TCW Emerging Markets Local Currency Income Fund Q2 2024 Commentary

Please see additional disclosures on the following page(s).

1Past performance is no guarantee of future results.

2Calculated Based on GBI-EM GD Composition as of 6/28/2024

The performance data presented represents past performance and is no guarantee of future results. Returns assume all income items are reinvested. Current performance may be lower or higher than the performance data presented. Performance data current to the most recent month end is available on the Fund’s website at TCW.com. Investment returns and principal value will fluctuate with market conditions. The value of an investment in the Fund, when redeemed, may be worth more or less than its original purchase cost.

You should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. A Fund’s Prospectus and Summary Prospectus contain this and other information about the Fund. To receive a Prospectus, please call 800-386-3829 or you may download the Prospectus from the Fund’s website at TCW.com. Please read it carefully.

TCW Emerging Markets Local Currency Income Fund

IMPORTANT DISCLOSURE

This material may include estimates, projections and other “forward-looking” statements. Actual events may differ substantially from those presented. TCW assumes no duty to update any such statements.

This material reflects the current opinions of the author but not necessarily those of TCW and such opinions are subject to change without notice. TCW, its officers, directors, employees or clients may have positions in securities or investments mentioned in this publication, which positions may change at any time, without notice. This material may include estimates, projections and other “forward-looking” statements. Actual events may differ substantially from those presented. TCW assumes no duty to update any such statements. All projections and estimates are based on current asset prices and are subject to change.

Performance Detail as of June 30, 2024

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Annual fund operating expenses as stated in the Prospectus dated March 1, 2024, excluding interest and acquired fund fees and expenses, if any.

The performance data presented represents past performance and is no guarantee of future results. Returns assume all income items are reinvested. Current performance may be lower or higher than the performance data presented. Performance data current to the most recent month end is available on the Fund’s website at TCW.com. Investment returns and principal value will fluctuate with market conditions. The value of an investment in the Fund, when redeemed, may be worth more or less than its original purchase cost. The annualized since inception return for the index reflects the inception date of the Class I and N Share Funds. For period 12/14/2010-6/30/2024. Effective March 1, 2024, the Fund’s investment advisor has agreed to waive fees and/or reimburse expenses to limit the Fund’s total annual operating expenses (excluding interest, brokerage, extraordinary expenses and 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 contractual fee waiver/expense reimbursement will remain in place through March 1, 2025 and before that date, the investment advisor may not terminate this arrangement without approval of the Board of Directors.

JP Morgan GBI-EM Global Diversified Index – A comprehensive global local emerging markets index that consists of regularly traded, liquid fixed-rate, domestic currency government bonds and includes only the countries which give access to their capital market to foreign investors (excludes China and India). The index is market capitalization weighted, with a cap of 10% to any one country. The index is unhedged USD and figures do not reflect any deduction for fees, expenses or taxes. The index is not available for direct investment; therefore its performance does not reflect a reduction for fees or expenses incurred in managing a portfolio. The securities in the index may be substantially different from those in the Fund.

Source: TCW, FactSet, State Street B&T

Investment Risks

Fixed income investments entail interest rate risk, the risk of issuer default, issuer credit risk, and price volatility risk. Funds investing in bonds can lose their value as interest rates rise and an investor can lose principal. Fund share prices and returns will fluctuate with market conditions, currencies, and the economic and political climates where the investments are made. Emerging markets securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging markets countries can be extremely volatile. The Fund’s investments denominated in foreign currencies will decline in value if the foreign currency declines in value relative to the U.S. dollar. Please see the Fund’s Prospectus for more information on these and other risks.

IMPORTANT DISCLOSURE

Glossary of Terms

Basis Point (‘BPS’)– One hundredth of one percent, used chiefly in expressing differences of interest rates. Beta– The sensitivity of a stock (portfolio) to the market (benchmark) in the capital asset pricing model. It is comprised of the volatility of a stock and its correlation with the market (benchmark). Bond(s)– A fixed income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental). A bond could be thought of as an I.O.U. between the lender and borrower that includes the details of the loan and its payments. A bond has an end date when the principal of the loan is due to be paid to the bond owner and usually includes the terms for variable or fixed interest payments that will be made by the borrower. Bonds are used by companies, municipalities, states, and sovereign governments to finance projects and operations. Owners of bonds are debtholders, or creditors, of the issuer. Carry– The return obtained from holding an investment (if positive), or the cost of holding it (if negative). CEE– Central and Eastern Europe. Central Bank– A monopolized and often nationalized institution given privileged control over the production and distribution of money and credit. C Rating– C rated entities and instruments demonstrate the lowest credit quality and an event of default is imminent. Credit– A contractual agreement in which a borrower receives something of value now and agrees to repay the lender at a later date, generally with interest. Credit also refers to the creditworthiness or credit history of an individual or company. Currency– A generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Developed Markets (‘DM’)– A country with a relatively high level of economic growth and security. Disinflation– A slowing in the rate of price inflation. Emerging Market (‘EM’)– A country that has some characteristics of a developed market but is not a developed market. This includes countries that may be developed markets in the future or were in the past. EMFX– Emerging Markets currencies. Expense Ratio– A measure of what it costs an investment company to operate a mutual fund. FDI (Foreign Direct Investment)– An investment made by a company or entity based in one country, into a company or entity based in another country. Federal Reserve (the Fed)– The central bank of the United States which regulates the U.S. monetary and financial system. FX– Foreign Exchange. GDP (Gross Domestic Product) – The market value of all final goods and services produced within a country in a given period of time. Growth– A diversified portfolio of stocks that has capital appreciation as its primary goal, with little or no dividend payouts. Portfolio companies would mainly consist of companies with above-average growth in earnings that reinvest their earnings into expansion, acquisitions, and/or research and development. High Yield– A bond that is rated below investment grade. IMF (International Monetary Fund)– An international organization created for the purpose of promoting global monetary and exchange rate stability, facilitating the expansion and balanced growth of international trade and assisting in the establishment of a multilateral system of payments for current transactions. Inflation– A condition of a rise in the general level of prices of goods and services in an economy over a period of time. JP Morgan Government Bond Index-Emerging Markets Global Diversified (JP MorganGBI-EM GD)– A comprehensive global local emerging markets index that consists of regularly traded, liquid fixed-rate, domestic currency government bonds and includes only the countries which give access to their capital market to foreign investors. The index is market capitalization weighted, with a cap of 10% to any one country. Local Currency– The most common form of currency used in a country. This usually encompasses the national currency of the country. Macro Stability– Macroeconomic stability exists when key economic relationships are in balance. Market Capitalization– Represents the aggregate value of a company or stock. It is obtained by multiplying the number of shares outstanding by their current price per share. Monetary Policy– The actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of the money supply, which in turn affects interest rates. Mutual Funds– An investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money-market instruments and similar assets. Mutual funds are operated by money managers, who invest the fund’s capital and attempt to produce capital gains and income for the fund’s investors. A mutual fund’s portfolio is structured and maintained to match the investment objectives stated in its prospectus. Off-Index/Benchmark– Securities that are not part of the Fund’s benchmark index. Outperform– Outperform is when an investment is expected to perform better than the return generated by a particular index or the overall market. Since the performance of many investments is compared to a benchmark index, outperform refers to generating a higher return than a particular benchmark over time. Outperform also refers to an analyst’s rating on a security, and outperform is a better rating than neutral and worse than a strong buy recommendation. Overweight– A condition where the portfolio exposure to a given asset class (or risk measure) exceeds that of the benchmark index. Risk Premium (or Yield Premium)– The minimum rate of return demanded by holders of a risky asset in excess of the return on a risk-free asset with similar maturity and duration profile. S&P 500– The S&P 500 Index, or Standard & Poor’s 500 Index, is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. The index actually has 503 components because three of them have two share classes listed. S&P 500

– The S&P 500 Index, or Standard & Poor’s 500 Index, is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. The index actually has 503 components because three of them have two share classes listed. Underperform– When an investment is underperforming, it is not keeping pace with other securities or indices. Underweight– A condition where a portfolio does not hold a sufficient amount of a particular security when compared to the security’s weight in the underlying benchmark portfolio. United States Dollar (‘USD’)– Abbreviated as USD, the dollar is the currency for the United States of America. Volatility– A measure of the risk of price moves for a security calculated from the standard deviation of day-to-day logarithmic historical price changes. Yield– The income return on an investment. This refers to the interest or dividends received from a security and is usually expressed annually as a percentage based on the investment’s cost, its current market value or its face value.

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