TCW Short Term Bond Fund

Quarterly Commentary

Encouraging signs continued to appear across the macroeconomic spectrum in the second quarter, as GDP growth picked up slightly and strength persisted in corporate earnings and housing market metrics. Further, long dormant pricing pressures surfaced, as the Core PCE Index, the Fed’s preferred inflation measure, hit the long-sought 2% year-over-year target in May. Add this to an early June unemployment rate that fell to 3.8% (matching lows last seen in 2000 and 1969 previously) and a reasonable conclusion might be that economy is humming and quite possibly poised to gain speed in the wake of fiscal stimulus earlier this year. These backward-looking statistics do, indeed, tell a very good story, but not necessarily one likely to carry on much, much longer...

To read full commentary please click pdf below.

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Legal Disclosures

Citigroup 1-Year Treasury Index – Represents the return of the one-year treasuries each month (auctioned monthly). It is determined by taking the 1-year T-bill at the beginning of each month and calculating its return.


Securities issued by U.S. government agencies and authorities are not insured, and may not be guaranteed by the U.S. Government.

A Word About Risk

Securities issued by U.S. Government agencies and authorities are not insured, and may not be guaranteed by the U.S. Government. 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.

Forward Looking Statement

This report may include estimates, projections and other "forward-looking statements." Due to numerous factors, actual events may differ substantially from those presented. TCW assumes no duty to update any such statements.

About Performance
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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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 800-386-3829 or you may download the PDF TCW Funds Prospectus. Please read it carefully.

The TCW Funds are distributed by TCW Funds Distributors LLC