Terms and Conditions

Legal Notice

Welcome to tcw.com. Please read the following Terms and Conditions of Use (Terms of Use) carefully before using this website (Website).  This Website is owned and operated by The TCW Group, Inc. and certain of its subsidiaries and affiliates, including TCW Asset Management Company and TCW Investment Management Company and TCW Funds Distributors (collectively, TCW). You may use the materials on this Website solely for personal, informational and noncommercial purposes.  All rights not expressly granted in these Terms and Conditions of Use are reserved by TCW. 

Terms and Conditions of Use

By using this Website, you acknowledge and agree to follow and be bound by the Terms and Conditions of Use and the regulatory requirements governing the use of this Website. Nothing contained in these Terms of Use is intended to modify or amend any other written agreement, if any, that may currently be in effect between you and TCW with regard to matters other than your use of this Website.  If you do not agree to these Terms of Use, do not use this Website.

Changes to These Terms of Use Will be Posted on This Website
TCW may at any time modify these Terms of Use. Modifications will be effective immediately upon posting. You are bound by any such revisions and should therefore periodically visit this page to review the then-current Terms of Use.  By continuing to access this Website and/or subscribe to, download or access the Really Simple Syndication (RSS) feed after any modification, you agree to the Terms of Use as modified.

You are Granted a Limited License
TCW hereby grants to you, and you accept, a limited, non-exclusive, non-transferable, revocable license to access, view, store, bookmark, download, use the RSS feeds, webcasts and podcasts, and print the pages within this Website only as authorized in, and subject to these Terms of Use.

Except as otherwise stated in these Terms of Use or as permitted in writing by TCW, you may not publish, broadcast, retransmit, reproduce, repackage, commercially exploit, create any derivative of or otherwise redistribute all or any portion of this Website. You may download material displayed on this Website for non-commercial, personal use only, provided you also retain all copywright and other proprietary notices contained on the materials. Except as otherwise stated in these Terms of Use, you may not modify, transmit, reuse, report or use the content of this Website for public or commercial purposes, including the text, images, audio and video, without TCW’s prior written permission.

Your Use of This Website is Restricted
You may not use this Website for any illegal purpose or in any manner inconsistent with these Terms of Use.  You agree not to use, transfer, distribute or dispose of any information available on this Website in any manner that could compete with the business of TCW. 

You are not permitted to decompose, decompile, reverse engineer, disassemble or otherwise deconstruct all or any portion of this Website. You may not use this Website in any manner that could damage or overburden TCW’s server, or any network connected to any TCW server.

Access to the password protected portion of the Website is restricted to authorized users only and information available through that area of the Website should not be shared
You may only access the password protected portion of this Website by using the password that you create.  To be allowed to create a password, you are required to provide certain information to TCW.  When granting you permission to a password, TCW relies on the information you provide.  When submitting the information to TCW, you represent to TCW that the information you provide is true and correct.  You may not obtain or attempt to obtain unauthorized access to the password protected portions of this Website through any means not intentionally made available by TCW for your specific use.

Information available through the password protected portion of the Website may be confidential and proprietary to TCW.  You agree to use your best efforts to keep such information strictly confidential. You are responsible for all activities that occur in connection with the password. You agree to keep the password confidential, and not to provide it to any third party.  TCW is not responsible for any breach of security caused by your failure to maintain the confidentiality of your password.  You agree to notify TCW immediately in the event of loss or theft of your password, or if you believe the confidentiality of your password has been compromised in any way, or in the event of your learning about a possible or actual unauthorized use of the non-public areas of this Website.  TCW reserves the right to revoke your ability to access non-public areas of this Website at any time without prior notice. 

Protecting Your Privacy and Security
Please review our Privacy Policy which can be found by clicking the link titled “Privacy Policy” at the bottom of this Website’s home page. 

TCW is committed to protect your nonpublic personal and financial information. However, it is crucial that if you have a password to view the password protected area of the Website that you protect your password to prevent unauthorized access to your account(s).  For this reason, you should not share your password with anyone. You are responsible for all unauthorized use of your password. 

Use of links to third party websites
This Website may contain links to other websites. TCW does not exercise control over third party websites and is not responsible for the content of any other website linked to this Website. Hyperlinks to or from this Website do not constitute endorsement of, sponsorship by or affiliation with TCW and is not an endorsement of their products or services or practices. In no event will TCW, nor any of its directors, employees or advisors accept any liability with regard to the information contained in other hyperlinked or referred-to websites.

Any links to other websites are included as a convenience, and TCW assumes no liability for the content or the presentation of linked sites. Third party links to this site are permitted only with TCW’s prior written consent. No representations or warranties are made for any software, if any, that may be downloaded from this Website.  TCW is not liable for any loss or damage arising from your use of or in connection with the RSS feeds, podcasts, webcasts and e-mail updates (See below Use of RSS Feeds, Podcasts, Webcasts and E-mail Updates is subject to conditions).   

No Investment Advice or Recommendations
The information and opinions presented on this Website are intended for informational purposes only and should not be construed as any advice, recommendation or endorsement from TCW as to any legal, tax, investment or other matter.  This Website should not be considered a solicitation or offering for any investment product or service to any person in any jurisdiction where such solicitation or offer would be unlawful.  Your particular needs, investment objectives and financial situation were not taken into account in the preparation of this Website and the materials contained herein.  The fact that TCW has made available to you through this Website, investment opinions and other information constitutes neither a recommendation that you enter into a particular transaction nor a representation that any financial instrument is suitable or appropriate for you.  You should consult a financial adviser or other professional before making any investment decision.  TCW takes no responsibility for any loss or damage arising due to any decision relating to investments taken by you based on the reports and/or the data and/or information contained on this Website.

Opinions are Personal and Information May Not be Accurate or Timely
Any opinions expressed on this Website are current only as of the time made and are subject to change without notice. The views expressed by an author, speaker or presenter are their own as of the date of the article, video, presentation or event, and may change without notice to you, and do not necessarily represent the views of TCW as a firm or of any other portfolio manager or employee of TCW.

TCW makes reasonable efforts to include accurate and up-to-date information on this Website.  However, due to the nature of information delivery technology, errors or omissions in the information sometimes occur, including, but not limited to, pricing data.  While statements of fact have been obtained from sources generally considered reliable, TCW cannot guarantee their completeness, reliability or accuracy.  The Website content is presented only as of the date published or indicated and may be superseded by subsequent market events or other reasons.  TCW advises you to confirm the accuracy of any information with TCW before seeking to rely on such information.

Any portfolio or performance information is historical and is not an indication of current or future portfolio characteristics or performance.

This Website May Use “Cookies” and Clear “.gifs”
When you visit this Website, our server may send a “cookie” to your computer.  Cookies are files that web browsers use to tell us whether customers and visitors have visited this Website previously.  Cookies alone do not identify you personally. They merely recognize your browser and customize your experience on this Website and help us to better understand how visitors use this Website.  Cookies do not collect or contain any personally identifiable information.  Unless you choose to identify yourself to TCW by registering, you remain anonymous to us. 

This Website also may use clear GIFS.  A clear GIF is similar in function to a cookie.  It is a tiny graphic with a unique identifier that is invisible on the page and much smaller, about the size of the period at the end of this sentence. Clear GIFS track online web movements of the users of this Website and assist TCW in determining what content is effective. Clear GIFS are not tied to users’ personal information. 

TCW’s Liability is Limited
YOU EXPRESSLY UNDERSTAND AND AGREE THAT YOUR USE OF THIS WEBSITE IS AT YOUR SOLE RISK AND THAT THE WEBSITE IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS AND WITHOUT WARRANTIES OR REPRESENTATIONS OF ANY KIND EITHER EXPRESSED OR IMPLIED. TO THE FULL EXTENT PERMITTED UNDER APPLICABLE LAW, TCW EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.  This site is for informational purposes only and TCW makes no warranties or representations as to the accuracy, adequacy, quality or fitness, timeliness, non-infringement or title of any information for a particular purpose or use, of this Website or of any linked site, and all such warranties are expressly excluded to the fullest extent of the law.  You bear all risk from any use or results of using any information on this Website. Under no circumstances shall TCW nor any party involved in creating, producing, or delivering this Website be liable for any direct, incidental, consequential, indirect, or punitive damages that result from the use of, or the inability to use, the materials on this Website, even if a TCW authorized representative has been advised of the possibility of such damages.

TCW also assumes no responsibility for any damages to, or viruses that may infect, your computer equipment on account of your use of this Website or your downloading of any materials from this Website. 

Use of RSS Feeds, Podcasts, Webcasts and E-mail Updates is Subject to Conditions
RSS feeds, podcasts, webcasts and e-mail updates are free services offered by TCW for your personal, informational and noncommercial use or as otherwise authorized by TCW in writing. The RSS feed is a means by which TCW offers headlines, summaries, active links and other information or materials in XML to individuals who use RSS readers or aggregators.  RSS, podcasts and e-mail update aggregators may incorporate the TCW feeds into their directories for the benefit of individuals using the aggregator.  Your use of RSS feeds, podcasts, webcasts and e-mail updates is subject to the following conditions, as applicable, which you must comply with at all times:

  • Except as otherwise authorized by TCW in writing, you may not copy, reproduce, republish, upload, post, transmit, display or redistribute our feeds, podcasts or webcasts in any way by any means. 
  • You may create a hyperlink to the RSS feeds, podcasts and webcasts, as long as you create a functional link back to the content on the applicable page of this Website, or if it is not possible for you to create a functional link back to this Website, you display on-screen the URL from which such content may be obtained. In addition, you must provide attribution to this Website.  The functional link must be directly back to this Website; you may not include any content or materials between any hyperlink to the RSS feed and this Website (i.e., splash pages and intermediate pages are prohibited).
  • You may not change, edit, expand upon or summarize any content received via an RSS feed, podcast, webcast or any other content on this Website.
  • You may not charge any fee whatsoever in exchange for the right to view or otherwise access the content via RSS feeds, podcasts, webcasts and e-mail updates.
  • You may not do anything that would suggest that TCW is affiliated or associated with, endorses, sponsors or approves of you, your website, or any person, entity, product, services, content, views or opinions related to your, your website or any third party.
  • You may not portray TCW or its products and services in a false, misleading, derogatory or otherwise offensive manner.
  • Any website or other medium or material on which you display or make available any content from an RSS feed, podcast, webcast or e-mail update may not contain any material that violates any right of a third party or any material that is libelous, defamatory, obscene or otherwise contrary to law.

TCW retains ownership of and all other rights in and to the RSS feeds, podcasts, webcasts and any reports, data, information, content, software, files, products, services, links, trademarks, logos, or other materials used in connection therewith. 

Website Content is Protected by Intellectual Property Laws
All content on this Website is protected by copyright, trademark, service mark, international treaties and/or other proprietary rights and laws of the U.S. and other countries.  You agree to abide by all applicable copyright and other laws.  You agree to protect the proprietary rights of TCW and all others having rights in this Website or content and to comply with all reasonable written requests made by TCW or its suppliers of content or otherwise to protect their and others’ contractual, statutory and common law rights in the intellectual property used on this Website. 

The trademarks, service marks, trade names, graphics, and logos used in connection with this Website, RSS feeds and podcasts are trademarks or registered trademarks of or are proprietary to TCW in the U.S. and/or other countries, or other respective owners that have granted TCW the right and license to use such marks.  Nothing contained on this Website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark displayed on this Website without the prior written permission of TCW or such third party that may own the trademarks.  Your use of the trademarks displayed on this Website, or any other content on this Website that you download, access and/or display in any medium, except as provided in these Terms of Use, is strictly prohibited.  You may not remove any copyright notices from any content that you download, access and/or display in any medium.

Performance Information Does Not Indicate or Guarantee Future Results
Any performance data shown on this Website is an indication of past performance and does not indicate or guarantee future results.  There is a possibility of loss on all investments and investor principal is not guaranteed. Performance information provided should not be used in making investment decisions.

Limitations on International Use
TCW does not represent that materials on this Website are appropriate or available for use in any location outside of the United States.  If you choose to access this Website from outside the United States, you do so on your own initiative and agree to comply with all foreign and local rules with respect to your account and your online conduct, including, but not limited to, all laws, rules, codes, regulations, decrees, acts, orders, directives, legislation, bills, and statutes pertaining to tax, contracts, intellectual property, securities, e-commerce, technology, computers, fraud and privacy.  In addition, you agree to comply with all applicable laws, rules, codes and regulations regarding the transmission of technical data exported from the United States. 

Use of E-mail is Not Secure and Delivery is Not Guaranteed
E-mail communication to TCW submitted through the Website should not be considered secure or confidential.  TCW makes no representation concerning the security or confidentiality of your e-mail or other forms of electronic messages submitted through the Website.  Additionally, delivery of e-mail is not guaranteed.  Therefore, TCW encourages you not to send confidential or time-sensitive information to TCW via e-mail.  Any communications or material you transmit to the Website by e-mail or otherwise, including, but not limited to, data, questions, comments or suggestions will be treated as non-confidential and nonproprietary and will become the property of TCW. 

Rights Granted to You May be Terminated
The rights granted to you herein terminate immediately upon any violation by you of these Terms of Use.  TCW, in its sole discretion, may modify, suspend, discontinue or restrict the use and availability of any portion of this Website (including RSS feeds) at any time and for any reason whatsoever, without notice or liability.  You agree that TCW will not be liable to you or any third party for any termination of your access to or use of this Website.

Severability and Integration
If any provision of these Terms of Use is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severed and will not affect the validity and enforceability of the remaining provisions.  These Terms of Use represent the entire agreement between you and TCW relating to the subject matter herein.

Laws of the State of California Govern These Terms of Use
TCW controls and operates this Website from our offices within the State of California, U.S.A. By using this Website, you agree that the laws of the State of California, without regard to principles of conflict of laws, will govern these Terms of Use and any dispute of any sort that might arise between you and TCW arising from your use of this Website.  The courts of the State of California will have exclusive jurisdiction to settle any dispute that may arise out of, under, or in connection with these Terms of Use, and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Copyright and Trademark

Intellectual Property
TCW and its logo are registered trademarks of The TCW Group, Inc. All rights, title and interest to these marks are reserved, and any reproduction or use without the express, written consent of The TCW Group, Inc. is prohibited. The trademarks, service marks and logos (collectively, “Trademarks”) displayed on the website are trademarks or registered trademarks of or are proprietary to The TCW Group, Inc. in the U.S. and/or other countries, or other respective owners that have granted the TCW Group the right and license to use such marks.

The TCW Group or its licensor owns the copyright in all of the content comprising this web site, unless otherwise indicated. By accessing and using this web site, you agree to abide by U.S. and international copyright law and all other applicable laws. Any use of the information and materials included in the website unless otherwise permitted herein or elsewhere on the website without the prior written permission from TCW Group is prohibited. All rights reserved.

Images of people or places displayed on the Site are either the property of, or used with permission by, the TCW Group. The use of these images by you, or anyone else authorized by you, is prohibited unless specifically permitted herein or specific permission provided elsewhere on the website. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes.

Nothing contained herein should be construed as granting, by implication, estoppel or otherwise, any license or right to use any Trademark or other intellectual property right of the TCW Group without the prior written permission of the TCW Group, or such third-party that may own the trademark or other intellectual property right. Your use of the Trademarks or any other content on this website, except as provided herein, is strictly prohibited. Inquiries concerning use of the TCW Group’s trademarks, service marks, trade names, graphics, images, logos, copyrights or other intellectual property should be addressed to:

The TCW Group, Corporate Communications,
865 South Figueroa Street,
Los Angeles, California 90017