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pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I shares of the Fund, which are not reflected in the table below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0 0 0.0025 0.0013 0.0112 0.0016 0.0078 0.0177 0.0106 0.0001 0.0090 0.0016 0.0077 0.0087 0.0090 March 1, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 80 249 433 966 180 557 959 2084 108 337 585 1294 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 16.69% of the average value of its portfolio.</div> 0.1669 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in a concentrated portfolio of equity securities of large-capitalization companies (<span style="font-style: italic;">i.e.</span>, companies with market capitalizations, at the time of acquisition, within the capitalization range of the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index). As of December 31, 2025, the market capitalization of companies included in the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index was between $1.6 billion and $4.5 trillion. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. Equity securities include</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">common and preferred stock; rights, warrants or options to purchase common or preferred stock; securities that may be converted into or exchanged for common or preferred stock, such as convertible preferred stock, convertible debt and Eurodollar convertible securities; equity securities of foreign companies listed on established exchanges, including NASDAQ; American Depositary Receipts (ADRs); equity securities of real estate investment trusts (“<span style="font-weight: bold;">REITs</span>”) and real estate companies; and other securities with equity characteristics. While the Fund invests primarily in equity securities of large-capitalization companies, it may also invest in equity securities of mid-capitalization companies.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The portfolio managers use a highly focused approach, which seeks to achieve superior long-term returns over a full market cycle by owning shares of companies that the portfolio managers believe to have strong and enduring business models and inherent advantages over their competitors. In selecting the Fund’s investments, the portfolio managers consider the extent to which businesses have leaders who prudently manage financially material risks to their business and demonstrate appropriate corporate governance in the management of their business. Fundamental research is used to identify these companies, as well as both qualitative and quantitative screening criteria to supplement the fundamental research.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Portfolio securities may be sold for a number of reasons, including when a company fails to meet expectations or when the portfolio managers believe that (i) there has been a deterioration in the underlying fundamentals of a company, (ii) the intermediate- and long-term prospects for a company are poor, (iii) another security may offer a better investment opportunity, (iv) an individual security has reached its sell target, or (v) the portfolio should be rebalanced for diversification or portfolio weighting purposes.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">equity risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">large-capitalization company risk:</span> the risk that securities of large-capitalization companies may underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion, which may increase the risk of loss to the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">mid-capitalization company risk:</span> the risk that mid-capitalization companies may have more volatile stock performance than large capitalization companies and are more likely to experience business failures, which may increase the risk of loss to the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">growth investing risk:</span> the risk of investing in growth stocks, which may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth potential. The growth investment style may be out of favor or may not produce the best results over short or longer time periods and may increase the volatility of the Fund’s share price. Growth-oriented funds typically underperform when value investing is in favor.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">information technology sector risk:</span> the risk that the Fund may be susceptible to the impact of market, economic, regulatory, and other factors affecting the information technology sector and that the value of the Fund may fluctuate more widely than it would for a fund that invests more broadly across varying sectors. Companies in the information technology sector may be affected by the overall economic conditions as well as by factors particular to the information technology sector, including intense competition, short product cycle, rapid product obsolescence, possible loss or impairment of intellectual property rights, and changes in government regulations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">securities selection risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio manager’s choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign investing risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">REIT and real estate company risk:</span> the risk that the Fund may be susceptible to the impact of market, economic,</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">regulatory, and other factors affecting the real estate industry and/or the local or regional real estate markets and that the value of the Fund may fluctuate more widely than it would for a fund that invests more broadly across varying industries and sectors. REITs and real estate companies may be negatively impacted by factors generally affecting the value of real estate and the earnings of companies engaged in the real estate industry as well as factors that specifically relate to the structure and operations of REITs and real estate companies, including heavy cash flow dependency, self-liquidation, the possibility of failing to qualify for tax-free “pass-through” of income under the federal tax law and the use of leverage.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">concentration risk:</span> although the Fund technically remains a diversified fund, the relative increase in the market value of certain holdings has made the Fund’s portfolio sufficiently concentrated that investors in the Fund are now subject to similar risks as investing in a non-diversified mutual fund. Non-diversification risk is the risk that the Fund may be more susceptible to any single economic, political or regulatory event than a diversified fund because a higher percentage of the Fund’s assets may be invested in the securities of a limited number of issuers. There can be no assurances as to when or whether the Fund will become less concentrated.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. This information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Before February 28, 2025, the Fund was managed with a different principal investment strategy and may have achieved different performance results under its current principal investment strategy from the performance shown for periods before that date. The bar chart shows performance of the Fund’s Class I shares. Class I-3 and Class N performance may be lower than Class I performance because of the potentially lower expenses paid by Class I shares. Past results (before and after taxes) are</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com. Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance.</div> The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. Past results (before and after taxes) arenot predictive of future results. www.TCW.com Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance. Calendar Year Total Returns For Class I Shares <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest/Lowest quarterly results during this period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 13%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 65%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">30.88%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 6/30/2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-22.85%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 6/30/2022)</td> </tr> </table> Highest 0.3088 2020-06-30 Lowest -0.2285 2022-06-30 Average Annual Total Returns1 (For the period ended December 31, 2025) 0.1084 0.1089 0.1477 0.0791 0.0753 0.1149 0.0854 0.0798 0.1128 0.1073 0.1075 0.1456 0.1788 0.1442 0.1482 0.1856 0.1532 0.1813 2025-08-25 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary.</div> After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflectthe impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary. TCW Global Real Estate Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investment objective is to seek to maximize total return from current income and long-term capital growth.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I shares of the Fund, which are not reflected in the table below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0 0.0025 0.0037 0.0056 0.0117 0.0161 0.0027 0.0061 0.0090 0.0100 March 1, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 119 372 644 1420 164 508 876 1911 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 59.50% of the average value of its portfolio.</div> 0.5950 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of real estate investment trusts (“<span style="font-weight: bold;">REITs</span>”) and real estate companies. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. REITs are pooled investment vehicles that typically invest directly in real estate, mortgages and/or loans collateralized by real estate. Real estate companies are companies that in whole or part derive their assets, revenues, or net profits from the ownership, construction, management, or sale of residential, commercial, or industrial real estate, and include housing and homebuilding companies; real estate brokers and land developers; and companies with significant real estate holdings. The Fund may also invest in shares of companies such as software companies, information technology companies, or other companies that provide real estate related services.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal market conditions, the Fund invests in securities of issuers located in at least three different countries (one of</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">which may be the United States) and invests at least 30% of its net assets, plus any borrowings for investment purposes, in securities of issuers domiciled outside the United States or whose primary business operations are outside the United States, including pooled investment vehicles domiciled in the United States that invest principally in non-U.S. securities. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. 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 for common or preferred stock, such as convertible preferred stock, convertible debt and Eurodollar convertible securities; equity securities of foreign companies listed on established exchanges, including NASDAQ; American Depositary Receipts (ADRs); and other securities with equity characteristics. The Fund may invest in securities of issuers located in developed and emerging market countries. The Fund’s investments may be denominated in either local currency or U.S. dollars.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund typically invests in a portfolio of fewer than 40 companies at any given time. In managing the Fund’s investments, the portfolio managers use a “bottom-up” approach to seek to identify securities for investment, with emphasis on assessing asset, earnings, cash flow and management quality and stability. In selecting the Fund’s investments, the portfolio managers consider the extent to which businesses have leaders who prudently manage financially material risks to their business and demonstrate appropriate corporate governance in the management of their business. The portfolio managers may use both qualitative and quantitative screening criteria to supplement the fundamental research. The Fund seeks to invest in companies trading at prices the portfolio managers believe are below their estimated intrinsic values based on the qualitative and quantitative criteria.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may buy or sell call or put options on stocks, indices or exchange-traded funds for investment management or hedging purposes.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Portfolio securities may be sold for a number of reasons, including when a company fails to meet expectations or when the portfolio managers believe that (i) there has been a deterioration in the underlying fundamentals of a company, (ii) the intermediate- and long-term prospects for a company are poor, (iii) another security may offer a better investment opportunity, (iv) an individual security has become fully valued, has become too large a position in the Fund, or has reached its sell target, or (v) the portfolio should be rebalanced for diversification or portfolio weighting purposes.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">equity risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">REIT and real estate company risk: </span>the risk that the Fund may be susceptible to the impact of market, economic, regulatory, and other factors affecting the real estate industry and/or the local or regional real estate markets and that the value of the Fund may fluctuate more widely than it would for a fund that invests more broadly across varying industries and sectors. REITs and real estate companies may be negatively impacted by factors generally affecting the value of real estate and the earnings of companies engaged in the real estate industry as well as factors that specifically relate to the structure and operations of REITs and real estate companies, including heavy cash flow dependency, self-liquidation, the possibility of failing to qualify for tax-free “pass-through” of income under the federal tax law and the use of leverage.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">other investment company risk:</span> the risk that investments by the Fund in the shares of other investment companies, including exchange-traded funds and certain REITs, are subject to the risks associated with such investment companies’ portfolio securities. Accordingly, the Fund’s investment in shares of another investment company will fluctuate based on the performance of such investment company’s portfolio securities. Further, Fund shareholders will indirectly bear a proportionate share of the expenses of any investment company in which the Fund invests, in addition to paying the Fund’s expenses.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign investing risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign currency risk:</span> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade, and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">valuation risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">derivatives risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">leverage risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">counterparty risk:</span> the risk that the other party to a contract, such as a derivatives contract, will not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">securities selection risk: </span>the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">mortgage REIT risk:</span> the risk that REITs that invest in mortgages or mortgage-backed securities may also be indirectly subject to various risks associated with those investments, including, but not limited to, credit risk, interest rate risk, leverage risk and prepayment risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">options strategy risk:</span> the risk that the Fund’s use of options could result in poor investment performance because writing and purchasing call and put options are highly specialized activities and entail greater than ordinary investment risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">emerging market country risk:</span> the risk of investing in emerging market countries, which is substantial due to,</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">among other factors, different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. This information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class N performance may be lower than Class I performance because of the potentially lower expenses paid by Class I shares. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com.</div> The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. Past results (before and after taxes) are not predictive of future results. www.TCW.com Calendar Year Total Returns For Class I Shares <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest/Lowest quarterly results during this period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 13%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 65%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">17.06%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 6/30/2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-20.02%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 3/31/2020)</td> </tr> </table> Highest 0.1706 2020-06-30 Lowest -0.2002 2020-03-31 Average Annual Total Returns (For the period ended December 31, 2025) 0.0768 0.0297 0.0565 0.0667 0.0172 0.0452 0.0481 0.0189 0.0402 0.0759 0.0287 0.0555 0.2287 0.1170 0.1228 0.0888 0.0502 0.0492 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary.</div> After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary. TCW Relative Value Large Cap Fund Investment Objective The Fund’s investment objective is to seek capital appreciation, with a secondary goal of current income. Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I shares of the Fund, which are not reflected in the table below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0 0 0.0025 0.0012 0.0031 0.0017 0.0072 0.0091 0.0102 0.0002 0.0011 0.0017 0.0070 0.0080 0.0085 March 1, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 74 230 401 894 93 290 504 1120 104 325 563 1248 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 61.97% of the average value of its portfolio.</div> 0.6197 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of large-capitalization companies, meaning those with market capitalizations, at the time of acquisition, within the capitalization range of the companies comprising the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index. As of December 31, 2025, the market capitalization of companies included in the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index was between $1.3 billion and $4.5 trillion. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. Equity securities include common and</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">preferred stock; rights, warrants or options to purchase common or preferred stock; securities that may be converted into or exchanged for common or preferred stock, such as convertible preferred stock, convertible debt and Eurodollar convertible securities; equity securities of foreign companies listed on established exchanges, including NASDAQ; American Depositary Receipts (ADRs); and other securities with equity characteristics.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The portfolio managers analyze economic and market conditions and identify securities that the portfolio managers believe will make the best investments in the pursuit of the Fund’s investment objective. In selecting the Fund’s investments, the portfolio managers sometimes consider the extent to which businesses have leaders who prudently manage financially material risks to their business and demonstrate appropriate corporate governance in the management of their business. Additionally, the portfolio managers consider various factors including:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s market capitalization;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s price-to-book;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s price-to-earnings;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s price-to-sales;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s price-to-cash flow; and/or</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s dividend yield.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund will invest mostly in companies the portfolio managers believe are “value companies.” In managing the Fund’s investments, the portfolio managers blend a number of investment strategies. The portfolio managers emphasize investing in companies that tend to have one or more characteristics that are lower than the equivalent characteristics for companies in the S&amp;P 500 Index. The portfolio managers seek companies that they believe are neglected or out of favor and whose stock prices are low in relation to current earnings, cash flow, book value and sales and companies that they believe have reasonable prospects for growth even though the expectations for these companies are low and their valuations are temporarily depressed.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Portfolio securities may be sold for a number of reasons, including when a company fails to meet expectations or when the portfolio managers believe that (i) there has been a deterioration in the underlying fundamentals of a company, (ii) the intermediate- and long-term prospects for a company are poor, (iii) another security may offer a better investment opportunity, (iv) an individual security has reached its sell target, or (v) the portfolio should be rebalanced for diversification or portfolio weighting purposes.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">equity risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">large-capitalization company risk:</span> the risk that securities of large-capitalization companies may underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion, which may increase the risk of loss to the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">value investing risk:</span> the risk of investing in undervalued stocks, which may not realize their perceived value for extended periods of time or may never realize their perceived value. Value stocks may respond differently to market and other developments than other types of stocks. The value investment style may be out of favor or may not produce the best results over short or longer time periods</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">and may increase the volatility of the Fund’s share price. Value-oriented funds typically underperform when growth investing is in favor.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">securities selection risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign investing risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. This information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class I-3 and Class N performance may be lower than Class I performance because of the potentially lower expenses paid by Class I shares. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com. Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance.</div> The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. Past results (before and after taxes) are not predictive of future results. www.TCW.com Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance. Calendar Year Total Returns For Class I Shares <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest/Lowest quarterly results during this period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 13%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 65%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">20.87%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 12/31/2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-30.94%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 3/31/2020)</td> </tr> </table> Highest 0.2087 2020-12-31 Lowest -0.3094 2020-03-31 Average Annual Total Returns1(For the period ended December 31, 2025) 0.1932 0.1471 0.1156 0.1373 0.1224 0.0824 0.1550 0.1152 0.0850 0.1923 0.1451 0.1136 0.1788 0.1442 0.1482 0.1591 0.1133 0.1053 2025-08-25 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary.</div> After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown 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 are shown for only one class of shares, and after-tax returns for the other class of shares will vary. TCW Relative Value Mid Cap Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investment objective is to seek to provide long-term capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I shares of the Fund, which are not reflected in the table below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0 0.0025 0.0023 0.0037 0.0093 0.0132 0.0008 0.0037 0.0085 0.0095 March 1, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 95 296 515 1143 134 418 723 1593 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 64.79% of the average value of its portfolio.</div> 0.6479 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of mid-capitalization companies (<span style="font-style: italic;">i.e.</span>, companies with market capitalizations, at the time of acquisition, within the capitalization range of the companies comprising the Russell MidCap<sup style="font-size: 75%; vertical-align: top;">®</sup> Index). As of December 31, 2025, the market capitalization of companies included in the Russell MidCap<sup style="font-size: 75%; vertical-align: top;">®</sup> Index was between $1.3 billion and $102 billion. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. 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 for common or preferred stock, such as convertible preferred stock, convertible debt and Eurodollar convertible securities; equity securities of foreign companies listed on established exchanges, including NASDAQ; American Depositary Receipts (ADRs); equity securities of real estate investment trusts (“<span style="font-weight: bold;">REITs</span>”) and real estate companies; and other securities with equity characteristics.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The portfolio managers analyze economic and market conditions and identify securities that the portfolio managers believe will make the best investments in the pursuit of the Fund’s investment objective. In selecting the Fund’s investments, the portfolio managers sometimes consider the extent to which businesses have leaders who prudently manage financially material risks to their business and demonstrate appropriate corporate governance in the management of their business. Additionally, the portfolio managers consider various factors including:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s market capitalization;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s price-to-book;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s price-to-earnings;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s price-to-sales;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s price-to-cash flow; and/or</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">a company’s dividend yield.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund invests mostly in what the portfolio managers believe are “value companies.” The portfolio managers seek to identify those companies that have fallen out of favor and whose stock is selling below what the portfolio managers believe is its real value. The portfolio managers look for those stocks with a potential catalyst, such as new products/markets restructuring/cost-cutting, or management, which may trigger an increase in their values.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Portfolio securities may be sold for a number of reasons, including when a company fails to meet expectations or when the portfolio managers believe that (i) there has been a deterioration in the underlying fundamentals of a company, (ii) the intermediate- and long-term prospects for a company are poor, (iii) another security may offer a better investment opportunity, (iv) an individual security has reached its sell target, or (v) the portfolio should be rebalanced for diversification or portfolio weighting purposes.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">equity risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">of changes in a company’s financial condition or in overall market, economic and political conditions.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">mid-capitalization company risk:</span> the risk that mid-capitalization companies may have more volatile stock performance than large capitalization companies and are more likely to experience business failures, which may increase the risk of loss to the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">value investing risk:</span> the risk of investing in undervalued stocks, which may not realize their perceived value for extended periods of time or may never realize their perceived value. Value stocks may respond differently to market and other developments than other types of stocks. The value investment style may be out of favor or may not produce the best results over short or longer time periods and may increase the volatility of the Fund’s share price. Value-oriented funds typically underperform when growth investing is in favor.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">REIT and real estate company risk:</span> the risk that the Fund may be susceptible to the impact of market, economic,</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">regulatory, and other factors affecting the real estate industry and/or the local or regional real estate markets and that the value of the Fund may fluctuate more widely than it would for a fund that invests more broadly across varying industries and sectors. REITs and real estate companies may be negatively impacted by factors generally affecting the value of real estate and the earnings of companies engaged in the real estate industry as well as factors that specifically relate to the structure and operations of REITs and real estate companies, including heavy cash flow dependency, self-liquidation, the possibility of failing to qualify for tax-free “pass-through” of income under the federal tax law and the use of leverage.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">securities selection risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio manager’s choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign investing risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. This information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class N performance may be lower than Class I performance because of the potentially lower expenses paid by Class I shares. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com.</div> The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. Past results (before and after taxes) are not predictive of future results. www.TCW.com Calendar Year Total Returns For Class I Shares <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest/Lowest quarterly results during this period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 13%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 65%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">25.48%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 12/31/2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-37.31%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 3/31/2020)</td> </tr> </table> Highest 0.2548 2020-12-31 Lowest -0.3731 2020-03-31 Average Annual Total Returns (For the period ended December 31, 2025) 0.1561 0.1287 0.1116 0.1075 0.1059 0.0949 0.1279 0.1007 0.0892 0.1553 0.1276 0.1104 0.1788 0.1442 0.1482 0.1105 0.0983 0.0978 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary.</div> After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary. TCW Core Fixed Income Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investment objective is to seek to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I or Plan Class shares of the Fund, which are not reflected in the table below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0.0040 0.0040 0 0 0.0025 0 0.0017 0.0097 0.0021 0.0013 0.0057 0.0137 0.0086 0.0053 0.0008 0.0081 0.0026 0.0009 0.0049 0.0056 0.0060 0.0044 March 1, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 58 183 318 714 139 434 750 1646 88 274 477 1061 54 170 296 665 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 426.07% of the average value of its portfolio.</div> 4.2607 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities. If the Fund changes this</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">investment policy, it will notify shareholders in writing at least 60 days in advance of the change. The Fund may invest in various types of debt securities, including but not limited to securities issued or guaranteed by the United States government or its agencies, instrumentalities or sponsored corporations; corporate obligations (including convertible securities); mortgage-backed and asset-backed securities (which may be privately issued); local currency- or U.S. dollar-denominated foreign debt securities (corporate and government); money market instruments; and other securities bearing fixed or variable interest rates of any maturity.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. The Fund may invest in foreign securities that are denominated in U.S. dollars as well as in local currency.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest up to 5% of its net assets in below investment grade bonds (commonly known as “junk bonds”), which are bonds rated below BBB by Fitch Ratings, Inc., below BBB by S&amp;P Global Ratings and below Baa by Moody’s Investors Service, Inc., or, if unrated, bonds deemed by the Fund’s investment advisor to be of comparable quality. The Fund may also invest a portion of its assets in bank loans of companies that have issued high yield securities. High yield portfolio holdings are diversified by industry and issuer in an attempt to reduce the impact of negative events on an industry or issuer.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest in derivative instruments such as options, futures and swap agreements for investment management or hedging purposes. The derivatives in which the Fund may invest also include securities that are commonly referred to as mortgage derivatives, including inverse floaters, interest only (IO) strips, principal-only (PO) strips, inverse IOs and tiered index bonds. The Fund may also purchase or sell securities on a when-issued, delayed delivery or forward commitment basis.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">In managing the Fund’s investments, under normal market conditions, the portfolio managers use a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and include consideration of:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">security selection within a given sector;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">relative performance of the various market sectors;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">the shape of the yield curve; and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">fluctuations in the overall level of interest rates.</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Portfolio securities and other instruments may be sold for a number of reasons, including when the portfolio managers believe that (i) another security or instrument may offer a better investment opportunity, (ii) there has been a deterioration in the credit fundamentals of an issuer, (iii) an individual security or instrument has reached its sell target, or (iv) the portfolio should be rebalanced for diversification or portfolio weighting purposes.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">debt securities risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">interest rate risk:</span> the risk that debt securities will decline in value because of changes in interest rates. This risk is greater during periods of rising inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">credit risk:</span> the risk that an issuer will default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the investment advisor, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">frequent trading risk:</span> the risk that frequent trading will lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders in the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">valuation risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">prepayment risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">extension risk:</span> 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 to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">mortgage-backed securities risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. government securities risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. government securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. treasury obligations risk:</span> the risk that the value of U.S. treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">derivatives risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">when-issued and delayed delivery securities and forward commitments risk</span>: when-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">leverage risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">counterparty risk:</span> the risk that the other party to a contract, such as a derivatives contract, will not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">securities selection risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">asset-backed securities risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">junk bond risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign investing risk</span>: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign currency risk</span>: the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade, and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">emerging market country risk</span>: the risk of investing in emerging market countries, which is substantial due to, among other factors, different accounting standards;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s benchmark index. This information provides some indication of the risks of investing in the Fund by showing the changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class I-3 and Class N performance may be lower than Class I and Plan Class performance because of the potentially lower expenses paid by Class I and Plan Class shares. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com. Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance.</div> The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s benchmark index. Past results (before and after taxes) are not predictive of future results. www.TCW.com Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance. Calendar Year Total Returns For Class I Shares <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest/Lowest quarterly results during this period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 13%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 67%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.33%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 12/31/2023)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-6.19%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 3/31/2022)</td> </tr> </table> Highest 0.0733 2023-12-31 Lowest -0.0619 2022-03-31 Average Annual Total Returns1 (For the period ended December 31, 2025) 0.0750 -0.0064 0.0193 0.0507 0.0587 -0.0183 0.0073 0.0347 0.0442 -0.0100 0.0096 0.0340 0.0734 -0.0079 0.0173 0.0402 2020-02-28 0.0754 -0.0059 0.0037 0.0730 -0.0036 0.0201 0.0506 2025-08-25 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other classes of shares will vary.</div> After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other classes of shares will vary. TCW Global Bond Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investment objective is to seek total return.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I shares of the Fund, which are not reflected in the table below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0 0.0025 0.0134 0.0140 0.0184 0.0215 0.0124 0.0145 0.0060 0.0070 March 1, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 187 579 995 2159 218 673 1154 2483 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 266.31% of the average value of its portfolio.</div> 2.6631 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. The Fund may invest in various types of debt securities, including but not limited to securities issued or guaranteed by the United States government or its agencies, instrumentalities or sponsored corporations; corporate obligations (including convertible securities); mortgage-backed and asset-backed securities (which may be privately issued); local currency- or U.S. dollar-denominated foreign debt securities (corporate and government); money market instruments; structured notes; participation interests in loans; “zero-coupon” or “stripped” securities; and other debt obligations bearing fixed or variable interest rates of any maturity. The Fund may also purchase or</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">sell securities on a when-issued, delayed delivery or forward commitment basis.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal market conditions, the Fund invests in securities of issuers located in at least three different countries (one of which may be the United States) and invests at least 30% of its net assets in securities of issuers located outside the United States. The Fund invests in corporate debt securities of issuers in a number of countries, which may include the United States. The Fund invests in securities of issuers located in developed and emerging market countries. The Fund may invest across all fixed-income sectors, including U.S. and non-U.S. government securities. The Fund’s investments may be denominated in local currency or U.S. dollars. The Fund may invest in debt securities with a range of maturities from short- to long-term.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund does not limit its investments to a particular credit or ratings category and may invest up to 35% of its net assets in below investment grade bonds (commonly referred to as “junk bonds”), which are bonds rated below BBB by S&amp;P Global Ratings or below Baa by Moody’s Investors Service, Inc., or, if unrated, bonds deemed by the Fund’s investment advisor to be of comparable quality.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest in derivatives such as options, forward contracts, futures contracts and swaps (including interest rate swaps, total return swaps, and credit default swaps) for investment management (e.g., to increase or decrease the Fund’s exposure to a particular market, to manage or adjust the risk profile of the Fund related to an investment or currency exposure, to adjust its currency exposure relative to its benchmark index, or to earn income and enhance returns) or hedging purposes. The Fund’s exposure to derivatives will vary.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">In selecting securities or other instruments, the portfolio managers evaluate the overall investment opportunities and risks in individual national economies. The portfolio managers analyze the business cycle as well as political and macroeconomic factors that affect exchange rates and interest rates in both emerging markets and developing countries. In addition to considering broad economic factors, the portfolio managers apply a “bottom-up” approach in choosing investments for the Fund. This means that the portfolio managers conduct fundamental research on each individual security and determine whether the security is an attractive investment opportunity for the Fund based upon the risk adjusted cash flow characteristics of the security.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Portfolio securities or other instruments may be sold for a number of reasons, including when the portfolio managers believe that (i) another security or instrument may offer a better investment opportunity, (ii) there has been a deterioration in the credit fundamentals of the issuer, (iii) an individual security or instrument has reached its sell target, or (iv) the portfolio should be rebalanced for diversification or portfolio weighting purposes.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">debt securities risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">interest rate risk:</span> the risk that debt securities will decline in value because of changes in interest rates. This risk is greater during periods of rising inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">credit risk:</span> the risk that an issuer will default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the investment advisor, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">frequent trading risk:</span> the risk that frequent trading will lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders in the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">valuation risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign investing risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs)</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">and other government restrictions by the United States and/or other governments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign currency risk:</span> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade, and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">non-U.S. sovereign debt risk:</span> the risk that investments in debt obligations of non-U.S. sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt obligation or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">emerging market country risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">junk bond risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">prepayment risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">extension risk:</span> 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 to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">mortgage-backed securities risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. government securities risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. government securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">derivatives risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">when-issued and delayed delivery securities and forward commitments risk</span>: when-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">leverage risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">counterparty risk:</span> the risk that the other party to a contract, such as a derivatives contract, will not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">securities selection risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">large shareholder risk:</span> the risk that certain account holders, including the Advisor or funds or accounts over which the Advisor (or related parties of the Advisor) has investment discretion, may from time to time own or control a significant percentage of the Fund’s shares. The Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by the Advisor (or related parties of the Advisor), will adversely affect the Fund’s performance if it is forced to sell portfolio securities or invest cash when the Advisor would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of the Fund’s portfolio, increase the Fund’s transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s benchmark index. This information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class N performance may be lower than Class I performance because of the potentially lower expenses paid by Class I shares. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com.</div> The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s benchmark index. Past results (before and after taxes) are not predictive of future results. www.TCW.com Calendar Year Total Returns For Class I Shares <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest/Lowest quarterly results during this period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 13%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 67%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">9.61%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 12/31/2023)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-9.55%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 6/30/2022)</td> </tr> </table> Highest 0.0961 2023-12-31 Lowest -0.0955 2022-06-30 Average Annual Total Returns (For the period ended December 31, 2025) 0.1017 -0.0187 0.0158 0.0834 -0.0279 0.0059 0.0600 -0.0180 0.0081 0.1006 -0.0197 0.0151 0.0817 -0.0215 0.0126 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary.</div> After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary. TCW Securitized Bond Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investment objective is to seek to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I or Plan Class shares of the Fund, which are not reflected in the table below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0.0040 0.0040 0 0 0.0025 0 0.0014 0.0094 0.0019 0.0040 0.0054 0.0134 0.0084 0.0080 0.0005 0.0075 0.0014 0.0036 0.0049 0.0059 0.0070 0.0044 March 1, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 55 173 302 677 136 425 734 1613 86 268 466 1037 82 255 444 990 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 307.34% of the average value of its portfolio.</div> 3.0734 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities issued by securitized vehicles and similar instruments. A securitized vehicle typically issues debt securities backed by assets it owns such as commercial or residential mortgage loans, and well as other</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">types of assets. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. The Fund may invest in various types of debt securities, including securities issued or guaranteed by the United States government or its agencies, instrumentalities or sponsored corporations; corporate obligations (including convertible securities); mortgage-backed and asset-backed securities (which may be privately issued); local currency- or U.S. dollar-denominated foreign debt securities (corporate and government); money market instruments; and other debt obligations bearing fixed or variable interest rates of any maturity.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">At least 50% of the Fund’s net assets will be invested in securitized obligations guaranteed by the United States government or its agencies, instrumentalities or sponsored corporations; privately issued mortgage-backed and asset-backed securities rated at time of investment Aa3 or higher by Moody’s Investors Service, Inc., AA- or higher by S&amp;P Global Ratings or the equivalent by any other nationally recognized statistical organization; other obligations of the United States government or its agencies, instrumentalities or sponsored corporations; and money market instruments. The Fund may invest in below investment grade bonds (commonly known as “junk bonds”), which are bonds rated below BBB by Fitch Ratings, Inc., below BBB by S&amp;P Global Ratings and below Baa by Moody’s Investors Service, Inc., or, if unrated, bonds deemed by the Fund’s investment advisor to be of comparable quality.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest in derivative instruments such as options, futures and swap agreements for investment management or hedging purposes. The derivatives in which the Fund may invest include securities that are commonly known as mortgage derivatives, including inverse floaters, interest only (IO) strips, principal-only (PO) strips, inverse IOs and tiered index bonds. The Fund may also purchase or sell securities on a when-issued, delayed delivery or forward commitment basis.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">In managing the Fund’s investments, under normal market conditions, the portfolio managers seek to construct an investment portfolio with a weighted average duration of no more than eight years. Portfolio securities or other instruments may be sold for a number of reasons, including when the portfolio managers believe that (i) another security or instrument may offer a better investment opportunity, (ii) there has been a deterioration in the credit fundamentals of an issuer, (iii) an individual security or instrument has reached its sell target, or (iv) the portfolio should be rebalanced for diversification or portfolio weighting purposes.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">debt securities risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">interest rate risk:</span> the risk that debt securities will decline in value because of changes in interest rates. This risk is greater during periods of rising inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">credit risk:</span> the risk that an issuer will default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">prepayment risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">extension risk:</span> 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</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">mortgage-backed securities risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. government securities risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. government securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">asset-backed securities risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the investment advisor, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">frequent trading risk:</span> the risk that frequent trading will lead to increased portfolio turnover and higher transaction</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders in the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">valuation risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. treasury obligations risk:</span> the risk that the value of U.S. treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">derivatives risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">when-issued and delayed delivery securities and forward commitments risk</span>: when-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">leverage risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">counterparty risk:</span> the risk that the other party to a contract, such as a derivatives contract, will not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">junk bond risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">securities selection risk:</span> the risk that the securities held by the Fund may underperform those held by other funds</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign investing risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. This information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Before February 28, 2025, the Fund was managed with a different principal investment strategy and may have achieved different</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">performance results under its current principal investment strategy from the performance shown for periods before that date. The bar chart shows performance of the Fund’s Class I shares. Class I-3 and Class N performance may be lower than Class I and Plan Class performance because of the potentially lower expenses paid by Class I and Plan Class shares. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com. Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance.</div> The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. Past results (before and after taxes) are not predictive of future results. www.TCW.com Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance. Calendar Year Total Returns For Class I Shares <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest/Lowest quarterly results during this period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 13%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 67%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.85%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 12/31/2023)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-6.43%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 3/31/2022)</td> </tr> </table> Highest 0.0785 2023-12-31 Lowest -0.0643 2022-03-31 Average Annual Total Returns1 (For the period ended December 31, 2025) 1993-06-17 1993-06-17 1993-06-17 0.0898 -0.0077 0.0170 0.0520 0.0604 -0.0271 -0.0004 0.0296 0.0526 -0.0142 0.0055 0.0310 1999-03-01 0.0871 -0.0097 0.0145 0.0451 2020-02-28 0.0903 -0.0074 0.0003 0.0730 -0.0036 0.0201 0.0443 0.0849 0.0022 0.0168 2025-08-25 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other classes of shares will vary.</div> After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other classes of shares will vary. TCW Emerging Markets Income Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investment objective is to seek high total return from current income and capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I or Plan Class shares of the Fund, which are not reflected in the table below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0.0075 0 0 0.0025 0 0.0015 0.0037 0.0016 0.0011 0.0090 0.0112 0.0116 0.0086 0.0005 0.0020 0.0021 0.0009 0.0085 0.0092 0.0095 0.0077 March 1, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 92 287 498 1108 114 356 617 1363 118 368 638 1409 88 274 477 1061 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 66.81% of the average value of its portfolio.</div> 0.6681 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities issued or guaranteed by companies, financial institutions and government entities in Emerging Market Countries (as defined in the paragraph below). If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. The Fund may invest in high yield or below</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">investment grade bonds (commonly known as “junk bonds”), which are bonds rated below BBB by S&amp;P Global Ratings or below Baa by Moody’s Investors Service, Inc., or, if unrated, bonds deemed by the Fund’s investment advisor to be of comparable quality. The Fund generally invests in at least four Emerging Market Countries.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">An “<span style="font-weight: bold;">Emerging Market Country</span>” means any of the countries in the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified, the J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified, the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM), the MSCI Total Return Emerging Markets Index (Net) and the MSCI Frontier Markets Index. Emerging Markets corporate debt includes the debt of companies in each of these indices and debt of companies in the countries that are in each of these indices.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest in distressed or defaulted corporate securities where the portfolio managers believe the restructured enterprise valuations or liquidation valuations may significantly exceed current market values. In addition, the Fund may invest in distressed or defaulted sovereign investments where the portfolio managers believe the expected debt sustainability of the country exceeds current market valuations. The Fund may invest in derivative instruments, such as credit-linked notes, structured investments, options, futures, options on futures (including those related to options, securities, foreign currencies, indexes and interest rates), forward contracts, swaps (including interest rate and credit default swaps) and options on swaps, for investment management (<span style="font-style: italic;">e.g.</span>, as a substitute for investing directly in debt securities and currencies, to increase returns, to manage credit or interest rate risk, or to manage the effective maturity or duration of the Fund’s investment portfolio) or hedging purposes. The Fund also may make forward commitments in which the Fund agrees to buy or sell a security in the future at a price agreed upon today.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">In allocating investments among various Emerging Market Countries, the portfolio managers attempt to analyze internal political, market and economic factors. These factors include, but are not limited to:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Public finances;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Monetary policy;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">External accounts;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Financial markets;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Foreign investment regulations;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Exchange rate policy;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Labor conditions;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Political outlook;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Structural reform policy; and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">ESG factors.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Portfolio securities and other instruments may be sold for a number of reasons, including when the portfolio managers believe that (i) an individual security or instrument has reached its sell target, (ii) there has been a deterioration in the credit fundamentals of an issuer, (iii) there are negative macroeconomic or geopolitical considerations that may affect an issuer, (iv) another security or instrument may offer a better investment opportunity, or (v) the portfolio should be rebalanced for diversification or portfolio weighting purposes.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">debt securities risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">interest rate risk:</span> the risk that debt securities will decline in value because of changes in interest rates. This risk is greater during periods of rising inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">credit risk:</span> the risk that an issuer will default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign investing risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign currency risk:</span> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade, and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">emerging market country risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">non-U.S. sovereign debt risk:</span> the risk that investments in debt obligations of non-U.S. sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt obligation or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">junk bond risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">distressed and defaulted securities risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the investment advisor, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">frequent trading risk:</span> the risk that frequent trading will lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders in the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">valuation risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">derivatives risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">leverage risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">counterparty risk:</span> the risk that the other party to a contract, such as a derivatives contract, will not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">securities selection risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s benchmark index. This information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class I-3 and Class N performance may be lower than</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Class I and Plan Class performance because of the potentially lower expenses paid by Class I and Plan Class shares. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com. Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance.</div> The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s benchmark index. Past results (before and after taxes) are not predictive of future results. www.TCW.com Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance. Calendar Year Total Returns For Class I Shares <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest/Lowest quarterly results during this period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 13%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 65%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">16.14%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 6/30/2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-19.23%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 3/31/2020)</td> </tr> </table> Highest 0.1614 2020-06-30 Lowest -0.1923 2020-03-31 Average Annual Total Returns1 (For the period ended December 31, 2025) 1996-09-01 1996-09-01 1996-09-01 0.1459 0.0153 0.0461 0.0768 0.1170 -0.0068 0.0241 0.0470 0.0855 0.0015 0.0256 0.0479 2004-03-01 0.1443 0.0143 0.0445 0.0611 2020-02-28 0.1450 0.0161 0.0227 0.1430 0.0178 0.0440 0.0768 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other classes of shares will vary.</div> After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other classes of shares will vary. TCW Emerging Markets Local Currency Income Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investment objective is to seek to provide high total return from current income and capital appreciation, through investment in debt securities denominated in the local currencies of various Emerging Market Countries.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I shares of the Fund, which are not reflected in the table below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0 0.0025 0.0045 0.0063 0.0120 0.0163 0.0035 0.0073 0.0085 0.0090 March 1, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 122 381 660 1455 166 514 886 1933 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 134.59% of the average value of its portfolio.</div> 1.3459 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities issued or guaranteed by non-financial companies, financial institutions and government entities in Emerging Market Countries (as defined in the paragraph below) denominated in the local currencies of an issuer, and in derivative instruments that provide investment exposure to such securities. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. The Fund may invest in high yield or below investment grade bonds (commonly</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">known as “junk bonds”), which are bonds rated below BBB by S&amp;P Global Ratings or below Baa by Moody’s Investors Service, Inc., or, if unrated, bonds deemed by the Fund’s investment advisor to be of comparable quality.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">An “<span style="font-weight: bold;">Emerging Market Country</span>” means any of the countries in the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified, the J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified, the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM), the MSCI Total Return Emerging Markets Index (Net) and the MSCI Frontier Markets Index. Emerging Markets corporate debt includes the debt of companies in each of these indices and debt of companies in the countries that are in each of these indices.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest in distressed or defaulted securities where the portfolio managers believe the restructured enterprise valuations or liquidation valuations may significantly exceed current market values. The Fund may invest in derivative instruments, such as credit-linked notes, structured investments, options, futures, options on futures (including those related to options, securities, foreign currencies, indexes and interest rates), forward contracts, swaps (including interest rate and credit default swaps) and options on swaps, for investment management (e.g., as a substitute for investing directly in debt securities and currencies, to increase returns, to manage credit or interest rate risk, or to manage the effective maturity or duration of the Fund’s investment portfolio) or hedging purposes. The Fund also may make forward commitments in which the Fund agrees to buy or sell a security in the future at a price agreed upon today. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">In allocating investments among various Emerging Market Countries, the portfolio managers attempt to analyze internal political, market and economic factors. These factors include, but are not limited to:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Public finances;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Monetary policy;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">External accounts;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Financial markets;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Foreign investment regulations;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Exchange rate policy;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Labor conditions;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Political outlook;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Structural reform policy; and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">ESG factors.</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Portfolio securities and other instruments may be sold for a number of reasons, including when the portfolio managers believe that (i) an individual security or instrument has reached its sell target, (ii) there has been a deterioration in the credit fundamentals of an issuer, (iii) there are negative macroeconomic or geopolitical considerations that may affect an issuer, (iv) another security or instrument may offer a better investment opportunity, or (v) the portfolio should be rebalanced for diversification or portfolio weighting purposes.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">debt securities risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">interest rate risk:</span> the risk that debt securities will decline in value because of changes in interest rates. This risk is greater during periods of rising inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">credit risk:</span> the risk that an issuer will default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign investing risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign currency risk:</span> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade, and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">emerging market country risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">non-U.S. sovereign debt risk:</span> the risk that investments in debt obligations of non-U.S. sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt obligation or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">derivatives risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">leverage risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">counterparty risk:</span> the risk that the other party to a contract, such as a derivatives contract, will not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">junk bond risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">distressed and defaulted securities risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the investment advisor, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">frequent trading risk:</span> the risk that frequent trading will lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">cause higher levels of current tax liability to shareholders in the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">non-diversification risk:</span> the risk that the Fund may be more susceptible to any single economic, political or regulatory event than a diversified fund because a higher percentage of the Fund’s assets may be invested in the securities of a limited number of issuers.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">valuation risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">securities selection risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s benchmark index. This information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">year. The bar chart shows performance of the Fund’s Class I shares. Class N performance may be lower than Class I performance because of the potentially lower expenses paid by Class I shares. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com.</div> The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s benchmark index. Past results (before and after taxes) are not predictive of future results. www.TCW.com Calendar Year Total Returns For Class I Shares <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest/Lowest quarterly results during this period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 13%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 65%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">10.69%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 12/31/2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-17.02%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 3/31/2020)</td> </tr> </table> Highest 0.1069 2020-12-31 Lowest -0.1702 2020-03-31 Average Annual Total Returns (For the period ended December 31, 2025) 0.2109 0.0099 0.0375 0.1854 -0.0043 0.0264 0.1270 0.0017 0.0247 0.2113 0.0094 0.0371 0.1926 0.0112 0.0388 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">the other class of shares will vary. Returns after taxes on distributions and sale of fund shares are higher than returns before taxes for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of fund shares.</div> After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns forthe other class of shares will vary.  Returns after taxes on distributions and sale of fund shares are higher than returns before taxes for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of fund shares. TCW White Oak Emerging Markets Equity Fund Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund’s investment objective is to seek to provide long-term capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I shares of the Fund, which are not reflected in the table below.</span> </div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0090 0 0 0.0025 0.0258 0.0117 0.0346 0.0004 0.0004 0.0004 0.0352 0.0211 0.0465 0.0250 0.0093 0.0338 0.0102 0.0118 0.0127 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’s Financial Highlights for each class of shares because those ratios do not reflect indirect expenses, such as “Acquired Fund Fees and Expenses.” March 1, 2027 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </div> 355 1080 1826 3792 214 661 1134 2441 466 1402 2345 4732 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund does not have a full year of operations history, no portfolio turnover figures are available. </div> Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity and equity-related transferable securities that provide exposure to companies that are </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> domiciled in, or that derive a predominant proportion of their value from, emerging market countries. Equity and equity-related transferable securities consist of common stocks, preferred stocks, warrants or any other instruments whose price is linked to the value of common stock, such as convertible bonds, depositary receipts, exchange-traded funds (“<span style="font-weight:bold">ETFs</span>”) and equity derivatives. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The portfolio managers select investments by choosing companies that the portfolio managers believe have intrinsic value opportunities as compared to their market price. Potential investments are assessed by using a bottom-up stock selection approach that includes a fundamental analysis of a company’s financial statements, management record, capital structure, operations, and competitive positioning within its industry. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund is not subject to any limits on the market capitalization of securities in which it may invest. The Fund may invest in IPOs (initial public offerings) and other primary issuances like rights or bonus issues. A bonus issue is an offer of free additional shares to existing shareholders. The Fund may invest up to 10% of its net assets in equity index futures of emerging market countries or ETFs for efficient portfolio management purposes, i.e., to manage purchases, redemptions and fund liquidity. The Fund may also invest in cash or cash equivalents, including the derivative instruments described below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">In order to assess a company’s or other issuer’s substantial ties to an emerging market country, the Fund primarily uses one or more of the following criteria: whether (i) at least 50% of the company’s assets are located in emerging market countries; (ii) at least 50% of the company’s revenue is generated in emerging market countries; (iii) the company is organized, conducts its principal operations, or maintains its principal place of business or principal manufacturing facilities in an emerging market country; (iv) the company’s securities are traded principally in an emerging market country; or (v) the Fund’s portfolio managers otherwise believe that the company’s enterprise value is exposed to the economic fortunes and risks of emerging market countries (because, for example, the Fund’s portfolio managers believe that the company’s growth is substantially dependent on emerging market countries). The Fund also considers classifications by the World Bank, the International Finance Corporation, the International Monetary Fund and the Fund’s benchmark index, the MSCI Emerging Markets Index, in determining </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> whether a country is an emerging market country. Emerging market countries generally include every country in the world except the U.S., Canada, Japan, Australia, New Zealand, and most of the countries in Western Europe. From time to time, the Fund may focus its investments in a particular country or geographic region, including China and/or India. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest in other investment companies, including U.S. or foreign investment companies and ETFs, to the extent permitted by the Investment Company Act of 1940, as amended (the “<span style="font-weight:bold">1940 Act</span>”). The Fund may invest in equity securities of real estate investment trusts (“<span style="font-weight:bold">REITs</span>”), which are pooled investment vehicles that typically invest directly in real estate, mortgages and/or loans collateralized by real estate. The Fund may also invest in depositary receipts, including American, European, Global and Indian Depositary Receipts of emerging market companies or issuers. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest up to 10% of its net assets in derivatives, in particular futures, for hedging, risk reduction and non-speculative purposes. Futures are agreements to buy or sell a fixed amount of a security or currency at a fixed date in the future. The Fund may also invest in participatory notes (“<span style="font-weight:bold">P-notes</span>”), which are a type of derivative instrument used by foreign investors to access Indian capital markets and recognized by Securities and Exchange Board of India (“<span style="font-weight:bold">SEBI</span>”). P‑notes are issued by registered foreign portfolio investors (FPIs) to overseas investors that wish to be a part of the Indian stock market without going through the elaborate registration process with SEBI. P-notes are among a group of investments considered to be Offshore Derivative Investments (ODIs). The Fund uses P-notes selectively and typically as a means of obtaining adequate allocations to oversubscribed IPOs. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Portfolio securities and other instruments may be sold for a number of reasons, including when the portfolio managers believe that (i) an individual security or instrument has reached its sell target, (ii) there has been a deterioration in the credit fundamentals of an issuer, (iii) there are negative macroeconomic or geopolitical considerations that may affect an issuer, (iv) another security or instrument may offer a better investment opportunity, or (v) the portfolio should be rebalanced for diversification or portfolio weighting purposes. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. </div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">new fund risk: </span>the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">market risk: </span>the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">equity risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic or political conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">foreign investing risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;color:#000000;text-align:left;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">foreign currency risk:</span> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade, and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">emerging market country risk:</span> the risk of investing in emerging market countries, which is substantial due to, among other factors, different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">country/regional risk:</span> the risk that, because the Fund may from time to time focus its investments in a particular country or geographic region, an investment in the Fund may entail greater risk than an investment in a fund that does not focus its investments in a single or region, because these securities may be more sensitive to adverse social, political, economic or regulatory developments affecting that country or region. As a result, events affecting a single or small number of countries may have a significant and potentially adverse impact on the Fund’s investments, and the Fund’s performance may be more volatile than that of funds that invest globally. The Fund may focus its investments in China. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">risks associated with China: </span>the risk that, because the Chinese government exercises significant control over China’s economy through its industrial policies, monetary policy, management of currency exchange rates, and management of the payment of foreign currency-denominated obligations, changes in these policies could adversely impact affected industries or companies in China. China’s economy, particularly its export-oriented industries, may be adversely impacted by trade or political disputes with China’s major trading partners, including the U.S. In addition, as its consumer class continues to grow, China’s domestically oriented industries may be especially sensitive to changes in government policy and investment cycles. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">risks associated with India:</span> the risks associated with investing in Indian issuers, including that actions, bureaucratic </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> obstacles and inconsistent economic reform within the Indian government have had a significant effect on the Indian economy and could adversely affect market conditions, economic growth and the profitability of private enterprises in India. Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies remain in the hands of their founders (including members of their families). Corporate governance standards of family-controlled companies may be weaker and less transparent, which increases the potential for loss and unequal treatment of investors. India experiences many of the risks associated with developing economies, including relatively low levels of liquidity, which may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and between India and Pakistan (as well as sectarian groups within each country). Both India and Pakistan have tested nuclear arms, and the threat of deployment of such weapons could hinder development of the Indian economy, and escalating tensions could impact the broader region, including China. Indian securities may be subject to a short-term capital gains tax in India on gains realized upon disposition of securities lots held less than one year. The Fund accrues for this potential expense, which reduces its net asset values. For further information regarding this tax, please see “Distributions and Taxes”. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">preferred stock risk:</span> the risk that, although preferred stock normally pays dividends at a specified rate and has precedence over common stock in the event the issuer is liquidated or declares bankruptcy, in the event a company is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the dividend on preferred stocks may be less attractive, causing the price of such stocks to decline. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">depositary receipts risk:</span> the risk that, although depositary receipts have risks similar to the securities that they represent, they may also involve higher expenses and may trade at a discount (or premium) to the underlying security. In addition, depositary receipts may not pass through voting and other shareholder rights, and may be less liquid than the underlying securities listed on an exchange. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">other investment company risk:</span> the risk that investments by the Fund in the shares of other investment companies, including U.S. or foreign investment companies, ETFs and certain REITs, are subject to the risks associated with such investment companies’ portfolio securities. Accordingly, the Fund’s investment in shares of another investment company will fluctuate based on the performance of such investment company’s portfolio securities. Further, Fund shareholders will indirectly bear a proportionate share of the expenses of any investment company in which the Fund invests, in addition to paying the Fund’s expenses. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">REIT risk:</span> the risk that the Fund may be susceptible to the impact of market, economic, regulatory, and other factors affecting the real estate industry and/or the local or regional real estate markets and that the value of the Fund may fluctuate more widely than it would for a fund that invests more broadly across varying industries and sectors. REITs may be negatively impacted by factors generally affecting the value of real estate and the earnings of companies engaged in the real estate industry as well as factors that specifically relate to the structure and operations of REITs, including heavy cash flow dependency, self-liquidation, the possibility of failing to qualify for tax-free “pass-through” of income under the federal tax law and the use of leverage. REITs that invest in mortgages or mortgage-backed securities may also be indirectly subject to various risks associated with those investments, including, but not limited to, credit risk, interest rate risk, leverage risk and prepayment risk. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the investment advisor, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;text-align:left;"><span style="font-weight:bold">non-diversification risk:</span> the risk that the Fund may be more susceptible to any single economic, political or regulatory </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;color:#000000;text-align:left;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> event than a diversified fund because a higher percentage of the Fund’s assets may be invested in the securities of a limited number of issuers. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">valuation risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">derivatives risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">participatory notes risk:</span> the risk of investing in P-notes, which, because they represent interests in securities listed on certain foreign exchanges, present similar risks to investing directly in such securities, including foreign investment risk and emerging market country risk. P-notes also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments. The purchaser of a P-note must rely on the creditworthiness of the bank or broker that issues the P-note. P-notes do not have the same rights as a shareholder of the underlying foreign security. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">leverage risk</span>: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">counterparty risk:</span> the risk that the other party to a contract, such as a derivatives contract, will not fulfill its contractual obligations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">securities selection risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;color:#000000;text-align:left;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:10pt;"> operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. </div> </td> </tr> </table> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Because the Fund does not have a full year of operations history, it has no investment results. Once the Fund has a performance record of at least one year, a bar chart and performance table will be included in this Prospectus. This information will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com. </div> Because the Fund does not have a full year of operations history, it has no investment results. Once the Fund has a performance record of at least one year, a bar chart and performance table will be included in this Prospectus. Past results (before and after taxes) are not predictive of future results. www.TCW.com TCW Conservative Allocation Fund Investment Objective The Fund’s investment objective is to seek to provide current income and, secondarily, long-term capital appreciation. This investment objective may be changed without shareholder approval. Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay additional fees or commissions to broker-dealers or other financial intermediaries for the purchase of Class I shares of the Fund, which are not reflected in the table below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0031 0.0467 0.0060 0.0060 0.0091 0.0552 0 0.0424 0.0091 0.0128 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’s Financial Highlights for each class of shares because those ratios do not reflect indirect expenses, such as “Acquired Fund Fees and Expenses.” March 1, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost of investing in the Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only (through March 1, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 93 290 504 1120 551 1643 2724 5379 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 24.78% of the average value of its portfolio.</div> 0.2478 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund invests in a combination of (i) fixed income funds, (ii) equity funds that utilize diverse investment styles, such as growth and/or value investing, and (iii) alternative funds investing in asset classes other than equity and fixed income such as commodities or curren-</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">cies. The Fund’s emphasis on diversification is intended to temper volatility by lessening the effect of any one investment style. The Fund seeks to achieve this by investing in a combination of other funds — the “<span style="font-weight: bold;">Underlying Funds</span>” — through the implementation of a strategic asset allocation strategy. The Underlying Funds consist of the other series of TCW Funds, Inc., series of TCW ETF Trust, series of Metropolitan West Funds, and various unaffiliated funds. Metropolitan West Asset Management, LLC, investment advisor to the Metropolitan West Funds, and TCW Investment Management Company LLC, the Fund’s investment advisor (the “<span style="font-weight: bold;">Advisor</span>”) and the investment advisor to the TCW ETF Trust, are affiliated wholly-owned subsidiaries of the TCW Group, Inc.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund invests in the Underlying Funds at levels that are determined by the Advisor’s four-step process, whereby the Advisor develops a strategic allocation, ranks funds’ forward-looking outlook, utilizes that input to construct fund allocations using quantitative optimization tools subject to a risk and turnover constraint, and monitors cross-asset risk of the overall portfolio.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The equity Underlying Funds invest principally in equity securities of large-capitalization companies, including common and preferred stock; rights, warrants or options to purchase common or preferred stock; securities that may be converted into or exchanged for common or preferred stock, such as convertible preferred stock, convertible debt and Eurodollar convertible securities; equity securities of foreign companies listed on established exchanges, including NASDAQ; American Depositary Receipts (ADRs); and other securities with equity characteristics. The Fund invests between 20% and 60% of its net assets in equity Underlying Funds, some of which may invest in international equity exchange-traded funds (“<span style="font-weight: bold;">ETFs</span>”). ETFs are typically open-end investment companies whose shares are listed for trading on a national securities exchange.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The fixed income Underlying Funds invest principally in fixed income securities, including securities issued or guaranteed by the United States government or its agencies, instrumentalities or sponsored corporations; corporate obligations (including convertible securities); mortgage-backed and asset-backed securities (which may be privately issued); local currency- or U.S. dollar-denominated foreign debt securities (government and corporate); money market instruments; and other securities bearing fixed or variable interest rates of any maturity. The fixed income Underlying Funds may invest in below investment grade bonds (commonly known as “junk bonds”), which are bonds rated</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">below BBB by Fitch Ratings, Inc., below BBB by S&amp;P Global Ratings and below Baa by Moody’s Investors Service, Inc., or, if unrated, bonds deemed by the investment advisor to be of comparable quality The fixed income Underlying funds may also invest in derivatives. The Fund invests between 40% and 80% of its net assets in fixed income Underlying Funds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund is a “fund of funds.” The Fund is subject to the risks associated with each of the Underlying Funds. Additionally, the operating expenses incurred by each Underlying Fund are borne indirectly by shareholders of the Fund because the Fund not only directly bears its annual operating expenses but also indirectly bears the annual operating expenses of each of the Underlying Funds in proportion to its allocation. Each of the affiliated Underlying Funds pays a management fee to the Advisor or its affiliate and the management fees differ among the Underlying Funds. This may create a conflict of interest when the Advisor selects Underlying Funds for investment by the Fund.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The portfolio managers determine and monitor the combination and allocation to the Underlying Funds they believe will help the Fund to achieve its investment goal. While there is no cap on investing in any one Underlying Fund, the Fund, under normal market conditions, adheres to the asset class limitations described above. Asset allocations may differ from the targeted range due to the market fluctuations and other factors. After the initial allocation, the portfolio managers determine when the Fund’s allocations to the Underlying Funds should be rebalanced to maintain the targeted allocations. The target allocation ranges may be modified due to a market action or a portfolio manager recommendation without advance notice to shareholders.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Underlying Fund risk:</span> the risk associated with the securities and other investments held by the Underlying Funds, which is closely related to the risk of investing in the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Underlying Fund allocation risk:</span> the risk that the Advisor will make less than optimal or poor asset allocation decisions on selecting the appropriate mix of the Underlying Funds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">affiliated funds risk:</span> The Advisor or an affiliate of the Advisor serves as investment advisor to certain of the Underlying Funds. It is possible that a conflict of interest among the Fund and these affiliated funds could affect how the Advisor fulfills its fiduciary duties to the Fund and the affiliated funds. For example, the Advisor may have an incentive to select affiliated funds that will result in the greatest revenue to the Advisor and its affiliates, even if that results in increased expenses for the Fund. Similarly, the Advisor has an incentive to delay or decide against the sale of interests held by a Fund in affiliated funds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">equity risk:</span> the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">debt securities risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market risk:</span> the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">market and geopolitical events risk:</span> the risk that the increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">interest rate risk:</span> the risk that debt securities will decline in value because of changes in interest rates. This risk is greater during periods of rising inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">credit risk:</span> the risk that an issuer will default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">price volatility risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">issuer risk:</span> the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">liquidity risk:</span> the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the investment advisor, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">valuation risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">derivatives risk:</span> the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">leverage risk:</span> the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">counterparty risk:</span> the risk that the other party to a contract, such as a derivatives contract, will not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">portfolio management risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">securities selection risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">cybersecurity risk:</span> the risk that, with the increased use of technology to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">large-capitalization company risk:</span> the risk that securities of large-capitalization companies may underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion, which may increase the risk of loss to the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">growth investing risk:</span> the risk of investing in growth stocks, which may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth potential. The growth investment style may be out of favor or may not produce the best results over short or longer time periods and may increase the volatility of the Fund’s share price. Growth-oriented funds typically underperform when value investing is in favor.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">value investing risk:</span> the risk of investing in undervalued stocks, which may not realize their perceived value for extended periods of time or may never realize their perceived value. Value stocks may respond differently to market and other developments than other types of stocks. The value investment style may be out of favor or may not produce the best results over short or longer time periods and may increase the volatility of the Fund’s share price. Value-oriented funds typically underperform when growth investing is in favor.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">ETF risk:</span> the risk that the value of the Fund’s investments will fluctuate in response to the performance of the ETFs owned by the Fund. The lack of liquidity in an ETF could result in its value being more volatile than its portfolio securities, and an ETF’s performance may not match the performance of a particular market segment or index it seeks to track. In addition, the Fund’s shareholders will indirectly bear a proportionate share of an ETF’s expenses, in addition to paying the Fund’s expenses.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">prepayment risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">extension risk:</span> 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 to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">mortgage-backed securities risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">junk bond risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">foreign investing risk:</span> the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">foreign currency risk:</span> the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade, and/or receive revenues in foreign</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">currencies, or in derivatives that provide exposure to foreign currencies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">commodity risk: </span>the risk that commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times investing in commodity-linked derivative instruments, including commodity index-linked notes, may subject the Fund to greater volatility than investments in traditional securities.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person.</div> Investment Results <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. This information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class I shares. Class N performance may be lower than Class I performance because of the potentially lower expenses paid by Class I shares. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund’s investment results can be obtained by visiting www.TCW.com.</div> The bar chart below shows how the Fund’s investment results have varied from year to year and the table below shows how the Fund’s average annual total returns for various periods compare with the Fund’s primary and secondary benchmark indexes. Past results (before and after taxes) are not predictive of future results. www.TCW.com Calendar Year Total Returns For Class I Shares <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest/Lowest quarterly results during this period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 13%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 65%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">11.73%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 6/30/2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-10.01%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended 6/30/2022)</td> </tr> </table> Highest 0.1173 2020-06-30 Lowest -0.1001 2022-06-30 Average Annual Total Returns (For the period ended December 31, 2025) 0.0919 0.0403 0.0551 0.0806 0.0227 0.0378 0.0626 0.0264 0.0378 0.0878 0.0376 0.0518 0.0730 -0.0036 0.0201 0.1788 0.1442 0.1482 0.1158 0.0551 0.0721 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary.</div> After-tax returns are calculated using the highest individual federal income tax rates in effect each year and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above, and after-tax returns shown are not relevant if you hold your Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown for only one class of shares, and after-tax returns for the other class of shares will vary. The S&P Global REIT Index, the Fund’s secondary benchmark index, serves as a comprehensive benchmark of publicly traded equity REITs listed in both developed and emerging markets. Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets, 0.20% (20 basis points) of the Class I-3 assets, and 0.10% (10 basis points) of the Class N assets, serviced by those intermediaries for shareholder services. The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.70% of average daily net assets with respect to Class I shares, 0.80% of average daily net assets with respect to Class I-3 shares, and 0.85% of average daily net assets with respect to Class N shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.80% of average daily net assets with respect to Class I shares, 0.88% of average daily net assets with respect to Class I-3, and 1.00% of average daily net assets with respect to Class N shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. Class I-3 shares of the Fund have an inception date of August 25, 2025, and therefore do not have a full year of performance history as of the date of this Prospectus. The Fund has adopted this broad-based index as its primary benchmark index in response to regulatory requirements. The Russell 1000® Value Index, the Fund’s secondary benchmark index, measures the performance of those companies in the Russell 1000® Index with lower price-to-book ratios and lower forecasted growth values. Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets and 0.10% (10 basis points) of the Class N assets, serviced by those intermediaries for shareholder services. The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.85% of average daily net assets with respect to Class I shares and 0.95% of average daily net assets with respect to Class N shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. The Fund has adopted this broad-based index as its primary benchmark index in response to regulatory requirements. The Russell MidCap® Value Index, the Fund’s secondary benchmark index, measures the performance of those companies in the Russell MidCap® Index with lower price-to-book ratios and lower forecasted growth values. Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets, 0.20% (20 basis points) of the Class I-3 assets, and 0.10% (10 basis points) of the Class N assets, serviced by those intermediaries for shareholder services. The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.49% of average daily net assets with respect to Class I shares, 0.56% of average daily net assets with respect to Class I-3 shares, 0.70% of average daily net assets with respect to Class N shares, and 0.44% of average daily net assets with respect to Plan Class shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. Class I-3 shares of the Fund have an inception date of August 25, 2025, and therefore do not have a full year of performance history as of the date of this Prospectus. Performance data includes the performance of the predecessor entity for periods before the Fund’s registration became effective. The predecessor entity was not registered under the 1940 Act and, therefore, was not subject to certain investment restrictions that are imposed by the 1940 Act. If the predecessor entity had been registered under the 1940 Act, the predecessor entity’s performance may have been lower. The Bloomberg U.S. Aggregate Bond Index is a market capitalization-weighted index of investment grade, U.S. dollar-denominated, fixed-rate debt issues, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets and 0.10% (10 basis points) of the Class N assets, serviced by those intermediaries for shareholder services. The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.60% of average daily net assets with respect to Class I shares and 0.70% of average daily net assets with respect to Class N shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. The Bloomberg Global Aggregate Bond Index is a multi-currency benchmark that provides a broad-based measure of the global investment grade fixed rate debt markets and includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets, 0.20% (20 basis points) of the Class I-3 assets, and 0.10% (10 basis points) of the Class N assets, serviced by those intermediaries for shareholder services. The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.49% of average daily net assets with respect to Class I shares, 0.59% of average daily net assets with respect to Class I-3 shares, 0.70% of average daily net assets with respect to Class N shares, and 0.44% of average daily net assets with respect to Plan Class shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. Class I-3 shares of the Fund have an inception date of August 25, 2025, and therefore do not have a full year of performance history as of the date of this Prospectus. Class I-3 shares of the Fund have an inception date of August 25, 2025, and therefore do not have a full year of performance history as of the date of this Prospectus. The Fund has adopted this broad-based index as its primary index. The Bloomberg U.S. Aggregate Bond Index is a market capitalization-weighted index of investment grade, U.S. dollar-denominated, fixed-rate debt issues, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). The Fund has adopted this index as its secondary benchmark index. The Bloomberg U.S. Securitized Index is a market-value-weighted index of investment grade, U.S. dollar-denominated, securitized fixed-rate debt issues. Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets, 0.20% (20 basis points) of the Class I-3 assets, and 0.10% (10 basis points) of the Class N assets, serviced by those intermediaries for shareholder services. The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.85% of average daily net assets with respect to Class I shares, 0.92% of average daily net assets with respect to Class I-3 shares, 0.95% of average daily net assets with respect to Class N shares, and 0.77% of average daily net assets with respect to Plan Class shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. Performance data includes the performance of the predecessor entity for periods before the Fund’s registration became effective. The predecessor entity was not registered under the 1940 Act, and therefore, was not subject to certain investment restrictions that are imposed by the 1940 Act. If the predecessor entity had been registered under the 1940 Act, the predecessor entity’s performance may have been lower. Class I-3 shares of the Fund have an inception date of August 25, 2025, and therefore do not have a full year of performance history as of the date of this Prospectus. The J.P. Morgan EMBI Global Diversified Index is a market capitalization-weighted total return index of U.S. dollar-denominated Brady bonds, Eurobonds, traded loans issued by emerging market sovereign and quasi-sovereign entities. Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets and 0.10% (10 basis points) of the Class N assets, serviced by those intermediaries for shareholder services. The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.85% of average daily net assets with respect to Class I shares and 0.90% of average daily net assets with respect to Class N shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. The J.P. Morgan GBI-EM Global Diversified Index is a comprehensive emerging markets debt index, and consists of liquid, fixed-rate, local currency government bonds. The Fund has adopted this broad-based index as its primary benchmark index in response to regulatory requirements. Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets, 0.20% (20 basis points) of the Class I-3 assets, and 0.10% (10 basis points) of the Class N assets, serviced by those intermediaries for shareholder services. 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’s Financial Highlights for each class of shares because those ratios do not reflect indirect expenses, such as “Acquired Fund Fees and Expenses.” The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.98% of average daily net assets with respect to Class I shares, 1.15% of average daily net assets with respect to Class I-3 shares, and 1.23% of average daily net assets with respect to Class N shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. The Russell 1000® Growth Index, the Fund’s secondary benchmark index, measures the performance of those companies in the Russell 1000® Index with higher price-to-book ratios and higher forecasted growth values. Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets and 0.10% (10 basis points) of the Class N assets, serviced by those intermediaries for shareholder services. 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’s Financial Highlights for each class of shares because those ratios do not reflect indirect expenses, such as “Acquired Fund Fees and Expenses.” The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.85% of average daily net assets with respect to both Class I and Class N shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. The Fund has adopted these two broad-based indexes as its primary benchmark indexes in response to regulatory requirements. The 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index is the Fund’s secondary benchmark index. The S&P 500 Index is a capitalization-weighted index of 500 U.S. leading companies designed to measure the performance of large-cap U.S. equities. The Bloomberg U.S. Aggregate Bond Index is a market capitalization-weighted index of investment grade, U.S. dollar-denominated, fixed-rate debt issues, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets and 0.10% (10 basis points) of the Class N assets, serviced by those intermediaries for shareholder services. The Fund’s investment advisor, TCW Investment Management Company LLC (the “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 acquired fund fees and expenses, if any) to 0.90% of average daily net assets with respect to Class I shares and 1.00% of average daily net assets with respect to Class N shares. The Advisor may recoup reduced fees and expenses within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This contractual fee waiver/expense reimbursement will remain in place through March 1, 2027 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors. At the conclusion of this period, the Fund’s investment advisor may, in its sole discretion, terminate the contractual fee waiver/expense reimbursement or, with the Board of Directors’ approval, extend or modify that arrangement. Other expenses includes payments that the Fund is authorized to make to compensate broker-dealers and other third-party intermediaries, up to 0.10% (10 basis points) of the Class I assets, 0.20% (20 basis points) of the Class I-3 assets, and 0.10% (10 basis points) of the Class N assets serviced by those intermediaries for shareholder services. The Fund has adopted this broad-based index as its primary benchmark index in response to regulatory requirements.