# EDGAR Filing Document

**Accession Number:** 0000892071
**File Stem:** 0001193125-25-187823
**Filing Date:** 2025-8
**Character Count:** 22618
**Document Hash:** 11c936f3ea483ddf2ace66bdc1fcd4c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-187823.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001193125-25-187823

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**EFFECTIVENESS DATE**: 20250825

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW FUNDS INC
- **CENTRAL INDEX KEY:** 0000892071

**ORGANIZATION NAME:**
- **EIN:** 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:** 251251851

**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 Concentrated Large Cap Growth Fund (Series ID: S000006325)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000263822 | Class I-3    |  |

![LOGO](g940887g01n01.jpg)

## TCW Concentrated Large Cap Growth Fund
**(Formerly, TCW Select Equities Fund)** 

I-3 SHARE: TGCZX

AUGUST 25

## 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 August 25, 2025, 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-CLCG_0225

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TCW Concentrated Large Cap Growth Fund (Formerly, TCW Select Equities Fund)

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.

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 Class**<br>**I-3** |
| Management Fees | 0.65% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.06% |
| Shareholder Servicing Expenses<sup>1</sup> | 0.20% |
| Total Annual Fund Operating Expenses | 0.91% |
| Fee Waiver and/or Expense Reimbursement<sup>2</sup> | 0.03% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1</sup> | 0.88% |

---

<sup>1</sup> The Fund is authorized to compensate broker-dealers and other third-party intermediaries up to 0.20% (20 basis points) of the I-3 Class assets serviced by those intermediaries for shareholder services. 

<sup>2</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 0.88% of average daily net assets with respect to Class I-3 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 August 24, 2026 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 I-3 share class of the Fund reflects the net expenses of the I-3 share class of the Fund that result from the contractual expense limitation in the first year only (through August 24, 2026). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| I-3 | $90 | $284 | $498 | $1135 |

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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 12.77% 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 a concentrated portfolio of equity securities of large-capitalization companies (*i.e.*, companies with market capitalizations, at the time of acquisition, within the capitalization range of the Russell 1000<sup>®</sup> Growth Index). As of December 31, 2024, the market capitalization of companies included the Russell 1000<sup>®</sup> Growth Index was between $1.67 billion and $3.79 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 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 ("**REITs**") 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.

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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.

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 of the Fund 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. <br>

• **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.

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

• **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.

• **growth investing risk:** 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

• **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.

• **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

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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 manager's choice of securities.

• **cybersecurity risk:** 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.

• **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.

• **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.

• **concentration risk:** 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.

Please see "Principal Risks of the Funds" 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.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. Because Class I-3 has not commenced operations as of the date of this prospectus, the bar chart shows performance for the Fund's Class I shares and the table shows annual total returns for the Fund's Class I and Class N shares. Class I and Class N shares would have substantially similar annual returns to Class I-3 shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that Class I and Class N shares do not have the same expenses as Class I-3 shares. Performance information for Class I-3 shares will be provided after such shares have one full calendar year of performance.

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. 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. 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.

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Calendar Year Total Returns

For Class I Shares

![LOGO](g940887g09g09.jpg)

Highest/Lowest quarterly results during this period were:

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| | | |
|:---|:---|:---|
| **Highest** | 30.88% | (quarter ended 6/30/2020) |
| **Lowest** | -22.85% | (quarter ended 6/30/2022) |

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Average Annual Total Returns

(For the period ended December 31, 2024)

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **5 Years** | **10 Years** |
|  I – Before taxes | 30.92% | 16.08% | 14.91% |
| &nbsp;&nbsp; - After taxes on distributions | 26.75% | 12.80% | 11.73% |
| &nbsp;&nbsp; - After taxes on distributions and sale of fund shares | 21.38% | 12.35% | 11.42% |
|  N – Before taxes | 30.80% | 15.90% | 14.68% |
|  S&P 500 Index (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | 25.02% | 14.53% | 13.10% |
|  Russell 1000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | 33.36% | 18.96% | 16.78% |

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<sup>1</sup> The Fund has adopted this broad-based index as its primary benchmark index in response to new regulatory requirements.

<sup>2</sup> The Russell 1000<sup>®</sup> Growth Index, the Fund's secondary benchmark index, measures the performance of those companies in the Russell 1000<sup>®</sup> Index with higher price-to-book ratios and higher forecasted growth values.

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.

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**<br>**with the Fund** | **Primary Title with**<br> **Investment Advisor** |
|  Brandon Bond, CFA<br> (Co-Portfolio Manager) | 2 years<br> (Since<br>February 2023) | Managing Director |
|  Brian McNamara<br> (Co-Portfolio Manager) | Since<br> October 2024 | Managing Director |
|  Bo Fifer, CFA<br> (Co-Portfolio Manager) | Since<br> October 2024 | 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 219252, Kansas City, MO 64121-9252), 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 Class I-3 Shares

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| | | |
|:---|:---|:---|
| **Share Class and Type of Account** | **Minimum**<br>**Initial**<br>**Investment** | **Subsequent**<br>**Investments** |
| **Class I-3** |  |  |
| Regular Accounts | $1000000 | $50000 |

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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.

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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.