Summary

• TCW Emerging Markets Local Currency Income Fund, I Class returned -2.96% (net) for the first quarter of 2026, underperforming the GBI-EM GD return of -2.25% by 71 basis points.
• Exposure to local currency T-bills in Egypt, which underperformed due to FX depreciation driven by Egypt's reliance on natural gas imports within the MENA region.
• Security selection among long-end rates in China and Thailand, which underperformed amid broader curve steepening.

Performance and Positioning*

The TCW Emerging Markets Local Currency Income Fund, I Class ("Fund") returned -2.96% (net) for the first quarter of 2026, underperforming the GBI-EM GD (benchmark) return of -2.25% by 71 basis points (bps).