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mwf:S000001147BloombergUSAggregateBondIndexMember 2015-01-01 2024-12-31 0001028621 mwf:S000034126BloombergUSAggregateBondIndexMember 2015-01-01 2024-12-31 iso4217:USD pure 2025-08-25 0001028621 false 485BPOS 2025-03-31 -0.0218 0.0617 0.0792 0.0622 -0.0127 0.1227 0.1145 0.0335 -0.1136 0.1073 0.0020 0.0448 0.0123 0.0115 0.0120 0.0423 0.0327 -0.0013 -0.0517 0.0557 -0.0005 0.0232 0.0310 -0.0006 0.0895 0.0878 -0.0134 -0.1487 0.0576 0.0072 -0.0003 0.0350 0.0366 0.0067 0.0617 0.0451 0.0077 -0.0842 0.0747 0.0579 N-1A TCW METROPOLITAN WEST FUNDS TCW MetWest High Yield Bond Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The High Yield Bond Fund seeks to maximize long-term total return consistent with preservation of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0050 0 0.0009 0.0020 0.0079 0.0003 0.0076 August 24, 2026 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the Class I‑3 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:</div> 78 246 430 980 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs, such as commissions, 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 76% of the average value of its portfolio.</div> 0.76 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in high yield bonds (commonly known as “junk bonds”), which are bonds rated below investment grade or unrated bonds determined by the Adviser to be of comparable quality. The remainder of the Fund’s net assets may be invested in investment grade securities rated by one of the nationally recognized statistical rating organizations or, if unrated, determined by the Adviser to be of comparable quality.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund’s portfolio duration is two to eight years and the Fund’s dollar-weighted average maturity ranges from two to fifteen years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. The Adviser focuses the Fund’s portfolio holdings in areas of the bond market that the Adviser believes to be relatively undervalued, based on its analysis of quality, sector, coupon or maturity, and that the Adviser believes offer attractive prospective risk-adjusted returns compared to other segments of the bond market. The Fund may invest up to 25% of its assets in foreign securities</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">that are denominated in U.S. dollars. The Fund may invest up to 15% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 10% of its assets in emerging market securities.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investments include various types of bonds and debt securities, including corporate bonds, mezzanine investments, swaps (including credit default swaps), currency futures and options, bank loans, preferred stock, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), foreign securities, U.S. Treasuries and agency securities, private placements, defaulted debt securities and restricted securities, cash and cash equivalents; and common stocks or other equity securities, such as warrants. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques such as reverse repurchase agreements. The Fund may normally borrow or short sell up to 33 1/3% of the value of its total assets. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Issuer Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Bank Loan Risk: </span>the risk of investing in corporate loans made by commercial bank and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan and delayed settlement. In addition, bank loans may not be considered securities under U.S. federal securities laws and, as a result, investments in bank loans may have less protection as compared to investments in registered securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mezzanine Securities Risk:</span> the risk of investing in mezzanine securities, which generally are rated below investment grade or are unrated and present many of the same risks as senior loans, second lien loans and non‑investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Liquidity Risk:</span> 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. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Although the</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">Fund is normally able to sell loans within seven days, a substantial portion of the loans held by the Fund may also experience delayed settlement beyond that period, which can impair the ability of the Fund to pay redemptions or to re‑invest proceeds, or may require the Fund to borrow to meet redemptions. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Valuation Risk:</span> 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 volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. This risk is greater during periods of rising inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Trade Policy Risk: </span>There have been significant changes to United States trade policies, agreements and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, agreements and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">tariffs, may have a material adverse effect on global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of the Fund’s portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on the Fund’s portfolio investments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investing Risk:</span> 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. In addition, <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>the ongoing conflicts between Russia and Ukraine and among Israel, Hamas, Iran and other militant groups in the Middle East have caused and could continue to cause market disruptions in the regions and globally and thus could affect the value of the Fund’s investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Derivatives Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Emerging Markets Risk:</span> the risk of investing in emerging 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk: </span>with the increased use of technologies such as the Internet 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 NAV, 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Leverage Risk:</span> 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. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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 M shares and the table shows annual total returns for the Fund’s Class M and Class I shares. Class M and Class I 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 M and Class I 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.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart shows changes in the Fund’s performance from year to year. The table compares the average annual total returns of the Fund to a broad-based securities market index and a secondary benchmark index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception dates of Class M shares and Class I shares of the Fund are September 30, 2002 and March 31, 2003, respectively. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241‑4671.</div> The following bar chart and table provide some indication of the risks of investing in the Fund.The bar chart shows changes in the Fund’s performance from year to year. The table compares the average annual total returns of the Fund to a broad-based securities market index and a secondary benchmark index. 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 M shares and the table shows annual total returns for the Fund’s Class M and Class I shares. Class M and Class I 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 M and Class I 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. Because Class I‑3 has not commenced operations as of the date of this prospectus,Performance information for Class I‑3 shares will be provided after such shares have one full calendar year of performance. 2002-09-30 2002-09-30 2002-09-30 2003-03-31 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241‑4671 High Yield Bond Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Year‑to‑Date Total Return of Class M Shares as of June 30, 2025: <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>4.70%</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 64%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest:</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">8.60%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest: </span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-10.02%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended June 30, 2022)</td> </tr> </table> Year‑to‑Date Total Return of Class M Shares as of June 30, 2025: 2025-06-30 0.0470 Highest: 0.0860 2020-06-30 Lowest: -0.1002 2022-06-30 Average Annual Total Returns (For Periods Ended December 31, 2024) 0.0617 0.0372 0.0408 0.0708 0.0340 0.0162 0.0218 0.0431 0.0362 0.0193 0.0228 0.0441 0.0655 0.0398 0.0434 0.0666 0.0204 0.0006 0.0173 0.0345 0.0819 0.0419 0.0516 0.0778 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their fund shares through tax‑deferred</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown for only Class M Shares. After‑tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After‑tax returns shown are not relevant to investors who hold their fund shares through tax‑deferredarrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown for only Class M Shares. After‑tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. TCW MetWest Low Duration Bond Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Low Duration Bond Fund seeks to maximize current income, consistent with preservation of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0030 0 0.0005 0.0020 0.0055 0.0001 0.0054 August 24, 2026 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the Class I‑3 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:</div> 55 174 306 696 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs, such as commissions, 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 454% of the average value of its portfolio.</div> 4.54 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pursues its objective by investing, under normal circumstances, at least 70% of its net assets in highly rated fixed income securities or unrated securities determined by the Adviser to be of comparable quality. Up to 30% of the Fund’s net assets may be invested in securities rated below highly rated securities or unrated securities determined by the Adviser to be of comparable quality, but not more than 20% of the Fund’s net assets may be invested in securities rated below investment grade (commonly known as “junk bonds”) or unrated securities determined by the Adviser to be of comparable quality. The Fund also invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. A bond is a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The term “bond” is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. Under normal circumstances, the Fund’s portfolio duration is up to three years and the Fund’s dollar-weighted average maturity</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">ranges from one to five years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest up to 25% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 15% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 10% of its assets in emerging market securities.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investments include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, U.S. and non‑U.S. money market securities, swaps (including credit default swaps), futures, options (including swaptions), municipal securities, defaulted debt securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques such as reverse repurchase agreements. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may normally short sell up to 25% of the value of its total assets.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Issuer Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Derivatives Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. This risk is greater during periods of rising inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Valuation Risk:</span> 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 volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S Trade Policy Risk: </span>There have been significant changes to United States trade policies, agreements and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, agreements and tariffs, may have a material adverse effect on global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of the</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">Fund’s portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on the Fund’s portfolio investments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Frequent Trading Risk:</span> the risk that frequent trading may 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 of the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investing Risk:</span> 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. In addition, <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>the ongoing conflicts between Russia and Ukraine and among Israel, Hamas, Iran and other militant groups in the Middle East have caused and could continue to cause market disruptions in the regions and globally and thus could affect the value of the Fund’s investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Emerging Markets Risk:</span> the risk of investing in emerging 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</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Leverage Risk:</span> 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. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk:</span> with the increased use of technologies such as the Internet 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 NAV, 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Currency Risk:</span> the risk that foreign currencies may 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Liquidity Risk:</span> 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. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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 the performance of the Fund’s Class M Shares and the table shows annual total returns for the Fund’s Class M, Class I and Administrative Class shares. Class M, Class I and Administrative Class shares would have</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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 only differ to the extent that Class M, Class I and Administrative Class 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.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart shows changes in the Fund’s performance from year to year. The table compares the average annual total returns of the Fund to a broad-based securities market index and a secondary benchmark index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception dates of Class M shares, Class I shares and Administrative Class shares of the Fund are March 31, 1997, March 31, 2000 and September 22, 2009, respectively. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241‑4671.</div> The following bar chart and table provide some indication of the risks of investing in the Fund.The bar chart shows changes in the Fund’s performance from year to year. The table compares the average annual total returns of the Fund to a broad-based securities market index and a secondary benchmark index. Because Class I‑3 has not commenced operations as of the date of this prospectus, the bar chart shows the performance of the Fund’s Class M Shares and the table shows annual total returns for the Fund’s Class M, Class I and Administrative Class shares. Class M, Class I and Administrative Class shares would havesubstantially similar annual returns to Class I‑3 shares because the shares are invested in the same portfolio of securities and the annual returns would only differ to the extent that Class M, Class I and Administrative Class 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. Because Class I‑3 has not commenced operations as of the date of this prospectus,Performance information for Class I‑3 shares will be provided after such shares have one full calendar year of performance. 1997-03-31 1997-03-31 1997-03-31 2000-03-31 2009-09-22 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241‑4671 Low Duration Bond Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Year‑to‑Date Total Return of Class M Shares as of June 30, 2025: <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>3.66%</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 66%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest:</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.81%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended December 31, 2023)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest: </span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-2.70%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended March 31, 2022)</td> </tr> </table> Year‑to‑Date Total Return of Class M Shares as of June 30, 2025: 2025-06-30 0.0366 Highest: 0.0381 2023-12-31 Lowest: -0.0270 2022-03-31 Average Annual Total Returns (For Periods Ended December 31, 2024) 0.0448 0.0153 0.0156 0.0324 0.0263 0.0048 0.0068 0.0174 0.0263 0.0072 0.0081 0.0186 0.0469 0.0174 0.0177 0.0298 0.0428 0.0145 0.0147 0.0263 0.0125 -0.0033 0.0135 0.0389 0.0408 0.0140 0.0139 0.0287 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown for only Class M Shares. After‑tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After‑tax returns shown are not relevant to investors who hold their fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown for only Class M Shares. After‑tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. TCW MetWest Total Return Bond Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Total Return Bond Fund seeks to maximize long-term total return.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0035 0 0.0002 0.0020 0.0057 0.0000 0.0057 August 24, 2026 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the Class I‑3 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:</div> 58 184 323 735 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs, such as commissions, 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 418% of the average value of its portfolio.</div> 4.18 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in investment grade fixed income securities or unrated securities determined by the Adviser to be of comparable quality. Up to 20% of the Fund’s net assets may be invested in securities rated below investment grade (commonly known as “junk bonds”) or unrated securities determined by the Adviser to be of comparable quality. The Fund also invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. A bond is a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The term “bond” is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. Under normal circumstances, the Fund’s portfolio duration is two to eight years and the Fund’s dollar-weighted average maturity ranges from two to fifteen years.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. The Fund may invest up to 25% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 15% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 10% of its assets in emerging market securities. The Adviser focuses the Fund’s portfolio holdings in areas of the bond market that the Adviser believes to be relatively undervalued, based on its analysis of quality, sector, coupon or maturity, and that the Adviser believes offer attractive prospective risk-adjusted returns compared to other segments of the bond market.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investments include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, U.S. and non‑U.S. money market securities, municipal securities, derivatives including credit default swaps and other swaps, futures, options and currency forward contracts, defaulted debt securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may normally short sell up to 25% of the value of its total assets.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. This risk is greater during periods of rising inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Issuer Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Liquidity Risk:</span> 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. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Trade Policy Risk: </span>There have been significant changes to United States trade policies, agreements and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, agreements and tariffs, may have a material adverse effect on global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of the Fund’s portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on the Fund’s portfolio investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Treasury Obligations Risk:</span> the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in their securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Frequent Trading Risk:</span> the risk that frequent trading may lead to increased portfolio turnover and higher transaction</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mezzanine Securities Risk:</span> the risk of investing in mezzanine securities, which generally are rated below investment grade or unrated and present many of the same risks as senior loans, second lien loans and non‑investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or included in benchmarks</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">that are representative of the same asset class because of the portfolio managers’ choice of securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Valuation Risk:</span> 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 volume, in volatile markets or over the counter or that are fair valued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Derivatives Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Leverage Risk:</span> 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. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investing Risk:</span> the risk that Fund share prices may 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,</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">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. In addition, <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>the ongoing conflicts between Russia and Ukraine and among Israel, Hamas, Iran and other militant groups in the Middle East have caused and could continue to cause market disruptions in the regions and globally and thus could affect the value of the Fund’s investments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Currency Risk:</span> the risk that foreign currencies may 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Emerging Markets Risk:</span> the risk of investing in emerging 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk: </span>with the increased use of technologies such as the Internet 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 NAV, 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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 M shares and the table shows annual total returns for the Fund’s Class M, Class I, Class I‑2, Administrative Class and Plan Class shares. Class M, Class I, Class I‑2, Administrative Class and Plan Class 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 M, Class I, Class I‑2, Administrative Class and Plan Class 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.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I and Plan Class and higher than the Administrative Class because Class M has higher expenses than Class I and Plan Class and lower expenses than the Administrative Class. The table compares the average annual total returns of the Fund to a broad-based securities market index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception dates of Class M shares, Class I shares, Class I‑2 Shares, Administrative Class shares and Plan Class shares of the Fund are March 31, 1997, March 31, 2000, March 6, 2020, December 18, 2009 and July 31, 2011, respectively. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241‑4671.</div> The following bar chart and table provide some indication of the risks of investing in the Fund.The bar chart shows changes in the Fund’s performance from year to year. The bar chart shows performance of the Fund’s Class M shares. Class M performance is lower than Class I and Plan Class and higher than the Administrative Class because Class M has higher expenses than Class I and Plan Class and lower expenses than the Administrative Class. The table compares the average annual total returns of the Fund to a broad-based securities market index. 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 M shares and the table shows annual total returns for the Fund’s Class M, Class I, Class I‑2, Administrative Class and Plan Class shares. Class M, Class I, Class I‑2, Administrative Class and Plan Class 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 M, Class I, Class I‑2, Administrative Class and Plan Class 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. Because Class I‑3 has not commenced operations as of the date of this prospectus,Performance information for Class I‑3 shares will be provided after such shares have one full calendar year of performance. 1997-03-31 1997-03-31 1997-03-31 2000-03-31 2020-03-06 2009-12-18 2011-07-31 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241‑4671 Total Return Bond Fund – Class M Shares Annual Total Returns for Years Ended 12/31 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Year‑to‑Date Total Return of Class M Shares as of June 30, 2025: <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>4.70%</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 66%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest:</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;">7.53%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended December 31, 2023)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest: </span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;">-6.25%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended March 31, 2022)</td> </tr> </table> Year‑to‑Date Total Return of Class M Shares as of June 30, 2025: 2025-06-30 0.0470 Highest: 0.0753 2023-12-31 Lowest: -0.0625 2022-03-31 Average Annual Total Returns (For Periods Ended December 31, 2024) 0.0072 -0.0054 0.0111 0.0486 -0.0105 -0.0197 -0.0017 0.0285 0.0043 -0.0095 0.0034 0.0297 0.0105 -0.0031 0.0135 0.0465 0.0098 -0.0144 0.0071 -0.0064 0.0101 0.0276 0.0112 -0.0024 0.0142 0.0245 0.0125 -0.0033 0.0135 0.0418 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown for only Class M Shares. After‑tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After‑tax returns shown are not relevant to investors who hold their fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown for only Class M Shares. After‑tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. TCW MetWest Unconstrained Bond Fund Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Unconstrained Bond Fund seeks to provide investors with positive long-term returns irrespective of general securities market conditions.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0065 0 0.0004 0.0020 0.0089 0.0000 0.0089 August 24, 2026 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the Class I‑3 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:</div> 91 288 504 1147 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pays transaction costs, such as commissions, 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 188% of the average value of its portfolio.</div> 1.88 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund pursues its objective by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. Satisfying the Fund’s objective would require it to achieve positive total returns over a full market cycle, <span style="font-style: italic;">i.e.</span>, a period of time generally understood to be contained between two consecutive periods of heightened default activity within the global fixed income markets. Total return includes income and capital gains.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The use of the term “unconstrained” in the Fund’s name means that it is not limited by the types of investments in a particular securities index. The Fund is not managed to be compared to any such index. The Fund also is unconstrained in the sense that it is not limited to any single type of investment strategy.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The portfolio management team evaluates each investment idea based on the team’s view of, among other factors, its potential return, its risk level and how it fits within the Fund’s overall portfolio in determining whether to buy or sell investments. The Adviser allocates the Fund’s assets in response to, among other considerations, changing market, financial, economic, and political factors and events that the Fund’s portfolio managers believe may affect the values of the Fund’s</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">investments. The allocation of capital to sectors and securities within each sector in the Fund is driven primarily by the Adviser’s assessment of relative value offered by each sector and security, respectively.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Adviser seeks to actively manage the Fund’s risks on an on‑going basis to mitigate the risks of excessive losses by the portfolio overall. In managing portfolio risk, the Adviser takes into consideration its view of the following factors, among others: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current monetary and fiscal policy.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities and instruments it regards as bonds in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. A bond is a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The term “bond” is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. The Fund may invest in both investment grade and high yield fixed income securities (commonly known as “junk bonds”), subject to investing no more than 50% of its total assets (measured at the time of investment) in securities rated below investment grade by Moody’s, S&amp;P or Fitch, or, if unrated, determined by the Adviser to be of comparable quality. Under normal circumstances, the average portfolio duration of the fixed-income portion of the Fund’s portfolio will vary from negative three (‑3) years to positive eight (8) years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. As a separate measure, there is no limit on the weighted average maturity of the Fund’s portfolio.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest in foreign securities, and up to 50% of the Fund’s total assets may be invested in emerging markets and instruments that are economically tied to emerging market countries. The Fund considers emerging market</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">countries to include all of the countries in the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified, the J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified, the J.P. Morgan Government Bond Index-Emerging Markets (GBI‑EM), the MSCI Emerging Markets Index and the MSCI Frontier Markets Index. Instruments considered to be economically tied to emerging market countries are (i) those that are principally traded in an emerging market country, or (ii) those that are issued by: (a) an issuer organized under the laws of or maintaining a principal place of business in an emerging market country, (b) an issuer that derives or is expected to derive 50% or more of its total revenues, earnings or profits from business activity in an emerging market country, or that maintains or is expected to maintain 50% or more of its employees, assets, investments or operations in an emerging market country, or (c) a governmental or quasi-governmental entity of an emerging market country. The emerging market fixed-income securities in which the Fund may invest are not subject to any minimum credit quality standards, so long as the value of those investments does not cause the Fund to exceed its limit on investments in securities rated below investment grade.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund normally limits its foreign currency exposure (from non‑U.S. dollar-denominated securities or currencies) to 40% of its total assets. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may sell securities and other instruments short provided that not more than 25% of its net assets is held as collateral for those transactions. Derivatives are used in an effort to hedge investments, for risk management or to increase income or gains for the Fund. The types of derivative instruments in which the Fund will principally invest are currency and other futures, forward contracts, options, and swap agreements (typically interest rate swaps, index-linked swaps, total return swaps and credit default swaps). The Fund may invest up to 10% of its total assets in preferred stock and up to 5% in common stock of domestic and foreign companies. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.</div> You can lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Debt Securities Risk:</span> the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk:</span> the risk that debt securities may decline in value because of changes in interest rates. This risk is greater during periods of rising inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk:</span> the risk that an issuer may default in the payment of principal and/or interest on a security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Inflation Risk:</span> the risk that the value of the Fund’s investments may not keep up with price increases from inflation.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Issuer Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mortgage-Backed Securities Risk:</span> the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Asset-Backed Securities Risk:</span> the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Below Investment Grade Mortgage-Backed Securities Risk:</span> the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Junk Bond Risk:</span> the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Emerging Markets Risk:</span> the risk of investing in emerging 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Distressed and Defaulted Securities Risk:</span> the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Unrated Securities Risk:</span> the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Equity Risk:</span> 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Futures Contracts Risk:</span> the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Securities Selection Risk:</span> the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Derivatives Risk:</span> 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</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">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.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Price Volatility Risk:</span> the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Trade Policy Risk: </span>There have been significant changes to United States trade policies, agreements and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, agreements and tariffs, may have a material adverse effect on global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of the Fund’s portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on the Fund’s portfolio investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Frequent Trading Risk:</span> the risk that frequent trading may 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 of the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investing Risk:</span> 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. In addition, <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>the ongoing conflicts between Russia and Ukraine and among Israel, Hamas, Iran and other militant groups in the Middle East have caused and could continue to cause market disruptions in the regions and globally and thus could affect the value of the Fund’s investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Currency Risk:</span> the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">are denominated, trade, and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Swap Agreements Risk:</span> the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk: </span>with the increased use of technologies such as the Internet 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 NAV, 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Portfolio Management Risk:</span> the risk that an investment strategy may fail to produce the intended results. Also, because the Fund may use multiple investment strategies, it may use a strategy that produces a less favorable result than would have been produced by another strategy.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Liquidity Risk:</span> 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. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt; text-align: left;"><span style="font-weight: bold;">Valuation Risk:</span> the risk that the portfolio instruments may be sold at prices different from the values established by</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Prepayment Risk:</span> the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Extension Risk:</span> the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Leverage Risk:</span> 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. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Counterparty Risk:</span> the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Government Securities Risk:</span> the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Money Market/Short-Term Securities Risk: </span>To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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 M shares and the table shows annual total returns for the Fund’s Class M and Class I shares. Class M and Class I 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 M and Class I 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.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The bar chart shows changes in the Fund’s performance from year to year. The table compares the average annual total returns of the Fund to a broad-based securities market index and a secondary benchmark index. Total returns would have been lower if certain fees and expenses had not been waived or reimbursed. The inception date of Class M shares and Class I shares of the Fund is September 30, 2011. The inception date for the Plan Class shares is March 6, 2020. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available on our website at www.tcw.com or by calling (800) 241‑4671.</div> The following bar chart and table provide some indication of the risks of investing in the Fund.The bar chart shows changes in the Fund’s performance from year to year. The table compares the average annual total returns of the Fund to a broad-based securities market index and a secondary benchmark index. 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 M shares and the table shows annual total returns for the Fund’s Class M and Class I shares. Class M and Class I 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 M and Class I 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. Because Class I‑3 has not commenced operations as of the date of this prospectus,Performance information for Class I‑3 shares will be provided after such shares have one full calendar year of performance. 2011-09-30 2011-09-30 2011-09-30 2011-09-30 2020-03-06 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.tcw.com (800) 241‑4671 Unconstrained Bond Fund – Class M Shares Annual Total Returns for Year Ended 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Year‑to‑Date Total Return of Class M Shares as of June 30, 2025: <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>4.87%</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 66%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Highest:</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">6.35%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended June 30, 2020)</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"><span style="font-weight: bold;">Lowest:</span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">-5.99%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">(quarter ended March 31, 2020)</td> </tr> </table> Year‑to‑Date Total Return of Class M Shares as of June 30, 2025: 2025-06-30 0.0487 Highest: 0.0635 2020-06-30 Lowest: -0.0599 2020-03-31 Average Annual Total Returns (For Periods Ended December 31, 2024) 0.0579 0.0186 0.0231 0.0398 0.0312 -0.0007 0.0076 0.0245 0.0340 0.0061 0.0110 0.0245 0.0600 0.0214 0.0261 0.0425 0.0616 0.0208 0.0125 -0.0033 0.0135 0.0170 0.0532 0.0248 0.0175 0.0133 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown for only Class M Shares. After‑tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After‑tax returns shown are not relevant to investors who hold their fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown for only Class M Shares. After‑tax returns for other classes will vary. In some cases, returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes because the calculations assume that the investor received a tax deduction for any loss incurred on the sale of the shares. The “After Taxes on Distributions and Sale of Shares” return is higher than the “After Taxes on Distributions” return because of realized losses that would have been sustained upon sale of Fund shares immediately after the relevant period. 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. Metropolitan West Asset Management, LLC (the “Adviser”) has contractually agreed to reduce advisory fees and/or reimburse expenses, including distribution expenses, to limit the Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, swap interest expenses, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to the net expenses shown in the table for the applicable class. The Adviser may recoup reduced fees and expenses only within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of (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 contract will remain in place through August 24, 2026. Although it does not expect to do so, the Board of Trustees is permitted to terminate that contract sooner in its discretion with written notice to the Adviser. The “After Taxes on Distributions and Sale of Shares” return is higher than the “After Taxes on Distributions” return because of realized losses that would have been sustained upon sale of Fund shares immediately after the relevant period. The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon sale of Fund shares immediately after the relevant period. 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. 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. Metropolitan West Asset Management, LLC (the “Adviser”) has contractually agreed to reduce advisory fees and/or reimburse expenses, including distribution expenses, to limit the Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, swap interest expenses, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to the net expenses shown in the table for the applicable class. The Adviser may recoup reduced fees and expenses only within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of (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 contract will remain in place through August 24, 2026. Although it does not expect to do so, the Board of Trustees is permitted to terminate that contract sooner in its discretion with written notice to the Adviser. Metropolitan West Asset Management, LLC (the “Adviser”) has contractually agreed to reduce advisory fees and/or reimburse expenses, including distribution expenses, to limit the Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, swap interest expenses, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to the net expenses shown in the table for the applicable class. The Adviser may recoup reduced fees and expenses only within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of (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 contract will remain in place through August 24, 2026. Although it does not expect to do so, the Board of Trustees is permitted to terminate that contract sooner in its discretion with written notice to the Adviser. The “After Taxes on Distributions and Sale of Shares” return is higher than the “After Taxes on Distributions” return because of realized losses that would have been sustained upon sale of Fund shares immediately after the relevant period. 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. Metropolitan West Asset Management, LLC (the “Adviser”) has contractually agreed to reduce advisory fees and/or reimburse expenses, including distribution expenses, to limit the Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, short sale dividend expenses, swap interest expenses, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) to the net expenses shown in the table for the applicable class. The Adviser may recoup reduced fees and expenses only within three years of the waiver or reimbursement, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of (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 contract will remain in place through August 24, 2026. Although it does not expect to do so, the Board of Trustees is permitted to terminate that contract sooner in its discretion with written notice to the Adviser.