Performance as of September 30, Performance

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1 TCW Emerging Markets Multi-Asset Opportunities Fund Performance as of September 30, 2018 (%) I Share N Share Index 1 Latest Quarter Year (annualized) Years (annualized) Years (annualized) Since Inception (annualized) Expense Ratio (%) I Share N Share Gross Net * Annual fund operating expenses as stated in the Prospectus dated February 28, * Effective February 28, 2018, the Advisor has contractually agreed to cap the expenses (excluding interest and acquired fund fees and expenses, if any) of each class of the Fund at 1.23% until March 1, Source: State Street B&T 1 The custom Index is comprised of 50% JP Morgan EMBI Global Diversified Index and 50% MSCI Daily Total Return Net Emerging Markets Index. JP Morgan EMBI Global Diversified Index A market capitalization-weighted total return index of U.S. dollar and other external currencydenominated Brady bonds, loans, Eurobonds and local market debt instruments traded in emerging markets. MSCI Daily Total Return Net Emerging Markets Index Measures the market performance, including both price performance and income from dividend payments. This series with net dividends approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. 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. 2 The annualized since inception return for the index reflects the inception date of the Class I and Class N Share Funds, respectively. For period 6/28/13-9/30/18. Performance For the three months ended September 30, 2018, the TCW Emerging Markets Multi-Asset Opportunities Fund, I Share Class (the Fund ) returned -3.16% versus 0.60% for the composite index (50% MSCI Daily Total Return Net Emerging Markets Index ( MSCI EM ) /50% JP Morgan EMBI Global Diversified ( EMBI GD ). Underperformance during the quarter was driven primarily by security selection in the equity sleeve. Underweight positioning to debt relative to equities also hurt relative performance. The equity sleeve s underperformance was entirely driven by the exposure to China particularly tech which was impacted negatively by trade war fears and the potential for slower Chinese growth. In addition, the rotation from growth to value in the market hurt the portfolio given its growth focus. During the quarter, we added value stocks at the expense of growth. The debt sleeve performed in line with the index. Off-index exposure to Middle Eastern countries, which are well-supported by oil, security selection in Mexico, and underweight positioning to China and Costa Rica contributed to relative outperformance. On the other hand, overweight positioning to Argentina, which was under significant pressure in August, hurt performance. We started to make this back up in September following various proactive measures from the Argentine administration and central bank, including signing a significant financing program with the IMF 1. Debt/Equity Distribution Debt (48.29%) Cash (2.43%) Source: TCW Portfolio Analytics; Data as of September 30, 2018 Portfolio characteristics and holdings are subject to change at any time. 1 International Monetary Fund Equity (49.28%) The performance data presented represents past performance and is no guarantee of future results. Total returns include reinvestment of dividends and distributions. 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 or you may download the Prospectus from the Fund s website at TCW.com. Please read it carefully.

2 The Fund s equity portfolio by sector as of June 30, 2018 and September 30, 2018 were as follows: Equity Portfolio by Sector* (%) Information Technology Financials Energy Consumer Staples Materials Consumer Discretionary Healthcare Telecommunications Real Estate Industrials Utilities Source: TCW Portfolio Analytics * Equity sector data is calculated only using the equity long position holdings of the portfolio. Cash is not represented. Portfolio characteristics and holdings are subject to change at any time September 30, 2018 June 30, 2018 The country weightings of the Fund s debt and equity portfolios as of September 30, 2018 were as follows: Debt Portfolio (%) Equity Portfolio (%) Argentina 7.69 Brazil 6.26 Mexico 6.21 Indonesia 5.86 Colombia 5.03 South Africa 4.80 Kazakhstan 3.75 Saudi Arabia 3.72 Dom. Republic 3.66 Russia 3.63 Ukraine 3.48 Oman 3.46 Turkey 3.39 Egypt 3.38 Angola 2.95 Bahrain 2.84 Qatar 2.61 Ecuador 2.44 Peru 2.37 Sri Lanka 2.18 Nigeria 1.88 Panama 1.36 China 1.30 El Salvador 1.30 India 1.29 Ivory Coast 1.24 Azerbaijan 1.21 Iraq 1.20 Zambia 1.07 Ghana 1.06 Paraguay 1.00 Venezuela 0.86 Lebanon 0.81 Costa Rica 0.67 UAE 0.66 Mongolia 0.65 Pakistan 0.65 Senegal 0.64 Uruguay 0.44 Belarus 0.34 Tanzania 0.33 Chile 0.33 China Taiwan South Korea 6.36 India 6.22 Brazil 5.65 Russia 4.19 South Africa 3.37 United States 2.91 Indonesia 2.70 Poland 2.63 Thailand 2.43 UAE 1.98 Kenya 1.82 Mexico 1.41 Colombia 1.25 France 0.99 United Kingdom 0.94 Czech Republic 0.86 Egypt 0.58 Singapore 0.24 Source: TCW Portfolio Analytics Percent of portfolios above, excludes cash. Portfolio characteristics and holdings are subject to change at any time.

3 Investment Environment Tighter financial conditions, a stronger dollar, trade fears, and various Emerging Markets (EM) domestic challenges (Argentina, Turkey, South Africa) have weighed on EM assets this year. In response, several EM central banks have taken proactive measures to hike rates and China has enacted a targeted stimulus program to mitigate the impact of trade tariffs. While the market started to stabilize in September, more recently, unexpectedly hawkish Fed 2 commentary pushed 10Yr U.S. rates 20 basis (bps) higher in just the first week of October. EM equities have borne the brunt of this move, down ~15% at the time of writing, and is one of the worst performing asset classes year-to-date. While EM debt has posted negative returns this year, we would note that EM corporates have been among the better performing asset classes globally. In addition, it is notable that both EM corporates have outperformed high quality U.S. Treasuries and EM dollar-denominated sovereigns have performed in line. U.S. Treasuries in fact have been among the worst performing global assets, with the 10yr down ~5% and the 30yr down ~10%. Total Returns Across Asset Classes S&P 500 U.S. High Yield European IG Credit European HY Credit MSCI Europe (LC) EM IG $ Corporates EM $ Corporates -0.99% -1.60% 1.94% 0.74% 6.27% 10.56% 2.51% 7.59% 2.08% 7.96% 16.59% 13.06% 21.83% 21.50% EM IG $ Sovereigns JULI MSCI Europe (US$) NEXGEM EM $ Sovereigns 10Yr US Treasuries Commodities ELMI+ MSCI EM EM Local Currency -1.78% -2.22% -2.46% -2.80% -3.04% -3.75% -4.02% -4.48% -7.68% -8.15% 2.05% 2.19% 9.19% 6.38% 10.26% 11.54% 15.68% 15.21% 25.51% 37.28% Year-to-Date Source: TCW, Bloomberg; Data as of September 28, 2018 From a fundamental perspective, our outlook for the global economy remains reasonably constructive after some notable downward revisions in 2018, with risks to the downside. While we are no longer in a synchronous global growth environment, the near-term growth outlook for EM is relatively close to trend with solid G3 3 (especially U.S.) economic growth over the next several quarters and higher energy prices providing support to many EM economies. These trends are to some extent counteracted by tightening G3 monetary policy and global trade wars instigated by the U.S. China is providing meaningful policy stimulus to help counter the impact of rising/expanding U.S. trade tariffs, helping to cushion its growth slowdown. In addition, following a meaningful hit to European business sentiment in early 2018 mainly from U.S. tariff threats, the European growth outlook is broadly stable around trend. The European Central Bank has begun removing 2 Federal Reserve; 3 The world s three leading economic blocs - the U.S., Japan and the EU

4 policy accommodation, with quantitative easing (QE) tapering to zero at the end of While Brexit and Italy uncertainties are a source of some drag, European fiscal policy is turning more expansionary and overall domestic demand is holding up well. Overall, we see EM growth in 2019 in line to marginally slower versus That said, the EM outlook is less uniform than before with some large EM economies slowing into 2019 (e.g. China, Turkey and Argentina), others accelerating (e.g. Brazil and South Africa), while many look to be relatively unchanged to moderately slower (e.g. India, Indonesia, Russia, Central Europe). Most EM central banks are in tightening mode, in large part in response to the Fed s tightening cycle. For many, however, it remains a gradual process, which is unlikely to significantly impair growth prospects. The spread between Emerging Markets growth over Developed Markets (DM) growth is likely to remain stable over the next year, in our view, around two times the pace of DM growth. We see the potential for this spread to widen next year in the face of slower U.S. growth, unless further tax cuts or fiscal expansion measures are enacted. This structural differential has historically benefited Emerging Markets, with the strongest capital inflows correlating with a widening differential between EM-DM growth. The gradual shift in G3 monetary policy to across-the-board QE tightening represents a risk to the global growth outlook and to capital flows for those EM sovereigns with greater external imbalances and dependence on dollar funding (i.e., Turkey, Argentina). However, we would argue that both are idiosyncratic, and that Turkey is not the norm, and Argentina has been taking proactive measures to stabilize its economy. For the broader asset class, fundamental vulnerability has declined on the back of various structural reforms and currency devaluations. Average public debt/gdp for Emerging Markets is around 50%, which compares to over 100% for the developed world. In addition, the bulk of sovereign debt is denominated in local currency, rather than dollars. Furthermore, EM s dependence on cross border bank lending has declined given a deepening of EM financial institutions and local capital markets. Trade tensions with China present another downside risk. That said, the short-term economic hit should be manageable, as both the U.S. and China are large economies that are much more dependent on domestic than external demand. In addition, domestic demand in China is relatively strong, driven by consumption and property investment. In our base case, U.S. tariffs on China ramp up to 25% in 2019 as we believe prospects are low for a near-term resolution. We believe China will continue to retaliate but in a measured way to encourage the U.S. to de-escalate, with an emphasis on limiting the damage to its own economy. By extension, this helps limit the damage to many other EM sovereigns. Chinese stimulus is likely to remain tempered and targeted towards moderating the slowdown, helping companies hurt by tariffs, and putting a floor on growth, rather than driving a robust recovery. And with Chinese growth above target in H1, there s no need yet for a big stimulus in our view. We certainly must acknowledge the risk that a serious escalation of tariffs has the potential to slow growth and increase inflation, which is generally not a positive factor for risk assets. While this is not our base case, despite sound fundamentals, the asset class is not immune to risk-off sentiment and a global growth slowdown, and we are monitoring these developments closely. Within Emerging Markets, a turn in EM equities and local currency debt will be contingent, in our view, upon growth improvement in China and/or a de-escalation of trade tensions, as well as a turn in the dollar. We certainly see value in both asset classes, but what prevents us from adding risk in a significant way is the uncertainty around U.S. trade policy and the resulting volatility. However, we believe that dollar strength will begin to wane as the spread between growth in the U.S. and the rest of the world begins to narrow and the market turns its attention away from cyclical factors and starts to focus more on structural issues (rising U.S. current account and fiscal deficits). In addition, we believe that the impact of U.S. fiscal stimulus will begin to slow later in 2019, and that, combined

5 with rising rates, can weigh on U.S. growth. We do see the risk of a policy mistake by the Fed, if in fact U.S. inflation picks up more than expected. EM equity valuations appear to us to be attractive relative to the U.S.; the P/E 4 discount for the MSCI EM 5 relative to the S&P 6 is now comparable to 2008 levels. EM dollardenominated debt spreads have ranged from bps this year, ending the quarter at around 335bps. This puts EM spreads relatively in line with their long-term median. In this regard, Emerging Markets debt stands out when compared to developed markets fixed income, which is trading closer to the richer end of historical ranges. This has been a challenging year for asset markets globally, with only a few asset classes posting positive returns. That said, we see certain segments of Emerging Markets as oversold and believe opportunities will arise as we head into the balance of the year. Differentiation remains key across a universe of over 65 countries in the debt index and 24 in the equity index with each in their own stage of development. Positioning Debt/Equity Split: Given the volatility, we are moderately underweight equity (45.5%) and neutral debt (49%), with the balance in cash. Our asset allocation model currently favors debt but seasonality tends to favor equities in the later part of the fourth quarter. In addition, EM countries where we expect slower growth next year are a large percentage of the equity index. Equity valuations appear cheap, but we would look to increase exposure only if revisions and flows begin to improve. Equity Positioning: At the end of the quarter, we were overweight China but have since reduced it to a neutral weight relative to the benchmark. Larger underweights are in South Korea, Malaysia, India and South Africa, which are sensitive to trade fears or have challenging domestic growth profiles. From a sector perspective, we are overweight Energy, Materials and Healthcare while underweight Information Technology and Financials. Debt Positioning: From a regional perspective, we are neutral Latin America, with larger positions in Argentina (IMF deal, pursuing proactive economic measures) and Mexico (benefiting from U.S. growth and a new NAFTA 7 deal). We are also overweight Brazil, expressed mainly through corporates, but we have been adding sovereign exposure on the back of positive election headlines. This year, we have added high quality Middle East exposure, as the region is well-supported by stronger oil and is also likely to benefit from upcoming index inclusion. We are underweight Asia, given tight spreads and sensitivity to trade. We are also underweight Europe, with an overweight to Ukraine, neutral positions in Turkey and Russia, and underweights to tighter-trading Central European sovereigns. Almost all of the portfolio s exposure is in dollar denominated debt. We will, however, be looking for opportunities to selectively add local currency to the portfolio as we see greater signs of growth stability. Sincerely, Penelope D. Foley Group Managing Director Emerging Markets David I. Robbins Group Managing Director Emerging Markets Ray S. Prasad, CFA Managing Director Emerging Markets 4 The price/earnings ratio is the price of a stock divided by its earnings per share; 5 MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets; 6 American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ; 7 North American Free Trade Agreement.

6 This material may include estimates, projections and other forward-looking statements. Actual events may differ substantially from those presented. TCW assumes no du ty 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. For more information about the Fund call us at 800 Fund TCW ( ) Visit our web site for a full menu of products and services at TCW.com Investment Risks Fund share prices and returns will fluctuate with market conditions, currencies, and the economic and political climates where 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. 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. Please see the Fund s Prospectus for more information on these and other risks. Glossary of Terms Base Case A term used to describe the highest probability outcome in the opinion of the presenter or author. It is often used in conjunction with describing other possible outcomes usually labeled downside, negative, adverse, upside, or positive. Basis Point one hundredth of one percent, used chiefly in expressing differences of interest rates. Brady Bonds Bonds that are issued by the governments of developing countries. Central Bank A monopolized and often nationalized institution given privileged control over the production and distribution of money and credit. Corporate Of or relating to a bond issued by a corporation as opposed to a bond issued by the U.S. Treasury, a non-u.s. government or a municipality. Corporate Bond A debt security issued by a corporation and sold to investors. Credit Issuers. Current Account Deficit Occurs when a country s total imports of goods, services and transfers is greater than the country s total export of goods, services and transfers. Cyclical A cyclical stock is a stock highly correlated to changes in the economy. Debt Security Any debt instrument that can be bought or sold between two parties and has basic terms defined, such as notional amount (amount borrowed), interest rate and maturity/renewal date. Developed Markets Countries that have sound, well-established economies and are therefore thought to offer safer, more stable investment opportunities than developing markets. Distribution Distributions of income and capital gains that mutual funds make to their investors periodically during a calendar year. Dividend A distribution of a portion of a company s earnings, decided by the board of directors, to a class of its shareholders. ELMI+ Tracks total return for local currency denominated money market instruments in the emerging markets. 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. Emerging Market Debt (EMD) A term used to encompass bonds issued by less developed countries. Eurobonds A bond issued in a currency other than the currency of the country or market in which it is issued. Federal Reserve (the Fed) The central bank of the United States which regulates the U.S. monetary and financial system. Fiscal Relating to government revenue, especially taxes. Fiscal Stimulus An increase in public spending or a reduction in the level of taxation that might be performed by a government in order to encourage and support economic growth. Inflation A condition of a rise in the general level of prices of goods and services in an economy over a period of time. JULI Provides performance comparisons and valuation metrics across a carefully defined universe of investment grade corporate bonds, tracking individual issuers, sectors and sub-sectors by their various ratings and maturities. Local Currency The most common form of currency used in a country. This usually encompasses the national currency of the country. 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. MXEF MSCI Emerging Markets Index. NEXGEM A fixed-income benchmark that provides exposure to a non-investment grade rated, smaller, less liquid population of emerging market economies than the EMBIG. Off-Index Securities that are not part of the Fund s benchmark index. Overweight A condition where the portfolio exposure to a given asset class (or risk measure) exceeds that of the benchmark index. QE (Quantitative Easing) Also known as Large- Scale Asset Purchase Program (LSAP), is an unconventional monetary policy initiated by the U.S. Federal Reserve Bank (the Fed) in 2008 to stimulate the U.S. economy in the aftermath of the financial crisis. The Fed implemented QE by buying U.S. Treasury and U.S. Agency Mortgage-Backed securities thus increasing the prices of these securities and lowering the yields on them in order to entice investors into other areas that might be more beneficial for an economic rebound. Sovereign Debt Government bonds issued in foreign currency. Spread The difference between the bid and the ask price of a security or asset. Tariff A tax imposed on imported goods and services. 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. U.S. Dollar Denominated Debt A debt measured in dollars. 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. The TCW Funds are distributed by TCW Funds Distributors LLC