# EDGAR Filing Document

**Accession Number:** 0000892071
**File Stem:** 0001193125-23-056151
**Filing Date:** 2023-3
**Character Count:** 26873
**Document Hash:** 904cc981b4d7c7357049c4d72a4562bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-056151.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-056151

**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:** 23693094

**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 Developing Markets Equity Fund (Series ID: S000049790)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000157299 | Class I      | TGDMX           |
| C000157300 | Class N      | TGDPX           |

![LOGO](g459934g96h02.jpg)

## TCW Developing Markets Equity Fund
I SHARE: TGDMX \| N SHARE: TGDPX

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-DMF_0323

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Investment Objective

The Fund's investment objective is to seek long-term capital appreciation. This investment objective may be changed without shareholder approval.

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)

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| | | |
|:---|:---|:---|
|  | **Share Classes** | **Share Classes** |
|  | **I** | **N** |
|  Management Fees | 0.80% | 0.80% |
|  Distribution and/or Service (12b-1) Fees |  | 0.25% |
|  Other Expenses | 3.59% | 4.36% |
|  Total Annual Fund Operating Expenses | 4.39% | 5.41% |
|  Fee Waiver and/or Expense Reimbursement<sup>1</sup> | 3.44% | 4.26% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1</sup> | 0.95% | 1.15% |

---

<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 0.95% of average daily net assets with respect to Class I Shares and 1.15% 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 | $98 | $1018 | $1950 | $4330 |
|  N | $118 | $1238 | $2350 | $5088 |

---

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 333.47% 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 Developing Market Country (as defined below) companies. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of such 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; exchange-traded funds ("ETFs"); American Depository Receipts (ADRs); Global Depository Receipts (GDRs); equity linked notes or similar structures; and other securities

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with equity characteristics. The Fund may invest in securities or other financial instruments issued by companies in the financial services sector, including, without limitation, the banking, brokerage and insurance industries. The Fund may invest in foreign equity securities, which may or may not be listed on a recognized securities exchange or be publicly traded. These securities may be denominated in U.S. dollars, local currencies or other foreign currencies. The Fund has no limit on the portion of its assets that may be invested in any country, and may invest in companies of any size. The portfolio managers invest in those securities that they think provide the best opportunity to achieve the Fund's investment objective.

For purposes of the Fund's investment strategy, a Developing Market Country company is a company or financial institution domiciled or with primary business operations in, or with the majority of their net assets in or revenues or net income deriving from, a Developing Market Country. A "**Developing Market Country**" is a country that has a developing economy or market and includes all of the countries in the MSCI Total Return Emerging Markets Index (Net), the MSCI Frontier Markets Index, and the JP Morgan Emerging Markets Bond Index Global Diversified.

The Fund may invest in other pooled investment vehicles (both investment companies registered under the Investment Company Act of 1940, as amended (the "**1940 Act"**), and collective investments not subject to registration under the 1940 Act), including, without limitation, ETFs, exchange-traded notes ("**ETNs**"), and real estate investment trusts ("**REITs**"), to the extent permitted by the 1940 Act.

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

• Public finances;

• Monetary policy;

• External accounts;

• Financial markets;

• Foreign investment regulations;

• Exchange rate policy;

• Labor conditions;

• Political outlook;

• Structural reform policy; and

• ESG factors.

Certain countries require governmental approval prior to direct equity investments by foreign persons such as the Fund. If considered likely to help the Fund in achieving its investment objective, the Fund may seek authorization to effect direct equity investments in such countries from their respective governments.

The Fund may invest up to 20% of its net assets, plus any borrowings for investment purposes, 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, and swaps for investment management (*e.g.*, as a substitute for investing directly in specific securities or currencies or to increase returns) and hedging purposes.

The investment process employed by the Fund emphasizes bottom-up fundamental research. The Fund aims to build a portfolio of the portfolio managers' best stock ideas, while also taking into account diversification and risk management requirements and considerations.

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.

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.

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• **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.

• **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.

• **foreign currency risk:** 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.

• **developing market country risk:** the risk of investing in developing market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; 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.

• **China investing risks:** the risks of investing in companies located or operating in China, including Hong Kong, such

as nationalization, expropriation, or confiscation of property; difficulty in obtaining and/or enforcing judgments; alteration or discontinuation of economic reforms; military conflicts; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of China; and China's dependency on the economies of other Asian countries, many of which are developing countries. Health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy. Certain securities issued by companies located or operating in China are subject to trading restrictions, quota limitations, and clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, or as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate. <br>

• **Taiwan investing risks:** the risks of investing in companies located or operating in Taiwan. The political reunification of China and Taiwan, over which China continues to claim sovereignty, is a highly complex
issue and is unlikely to be settled in the near future. Political or economic disturbances may have an adverse impact on the values of investments in either China or Taiwan, or make investments in China and Taiwan impractical or impossible. Any
escalation of hostility between China and/or Taiwan would likely have a significant adverse impact on the value of investments in both countries and the region.

• **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.

• **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.

• **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.

• **frequent trading risk:** 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.

• **valuation risk:** 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

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

• **derivatives risk:** 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.

• **leverage risk:** 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.

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

• **information technology sector risk:** 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.

• **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 managers' choice of securities.

• **ETF risk:** 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.

• **ETN risk:** the risk that the value of the Fund's investments will fluctuate in response to the performance of the ETNs owned by the Fund. An ETN is subject to possible sudden and unpredictable changes in
value, the risk of default by the issuer, the risk of downgrade of the issuer's credit rating, and liquidity risk. The Fund's shareholders will indirectly bear a proportionate share of an ETN's expenses, in addition to paying the
Fund's expenses.

• **REIT risk:** the risk that the value of the Fund's investments in 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 and the possibility of failing to qualify for tax-free "pass-through" of income
under the federal tax law.

• **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.

• **small-capitalization company risk:** the risk that small-capitalization companies may have more volatile stock performance than larger companies and are more susceptible to adverse business and economic
developments and adverse effects due to the loss of personnel, which may increase the risk of loss to the Fund.

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.

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Investment Results

The bar chart below shows how the Fund's investment results from the past calendar 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](g459934g70l05.jpg)

Highest/Lowest quarterly results during this period were:

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| | | |
|:---|:---|:---|
| **Highest** | 21.29% | (quarter ended 6/30/2020) |
| **Lowest** | -21.37% | (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** | **Since**<br> **Inception<br>(6/30/2015)** |
|  I – Before taxes | -35.39% | -5.64% | -1.57% |
| &nbsp;&nbsp; - After taxes on distributions | -35.64% | -6.08% | -1.88% |
| &nbsp;&nbsp; - After taxes on distributions and sale of fund shares | -20.44% | -4.01% | -1.02% |
|  N – Before taxes | -35.11% | -5.59% | -1.54% |
|  MSCI Total Return Emerging Markets Index (Net) (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | -20.09% | -1.40% | 2.18% |

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<sup>1</sup> The MSCI Total Return Emerging Markets Index (Net) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid-cap securities in emerging markets. 

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.

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Portfolio Manager

The portfolio manager for the Fund is:

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| | | |
|:---|:---|:---|
| **Name** | **Experience with<br>the Fund** | **Primary Title**<br> **with**<br> **Investment**<br> **Advisor** |
| Andrey Glukhov, CFA | 7 years<br> (Since inception of the Fund) | Managing Director |

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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.