# EDGAR Filing Document

**Accession Number:** 0000892071
**File Stem:** 0001193125-23-056146
**Filing Date:** 2023-3
**Character Count:** 19814
**Document Hash:** a943e8e19a1bd5df80005aca788164ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-056146.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-056146

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW FUNDS INC
- **CENTRAL INDEX KEY:** 0000892071
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-52272
- **FILM NUMBER:** 23693089

**BUSINESS ADDRESS:**
- **STREET 1:** 865 SOUTH FIGUEROA STREET
- **STREET 2:** SUITE 1800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017
- **BUSINESS PHONE:** 213-244-0000

**MAIL ADDRESS:**
- **STREET 1:** 865 SOUTH FIGUEROA STREET
- **STREET 2:** SUITE 1800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCW GALILEO FUNDS INC
- **DATE OF NAME CHANGE:** 19950113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCW FUNDS INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### TCW Relative Value Mid Cap Fund (Series ID: S000006332)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017415 | I Class      | TGVOX           |
| C000017417 | N Class      | TGVNX           |

![LOGO](g652175g96h02.jpg)

## TCW Relative Value Mid Cap Fund
I SHARE: TGVOX \| N SHARE: TGVNX

MARCH 1

## SUMMARY

## PROSPECTUS
**Before you invest, you may want to review the Fund's Prospectus which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information and other information about the Fund online at www.TCW.com. You can also get this information at no cost by calling 1-800-FUND-TCW (1-800-386-3829) or by sending an email request to contact@tcw.com. The Fund's current Prospectus and Statement of Additional Information, both dated March 1, 2023, are incorporated by reference into this Summary Prospectus. The Securities and Exchange Commission has not approved or disapproved these securities or passed on the adequacy of this prospectus. Any representation to the contrary is a criminal offense.** 

TCW-RMF_0323

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Investment Objective

The Fund's investment objective is to seek to provide long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. 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.

Shareholder Fees (Fees paid directly from your investment)

None.

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

---

| | | |
|:---|:---|:---|
|  | **Share Classes** | **Share Classes** |
|  | **I** | **N** |
|  Management Fees | 0.70% | 0.70% |
|  Distribution and/or Service (12b-1) Fees |  | 0.25% |
|  Other Expenses | 0.31% | 0.44% |
|  Total Annual Fund Operating Expenses | 1.01% | 1.39% |
|  Fee Waiver and/or Expense Reimbursement<sup>1</sup> | 0.16% | 0.44% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1</sup> | 0.85% | 0.95% |

---

<sup>1</sup> 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, 2024 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. 

**Example** 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

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, 2024). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Classes** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  I | $87 | $306 | $542 | $1222 |
|  N | $97 | $397 | $718 | $1630 |

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Portfolio Turnover

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 28.82% of the average value of its portfolio.

Principal Investment Strategies

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 (*i.e.*, companies with market capitalizations, at the time of acquisition, within the capitalization range of the companies comprising the Russell MidCap<sup>®</sup> Index). As of December 31, 2022, the market capitalization of companies included in the Russell MidCap<sup>®</sup> Index was between $300 million and $54 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

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convertible securities; equity securities of foreign companies listed on established exchanges, including NASDAQ; American Depository Receipts (ADRs); equity securities of real estate investment trusts ("**REITs**") and real estate companies; and other securities with equity characteristics.

The portfolio managers analyze economic and market conditions and identify securities that the portfolio manager 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 their environmental sustainability and social responsibilities with good governance and solid financial resources. Additionally, the portfolio managers consider various factors including:

• a company's market capitalization;

• a company's price-to-book;

• a company's price-to-earnings;

• a company's price-to-sales;

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

• a company's dividend yield.

The Fund invests mostly in what the portfolio manager believes are "value companies." The portfolio manager seeks to identify those companies that have fallen out of favor and whose stock is selling below what the portfolio manager believes is its real value. The portfolio manager looks for those stocks with a potential catalyst, such as new products, technologies, or management, which may trigger an increase in their values.

Portfolio securities may be sold for a number of reasons, including when a company fails to meet expectations or when the portfolio manager believes 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.

Principal Risks

**Since the Fund holds securities with fluctuating market prices, the value of the Fund's shares will vary as its portfolio securities increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund.** 

The principal risks affecting the Fund that can cause a decline in value are:

• **equity risk:** 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.

• **market risk:** 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.

• **market and geopolitical events risk:** 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.

• **mid-capitalization company risk:** 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.

• **price volatility risk:** the risk that the value of the Fund's investment portfolio will change as the prices of its investments go up or down.

• **value investing risk:** 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.

• **issuer risk:** 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.

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• **liquidity risk:** 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.

• **REIT and real estate company risk:** 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.

• **portfolio management risk:** the risk that an investment strategy may fail to produce the intended results.

• **securities selection risk:** 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.

• **foreign investing risk:** 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.

Please see "Principal Risks of the Funds" in the Fund's Prospectus for a more detailed description of the risks of investing in the Fund.

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.

Investment Results

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 a broad measure of market performance. 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.

Calendar Year Total Returns

For Class I Shares

![LOGO](g652175g00p68.jpg)

Highest/Lowest quarterly results during this period were:

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| | | |
|:---|:---|:---|
| **Highest** | 25.48% | (quarter ended 12/31/2020) |
| **Lowest** | -37.31% | (quarter ended 3/31/2020) |

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Average Annual Total Returns

(For the period ended December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
|  I – Before taxes | -11.76% | 3.97% | 8.76% |
| &nbsp;&nbsp; - After taxes on distributions | -12.29% | 2.68% | 6.96% |
| &nbsp;&nbsp; - After taxes on distributions and sale of fund shares | -6.60% | 2.99% | 6.78% |
|  N – Before taxes | -11.89% | 3.86% | 8.58% |
|  Russell MidCap<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | -12.03% | 5.72% | 10.11% |

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<sup>1</sup> The Russell MidCap<sup>®</sup> Value Index measures the performance of those companies in the Russell MidCap<sup>®</sup> Index with lower price-to-book ratios and lower forecasted growth values.

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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. 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.

Investment Advisor

TCW Investment Management Company LLC is the investment advisor to the Fund.

Portfolio Managers

The portfolio managers for the Fund are:

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| | | |
|:---|:---|:---|
| **Name** | **Experience with<br>the Fund** | **Primary Title**<br> **with**<br> **Investment<br>Advisor** |
| Diane E. Jaffee, CFA<br> (Lead Portfolio Manager) | 12 years | Group Managing Director |
| Mona Eraiba<br> (Co-Portfolio Manager) | 11 years | Senior Vice President |

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Purchase and Sale of Fund Shares

You may purchase or redeem Fund shares on any business day (any day the New York Stock Exchange is open). Purchase and redemption orders for Fund shares are processed at the net asset value next calculated after an order is received by the Fund.

You may conduct transactions by mail (TCW Funds, Inc. c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201-0701), or by telephone at 1-800-248-4486. Redemptions by telephone are only permitted upon previously receiving appropriate authorization. You may also purchase, exchange or redeem Fund shares through your dealer or financial advisor.

Purchase Minimums for All Share Classes

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| | | |
|:---|:---|:---|
| **Share Class and Type of Account** | **Minimum**<br>**Initial**<br>**Investment** | **Subsequent**<br>**Investments** |
|  Class I & Class N Regular Account | $2000 | $250 |
|  Class I & Class N Individual/Retirement Account | $500 | $250 |

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A broker-dealer or other financial intermediary may require a higher minimum initial investment, or may aggregate or combine accounts in order to allow its customers to apply a lower minimum investment.

Tax Information

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal from those arrangements.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. Ask your individual financial advisor or visit your financial intermediary's website for more information.