portfolio of FixedIncome Instruments. “Fixed Income Instruments” refers tosecurities of varying maturities issued by domestic and for-eign corporations and governments (and their agencies andinstrumentalities), including bonds, notes, mortgage-backedsecurities, asset-backed securities (including collateralizeddebt obligations, which in turn include collateralized bondobligations and collateralized loan obligations), bank loans,money-market securities, swaps and derivatives (including

32

futures, options and credit default swaps), private place-ments, defaulted debt securities and Rule 144A securities.

The Fund invests in commodity-linked derivative instruments,including commodity index-linked notes, swap agreements,commodity options, futures and options on futures, thatprovide exposure to the investment returns of the commod-ities markets, without investing directly in physical commod-ities. Commodities are assets that have tangible properties,such as oil, metals, and agricultural products. The value ofcommodity-linked derivative instruments may be affected byoverall market movements and other factors affecting thevalue of a particular industry or commodity, such as weather,disease, embargoes, or political and regulatory developments.The Fund may also invest in common and preferred stocks aswell as convertible securities of issuers in commodity-relatedindustries.

The Fund may seek to gain exposure to the commodity mar-kets through investments in leveraged or unleveraged com-modity index-linked notes, which are derivative debtinstruments with principal and/or coupon payments linked tothe performance of commodity indices, and through invest-ments in the Subsidiary, a wholly-owned subsidiary of theFund organized under the laws of the Cayman Islands.Commodity index-linked notes are sometimes referred to as“structured notes” because the terms of these notes may bestructured by the issuer and the purchaser of the note. Theyare derivative securities with one or more commodity-linkedcomponents that have payment features similar to commod-ity futures contracts, commodity options, or similar instru-ments. Commodity-linked structured products may be eitherdebt or equity securities, leveraged or unleveraged, and haveboth security and commodity-like characteristics. A portion ofthe value of these instruments may be derived from the valueof a commodity, futures contract, index or other commodityvariable. The value of these notes will rise or fall in responseto changes in the underlying commodity or related index ofinvestment.

The Subsidiary is advised by the Advisor and has the sameinvestment objective as the Fund. As discussed in greaterdetail elsewhere in this Prospectus, the Subsidiary may investin commodity-linked swap agreements and other commodity-linked derivative instruments to an extent greater than theFund may make such investments. The Fund’s investment inthe Subsidiary generally will not exceed 25% of the value ofthe Fund’s total assets, except to the limited extent a higheramount is allowed under applicable tax law.

The derivative instruments in which the Fund and the Sub-sidiary primarily invest are instruments linked to certaincommodity indices and instruments linked to the value of aparticular commodity or commodity futures contract, or asubset of commodities or commodity futures contracts.These instruments may specify exposure to commodityfutures with different roll dates, reset dates or contract termsthan those specified by a particular commodity index. As aresult, the commodity-linked derivatives component of theFund’s portfolio may deviate from the returns of any partic-ular commodity index. The Fund or the Subsidiary may over-weigh or under-weigh its exposure to a particular commodityindex, or a subset of commodities, such that the Fund hasgreater or lesser exposure to that index than the value of theFund’s net assets, or greater or lesser exposure to a subset ofcommodities than is represented by a particular commodityindex. Assets not invested in commodity-linked derivativeinstruments or the Subsidiary may be invested in inflation-indexed securities and other Fixed Income Instruments,including derivative Fixed Income Instruments. In addition,the Fund may invest its assets in particular sectors of thecommodities market.

The average duration of the Fixed Income Instruments heldby the Fund is not expected to exceed 3 years, under normalmarket conditions. Duration is a measure of the expected lifeof a fixed income security that is used to determine the sensi-tivity of a security’s price to changes in interest rates. TheFund may invest up to 5% of its net assets in below invest-ment grade bonds (commonly known as “junk bonds”),which are bonds rated below BBB by Fitch Ratings, Inc., belowBBB by S&P Global Ratings and below Baa by Moody’sInvestors Service, Inc., or, if unrated, bonds deemed by theAdvisor to be of comparable quality. The Fund may invest upto 15% of its assets in foreign securities that are denominatedin U.S. dollars. The Fund may invest up to 5% of its assets insecurities of foreign issuers that are not denominated in U.S.dollars. The Fund may invest up to 5% of its assets in emerg-ing market securities. The Fund reserves the right to hedge itsexposure to foreign currencies to reduce the risk of loss dueto fluctuations in currency exchange rates.


33










• commodity risk: the risk that investing in commodity-linkedderivative instruments, including commodity index-linked

notes, may subject the Fund to greater volatility thaninvestments in traditional securities. The value ofcommodity-linked derivative instruments may be affectedby changes in overall market movements, commodity indexvolatility, changes in interest rates, or factors affecting aparticular industry or commodity, such as drought,weather, livestock disease, embargoes, tariffs and interna-tional economic, political and regulatory developments.

• subsidiary risk: the risk that, by investing in the Subsidiary,the Fund is indirectly exposed to the risks associated withthe Subsidiary’s investments. There is no guarantee thatthe investment objective of the Subsidiary will be achieved.

• tax risk: the risk that the ability of the Fund to gain com-modity exposure as contemplated may be adverselyaffected by future legislation, regulatory developments,interpretive guidance or other actions by the Internal Rev-enue Service or the Treasury Department as discussedunder “Distributions and Taxes.”




• foreign investing risk: the risk that Fund share prices willfluctuate with market conditions, currency exchange ratesand the economic and political climates of the foreigncountries in which the Fund invests or has exposure.Investments in foreign securities may involve greater risksthan investing in U.S. securities due to, among others, lesspublicly available information, less stringent and less

34

uniform accounting, auditing and financial reporting stan-dards, less liquid and more volatile markets, higher trans-action and custody costs, additional taxes, less investorprotection, delayed or less frequent settlement, political orsocial instability, civil unrest, acts of terrorism, and regionaleconomic volatility.









• emerging market country risk: the risk of investing inemerging market countries, which are substantial due to,among others, different accounting standards; thinnertrading markets as compared to those in developed

countries; the possibility of currency transfer restrictions;and the risk of expropriation, nationalization or otheradverse political, economic or social developments.






’12 ’13 ’14 ’15 ’16

4.63%

-6.87% -14.74% -24.61%

12.26% 10.32%

’18 ’19

4.04%

-11.76%

’17



35


Share Class 1 Year 5 years

SinceInception

(3/31/2011)

I – Before taxes 10.32% -3.03% -5.81%- After taxes ondistributions 8.78% -3.88% -6.60%

- After taxes ondistributions and saleof fund shares 6.11% -2.61% -4.38%

N – Before taxes 10.31% -3.07% -5.82%Bloomberg Commodity

Total Return Index(reflects no deductionfor fees, expenses ortaxes)1 7.69% -3.92% -7.51%

1 The Bloomberg Commodity Total Return Index is a total return indexbased on the Bloomberg Commodity Index (“BCOM”), which is ahighly liquid and diversified benchmark for commodity investments.The Bloomberg Commodity Total Return Index is composed of futurescontracts and reflects the returns on a fully collateralized investment inthe BCOM.




NameExperience


Investment Advisor



Income

Stephen M. Kane 8 years(Since inception

of the Fund)

Group ManagingDirector

Bret R. Barker 8 years(Since inception

of the Fund)

ManagingDirector


36

TCW Global Bond Fund

Investment ObjectiveThe Fund’s investment objective is to seek total return.



None.


Share ClassesI N

Management Fees 0.50% 0.50%Distribution and/or Service (12b-1) Fees None 0.25%Other Expenses 1.29% 1.33%Acquired Fund Fees and Expenses(Underlying Fund Fees and Expenses) 0.02% 0.02%Total Annual Fund Operating Expenses 1.81% 2.10%Fee Waiver and/or ExpenseReimbursement1 1.19% 1.38%

Total Annual Fund Operating ExpensesAfter Fee Waiver and/or ExpenseReimbursement1, 2 0.62% 0.72%

1 The Fund’s investment advisor has agreed to waive fees and/orreimburse expenses to limit the Fund’s total annual operating expenses(excluding interest, brokerage, extraordinary expenses and acquiredfund fees and expenses, if any) to 0.60% of average daily net assetswith respect to Class I shares and 0.70% of average daily net assetswith respect to Class N shares. This contractual fee waiver/expensereimbursement will remain in place through March 1, 2021 and beforethat date, the investment advisor may not terminate this arrangementwithout approval of the Board of Directors. At the conclusion of thisperiod, the Fund’s investment advisor may, in its sole discretion,terminate the contractual fee waiver/expense reimbursement or, withthe Board of Directors’ approval, extend or modify that arrangement.

2 The “Total Annual Fund Operating Expenses After Fee Waiver and/orExpense Reimbursement” does not correlate to the corresponding ratioincluded in the Fund’s Financial Highlights for each class of sharesbecause the contractual fee waiver/expense reimbursement waschanged during the fiscal year ended October 31, 2019 and was not ineffect for the full fiscal year.



Share Classes 1 Year 3 Years 5 Years 10 YearsI $63 $453 $869 $2,028N $74 $524 $1,002 $2,321


Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in debt securities. If the Fund changes thisinvestment policy, it will notify shareholders in writing at least60 days in advance of the change. The Fund may invest invarious types of debt securities, including but not limited tosecurities issued or guaranteed by the United States govern-ment or its agencies, instrumentalities or sponsored corpo-rations; corporate obligations (including convertiblesecurities); mortgage-backed and asset-backed securities(which may be privately issued); local currency- or U.S. dollar-denominated foreign debt securities (corporate andgovernment); money market instruments; structured notes;participation interests in loans; “zero-coupon” or “stripped”securities; and other debt obligations bearing fixed or variableinterest rates of any maturity.

37

Under normal market conditions, the Fund invests in secu-rities of issuers located in at least three different countries(one of which may be the United States) and invests at least30% of its net assets in securities of issuers located outsidethe United States. The Fund invests in corporate debt secu-rities of issuers in a number of countries, which may includethe United States. The Fund invests in securities of issuerslocated in developed and emerging market countries. TheFund may invest across all fixed-income sectors, includingU.S. and non-U.S. government securities. The Fund’sinvestments may be denominated in local currency or U.S.dollars. The Fund may invest in debt securities with a range ofmaturities from short- to long-term.

The Fund does not limit its investments to a particular creditor ratings category and may invest up to 35% of its net assetsin below investment grade bonds (commonly referred to as“junk bonds”), which are bonds rated below BBB by S&PGlobal Ratings or below Baa by Moody’s Investors Service,Inc., or, if unrated, bonds deemed by the Fund’s investmentadvisor to be of comparable quality.

The Fund may invest in derivatives such as options, forwardcontracts, futures contracts and swaps (including interest rateswaps, total return swaps, and credit default swaps) forinvestment management (e.g., to increase or decrease theFund’s exposure to a particular market, to manage or adjustthe risk profile of the Fund related to an investment or cur-rency exposure, to adjust its currency exposure relative to itsbenchmark index, or to earn income and enhance returns) orhedging purposes. The Fund’s exposure to derivatives willvary.

In selecting securities or other instruments, the portfoliomanagers evaluate the overall investment opportunities andrisks in individual national economies. The portfolio manag-ers analyze the business cycle as well as political and macro-economic factors that affect exchange rates and interest ratesin both emerging markets and developing countries. In addi-tion to considering broad economic factors, the portfoliomanagers apply a “bottom-up” approach in choosinginvestments for the Fund. This means that the portfoliomanagers conduct fundamental research on each individualsecurity and determine whether the security is an attractiveinvestment opportunity for the Fund based upon the riskadjusted cash flow characteristics of the security.

Portfolio securities or other instruments may be sold for anumber of reasons, including when the portfolio managersbelieve that (i) another security or instrument may offer a

better investment opportunity, (ii) there has been a deterio-ration in the credit fundamentals of the issuer, (iii) anindividual security or instrument has reached its sell target, or(iv) the portfolio should be rebalanced for diversification orportfolio weighting purposes.









• liquidity risk: the risk that lack of a ready market orrestrictions on resale may limit the ability of the Fund tosell a security at an advantageous time or price. In addition,the Fund, by itself or together with other accounts man-aged by the investment advisor, may hold a position in asecurity that is large relative to the typical trading volumefor that security, which can make it difficult for the Fund todispose of the position at an advantageous time or price.Over recent years, the fixed-income markets have grownmore than the ability of dealers to make markets, which canfurther constrain liquidity and increase the volatility of port-folio valuations. High levels of redemptions in bond funds

38

in response to market conditions could cause greaterlosses as a result. Regulations such as the Volcker Rule orfuture regulations may further constrain the ability of mar-ket participants to create liquidity, particularly in times ofincreased market volatility. The liquidity of the Fund’sassets may change over time.





• non-U.S. sovereign debt risk: the risk that investments indebt obligations of non-U.S. sovereign governments maylose value due to the government entity’s unwillingness orinability to repay principal and interest when due inaccordance with the terms of the debt obligation or other-wise in a timely manner. The Fund may have limited (orno) recourse in the event of a default because bankruptcy,moratorium and other similar laws applicable to issuers ofsovereign debt obligations may be substantially differentfrom those applicable to private issuers and any recoursemay be subject to the political climate in the relevant coun-try.








39









’12 ’13 ’14 ’15 ’16

12.55%

-2.47%

0.45%

-3.03%

1.44%

’17

6.02% 8.35%

-1.75%

’19’18





SinceInception

(11/30/2011)



N – Before taxes 8.22% 2.09% 2.65%Bloomberg Barclays

Global AggregateBond Index (reflectsno deduction for fees,expenses or taxes)1 6.84% 2.31% 1.78%

1 The Bloomberg Barclays Global Aggregate Bond Index is a multi-currency benchmark that provides a broad-based measure of the globalinvestment grade fixed rate debt markets and includes treasury,government-related, corporate and securitized fixed-rate bonds fromboth developed and emerging markets issuers.


40



NameExperience


Investment Advisor

Stephen M. Kane 8 years(Since inception

of the Fund)


Laird R. Landmann Since February2020


Tad Rivelle 8 years(Since inception

of the Fund)

Group ManagingDirector and


Income

Bryan Whalen Since February2020



41

TCW High Yield Bond Fund

Investment ObjectiveThe Fund’s investment objective is to seek to maximizeincome and achieve above average total return consistentwith reasonable risk over a full market cycle.



None.


Share ClassesI N




This example assumes that you invest $10,000 in the Fund forthe time periods indicated and then redeem all your shares at

the end of those periods. The example also assumes that yourinvestment has a 5% return each year and that the Fund’soperating expenses remain the same. The cost of investing inthe Fund reflects the net expenses of the Fund that resultfrom the contractual expense limitation in the first year only.Although your actual costs may be higher or lower, based onthese assumptions, your costs would be:



Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in high yield/below investment grade bonds(commonly known as “junk bonds”). If the Fund changes thisinvestment policy, it will notify shareholders in writing at least60 days in advance of the change. The Fund may invest up to20% of its net assets in equity securities (including commonstock and convertible and non-convertible preferred stocks)and bank loans of companies in the high yield universe. Port-folio holdings are diversified by industry and issuer in anattempt to reduce the impact of negative events for anindustry or issuer.

The Fund may also invest in debt securities that include, butare not limited to, obligations of the United States govern-ment or its agencies, instrumentalities or sponsored corpo-rations; money market instruments; investment gradecorporate debt securities; mortgage-backed securities guaran-teed by, or secured by collateral that is guaranteed by, theUnited States government or its agencies, instrumentalitiesor sponsored corporations; foreign debt securities (corporateand government); and privately issued mortgage-backedsecurities and asset-backed securities, including commercialmortgage-backed securities.

42

The Fund may invest in derivative instruments such asoptions, futures and swap agreements for investment man-agement or hedging purposes. The Fund may also purchaseor sell securities on a when-issued, delayed delivery or for-ward commitment basis.

The Fund invests in the U.S. and abroad, including emergingmarkets, and may purchase securities of varying maturitiesissued by domestic and foreign corporations, governmentagencies and governments. The Fund may invest in foreignsecurities that are denominated in U.S. dollars as well as inlocal currency.

In selecting the Fund’s investments, the portfolio managerslook for companies that have:

• strong credit profiles;

• favorable industry fundamentals;

• good management teams;

• stable cash flows; and/or

• attractive yields for a given level of risk.

Portfolio securities and other instruments may be sold for anumber of reasons, including when the portfolio managersbelieve that (i) another security or instrument may offer abetter investment opportunity, (ii) an issuer has experienceda deterioration of the above listed factors or other creditfundamentals, (iii) an individual security or instrument hasreached its sell target, or (iv) the portfolio should berebalanced for diversification or portfolio weighting purposes.













• derivatives risk: the risk of investing in derivative instru-ments, which includes liquidity, interest rate, market, credit

43

and management risks as well as risks related to mispricingor improper valuation. Changes in the value of a derivativemay not correlate perfectly with the underlying asset, refer-ence rate or index, and the Fund could lose more than theprincipal amount invested. These investments can createinvestment leverage and may create additional risks that maysubject the Fund to greater volatility and less liquidity thaninvestments in more traditional securities.



• equity risk: the risk that stocks and other equity securitiesgenerally fluctuate in value more than bonds and maydecline in value over short or extended periods as a resultof changes in a company’s financial condition or in overallmarket, economic or political considerations.

• bank loan risk: the risk of investing in corporate loansmade by commercial banks and other financial institutionsor institutional investors to companies that need capital togrow or restructure, which includes interest rate risk,liquidity risk and prepayment risk. The Fund may also besubject to the credit risk of other financial institutions andthe risks associated with insufficient collateral securing abank loan, limited available public information about abank loan, delayed settlement, and less protection forholders of bank loans as compared to holders of registeredsecurities.



• distressed and defaulted securities risk: the risk that therepayment of defaulted securities and obligations of dis-tressed issuers is subject to significant uncertainties.

• foreign investing risk: the risk that Fund share prices willfluctuate with market conditions, currency exchange rates

and the economic and political climates of the foreigncountries in which the Fund invests or has exposure.







’10 ’11 ’12 ’13 ’14 ’17 ’18’15

0.60% 0.00%8.06%

-0.80%

14.91% 13.92% 5.49% 3.68%

’19

6.28% 12.98%

’16



44





N – Before taxes 12.67% 5.19% 6.13%FTSE US High Yield Cash

Pay Custom Index(reflects no deduction forfees, expenses or taxes)1 14.02% 5.75% 7.15%

1 The FTSE US High Yield Cash Pay Custom Index (formerly known asthe Citigroup US High Yield Cash Pay Custom Index) is a blend of theFTSE US High Yield Cash Pay Index and the FTSE US High Yield CashPay Capped Index (FTSE US High Yield Cash Pay Index through12/31/05 and FTSE US High Yield Cash Pay Capped Index thereafter).The FTSE US High Yield Cash Pay Index is created by removing thedeferred interest securities from the FTSE US High Yield Market Index,which is a U.S. Dollar-denominated index that measures theperformance of high yield debt issued by corporations domiciled in theUnited States or Canada and includes cash-pay and deferred interestsecurities. As such, the FTSE US High Yield Cash Pay Index includesonly cash-pay bonds (both registered and those issued under Rule 144Aunder the Securities Act of 1933 in unregistered form) with at least oneyear to maturity and at least $250 million outstanding. The FTSE USHigh Yield Cash Pay Capped Index uses the same design criteria andcalculation methodology as the FTSE US High Yield Cash Pay Index butcaps the total debt of any single issuer in the Index at $15 billion of paramount outstanding.

After-tax returns are calculated using the highest individualfederal income tax rates in effect each year and do not reflectthe impact of state and local taxes. Your actual after-taxreturns depend on your individual tax situation and likely will

differ from the results shown above, and after-tax returnsshown are not relevant if you hold your Fund shares througha tax-deferred arrangement, such as a 401(k) plan orindividual retirement account (IRA). After-tax returns areshown for only one class of shares, and after-tax returns forthe other class of shares will vary.



NameExperience


Investment Advisor

Jerry Cudzil SinceDecember 2019

Managing Director

Stephen M. Kane 1 Year Group ManagingDirector


Steven J. Purdy SinceDecember 2019

Managing Director


45

TCW Short Term Bond Fund

Investment ObjectiveThe Fund’s investment objective is to seek to maximize cur-rent income.



None.


Share ClassI

Management Fees 0.35%Distribution and/or Service (12b-1) Fees NoneOther Expenses 3.02%Total Annual Fund Operating Expenses 3.37%Fee Waiver and/or Expense Reimbursement1 2.93%Total Annual Fund Operating Expenses AfterFee Waiver and/or Expense Reimbursement1 0.44%1 The Fund’s investment advisor has agreed to waive fees and/or

reimburse expenses to limit the Fund’s total annual operating expenses(excluding interest, brokerage, extraordinary expenses and acquiredfund fees and expenses, if any) to 0.44% of average daily netassets. This contractual fee waiver/expense reimbursement will remainin place through March 1, 2021 and before that date, the investmentadvisor may not terminate this arrangement without approval of theBoard of Directors. At the conclusion of this period, the Fund’sinvestment advisor may, in its sole discretion, terminate the contractualfee waiver/expense reimbursement or, with the Board of Directors’approval, extend or modify that arrangement.


This example assumes that you invest $10,000 in the Fund forthe time periods indicated and then redeem all your shares atthe end of those periods. The example also assumes that yourinvestment has a 5% return each year and that the Fund’soperating expenses remain the same. The cost of investing inthe Fund reflects the net expenses of the Fund that resultfrom the contractual expense limitation in the first year only.

Although your actual costs may be higher or lower, based onthese assumptions, your costs would be:

Share Class 1 Year 3 Years 5 Years 10 YearsI $45 $761 $1,501 $3,459


Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in a diversified portfolio of debt securities ofvarying maturities, including bonds, notes and other similarfixed income instruments issued by governmental or privatesector issuers. If the Fund changes this investment policy, itwill notify shareholders in writing at least 60 days in advanceof the change. The Fund may invest in debt securities thatinclude, but are not limited to, obligations of the UnitedStates government or its agencies, instrumentalities or spon-sored corporations; money market instruments; investmentgrade corporate debt securities; mortgage-backed securitiesguaranteed by, or secured by collateral that is guaranteed by,the United States government or its agencies,instrumentalities or sponsored corporations; foreign debtsecurities (corporate and government); and privately issuedmortgage-backed securities and asset-backed securities,including commercial mortgage-backed securities. The Fundmay invest up to 10% of its net assets in below investmentgrade bonds (commonly known as “junk bonds”), which arebonds rated below BBB by Fitch Ratings, Inc., below BBB byS&P Global Ratings and below Baa by Moody’s InvestorsService, Inc., or, if unrated, bonds deemed by the Fund’sinvestment advisor to be of comparable quality. The Fundmay invest in derivative instruments such as options, futuresand swap agreements for investment management or hedg-ing purposes. The derivatives in which the Fund may investinclude securities that are commonly referred to as mortgagederivatives, including inverse floaters, interest-only (IO)strips, principal-only (PO) strips, inverse IOs and tiered index

46

bonds. The Fund may also purchase or sell securities on awhen-issued, delayed delivery or forward commitment basis.

In managing the Fund’s investments, under normal marketconditions, the portfolio managers seek to construct aninvestment portfolio with a dollar-weighted average durationof no more than two years. Portfolio securities and otherinstruments may be sold for a number of reasons, includingwhen the portfolio managers believe that (i) another securityor instrument may offer a better investment opportunity,(ii) there has been a deterioration in the credit fundamentalsof an issuer, (iii) an individual security or instrument hasreached its sell target, or (iv) the portfolio should berebalanced for diversification or portfolio weighting purposes.









• liquidity risk: the risk that lack of a ready market orrestrictions on resale may limit the ability of the Fund tosell a security at an advantageous time or price. In addition,

the Fund, by itself or together with other accounts man-aged by the investment advisor, may hold a position in asecurity that is large relative to the typical trading volumefor that security, which can make it difficult for the Fund todispose of the position at an advantageous time or price.Over recent years, the fixed-income markets have grownmore than the ability of dealers to make markets, which canfurther constrain liquidity and increase the volatility of port-folio valuations. High levels of redemptions in bond fundsin response to market conditions could cause greaterlosses as a result. Regulations such as the Volcker Rule orfuture regulations may further constrain the ability of mar-ket participants to create liquidity, particularly in times ofincreased market volatility. The liquidity of the Fund’sassets may change over time.





• extension risk: the risk that in times of rising interest rates,borrowers may pay off their debt obligations more slowly,causing securities considered short or intermediate term tobecome longer-term securities that fluctuate more widely inresponse to changes in interest rates than shorter termsecurities.


• U.S. government securities risk: the risk that debt securitiesissued or guaranteed by certain U.S. government agencies,instrumentalities, and sponsored enterprises are not

47

supported by the full faith and credit of the U.S. govern-ment, and as so investments in their securities or obliga-tions issued by them involve credit risk greater thaninvestments in other types of U.S. government securities.




• junk bond risk: the risk that junk bonds have a higherdegree of default risk and may be less liquid and subject tograter price volatility than investment grade bonds.






Investment ResultsThe bar chart below shows how the Fund’s investment resultshave varied from year to year and the table below shows howthe Fund’s average annual total returns for various periodscompare with a broad measure of market performance. Thisinformation provides some indication of the risks of investingin the Fund by showing changes in the Fund’s performancefrom year to year. The bar chart shows performance of theFund’s Class I shares. Past results (before and after taxes) arenot predictive of future results. Updated information on theFund’s investment results can be obtained by visitingwww.TCW.com.


’10 ’11 ’12 ’13 ’14 ’16’15 ’17

8.43%0.73% 2.91% 0.73% 0.49% 0.26% 0.85% 0.88% 1.93% 3.41%

’19’18






FTSE 1-Year Treasury Index(reflects no deduction forfees, expenses or taxes)1 2.91% 1.26% 0.84%

1 The FTSE 1-Year Treasury Index (formerly known as the Citigroup1-Year Treasury Index) represents the return of 1-year Treasuries eachmonth. It is determined by taking the 1-year Treasury Bill at thebeginning of the month and calculating its return.

After-tax returns are calculated using the highest individualfederal income tax rates in effect each year and do not reflectthe impact of state and local taxes. Your actual after-taxreturns depend on your individual tax situation and likely willdiffer from the results shown above, and after-tax returnsshown are not relevant if you hold your Fund shares througha tax-deferred arrangement, such as a 401(k) plan orindividual retirement account (IRA).

48



NameExperience


Investment Advisor




ChiefInvestment

Officer — FixedIncome

Bryan Whalen 6 years Group ManagingDirector


49

TCW Total Return Bond Fund

Investment ObjectiveThe Fund’s investment objective is to seek to maximize cur-rent income and achieve above average total return con-sistent with prudent investment management over a fullmarket cycle.



None.



Management Fees 0.40% 0.40% 0.40%Distribution and/or Service(12b-1) fees None 0.25% NoneOther Expenses1 0.12% 0.13% 0.04%Total Annual Fund OperatingExpenses 0.52% 0.78% 0.44%Fee Waiver and/or ExpenseReimbursement2 0.03% 0.08% 0.00%Total Annual Fund OperatingExpenses After Fee Waiver and/or Expense Reimbursement2, 3 0.49% 0.70% 0.44%1 Other Expenses for Plan Class are estimated for the current fiscal year.

2 The Fund’s investment advisor has agreed to waive fees and/orreimburse expenses to limit the Fund’s total annual operating expenses(excluding interest, brokerage, extraordinary expenses and acquiredfund fees and expenses, if any) to 0.49% of average daily net assetswith respect to Class I shares, 0.70% of average daily net assets withrespect to Class N shares and 0.44% of average daily net assets withrespect to Plan Class shares. This contractual fee waiver/expensereimbursement will remain in place through March 1, 2021 and beforethat date, the investment advisor may not terminate this arrangementwithout approval of the Board of Directors. At the conclusion of thisperiod, the Fund’s investment advisor may, in its sole discretion,terminate the contractual fee waiver/expense reimbursement or, withthe Board of Directors’ approval, extend or modify that arrangement.

3 The “Total Annual Fund Operating Expenses After Fee Waiver and/orExpense Reimbursement” do not correlate to the corresponding ratiosincluded in the Fund’s Financial Highlights for each class of shares

because the contractual fee waiver/expense reimbursement waschanged for Class N shares subsequent to the fiscal year endedOctober 31, 2019, and was not in effect for that fiscal year.



Share Classes 1 Year 3 Years 5 Years 10 YearsI $50 $164 $288 $650N $72 $241 $425 $959Plan $45 $141 $246 $555


Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in debt securities. If the Fund changes thisinvestment policy, it will notify shareholders in writing at least60 days in advance of the change. The Fund may invest invarious types of debt securities, including but not limited tosecurities issued or guaranteed by the United States govern-ment or its agencies, instrumentalities or sponsored corpo-rations; corporate obligations (including convertiblesecurities); mortgage-backed and asset-backed securities(which may be privately issued); local currency- or U.S. dollar-denominated foreign debt securities (corporate and

50

government); money market instruments; and other debtobligations bearing fixed or variable interest rates of anymaturity.

At least 50% of the Fund’s net assets will be invested in securi-tized obligations guaranteed by the United States governmentor its agencies, instrumentalities or sponsored corporations;privately issued mortgage-backed and asset-backed securitiesrated at time of investment Aa3 or higher by Moody’s Invest-ors Service, Inc., AA- or higher by S&P Global Ratings or theequivalent by any other nationally recognized statistical orga-nization; other obligations of the United States governmentor its agencies, instrumentalities or sponsored corporations;and money market instruments. The Fund may invest inbelow investment grade bonds (commonly known as “junkbonds”), which are bonds rated below BBB by Fitch Ratings,Inc., below BBB by S&P Global Ratings and below Baa byMoody’s Investors Service, Inc., or, if unrated, bonds deemedby the Fund’s investment advisor to be of comparable quality.

The Fund may invest in derivative instruments such asoptions, futures and swap agreements for investment man-agement or hedging purposes. The derivatives in which theFund may invest include securities that are commonly knownas mortgage derivatives, including inverse floaters, interestonly (IO) strips, principal-only (PO) strips, inverse IOs andtiered index bonds. The Fund may also purchase or sell secu-rities on a when-issued, delayed delivery or forward commit-ment basis.

In managing the Fund’s investments, under normal marketconditions, the portfolio managers seek to construct aninvestment portfolio with a weighted average duration of nomore than eight years. Portfolio securities or other instru-ments may be sold for a number of reasons, including whenthe portfolio managers believe that (i) another security orinstrument may offer a better investment opportunity,(ii) there has been a deterioration in the credit fundamentalsof an issuer, (iii) an individual security or instrument hasreached its sell target, or (iv) the portfolio should berebalanced for diversification or portfolio weighting purposes.













51






• leverage risk: the risk that leverage may result from certaintransactions, including the use of derivatives and borrow-ing. This may impair the Fund’s liquidity, cause it to liqui-date positions at an unfavorable time, increase its

volatility or otherwise cause it not to achieve its intendedresult. To the extent required by applicable law or regu-lation, the Fund will reduce leverage risk by either segregat-ing an equal amount of liquid assets or “covering” thetransactions that introduce such risk.








Investment ResultsThe bar chart below shows how the Fund’s investment resultshave varied from year to year and the table below shows howthe Fund’s average annual total returns for various periodscompare with a broad measure of market performance. Thisinformation provides some indication of the risks of investingin the Fund by showing changes in the Fund’s performancefrom year to year. The bar chart shows performance of theFund’s Class I shares. Class N performance may be lowerthan Class I and Plan Class performance because of thepotentially lower expenses paid by Class I and PlanClass shares. Past results (before and after taxes) are notpredictive of future results. Updated information on theFund’s investment results can be obtained by visitingwww.TCW.com.

52


’10 ’11 ’12 ’13 ’14 ’16’15 ’17

10.74% 4.12%13.41% 7.27%1.66% 5.80% 1.08% 1.53% 3.44% 0.80%

’19’18







N – Before taxes 7.03% 2.48% 4.59%Bloomberg Barclays U.S.

Aggregate Bond Index(reflects no deduction forfees, expenses or taxes)2 8.72% 3.05% 3.75%


2 The Bloomberg Barclays U.S. Aggregate Bond Index is a marketcapitalization-weighted index of investment grade, U.S. dollar-denominated, fixed-rate debt issues, including Treasuries, government-related and corporate securities, mortgage-backed securities (agencyfixed-rate and hybrid adjustable-rate mortgage), asset-backed securitiesand commercial mortgage-backed securities (agency and non-agency).

After-tax returns are calculated using the highest individualfederal income tax rates in effect each year and do not reflectthe impact of state and local taxes. Your actual after-taxreturns depend on your individual tax situation and likely will

differ from the results shown above, and after-tax returnsshown are not relevant if you hold your Fund shares througha tax-deferred arrangement, such as a 401(k) plan orindividual retirement account (IRA). After-tax returns areshown for only one class of shares, and after-tax returns forthe other classes of shares will vary.



NameExperience


Investment Advisor

Scott Austin 3 years Managing Director

Harrison Choi 3 years Managing Director

Mitch Flack 10 years Managing Director



Income


53

TCW Developing Markets Equity Fund

Investment ObjectiveThe Fund’s investment objective is to seek long-term capitalappreciation. This investment objective may be changedwithout shareholder approval.



None.


Share ClassesI N


reimburse expenses to limit the Fund’s total annual operating expenses(excluding interest, brokerage, extraordinary expenses and acquiredfund fees and expenses, if any) to 1.25% of average daily net assetswith respect to both Class I and Class N shares. This contractual feewaiver/expense reimbursement will remain in place through March 1,2021 and before that date the investment advisor may not terminatethis arrangement without approval of the Board of Directors. At theconclusion of this period, the Fund’s investment advisor may, in itssole discretion, terminate the contractual fee waiver/expensereimbursement or, with the Board of Directors’ approval, extend ormodify that arrangement.



Share Classes 1 Year 3 Years 5 Years 10 YearsI $127 $1,141 $2,157 $4,709N $127 $1,383 $2,611 $5,562


Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in equity securities of Developing MarketCountry (as defined below) companies. If the Fund changesthis investment policy, it will notify shareholders in writing atleast 60 days in advance of such change. Equity securitiesinclude common and preferred stock; rights, warrants oroptions to purchase common or preferred stock; securitiesthat may be converted into or exchanged for common or pre-ferred stock, such as convertible preferred stock, convertibledebt and Eurodollar convertible securities; equity securities offoreign companies listed on established exchanges, includingNASDAQ; exchange-traded funds (“ETFs”); American Depos-itory Receipts (ADRs); Global Depository Receipts (GDRs);equity linked notes or similar structures; and other securitieswith equity characteristics. The Fund may invest in securitiesor other financial instruments issued by companies in thefinancial services sector, including, without limitation, thebanking, brokerage and insurance industries. The Fund mayinvest in foreign equity securities, which may or may not belisted on a recognized securities exchange or be publiclytraded. These securities may be denominated in U.S. dollars,

54

local currencies or other foreign currencies. The Fund has nolimit on the portion of its assets that may be invested in anycountry, and may invest in companies of any size. The portfo-lio managers invest in those securities that they think providethe best opportunity to achieve the Fund’s investmentobjective.

For purposes of the Fund’s investment strategy, a DevelopingMarket Country company is a company or financial institutiondomiciled or with primary business operations in, or with themajority of their net assets in or revenues or net incomederiving from, a Developing Market Country. A “DevelopingMarket Country” is a country that has a developing economyor market and includes all of the countries in the MSCI TotalReturn Emerging Markets Index (Net), the MSCI FrontierMarkets Index, and the JP Morgan Emerging Markets BondIndex Global Diversified.

The Fund may invest in other pooled investment vehicles(both investment companies registered under the InvestmentCompany Act of 1940, as amended (the “1940 Act”), and col-lective investments not subject to registration under the 1940Act), including, without limitation, ETFs, exchange-tradednotes (“ETNs”), and real estate investment trusts (“REITs”),to the extent permitted by the 1940 Act.

In allocating investments among various Developing MarketCountries, the portfolio managers attempt to analyze internalpolitical, market and economic factors. These factors include,but are not limited to:

• Public finances;

• Monetary policy;

• External accounts;

• Financial markets;

• Foreign investment regulations;

• Exchange rate policy;

• Labor conditions;

• Political outlook;

• Structural reform policy; and

• Environmental, social and governance factors.

Certain countries require governmental approval prior todirect equity investments by foreign persons such as theFund. If considered likely to help the Fund in achieving itsinvestment objective, the Fund may seek authorization toeffect direct equity investments in such countries from theirrespective governments.

The Fund may invest up to 20% of its net assets, plus anyborrowings for investment purposes, in derivative instru-ments, such as credit-linked notes, structured investments,options, futures, options on futures (including those relatedto options, securities, foreign currencies, indexes and interestrates), forward contracts, and swaps for investmentmanagement (e.g., as a substitute for investing directly inspecific securities or currencies or to increase returns) andhedging purposes.

The investment process employed by the Fund’s portfoliomanagers is a combination of systematic quantitative tech-niques with focused fundamental research. Proprietaryquantitative tools are used to narrow the universe and helpfocus fundamental research on a smaller list of attractivestocks by sifting through the vast investment opportunity setto identify companies with strong or improving earningsgrowth, robust cash flows and attractive valuations. Focusedand in-depth fundamental research and analysis are under-taken by a team of analysts on these stocks emphasizingmanagement quality and track record and conductingscenario analysis based on a company’s forward prospects tohighlight bull, bear and base case expected returns. Best ideasare then considered for inclusion into the portfolio for theFund with the goal of building a well-diversified portfolio ofthe portfolio managers’ best stock ideas.

Portfolio securities may be sold for a number of reasons,including when a company fails to meet expectations or whenthe portfolio managers believe that (i) there has been adeterioration in the underlying fundamentals of a company,(ii) the intermediate- and long-term prospects for a companyare poor, (iii) another security may offer a better investmentopportunity, (iv) an individual security has reached its selltarget, or (v) the portfolio should be rebalanced fordiversification or portfolio weighting purposes.



• equity risk: the risk that stocks and other equity securitiesgenerally fluctuate in value more than bonds

55

and may decline in value over short or extended periods asa result of changes in a company’s financial condition or inoverall market, economic and political conditions.




• developing market country risk: the risk of investing indeveloping market countries, which are substantial due to,among others, higher brokerage costs in certain countries;different accounting standards; thinner trading markets ascompared to those in developed countries; the possibilityof currency transfer restrictions; and the risk of expropria-tion, nationalization or other adverse political, economic orsocial developments.




• frequent trading risk: the risk that frequent trading will leadto increased portfolio turnover and higher

transaction costs, which may reduce the Fund’s perform-ance and may cause higher levels of current tax liability toshareholders in the Fund.






• information technology sector risk: the risk that the Fundmay be susceptible to the impact of market, economic,regulatory, and other factors affecting the informationtechnology sector and that the value of the Fund may fluc-tuate more widely than it would for a fund that investsmore broadly across varying sectors. Companies in the

56

information technology sector may be affected by the over-all economic conditions as well as by factors particular tothe information technology sector, including intensecompetition, short product cycle, rapid product obso-lescence, possible loss or impairment of intellectual prop-erty rights, and changes in government regulations.



• ETF risk: the risk that the value of the Fund’s investmentswill fluctuate in response to the performance of the ETFsowned by the Fund. The lack of liquidity in an ETF couldresult in its value being more volatile than its portfoliosecurities, and an ETF’s performance may not match theperformance of a particular market segment or index itseeks to track. In addition, the Fund’s shareholders willindirectly bear a proportionate share of an ETF’s expenses,in addition to paying the Fund’s expenses.

• ETN risk: the risk that the value of the Fund’s investmentswill fluctuate in response to the performance of the ETNsowned by the Fund. An ETN is subject to possible suddenand unpredictable changes in value, the risk of default bythe issuer, the risk of downgrade of the issuer’s credit rat-ing, and liquidity risk. The Fund’s shareholders willindirectly bear a proportionate share of an ETN’s expenses,in addition to paying the Fund’s expenses.

• REIT risk: the risk that the value of the Fund’s investmentsin REITs may be negatively impacted by factors generallyaffecting the value of real estate and the earnings ofcompanies engaged in the real estate industry as well asfactors that specifically relate to the structure and oper-ations of REITs, including heavy cash flow dependency,self-liquidation and the possibility of failing to qualify fortax-free “pass-through” of income under the federal tax law.





Investment ResultsThe bar chart below shows how the Fund’s investment resultsfrom the past calendar year and the table below shows howthe Fund’s average annual total returns for various periodscompare with a broad measure of market performance. Thisinformation provides some indication of the risks of investingin the Fund by showing changes in the Fund’s performancefrom year to year. The bar chart shows performance of theFund’s Class I shares. Class N performance may be lowerthan Class I performance because of the potentially lowerexpenses paid by Class I shares. Past results (before and aftertaxes) are not predictive of future results. Updatedinformation on the Fund’s investment results can be obtainedby visiting www.TCW.com.


35.66%

5.24%

’16 ’17 ’18 ’19

-21.47%

19.22%



57


Share Class 1 Year

SinceInception

(6/30/2015)


N – Before taxes 19.35% 2.38%MSCI Total Return Emerging

Markets Index (Net) (reflects nodeduction for fees, expenses ortaxes)1 18.42% 5.56%

1 The MSCI Total Return Emerging Markets Index (Net) is a free float-adjusted market capitalization-weighted index that is designed tomeasure the performance of large- and mid-cap securities in emergingmarkets.

After-tax returns are calculated using the highest individualfederal income tax rates in effect each year and do not reflectthe impact of state and local taxes. Your actual after-taxreturns depend on your individual tax situation and likely willdiffer from the results shown above, and after-tax returnsshown are not relevant if you hold your Fund shares througha tax-deferred arrangement, such as a 401(k) plan or

individual retirement account (IRA). After-tax returns areshown for only one class of shares, and after-tax returns forthe other class of shares will vary.


Portfolio ManagersThe portfolio manager for the Fund is:

NameExperience


Investment AdvisorAndrey Glukhov,CFA


of the Fund)

Managing Director


58

TCW Emerging Markets Income Fund

Investment ObjectiveThe Fund’s investment objective is to seek high total returnfrom current income and capital appreciation.



None.



Management Fees 0.75% 0.75% 0.75%Distribution and/or Service(12b-1) Fees None 0.25% NoneOther Expenses1 0.10% 0.14% 0.05%Total Annual Fund OperatingExpenses 0.85% 1.14% 0.80%Fee Waiver and/or ExpenseReimbursement2 0.00% 0.19% 0.03%Total Annual OperatingExpenses After Fee Waiver and/or Expense Reimbursement2 0.85% 0.95% 0.77%1 Other Expenses for Plan Class are estimated for the current fiscal year.

2 The Fund’s investment advisor has agreed to waive fees and/orreimburse expenses to limit the Fund’s total annual operating expenses(excluding interest, brokerage, extraordinary expenses and acquiredfund fees and expenses, if any) to 0.85% of average daily net assetswith respect to Class I shares, 0.95% of average daily net assets withrespect to Class N shares and 0.77% of average daily net assets withrespect to Class P shares. This contractual fee waiver/expensereimbursement will remain in place through March 1, 2021 and beforethat date, the investment advisor may not terminate this arrangementwithout approval of the Board of Directors. At the conclusion of thisperiod, the Fund’s investment advisor may, in its sole discretion,terminate the contractual fee waiver/expense reimbursement or, withthe Board of Directors’ approval, extend or modify that arrangement.


This example assumes that you invest $10,000 in the Fund forthe time periods indicated and then redeem all your shares at

the end of those periods. The example also assumes that yourinvestment has a 5% return each year and that the Fund’soperating expenses remain the same. Although your actualcosts may be higher or lower, based on these assumptions,your costs would be:

Share Classes 1 Year 3 Years 5 Years 10 YearsI $87 $271 $471 $1,049N $97 $343 $609 $1,369Plan $79 $252 $441 $987

Portfolio TurnoverThe Fund pays transaction costs when it buys and sells secu-rities (or “turns over” its portfolio). A higher portfolio turnoverrate may indicate higher transaction costs and may result inhigher taxes when Fund shares are held in a taxable account.These costs, which are not reflected in annual fund operatingexpenses or in the Example, affect the Fund’s performance.During the most recent fiscal year, the Fund’s portfolio turn-over rate was 136.47% of the average value of its portfolio.

Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in debt securities issued or guaranteed bycompanies, financial institutions and government entities inEmerging Market Countries (as defined in the paragraphbelow). If the Fund changes this investment policy, it willnotify shareholders in writing at least 60 days in advance ofthe change. The Fund may invest in high yield or belowinvestment grade bonds (commonly known as “junk bonds”),which are bonds rated below BBB by S&P Global Ratings orbelow Baa by Moody’s Investors Service, Inc., or, if unrated,bonds deemed by the Fund’s investment advisor to be ofcomparable quality. The Fund generally invests in at least fourEmerging Market Countries.

An “Emerging Market Country” means any of the countries inthe J.P. Morgan Emerging Market Bond Index (EMBI) GlobalDiversified, the J.P. Morgan Corporate Emerging Market BondIndex (CEMBI) Broad Diversified, the J.P. Morgan GovernmentBond Index-Emerging Markets (GBI-EM), the MSCI TotalReturn Emerging Markets Index (Net) and the MSCI FrontierMarkets Index. Emerging Markets corporate debt includes thedebt of companies in each of these indices and debt ofcompanies in the countries that are in each of these indices.

59

The Fund may invest in distressed or defaulted corporate secu-rities where the portfolio managers believe the restructuredenterprise valuations or liquidation valuations may significantlyexceed current market values. In addition, the Fund may investin distressed or defaulted sovereign investments where theportfolio managers believe the expected debt sustainability ofthe country exceeds current market valuations. The Fund mayinvest in derivative instruments, such as credit-linked notes,structured investments, options, futures, options on futures(including those related to options, securities, foreign curren-cies, indexes and interest rates), forward contracts, swaps(including interest rate and credit default swaps) and optionson swaps, for investment management (e.g., as a substitute forinvesting directly in debt securities and currencies, to increasereturns, to manage credit or interest rate risk, or to manage theeffective maturity or duration of the Fund’s investment portfo-lio) or hedging purposes. The Fund also may make forwardcommitments in which the Fund agrees to buy or sell a securityin the future at a price agreed upon today.

In allocating investments among various Emerging MarketCountries, the portfolio managers attempt to analyze internalpolitical, market and economic factors. These factors include,but are not limited to:






• Exchange rate policy; and

• Labor conditions.

Portfolio securities and other instruments may be sold for anumber of reasons, including when the portfolio managersbelieve that (i) an individual security or instrument hasreached its sell target, (ii) there has been a deterioration inthe credit fundamentals of an issuer, (iii) there are negativemacroeconomic or geopolitical considerations that may affectan issuer, (iv) another security or instrument may offer a bet-ter investment opportunity, or (v) the portfolio should berebalanced for diversification or portfolio weighting purposes.

Principal RisksSince the Fund holds securities with fluctuating marketprices, the value of the Fund’s shares will vary as its portfoliosecurities 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.










60







• valuation risk: the risk that the portfolio instruments maybe sold at prices different from the values established bythe Fund, particularly for investments that trade in low

volume, in volatile markets or over the counter or that arefair valued.








Investment ResultsThe bar chart below shows how the Fund’s investment resultshave varied from year to year and the table below shows howthe Fund’s average annual total returns for various periodscompare with a broad measure of market performance. Thisinformation provides some indication of the risks of investingin the Fund by showing changes in the Fund’s performance

61

from year to year. The bar chart shows performance of theFund’s Class I shares. Class N performance may be lowerthan Class I and Plan Class performance because of thepotentially lower expenses paid by Class I and PlanClass shares. Past results (before and after taxes) are notpredictive of future results. Updated information on theFund’s investment results can be obtained by visitingwww.TCW.com.


’10 ’11 ’12 ’13 ’14 ’15 ’17’16 ’19’18

21.27%1.95%

22.54%

-4.72%

0.80%

-2.48%

14.23%11.40% 15.84%

-6.16%








N – Before taxes 15.50% 5.88% 6.68%J.P. Morgan EMBI Global

Diversified (reflects nodeduction for fees,expenses or taxes)2 15.04% 6.24% 6.90%


2 The J.P. Morgan EMBI Global Diversified is a market capitalization-weighted total return index of U.S. dollar-denominated Brady bonds,Eurobonds, traded loans issued by emerging market sovereign andquasi-sovereign entities.

After-tax returns are calculated using the highest individualfederal income tax rates in effect each year and do not reflectthe impact of state and local taxes. Your actual after-taxreturns depend on your individual tax situation and likely willdiffer from the results shown above, and after-tax returnsshown are not relevant if you hold your Fund shares througha tax-deferred arrangement, such as a 401(k) plan orindividual retirement account (IRA). After-tax returns areshown for only one class of shares, and after-tax returns forthe other classes of shares will vary.



NameExperience


Investment Advisor

Penelope D. Foley 10 years Group ManagingDirector

David I. Robbins 10 years Group ManagingDirector

Alex Stanojevic 2 years Managing Director

Javier Segovia(Co-Manager)

10 years Managing Director


62

TCW Emerging Markets Local Currency Income Fund

Investment ObjectiveThe Fund’s investment objective is to seek to provide hightotal return from current income and capital appreciation,through investment in debt securities denominated in thelocal currencies of various Emerging Market Countries.



None.


Share ClassesI N





This example assumes that you invest $10,000 in the Fund forthe time periods indicated and then redeem all your shares atthe end of those periods. The example also assumes that yourinvestment has 5% return each year and that the Fund’soperating expenses remain the same. The cost of investing inthe Fund reflects the net expenses of the Fund that resultfrom the contractual expense limitation in the first year only.Although your actual costs may be higher or lower, based onthese assumptions, your costs would be:



Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in debt securities issued or guaranteed bynon-financial companies, financial institutions and govern-ment entities in Emerging Market Countries (as defined in theparagraph below) denominated in the local currencies of anissuer, and in derivative instruments that provide investmentexposure to such securities. If the Fund changes this invest-ment policy, it will notify shareholders in writing at least 60days in advance of the change. The Fund may invest in highyield or below investment grade bonds (commonly known as“junk bonds”), which are bonds rated below BBB by S&PGlobal Ratings or below Baa by Moody’s Investors Service,Inc., or, if unrated, bonds deemed by the Fund’s investmentadvisor to be of comparable quality.

63

An “Emerging Market Country” means any of the countries inthe J.P. Morgan Emerging Market Bond Index (EMBI) GlobalDiversified, the J.P. Morgan Corporate Emerging Market BondIndex (CEMBI) Broad Diversified, the J.P. Morgan Govern-ment Bond Index-Emerging Markets (GBI-EM), the MSCITotal Return Emerging Markets Index (Net) and the MSCIFrontier Markets Index. Emerging Markets corporate debtincludes the debt of companies in each of these indices anddebt of companies in the countries that are in each of theseindices.

The Fund may invest in distressed or defaulted securitieswhere the portfolio managers believe the restructured enter-prise valuations or liquidation valuations may significantlyexceed current market values. The Fund may invest inderivative instruments, such as credit-linked notes, structuredinvestments, options, futures, options on futures (includingthose related to options, securities, foreign currencies,indexes and interest rates), forward contracts, swaps(including interest rate and credit default swaps) and optionson swaps, for investment management (e.g., as a substitutefor investing directly in debt securities and currencies, toincrease returns, to manage credit or interest rate risk, or tomanage the effective maturity or duration of the Fund’sinvestment portfolio) or hedging purposes. The Fund alsomay make forward commitments in which the Fund agrees tobuy or sell a security in the future at a price agreed upontoday. The Fund is non-diversified, which means that it mayinvest its assets in a smaller number of issuers than a diversi-fied fund.







• Exchange rate policy; and

• Labor conditions.

Portfolio securities and other instruments may be sold for anumber of reasons, including when the portfolio managersbelieve that (i) an individual security or instrument hasreached its sell target, (ii) there has been a deterioration inthe credit fundamentals of an issuer, (iii) there are negative

macroeconomic or geopolitical considerations that may affectan issuer, (iv) another security or instrument may offer a bet-ter investment opportunity, or (v) the portfolio should berebalanced for diversification or portfolio weighting purposes.

Principal Risks

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








64












• non-diversification risk: the risk that the Fund may be moresusceptible to any single economic, political or regulatoryevent than a diversified fund because a higher percentageof the Fund’s assets may be invested in the securities of alimited number of issuers.




65


Your investment in the Fund is not a bank deposit and is notinsured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency, entity or per-son.



’11 ’12 ’13 ’14 ’16’15

-1.49%

18.05%

-7.55% -5.94%-14.89% -8.22%

12.13%

’19’18’17

16.27% 12.90%





SinceInception

(12/14/2010)



N – Before taxes 12.78% 2.81% 1.81%J.P. Morgan GBI-EM

Global Diversified(reflects nodeduction for fees,expenses or taxes)1 13.47% 2.78% 1.47%

1 The J.P. Morgan GBI-EM Global Diversified is a comprehensiveemerging markets debt index, and consists of liquid, fixed-rate, localcurrency government bonds.



66


NameExperience


Investment Advisor

Penelope D. Foley 9 years(Since inception

of the Fund)


David I. Robbins 9 years(Since inception

of the Fund)


Alex Stanojevic 2 years ManagingDirector


67

TCW Emerging Markets Multi-Asset Opportunities Fund

Investment ObjectiveThe Fund’s investment objective is to seek current incomeand long-term capital appreciation. This investment objectivemay be changed without shareholder approval.



None.


Share ClassesI N








Principal Investment StrategiesUnder normal circumstances, the Fund invests at least 80%of the value of its net assets, plus any borrowings for invest-ment purposes, in debt and equity securities issued orguaranteed by companies, financial institutions and govern-ment entities in Emerging Market Countries (as definedbelow). If the Fund changes this investment policy, it willnotify shareholders in writing at least 60 days in advance ofsuch change. Equity securities include common and preferredstock; rights, warrants or options to purchase common orpreferred stock; securities that may be converted into orexchanged for common or preferred stock, such as con-vertible preferred stock, convertible debt and Eurodollar con-vertible securities; equity securities of foreign companieslisted on established exchanges, including NASDAQ;exchange-traded funds (“ETFs”); American DepositoryReceipts (ADRs); Global Depository Receipts (GDRs); andother securities with equity characteristics. The Fund may

68

invest in high yield or below investment grade bonds(commonly known as “junk bonds”), which are bonds ratedbelow BBB by S&P Global Ratings or below Baa by Moody’sInvestors Service, Inc., or, if unrated, bonds deemed by theFund’s investment advisor to be of comparable quality. TheFund may invest in fixed income securities of any maturity orduration.

The Fund may invest in other pooled investment vehicles,including registered investment companies (to the extentpermitted by the Investment Company Act of 1940, asamended (the “1940 Act”)) and collective investments notsubject to registration under the 1940 Act. The Fund mayinvest in ETFs and exchange-traded notes (“ETNs”).

An “Emerging Market Country” means any of the countries inthe J.P. Morgan Emerging Market Bond Index (EMBI) GlobalDiversified, the J.P. Morgan Corporate Emerging Market BondIndex (CEMBI) Broad Diversified, the J.P. Morgan Govern-ment Bond Index-Emerging Markets (GBI-EM), the MSCITotal Return Emerging Markets Index (Net) and the MSCIFrontier Markets Index. Emerging Markets corporate debtincludes the debt of companies in each of these indices anddebt of companies in the countries that are in each of theseindices.







• Exchange rate policy;

• Labor conditions;

• Political outlook; and

• Structural reform policy.

Certain countries require governmental approval prior todirect equity investments by foreign persons such as theFund. If considered likely to help the Fund in achieving itsinvestment objective, the Fund may seek authorization toeffect direct equity investments in such countries from theirrespective governments.

The Fund may invest in foreign debt and equity securities thatare not listed on a recognized securities exchange or publiclytraded. The debt securities acquired by the Fund may beissued by foreign government or corporate entities and maybe convertible securities or other securities that may havefixed or variable interest rates of any maturity. These secu-rities may be denominated in U.S. dollars, local currencies orother foreign currencies. The relative percentages of debt andequity in the Fund’s portfolio fluctuate with the monetary,fiscal and exchange rate policies of various foreign countriesand the portfolio managers’ view of the relative value of eachsegment of the market.

The Fund may also purchase assignments of or participationsin loans made by financial institutions to emerging marketsborrowers and invest in other funds, including funds affiliatedwith the Fund’s investment advisor or its affiliates thatspecialize in international investments.

The Fund may invest in distressed or defaulted corporatesecurities when the portfolio managers believe therestructured enterprise valuations or liquidation valuations ofsuch securities may significantly exceed their current marketvalues. In addition, the Fund may invest in distressed ordefaulted sovereign investments when the portfolio managersbelieve the expected debt sustainability of the country issuingsuch investments exceeds current market valuations. TheFund may invest in derivative instruments, such as credit-linked notes, structured investments, options, futures,options on futures (including those related to options, secu-rities, foreign currencies, indexes and interest rates), forwardcontracts, swaps (including interest rate and credit defaultswaps) and options on swaps, for investment (e.g., as a sub-stitute for investing directly in specific securities or curren-cies, to increase returns, to manage credit or interest rate risk,or to manage the effective maturity or duration of the Fund’sinvestment portfolio) or hedging purposes. The Fund alsomay make forward commitments in which the Fund agrees tobuy or sell a security in the future at a price agreed upon atthe time of the commitment.

Portfolio securities and other instruments may be sold for anumber of reasons, including when the portfolio managersbelieve that (i) an individual security or instrument hasreached its sell target, (ii) there has been a deterioration inthe underlying or credit fundamentals of an issuer, (iii) thereare negative macroeconomic or geopolitical considerationsthat may affect an issuer, (iv) another security or instrumentmay offer a better investment opportunity, or (v) the portfolio

69

should be rebalanced for diversification or portfolio weightingpurposes.

















70


• leverage risk: the risk that leverage may result from certaintransactions, including the use of derivatives and borrow-ing. This may impair the Fund’s liquidity, cause it to liqui-date positions at an unfavorable time, increase its volatilityor otherwise cause it not to achieve its intended result. Tothe extent required by applicable law or regulation, I Fundwill reduce leverage risk by either segregating an equalamount of liquid assets or “covering” the transactions thatintroduce such risk.







• ETN risk: the risk that the value of the Fund’s investmentswill fluctuate in response to the performance of the ETNsowned by the Fund. An ETN is subject to possible suddenand unpredictable changes in value, the risk of default bythe issuer, the risk of downgrade of the issuer’s credit rat-ing, and liquidity risk. The Fund’s shareholders willindirectly bear a proportionate share of an ETN’s expenses,in addition to paying the Fund’s expenses.






71


’14 ’15 ’16

-2.63%-9.15% -13.78%

9.54%

’19’18’17

26.75%18.15%





SinceInception

(6/28/2013)



N – Before taxes 17.99% 5.12% 4.69%50% J.P. Morgan EMBI

Global Diversified/50% MSCI TotalReturn EmergingMarkets Index (Net)(reflects no deductionfor fees, expenses ortaxes)1 16.98% 6.14% 5.92%

1 The J.P. Morgan EMBI Global Diversified is a market capitalization-weighted total return index of U.S. dollar-denominated Brady bonds,Eurobonds, traded loans issued by emerging market sovereign andquasi-sovereign entities. The MSCI Total Return Emerging MarketsIndex (Net) is a free float-adjusted market capitalization-weighted indexthat is designed to measure the performance of large- and mid-capsecurities in emerging markets.




NameExperience


Investment Advisor

Penelope D. Foley 6 years(Since inception

of the Fund)


Andrey Glukhov,CFA


of the Fund)

ManagingDirector

David I. Robbins 6 years(Since inception

of the Fund)


Alex Stanojevic 3 years(Since June

2017)

ManagingDirector


72

TCW Conservative Allocation Fund

Investment ObjectiveThe Fund’s investment objective is to seek to provide currentincome and, secondarily, long-term capital appreciation. Thisinvestment objective may be changed without shareholderapproval.



None.


Share ClassesI N

Management Fees None NoneDistribution and/or Service (12b-1) Fees None 0.25%Other Expenses 0.44% 6.64%Acquired Fund Fees and Expenses(Underlying Fund Fees and Expenses) 0.62% 0.62%Total Annual Fund Operating Expenses1 1.06% 7.51%Fee Waiver and/or ExpenseReimbursement2 None 6.15%Total Annual Fund Operating ExpensesAfter Fee Waiver and/or ExpenseReimbursement1,2 1.06% 1.36%1 The “Total Annual Fund Operating Expenses” and “Total Annual Fund

Operating Expenses After Fee Waiver and/or Expense Reimbursement”do not correlate to the corresponding ratios included in the Fund’sFinancial Highlights for each class of shares because those ratios donot reflect indirect expenses, such as “Acquired Fund Fees andExpenses.”

2 The Fund’s investment advisor has agreed to waive fees and/orreimburse expenses to limit the Fund’s total annual operating expenses(excluding interest, brokerage, extraordinary expenses and acquiredfund fees and expenses, if any) to 0.85% of average daily net assetswith respect to both Class I and Class N shares. This contractual feewaiver/expense reimbursement will remain in place through March 1,2021 and before that date, the investment advisor may not terminatethis arrangement without approval of the Board of Directors. At theconclusion of this period, the Fund’s investment advisor may, in itssole discretion, terminate the contractual fee waiver/expensereimbursement or, with the Board of Directors’ approval, extend ormodify that arrangement.



Share Classes 1 Year 3 Years 5 Years 10 YearsI $108 $337 $585 $1,294N $138 $1,656 $3,099 $6,400


Principal Investment StrategiesUnder normal circumstances, the Fund invests in a combina-tion of (i) fixed income funds, and (ii) equity funds that utilizediverse investment styles, such as growth and/or value inves-ting. The Fund’s emphasis on diversification is intended totemper volatility by lessening the effect of any one investmentstyle. The Fund seeks to achieve this by investing in a combi-nation of other funds — the “Underlying Funds” — throughthe implementation of a strategic asset allocation strategy.The Underlying Funds consist of the other series of TCWFunds, Inc., series of Metropolitan West Funds, and variousunaffiliated funds. Metropolitan West Asset Management,LLC, investment advisor to the Metropolitan West Funds, andTCW Investment Management Company LLC, the Fund’sinvestment advisor (the “Advisor”), are affiliated wholly-owned subsidiaries of the TCW Group, Inc.

The Fund invests in the Underlying Funds at levels that aredetermined by the Advisor’s four-step process, whereby the

73

Advisor preliminarily ranks the Underlying Funds, constructsa portfolio model, determines allocations and conductsanalyses of the portfolio.

The equity Underlying Funds invest principally in equity secu-rities of large-capitalization companies, including commonand preferred stock; rights, warrants or options to purchasecommon or preferred stock; securities that may be convertedinto or exchanged for common or preferred stock, such asconvertible preferred stock, convertible debt and Eurodollarconvertible securities; equity securities of foreign companieslisted on established exchanges, including NASDAQ; Ameri-can Depository Receipts (ADRs); and other securities withequity characteristics. The Fund invests between 20% and60% of its net assets in equity Underlying Funds, some ofwhich may invest in international equity exchange-tradedfunds (“ETFs”). ETFs are typically open-end investmentcompanies whose shares are listed for trading on a nationalsecurities exchange.

The fixed income Underlying Funds invest principally in fixedincome securities, including securities issued or guaranteedby the United States government or its agencies,instrumentalities or sponsored corporations; corporateobligations (including convertible securities); mortgage-backed and asset-backed securities (which may be privatelyissued); local currency- or U.S. dollar-denominated foreigndebt securities (government and corporate); money marketinstruments; and other securities bearing fixed or variableinterest rates of any maturity. The fixed income UnderlyingFunds may invest in below investment grade bonds(commonly known as “junk bonds”), which are bonds ratedbelow BBB by Fitch Ratings, Inc., below BBB by S&P GlobalRatings and below Baa by Moody’s Investors Service, Inc., or,if unrated, bonds deemed by the investment advisor to be ofcomparable quality The fixed income Underlying funds mayalso invest in derivatives. The Fund invests between 40% and80% of its net assets in fixed income Underlying Funds.

The Fund is a “fund of funds.” The Fund is subject to therisks associated with each of the Underlying Funds. Addition-ally, the operating expenses incurred by each Underlying Fundare borne indirectly by shareholders of the Fund because theFund not only directly bears its annual operating expenses butalso indirectly bears the annual operating expenses of each ofthe Underlying Funds in proportion to its allocation. Each ofthe affiliated Underlying Funds pays a management fee to theAdvisor or its affiliate and the management fees differ amongthe Underlying Funds. This may create a conflict of interestwhen the Advisor selects Underlying Funds for investment bythe Fund.

The portfolio managers determine and monitor the combina-tion and allocation to the Underlying Funds they believe willhelp the Fund to achieve its investment goal. While there isno cap on investing in any one Underlying Fund, the Fund,under normal market conditions, adheres to the asset classlimitations described above. Asset allocations may differ fromthe targeted range due to the market fluctuations and otherfactors. After the initial allocation, the portfolio managersdetermine when the Fund’s allocations to the UnderlyingFunds should be rebalanced to maintain the targeted alloca-tions. The target allocation ranges may be modified due to amarket action or a portfolio manager recommendation with-out advance notice to shareholders.


The principal risks affecting the Fund that can cause a declinein value are (based on the risks of the Underlying Funds;references to investments and risks of the Fund should beunderstood as references to the investments and risks of theapplicable Underlying Funds):

• Underlying Fund risk: the risk associated with the securitiesand other investments held by the Underlying Funds,which is closely related to the risk of investing in the Fund.

• Underlying Fund allocation risk: the risk that the Advisorwill make less than optimal or poor asset allocation deci-sions on selecting the appropriate mix of the UnderlyingFunds.




74








• leverage risk: the risk that leverage may result from certaintransactions, including the use of derivatives and

borrowing. This may impair the Fund’s liquidity, cause it toliquidate positions at an unfavorable time, increase itsvolatility or otherwise cause it not to achieve its intendedresult. To the extent required by applicable law or regu-lation, the Fund will reduce leverage risk by either segregat-ing an equal amount of liquid assets or “covering” thetransactions that introduce such risk.








75









’10 ’11 ’12 ’13 ’14 ’15 ’17’16

10.55%

-0.04%

11.43%10.04% 6.15% 1.31% 1.46% 8.84%

-3.12%

14.81%

’19’18







N – Before taxes 14.43% 4.02% 5.63%40% S&P 500 Index/60%

Bloomberg Barclays U.S.Aggregate Bond Index(reflects no deduction forfees, expenses or taxes)1 17.62% 6.64% 7.80%

1 The S&P 500 Index is a capitalization-weighted index of 500 U.S.leading companies designed to measure the performance of large-capU.S. equities. The Bloomberg Barclays U.S. Aggregate Bond Index is amarket capitalization-weighted index of investment grade, U.S. dollar-denominated, fixed-rate debt issues, including Treasuries, government-related and corporate securities, mortgage backed securities (agencyfixed-rate and hybrid adjustable-rate mortgage), asset-backed securitiesand commercial mortgage-backed securities (agency and non-agency).

After-tax returns are calculated using the highest individualfederal income tax rates in effect each year and do not reflectthe impact of state and local taxes. Your actual after-taxreturns depends on your individual tax situation and likely willdiffer from the results shown above, and after-tax returnsshown are not relevant if you hold your Fund shares througha tax-deferred arrangement, such as a 401(k) plan orindividual retirement account (IRA). After-tax returns areshown for only one class of shares, and after-tax returns forthe other class of shares will vary.

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NameExperience


Investment Advisor

Adam T. Coppersmith 10 years Managing Director


Michael P. Reilly 13 years(Since inception

of the Fund)

Group ManagingDirector and

Chief InvestmentOfficer — U.S.

Equities


77

Summary of Other Important InformationRegarding Fund Shares

Purchase and Sale of Fund SharesYou may purchase or redeem Fund shares on any businessday (normally any day the New York Stock Exchange is open).Purchase and redemption orders for Fund shares are proc-essed at the net asset value next calculated after an order isreceived by the Fund.

You may conduct transactions by mail (TCW Funds, Inc. c/oU.S. Bancorp Fund Services, LLC, P.O. Box 701, Milwaukee,WI 53201-0701), or by telephone at 1-800-248-4486.Redemptions by telephone are only permitted upon pre-viously receiving appropriate authorization. You may alsopurchase, exchange or redeem Fund shares through yourdealer or financial advisor. Plan Class shares offered by theTCW Core Fixed Income Fund, the TCW Total Return BondFund and the TCW Emerging Markets Income Fund areintended for retirement plans, including defined benefit anddefined contribution plans (which may include participant-directed plans).

Purchase Minimums for All Share Classes

Share Class and Type of Account

MinimumInitial

InvestmentSubsequentInvestments

Class I & Class N RegularAccount . . . . . . . . . . . . . . . . . . . . $ 2,000 $ 250Class I & Class N Individual/Retirement Account . . . . . . . . . . $ 500 $ 250Plan Class Regular Account(Defined Benefit and DefinedContribution Plans) . . . . . . . . . . $25,000,000 $50,000

A broker-dealer or other financial intermediary may require ahigher minimum initial investment, or may aggregate orcombine accounts in order to allow its customers to apply alower minimum investment.

Tax InformationDividends and capital gains distributions you receive from theFund are subject to federal income taxes and may also besubject to state and local taxes, unless you are investingthrough a tax-deferred arrangement, such as a 401(k) plan oran individual retirement account. Such tax-deferred arrange-ments may be taxed later upon withdrawal from thosearrangements.

Payments to Broker-Dealers and Other FinancialIntermediariesIf you purchase Fund shares through a broker-dealer or otherfinancial intermediary (such as a bank), the Fund and theFund’s distributor or its affiliates may pay the intermediary forthe sale of Fund shares and related services. These paymentsmay create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor torecommend the Fund over another investment. Ask yourindividual financial advisor or visit your financial inter-mediary’s website for more information.

78

Principal Risks of the Funds

All the Funds are affected by changes in the economy, or insecurities and other markets. There is also the possibility thatinvestment decisions TCW Investment Management Com-pany LLC (the “Advisor”) makes with respect to the invest-ments of the Funds will not accomplish what they weredesigned to achieve or that the investments will have dis-appointing performance.

Risk is the chance that you will lose money on your invest-ment or that it will not earn as much as you expect. In gen-eral, the greater the risk, the more money your investmenthas the potential to earn for you — and the more you canlose. Because the Funds hold securities with fluctuatingmarket prices, the value of each Fund’s shares will vary as itsportfolio securities increase or decrease in value. Therefore,the value of your investment in a Fund could go down as wellas up.

Each Fund may engage in defensive investing, which is a delib-erate, temporary shift in portfolio strategy that may be under-taken when markets start behaving in volatile or unusualways. The Fund may, for temporary defensive purposes,invest a substantial part of its assets in bonds of U.S. or for-eign governments, certificates of deposit, bankers’ accept-ances, high-grade commercial paper, repurchase agreements,money market funds and cash. When the Fund has investeddefensively in low risk, low return securities, it may notachieve its investment objective. References to minimumcredit ratings or quality for securities apply to the time ofinvestment.

Your investment in a Fund is not a bank deposit, and it is notinsured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency, entity, or per-son. You can lose money by investing in a Fund. When yousell your shares of a Fund, they could be worth more or lessthan what you paid for them.

The following tables summarize the principal risks of investing in each Fund. Your investment may be subject (in varying degrees)to these risks as well as other risks. Each Fund may be more susceptible to some of these risks than others. Risks not marked fora particular Fund may, however, still apply to some extent to that Fund at various times. In addition, the TCW EnhancedCommodity Strategy Fund may be exposed to the certain risks by virtue of the activities and investments of the TCW CaymanEnhanced Commodity Fund, Ltd. (the “Subsidiary”).

U.S. Equity Funds

TCWArtificial

IntelligenceEquityFund

TCWGlobalReal

EstateFund

TCWNew

AmericaPremierEquities

Fund

TCWRelativeValue


Fund

TCWRelativeValueLargeCap

Fund

TCWRelativeValue

Mid CapFund

TCWSelect

EquitiesFund

Artificial Intelligence Related Companies Risk ✓

Counterparty Risk ✓

Derivatives Risk ✓

Dividend-Paying Stock Risk ✓

Emerging Market Country Risk ✓

Equity Risk ✓ ✓ ✓ ✓ ✓ ✓ ✓

Financial Services Sector Risk ✓ ✓ ✓ ✓

Foreign Currency Risk ✓

Foreign Investing Risk ✓ ✓ ✓ ✓ ✓ ✓

Frequent Trading Risk ✓ ✓

Growth Investing Risk ✓ ✓ ✓

Healthcare Sector Risk ✓ ✓

Industrials Sector Risk ✓

Information Technology Sector Risk ✓ ✓ ✓ ✓

Issuer Risk ✓ ✓ ✓ ✓ ✓ ✓ ✓

Leverage Risk ✓

Liquidity Risk ✓ ✓ ✓ ✓ ✓ ✓ ✓

79

U.S. Equity Funds

TCWArtificial

IntelligenceEquityFund

TCWGlobalReal

EstateFund

TCWNew

AmericaPremierEquities

Fund

TCWRelativeValue


Fund

TCWRelativeValueLargeCap

Fund

TCWRelativeValue

Mid CapFund

TCWSelect

EquitiesFund

Market Risk ✓ ✓ ✓ ✓ ✓ ✓ ✓

Mid-Capitalization Company Risk ✓ ✓ ✓

Mortgage REIT Risk ✓

Non-Diversification Risk ✓

Options Strategy Risk ✓

Other Investment Company Risk ✓

Portfolio Management Risk ✓ ✓ ✓ ✓ ✓ ✓ ✓

Price Volatility Risk ✓ ✓ ✓ ✓ ✓ ✓ ✓

REIT and Real Estate Company Risk ✓ ✓ ✓ ✓

Securities Selection Risk ✓ ✓ ✓ ✓ ✓ ✓ ✓

Small-Capitalization Company Risk ✓

Valuation Risk ✓

Value Investing Risk ✓ ✓ ✓ ✓

U.S. Fixed Income Funds

TCW CoreFixed

IncomeFund

TCWEnhanced

CommodityStrategy

Fund

TCWGlobalBondFund

TCW HighYield Bond

Fund

TCW ShortTerm Bond

Fund

TCW TotalReturn Bond

Fund

Asset-Backed Securities Risk ✓

Commodity Risk ✓

Counterparty Risk ✓ ✓ ✓ ✓ ✓ ✓

Credit Risk ✓ ✓ ✓ ✓ ✓ ✓

Debt Securities Risk ✓ ✓ ✓ ✓ ✓ ✓

Derivatives Risk ✓ ✓ ✓ ✓ ✓ ✓

Distressed and Defaulted Securities Risk ✓

Emerging Market Country Risk ✓ ✓ ✓

Equity Risk ✓ ✓

Extension Risk ✓ ✓ ✓ ✓ ✓

Foreign Currency Risk ✓ ✓ ✓

Foreign Investing Risk ✓ ✓ ✓ ✓ ✓

Frequent Trading Risk ✓ ✓ ✓ ✓ ✓

Interest Rate Risk ✓ ✓ ✓ ✓ ✓ ✓

Issuer Risk ✓ ✓ ✓ ✓ ✓ ✓

Junk Bond Risk ✓ ✓ ✓ ✓ ✓ ✓

Leverage Risk ✓ ✓ ✓ ✓ ✓ ✓

Liquidity Risk ✓ ✓ ✓ ✓ ✓ ✓

Market Risk ✓ ✓ ✓ ✓ ✓ ✓

Mortgage-Backed Securities Risk ✓ ✓ ✓ ✓ ✓

Non-U.S. Sovereign Debt Risk ✓

Portfolio Management Risk ✓ ✓ ✓ ✓ ✓ ✓

Prepayment Risk ✓ ✓ ✓ ✓ ✓

Price Volatility Risk ✓ ✓ ✓ ✓ ✓ ✓

Securities Selection Risk ✓ ✓ ✓ ✓ ✓ ✓

Subsidiary Risk ✓

Tax Risk ✓

U.S. Government Securities Risk ✓ ✓ ✓ ✓

U.S. Treasury Obligations Risk ✓ ✓ ✓

Valuation Risk ✓ ✓ ✓ ✓ ✓ ✓

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International Funds

AssetAllocation

Fund

TCWDeveloping

MarketsEquityFund

TCWEmergingMarketsIncomeFund

TCWEmergingMarkets

LocalCurrencyIncomeFund

TCWEmergingMarkets

Multi-AssetOpportunities

Fund

TCWConservative

AllocationFund

Counterparty Risk ✓ ✓ ✓ ✓ ✓

Credit Risk ✓ ✓ ✓ ✓

Debt Securities Risk ✓ ✓ ✓ ✓

Derivatives Risk ✓ ✓ ✓ ✓ ✓

Distressed and Defaulted Securities Risk ✓ ✓ ✓

Emerging Market Country Risk/Developing Market Country Risk ✓ ✓ ✓ ✓

Equity Risk ✓ ✓ ✓

ETF Risk ✓ ✓ ✓

ETN Risk ✓ ✓

Extension Risk ✓

Financial Services Sector Risk ✓

Foreign Currency Risk ✓ ✓ ✓ ✓

Foreign Investing Risk ✓ ✓ ✓ ✓ ✓

Frequent Trading Risk ✓ ✓ ✓ ✓

Growth Investing Risk ✓

Information Technology Sector Risk ✓

Interest Rate Risk ✓ ✓ ✓ ✓

Issuer Risk ✓ ✓ ✓ ✓ ✓

Junk Bond Risk ✓ ✓ ✓ ✓

Leverage Risk ✓ ✓ ✓ ✓ ✓

Liquidity Risk ✓ ✓ ✓ ✓ ✓

Market Risk ✓ ✓ ✓ ✓ ✓

Mid-Capitalization Company Risk ✓ ✓

Mortgage-Backed Securities Risk ✓

Non-Diversification Risk ✓

Non-U.S. Sovereign Debt Risk ✓ ✓ ✓

Portfolio Management Risk ✓ ✓ ✓ ✓ ✓

Prepayment Risk ✓

Price Volatility Risk ✓ ✓ ✓ ✓ ✓

REIT and Real Estate Company Risk ✓

Securities Selection Risk ✓ ✓ ✓ ✓ ✓

Small-Capitalization Company Risk ✓ ✓

Underlying Fund Allocation Risk ✓

Underlying Fund Risk ✓

Valuation Risk ✓ ✓ ✓ ✓ ✓

Value Investing Risk ✓

Artificial Intelligence Related Companies RiskCompanies involved in, or exposed to, artificial intelligencerelated businesses may have limited product lines, markets,financial resources and/or personnel. These companies typi-cally face intense competition and potentially rapid productobsolescence and depend significantly on consumer prefer-ence and demand. These companies are also heavily depend-ent on intellectual property rights and may be adverselyimpacted by the loss or impairment of such rights. There can

be no assurance that these companies will be able to success-fully protect their intellectual property rights to prevent themisappropriation of their technology or that competitors willnot develop technology that is substantially similar orsuperior to their technology. Legal and regulatory changes,particularly those related to information privacy and dataprotection, may have a negative impact on an artificialintelligence company’s products or services. Artificialintelligence companies often spend significant amounts of

81

resources on research and development, and there is noguarantee that the products or services they produce will besuccessful. Artificial intelligence companies, especiallysmaller companies, tend to be more volatile than companiesthat do not rely heavily on technology.

Asset-Backed Securities RiskAsset-backed securities are bonds or notes backed by a dis-crete pool of financial assets such as credit card receivables,automobile receivables and student loans. The impairment ofthe value of the financial assets underlying an asset-backedsecurity, such as the non-payment of loans, may result in areduction in the value of such asset-backed security. Certainasset-backed securities do not have the benefit of the samesecurity interest in the underlying financial assets as domortgage-backed securities, nor are they provided govern-ment guarantees of repayment. Accordingly, issuers of asset-backed securities may have limited ability to enforce thesecurity interest in the underlying assets, and creditenhancements provided to support the asset-backed secu-rities, if any, may be inadequate to protect investors in theevent of default. For example, credit card receivables aregenerally unsecured, and the debtors are entitled to the pro-tection of a number of state and federal consumer credit laws,many of which give such debtors the right to set off certainamounts owed on the credit cards, thereby reducing the bal-ance due. In addition, some issuers of automobile receivablespermit the servicers to retain possession of the underlyingobligations. If the servicer were to sell these obligations toanother party, there is a risk that the purchaser would acquirean interest superior to that of the holders of the relatedautomobile receivables. Asset-backed securities are also sub-ject to prepayment risk in a declining interest rate environ-ment and extension risk in a rising interest rate environment.

Certain Funds may invest in collateralized debt obligations(“CDOs”), which are debt instruments backed solely by apool of other debt securities. CDOs include collateralizedbond obligations (“CBOs”), collateralized loan obligations(“CLOs”) and other similarly structured securities. CBOs andCLOs are types of asset-backed securities. A CBO is a trusttypically collateralized by a diversified pool of high-risk, belowinvestment grade fixed income securities. A CLO is a trusttypically collateralized by a pool of loans, which may include,among others, domestic and foreign senior secured loans,senior unsecured loans, and subordinate corporate loans, andmay include loans that are rated below investment grade orequivalent unrated loans. CDOs may charge managementfees and administrative expenses.

The risks of an investment in a CBO, CLO, or other CDOdepend largely on the type of the collateral securities (whichwould have the risks described elsewhere in this Prospectusfor that type of security) and the class of the CBO, CLO orother CDO in which a Fund invests. Some CBOs, CLOs andother CDOs have credit ratings, but are typically issued invarious classes with various priorities. Normally, CBOs, CLOsand other CDOs are privately offered and sold (that is, notregistered under the federal securities laws) and may becharacterized by a Fund as illiquid securities, but an activedealer market may exist for CBOs, CLOs and other CDOs thatqualify for Rule 144A transactions. In addition to the normalinterest rate, default and other risks of fixed income securitiesdiscussed elsewhere in this Prospectus, CBOs, CLOs andother CDOs carry additional risks, including the possibilitythat distributions from collateral securities will not beadequate to make interest or other payments, the collateralmay decline in value or default, a Fund may invest in CBOs,CLOs or other CDOs that are subordinate to other classes,volatility in values, and the complex structure of the securitymay not be fully understood at the time of investment, whichmay result in disputes with the issuer or produce unexpectedinvestment results.

Bank Loan RiskCommercial banks and other financial institutions orinstitutional investors make corporate loans to companiesthat need capital to grow or restructure. There are a numberof risks associated with an investment in bank loans,including credit risk, interest rate risk, liquidity risk andprepayment risk. Lack of an active trading market, restrictionson resale, irregular trading activity, wide bid/ask spreads andextended trade settlement periods may impair a Fund’s abilityto sell bank loans within its desired time frame or at anacceptable price and its ability to accurately value existing andprospective investments. Extended trade settlement periodsmay result in cash not being immediately available to a Fund.As a result, a Fund may have to sell other investments orengage in borrowing transactions to raise cash to meet itsobligations. The risk of holding bank loans is also directly tiedto the risk of insolvency or bankruptcy of the issuing banks. Ifa Fund holds a bank loan through another financialinstitution, or relies on a financial institution to administerthe loan, its receipt of principal and interest on the loan maybe subject to the credit risk of that financial institution. It ispossible that any collateral securing a bank loan may beinsufficient or unavailable to a Fund, and that a Fund’s rightsto collateral may be limited by bankruptcy or insolvency laws.There may be limited public information available regarding abank loan. These risks could cause a Fund to lose income or

82

principal on a particular investment, which in turn couldaffect the Fund’s returns. The value of bank loans can beaffected by and sensitive to changes in government regulationand to economic downturns in the U.S. and abroad. Bor-rowers generally pay interest on bank loans at rates thatchange in response to changes in market interest rates suchas the London Interbank Offered Rate (LIBOR) or the primerates of U.S. banks. As a result, the value of bank loaninvestments is generally less exposed to the adverse effects ofshifts in market interest rates than investments that pay afixed rate of interest. Bank loans are not registered andotherwise may not be treated as securities under the federalsecurities laws, meaning investors in loans have less pro-tection against improper practices than investors in securitiesthat are registered under or are otherwise subject to the pro-tections of the securities laws.

Commodity RiskThe TCW Enhanced Commodity Strategy Fund’s investmentsin commodity-linked derivative instruments, includingcommodity index-linked notes, may subject the Fund togreater volatility than investments in traditional securities.The value of commodity-linked derivative instruments may beaffected by changes in overall market movements, commodityindex volatility, changes in interest rates, or factors affecting aparticular industry or commodity, such as drought, floods,weather, livestock disease, embargoes, tariffs and interna-tional economic, political and regulatory developments. Theprices of energy, industrial metals, precious metals,agriculture and livestock sector commodities may fluctuatewidely due to factors such as changes in value, supply anddemand and governmental regulatory policies. The energysector can be significantly affected by changes in the pricesand supplies of oil and other energy fuels, energy con-servation, the success of exploration projects, and tax andother government regulations, policies of the Organization ofPetroleum Exporting Countries (“OPEC”) and relationshipsamong OPEC members and between OPEC and oil importingnations. The metals sector can be affected by sharp pricevolatility over short periods caused by global economic,financial and political factors, resource availability, govern-ment regulation, economic cycles, changes in inflation orexpectations about inflation in various countries, interestrates, currency fluctuations, metal sales by governments,central banks or international agencies, investment spec-ulation and fluctuations in industrial and commercial supplyand demand. The commodity-linked derivative instruments inwhich the TCW Enhanced Commodity Strategy Fund investsmay be issued by companies in the financial services sector,including the banking, brokerage and insurance sectors. As a

result, events affecting issuers in the financial services sectormay cause the TCW Enhanced Commodity Strategy Fund’sshare value to fluctuate.

The TCW Enhanced Commodity Strategy Fund and its Sub-sidiary may concentrate their assets in a particular sector ofthe commodities market (such as oil, metal or agriculturalproducts). As a result, the Fund may be more susceptible torisks associated with those sectors of the commodities mar-ket.

Counterparty RiskCounterparty risk refers to the risk that the other party to acontract, such as individually negotiated or over-the-counterderivatives (e.g., swap agreements that are not centrallycleared and participations in loan obligations), will not fulfillits contractual obligations, which may cause losses or addi-tional costs to a Fund or cause a Fund to experience delays inrecovering its assets.

Credit RiskCredit risk refers to the likelihood that an issuer will default inthe payment of principal and/or interest on a security. Finan-cial strength and solvency of an issuer are the primary factorsinfluencing credit risk. In addition, lack of or inadequacy ofcollateral or credit enhancements for a fixed income securitymay affect its credit risk. Credit risk of a security may changeover time, and securities which are rated by agencies are oftenreviewed and may be subject to downgrade. However, ratingsare only opinions of the agencies issuing them and are notabsolute guarantees as to quality.

Debt Securities RiskDebt securities are subject to various risks. Debt securitiesare subject to two primary (but not exclusive) types of risk:credit risk and interest rate risk. These risks can affect a debtsecurity’s price volatility to varying degrees, depending uponthe nature of the instrument. Other factors, such as marketfluctuations and the depth and liquidity of the market for anindividual or class of debt security, can also affect the value ofa debt security and, hence, the market value of a Fund.

Derivatives RiskCertain Funds may invest in derivatives, which are financialinstruments whose performance is derived, at least in part,from the performance of an underlying instrument, such as acurrency, security, commodity, interest rate or index.Derivatives include, among other things, swap agreements,

83

options, forwards and futures. Derivative instruments aresubject to a number of risks, including the risk of changes inthe market price of the underlying instrument, credit risk withrespect to the counterparty, risk of loss due to changes ininterest rates, management risk and liquidity risk.

The use of derivatives involves risks different from, or possi-bly greater than, the risks associated with investing directly inthe underlying instrument. Derivatives can be highly volatile,illiquid and difficult to value, and there is the risk that changesin the value of a derivative held by a Fund will not correlateperfectly with the underlying asset, reference rate or index.Certain types of derivatives involve greater risks than theunderlying obligations because, in addition to general marketrisks, they are subject to counterparty risk and liquidity risk.Investments in derivatives that are negotiatedover-the-counter with a single counterparty are subject tocredit risks related to the counterparty’s ability to perform itsobligations and the further risk that any deterioration in thecounterparty’s creditworthiness could adversely affect thevalue of the derivative. In addition, derivatives and theirunderlying securities and commodities may experience peri-ods of illiquidity, which could cause a portfolio to hold aninvestment it might otherwise sell or to sell an investment itotherwise might hold at inopportune times or for prices thatdo not reflect current market value. The Advisor mightimperfectly judge the direction of the market. For instance, ifa derivative is used as a hedge to offset investment risk inanother security, the hedge might not correlate to themarket’s movements and may have unexpected or undesiredresults such as a loss or a reduction in gains to a Fund’s port-folio.

Additionally, some derivatives can create investment leverageand may create additional risks that may subject a Fund togreater volatility and less liquidity than investments in moretraditional securities. The investment of a Fund’s assetsrequired to purchase certain derivatives may be small relativeto the magnitude of exposure assumed by the Fund; there-fore, the purchase of certain derivatives may have aneconomic leveraging effect on the Fund, thus exaggeratingany increase or decrease the derivatives may cause in the netasset value of the Fund.

Other risks in using derivatives include the risk of mispricingor improper valuation. Many derivatives, in particular privatelynegotiated derivatives, are complex and often valued sub-jectively. Improper valuations can result in increased cashpayment requirements to counterparties or a loss of value toa Fund. In addition, a Fund’s use of derivatives (including

covered call options) may cause the Fund to realize higheramounts of short-term capital gains (generally taxed at ordi-nary income tax rates) than if the Fund had not used suchinstruments.

By investing in a derivative instrument, a Fund could losemore than the principal amount invested. Also, suitablederivative transactions may not be available in all circum-stances, and there can be no assurance that a Fund willengage in these transactions to reduce exposure to other riskswhen that would be beneficial.

Derivatives, such as swaps, forward contracts andnon-deliverable forward contracts, are subject to regulationunder the U.S. Dodd-Frank Wall Street Reform and ConsumerProtection Act (the “Dodd-Frank Act”) and other laws or regu-lations in Europe and other foreign jurisdictions. Under theDodd-Frank Act, certain derivatives have become subject tonew and increased margin requirements, which in somecases has increased the costs to the Funds of tradingderivatives.

Distressed and Defaulted Securities RiskCertain Funds may invest in securities in default and/or obli-gations of financially distressed companies. Repayment ofdefaulted securities and obligations of distressed issuers(including insolvent issuers or issuers in payment or cove-nant default, in workout or restructuring or in bankruptcy orsolvency proceedings) is subject to significant uncertainties.A Fund will generally not receive interest payments ondefaulted or distressed securities and may incur costs toprotect its investment. In addition, defaulted or distressedsecurities involve the substantial risk that principal will not berepaid. A Fund may incur additional expenses to the extent itis required to seek recovery upon a default in the payment ofprincipal of or interest on its portfolio holdings. In anyreorganization or liquidation proceeding relating to a portfoliocompany, a Fund may lose its entire investment or may berequired to accept cash or securities with a value less than itsoriginal investment. Defaulted or distressed securities andany securities received in an exchange for such securities maybe subject to restrictions on resale. Investments in defaultedsecurities and obligations of distressed issuers are consideredspeculative.

Dividend-Paying Stock RiskDividend-paying stocks may underperform the broader stockmarket. Dividend-paying stocks tend to go through cycles ofover- or under-performing the stock market in general, and

84

these periods have in the past lasted for as long as severalyears. Issuers that have paid regular dividends or dis-tributions to shareholders may not declare dividends at cur-rent levels in the future. An issuer may reduce or eliminatefuture dividends or distributions at any time and for any rea-son, which may cause the value of its security held by a Fundto decline.

Emerging Market Country Risk/Developing Market CountryRiskCertain Funds invest in emerging and developing marketcountries. Investing in emerging and developing marketcountries involves substantial risk due to, among others,higher brokerage costs in certain countries; different account-ing standards; thinner trading markets as compared to thosein developed countries; the possibility of currency transferrestrictions; and the risk of expropriation, nationalization orother adverse political, economic or social developments.

Political and economic structures in some emerging anddeveloping market countries may be undergoing significantevolution and rapid development, and such countries maylack the social, political and economic stability characteristicsof developed countries. Some of these countries have in thepast failed to recognize private property rights and havenationalized or expropriated the assets of private companies.

The securities markets of emerging and developing marketcountries can be substantially smaller, less developed, lessliquid and more volatile than the major securities markets inthe U.S. and other developed nations. The limited size ofmany securities markets in emerging and developing marketcountries and limited trading volume in issuers compared tothe volume in U.S. securities or securities of issuers in otherdeveloped countries could cause prices to be erratic for rea-sons other than factors that affect the quality of the securities.In addition, emerging and developing market countries’exchanges and broker-dealers are generally subject to lessregulation than their counterparts in developed countries.Brokerage commissions, custodial expenses and other trans-action costs are generally higher in emerging and developingmarket countries than in developed countries. As a result,funds that invest in emerging and developing market coun-tries generally have operating expenses that are higher thanfunds investing in other securities markets.

Some emerging and developing market countries have agreater degree of economic, political and social instabilitythan the U.S. and other developed countries. Such social,political and economic instability could disrupt the financial

markets in which the Funds invest and adversely affect thevalue of their investment portfolios. Economies in emergingand developing market countries may also be more suscep-tible to natural and man-made disasters, such as earth-quakes, tsunamis, terrorist attacks, or adverse changes inclimate or weather. In addition, many emerging and develop-ing market countries with less established health care sys-tems have experienced outbreaks of pandemic or contagiousdiseases from time to time, including, but not limited to,coronavirus, Ebola, Zika, avian flu, severe acute respiratorysyndrome, and Middle East Respiratory Syndrome. The risksof such phenomena and resulting social, political, economicand environmental damage cannot be quantified. Theseevents can exacerbate market volatility as well as impaireconomic activity, which can have both short- and immediate-term effects on the valuations of the companies and issuersin which the Funds invest.

The United States, the European Union (the “EU”) and vari-ous other countries have imposed sanctions on certain Rus-sian individuals, banks and other companies. Allegations andinvestigations of Russia’s misconduct through intrusions intoU.S. election computers and other events may furtherincrease diplomatic tensions and result in economic or politi-cal actions against Russia. These sanctions and future sanc-tions or other intergovernmental actions may result in thedevaluation of the Russian currency and a decline in the valueand liquidity of Russian securities and may have other neg-ative impacts on Russia’s economy, which could have anegative impact on the Funds’ investment performance andliquidity. Retaliatory actions by the Russian government couldinvolve the seizure of U.S. residents’, such as the Funds’,assets and could further impair the value and liquidity ofRussian securities.

The United States has imposed various sanctions on certainVenezuelan individuals and entities, including most recentlyPetroleos de Venezuela, S.A. (PDVSA), a Venezuelan state-owned oil and natural gas company. These sanctions haveresulted, and future sanctions could result, in the halt of trad-ing of certain Venezuelan securities held by a Fund, whichmay have a negative impact on the Fund’s performance andthe liquidity of these investments. These and future sanctionsmay also negatively impact Venezuela’s economy and theglobal oil markets.

Currencies of emerging and developing market countriesexperience devaluations relative to the U.S. dollar from timeto time. A devaluation of the currency in which investmentportfolio securities are denominated will negatively impact the

85

value of those securities in U.S. dollar terms. Emerging anddeveloping market countries have and may in the futureimpose foreign currency controls and repatriation controls.

Equity RiskEquity securities may include common stock, preferred stockor other securities representing an ownership interest or theright to acquire an ownership interest in an issuer. Equity riskis the risk that stocks and other equity securities generallyfluctuate in value more than bonds and may decline in valueover short or extended periods. The value of stocks and otherequity securities may be affected by changes in an issuer’sfinancial condition, factors that affect a particular industry orindustries, such as labor shortages or an increase in pro-duction costs and competitive conditions within an industry,or as a result of changes in overall market, economic andpolitical conditions that are not specifically related to a com-pany or industry, such as real or perceived adverse economicconditions, changes in the general outlook for corporate earn-ings, changes in interest or currency rates or generallyadverse investor sentiment.

ETF RiskExchange-traded funds (“ETFs”) are investment companiesthat invest in a portfolio of securities typically designed totrack a particular market segment or index and whose sharesare bought and sold on a securities exchange. The risk ofETFs generally reflects the risk of owning shares of theunderlying securities an ETF is designed to track, althoughthe lack of liquidity in an ETF could result in its value beingmore volatile than the underlying portfolio of securities heldby the ETF. In addition, an ETF’s performance may not matchthe performance of a particular market segment or index itseeks to track for a number of reasons, including costsincurred by the ETF in buying and selling securities. Assetsinvested in an ETF will bear the fees and expenses of the ETF,including operating costs and advisory fees, and therefore,shareholders of a Fund that invests in ETFs will indirectly beara proportionate share of each ETF in which the Fund invests,in addition to paying the Fund’s expenses. Additionally, ashareholder may indirectly bear brokerage costs incurred by aFund that purchases ETFs.

ETN RiskExchange-traded notes (“ETNs”) are senior, unsecured,unsubordinated debt securities that are based upon the per-formance of a market index and are issued by banks or otherfinancial institutions. The value of an ETN will fluctuate as thevalue of the market index fluctuates, which can cause sudden

and unpredictable changes in the value of the ETN. An ETN issubject to the risk of default by the issuer and the risk ofdowngrade of the issuer’s credit rating. ETNs are alsoexposed to liquidity risk. There may be no willing purchaser,or the issuer may restrict the redemption amount or itsredemption date. Assets invested in an ETN will bear the feesand expenses of the ETN, including operating costs and advi-sory fees, and therefore, shareholders of a Fund that investsin ETNs will indirectly bear a proportionate share of each ETNin which the Fund invests, in addition to paying the Fund’sexpenses. Additionally, a shareholder may indirectly bearbrokerage costs incurred by a Fund that purchases ETNs.

Extension RiskExtension risk is the risk that in times of rising interest rates,borrowers may pay off their debt obligations more slowly,causing securities considered short- or intermediate-term tobecome longer-term securities that fluctuate more widely inresponse to changes in interest rates than shorter-term secu-rities. This may cause the market value of such securities todecline and will also delay the Fund’s ability to reinvest pro-ceeds at higher interest rates. Extension risk applies primarilyto mortgage-related and other asset-backed securities.

Financial Services Sector RiskCompanies in the financial services sector may be affected bythe overall economic conditions as well as by factors partic-ular to the financial services sector. Financial servicescompanies are subject to extensive government regulations,which may change frequently and may, among others,adversely affect the scope of their activities, place restrictionson the amounts and types of loans and other financial com-mitments they can make, limit the interest rates and fees theycan charge, and prescribe the amount of capital they mustmaintain. In addition, the profitability of businesses in thefinancial services sector depends heavily on the availabilityand cost of capital and may fluctuate significantly in responseto changes in interest rates and may be negatively impactedby credit rating downgrades and decreased liquidity in thecredit market. Businesses in the financial services sector oftenoperate with substantial financial leverage.

Foreign Currency RiskFunds that invest in foreign (non-U.S.) currencies or in for-eign securities that are denominated, trade, and/or receiverevenues in foreign currencies are subject to the risk thatthose foreign currencies will decline in value relative to theU.S. dollar. In the case of currency hedging positions, a Fundis subject to the risk that the U.S. dollar will decline in value

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relative to the currency being hedged. Currency exchangerates may fluctuate significantly and unpredictably. As aresult, a Fund’s investments in foreign currencies, in foreignsecurities that are denominated, trade, and/or receive rev-enues in foreign currencies, or in derivatives that provideexposure to foreign currencies may reduce the returns of theFund.

Foreign Investing RiskInvestments in foreign securities may involve greater risksthan investing in U.S. securities.

As compared to U.S. companies, foreign issuers generallydisclose less financial and other information publicly and aresubject to less stringent and less uniform accounting, audit-ing and financial reporting standards. Foreign countries typi-cally impose less thorough regulations on brokers, dealers,stock exchanges, corporate insiders and listed companiesthan does the U.S., and foreign securities markets may beless liquid and more volatile than U.S. markets. Investmentsin foreign securities generally involve higher costs thaninvestments in U.S. securities, including higher transactionand custody costs as well as additional taxes imposed by for-eign governments. In addition, security trading practicesabroad may offer less protection to investors such as theFunds. Political or social instability, civil unrest, acts of terror-ism and regional economic volatility are other potential risksthat could impact an investment in a foreign security.Settlement of transactions in some foreign markets may bedelayed or may be less frequent than in the U.S., which couldaffect the liquidity of a Fund’s portfolio.

The European financial markets have continued to experiencevolatility because of concerns about economic downturns andabout high and rising government debt levels of several coun-tries in the EU and Europe generally. These events haveadversely affected the exchange rate of the Euro and theEuropean securities markets, and may spread to other coun-tries in Europe, including countries that do not use the Euro.These events may affect the value and liquidity of certain ofthe Funds’ investments. Responses to the financial problemsby EU governments, central banks and others, including aus-terity measures and reforms, may not work, may result insocial unrest and may limit future growth and economicrecovery or have other unintended consequences. Furtherdefaults or restructurings by governments and others of theirdebt could have additional adverse effects on economies,financial markets and asset valuations around the world.

In a public referendum in June 2016, the United Kingdom(“UK”) voted to leave the EU (a process now commonlyreferred to as “Brexit”). On March 29, 2017, the UK deliveredits formal notice of withdrawal from the EU to the EuropeanCouncil. On January 31, 2020, the UK officially withdrew fromthe EU and entered into a transition period untilDecember 31, 2020, during which the UK will effectivelyremain in the EU from an economic perspective but will nolonger have political representation on the EU parliament.During the transition period, the UK and EU will seek tonegotiate and finalize a new trade agreement. It is possiblethat the transition period could be extended for up to twoyears. There is great uncertainty surrounding the outcome ofthe negotiations for a new trade agreement, and the impact ofBrexit on the UK, the EU and the broader global economy maybe significant. As a result of the political divisions within theUK and between the UK and the EU that the referendum voteand the negotiations have highlighted and the uncertainconsequences of Brexit, the UK and European economies andthe broader global economy could be significantly impacted,which may result in increased volatility and illiquidity andpotentially lower economic growth on markets in the UK,Europe and globally, which could potentially have an adverseeffect on the value of a Fund’s investments.

Frequent Trading RiskFrequent trading of portfolio securities may produce capitalgains, which are taxable to shareholders when distributed. Asa result, frequent trading may cause higher levels of currenttax liability to shareholders in a Fund. Frequent trading willlead to increased portfolio turnover and increase the totalamount of commissions or mark-ups to broker-dealers that aFund pays when it buys and sells securities, which mayreduce the Fund’s performance.

Growth Investing RiskGrowth stocks may be more volatile than other stocksbecause they are more sensitive to investor perceptions of theissuing company’s growth potential. The growth investmentstyle may be out of favor or may not produce the best resultsover short or longer time periods and may increase the vola-tility of a Fund’s share price. Growth-oriented funds typicallyunderperform when value investing is in favor.

Healthcare Sector RiskCompanies in the healthcare sector may be affected by theoverall economic conditions as well as by factors particular tothe healthcare sector. Those factors include extensivegovernment regulation, restrictions on government

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reimbursement for medical expenses, rising costs of medicalproducts, services and facilities, pricing pressure, anincreased emphasis on outpatient services, limited number ofproducts and product obsolescence due to industryinnovation, changes in technologies and other market devel-opments. A major source of revenue for the healthcare sectoris payments from Medicare and Medicaid programs. As aresult, the sector is sensitive to legislative changes and reduc-tions in governmental spending for such programs, as well asstate or local healthcare reform measures. Companies in thehealthcare sector depend heavily on patent protection. Theprocess of obtaining patent approval can be long and costly,and the expiration of patents may adversely affect the profit-ability of companies in this sector. Healthcare companies alsoare subject to extensive litigation based on product liabilityand similar claims. Healthcare companies are subject tocompetitive forces that may make raising prices difficult and,at times, may result in price discounting. In addition, compa-nies in the healthcare sector may be thinly capitalized andtherefore may be more susceptible to product obsolescence.

Industrials Sector RiskCompanies in the industrials sector may be affected by theoverall economic conditions as well as by factors particular tothe industrial sector. Industrials companies may be sig-nificantly affected by changes in the supply of and demand fortheir products or services and changes in consumer senti-ment and spending. Processes, products or services that atfirst appear promising may not prove commerciallysuccessful or may become obsolete quickly for reasons suchas rapid technological developments and frequent new prod-uct introduction. Earnings disappointments and intenseworldwide competition for market share can result in sharpprice declines. Other factors that could adversely impactindustrials companies include changes in commodity prices,depletion of resources, claims for environmental damages orproduct liability, and import controls.

Information Technology Sector RiskCompanies in the information technology sector may beaffected by the overall economic conditions as well as by fac-tors particular to the information technology sector.Information technology companies may be significantlyaffected by aggressive pricing as a result of intense competi-tion and by rapid product obsolescence due to rapiddevelopment of technological innovations and frequent newproduct introduction. Other factors, such as short productcycle, possible loss or impairment of intellectual propertyrights, and changes in government regulations, may alsoadversely impact information technology companies.

Interest Rate RiskInterest rate risk is the potential for a decline in bond pricesdue to rising interest rates. In general, bond prices varyinversely with interest rates. The change in a bond’s pricedepends on several factors, including the bond’s maturitydate. The degree to which a bond’s price will change as aresult of changes in interest rates is measured by its“duration.” For example, the price of a bond with a 5-yearduration would be expected under normal market conditionsto decrease 5% for every 1% increase in interest rates. Gen-erally, bonds with longer maturities have a greater durationand thus are subject to greater price volatility from changes ininterest rates. Adjustable rate instruments also react to inter-est rate changes in a similar manner, although generally to alesser degree (depending, however, on the characteristics ofthe reset terms, including the index chosen, frequency of resetand reset caps or floors, among other things). It is possiblethat there will be less governmental action in the near futureto maintain low interest rates. The negative impact on fixedincome securities from interest rate increases, regardless ofthe cause, could be swift and significant, which could result insignificant losses by the Funds, even if anticipated by theAdvisor.

Interest rates in the United States and many parts of theworld, including certain European countries, are at or nearhistorically low levels. The Federal Reserve Board (the“Federal Reserve”) raised its benchmark interest rate severaltimes in 2018 as the U.S. labor market strengthened andeconomic activity accelerated and has since lowered itsbenchmark rate three times in 2019 as signs of economicweakness have appeared. It is possible that the FederalReserve may change its benchmark rate again in the nearfuture.

Changing interest rates may have unpredictable effects onfixed income and related markets, may result in heightenedmarket volatility and may detract from Fund performance tothe extent that the Fund is exposed to interest rates. Duringperiods of low interest rates, a Fund may be less likely tomaintain positive returns. Increases in interest rates mayreduce liquidity for certain Fund investments, which couldcause the value of a Fund’s investments and share price todecline. Interest rate increases may also lead to heightenedFund redemption activity, which may cause a Fund to losevalue as a result of the costs that it incurs in turning over itsportfolio and may lower its performance. A Fund that investsin derivatives tied to fixed income markets may be more sub-stantially exposed to these risks than a Fund that does notinvest in those derivatives.

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Issuer RiskThe value of securities held by a Fund may decline for anumber of reasons directly related to an issuer, such aschanges in the financial condition of the issuer, managementperformance, financial leverage and reduced demand for theissuer’s goods or services. The amount of dividends paid withrespect to equity securities, or the ability of an issuer to makepayments in connection with debt securities, may decline forreasons that relate to the issuer, such as changes in an issu-er’s financial condition or a decision by the issuer to pay alower dividend, or for reasons that relate to the broaderfinancial system. In addition, there may be limited publicinformation available for the Advisor to evaluate foreignissuers.

Junk Bond RiskDebt securities that are rated below investment grade are alsocommonly known as high yield securities or “junk bonds.”Junk bonds are speculative in nature. They are usually issuedby companies without long track records of sales and earn-ings, or by companies with questionable credit strength. Theymay also be issued by highly leveraged companies, which maybe less able to meet their contractual obligations than a lessleveraged company. These bonds have a higher degree ofdefault risk and may be less liquid than higher-rated bonds.These securities may be subject to greater price volatility dueto such factors as specific issuer developments, interest ratesensitivity, negative perceptions of junk bonds generally andless secondary market liquidity. This potential lack of liquiditymay make it more difficult for the Advisor to accurately valuecertain high yield securities held by a Fund.

Leverage RiskLeverage created from certain types of transactions or instru-ments, such as borrowing, engaging in reverse repurchaseagreements, entering into futures contracts or forward cur-rency contracts, engaging in forward commitment trans-actions and investing in leveraged or unleveraged commodityindex-linked notes, may impair a Fund’s liquidity, cause it toliquidate positions at an unfavorable time, increase its vola-tility or otherwise cause it not to achieve its intended result.During periods of adverse market conditions, the use ofleverage may cause a Fund to lose more money than wouldhave been the case if leverage was not used. To the extentrequired by applicable law or regulation, the Funds will reduceleverage risk by either segregating an equal amount of liquidassets or “covering” the transactions that introduce such risk.

Liquidity RiskA Fund’s investments in illiquid securities may reduce thereturns of the Fund because it may not be able to sell the illi-quid securities at an advantageous time or price. Investmentsin high yield securities, foreign securities, derivatives or othersecurities with substantial market and/or credit risk tend tohave the greatest exposure to liquidity risk. Certain invest-ments in private placements and Rule 144A securities may beconsidered illiquid investments.

Furthermore, reduced number and capacity of dealers andother counterparties to “make markets” in fixed income secu-rities, in connection with the growth of the fixed incomemarkets, may increase liquidity risk with respect to a Fund’sinvestments in fixed income securities. When there is no will-ing buyer and investments cannot be readily sold, a Fund mayhave to sell them at a lower price or may not be able to sellthe securities at all, each of which would have a negativeeffect on Fund performance. These securities may also bedifficult to value, and their values may be more volatilebecause of liquidity risk. Increased Fund redemption activity,which may occur in a rising interest rate environment or forother reasons, may negatively impact Fund performance andincrease liquidity risk due to the need of the Fund to sell port-folio securities. Regulations such as the Volcker Rule or futureregulations may further constrain the ability of marketparticipants to create liquidity, particularly in times ofincreased market volatility. The liquidity of a Fund’s assetsmay change over time.

The securities of many of the companies with small- andmid-capitalizations may have less “float” (the number ofshares that normally trade) and less interest in the marketand therefore are subject to greater liquidity risk.

Market RiskVarious market risks can affect the price or liquidity of anissuer’s securities in which a Fund may invest. Returns fromthe securities in which a Fund invests may underperformreturns from the various general securities markets or differ-ent asset classes. Different types of securities tend to gothrough cycles of outperformance and underperformance incomparison to the general securities markets. Adverse eventsoccurring with respect to an issuer’s performance or financialposition can depress the value of the issuer’s securities. Theliquidity in a market for a particular security will affect its valueand may be affected by factors relating to the issuer, as wellas the depth of the market for that security. Other marketrisks that can affect value include a market’s current attitudesabout types of securities, market reactions to political or

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economic events, including litigation, and tax and regulatoryeffects (including lack of adequate regulations for a market orparticular type of instrument).

Instability in the financial markets has led the U.S. govern-ment to take a number of unprecedented actions designed tosupport certain financial institutions and segments of thefinancial markets that have experienced extreme volatility, andin some cases a lack of liquidity. Federal, state, and othergovernments, their regulatory agencies, or self-regulatoryorganizations may take actions that affect the regulation ofthe securities in which a Fund invests or the issuers of suchsecurities in ways that are unforeseeable. Legislation or regu-lation may also change the way in which the Funds are regu-lated. Such legislation or regulation could limit or preclude aFund’s ability to achieve its investment objective. In addition,because economies and financial markets throughout theworld are increasingly interconnected, the value and liquidityof a Fund’s investments may be negatively affected by eco-nomic, financial or political events or other developments inother countries and regions.

Mid-Capitalization Company RiskStock prices of mid-capitalization companies may be morevolatile than those of large-capitalization companies.Mid-capitalization companies are also generally more likely toexperience business failures than large-capitalization compa-nies, and the stocks of mid-capitalization companies may beless liquid, making it more difficult for a Fund to buy and sellshares of mid-capitalization companies. In addition,mid-capitalization companies generally have less diverseproduct lines than large-capitalization companies and aremore susceptible to adverse business or economic develop-ments.

Mortgage-Backed Securities RiskMortgage-backed securities represent participation interestsin pools of mortgage loans purchased from individual lendersby a federal agency or originated and issued by private lend-ers. Mortgage-backed securities are subject to prepaymentrisk, which is the risk that in times of declining interest rates,an issuer of mortgage-backed securities or other debt secu-rities may be able to repay principal prior to the security’smaturity, causing a Fund to have to reinvest in securities witha lower yield or higher risk of default and reducing a Fund’sincome or return potential. Mortgage-backed securities arealso subject to extension risk, which is the risk that in times ofrising interest rates, borrowers may pay off their debt obliga-tions more slowly, causing the market value of such securities

to decline and delaying a Fund’s ability to reinvest proceeds athigher interest rates.

Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest ratesthan other bonds, and the values of some mortgage-backedsecurities may expose a Fund to a lower rate of return uponreinvestment of principal. When interest rates rise, the valueof mortgage-related securities generally will decline; however,when interest rates are declining, the value of mortgage-related securities with prepayment features may not increaseas much as other fixed income securities. The rate ofprepayments on underlying mortgages will affect the priceand volatility of a mortgage-related security, and may shortenor extend the effective maturity of the security beyond whatwas anticipated at the time of purchase. If unanticipated ratesof prepayment on underlying mortgages increase the effectivematurity of a mortgage-related security, the volatility of thesecurity can be expected to increase. The value of these secu-rities may fluctuate in response to the market’s perception ofthe creditworthiness of the issuers.

Additionally, although mortgages and mortgage-related secu-rities are generally supported by some form of government orprivate guarantee and/or insurance, there is no assurancethat private guarantors or insurers will meet their obligations.Certain mortgage-backed securities are issued or guaranteedby U.S. government agencies or U.S. government-sponsoredentities. While mortgage-backed securities issued byGovernment National Mortgage Association (Ginnie Mae)are backed by the full faith and credit of the U.S. government,mortgage-backed securities issued by various U.S.government-sponsored entities, such as Federal Home LoanMortgage Corporation (Freddie Mac) and the FederalNational Mortgage Corporation (Fannie Mae), are not backedby the full faith and credit of the U.S. government. Althoughthe U.S. government has provided financial support to FannieMae and Freddie Mac, there is no assurance that the U.S.government will do so in the future.

Mortgage REIT RiskMortgage real estate investment trusts (“REITs”) lend moneyto developers and owners of properties and invest primarily inmortgages, mortgage-backed securities and similar real estateinterests. Mortgage REITs are exposed to the risks specific tothe real estate market as well as the risks that relate specifi-cally to the way in which Mortgage REITs are organized andoperated.

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Mortgage REITs receive principal and interest payments fromthe owners of the mortgaged properties. Accordingly, mort-gage REITs are subject to the credit risk of the borrowers towhom they extend funds, which is the risk that the borrowerwill be unable and/or unwilling to make timely interest andprincipal payments on the loan to the mortgage REIT. To theextent a mortgage REIT invests in mortgage-backed securitiesoffered by private issuers, the mortgage REIT may be subjectto the credit risk of the issuer. Mortgage REITs also are sub-ject to the risk that the value of mortgaged properties may beless than the amounts owed on the properties. If a mortgageREIT is required to foreclose on a borrower, the amountrecovered in connection with the foreclosure may be less thanthe amount owed to the mortgage REIT.

Mortgage REITs are subject to significant interest rate risk.Interest rate risk refers to fluctuations in the value of a mort-gage REIT’s investment in fixed rate obligations resultingfrom changes in the general level of interest rates. When thegeneral level of interest rates goes up, the value of a mortgageREIT’s investment in fixed rate obligations goes down. Whenthe general level of interest rates goes down, the value of amortgage REIT’s investment in fixed rate obligations goes up.

Mortgage REITs typically use leverage and many are highlyleveraged, which exposes them to leverage risk. Leverage riskrefers to the risk that leverage created from borrowing mayimpair a mortgage REIT’s liquidity, cause it to liquidate posi-tions at an unfavorable time and increase the volatility of thevalues of securities issued by the mortgage REIT. The use ofleverage may not be advantageous to a Mortgage REIT andmay cause a Mortgage REIT to lose more money than wouldhave been the case if leverage was not used.

Mortgage REITs are subject to prepayment risk, which is therisk that borrowers may prepay their mortgage loans at fasterthan expected rates. Prepayment rates generally increasewhen interest rates fall and decrease when interest rates rise.These faster than expected payments may adversely affect aMortgage REIT’s profitability because the Mortgage REIT maybe forced to replace investments that have been redeemed orrepaid early with other investments having a lower yield.Additionally, rising interest rates may cause the duration of aMortgage REIT’s investments to be longer than anticipatedand increase such investments’ interest rate sensitivity.

Mortgage REITs, like all REITs, are subject to special U.S.federal tax requirements. A Mortgage REIT’s failure to complywith these requirements may negatively affect its perform-ance. Mortgage REITs may be dependent upon their

management skills and may have limited financial resources.Mortgage REITs are generally not diversified and may besubject to heavy cash flow dependency, default by borrowersand self-liquidation.

Non-Diversification RiskThe TCW Artificial Intelligence Equity Fund and TCW Emerg-ing Markets Local Currency Income Fund are organized asnon-diversified funds under the 1940 Act, and are not subjectto the general limitation that with respect to 75% of a fund’stotal assets, it may not invest more than 5% of its total assetsin securities of any particular issuer or hold more than 10% ofthe outstanding voting securities of any particular issuer (inboth cases other than obligations issued or guaranteed by theU.S. government, its agencies or instrumentalities and secu-rities of other investment companies). Those Funds, however,remain subject to a diversification requirement under appli-cable tax laws that is less strict than under the 1940 Act.Because a relatively higher percentage of such Fund’s assetsmay be invested in the securities of a limited number ofissuers, such Fund may be more susceptible to any singleeconomic, political or regulatory event than a diversified fund.

Non-U.S. Sovereign Debt RiskInvestment in non-U.S. sovereign debt can involve a highdegree of risk. Legal protections available with respect tocorporate issuers (e.g., bankruptcy, liquidation andreorganization laws) do not generally apply to governmentalentities or sovereign debt. Accordingly, creditor seniorityrights, claims to collateral and similar rights may provide lim-ited protection and may be unenforceable. The governmentalentity that controls the repayment of a non-U.S. sovereigndebt may not be able or willing to repay the principal and/orinterest when due in accordance with the terms of such debt.A government entity’s willingness or ability to repay principaland interest due in a timely manner may be affected by,among other factors, its cash flow situation, the extent of itsforeign reserves, the availability of sufficient foreign exchangeon the date a payment is due, the relative size of the debtservice burden to the economy as a whole, the governmentalentity’s policy toward the International Monetary Fund, andthe political constraints to which a governmental entity maybe subject. A Fund may have limited recourse to compelpayment in the event of a default.

Changes to the financial condition or credit rating of anon-U.S. government may cause the value of a non-U.S.sovereign debt obligation to decline. During periods of eco-nomic uncertainty, the market prices of non-U.S. sovereign

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debt may be more volatile than prices of corporate debt obliga-tions. Investing in non-U.S. sovereign debt obligations isgenerally subject to heightened risk as compared to investingin U.S. government debt obligations. Several countries havedefaulted on their sovereign debt obligations in the past orencountered downgrades of their sovereign debt obligations,and those and other countries may also default on or experi-ence downgrades or further downgrades of their sovereigndebt obligations in the future.

Options Strategy RiskWriting and purchasing call and put options are highly speci-alized activities and entail greater than ordinary investmentrisks. Although options are intended to enable a Fund tomanage market and interest rate risks, these investments canbe highly volatile and a Fund’s use of them could result inpoorer investment performance. A Fund that purchasesoptions is subject to the risk of a complete loss of theamounts paid as premiums to purchase the options. Writingcall options may reduce the risk of owning equity securities,but it may also limit a Fund’s opportunity to profit from anyincrease in the market value of its investments. Unusualmarket conditions or the unavailability of a ready market forany particular option at any one specific time may reduce theeffectiveness of the Fund’s options strategies, and for theseand other reasons a Fund’s option strategies may not reducethe Fund’s volatility to the extent desired.

Other Investment Company RiskCertain Funds may acquire shares in other investment compa-nies, including U.S. or foreign investment companies, ETFs,and certain REITs, to the extent permitted by the 1940 Act. Aninvestment in the shares of another investment company issubject to the risks associated with that investment compa-ny’s portfolio securities. Accordingly, a Fund’s investment inshares of other investment companies will fluctuate based onthe performance of such investment company’s portfoliosecurities. As a shareholder of another investment company,a Fund would bear its proportionate share of that investmentcompany’s expenses, including any investment advisory andadministration fees. At the same time, such Fund would con-tinue to pay its own investment advisory fees and otherexpenses. As a result, such Fund and its shareholders, ineffect, will be absorbing two levels of fees with respect toinvestments in other investment companies. Other invest-ment companies will have their own investment and valuationpolicies and procedures, which may vary from those of aFund. There can be no assurance that the investmentobjective of any other investment company in which a Fundinvests will be achieved.

Portfolio Management RiskPortfolio management risk is the risk that an investment strat-egy may fail to produce the intended results. There can be noassurance that a Fund will achieve its investment objective.The Advisor’s judgments about the attractiveness, value andpotential appreciation of particular securities may prove to beincorrect, and the Advisor may not anticipate actual marketmovements or the impact of economic conditions generally.No matter how well a portfolio manager evaluates marketconditions, the securities a portfolio manager chooses mayfail to produce the intended result, and you could lose moneyon your investment in a Fund.

Prepayment RiskIn times of declining interest rates, a Fund’s higher yieldingsecurities may be prepaid prior to maturity, and the Fund mayhave to replace them with securities having a lower yield,thereby reducing the Fund’s income or return potential.

Price Volatility RiskThe value of a Fund’s investment portfolio will change as theprices of its investments go up or down. Although stocksoffer the potential for greater long-term growth than mostdebt securities, stocks generally have higher short-term vola-tility. The Funds that invest primarily in the equity securitiesof small- and/or mid-capitalization companies are generallysubject to greater price volatility than mutual funds that pri-marily invest in large companies.

Different parts of the market and different types of securitiescan react differently to developments. Issuer, political oreconomic developments can affect a single issuer, issuerswithin an industry or economic sector or geographic region ormarket as a whole.

Prices of most securities tend to be more volatile in the short-term. Therefore, if you trade frequently or redeem in the short-term, you are more likely to incur a loss than an investor whoholds investments for the longer-term. The fewer the numberof issuers in which a Fund invests, the greater the potentialvolatility of its portfolio.

REIT and Real Estate Company RiskREITs are pooled investment vehicles that typically investdirectly in real estate, mortgages and/or loans collateralizedby real estate. The value of a Fund’s investments in REITs andreal estate companies may generally be affected by factorsaffecting the value of real estate and the earnings of compa-nies engaged in the real estate industry. These factors

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include, among others: (i) changes in general economic andmarket conditions; (ii) changes in the value of real estateproperties; (iii) risks related to local economic conditions,overbuilding and increased competition; (iv) increases inproperty taxes and operating expenses; (v) changes in zoningor environmental laws and regulations and other governmentactions such as tax increases and reduced funding forschools, parks, garbage collection or other public services;(vi) casualty and condemnation losses; (vii) variations inrental income, neighborhood values or the appeal of propertyto tenants; and (viii) changes in interest rates. Many realestate companies utilize leverage, which increases investmentrisk and could adversely affect a company’s operations andmarket value in periods of rising interest rates. The value ofsecurities of companies in the real estate industry may gothrough cycles of relative underperformance and out-performance in comparison to equity securities markets ingeneral. Real estate companies may own a limited number ofproperties or concentrate their investments in a particulargeographic region, industry or property type and may experi-ence a high volume of defaults within a short period.

REITs are subject to a highly technical and complex set ofprovisions in the Internal Revenue Code of 1986, as amended(the “Code”). It is possible that a Fund may invest in a realestate company, which purports to be a REIT but fails to qual-ify as a REIT. In the event of any such unexpected failure toqualify as a REIT, the purported REIT would not qualify fortax-free “pass-through” of income and would be subject tocorporate level taxation, thereby significantly reducing thereturn to the Fund on its investment in such company. REITsare also subject to heavy cash flow dependency and self-liquidation.

Investments in REIT equity securities may require a Fund toaccrue and distribute income not yet received. In order togenerate sufficient cash to make the requisite distributions, aFund may be required to sell securities in its portfolio(including when it is not advantageous to do so) that itotherwise would have continued to hold. A Fund’s invest-ments in REIT equity securities may at other times result inthe Fund’s receipt of cash in excess of the REIT’s earnings; ifthe Fund distributes such amounts, such distribution couldconstitute a return of capital to Fund shareholders for federalincome tax purposes. Dividends received by a Fund from aREIT generally will not constitute qualified dividend income.

REITs often do not provide complete tax information to share-holders until after the calendar year-end. Consequently,because of the delay, it may be necessary for a Fund to

request permission to extend the deadline for issuance ofForms 1099-DIV to shareholders of the Fund.

Securities Selection RiskThe specific securities held in a Fund’s investment portfoliomay underperform those held by other funds investing in thesame asset class or benchmarks that are representative of theasset class because of a portfolio manager’s choice ofsecurities.

Small-Capitalization Company RiskStock prices of small-capitalization companies may be morevolatile than those of larger companies. Small-capitalizationcompanies are also generally more susceptible to adversebusiness and economic developments than mid- or large-capitalization companies. Securities of small-capitalizationcompanies may be thinly traded, making it more difficult for aFund to buy and sell shares of small-capitalization companiesor to value such shares. In addition, small-capitalizationcompanies are typically less financially stable than larger,more established companies and may depend on a smallnumber of essential personnel, making these companiesmore susceptible to adverse effects due to the loss ofpersonnel. Small-capitalization companies also normally haveless diverse product lines than those of mid- or large-capitalization companies and are more susceptible to adversedevelopments concerning their products.

Subsidiary RiskBy investing in the Subsidiary, the TCW Enhanced Commod-ity Strategy Fund is indirectly exposed to the risks associatedwith the Subsidiary’s investments. The derivatives and otherinvestments held by the Subsidiary are generally similar tothose that are permitted to be held by the TCW EnhancedCommodity Strategy Fund and are subject to the same risksthat apply to similar investments if held directly by the TCWEnhanced Commodity Strategy Fund. These risks aredescribed elsewhere in this Prospectus. There is no guaranteethat the investment objective of the Subsidiary will be ach-ieved. The Subsidiary is not registered under the 1940 Act,and, unless otherwise noted in this Prospectus, is not subjectto all the investor protections afforded by the 1940 Act. Inaddition, changes in the laws of the United States and/or theCayman Islands could result in the inability of the TCWEnhanced Commodity Strategy Fund and/or the Subsidiary tooperate as described in this Prospectus and the Statement ofAdditional Information (the “SAI”) and could adversely affectthe TCW Enhanced Commodity Strategy Fund.

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Tax RiskThe TCW Enhanced Commodity Strategy Fund gainsexposure to the commodities markets through investments incommodity-linked derivative instruments backed by a portfo-lio of Fixed Income Instruments (as defined in the FundSummary for the TCW Enhanced Commodity Strategy Fund),including commodity index-linked notes, swap agreements,commodity options, futures, and options on futures. TheTCW Enhanced Commodity Strategy Fund may also gainexposure indirectly to commodity markets by investing in theSubsidiary, which invests primarily in commodity-linked swapagreements and other commodity-linked derivative instru-ments. In order for the TCW Enhanced Commodity StrategyFund to qualify as a regulated investment company underSubchapter M of the Code, the TCW Enhanced CommodityStrategy Fund must derive at least 90% of its gross incomeeach taxable year from certain qualifying sources of income.The TCW Enhanced Commodity Strategy Fund has received aprivate letter ruling from the Internal Revenue Service (“IRS”)confirming that income from the TCW Enhanced CommodityStrategy Fund’s investment in the Subsidiary and incomederived from certain commodity index-linked notes will con-stitute “qualifying income” for purposes of Subchapter M.

It should be noted, however, that the IRS currently has sus-pended the issuance of such rulings pending further review.There can be no assurance that the IRS will not change itsposition that income derived from commodity index-linkednotes and wholly-owned subsidiaries is qualifying income.Furthermore, the tax treatment of commodity index-linkednotes, other commodity-linked derivatives, and the TCWEnhanced Commodity Strategy Fund’s investments in theSubsidiary may otherwise be adversely affected by futurelegislation, Treasury Regulations and/or guidance issued bythe IRS. Such developments could affect the character, timingand/or amount of the TCW Enhanced Commodity StrategyFund’s taxable income or any distributions made by the TCWEnhanced Commodity Strategy Fund or result in the inabilityof the TCW Enhanced Commodity Strategy Fund to operateas described in this Prospectus and the SAI.

Underlying Fund Allocation RiskThe TCW Conservative Allocation Fund seeks to achieve itsinvestment objective by investing substantially all of its assetsin a combination of other funds (the “Underlying Funds”)through the implementation of a strategic asset allocationstrategy. As a result, a principal risk of investing in that Fundis the risk that the Advisor will make less than optimal or poorallocation decisions on selecting the appropriate mix of theUnderlying Funds. The Advisor attempts to determine

investment allocations that will optimize returns given vari-ous levels of risk tolerance. However, there is no guaranteethat such allocation techniques and processes will producethe desired results.

Underlying Fund RiskThe TCW Conservative Allocation Fund invests substantiallyall of its assets in the Underlying Funds, and therefore, therisks associated with investing in the Fund are closely relatedto the risks associated with the securities and other invest-ments held by the Underlying Funds. The ability of the TCWConservative Allocation Fund to achieve its investmentobjective will depend upon the ability of the Underlying Fundsto achieve their respective investment objectives. There canbe no assurance that the investment objective of any Under-lying Fund will be achieved.

U.S. Government Securities RiskSome U.S. government securities, such as Treasury bills,notes, and bonds and mortgage-backed securities guaranteedby the Ginnie Mae, are supported by the full faith and credit ofthe United States, while others are supported by the right ofthe issuer to borrow from the U.S. Treasury, by the discre-tionary authority of the U.S. government to purchase theagency’s obligations, or by the credit of the issuing agency,instrumentality, or enterprise only. In addition, certain gov-ernmental entities have been subject to regulatory scrutinyregarding their accounting policies and practices and otherconcerns that may result in legislation, changes in regulatoryoversight and/or other consequences that could adverselyaffect the credit quality, availability or investment character ofsecurities issued or guaranteed by these entities. In recentperiods, the values of U.S. government securities have beenaffected substantially by increased demand for them aroundthe world. Changes in the demand for U.S. government secu-rities may occur at any time and may result in increased vola-tility in the values of those securities.

U.S. Treasury Obligations RiskWhile credit risk for U.S. treasury obligations is generallyconsidered low, U.S. treasury obligations are subject to inter-est rate risk, particularly for those with longer term. In addi-tion, certain political events in the U.S., such as a prolongedgovernment shut down, may cause investors to lose con-fidence in the U.S. government and may cause the value ofU.S. treasury obligations to decline. A significant portion ofU.S. treasury obligations is held by foreign governments,including China, Japan, Ireland and Brazil. Strained relationswith these foreign countries may result in the sale of U.S.

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treasury obligations by these foreign governments, causingthe value of U.S. treasury obligations to decline.

Valuation RiskPortfolio instruments may be sold at prices different from thevalues established by the Fund, particularly for investmentsthat trade in low volume, in volatile markets or over the coun-ter or that are fair valued. Portfolio securities may be valuedusing techniques other than market quotations in circum-stances described under “Calculation of NAV.” This is morelikely for certain types of derivatives such as swaps. The valueestablished for a portfolio security may be different than thevalue that would be produced through the use of anothermethodology or if it had been priced using market quotations.Portfolio securities that are valued using techniques otherthan market quotations, including “fair valued” securities,may be subject to greater fluctuation in their value from oneday to the next than would be the case if market quotationswere used. A Fund may from time to time purchase an “oddlot” or smaller quantity of a security that trades at a discountto the price of a “round lot” or larger quantity preferred fortrading by institutional investors. If a Fund is able to combinean odd lot purchase with an existing holding to make a roundlot or larger position in the security, the Fund may be able toimmediately increase the value of the security purchased, inaccordance with its valuation procedures. There is no assur-ance that the Fund could sell a portfolio security for the valueestablished for it at any time and it is possible that the Fundwould incur a loss because a portfolio security is sold at adiscount to its established value.

Value Investing RiskUndervalued stocks may not realize their perceived value forextended periods of time or may never realize their perceivedvalue. Value stocks may respond differently to market andother developments than other types of stocks. The valueinvestment style may be out of favor or may not produce thebest results over short or longer time periods and mayincrease the volatility of a Fund’s share price. Value-orientedfunds typically underperform when growth investing is infavor.

Additional RisksCybersecurity RiskInformation and technology systems relied upon by theFunds, the Advisor, the Funds’ service providers (including,but not limited to, Fund accountants, custodians, transferagents, administrators, distributors and other financial

intermediaries) and/or the issuers of securities in which aFund invests may be vulnerable to damage or interruptionfrom computer viruses, network failures, computer and tele-communication failures, infiltration by unauthorized persons,security breaches, usage errors, power outages and cata-strophic events such as fires, tornadoes, floods, hurricanesand earthquakes. Although the Advisor has implementedmeasures to manage risks relating to these types of events, ifthese systems are compromised, become inoperable forextended periods of time or cease to function properly, sig-nificant investment may be required to fix or replace them.The failure of these systems and/or of disaster recovery planscould cause significant interruptions in the operations of theFunds, the Advisor, the Funds’ service providers and/orissuers of securities in which a Fund invests and may result ina failure to maintain the security, confidentiality or privacy ofsensitive data, including personal information relating toinvestors (and the beneficial owners of investors). Such afailure could also harm the reputation of the Funds, the Advi-sor, the Funds’ service providers and/or issuers of securitiesin which a Fund invests, subject such entities and theirrespective affiliates to legal claims or otherwise affect theirbusiness and financial performance.

Environmental, Social, and Governance (ESG) RiskCertain of the Advisor’s portfolio managers may utilize vari-ous environmental, sustainability, social responsibility, andgovernance metrics as part of their investment process. Weare not aware of any universally agreed upon objective stan-dards for assessing ESG factors for companies. Rather, thesefactors tend to have many subjective characteristics, can bedifficult to analyze, and frequently involve a balancing of acompany’s business plans, objectives, actual conduct andother factors. ESG factors can vary over different periods andcan evolve over time. They may also be difficult to apply con-sistently across regions, countries, industries or sectors. Forthese reasons, ESG standards may be aspirational and tendto be stated broadly and applied flexibly. In addition, investorsand others may disagree as to whether a certain companysatisfies ESG standards given the absence of generallyaccepted criteria and inconsistencies in reporting by issuers.As a diversified asset manager, TCW does not require aone-size-fits all approach to ESG investing. Rather, TCWexpects its portfolio managers and other investment person-nel to consider ESG factors as appropriate to their respectivestrategies, conducive to meeting their clients’ investmentobjectives, and generally in the best interest of their clients. Inimplementing ESG standards into the investment strategy ofa Fund, each portfolio manager accordingly has the discretionto identify and implement ESG standards in such manner as

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they feel will meet the foregoing goals. There can be no guar-antee that a company that a portfolio manager believes tomeet one or more ESG standards will actually conduct itsaffairs in a manner that is less destructive to the environment,or will actually promote positive social and economicdevelopments.

Globalization RiskThe growing inter-relationship of global economies and finan-cial markets has magnified the effect of conditions in onecountry or region on issuers of securities in a different countryor region. In particular, the adoption or prolongation of pro-tectionist trade policies by one or more countries, changes ineconomic or monetary policy in the United States or abroad,or a slowdown in the United States economy could lead to adecrease in demand for products and reduced flows of capitaland income to companies in other countries. Those eventsmight particularly affect companies in emerging and develop-ing market countries.

LIBOR RiskLIBOR is used extensively in the U.S. and globally as a“benchmark” or “reference rate” for various commercial andfinancial contracts, including corporate and municipal bonds,bank loans, asset-backed and mortgage-related securities,interest rate swaps and other derivatives. For example, debtsecurities in which a Fund invests may pay interest at floatingrates based on LIBOR or may be subject to interest caps orfloors based on LIBOR. A Fund’s derivative investments mayalso reference LIBOR. In addition, issuers of instruments inwhich a Fund invests may obtain financing at floating ratesbased on LIBOR, and a Fund may use leverage or borrowingsbased on LIBOR. In July 2017, the head of the United King-dom Financial Conduct Authority announced the intention tophase out the use of LIBOR by the end of 2021. There is cur-rently no definitive information regarding the future utilizationof LIBOR or of any particular replacement reference rate.Abandonment of or modifications to LIBOR could haveadverse impacts on newly issued financial instruments andexisting financial instruments that reference LIBOR. Theexpected discontinuation of LIBOR could have a significantimpact on the financial markets and may present a materialrisk for certain market participants, including investmentcompanies such as the Funds. Abandonment of or mod-ifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associatedwith this discontinuation and transition may be exacerbated ifthe work necessary to effect an orderly transition to an alter-native reference rate is not completed in a timely manner. It

remains uncertain how such changes would be implementedand the effects such changes would have on the Funds,issuers of instruments in which the Funds invest, and thefinancial markets generally.

Publicly Traded Partnership (“PTP”) and Master LimitedPartnership (“MLP”) RiskInvestments in securities of a PTP or MLP are subject to risksthat differ from investments in common stock, including risksrelated to limited control and limited rights to vote on mattersaffecting the PTP or MLP, risks related to potential conflicts ofinterest between the PTP or MLP’s limited partners and thePTP or MLP’s general partner, cash flow risks, dilution risksand risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time orprice. Certain PTPs and MLP securities may trade in lowervolumes due to their smaller capitalizations. Accordingly,those PTPs or MLPs may be subject to more abrupt or erraticprice movements and may lack sufficient market liquidity toenable the Fund to effect sales at an advantageous time orwithout a substantial drop in price. Investment in those PTPsor MLPs may restrict a Fund’s ability to take advantage ofother investment opportunities. PTPs and MLPs are generallyconsidered interest-rate sensitive investments. During peri-ods of interest rate volatility, these investments may not pro-vide attractive returns.

Securities Lending RiskEach Fund (other than the TCW Conservative AllocationFund) may lend portfolio securities with a value equal to up to25% of its total assets, including collateral received for secu-rities lent. If a Fund lends securities, there is a risk that thesecurities will not be available to the Fund on a timely basis,and the Fund, therefore, may lose the opportunity to sell thesecurities at a desirable price. In addition, as with otherextensions of credit, there is the risk of possible delay inreceiving additional collateral or in the recovery of the secu-rities or possible loss of rights in the collateral should theborrower fail financially. Also, there is the risk that the value ofthe investment of the collateral could decline causing a Fundto lose money.

Swap Agreements RiskSwap agreements are two-party contracts entered into primarilyby institutional investors for periods ranging from a few weeksto more than a year. In a standard swap transaction, two par-ties agree to exchange the returns earned on specific assets,such as the return on, or increase in value of, a particular dollaramount invested at a particular interest rate, in a particular

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foreign currency, or in a “basket” of securities representing aparticular index. Risks inherent in the use of swaps of any kindinclude: (1) swap contracts may not be assigned without theconsent of the counterparty; (2) potential default of thecounterparty to the swap if it is not subject to centralized clear-ing; (3) absence of a liquid secondary market for any particularswap at any time; and (4) possible inability of a Fund to closeout the swap transaction at a time that otherwise would befavorable for it to do so.

Certain types of over-the-counter (“OTC”) derivatives, such asvarious types of swaps, are required to be cleared through acentral clearing organization that is substituted as thecounterparty to each side of the transaction. Each party will berequired to maintain its positions through a clearing broker.Although central clearing generally is expected to reducecounterparty risk, it creates additional risks. A clearing brokeror organization may not be able to perform its obligations.

Cleared derivatives transactions may be more expensive tomaintain than OTC transactions, or require a Fund to depositincreased margin. A transaction may be subject tounanticipated close-out by the clearing organization or aclearing broker. A Fund may be required to indemnify a swapexecution facility or a broker that executes cleared swapsagainst losses or costs that may be incurred as a result of theFund’s transactions. A Fund also is subject to the risk that noclearing member is willing to clear a transaction entered intoby the Fund.

The U.S. and foreign governments are in the process of adopt-ing and implementing regulations governing derivativesmarkets, including clearing, margin, reporting, and registra-tion requirements. The ultimate impact of the regulationsremains unclear. The effect of the regulations could be,among other things, to restrict a Fund’s ability to engage inswap transactions or increase the costs of those transactions.

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Management of the Funds

Investment AdvisorThe Funds’ investment advisor is TCW Investment Manage-ment Company LLC and is headquartered at 865 SouthFigueroa Street, Suite 1800, Los Angeles, California 90017.The Advisor was organized in 1987 as a wholly-owned sub-sidiary of The TCW Group, Inc. (“TCW”). The Advisor is regis-tered with the Securities and Exchange Commission (the“SEC”) as an investment advisor under the InvestmentAdvisers Act of 1940, as amended.

As of December 31, 2019, the Advisor and its affiliated compa-nies, which provide a variety of investment management andinvestment advisory services, had approximately $217 billionin assets under management or committed to management.

Portfolio ManagersCertain information about each Fund’s portfolio manager(s)is provided in the Fund Summary for each Fund at the begin-ning of this Prospectus. Please see the SAI for additionalinformation about other accounts managed by the portfoliomanagers, the portfolio managers’ compensation and theportfolio managers’ ownership of shares of the Fund(s) theymanage.

Listed below are the individuals who are primarily responsiblefor the day-to-day management of each Fund’s portfolio,including a summary of each portfolio manager’s businessexperience during the past five years. (Positions with TCWand its affiliates may have changed over time.)

TCW Artificial Intelligence Equity FundJeffrey W. Lin, CFA Managing Director, the Advisor

and TCW, LLC.

Thomas Lee Managing Director, the Advisorand TCW, LLC.

TCW Global Real Estate FundIman Brivanlou Managing Director, the Advisor

and TCW LLC.

TCW New America Premier Equities FundJoseph R. Shaposhnik Managing Director, the Advisor

and TCW LLC.

TCW Relative Value Dividend Appreciation FundDiane E. Jaffee Group Managing Director, the

Advisor and TCW LLC.

TCW Relative Value Large Cap FundDiane E. Jaffee See above.

Matthew J. Spahn Managing Director, the Advisorand TCW LLC.

TCW Relative Value Mid Cap FundDiane E. Jaffee See above.

TCW Select Equities FundCraig C. Blum Group Managing Director, the

Advisor and TCW LLC.

TCW Core Fixed Income FundStephen M. Kane Group Managing Director, the

Advisor, TCW AssetManagement Company LLC,TCW LLC and MetropolitanWest Asset Management, LLC.

Laird R. Landmann Group Managing Director, theAdvisor, TCW AssetManagement Company LLC,TCW LLC and The TCW Group,Inc. and President, MetropolitanWest Asset Management, LLC.

Tad Rivelle Group Managing Director andChief Investment Officer —Fixed Income, the Advisor, TCWAsset Management CompanyLLC, TCW LLC and MetropolitanWest Asset Management, LLC.

Bryan Whalen Group Managing Director, theAdvisor, TCW AssetManagement Company LLC,TCW LLC and MetropolitanWest Asset Management, LLC.

TCW Enhanced Commodity Strategy FundTad Rivelle See above.

Stephen M. Kane See above.

Bret R. Barker Managing Director, the Advisorand TCW LLC.

TCW Global Bond FundStephen M. Kane See above.

Laird R. Landmann See above.

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Tad Rivelle See above.

Bryan Whalen See above.

TCW High Yield Bond FundJerry Cudzil Managing Director, the Advisor

and TCW LLC.



Steven J. Purdy Managing Director, the Advisorand TCW LLC since March 2016.Prior to joining TCW, Mr. Purdywas a Managing Director at TPGand Goldman Sachs.

TCW Short Term Bond FundStephen M. Kane See above.



Bryan Whalen See above.

TCW Total Return Bond FundScott Austin Managing Director, the Advisor

and TCW LLC.

Harrison Choi Managing Director, the Advisorand TCW LLC.

Mitch Flack Managing Director, the Advisor,TCW LLC and MetropolitanWest Asset Management, LLC.


TCW Developing Markets Equity FundAndrey Glukhov Managing Director, the Advisor

and TCW LLC.

TCW Emerging Markets Income FundPenelope D. Foley Group Managing Director, the

Advisor, TCW AssetManagement Company LLC andTCW LLC.

David I. Robbins See above.

Alex Stanojevic Managing Director, the Advisorand TCW LLC. Prior to 2017,Mr. Stanojevic served as HeadTrader for the TCW EmergingMarket Team. Mr. Stanojevicjoined TCW in 2005 from CoastAsset Management LP.

Javier Segovia(Co-Manager)

Managing Director, the Advisorand TCW LLC.

TCW Emerging Markets Local Currency Income FundPenelope D. Foley See above.


Alex Stanojevic See above.

TCW Emerging Markets Multi-Asset Opportunities FundPenelope D. Foley See above.

Andrey Glukhov See above.


Alex Stanojevic See above.

TCW Conservative Allocation FundAdam T. Coppersmith Managing Director, the Advisor

and TCW LLC.


Michael P. Reilly Group Managing Director &Chief Investment Officer – U.S.Equities, TCW LLC.

Advisory AgreementTCW Funds, Inc. (the “Corporation”), on behalf of each Fund,and the Advisor have entered into an Investment Advisoryand Management Agreement, as amended (the “AdvisoryAgreement”), under the terms of which the Funds haveemployed the Advisor to, subject to the direction and super-vision of the Board of Directors of the Corporation (the“Board of Directors”), provide investment advisory andmanagement services, including, among others, managingthe investment of the assets of each Fund, placing orders forthe purchase or sale of portfolio securities for each Fund,administering the day-to-day operations of each Fund,furnishing to the Corporation office space and all necessaryoffice facilities, supplies and equipment, and arranging forofficers or employees of the Advisor to serve, withoutcompensation from the Corporation, as officers, directors oremployees of the Corporation.

Under the Advisory Agreement, each Fund pays to the Advi-sor, as compensation for the services rendered, facilities fur-nished, and expenses paid by it, the following fees:

Fund

Annual Management Fee(As Percent of Average

Net Asset Value)

TCW Artificial Intelligence EquityFund1 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70%

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Fund

Annual Management Fee(As Percent of Average

Net Asset Value)

TCW Global Real Estate Fund . . . . . . . . . 0.80%TCW New America Premier Equities

Fund2 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.65%TCW Relative Value Dividend

Appreciation Fund3 . . . . . . . . . . . . . . . 0.60%TCW Relative Value Large Cap Fund4 . . . 0.60%TCW Relative Value Mid Cap Fund . . . . . 0.70%TCW Select Equities Fund5 . . . . . . . . . . . 0.65%TCW Core Fixed Income Fund . . . . . . . . . 0.40%TCW Enhanced Commodity Strategy

Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%TCW Global Bond Fund6 . . . . . . . . . . . . . 0.50%TCW High Yield Bond Fund . . . . . . . . . . . 0.45%TCW Short Term Bond Fund . . . . . . . . . . 0.35%TCW Total Return Bond Fund7 . . . . . . . . 0.40%TCW Developing Markets Equity Fund . . . . 0.80%TCW Emerging Markets Income Fund . . 0.75%TCW Emerging Markets Local Currency

Income Fund . . . . . . . . . . . . . . . . . . . . 0.75%TCW Emerging Markets Multi-Asset

Opportunities Fund8 . . . . . . . . . . . . . . 0.90%

1 The annual management fee rate shown in the table for the TCWArtificial Intelligence Equity Fund reflects the rate effective as ofJanuary 1, 2019. Prior to January 1, 2019, the annual management feerate for the Fund was 0.80%.

2 The annual management fee rate shown in the table for the TCW NewAmerica Premier Equities Fund reflects the rate effective as ofJanuary 1, 2019. Prior to January 1, 2019, the annual management feerate for the Fund was 0.80%.

3 The annual management fee rate shown in the table for the TCWRelative Value Dividend Appreciation Fund reflects the rate effective asof January 1, 2019. Prior to January 1, 2019, the annual management feerate for the Fund was 0.65%.

4 The annual management fee rate shown in the table for the TCWRelative Value Large Cap Fund reflects the rate effective as of January 1,2019. Prior to January 1, 2019, the annual management fee rate for theFund was 0.65%.

5 The annual management fee rate shown in the table for the TCW SelectEquities Fund reflects the rate effective as of January 1, 2019. Prior toJanuary 1, 2019, the annual management fee rate for the Fund was 0.75%.

6 The annual management fee rate shown in the table for the TCW GlobalBond Fund reflects the rate effective as of January 1, 2019. Prior toJanuary 1, 2019, the annual management fee rate for the Fund was 0.55%.

7 The annual management fee rate shown in the table for TCW TotalReturn Bond Fund reflects the rate effective as of February 28, 2020.Prior to February 28, 2020, the annual management fee rate for theFund was 0.50%.

8 The annual management fee rate shown in the table for the TCWEmerging Markets Multi-Asset Opportunities Fund reflects the rateeffective as of January 1, 2019. Prior to January 1, 2019, the annualmanagement fee rate for the Fund was 0.95%.

The TCW Conservative Allocation Fund does not directly paythe Advisor a management fee. However, the Advisor or itsaffiliate serves as the investment advisor to the UnderlyingFunds in which the TCW Conservative Allocation Fundinvests and is paid an annual management fee by thoseUnderlying Funds. As a result, shareholders of the TCWConservative Allocation Fund indirectly bear a portion of themanagement fees paid by, and other expenses of, the Under-lying Funds in which the TCW Conservative Allocation Fundinvests.

The Subsidiary has entered into a separate advisory agree-ment with the Advisor for the management of the Sub-sidiary’s portfolio, pursuant to which the Subsidiary isobligated to pay the Advisor a management fee at the samerate that the TCW Enhanced Commodity Strategy Fund paysthe Advisor pursuant to the Advisory Agreement. The Advisorhas agreed to waive the management fee it receives from theTCW Enhanced Commodity Strategy Fund in an amountequal to the management fee paid to the Advisor by the Sub-sidiary for the management of the portion of the TCWEnhanced Commodity Strategy Fund’s assets invested in theSubsidiary. This waiver may not be terminated without theconsent of the Board of Directors.

Pursuant to an Expense Limitations letter agreement, theAdvisor has agreed that in the event the overall operatingexpenses of the Class I, Class N, or Plan Class shares of aFund listed below exceed the stated expense limit on anannualized basis, the Advisor will reimburse the class orclasses of such Fund in respect of such shares for the differ-ence. Each expense limitation does not include any expensesattributable to interest, brokerage, extraordinary expenses andacquired fund fees and expenses, if any. This contractualexpense limitation will continue to March 1, 2021, and beforethat date, the Advisor may not terminate this arrangementwithout prior approval of the Board of Directors.

U.S. Equity FundsTCW Artificial Intelligence Equity Fund

I Class Shares1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90%N Class Shares1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%

TCW Global Real Estate FundI Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%N Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15%

TCW Relative Value Dividend Appreciation FundI Class Shares2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70%N Class Shares2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90%

TCW Relative Value Large Cap FundI Class Shares3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70%N Class Shares3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90%

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TCW Relative Value Mid Cap FundI Class Shares4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85%N Class Shares4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95%

TCW Select Equities FundI Class Shares5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80%N Class Shares5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%

U.S. Fixed Income FundsTCW Core Fixed Income Fund

I Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.49%N Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70%Plan Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.44%

TCW Enhanced Commodity Strategy FundI Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70%N Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%

TCW Global Bond FundI Class Shares6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.60%N Class Shares6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70%

TCW High Yield Bond FundI Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.55%N Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80%

TCW Short Term Bond FundI Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.44%

TCW Total Return Bond FundI Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.49%N Class Shares7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70%Plan Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.44%

International FundsTCW Developing Markets Equity Fund

I Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25%N Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25%

TCW Emerging Markets Income FundI Class Shares8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85%N Class Shares8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95%Plan Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.77%

TCW Emerging Markets Local Currency Income FundI Class Shares9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85%N Class Shares9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90%

TCW Emerging Markets Multi-Asset Opportunities FundI Class Shares10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%N Class Shares10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.20%

Asset Allocation FundTCW Conservative Allocation Fund

I Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85%N Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85%

1 The contractual expense limitation shown in the table for the TCWArtificial Intelligence Equity Fund reflects the rate effective as ofJanuary 1, 2019. Prior to January 1, 2019, the contractual expenselimitation was 1.05% for I Class Shares and N Class Shares of theFund.

2 The contractual expense limitation shown in the table for the TCWRelative Value Dividend Appreciation Fund reflects the rate effective asof February 28, 2020. Prior to February 28, 2020, the contractualexpense limitation was 0.73% for I Class Shares and 0.95% forN Class Shares of the Fund.

3 The contractual expense limitation shown in the table for the TCWRelative Value Large Cap Fund reflects the rate effective as ofFebruary 28, 2020. Prior to February 28, 2020, the contractual expenselimitation was 0.72% for I Class Shares and 0.95% for N Class Sharesof the Fund.

4 The contractual expense limitation shown in the table for the TCWRelative Value Mid Cap Fund reflects the rate effective as of February28, 2020. Prior to February 28, 2020, the contractual expense limitationwas 0.90% for I Class Shares and 1.00% for N Class Shares of theFund.

5 The contractual expense limitation shown in the table for the TCWSelect Equities Fund reflects the rate effective as of January 1, 2019.Prior to January 1, 2019, the Fund was not subject to any contractualexpense limitation.

6 The contractual expense limitation shown in the table for the TCWGlobal Bond Fund reflects the rate effective as of January 1, 2019. Priorto January 1, 2019, the contractual expense limitation was 1.04% for IClass Shares and N Class Shares of the Fund.

7 The contractual expense limitation shown in the table for the TCW TotalReturn Bond Fund reflects the rate effective as of February 28, 2020.Prior to February 28, 2020, the contractual expense limitation was0.79% for N Class Shares of the Fund.

8 The contractual expense limitation shown in the table for the TCWEmerging Markets Income Fund reflects the rate effective as ofFebruary 28, 2020. Prior to February 28, 2020 the Fund was not subjectto any contractual expense limitation.

9 The contractual expense limitation shown in the table for the TCWEmerging Markets Local Currency Income Fund reflects the rateeffective as of January 1, 2019. Prior to January 1, 2019, the contractualexpense limitation was 0.99% for I Class Shares and N Class Shares ofthe Fund.

10 The contractual expense limitation shown in the table for the TCWEmerging Markets Multi-Asset Opportunities Fund reflects the rateeffective as of January 1, 2019. Prior to January 1, 2019, the contractualexpense limitation was 1.23% for I Class Shares and N Class Shares ofthe Fund.

In addition to the contractual expense limitations listed abovethat apply to certain Funds, the Advisor has agreed to reduceits investment management fee or to pay the operatingexpenses of each Fund to limit the Fund’s operating expensesto an amount not to exceed the previous month’s expense ratioaverage for comparable funds as calculated by Lipper Inc. Thisexpense limitation is voluntary and terminable by either theAdvisor or the Board of Directors on six months’ prior notice.This voluntary limitation and the contractual fee waiver and/orexpense reimbursement excludes interest, brokerage, extra-ordinary expenses, and acquired fund fees and expenses, if any.

A discussion regarding the basis for the Board of Directors’approval of the Advisory Agreement for each Fund is con-tained in the Corporation’s annual report to shareholders forthe fiscal year ended October 31, 2019.

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Payments by the AdvisorThe Advisor pays certain costs of marketing the Funds fromlegitimate profits from its management fees and otherresources available to it. The Advisor may also share withfinancial intermediaries (as defined below in the “YourInvestment — Account Policies and Services — Calculationof NAV” section) certain marketing expenses or pay for theopportunity to distribute the Funds, sponsor informationalmeetings, seminars, client awareness events, support formarketing materials, or business building programs. TheAdvisor or its affiliates may pay amounts from their ownresources to third parties, including brokerage firms, banks,financial advisors, retirement plan service providers, andother financial intermediaries for providing record keeping,sub-accounting, transaction processing and other admin-istrative services. These payments, which may be substantial,are in addition to any fees that may be paid by the Funds forthese types of or other services.

The amount of these payments is determined from time totime by the Advisor and may differ among such financialintermediaries. Such payments may provide incentives forsuch parties to make shares of the Funds available to theircustomers, and may allow the Funds greater access to suchparties and their customers than would be the case if nopayments were paid. Such access advantages include, but arenot limited to, placement of a Fund on a list of mutual fundsoffered as investment options to the financial intermediary’scustomers (sometimes referred to as “Shelf Space”); accessto the financial intermediary’s registered representatives;and/or ability to assist in training and educating the financialintermediary’s registered representatives. These paymentarrangements will not, however, change the price an investorpays for shares of a Fund or the amount that the Fundreceives to invest on behalf of the investor. These paymentsmay create potential conflicts of interests between an investorand a financial intermediary who is recommending a partic-ular Fund over other mutual funds. You may wish to considerwhether such arrangements exist when evaluating anyrecommendations to purchase or sell shares of a Fund andyou should contact your financial intermediary for detailsabout any payments it may receive from the Funds or fromthe Advisor. Payments are typically based on a percentage ofassets under management or based on the number of cus-tomer accounts or a combination thereof.

Multiple Class StructureAll of the Funds currently offer two classes of shares: Class Ishares and Class N shares, except for the TCW Short TermBond Fund, which only offers Class I shares, and the TCW Core

Fixed Income Fund, TCW Total Return Bond Fund, and TCWEmerging Markets Income Fund, which also offer PlanClass shares. Shares of each class of a Fund represent an equalpro rata interest in that Fund and each class generally has thesame voting, liquidation, and other rights. The Class I and PlanClass shares are offered at the current net asset value. TheClass N shares are offered at the current net asset value, butare subject to fees imposed under a distribution plan (the“Distribution Plan”) adopted pursuant to Rule 12b-1 under the1940 Act. Pursuant to the Distribution Plan, each Fundcompensates the Funds’ distributor for distribution and relatedservices at a rate equal to 0.25% of the average daily net assetsof that Fund attributable to its Class N shares. The fees may beused to pay the Fund’s distributor for distribution services andsales support services provided in connection with Class Nshares. The fee may also be used to pay financial intermediariesfor the sales support services and related expenses and share-holder servicing fees. The shareholder servicing fees are paid tocompensate financial intermediaries for the administration andservicing of shareholder accounts and are not costs which areprimarily intended to result in the sale of the Fund’s shares.Because these fees are paid out of the Fund’s Class N assetson an on-going basis, over time these fees will increase the costof your investment and may cost you more than paying othertypes of sales charges. Because the expenses of each class maydiffer, the performance of each class is expected to differ.

Other Shareholder Servicing Expenses Paid by the FundsThe Funds are authorized to compensate each broker-dealerand other third-party intermediary up to such percentage asapproved by the Board of Directors of the assets serviced fora Fund by that intermediary for shareholder services to eachFund and its shareholders invested in the I Share or N Shareclass. These services constitute sub-recordkeeping,sub-transfer agent or similar services and are similar inscope to services provided by the transfer agent to theFunds. These expenses paid by a Fund would remain sub-ject to any overall expense limitations applicable to thatFund. These expenses are in addition to any payment of anyamounts through the Distribution Plan. This amount maybe adjusted, subject to approval by the Board of Directors.Plan Class shares do not make payments to broker-dealersor other financial intermediaries.

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Your Investment – AccountPolicies and Services

Buying Shares

You pay no sales charges to invest in a Fund. Your price for aFund’s shares is the Fund’s net asset value per share(“NAV”) which is calculated as of the close of trading on theNew York Stock Exchange (“NYSE”) (usually 4:00 p.m. East-ern time or the time trading closes on the NYSE, whichever isearlier) every day the NYSE is open. In addition to Saturdayand Sunday, the NYSE is closed on the days that the followingholidays are observed: New Year’s Day, Martin Luther King, Jr.Day, Presidents’ Day, Good Friday, Memorial Day,Independence Day, Labor Day, Thanksgiving and ChristmasDay. Shares cannot be purchased by wire transactions ondays when banks are closed.

Calculation of NAVThe NAV of each Class of a Fund is determined by adding thevalue of that Class’s securities, cash and other assets, sub-tracting all expenses and liabilities attributable to that Class,and then dividing by the total number of shares of thatClass issued and outstanding ((assets-liabilities)/# ofshares = NAV).

Your order will be priced at the next NAV calculated after yourorder is accepted by the Corporation. Orders received by theFunds’ transfer agent from dealers, brokers or other serviceproviders (“financial intermediaries”) after the NAV for theday is determined will receive that same day’s NAV if theorders were received by the financial intermediary from itscustomers prior to 4:00 p.m. Eastern time (or the time tradingcloses on the NYSE, whichever is earlier). Your financialintermediary is responsible for transmitting such orderspromptly.

The Corporation may at its discretion reject any purchaseorder for Fund shares.

Each Fund discloses its NAV on a daily basis. To obtain aFund’s NAV, please call (800) FUND TCW or visit the TCWFunds, Inc. website at www.TCW.com.

A Fund’s investments for which market quotations are readilyavailable are valued based on market value. Equity securities,including depository receipts, are valued at the last reportedsale price as reported by the stock exchange or pricing service.

Securities traded on the NASDAQ Stock Market (“NASDAQ”)are valued using the official closing prices as reported byNASDAQ. In cases where equity securities are traded onmore than one exchange, the securities are valued using theprices from the respective primary exchange of each security.Options on equity securities are valued at the average of thelatest bid and ask prices as reported by the stock exchange orpricing service. S&P 500 futures contracts generally are valuedat the first sale price after 4:00 p.m. ET on the Chicago Mer-cantile Exchange. All other futures contracts are valued at theofficial settlement price of the exchange on which the appli-cable contract is traded. Changes to market closure timesmay alter when futures contracts are valued. The daily NAVmay not reflect the closing market price for all futures con-tracts and options held by the Funds because the markets forcertain futures contracts and options close shortly after thetime the NAV is calculated. The daily NAV also may notreflect prices from after-hours trading. Generally, securitiesissued by open-end investment companies are valued usingtheir respective net asset values. Securities tradedover-the-counter are valued using prices furnished byindependent pricing services or by broker dealers.

Investments initially valued in currencies other than the U.S.dollar are converted to the U.S. dollar using exchange ratesobtained from pricing services. As a result, the NAV of theFund’s shares may be affected by changes in the value ofcurrencies in relation to the U.S. dollar. The value of securitiestraded in markets outside the United States or denominatedin currencies other than the U.S. dollar may be affected sig-nificantly on a day that the NYSE is closed and an investor isnot able to purchase, redeem or exchange shares.

The Corporation may use the fair value of a security asdetermined in accordance with procedures adopted by theBoard of Directors if market quotations are unavailable ordeemed unreliable or if events occurring after the close of asecurities market and before the Corporation values its assetswould materially affect net asset value. Such situations areparticularly relevant for a Fund that holds securities that tradeprimarily in overseas markets. A security that is fair valuedmay be valued at a price higher or lower than actual marketquotations or the value determined by other funds using their

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own fair valuation procedures. Unlike the closing price of asecurity on an exchange, fair value determinations employelements of judgment. The fair value assigned to a securitymay not represent the value that a Fund could obtain if it wereto sell the security.

The net asset value of the Fund’s investments in other invest-ment companies will be calculated based upon the net assetvalue of those investment companies; the offering documentsfor those investment companies explain the circumstancesunder which they will use fair value pricing and the effects ofusing fair value pricing.

Minimums

Share Class and Type of Account

MinimumInitial

Investment

MinimumSubsequentInvestments

Class I and Class NRegular Account . . . . . . . . . . . . . . . . . $ 2,000 $ 250Individual/Retirement Account $ 500 $ 250Plan ClassRegular Account (Defined Benefit

and Defined ContributionPlans) . . . . . . . . . . . . . . . . . . . . . . . $25,000,000 $50,000

The Corporation may accept investments of smaller amountsunder circumstances deemed appropriate. The Corporationreserves the right to change the minimum investmentamounts without prior notice. A broker-dealer or other finan-cial intermediary may require a higher minimum initialinvestment, or may aggregate or combine accounts in orderto allow its customers to apply a lower minimum investment.All investments must be in U.S. dollars drawn on domesticbanks. The Corporation will not accept money orders, traveler’schecks, bank checks, drafts, cashiers’ checks in amounts less than$10,000 or credit card checks. Third-party checks, except thosepayable to an existing shareholder, will not be accepted. Inaddition, the Funds will not accept cash, checks drawn onbanks outside the U.S., starter checks, post-dated checks,post-dated on-line checks or any conditional order or pay-ment. If your check does not clear, you will be responsible forany loss a Fund incurs such as a loss resulting from a changein NAV. You will also be charged $25 for every check returnedunpaid.

The Funds have adopted an Anti-Money Laundering Com-pliance Program as required by the United StrengtheningAmerica by Providing Appropriate Tools Required to Interceptand Obstruct Terrorism Act of 2001 (USA PATRIOT ACT) andappointed an Anti-Money Laundering Officer to help the

government fight the funding of terrorism and money launder-ing activities. Federal law requires all financial institutions toobtain, verify, and record information that identifies eachperson who opens an account. What this means for you isthat when you open an account, the Funds’ transfer agent willask you for your name, address, date of birth, taxpayer identi-fication number and permanent street address. If you areopening the account in the name of a legal entity (e.g., part-nership, limited liability company, business trust, corporation,etc.), you must also supply the identity of the beneficial own-ers. Mailing addresses containing only a P.O. Box will not beaccepted. The transfer agent may also ask to see your driver’slicense or other identification documents, and may consultthird-party databases to help verify your identity. If the transferagent is unable to verify your identity or that of another per-son authorized to act on your behalf, or if it believes it hasidentified potentially criminal activity, the transfer agentreserves the right to close your account or take any otheraction it deems reasonable or required by law.

Automatic Investment PlanOnce your account has been opened with the initial minimuminvestment you may make additional purchases at regularintervals through the Automatic Investment Plan (“AIP”). TheAIP provides a convenient method to have monies deductedfrom your bank account for investment into a Fund, on amonthly, bi-monthly, quarterly or semi-annual basis (if yourAIP falls on a weekend or holiday, it will be processed on thefollowing business day). In order to participate in the AIP,each purchase must be in the amount of $100 or more andyour financial institution must be a member of the AutomatedClearing House (“ACH”) network. If your financial institutionrejects your payment, the Fund’s transfer agent will charge a$25 fee to your Fund account. To begin participating in theAIP, please complete the AIP section on the account applica-tion or call the Fund’s transfer agent at (800) 248-4486 foradditional information. Any request to change or terminateyour AIP should be submitted to the transfer agent at leastfive business days prior to the effective date of the next trans-action.

Selling SharesYou may sell shares at any time. Your shares will be sold atthe next NAV calculated after your order is accepted by theFund’s transfer agent or a dealer, broker or other service pro-vider. Any certificates representing Fund shares being soldmust be returned with your redemption request. Your orderwill be processed promptly, and you will generally receive theproceeds within a week.

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Before selling recently purchased shares, please note that if aFund has not yet collected payment for the shares you areselling, it may delay sending the proceeds for up to fifteencalendar days from the purchase date or until payment iscollected, whichever is earlier.

Shareholders who have an IRA or other retirement plan mustindicate on their redemption request whether or not to with-hold federal income tax. Redemption requests failing toindicate an election not to have tax withheld will generally besubject to 10% withholding.

Signature GuaranteesSome circumstances require written sell orders, along withsignature guarantees. These include:

• amounts in excess of $100,000

• amounts of $1,000 or more on accounts whose addresshas been changed within the last 30 calendar days

• requests to send the proceeds to a payee, address or abank account different than what is on our records

• if ownership is changed on your account

• written requests to wire redemptions proceeds (if not pre-viously authorized on the account)

Non-financial transactions, including establishing or modify-ing services on an account, may require signature guarantee,signature verification from a Signature Validation Programmember, or other acceptable form of authentication from afinancial institution.

The Funds and/or the transfer agent reserve the right to waiveor require any signature guarantee based on the circum-stances relative to the particular situation.

A signature guarantee helps protect against fraud. You canobtain one from most banks, securities dealers, credit unionsor savings associations but not from a notary public. Pleasecall (800) 248-4486 to ensure that your signature guaranteewill be processed correctly.

Exchanging SharesYou can exchange from Class I, Class N, or Plan Class sharesof one Fund into the same Class of another Fund offered in adifferent prospectus, provided that your investment meets theminimum initial investment and any other requirements ofthe same Class of the other Fund and that the shares of thesame Class of the other Fund are eligible for sale in your state

of residence. Further information about conversion of sharesbetween classes of the same Fund may be found in theFunds’ SAI. You can request your exchange in writing or byphone. Be sure to read the current prospectus for any Fundinto which you are exchanging. Any new account establishedthrough an exchange will have the same privileges as youroriginal account (as long as they are available).

You may also exchange the shares of any Fund you own forshares of Fidelity Prime Money Market Portfolio, which is anunaffiliated, separately managed, money market mutual fund,or exchange shares of Fidelity Prime Money Market Portfoliofor shares of any Fund. You should read the Fidelity PrimeMoney Market Portfolio prospectus prior to investing in thatfund. You can obtain a prospectus for the Fidelity PrimeMoney Market Portfolio by calling (800) 386-3829 or by visit-ing our website at www.TCW.com.

Third Party TransactionsYou may buy and redeem a Fund’s shares through certainbroker-dealers and financial organizations and theirauthorized intermediaries. When you place your order withsuch a broker or its authorized agent, your order is treated asif you had placed it directly with the Funds’ Transfer Agent,and you will pay or receive the next price calculated by theFunds. The broker (or agent) holds your shares in an omni-bus account in the broker’s (or agent’s) name, and the broker(or agent) maintains your individual ownership records. Ifpurchases and redemptions of a Fund’s shares are arrangedand settlement is made at an investor’s election through aregistered broker-dealer, other than the Fund’s distributor,that broker-dealer may, at its discretion, charge a fee for thatservice. The broker (or agent) is responsible for processingyour order correctly and promptly, keeping you advisedregarding the status of your individual account, confirmingyour transactions and ensuring that you receive copies of theFunds’ prospectus.

Current and prospective investors purchasing shares of aFund through a broker-dealer should be aware that a trans-action charge, commission, and/or other form of paymentmay be imposed by broker-dealers that make the Fund’sshares available, and there will not be such charges if sharesof the Fund are purchased directly from the Fund.

Account StatementsEvery Fund investor automatically receives regular accountstatements. You will also be sent a yearly statement detailingthe tax characteristics of any dividends and distributions youhave received.

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Household MailingsEach year you are automatically sent an updated prospectusand annual and semi-annual reports for the Funds. You mayalso receive proxy statements for a Fund. In order to reducethe volume of mail you receive, when possible and unless theCorporation receives contrary instructions, only one copy ofthese documents will be sent to those addresses shared bytwo or more accounts. You may write the Corporation at 865South Figueroa Street, Los Angeles, California 90017 or tele-phone it at 1-800-386-3829 to request individual copies ofdocuments or to request a single copy of documents if receiv-ing duplicate copies. The Corporation will begin sending ahousehold single or multiple copies, as requested, as soon aspracticable after receiving the request.

General PoliciesIf your non-retirement account in a Fund falls below $2,000 asa result of redemptions and or exchanges for six months ormore, the Fund may close your account and send you theproceeds upon 60 days’ written notice.

Unless you decline telephone privileges on your New AccountForm, you may be responsible for any fraudulent telephoneorder as long as the Funds’ transfer agent takes reasonablemeasures to verify the order. Reasonable measures include arequirement for a caller to provide certain personal identifyinginformation. If an account of a Fund has more than oneowner or authorized person, the Fund will accept telephoneinstructions from any one owner or authorized person.

Each Fund also reserves the right to make a “redemption inkind” — payment in portfolio securities rather than cash — ifthe amount you are redeeming in any 90-day period is largeenough to affect Fund operations (for example, if it equalsmore than $250,000 or represents more than 1% of a Fund’sassets). Securities used to make an in-kind redemption wouldnormally be a representative basket of securities, subject toreasonable minimum quantities to allow possible later sale bythe shareholder. If your shares are redeemed in kind you willincur transaction costs upon disposition of the securitiesreceived in the distribution.

Any undeliverable dividend checks or dividend checks thatremain uncashed for six months will be cancelled and will bereinvested in the applicable Fund at the per share net assetvalue determined as of the date of cancellation.

After the transfer agent has received the redemption requestand all proper documents, payment for shares tendered willgenerally be made within (i) one to three business days for

redemptions made by wire, and (ii) three to five businessdays for ACH redemptions. Redemption payments by checkwill generally be issued on the business day following theredemption date; however, actual receipt of the check by theredeeming investor will be subject to postal delivery sched-ules and timing.

Under normal circumstances, a Fund typically expects tomeet redemptions with positive cash flows. When that cash isnot available, the Fund seeks to maintain its portfolio weight-ings by selling a cross section of the Fund’s holdings to meetredemptions, while also factoring in trading costs. Undercertain circumstances, including under stressed market con-ditions, there are additional tools that a Fund may use inorder to meet redemptions, including advancing the settle-ment of market trades with counterparties to match investorredemption payments or delaying settlement of an investor’stransaction to match trade settlement, within regulatoryrequirements. Under unusual circumstances, a Fund mayalso borrow money (subject to certain regulatory conditions)through a bank line of credit, including a joint committedcredit facility, or inter-fund borrowing from affiliated mutualfunds, in order to meet redemption requests. Payment maybe delayed or made partly in-kind with marketable securitiesunder unusual circumstances, as specified in the 1940 Act.

Trading LimitsThe Funds are not intended to serve as vehicles for frequenttrading activity because such trading may disrupt manage-ment of the Funds. In addition, such trading activity canincrease expenses as a result of increased trading and trans-action costs, forced and unplanned portfolio turnover, lostopportunity costs, and large asset swings that decrease theFunds’ ability to provide maximum investment returns to allshareholders. In addition, certain trading activity thatattempts to take advantage of inefficiencies in the valuation ofthe Funds’ securities holdings may dilute the interests of theremaining shareholders. This in turn can have an adverseeffect on the Funds’ performance.

Accordingly, the Board of Directors has adopted the followingpolicies and procedures with respect to frequent purchasesand redemptions of Fund shares by shareholders. Each Fundreserves the right to refuse any purchase or exchange requestthat could adversely affect the Fund or its operations, includ-ing those from any individual or group who, in the Fund’sview, is likely to engage in excessive trading. If a purchase orexchange order with respect to a Fund is rejected, the poten-tial investor will not benefit from any subsequent increase inthe net asset value of the Fund.

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For all U.S. Fixed Income Funds (as shown on the cover of thisProspectus), TCW Emerging Markets Income Fund, TCWEmerging Markets Local Currency Income Fund and TCWEmerging Markets Multi-Asset Opportunities Fund, future pur-chases into a Fund may be barred if a shareholder effectsmore than two round trips in shares of that Fund (meaningexchanges or redemptions following a purchase) in excess ofcertain de minimis limits within a 30-day period. Shareholderseffecting a round trip transaction in shares of a Fund inexcess of the relevant de minimis threshold more than oncewithin the above-referenced 30-day period may receive acommunication from the Fund warning that the shareholderis in danger of violating the Corporation’s frequent tradingpolicy.

For all other Funds, future purchases into a Fund may be bar-red if a shareholder effects a round trip in shares of that Fund(meaning exchanges or redemptions following a purchase) inexcess of certain de minimis limits within a 30-day period.

Exceptions to these trading limits may be made only uponapproval of the Corporation’s Chief Compliance Officer or hisdesignee, and such exceptions are reported to the Board ofDirectors on a quarterly basis.

This policy may be revised from time to time by the officers ofthe Corporation in consultation with the Board of Directorswithout prior notice.

These restrictions do not apply to the Fidelity Prime MoneyMarket Portfolio, to certain asset allocation programs(including mutual funds that invest in other mutual funds forasset allocation purposes, and not for short-term trading), toomnibus accounts (except to the extent noted in the nextparagraph) maintained by brokers and other financial

intermediaries (including 401(k) or other group retirementaccounts, although restrictions on Fund share transactionscomparable to those set forth in the previous paragraphshave been applied to the Advisor’s retirement savingsprogram), and to involuntary transactions and automaticinvestment programs, such as dividend reinvestment ortransactions pursuant to the Funds’ systematic investment orwithdrawal program.

In an attempt to detect and deter excessive trading in omni-bus accounts, the Corporation or its agents may requireintermediaries to impose restrictions on the trading activity ofaccounts traded through those intermediaries. The Funds’ability to impose restrictions with respect to accounts tradedthrough particular intermediaries may vary depending on thesystems capabilities, applicable contractual and legalrestrictions, and cooperation of those intermediaries. TheCorporation, however, cannot always identify or reasonablydetect excessive trading that may be facilitated by financialintermediaries or that may be made difficult to identifythrough the use of omnibus accounts by those intermediariesthat transmit purchase, exchange and redemption orders tothe Funds, and thus the Funds may have difficulty curtailingsuch activity.

In addition, the Corporation reserves the right to:

• change or discontinue its exchange privilege, or temporarilysuspend this privilege during unusual market conditions,to the extent permitted under applicable SEC rules; and

• delay sending out redemption proceeds for up to sevendays (generally only applies in cases of large redemptions,excessive trading or during unusual market conditions).

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TO OPEN AN ACCOUNT TO ADD TO AN ACCOUNT

In Writing

(Same, except that you should include the stub that isattached to your account statement that you receive aftereach transaction or a note specifying the Fund name, youraccount number, and the name(s) your account isregistered in.)

Complete the New Account Form. Mail your New AccountForm and a check made payable to (Name of Fund) to:

Via Regular MailTCW Funds, Inc.c/o U.S. Bancorp Fund Services, LLCP.O. Box 701Milwaukee, WI 53201-0701

Via Express, Registered or Certified MailTCW Funds, Inc.c/o U.S. Bancorp Fund Services, LLC615 E. Michigan Street, 3rd FloorMilwaukee, WI 53202

By Telephone

Please contact the Investor Relations Department at(800) FUND TCW (386-3829) for a New Account Form. TheFunds’ transfer agent will not establish a new account fundedby fed wire unless a completed application is received prior toits receipt of the fed wire.

Wire: Have your bank send your investment to: Before sending your fed wire, please call the Funds’transfer agent at (800) 248-4486 to advise them of the wire.This will ensure prompt and accurate credit to youraccount upon receipt of the fed wire. Wired funds must bereceived prior to 4:00 p.m. Eastern time to receive sameday pricing. The Funds and U.S. Bank, N.A. are notresponsible for the consequences of delays resulting fromthe banking or Federal Reserve wire system, or fromincomplete wiring instructions.

U.S. Bank, N.A.777 E. Wisconsin AvenueMilwaukee, WI 53202ABA No. 075000022Credit: U.S. Bancorp Fund Services LLCAccount No. 182380074993Further Credit: (Name of Fund)(Name on the Fund Account)(Fund Account Number)

Via Exchange

Call the Funds’ transfer agent at (800) 248-4486. The newaccount will have the same registration as the account fromwhich you are exchanging.

If you need help completing the New Account Form, pleasecall the Funds’ transfer agent at (800) 248-4486.

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TO SELL OR EXCHANGE SHARES

By Mail

Write a letter of instruction that includes:• your name(s) and signature(s) as they appear on the account form• your account number• the Fund name• the dollar amount you want to sell or exchange• how and where to send the proceeds

Obtain a signature guarantee or other documentation, if required (see “Your Investment — Account Policies and Services —Selling Shares”).

Mail your letter of instruction to:

Via Regular MailTCW Funds, Inc.c/o U.S. Bancorp Fund Services, LLCP.O. Box 701Milwaukee, WI 53201-0701

Via Express, Registered or Certified MailTCW Funds, Inc.c/o U.S. Bancorp Fund Services, LLC615 E. Michigan Street, 3rd FloorMilwaukee, WI 53202

By Telephone

Be sure the Funds have your bank account information on file. Call the Funds’ transfer agent at (800) 248-4486 to requestyour transaction. Proceeds will be sent electronically to your bank or a check will be sent to the address of record.

Telephone redemption requests must be for a minimum of $1,000.

Systematic Withdrawal Plan: As another convenience, you may redeem shares through the systematic withdrawal plan. Callthe Funds’ transfer agent at (800) 248-4486 to request a form to add the plan. Complete the form, specifying the amountand frequency of withdrawals you would like. The Systematic Withdrawal Plan is not available for the Plan Class shares.

Under the plan, you may choose to receive a specified dollar amount generated from the redemption of shares in youraccount on a monthly, quarterly or annual basis. In order to participate in the plan, your account balance must be at least$2,000 and there must be a minimum annual withdrawal of $500. If you elect this redemption method, the Funds will send acheck to your address of record, or will send the payment via electronic funds transfer through the Automated ClearingHouse (“ACH”) network, directly to your bank account. For payment through the ACH network, your bank must be an ACHmember and your bank account information must be on file with the Funds. The plan may be terminated by the Funds at anytime.

You may elect to terminate your participation in the plan at any time by contacting the Funds’ transfer agent 5 days prior tothe effective date.

To reach the Funds’ transfer agent, U.S. Bancorp Fund Services, LLC, call:Toll free in the U.S.(800) 248-4486

Outside the U.S.(414) 765-4124 (collect)

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Distributions and TaxesThe amount of dividends of net investment income and dis-tributions of net realized long and short-term capital gainspayable to shareholders will be determined separately foreach Fund class. Dividends and distributions are paid sepa-rately for each class of shares. The dividends and dis-tributions paid on Class I and Plan Class shares will generallybe higher than those paid on Class N shares since Class Nshares normally have higher expenses than Class I and PlanClass shares. Dividends from the net investment income ofeach Fund will be declared and paid annually except for theTCW Relative Value Dividend Appreciation Fund, TCWEnhanced Commodity Strategy Fund, and TCW Global RealEstate Fund, which will declare and pay dividends quarterly,and the TCW Emerging Markets Local Currency Income Fund,TCW Emerging Markets Income Fund, TCW Core FixedIncome Fund, TCW High Yield Bond Fund, TCW Short TermBond Fund, TCW Total Return Bond Fund, and TCW GlobalBond Fund, which will declare and pay dividends monthly.The Funds will distribute any net realized long- or short-termcapital gains at least annually. Your distributions from a Fundwill be reinvested in the Fund unless you instruct the Fundotherwise in writing or by telephone. An investor will be taxedin the same manner whether you receive your distributions(from investment company taxable income or net capitalgains) in cash or reinvest them in additional shares of a Fund.

There are no fees or sales charges on reinvestments. You mayrequest distributions be paid by check. Any undeliverabledividend checks or dividend checks that remain uncashed forsix months will be cancelled and will be reinvested in theapplicable Fund at the per share net asset value determinedat the date of cancellation.

Distributions of a Fund’s investment company taxableincome (which include, but are not limited to, interest divi-dends and net short-term capital gains), if any, are generallytaxable to the Fund’s shareholders as ordinary income. To theextent that a Fund’s ordinary income distributions consist of“qualified dividend” income, such income may be subject totax at the reduced rate of tax applicable to non-corporateshareholders for net long-term capital gains, if certain holdingperiod requirements have been satisfied by the Fund and theshareholders. Dividends received by a Fund from a REIT andfrom certain foreign corporations generally will not constitutequalified dividend income.

Distributions of net capital gains (net long-term capital gainsless net short-term capital loss) are generally taxable as long-term capital gains regardless of the length of time a

shareholder has owned shares of a Fund. Generally, themaximum individual federal tax rate applicable to “qualifieddividend income” and long-term capital gains is 20%.

An additional 3.8% federal tax is imposed on certain netinvestment income (including ordinary dividends and capitalgain distributions received from a Fund and net gains fromredemptions or other taxable dispositions of Fund shares) ofU.S. individuals, estates and trusts to the extent that suchperson’s “modified adjusted gross income” (in the case of anindividual) or “adjusted gross income” (in the case of anestate or trust) exceeds certain threshold amounts.

Shareholders who sell or redeem shares generally will have acapital gain or loss from the sale or redemption. The amountof gain or loss and the applicable rate of tax will depend gen-erally on the amount paid for the shares, the amount receivedfrom the sale or redemption, and how long the shares wereheld by a shareholder.

A Fund may be subject to foreign withholding or other foreigntaxes on income or gain from certain foreign securities. Ingeneral, a Fund may deduct these taxes in computing itstaxable income. If more than 50% of the value of a Fund’stotal assets at the close of its taxable year consists of secu-rities of foreign corporations, the Fund will be eligible andmay elect to treat a proportionate amount of certain foreigntaxes paid by it as a distribution to each shareholder, whichwould (subject to applicable limitations) generally permiteach shareholder (1) to credit this amount or (2) to deductthis amount for purposes of computing its U.S. federalincome tax liability. This will be reported by a Fund on Form1099-DIV annually, if applicable.

A Fund’s transactions in derivatives (such as futures con-tracts, swaps and covered call options) will be subject to spe-cial tax rules, the effect of which may be to accelerate incometo the Fund, defer losses to the Fund, cause adjustments inthe holding periods of the Fund’s securities and/or convertshort-term capital losses into long-term capital losses. Theserules could therefore affect the amount, timing and characterof distributions to shareholders. A Fund’s use of derivativesmay result in the Fund realizing more short-term capital gainsand ordinary income subject to tax at ordinary income taxrates than it would if it did not use derivatives.

Under the backup withholding rules, the Funds may berequired to withhold U.S. federal income tax (currently, at arate of 24%) on all distributions to shareholders if they fail toprovide the Funds with their correct taxpayer identification

110

number or to make required certifications, or if they havebeen notified by the IRS that they are subject to backup with-holding. Backup withholding is not an additional tax. Anyamounts withheld may be credited against U.S. federalincome tax liability.

Foreign shareholders may be subject to different U.S. federalincome tax treatment, including withholding tax at the rate of30% on amounts treated as ordinary dividends from theFunds, as discussed in more detail in the SAI.

Shareholders will be advised annually as to the federal taxstatus of distributions made by a Fund for the precedingcalendar year. Distributions by a Fund may also be subject tostate and local taxes. Additional tax information may be foundin the SAI. This section is not intended to be a full discussionof tax laws and the effect of such laws on you. There may beother federal, state, or local tax considerations applicable to aparticular investor. You are urged to consult your own taxadvisor.

TCW Enhanced Commodity Strategy FundThe TCW Enhanced Commodity Strategy Fund must derive atleast 90% of its gross income from certain qualifying sourcesof income in order to qualify as a regulated investment com-pany under the Code. The IRS issued Revenue Ruling 2006-1which concluded that income and gains from certaincommodity-linked derivatives is not qualifying income underSubchapter M of the Code. As a result, the TCW EnhancedCommodity Strategy Fund’s ability to invest directly incommodity-linked swaps as part of its investment strategy islimited by the requirement that it receive no more than 10%of its gross income from such investments.

However, in Revenue Ruling 2006-31, the IRS indicated thatincome from alternative investment instruments (such ascertain structured notes) that create commodity exposuremay be considered qualifying income under the Code. TheIRS subsequently issued private letter rulings to other tax-payers in which the IRS specifically concluded that incomefrom certain commodity index-linked notes is qualifyingincome and that income derived from a fund’s investment ina controlled foreign corporation (“CFC”) also will constitutequalifying income to the fund, even if the CFC itself ownscommodity-linked swaps. The TCW Enhanced CommodityStrategy Fund seeks to gain exposure to the commoditymarkets primarily through investments in commodity index-linked notes and through investments in the Subsidiary,which is a CFC. The TCW Enhanced Commodity StrategyFund has received a private letter ruling from the IRS

confirming that income from the TCW Enhanced CommodityStrategy Fund’s investment in the Subsidiary and incomederived from certain commodity index-linked notes will con-stitute “qualifying income” for purposes of Subchapter M.

It should be noted, however, that the IRS has, for a number ofyears, suspended the issuance of such rulings pending furtherreview. There can be no assurance that the IRS will notchange its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifyingincome. Recent federal tax legislation has expanded the ruleson foreign entities that are considered CFCs to include in thedefinition of a U.S. shareholder those shareholders that ownat least 10% of the value of a foreign corporation as well as10% of the voting power. This new rule may be interpreted toapply to U.S. shareholders such as the TCW EnhancedCommodity Strategy Fund. Furthermore, the tax treatment ofcommodity-linked notes, other commodity-linked derivatives,and the TCW Enhanced Commodity Strategy Fund’s invest-ments in the Subsidiary may otherwise be adversely affectedby future legislation, Treasury Regulations and/or guidanceissued by the IRS. Such developments could affect thecharacter, timing and/or amount of the TCW EnhancedCommodity Strategy Fund’s taxable income or any dis-tributions made by the TCW Enhanced Commodity StrategyFund or result in the inability of the TCW Enhanced Commod-ity Strategy Fund to operate as described in this Prospectusand the SAI.

A foreign corporation, such as the Subsidiary, generally is notsubject to U.S. federal income taxation on its businessincome unless it is engaged in, or deemed to be engaged in, aU.S. trade or business. The TCW Enhanced CommodityStrategy Fund expects that the Subsidiary will conduct itsactivities so as to satisfy the requirements of a safe harbor setforth in the Code, under which the Subsidiary may engage incertain commodity-related investments without being treatedas engaged in a U.S. trade or business. However, if the Sub-sidiary’s activities were determined not to be of the typedescribed in the safe harbor, its activities may be subject toU.S. federal income taxation. If so, a withholding tax(currently at the rate of 10%) may apply on the sale by theTCW Enhanced Commodity Strategy Fund of the Subsidiaryor the Subsidiary’s sale of certain of its investments.

A foreign corporation, such as the Subsidiary, that does notconduct a U.S. trade or business is nonetheless subject to aU.S. withholding tax at a flat 30% rate (or lower treaty rate) oncertain U.S. source gross income. No tax treaty is currently inforce between the United States and the Cayman Islands that

111

would reduce the 30% rate of withholding tax. However, theTCW Enhanced Commodity Strategy Fund does not expectthat the Subsidiary will derive income subject to U.S. with-holding taxes.

The Subsidiary will be treated as a CFC for U.S. federalincome tax purposes. As a result, the TCW Enhanced Com-modity Strategy Fund must include in gross income for suchpurposes all of the Subsidiary’s “subpart F” income(generally, most passive income earned by a CFC) when theSubsidiary recognizes that income, whether or not the Sub-sidiary distributes such income to the TCW EnhancedCommodity Strategy Fund. The TCW Enhanced CommodityStrategy Fund expects that all of the Subsidiary’s income willbe subpart F income. The TCW Enhanced Commodity Strat-egy Fund’s tax basis in the Subsidiary will be increased as aresult of the TCW Enhanced Commodity Strategy Fund’srecognition of the Subsidiary’s subpart F income. The TCWEnhanced Commodity Strategy Fund will not be taxed on dis-tributions received from the Subsidiary to the extent of theSubsidiary’s previously-undistributed subpart F incomealthough its tax basis in the Subsidiary will be decreased by

such amount. All subpart F income will be taxed as ordinaryincome, regardless of the nature of the transactions thatgenerate it. Subpart F income does not qualify for treatmentas qualified dividend income. If the Subsidiary recognizes anet loss, the net loss will not be available to offset incomerecognized by the TCW Enhanced Commodity Strategy Fund.

Portfolio Holdings InformationA description of the Funds’ policies and procedures withrespect to the disclosure of its portfolio securities is availablein the SAI. Currently, disclosure of the Funds’ portfolio hold-ings is required to be made quarterly within 60 days of theend of each fiscal quarter in the annual report and semi-annual report to shareholders and in the quarterly holdingsreport on Form N-PORT. The SAI and Form N-PORT areavailable, free of charge, on the EDGAR Database on theSEC’s website at www.sec.gov. The annual reports, semi-annual reports, Form N-PORT and SAI for each Fund are alsoavailable by contacting the Funds at 1-800-FUND TCW(1-800-386-3829) and on the Corporation’s website atwww.TCW.com.

112

Financial Highlights

The following financial highlights tables are intended to help you understand each Fund’s financial performance for the fiscal yearsor periods indicated. Certain information reflects financial results for a single Fund share. The total returns in each table representthe rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends andother distributions). The information presented in the tables has been audited by Deloitte & Touche LLP, whose report, along withthe Funds’ financial statements, is included in the annual report, which is available upon request. Because the TCW Core FixedIncome Fund, TCW Total Return Bond Fund and TCW Emerging Markets Income Fund have not issued Plan Class shares as ofthe date of this Prospectus, financial highlights are not available for Plan Class shares.

113


TCW Artificial Intelligence Equity FundClass I

Year Ended October 31,

August 31, 2017(Commencement ofOperations) through

October 31, 20172019 2018

Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.18 $10.64 $10.00

Income (Loss) from Investment Operations:Net Investment Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.02) (0.04) (0.00)(1)

Net Realized and Unrealized Gain on Investments(2) . . . . . . . . . . . . . . . . . . . . . . . . . . 1.54 0.58 0.64

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.52 0.54 0.64

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.00)(1) —

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.70 $11.18 $10.64

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.60% 5.09% 6.40%(3)

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,940 $1,364 $ 695Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.36% 8.32% 23.66%(4)

After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.92% 1.05% 1.05%(4)

Ratio of Net Investment Income (Loss) to Average Net Assets . . . . . . . . . . . . . . . . . . . . (0.17)% (0.34)% 0.23%(4)

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.09% 74.22% 13.05%(3)

(1) Amount rounds to less than $0.01 per share.

(2) Computed using average shares outstanding throughout the period.

(3) For the period August 31, 2017 (commencement of operations) through October 31, 2017.

(4) Annualized.

114


TCW Artificial Intelligence Equity FundClass N


August 31, 2017(Commencement ofOperations) through

October 31, 20172019 2018

Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.17 $10.64 $10.00

Income (Loss) from Investment Operations:Net Investment Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.03) (0.04) (0.00)(1)

Net Realized and Unrealized Gain on Investments(2) . . . . . . . . . . . . . . . . . . . . . . . . . . 1.55 0.57 0.64

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.52 0.53 0.64

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.00)(1) —

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.69 $11.17 $10.64

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.61% 5.00% 6.40%(3)

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 989 $ 693 $ 532Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.99% 9.60% 26.07%(4)

After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.01% 1.05% 1.05%(4)

Ratio of Net Investment Income (Loss) to Average Net Assets . . . . . . . . . . . . . . . . . . . . (0.25)% (0.33)% 0.25%(4)

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.09% 74.22% 13.05%(3)



(3) For the period August 31, 2017 (commencement of operations) through October 31, 2017.

(4) Annualized.

115


TCW Global Real Estate FundClass I


November 28, 2014(Commencement ofOperations) through

October 31, 20152019 2018 2017 2016

Net Asset Value per Share, Beginning of Year . . . . . . . $ 9.30 $ 10.10 $ 9.42 $ 9.71 $10.00

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . 0.33 0.25 0.25 0.30 0.21Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.78 (0.85) 0.70 (0.26) (0.27)

Total from Investment Operations . . . . . . . . . . . . . . . . 2.11 (0.60) 0.95 0.04 (0.06)

Less Distributions:Distributions from Net Investment Income . . . . . . . (0.25) (0.20) (0.27) (0.29) (0.23)Distributions from Net Realized Gain . . . . . . . . . . . . — — — (0.01) —Distributions from Return of Capital . . . . . . . . . . . . . — — — (0.03) —

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.25) (0.20) (0.27) (0.33) (0.23)

Net Asset Value per Share, End of Year . . . . . . . . . . . . $ 11.16 $ 9.30 $10.10 $ 9.42 $ 9.71

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.17% (6.06)% 10.28% 0.31% (0.62)%(2)

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . $ 6,518 $ 2,886 $2,818 $3,499 $4,320Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . 3.15% 3.78% 4.38% 3.29% 5.28%(3)

After Expense Reimbursement . . . . . . . . . . . . . . . . . . 1.00% 1.12% 1.37% 1.40% 1.43%(3)

Ratio of Net Investment Income to Average NetAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.25% 2.55% 2.57% 3.14% 2.27%(3)

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . 85.18% 121.67% 74.51% 68.69% 23.58%(2)


(2) For the period November 28, 2014 (Commencement of Operations) through October 31, 2015.

(3) Annualized.

116


TCW Global Real Estate FundClass N


November 28, 2014(Commencement ofOperations) through

October 31, 20152019 2018 2017 2016

Net Asset Value per Share, Beginning of Year . . . . . . . . . $ 9.30 $10.10 $ 9.42 $9.70 $10.00

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . 0.39 0.24 0.25 0.32 0.24Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.71 (0.85) 0.70 (0.27) (0.31)

Total from Investment Operations . . . . . . . . . . . . . . . . . . 2.10 (0.61) 0.95 0.05 (0.07)

Less Distributions:Distributions from Net Investment Income . . . . . . . . (0.24) (0.19) (0.27) (0.29) (0.23)Distributions from Net Realized Gain . . . . . . . . . . . . . — — — (0.01) —Distributions from Return of Capital . . . . . . . . . . . . . . — — — (0.03) —

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.24) (0.19) (0.27) (0.33) (0.23)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . $ 11.16 $ 9.30 $10.10 $9.42 $ 9.70

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.99% (6.14)% 10.28% 0.41% (0.72)%(2)

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . $ 658 $ 536 $ 581 $ 517 $ 510Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . 7.17% 7.65% 7.92% 6.66% 9.21%(3)

After Expense Reimbursement . . . . . . . . . . . . . . . . . . . 1.15% 1.22% 1.37% 1.40% 1.43%(3)

Ratio of Net Investment Income to Average NetAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.88% 2.46% 2.51% 3.34% 2.58%(3)

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . 85.18% 121.67% 74.51% 68.69% 23.58%(2)


(2) For the period November 28, 2014 (Commencement of Operations) through October 31, 2015.

(3) Annualized.

117


TCW New America Premier Equities FundClass I


January 29, 2016(Commencement ofOperations) through

October 31, 20162019 2018 2017

Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . $ 16.27 $ 15.24 $ 11.23 $10.00

Income (Loss) from Investment Operations:Net Investment Income (Loss)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . 0.11 (0.02) 0.01 0.08Net Realized and Unrealized Gain on Investments . . . . . . . . . . . . 4.18 1.59 4.22 1.15

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.29 1.57 4.23 1.23

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . (0.01) — (0.05) —Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . . . . . (0.21) (0.54) (0.17) —

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.22) (0.54) (0.22) —

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . $ 20.34 $ 16.27 $ 15.24 $11.23

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.79% 10.60% 38.41% 12.30%(2)

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . $103,442 $28,486 $16,527 $3,143Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.93% 1.28% 1.79% 4.72%(3)

After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.82% 1.04% 1.04% 1.05%(3)

Ratio of Net Investment Income (Loss) to Average Net Assets . . . . 0.56% (0.13)% 0.11% 1.03%(3)

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.28% 49.68% 114.48% 73.83%(2)


(2) For the period January 29, 2016 (commencement of operations) through October 31, 2016.

(3) Annualized.

118


TCW New America Premier Equities FundClass N


January 29, 2016(Commencement ofOperations) through

October 31, 20162019 2018 2017

Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . . . . $ 16.27 $15.24 $11.23 $10.00

Income (Loss) from Investment Operations:Net Investment Income (Loss)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.06 (0.02) 0.01 0.08Net Realized and Unrealized Gain on Investments . . . . . . . . . . . . . . . 4.20 1.59 4.22 1.15

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.26 1.57 4.23 1.23

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . . . . (0.01) — (0.05) —Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . . . . . . . . (0.21) (0.54) (0.17) —

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.22) (0.54) (0.22) —

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20.31 $16.27 $15.24 $11.23

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.60% 10.60% 38.41% 12.30%(2)

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . $52,130 $4,879 $2,313 $1,128Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.28% 2.14% 3.64% 6.08%(3)

After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 1.04% 1.04% 1.05%(3)

Ratio of Net Investment Income (Loss) to Average Net Assets . . . . . . . 0.32% (0.13)% 0.11% 0.98%(3)

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.28% 49.68% 114.48% 73.83%(2)


(2) For the period January 29, 2016 (commencement of operations) through October 31, 2016.

(3) Annualized.

119


TCW Relative Value Dividend Appreciation FundClass I

Year Ended October 31,2019 2018 2017 2016 2015

Net Asset Value per Share, Beginning of Year . . . . . . . . . . . $ 17.47 $ 19.14 $ 16.95 $ 16.49 $ 16.71

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . 0.39 0.35 0.48 0.35 0.30Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.37 (0.90) 2.17 0.41 (0.24)

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . 1.76 (0.55) 2.65 0.76 0.06

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . (0.39) (0.40) (0.46) (0.30) (0.28)Distributions from Net Realized Gain . . . . . . . . . . . . . . . (0.92) (0.72) — — —

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.31) (1.12) (0.46) (0.30) (0.28)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . $ 17.92 $ 17.47 $ 19.14 $ 16.95 $ 16.49

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.27% (3.28)% 15.69% 4.66% 0.40%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . $88,314 $95,108 $128,498 $165,331 $175,694Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . 0.75% 0.78% 0.78% 0.87% 0.86%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . 0.74% N/A N/A N/A N/A

Ratio of Net Investment Income to Average Net Assets . . . 2.28% 1.84% 2.60% 2.11% 1.81%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.71% 18.48% 23.45% 19.13% 17.95%(1) Computed using average shares outstanding throughout the period.

120


TCW Relative Value Dividend Appreciation FundClass N


Net Asset Value per Share, Beginning of Year . . . . . . . . . $ 17.77 $ 19.46 $ 17.23 $ 16.76 $ 16.99


Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.38 (0.93) 2.23 0.43 (0.25)

Total from Investment Operations . . . . . . . . . . . . . . . . . . 1.75 (0.61) 2.66 0.74 0.01

Less Distributions:Distributions from Net Investment Income . . . . . . . . . (0.36) (0.36) (0.43) (0.27) (0.24)Distributions from Net Realized Gain . . . . . . . . . . . . . (0.92) (0.72) — — —

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.28) (1.08) (0.43) (0.27) (0.24)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . $ 18.24 $ 17.77 $ 19.46 $ 17.23 $ 16.76

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.02% (3.52)% 15.46% 4.43% 0.10%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . $223,322 $411,123 $493,766 $876,421 $878,544Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . 1.04% 1.05% 1.05% 1.15% 1.14%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . 0.96% 1.00% 1.00% 1.11% N/A

Ratio of Net Investment Income to Average NetAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.10% 1.62% 2.24% 1.86% 1.53%

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.71% 18.48% 23.45% 19.13% 17.95%(1) Computed using average shares outstanding throughout the period.

121


TCW Relative Value Large Cap FundClass I




Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.84 (1.18) 3.96 0.19 (0.14)


Less Distributions:Distributions from Net Investment Income . . . . . . . . . (0.31) (0.47) (0.41) (0.25) (0.22)Distributions from Net Realized Gain . . . . . . . . . . . . . (1.99) (3.11) (1.12) (0.87) —



Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.13% (5.11)% 21.55% 2.61% 0.50%


Before Expense Reimbursement . . . . . . . . . . . . . . . . . . 0.78% 0.77% 0.77% 0.88% 0.88%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . 0.74% N/A N/A N/A N/A



122


TCW Relative Value Large Cap FundClass N


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . $ 19.74 $ 24.21 $ 21.31 $ 21.91 $ 22.04

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.28 0.23 0.44 0.28 0.19Net Realized and Unrealized Gain (Loss) on Investments . . 0.86 (1.18) 3.94 0.19 (0.14)

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . 1.14 (0.95) 4.38 0.47 0.05

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . (0.27) (0.41) (0.36) (0.20) (0.18)Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . (1.99) (3.11) (1.12) (0.87) —

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.26) (3.52) (1.48) (1.07) (0.18)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . $ 18.62 $ 19.74 $ 24.21 $ 21.31 $ 21.91

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.92% (5.35)% 21.27% 2.42% 0.20%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . $11,535 $13,003 $16,373 $19,530 $25,084Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . 1.24% 1.21% 1.16% 1.23% 1.20%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . 0.95% 0.99% 1.00% 1.10% 1.16%

Ratio of Net Investment Income to Average Net Assets . . . . . . 1.52% 1.05% 1.93% 1.35% 0.86%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.47% 20.47% 24.44% 14.71% 21.60%(1) Computed using average shares outstanding throughout the period.

123


TCW Relative Value Mid Cap FundClass I




Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . 0.39 (1.44) 6.07 0.52 (0.99)

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . (0.15) (0.13) (0.13) (0.16) (0.12)Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . (1.62) (1.95) — (2.77) (3.08)



Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.18% (6.48)% 30.40% 3.53% (4.58)%


Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . 0.95% 0.92% 0.99% 0.98% 0.96%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . 0.90% N/A N/A N/A N/A


124


TCW Relative Value Mid Cap FundClass N





Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . (0.11) (0.08) (0.09) (0.09) (0.08)Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . (1.62) (1.95) — (2.77) (3.08)



Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.12% (6.61)% 30.15% 3.30% (4.78)%




125


TCW Select Equities FundClass I


Net Asset Value per Share, Beginning of Year . . . . . . $ 27.13 $ 30.42 $ 26.06 $ 29.65 $ 26.71

Income (Loss) from Investment Operations:Net Investment Loss(1) . . . . . . . . . . . . . . . . . . . . . . (0.06) (0.08) (0.05) (0.10) (0.02)Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.21 3.37 5.99 (1.42) 3.80

Total from Investment Operations . . . . . . . . . . . . . . . 4.15 3.29 5.94 (1.52) 3.78

Less Distributions:Distributions from Net Realized Gain . . . . . . . . . . (3.64) (6.58) (1.58) (2.07) (0.84)

Net Asset Value per Share, End of Year . . . . . . . . . . . $ 27.64 $ 27.13 $ 30.42 $ 26.06 $ 29.65

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.98% 12.59% 24.47% (5.56)% 14.54%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . $770,079 $740,485 $768,535 $1,264,622 $1,629,090Ratio of Expenses to Average Net Assets . . . . . . . . . . 0.80% 0.87% 0.88% 0.89% 0.88%Ratio of Net Investment Loss to Average Net

Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.25)% (0.29)% (0.18)% (0.38)% (0.08)%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . 6.41% 15.43% 17.95% 14.05% 27.19%(1) Computed using average shares outstanding throughout the period.

126


TCW Select Equities Fund

Class N



Income (Loss) from Investment Operations:Net Investment Loss(1) . . . . . . . . . . . . . . . . . . . . . . . . . (0.11) (0.13) (0.10) (0.16) (0.09)Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.73 3.09 5.56 (1.33) 3.58

Total from Investment Operations . . . . . . . . . . . . . . . . . . 3.62 2.96 5.46 (1.49) 3.49

Less Distributions:Distributions from Net Realized Gain . . . . . . . . . . . . . (3.64) (6.58) (1.58) (2.07) (0.84)


Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.74% 12.36% 24.20% (5.81)% 14.22%


Before Expense Reimbursement . . . . . . . . . . . . . . . . . . 1.08% 1.15% 1.16% 1.16% 1.14%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . 1.01% 1.08% 1.11% 1.14% N/A

Ratio of Net Investment Loss to Average Net Assets . . . (0.45)% (0.50)% (0.39)% (0.64)% (0.33)%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.41% 15.43% 17.95% 14.05% 27.19%(1) Computed using average shares outstanding throughout the period.

127


TCW Core Fixed Income FundClass I


Net Asset Value per Share, Beginning of Year . . . . . $ 10.52 $ 10.99 $ 11.28 $ 11.14 $ 11.22

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . 0.30 0.25 0.22 0.19 0.18Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.89 (0.45) (0.15) 0.24 (0.04)

Total from Investment Operations . . . . . . . . . . . . . 1.19 (0.20) 0.07 0.43 0.14

Less Distributions:Distributions from Net Investment Income . . . . (0.30) (0.27) (0.23) (0.19) (0.19)Distributions from Net Realized Gain . . . . . . . . . — — (0.13) (0.10) (0.03)

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . (0.30) (0.27) (0.36) (0.29) (0.22)

Net Asset Value per Share, End of Year . . . . . . . . . . $ 11.41 $ 10.52 $ 10.99 $ 11.28 $ 11.14

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.48% (1.87)% 0.68% 3.97% 1.25%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . $946,896 $975,741 $1,379,196 $1,421,267 $1,109,630Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . 0.51% 0.51% 0.51% 0.51% 0.50%After Expense Reimbursement . . . . . . . . . . . . . . . 0.49% 0.49% 0.49% 0.49% 0.49%

Ratio of Net Investment Income to Average NetAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.69% 2.34% 1.96% 1.70% 1.57%

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . 214.76% 267.96% 287.39% 283.38% 332.85%(1) Computed using average shares outstanding throughout the period.

128


TCW Core Fixed Income FundClass N




Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90 (0.46) (0.15) 0.24 (0.03)


Less Distributions:Distributions from Net Investment Income . . . . . . . . . (0.28) (0.24) (0.20) (0.17) (0.16)Distributions from Net Realized Gain . . . . . . . . . . . . . — — (0.13) (0.10) (0.03)



Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.27% (2.10)% 0.41% 3.66% 1.00%


Before Expense Reimbursement . . . . . . . . . . . . . . . . . . 0.81% 0.81% 0.79% 0.79% 0.79%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . 0.70% 0.72% 0.75% 0.77% 0.79%(2)



(2) Reimbursement is less than 0.01%.

129


TCW Enhanced Commodity Strategy FundClass I


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . . . . $5.01 $ 5.20 $5.15 $5.30 $ 7.18

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.17 0.11 0.12 0.04 0.05Net Realized and Unrealized Gain (Loss) on Investments . . . . . . . . . (0.20) (0.20) 0.10 (0.14) (1.87)

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.03) (0.09) 0.22 (0.10) (1.82)

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . . . . . (0.14) (0.10) (0.11) (0.05) (0.06)Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . . . . . . . . . — — (0.06) — —

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.14) (0.10) (0.17) (0.05) (0.06)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . $4.84 $ 5.01 $5.20 $5.15 $ 5.30

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.96)% (1.96)% 4.55% (1.83)% (25.47)%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 740 $1,208 $ 758 $ 725 $1,443Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.82% 11.53% 16.65% 9.74% 7.82%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70% 0.70% 0.70% 0.70% 0.70%

Ratio of Net Investment Income to Average Net Assets . . . . . . . . . . . . . 3.45% 2.06% 2.31% 0.88% 0.88%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122.23% 75.52% 0.00% 2.44% 10.68%(1) Computed using average shares outstanding throughout the period.

130


TCW Enhanced Commodity Strategy FundClass N


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . . . . . $5.01 $5.21 $5.15 $5.31 $ 7.18

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.17 0.11 0.12 0.04 0.05Net Realized and Unrealized Gain (Loss) on Investments . . . . . . . . . . (0.20) (0.21) 0.11 (0.15) (1.86)

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.03) (0.10) 0.23 (0.11) (1.81)

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . . . . . . (0.14) (0.10) (0.11) (0.05) (0.06)Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (0.06) — —

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.14) (0.10) (0.17) (0.05) (0.06)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.84 $5.01 $5.21 $5.15 $ 5.31

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.16)% (1.96)% 4.55% (2.03)% (25.36)%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 504 $ 507 $ 517 $ 496 $1,153Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.14% 12.59% 18.01% 10.21% 8.32%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% 0.75% 0.75% 0.75% 0.75%

Ratio of Net Investment Income to Average Net Assets . . . . . . . . . . . . . . 3.57% 2.02% 2.26% 0.83% 0.83%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122.23% 75.52% 0.00% 2.44% 10.68%(1) Computed using average shares outstanding throughout the period.

131


TCW Global Bond FundClass I


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . . $ 9.45 $ 9.75 $ 9.88 $ 9.85 $10.26

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.24 0.19 0.17 0.20 0.19Net Realized and Unrealized Gain (Loss) on Investments . . . . . . . 0.73 (0.43) (0.07) 0.19 (0.49)

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.97 (0.24) 0.10 0.39 (0.30)

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . . . (0.16) (0.05) (0.16) (0.22) (0.09)Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . . . . . . — (0.01) (0.07) (0.14) (0.02)

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.16) (0.06) (0.23) (0.36) (0.11)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . . $10.26 $ 9.45 $ 9.75 $ 9.88 $ 9.85

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.42% (2.54)% 1.07% 4.03% (2.96)%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . $9,384 $8,505 $8,714 $8,648 $7,878Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.79% 1.63% 1.60% 1.48% 1.37%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.66% 1.00% 1.04% 1.05% 1.08%

Ratio of Net Investment Income to Average Net Assets . . . . . . . . . . . 2.48% 1.99% 1.75% 2.02% 1.92%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.18% 102.42% 90.08% 116.87% 147.16%(1) Computed using average shares outstanding throughout the period.

132


TCW Global Bond FundClass N


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . . $ 9.45 $ 9.75 $ 9.88 $ 9.85 $10.26


Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.96 (0.24) 0.10 0.39 (0.30)

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . . . (0.15) (0.05) (0.16) (0.22) (0.09)Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . . . . . . — (0.01) (0.07) (0.14) (0.02)


Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . . $10.26 $ 9.45 $ 9.75 $ 9.88 $ 9.85

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.32% (2.54)% 1.07% 4.03% (2.96)%




133


TCW High Yield Bond FundClass I


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . $ 6.15 $ 6.37 $ 6.23 $ 6.18 $ 6.35

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.27 0.26 0.24 0.24 0.26Net Realized and Unrealized Gain (Loss) on Investments . . . 0.36 (0.17) 0.18 0.06 (0.15)

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . 0.63 0.09 0.42 0.30 0.11

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . (0.29) (0.31) (0.28) (0.25) (0.28)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . $ 6.49 $ 6.15 $ 6.37 $ 6.23 $ 6.18

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.44% 1.40% 6.80% 5.06% 1.74%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . $19,563 $7,749 $14,195 $20,265 $20,791Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . 1.68% 1.50% 1.22% 1.03% 1.03%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . 0.55% 0.55% 0.55% 0.55% 0.55%

Ratio of Net Investment Income to Average Net Assets . . . . . . . 4.18% 4.13% 3.85% 3.88% 4.11%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121.56% 104.21% 179.87% 244.36% 195.97%(1) Computed using average shares outstanding throughout the period.

134


TCW High Yield Bond FundClass N


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . $ 6.19 $ 6.42 $ 6.28 $ 6.23 $ 6.41

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25 0.25 0.23 0.22 0.25Net Realized and Unrealized Gain (Loss) on Investments . . . . . . 0.38 (0.18) 0.18 0.07 (0.17)

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.63 0.07 0.41 0.29 0.08

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . . (0.28) (0.30) (0.27) (0.24) (0.26)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . $ 6.54 $ 6.19 $ 6.42 $ 6.28 $ 6.23

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.16% 1.04% 6.59% 4.82% 1.34%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . $9,923 $5,041 $6,934 $7,526 $15,910Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.05% 1.98% 1.65% 1.40% 1.38%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80% 0.80% 0.80% 0.80% 0.80%

Ratio of Net Investment Income to Average Net Assets . . . . . . . . . . 3.96% 3.90% 3.60% 3.64% 3.87%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121.56% 104.21% 179.87% 244.36% 195.97%(1) Computed using average shares outstanding throughout the period.

135


TCW Short Term Bond FundClass I


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . . $ 8.54 $ 8.62 $ 8.70 $ 8.69 $ 8.75


Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.32 0.11 0.07 0.07 0.02

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . . . (0.27) (0.19) (0.15) (0.06) (0.08)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . . $ 8.59 $ 8.54 $ 8.62 $ 8.70 $ 8.69

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.83% 1.26% 0.75% 0.84% 0.25%




136


TCW Total Return Bond FundClass I


Net Asset Value per Share, Beginning of Year . . . . $ 9.46 $ 9.98 $ 10.33 $ 10.28 $ 10.31

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . 0.34 0.31 0.27 0.26 0.25Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.68 (0.48) (0.20) 0.11 (0.02)

Total from Investment Operations . . . . . . . . . . . . 1.02 (0.17) 0.07 0.37 0.23

Less Distributions:Distributions from Net Investment Income . . . (0.41) (0.35) (0.26) (0.25) (0.22)Distributions from Net Realized Gain . . . . . . . . — — (0.16) (0.07) (0.04)

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . (0.41) (0.35) (0.42) (0.32) (0.26)

Net Asset Value per Share, End of Year . . . . . . . . . $ 10.07 $ 9.46 $ 9.98 $ 10.33 $ 10.28

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.82% (1.67)% 0.72% 3.63% 2.24%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . $4,898,103 $5,587,668 $7,103,832 $8,042,194 $6,360,295Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . 0.62% 0.62% 0.61% 0.60% 0.60%After Expense Reimbursement . . . . . . . . . . . . . . 0.49% 0.49% 0.49% 0.49% 0.49%

Ratio of Net Investment Income to Average NetAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.47% 3.20% 2.73% 2.55% 2.46%

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . 177.80% 241.76% 287.55% 318.48% 287.85%(1) Computed using average shares outstanding throughout the period.

137


TCW Total Return Bond Fund

Class N


Net Asset Value per Share, Beginning of Year . . . . . $ 9.76 $ 10.29 $ 10.65 $ 10.60 $ 10.64

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . 0.32 0.29 0.25 0.24 0.23Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69 (0.49) (0.21) 0.11 (0.04)

Total from Investment Operations . . . . . . . . . . . . . . 1.01 (0.20) 0.04 0.35 0.19

Less Distributions:Distributions from Net Investment Income . . . . . (0.40) (0.33) (0.24) (0.23) (0.19)Distributions from Net Realized Gain . . . . . . . . . — — (0.16) (0.07) (0.04)

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.40) (0.33) (0.40) (0.30) (0.23)

Net Asset Value per Share, End of Year . . . . . . . . . . $ 10.37 $ 9.76 $ 10.29 $ 10.65 $ 10.60

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.46% (1.96)% 0.41% 3.35% 1.83%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . $963,512 $1,121,741 $1,902,308 $2,762,803 $2,399,850Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . 0.88% 0.88% 0.88% 0.87% 0.88%After Expense Reimbursement . . . . . . . . . . . . . . . 0.79% 0.79% 0.79% 0.79% 0.79%

Ratio of Net Investment Income to Average NetAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.16% 2.89% 2.42% 2.25% 2.17%

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . 177.80% 241.76% 287.55% 318.48% 287.85%(1) Computed using average shares outstanding throughout the period.

138


TCW Developing Markets Equity FundClass I


June 30, 2015(Commencement ofOperations) through

October 31, 20152019 2018 2017 2016

Net Asset Value per Share, Beginning of Year . . . . . . . . $ 9.39 $11.17 $ 9.10 $ 8.62 $10.00

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . 0.10 0.06 0.07 0.10 0.01Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69 (1.78) 2.09 0.38 (1.39)

Total from Investment Operations . . . . . . . . . . . . . . . . . 0.79 (1.72) 2.16 0.48 (1.38)

Less Distributions:Distributions from Net Investment Income . . . . . . . (0.04) (0.06) (0.09) (0.00)(2) —

Net Asset Value per Share, End of Year . . . . . . . . . . . . . $ 10.14 $ 9.39 $11.17 $ 9.10 $ 8.62

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46% (15.51)% 23.96% 5.63% (13.80)%(3)

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . $ 4,071 $3,750 $4,433 $3,577 $3,392Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . 4.88% 3.45% 3.94% 3.56% 7.09%(4)


Ratio of Net Investment Income to Average NetAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.03% 0.49% 0.77% 1.15% 0.30%(4)

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . 207.48% 163.33% 194.58% 154.70% 54.34%(4)



(3) For the period June 30, 2015 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

139


TCW Developing Markets Equity FundClass N


June 30, 2015(Commencement ofOperations) through

October 31, 20152019 2018 2017 2016

Net Asset Value per Share, Beginning of Year . . . . . . . . $ 9.39 $11.17 $ 9.10 $ 8.62 $10.00

Income (Loss) from Investment Operations:Net Investment Income (1) . . . . . . . . . . . . . . . . . . . . . 0.10 0.06 0.07 0.10 0.01Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69 (1.78) 2.09 0.38 (1.39)

Total from Investment Operations . . . . . . . . . . . . . . . . . 0.79 (1.72) 2.16 0.48 (1.38)

Less Distributions:Distributions from Net Investment Income . . . . . . . (0.04) (0.06) (0.09) (0.00)(2) —

Net Asset Value per Share, End of Year . . . . . . . . . . . . . $ 10.14 $ 9.39 $11.17 $ 9.10 $ 8.62

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46% (15.51)% 23.96% 5.63% (13.80)%(3)

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . $ 1,575 $1,468 $1,722 $1,364 $1,297Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . 6.11% 4.51% 5.08% 4.80% 8.39%(4)


Ratio of Net Investment Income to Average NetAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.03% 0.49% 0.77% 1.15% 0.29%(4)

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . 207.48% 163.33% 194.58% 154.70% 54.34%(4)



(3) For the period June 30, 2015 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

140


TCW Emerging Markets Income FundClass I


Net Asset Value per Share, Beginning of Year . . . . $ 7.77 $ 8.54 $ 8.34 $ 7.67 $ 8.57

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . 0.46 0.43 0.55 0.55 0.38Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.54 (0.83) 0.09 0.52 (0.87)

Total from Investment Operations . . . . . . . . . . . . 1.00 (0.40) 0.64 1.07 (0.49)

Less Distributions:Distributions from Net Investment Income . . . (0.44) (0.37) (0.44) (0.40) (0.39)Distributions from Return of Capital . . . . . . . . . — — — — (0.02)

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . (0.44) (0.37) (0.44) (0.40) (0.41)

Net Asset Value per Share, End of Year . . . . . . . . . $ 8.33 $ 7.77 $ 8.54 $ 8.34 $ 7.67

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.13% (4.85)% 7.95% 14.29% (5.75)%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . $5,668,552 $4,365,456 $3,039,671 $2,574,798 $2,733,679Ratio of Expenses to Average Net Assets . . . . . . . 0.84% 0.86% 0.87% 0.87% 0.88%Ratio of Net Investment Income to Average Net

Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.62% 5.33% 6.56% 6.95% 4.79%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . 136.47% 149.50% 212.16% 214.73% 172.93%(1) Computed using average shares outstanding throughout the period.

141


TCW Emerging Markets Income FundClass N




Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69 (1.08) 0.12 0.67 (1.11)

Total from Investment Operations . . . . . . . . . . . . . . . . . . 1.26 (0.55) 0.80 1.35 (0.65)

Less Distributions:Distributions from Net Investment Income . . . . . . . . . (0.54) (0.45) (0.55) (0.49) (0.48)Distributions from Return of Capital . . . . . . . . . . . . . . — — — — (0.03)



Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.85% (5.16)% 7.67% 13.98% (5.96)%


Before Expense Reimbursement . . . . . . . . . . . . . . . . . . 1.14% 1.16% 1.15% 1.15% 1.16%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . 1.05% 1.10% 1.13% N/A N/A



142


TCW Emerging Markets Local Currency Income FundClass I


Net Asset Value per Share, Beginning of Year . . . . . . . . . . $ 8.14 $ 9.30 $ 9.13 $ 8.18 $ 9.69

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . 0.58 0.53 0.64 0.52 0.46Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.57 (1.19) (0.06) 0.43 (1.94)

Total from Investment Operations . . . . . . . . . . . . . . . . . . . 1.15 (0.66) 0.58 0.95 (1.48)

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . (0.12) (0.23) (0.41) — —Distributions from Return of Capital . . . . . . . . . . . . . . . — (0.27) — — (0.03)

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.12) (0.50) (0.41) — (0.03)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . $ 9.17 $ 8.14 $ 9.30 $ 9.13 $ 8.18

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.26% (7.74)% 6.33% 11.61% (15.35)%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . $220,968 $264,754 $138,068 $97,650 $102,034Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . 1.03% 0.95% 1.03% 1.00% 1.00%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . 0.88% N/A 0.99% 0.99% 0.99%

Ratio of Net Investment Income to Average NetAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.66% 5.90% 6.83% 6.12% 5.20%

Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127.74% 185.72% 137.44% 209.07% 250.10%(1) Computed using average shares outstanding throughout the period.

143


TCW Emerging Markets Local Currency Income FundClass N


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . $ 8.13 $ 9.29 $ 9.12 $ 8.17 $ 9.69

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.57 0.51 0.64 0.48 0.46Net Realized and Unrealized Gain (Loss) on

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.57 (1.17) (0.06) 0.47 (1.95)

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . 1.14 (0.66) 0.58 0.95 (1.49)

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . (0.12) (0.23) (0.41) — —Distributions from Return of Capital . . . . . . . . . . . . . . . . . . — (0.27) — — (0.03)

Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.12) (0.50) (0.41) — (0.03)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . $ 9.15 $ 8.13 $ 9.29 $ 9.12 $ 8.17

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.14% (7.75) %6.33% 11.63% (15.37)%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . $28,011 $47,664 $34,807 $15,325 $153,270Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . 1.40% 1.32% 1.35% 1.31% 1.25%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . 0.92% 0.99% 0.99% 0.99% 0.99%

Ratio of Net Investment Income to Average Net Assets . . . . . 6.63% 5.78% 6.88% 6.05% 5.29%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127.74% 185.72% 137.44% 209.07% 250.10%(1) Computed using average shares outstanding throughout the period.

144


TCW Emerging Markets Multi-Asset Opportunities FundClass I





Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . (0.15) (0.26) (0.38) (0.24) (0.20)


Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50% (9.23)% 17.05% 10.75% (10.53)%




145


TCW Emerging Markets Multi-Asset Opportunities FundClass N


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . $ 10.35 $ 11.66 $ 10.35 $ 9.59 $10.92

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.28 0.26 0.32 0.36 0.24Net Realized and Unrealized Gain (Loss) on Investments . . . . 0.76 (1.31) 1.37 0.64 (1.37)

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . 1.04 (1.05) 1.69 1.00 (1.13)

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . (0.15) (0.26) (0.38) (0.24) (0.20)

Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . $ 11.24 $ 10.35 $ 11.66 $10.35 $ 9.59

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.25% (9.26)% 17.10% 10.78% (10.50)%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . . $11,784 $74,677 $40,064 $5,088 $4,107Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . 1.65% 1.67% 1.96% 2.15% 2.15%After Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . 1.21% 1.23% 1.23% 1.23% 1.23%

Ratio of Net Investment Income to Average Net Assets . . . . . . . . 2.64% 2.25% 2.95% 3.79% 2.38%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188.64% 160.85% 197.48% 227.75% 145.86%(1) Computed using average shares outstanding throughout the period.

146


TCW Conservative Allocation FundClass I



Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.24 0.20 0.15 0.17 0.13Net Realized and Unrealized Gain (Loss) on Investments . . 0.89 (0.19) 0.67 (0.07) 0.33

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . 1.13 0.01 0.82 0.10 0.46

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . (0.21) (0.20) (0.29) (0.19) (0.14)Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . (0.51) (0.30) (0.49) (0.28) (0.06)

Total Distributions (0.72) (0.50) (0.78) (0.47) (0.20)


Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.46% 0.04% 7.28% 0.78% 3.88%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . $29,565 $27,925 $30,144 $28,982 $33,909Ratio of Expenses to Average Net Assets(2) . . . . . . . . . . . . . . . . 0.44% 0.37% 0.36% 0.30% 0.25%Ratio of Net Investment Income to Average Net Assets . . . . . . 2.03% 1.68% 1.26% 1.41% 1.01%Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.66% 19.79% 55.53% 37.62% 30.24%(1) Computed using average shares outstanding throughout the period.

(2) Does not include expenses of the underlying affiliated funds.

147


TCW Conservative Allocation FundClass N


Net Asset Value per Share, Beginning of Year . . . . . . . . . . . . . . . . . . . $11.67 $12.15 $12.07 $12.44 $12.17

Income (Loss) from Investment Operations:Net Investment Income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20 0.15 0.11 0.11 0.04Net Realized and Unrealized Gain (Loss) on Investments . . . . . . . 0.90 (0.18) 0.66 (0.08) 0.35

Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.10 (0.03) 0.77 0.03 0.39

Less Distributions:Distributions from Net Investment Income . . . . . . . . . . . . . . . . . . . (0.17) (0.15) (0.20) (0.12) (0.06)Distributions from Net Realized Gain . . . . . . . . . . . . . . . . . . . . . . . (0.51) (0.30) (0.49) (0.28) (0.06)


Net Asset Value per Share, End of Year . . . . . . . . . . . . . . . . . . . . . . . . $12.09 $11.67 $12.15 $12.07 $12.44

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.16% (0.35)% 6.74% 0.31% 3.31%

Ratios/Supplemental Data:Net Assets, End of Year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . $ 350 $ 518 $ 532 $1,597 $1,876Ratio of Expenses to Average Net Assets:(2)



(2) Does not include expenses of the underlying affiliated funds.

148

Glossary

Definitions of select terms used in this Prospectus are listedbelow:

American Depository Receipts (ADRs) — Receipts, typicallyissued by a U.S. bank or trust company, evidencing owner-ship of the underlying securities issued by a foreign corpo-ration. ADRs are denominated in U.S. dollars and are publiclytraded on exchanges or over-the-counter markets in the U.S.

Annualize — To convert to an annual basis. The expression ofa rate of return over periods other than one year converted toannual terms. For example, a cumulative return of 21% overtwo years would convert into an annualized return of 10% perannum, even though each annual return may have lookednothing like 10%. For example, if an investment earned -2%in year one and 23.5% in year two, the compound annualreturn would be 10%.

Benchmark — Any basis of measurement, such as an index,that is used by an investment manager as a yardstick toassess the performance of a portfolio. For example, the S&P500® Index is a commonly used benchmark for U.S. large-capequity portfolios.

Credit Default Swap — An agreement which allows the trans-fer of third party credit risk from one party to the other. Oneparty in the swap is often a lender who faces credit risk from athird party borrower, and the counterparty in the credit defaultswap agrees to insure this risk in exchange for regular peri-odic payments (essentially an insurance premium). If thethird party defaults, the party providing insurance will have topurchase from the insured party the defaulted asset at its fullnotional value or “par value” (principal plus remaininginterest).

Credit-Linked Note — A type of structured note that containsan embedded credit default swap, which allows the issuer totransfer specific credit risks to buyers of the security inexchange for the issuer’s promise to make principal andinterest payments. This allows the issuer to hedge its own riskwith respect to a reference asset such as a default, creditspread or ratings change. In exchange for a right to interestand/or principal payments, the buyer of a credit-linked noteagrees to assume exposure to the underlying reference assetto the buyer’s investment.

Distribution and/or Service (12b-1) Fees — Fees assessed toshareholders for shareholder servicing, marketing and dis-tribution expenses for a fund.

Dividends — A distribution of corporate earnings to share-holders.

Duration — A weighted-average term-to-maturity of a bond’scash flows, the weights being the present value of each cashflow as a percentage of the bond’s full price. Duration is oftenused to measure the potential volatility of a bond’s price;bonds with longer durations are more sensitive to changes ininterest rates, making them more volatile than bonds withshorter durations. Bonds with uncertain payment schedules,such as mortgage-backed securities, which can be prepaid,have durations which may vary or lengthen in certain interestrate environments making their market values more volatilethan when acquired.

Exchange-Traded Funds (ETFs) — ETFs are typicallyopen-end investment companies whose shares are listed fortrading on a national securities exchange.

Exchange-Traded Notes (ETNs) — ETNs are senior,unsecured, unsubordinated deft securities issued by banks orother financial institutions. Each ETN has a maturity date andis backed only by the credit of the issuer. The returns of ETNsare linked to the performance of a market benchmark orstrategy, less investor fees. The issuer of an ETN typicallymakes interest payments and a principal payment at maturitythat is linked to the price movement of a market benchmarkor strategy.

Expense Ratio — Expressed as a percentage provides aninvestor the total cost for fund operating expenses andmanagement fees.

Forward Contract — A specific form of counterparty agree-ment under which a commodity or financial instrument isbought or sold at a certain price agreed on today (date ofcontract), but is to be delivered on a stated future (forward)date in settlement of the agreement. If the value of the under-lying commodity or financial instrument changes, the value ofthe forward contract becomes positive or negative dependingon the position held.

149

Futures — A standardized, transferable, exchange-tradedcontract that requires delivery of a security, commodity, bond,currency or stock index, at a specified price, on a specifiedfuture date. Futures represent a pledge to make a certaintransaction at a future date and are usually cash settled beforethe close out date by a party to the contract.

Global Depository Receipts (GDRs) — Receipts for shares in aforeign based corporation traded in capital markets aroundthe world. While ADRs permit foreign corporations to offershares to American citizens, GDRs allow companies in Asia,Europe, the United Stated and Latin America to offer sharesin many markets around the world.

Growth Companies — Companies that have exhibited faster-than-average gains in earnings over the last few years and areexpected to continue to show a high level of profit growth.Growth companies are generally riskier investments thanaverage companies, however, since they usually have higherprice-to-earnings ratios and make little or no dividend pay-ments to shareholders.

Interest — Cost of using money, expressed as a rate perperiod of time, usually one year, in which case it is called anannual rate of interest.

Interest Rate Swap — A specific form of counterparty agree-ment where one stream of future interest payments isexchanged for another based on a specified principal ornotional amount. Interest rate swaps often exchange a fixedpayment for a floating payment that is linked to an interestrate (most often LIBOR). Interest rate swaps are used to limitor manage exposure to interest rate fluctuations.

Intrinsic Value — A company’s long-term value. The valuationis determined by applying data inputs to a valuation theory ormodel.

Junk Bonds — Junk bonds or high yield bonds are bonds thatare rated below BBB by S&P Global Ratings or below Baa byMoody’s Investors Service, Inc. These bonds typically pay ahigher yield to compensate for the greater credit risk.

LIBOR — London Inter-Bank Offer Rate. The interest rate thatthe banks charge each other for loans (usually in Eurodollars).

Maturity — The date at which a debt instrument is due andpayable.

Money Market Instruments — High quality, short term debtinstruments. A money market instrument typically matures in397 days or less.

Options — An owner of a call (put) option has the right (butnot the obligation) to purchase (sell) the underlying securityat a specified price, and this right lasts until a specified date.The writer of a call (put) option has the obligation to sell(purchase) the underlying security at a specified price, until aspecified date.

Price-to-Earnings (P/E) Ratio — A stock’s market price div-ided by its current or estimated future earnings per share. Afundamental measure of the attractiveness of a particularsecurity versus all other securities as determined by theinvesting public. The higher the P/E, the more investors arepaying, and therefore the more earnings growth they areexpecting. The lower the ratio relative to the average of thestock market, the lower the (market’s) profit growth expect-ations.

Price-to-Book (P/B) Ratio — The weighted average of theprice-to-book ratios of all the stocks in a fund’s portfolio.Generally, a high P/B ratio indicates the price of the stockexceeds the actual worth of the company’s assets, while a lowP/B ratio indicates the stock is relatively cheap.

Principal — Face amount of a debt instrument on whichinterest is either owed or earned.

Real Estate Investment Trust (REIT) — A REIT is a pooledinvestment vehicle that invests primarily in income-producingreal estate or real estate loans or interests. REITs are nottaxed on income distributed to shareholders, provided theycomply with the requirements of the Internal Revenue Code of1986, as amended.

Tiered Index Bond — Typically a mortgage-backed securitythat maintains a fixed coupon, provided that a reference rate(usually LIBOR) remains below a stated “strike” level. In theevent the reference rate rises above the “strike” level, thesecurity behaves like an inverse floater security.

Total Return — Return on an investment including bothappreciation (depreciation) and interest or dividends.

Total Return Swap — A specific form of counterparty agree-ment in which one party makes payments based on a set rate,either fixed or variable, and the other party makes paymentsbased on the return of an underlying asset, which includes

150

both the income it generates and any capital gains. In totalreturn swaps, the underlying asset, referred to as the refer-ence asset, is usually an equity index, loans or bonds. Thisasset is owned by the party receiving the set rate payment.Total return swaps allow the party receiving the total return togain exposure and benefit from a referenced asset withoutactually having to own it.

Turnover — Statistical ratio measuring the amount of trans-actions within a portfolio over a given time period.

Value Companies — Value companies are companies thatappear underpriced according to certain financial

measurements of their intrinsic worth or business prospects(such as price-to-earnings or price-to-book ratios).

Weighted Average Duration — The average duration of secu-rities in an investment portfolio weighted by market value.

Yield Curve — A visual representation of the term structure ofinterest rates by plotting the yields of all bonds of the samequality within maturities ranging from the shortest to the lon-gest available. It shows the relationship between bond yieldsand maturity lengths. A normal or positive yield curve signifieshigher interest rates for long-term investment, while a negativeor downward curve indicates higher short-term rates.

151

TCW Funds, Inc.

865 South Figueroa StreetLos Angeles, California 90017

800 FUND TCW(800 386 3829)

www.TCW.com

More information on each Fund is available, free of charge, upon request by calling 800FUND TCW (386 3829), or on the Internet at www.TCW.com, including the following:

Annual/Semi-Annual ReportAdditional information about each Fund’s investments is in the Funds’ annual and semi-annual reports to shareholders. In the Funds’ annual report, you will find a discussion ofthe market conditions and investment strategies that significantly affected each Fund’sperformance during its last fiscal year.

Statement of Additional Information (SAI)The SAI provides more details about each Fund and its policies. A current SAI is on filewith the SEC, is incorporated by reference, and is legally considered part of thisProspectus.

Shareholder Account InformationFor additional information, such as transaction and account inquiries:

Call 800 248 4486, or send your request to:TCW Funds, Inc. c/o U.S. Bancorp Fund Services, LLCP.O. Box 701Milwaukee, WI 53201-0701

You can obtain copies of reports and other information about the Funds (includingthe SAI) on the EDGAR Database on the SEC’s website at www.sec.gov or byelectronic request to [email protected]. A fee will be charged for making copies.

SEC File Number 811-7170

FUNDp0220

Page 1 of 2

PRIVACY POLICY

The TCW Group, Inc. and Subsidiaries TCW Investment Management Company LLC TCW Asset Management Company LLC Metropolitan West Asset Management, LLC TCW Funds, Inc. Sepulveda Management LLC TCW Strategic Income Fund, Inc. TCW Direct Lending LLC Metropolitan West Funds TCW Direct Lending VII LLC

Effective November 2018

WHAT YOU SHOULD KNOW

At TCW, we recognize the importance of keeping information about you secure and confidential. We do not sell or share your nonpublic personal and financial information with marketers or others outside our affiliated group of companies. We carefully manage information among our affiliated group of companies to safeguard your privacy and to provide you with consistently excellent service. We are providing this notice to you to comply with the requirements of Regulation S-P, "Privacy of Consumer Financial Information," issued by the United States Securities and Exchange Commission.

OUR PRIVACY POLICY

We, The TCW Group, Inc. and its subsidiaries, the TCW Funds, Inc., TCW Strategic Income Fund, Inc., the Metropolitan West Funds, Sepulveda Management LLC, and TCW Direct Lending (collectively, "TCW") are committed to protecting the nonpublic personal and financial information of our customers and consumers who obtain or seek to obtain financial products or services primarily for personal, family or household purposes. We fulfill our commitment by establishing and implementing policies and systems to protect the security and confidentiality of this information. In our offices, we limit access to nonpublic personal and financial information about you to those TCW personnel who need to know the information in order to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal and financial information.

CATEGORIES OF INFORMATION WE COLLECT

We may collect the following types of nonpublic personal and financial information about you from the following sources: • Your name, address and identifying numbers, and other personal and financial information, from you and from identification

cards and papers you submit to us, on applications, subscription agreements or other forms or communications. • Information about your account balances and financial transactions with us, our affiliated entities, or nonaffiliated third parties,

from our internal sources, from affiliated entities and from nonaffiliated third parties. • Information about your account balances and financial transactions and other personal and financial information, from

consumer credit reporting agencies or other nonaffiliated third parties, to verify information received from you or others.

Page 2 of 2

CATEGORIES OF INFORMATION WE DISCLOSE TO NONAFFILIATED THIRD PARTIES

We may disclose your name, address and account and other identifying numbers, as well as information about your pending or past transactions and other personal financial information, to nonaffiliated third parties, for our everyday business purposes such as necessary to execute, process, service and confirm your securities transactions and mutual fund transactions, to administer and service your account and commingled investment vehicles in which you are invested, to market our products and services through joint marketing arrangements or to respond to court orders and legal investigations. We may disclose nonpublic personal and financial information concerning you to law enforcement agencies, federal regulatory agencies, self-regulatory organizations or other nonaffiliated third parties, if required or requested to do so by a court order, judicial subpoena or regulatory inquiry. We do not otherwise disclose your nonpublic personal and financial information to nonaffiliated third parties, except where we believe in good faith that disclosure is required or permitted by law. Because we do not disclose your nonpublic personal and financial information to nonaffiliated third parties, our Customer Privacy Policy does not contain opt-out provisions.

CATEGORIES OF INFORMATION WE DISCLOSE TO OUR AFFILIATED ENTITIES

• We may disclose your name, address and account and other identifying numbers, account balances, information about your

pending or past transactions and other personal financial information to our affiliated entities for any purpose. • We regularly disclose your name, address and account and other identifying numbers, account balances and information

about your pending or past transactions to our affiliates to execute, process and confirm securities transactions or mutual fund transactions for you, to administer and service your account and commingled investment vehicles in which you are invested, or to market our products and services to you.

INFORMATION ABOUT FORMER CUSTOMERS

We do not disclose nonpublic personal and financial information about former customers to nonaffiliated third parties unless required or requested to do so by a court order, judicial subpoena or regulatory inquiry, or otherwise where we believe in good faith that disclosure is required or permitted by law.

QUESTIONS

Should you have any questions about our Customer Privacy Policy, please contact us by email or by regular mail at the address at the end of this policy.

REMINDER ABOUT TCW'S FINANCIAL PRODUCTS

Financial products offered by The TCW Group, Inc. and its subsidiaries, the TCW Funds, Inc., TCW Strategic Income Fund, Inc., the Metropolitan West Funds, Sepulveda Management LLC, and TCW Direct Lending. • Are not guaranteed by a bank;

• Are not obligations of The TCW Group, Inc. or of its subsidiaries;

• Are not insured by the Federal Deposit Insurance Corporation; and

• Are subject to investment risks, including possible loss of the principal amount committed or invested, and earnings thereon.

THE TCW GROUP, INC. SEPULVEDA MANAGEMENT LLC

TCW FUNDS, INC. TCW DIRECT LENDING LLC

TCW STRATEGIC INCOME FUND, INC. TCW DIRECT LENDING VII LLC

METROPOLITAN WEST FUNDS

Attention: Privacy Officer | 865 South Figueroa St. Suite 1800 | Los Angeles, CA 90017 | email: [email protected]

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