TCW Artificial Intelligence Equity Fund

Quarterly Commentary

September 30, 2019


The TCW Artificial Intelligence Equity Fund, I Share Class (the “Fund”) generated a return of -2.75% during the quarter and underperformed the Russell 3000® Growth Index return of 1.10%. Individual underperformers relative to the index for the quarter included Illumina†, Workday (WDAY; 2.28%**), Trade Desk (TTD; 1.78%**), Autodesk (ADSK; 3.04%**), and Align Technology†. Offsetting the weakness was strong performance in the quarter from ASML Holding (ASML; 4.40%**), Lam Research (LRCX; 3.67%**), Western Digital (WDC; 2.05%**), Equinix (EQIX; 2.50%**), and Micron Technology (MU; 3.13%**)....

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Russell 3000® Growth Index – Measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values.

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It should not be assumed that an investment in the securities listed was or will be profitable. Portfolio characteristics and holdings are subject to change at any time.

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Forward Looking Statement

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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 product detail page for each Fund. 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.
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