TCW Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-07170

TCW Funds, Inc.

(Exact name of registrant as specified in charter)

865 South Figueroa Street, Suite 1800, Los Angeles, CA 90017

(Address of principal executive offices)

Patrick W. Dennis, Esq.

Vice President and Assistant Secretary

865 South Figueroa Street, Suite 1800

Los Angeles, CA 90017

(Name and address of agent for service)

Registrant’s telephone number, including area code: (213)244-0000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2020

Item 1.

Reports to Shareholders.

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.TCW.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary (such as a broker-dealer, bank, or retirement plan), or by calling 1-800-FUND-TCW (1-800-386-3829) if you invest directly with the Funds.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. You can call1-800-FUND-TCW(1-800-386-3829), if you invest directly with the Funds, or contact your financial intermediary, if you invest though a financial intermediary, to inform the Funds or the financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held directly with TCW or through your financial intermediary.

TCW Funds, Inc.

Table of Contents


Letter to Shareholders			1

Performance Summary (Unaudited)			3

Schedules of Investments (Unaudited)			4

TCW Artificial Intelligence Equity Fund			4

TCW Conservative Allocation Fund			8

TCW Global Real Estate Fund			12

TCW New America Premier Equities Fund			16

TCW Relative Value Dividend Appreciation Fund			19

TCW Relative Value Large Cap Fund			23

TCW Relative Value Mid Cap Fund			27

TCW Select Equities Fund			31

Statements of Assets and Liabilities (Unaudited)			34

Statements of Operations (Unaudited)			36

Statements of Changes in Net Assets			38

Notes to Financial Statements (Unaudited)			42

Financial Highlights			60

Shareholder Expenses (Unaudited)			76

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule			78

To Our Valued Shareholders

LOGO

David S. DeVito

President, Chief Executive Officer and Director

Dear Valued Investors,

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering thesix-month period ended April 30, 2020. I would like to express our appreciation for your continued investment in the TCW Funds as well as welcome new shareholders to our fund family. As of April 30, 2020, the TCW Funds held total net assets of approximately $14.8 billion.

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2020 for the TCW Funds’ Equity Funds and the TCW Conservative Allocation Fund.

The U.S. Stock Market

U.S. stocks declined 3.2% (S&P 500 Total Return Index) during the period under review, as the morphing of the Coronavirus crisis into a global pandemic brought the longest U.S. stock bull market in history to an end. The U.S. economy entered the worst recession since WWII, with 1Q GDP contracting 4.8%, and a leading sell-side analyst projecting a 2Q decline on the order of 35% (Chris Senyek, Wolfe Research, 4/28/20). The shutdown of large swaths of the U.S. and global economies for an indefinite period of time stoked massive unemployment, with over 30 million Americans losing their jobs over just a six-week period, while U.S. factory output suffered its greatest decline since 1946. Investors indiscriminately fled risky assets in a desperate search for safety, yet the pronounced lack of liquidity across financial markets exacerbated the panic selling, with stock market volatility skyrocketing to a level (VIX@82.69 on 3/16/20) which eclipsed the peak reached during the 2008 crash (VIX@80.86 on 11/20/08). Adding to investors’ distress about the demand shock to the global economy, an agreement by OPEC to implement production cuts equivalent to 10% ofpre-pandemic demand was unable to stem a historic collapse in oil prices. Yet despite the avalanche of bad news, stocks rallied over 30% from their March 23^rd lows upon the announcement of massive policy responses, including the

Fed’s decision to resume its zero interest-rate policy with a renewed QE commitment on an unlimited basis, and the enactment of a sweeping $2.2 trillion fiscal stimulus package known as the CARES Act.

Looking Ahead

Looking forward, investors’ focus has turned squarely to the prospects for reopening the U.S. economy, with most states having announced steps to gradually restart their economies. Given that social distancing protocols are likely to be an integral part of the reopening of most segments of the economy, it appears that the process will be quite choppy and uneven, with certain sectors hard-pressed to adjust to said protocols on a profitable operating basis. So while we are cautiously optimistic about the prospects for a gradual recovery of the economy, we remain skeptical about the potential for a sharp V-shaped recovery. Corporate America has in essence articulated such caution, as many companies have withdrawn their earnings guidance for the full year, reduced or eliminated their share buyback programs, and cut or suspended their dividend payouts in the face of the uncertain trajectory for the economy and their businesses. On the other hand, we are seeing that some companies have been able to thrive in the midst of the economic downturn because of their critical positioning in supporting the dramatic shift towards the “work from home” (WFH) approach that businesses and consumers have been forced to adopt. Between the massive fiscal and monetary support programs, and the desire for consumers and businesses to begin the long process of getting back to what is surely to be a new “normal,” we believe that equity investors with a long-term time horizon stand to benefit as we ultimately recover from this historic pandemic-induced recession. As always, we continue to closely monitorbottom-up corporate fundamentals as we endeavor to identify the most compelling investment targets that meet our growth and valuation criteria.

Letter to Shareholders (Continued)

Fund Performance

All of our growth-oriented U.S. Equity Funds outperformed their respective benchmarks during the period under review, while our value-oriented strategies and the TCW Conservative Allocation Fund trailed their benchmarks. We believe that equity market investors continue to place a premium on secular growth opportunities, such as those found in the technology and communication services sectors, given their relative resilience at a time of great uncertainty with respect to the timetable for restarting the U.S. economy. As a result, some of the more economically sensitive sectors and holdings in our value-oriented strategies were hurt by the prospect of a prolonged weak growth environment. That said, we continue to believe that our emphasis on rigorousbottom-up stock research will serve our fund participants well over the longer term, especially as the economic fallout from the pandemic results in a broad divergence between winners and losers and likely leads to greater dispersion among stock returns.

These are challenging times for all of us, both in our personal and professional lives, and on behalf of everyone at TCW, I wish you and your loved ones good health and safety. We truly value our relationship with you and thank you for making the TCW Funds part of your long-term investment plan. If you have any questions or require further information, I invite you to visit our website at www.tcw.com, or call our shareholder services department at800-386-3829.

I look forward to further correspondence with you through our annual report later this year.

Sincerely,

LOGO

David S. DeVito

President, Chief Executive Officer and Director

TCW Funds, Inc.

Performance Summary (Unaudited)


			Six Months Return as of April 30, 2020			Total Return Annualized as of April 30, 2020⁽¹⁾
	NAV		Six Months Return as of April 30, 2020			1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Artificial Intelligence Equity Fund
I Class	$	13.81		8.74	%		6.64	%		N/A			N/A			12.90	%		08/31/17
N Class	$	13.79		8.67	%		6.57	%		N/A			N/A			12.83	%		08/31/17
TCW Conservative Allocation Fund
I Class	$	11.21		(0.75	)%		2.65	%		3.48	%		5.23	%		4.96	%		11/16/06
N Class	$	11.22		(0.98	)%		2.23	%		3.03	%		4.85	%		4.68	%		11/16/06
TCW Global Real Estate Fund
I Class	$	9.76		(11.29	)%		(1.17	)%		2.00	%		N/A			2.25	%		11/28/14
N Class	$	9.76		(11.33	)%		(1.29	)%		1.94	%		N/A			2.20	%		11/28/14
TCW New America Premier Equities Fund
I Class	$	19.40		(3.76	)%		2.81	%		N/A			N/A			19.06	%		01/29/16
N Class	$	19.39		(3.85	)%		2.62	%		N/A			N/A			18.99	%		01/29/16
TCW Relative Value Dividend Appreciation Fund
I Class	$	13.67		(17.43	)%		(14.89	)%		0.86	%		7.32	%		5.41	%		10/29/04
N Class	$	13.93		(17.52	)%		(15.06	)%		0.62	%		7.04	%		8.13	% ⁽²⁾		09/19/86	⁽³⁾
TCW Relative Value Large Cap Fund
I Class	$	9.59		(17.74	)%		(17.03	)%		0.20	%		6.75	%		5.63	%		12/31/03
N Class	$	9.56		(17.75	)%		(17.13	)%		(0.01	)%		6.52	%		5.07	% ⁽²⁾		12/31/97	⁽³⁾
TCW Relative Value Mid Cap Fund
I Class	$	15.99		(22.22	)%		(23.53	)%		(1.66	)%		5.41	%		8.32	% ⁽⁴⁾		11/01/96	⁽³⁾
N Class	$	15.53		(22.25	)%		(23.59	)%		(1.81	)%		5.19	%		5.71	%		10/31/00
TCW Select Equities Fund
I Class	$	27.77		9.51	%		10.43	%		13.38	%		13.71	%		10.58	% ⁽⁴⁾		07/01/91	⁽³⁾
N Class	$	24.39		9.34	%		10.14	%		13.10	%		13.41	%		7.20	%		02/26/99

(1)

Past performance is not indicative of future performance.

(2)

Performance data includes the performance of the predecessor SG Cowen Fund. The predecessor SG Cowen Fund was an investment company registered under the 1940 Act.

(3)

Inception date of the predecessor entity.

(4)

Performance data includes the performance of the predecessor limited partnership for periods before the Fund’s registration became effective. The predecessor limited partnership was not registered under the 1940 Act, and therefore was not subject to certain investment restrictions that are imposed by the 1940 Act. If the limited partnership had been registered under the 1940 Act, the limited partnership’s performance may have been lower.

TCW Artificial Intelligence Equity Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value

COMMON STOCK — 95.9% of Net Assets

Application Software — 18.5%

Adobe, Inc.⁽¹⁾		444	$	157,016

Alteryx, Inc.⁽¹⁾		489		55,345

Anaplan, Inc.⁽¹⁾		970		39,634

Autodesk, Inc.⁽¹⁾		771		144,277

Bill.Com Holdings, Inc.⁽¹⁾		454		26,736

Elastic NV (Netherlands)⁽¹⁾		544		34,892

Salesforce.com, Inc.⁽¹⁾		1,085		175,716

Splunk, Inc.⁽¹⁾		891		125,061

Trade Desk, Inc. (The)⁽¹⁾		494		144,535

Workday, Inc.⁽¹⁾		281		43,246


				946,458


Biotechnology — 1.5%

Alnylam Pharmaceuticals, Inc.⁽¹⁾		213		28,052

Sarepta Therapeutics, Inc.⁽¹⁾		222		26,170

SpringWorks Therapeutics, Inc.⁽¹⁾		701		21,212


				75,434


Cable & Satellite — 5.3%

Altice USA, Inc.⁽¹⁾		3,126		81,182

Charter Communications, Inc.⁽¹⁾		261		129,255

Comcast Corp.		1,671		62,880


				273,317


Communications Equipment — 2.0%

Palo Alto Networks, Inc.⁽¹⁾		513		100,810


Data Processing & Outsourced Services — 6.0%

Mastercard, Inc.		358		98,439

Square, Inc.⁽¹⁾		1,650		107,481

Visa, Inc.		560		100,083


				306,003


Health Care Equipment — 1.9%

Intuitive Surgical, Inc.⁽¹⁾		103		52,621

STAAR Surgical Co.⁽¹⁾		1,183		45,332


				97,953


Home Entertainment Software — 2.1%

Activision Blizzard, Inc.		1,678		106,939


Internet & Direct Marketing Retail — 3.9%

Amazon.com, Inc.⁽¹⁾		81		200,394


Internet Services & Infrastructure — 13.1%

Alibaba Group Holding, Ltd. (SP ADR) (China)⁽¹⁾		581		117,751

Alphabet, Inc.⁽¹⁾		119		160,258

Baidu, Inc. (SP ADR) (China)⁽¹⁾		554		55,915

Facebook, Inc.⁽¹⁾		832		170,319

Tencent Holdings, Ltd. (SP ADR) (China)		2,152		113,238


Issues	Shares		Value

Internet Services & Infrastructure (Continued)

Twilio, Inc.⁽¹⁾		473	$	53,118


				670,599


IT Consulting & Other Services — 3.5%

Accenture PLC		268		49,631

EPAM Systems, Inc.⁽¹⁾		586		129,441


				179,072


Life Sciences Tools & Services — 0.9%

NeoGenomics, Inc.⁽¹⁾		1,787		48,856


Semiconductor Equipment — 9.4%

Analog Devices, Inc.		755		82,748

ASML Holding NV (Netherlands)		644		185,749

Lam Research Corp.		638		162,869

Texas Instruments, Inc.		421		48,865


				480,231


Semiconductors — 9.4%

Intel Corp.		1,837		110,183

Micron Technology, Inc.⁽¹⁾		2,092		100,186

NVIDIA Corp.		501		146,432

QUALCOMM, Inc.		1,602		126,030


				482,831


Specialized REITs — 5.3%

American Tower Corp.		519		123,522

Equinix, Inc.		223		150,570


				274,092


Systems Software — 8.5%

Crowdstrike Holdings, Inc.⁽¹⁾		392		26,523

Microsoft Corp.		1,124		201,432

ServiceNow, Inc.⁽¹⁾		599		210,572


				438,527


Technology Hardware, Storage & Peripherals — 2.5%

Apple, Inc.		334		98,129

Western Digital Corp.		668		30,782


				128,911


Trucking — 1.1%

Uber Technologies, Inc.⁽¹⁾		1,801		54,516


Wireless Telecommunication Services — 1.0%

T-Mobile US, Inc.⁽¹⁾		600		52,680


Total Common Stock

(Cost: $3,971,025)				4,917,623

See accompanying Notes to Financial Statements.

TCW Artificial Intelligence Equity Fund

April 30, 2020


Issues	Shares		Value

Money Market Investments — 3.8%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22%⁽²⁾		193,777	$	193,777


Total Money Market Investments

(Cost: $193,777)				193,777


Total Investments (99.7%)

(Cost: $4,164,802)				5,111,400

Excess Of Other Assets Over Liabilities (0.3%)				17,298


Net Assets (100.0%)			$	5,128,698

Notes to the Schedule of Investments:

REIT

Real Estate Investment Trust.

SP ADR

Sponsored American Depositary Receipt. ADRs are receipts, typically issued by a U.S. bank or trust company, evidencing ownership of underlying securities issued by a foreign corporation. Sponsored ADRs are ADRs issued with the cooperation of the foreign corporation.

(1)

Non-income producing security.

(2)

Rate disclosed is the7-day net yield as of April 30, 2020.

See accompanying Notes to Financial Statements.

TCW Artificial Intelligence Equity Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Application Software		18.5	%
Biotechnology		1.5
Cable & Satellite		5.3
Communications Equipment		2.0
Data Processing & Outsourced Services		6.0
Health Care Equipment		1.9
Home Entertainment Software		2.1
IT Consulting & Other Services		3.5
Internet & Direct Marketing Retail		3.9
Internet Services & Infrastructure		13.1
Life Sciences Tools & Services		0.9
Semiconductor Equipment		9.4
Semiconductors		9.4
Specialized REITs		5.3
Systems Software		8.5
Technology Hardware, Storage & Peripherals		2.5
Trucking		1.1
Wireless Telecommunication Services		1.0
Money Market Investments		3.8

Total		99.7	%

See accompanying Notes to Financial Statements.

TCW Artificial Intelligence Equity Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Application Software	$	946,458	$	—	$	—	$	946,458
Biotechnology		75,434		—		—		75,434
Cable & Satellite		273,317		—		—		273,317
Communications Equipment		100,810		—		—		100,810
Data Processing & Outsourced Services		306,003		—		—		306,003
Health Care Equipment		97,953		—		—		97,953
Home Entertainment Software		106,939		—		—		106,939
Internet & Direct Marketing Retail		200,394		—		—		200,394
Internet Services & Infrastructure		670,599		—		—		670,599
IT Consulting & Other Services		179,072		—		—		179,072
Life Sciences Tools & Services		48,856		—		—		48,856
Semiconductor Equipment		480,231		—		—		480,231
Semiconductors		482,831		—		—		482,831
Specialized REITs		274,092		—		—		274,092
Systems Software		438,527		—		—		438,527
Technology Hardware, Storage & Peripherals		128,911		—		—		128,911
Trucking		54,516		—		—		54,516
Wireless Telecommunication Services		52,680		—		—		52,680

Total Common Stock		4,917,623		—		—		4,917,623

Money Market Investments		193,777		—		—		193,777

Total Investments	$	5,111,400	$	—	$	—	$	5,111,400

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value

EXCHANGE-TRADED FUNDS — 2.3 % of Net Assets

iShares MSCI EAFE Index Fund		11,160	$	631,321


Total Exchange-traded Funds

(Cost: $725,446)				631,321


INVESTMENT COMPANIES — 96.6%

Diversified Equity Funds — 36.9%

TCW Global Real Estate Fund — I Class⁽¹⁾		116,676		1,138,758

TCW New America Premier Equities Fund — I Class⁽¹⁾		221,176		4,290,809

TCW Relative Value Large Cap Fund — I Class⁽¹⁾		152,853		1,465,858

TCW Relative Value Mid Cap Fund — I Class⁽¹⁾		14,030		224,333

TCW Select Equities Fund — I Class⁽¹⁾		116,069		3,223,228


				10,342,986


Diversified Fixed Income Funds — 59.7%

Metropolitan West High Yield Bond Fund — I Class⁽¹⁾		31,595		305,839

Metropolitan West Low Duration Bond Fund — I Class⁽¹⁾		175,597		1,536,475

Metropolitan West Total Return Bond Fund — I Class⁽¹⁾		393,914		4,474,865

Metropolitan West Unconstrained Bond Fund — I Class⁽¹⁾		484,560		5,514,297


Issues	Shares		Value

Diversified Fixed Income Funds (Continued)

TCW Emerging Markets Income Fund — I Class⁽¹⁾		38,087	$	264,325

TCW Global Bond Fund — I Class⁽¹⁾		71,092		714,478

TCW Total Return Bond Fund — I Class⁽¹⁾		377,247		3,927,138


				16,737,417


Total Investment Companies

(Cost: $25,195,625)				27,080,403


MONEY MARKET INVESTMENTS — 1.0%

State Street Institutional U.S. Government Money Market Fund — Premier Class,0.22%⁽²⁾		271,397		271,397


Total Money Market Investments

(Cost: $271,397)				271,397


Total Investments (99.9%)

(Cost: $26,192,468)				27,983,121

Excess Of Other Assets Over Liabilities (0.1%)				41,918


Net Assets (100.0%)			$	28,025,039

Notes to the Schedule of Investments:

(1)

Affiliated issuer.

(2)

Rate disclosed is the7-day net yield as of April 30, 2020.

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

April 30, 2020

The summary of the TCW Conservative Allocation Fund transactions in the affiliated funds for the period ended April 30, 2020 is as follows:


Name of Affiliated Fund	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2020		Value at April 30, 2020		Dividends and Interest Income Received		Distributions Received from Net Realized Gain (In thousands)		Net Realized Gain/(Loss) on Investments			Net change in Unrealized Gain/(Loss) on Investments
Metropolitan West High Yield Bond Fund — I Class
	$	—	$	588,407	$	294,862		31,595	$	305,839	$	3,197	$	—	$	4,684		$	7,609
Metropolitan West Low Duration Bond Fund — I Class
	$	2,241,323	$	887,292	$	1,589,301		175,597		1,536,475		19,772		—		8,711			(11,550	)
Metropolitan West Total Return Bond Fund — I Class
	$	3,392,808	$	1,390,546	$	401,631		393,914		4,474,865		40,091		27,621		(1,721	)		94,863
Metropolitan West Unconstrained Bond Fund — I Class
	$	6,057,278	$	374,105	$	655,935		484,560		5,514,297		94,575		—		(16,001	)		(245,150	)
TCW Emerging Markets Income Fund — I Class
	$	—	$	732,501	$	436,962		38,087		264,325		3,150		—		(22,379	)		(8,835	)
TCW Global Bond Fund — I Class
	$	752,383	$	59,833	$	82,005		71,092		714,478		4,633		17,056		(585	)		(15,148	)
TCW Global Real Estate Fund — I Class
	$	1,909,641	$	82,639	$	603,759		116,676		1,138,758		25,709		—		(46,268	)		(203,495	)
TCW New America Premier Equities Fund — I Class
	$	4,033,000	$	950,826	$	607,199		221,176		4,290,809		19,712		16,478		(16,490	)		(69,327	)
TCW Relative Value Large Cap Fund — I Class
	$	2,072,391	$	873,547	$	354,621		152,853		1,465,858		51,823		741,985		(142,362	)		(983,097	)
TCW Relative Value Mid Cap Fund — I Class
	$	307,040	$	18,615	$	31,908		14,030		224,333		2,483		5,128		(11,281	)		(58,133	)
TCW Select Equities Fund — I Class
	$	2,769,588	$	815,319	$	469,540		116,069		3,223,228		—		235,878		(48,644	)		156,507
TCW Total Return Bond Fund — I Class
	$	5,409,922	$	299,958	$	1,945,702		377,247		3,927,138		86,422		—		34,784			128,176

Total									$	27,080,403	$	351,567	$	1,044,146	$	(257,552	)	$	(1,207,580	)

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Diversified Fixed Income Funds		59.7	%
Diversified Equity Funds		36.9
Exchange-Traded Funds		2.3
Money Market Investments		1.0

Total		99.9	%

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Exchange-Traded Funds	$	631,321	$	—	$	—	$	631,321
Investment Companies		27,080,403		—		—		27,080,403
Money Market Investments		271,397		—		—		271,397

Total Investments	$	27,983,121	$	—	$	—	$	27,983,121

See accompanying Notes to Financial Statements.

TCW Global Real Estate Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value

COMMON STOCK — 91.0% of Net Assets

Australia — 5.7%

Goodman Group		17,914	$	153,292

Mirvac Group		87,133		127,205


Total Australia

(Cost: $297,905)				280,497

Canada — 2.9% (Cost: $170,975)

Summit Industrial Income REIT		19,086		142,635

China — 6.7%

China Resources Land, Ltd.		26,000		107,440

Link REIT (The)		5,932		52,880

Longfor Group Holdings, Ltd.		32,500		165,234


Total China

(Cost: $268,761)				325,554

Germany — 2.5% (Cost: $95,846)

Deutsche Wohnen SE		3,037		123,022

Japan — 9.6%

Ichigo Office REIT Investment		175		110,713

Mitsubishi Estate Co., Ltd.		5,900		95,790

Mitsui Fudosan Co., Ltd.		4,600		84,880

Nippon Prologis REIT, Inc.		65		180,579


Total Japan

(Cost: $470,445)				471,962

United Kingdom — 5.4%

Land Securities Group PLC		8,470		70,736

Segro PLC		18,371		192,839


Total United Kingdom

(Cost: $243,326)				263,575

United States — 58.2%

Alexandria Real Estate Equities, Inc.		974		153,006

American Tower Corp.		534		127,092

AvalonBay Communities, Inc.		854		139,159

Brixmor Property Group, Inc.		3,888		44,518

DR Horton, Inc.		2,490		117,578

Equinix, Inc.		302		203,910

Extended Stay America, Inc.		17,733		192,758


Issues	Shares		Value

United States (Continued)

Healthpeak Properties, Inc.		1,805	$	47,183

Hilton Worldwide Holdings, Inc.		700		52,997

Hudson Pacific Properties, Inc.		10,175		250,101

Invitation Homes, Inc.		4,814		113,851

JBG SMITH Properties		2,588		87,863

Jones Lang LaSalle, Inc.		458		48,356

Kilroy Realty Corp.		1,316		81,934

Mid-America Apartment Communities, Inc.		1,320		147,734

Prologis, Inc.		874		77,987

Ready Capital Corp.		519		3,462

Retail Properties of America, Inc.		29,896		185,355

SBA Communications Corp.		311		90,165

Simon Property Group, Inc.		1,405		93,812

Terreno Realty Corp.		1,490		81,682

Toll Brothers, Inc.		8,330		200,086

Vail Resorts, Inc.		806		137,826

Ventas, Inc.		1,951		63,115

VICI Properties, Inc.		6,149		107,115


Total United States

(Cost: $2,567,928)				2,848,645

Total Common Stock

(Cost: $4,115,186)				4,455,890


Total Purchased Options ⁽¹⁾ (1.7%)

(Cost: $66,236)				83,775


MONEY MARKET INVESTMENTS — 7.4%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22% ⁽²⁾		360,103		360,103


Total Money Market Investments

(Cost: $360,103)				360,103


Total Investments (100.1%)

(Cost: $4,541,525)				4,899,768


Liabilities In Excess Of Other Assets(-0.1%)				(5,697	)


Net Assets (100.0%)			$	4,894,071

See accompanying Notes to Financial Statements.

TCW Global Real Estate Fund

April 30, 2020


Purchased Options — Exchange-Traded

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount		Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
CALL
Gaming And Leisure Properties		13		12/18/20		35		$	41,685	$	55,300		$	16,864		$	38,436
Tanger Factory Outlet Centers		13		9/18/20		15			112,800		3,750			8,331			(4,581	)

										$	59,050		$	25,195		$	33,855

PUT
Digital Realty Trust, Inc.		115		7/17/20		15		$	224,235	$	3,000		$	10,365		$	(7,365	)
Preferred Apartment Communities		10		5/15/20		5			37,050		15,000			16,532			(1,532	)
Preferred Apartment Communities		8		5/15/20		5			37,050		2,625			5,812			(3,187	)
Whitestone REIT		8		5/15/20		5			33,900		4,100			8,332			(4,232	)

										$	24,725		$	41,041		$	(16,316	)

Written Options — Exchange-Traded

CALL
Equinix, Inc.		600		6/19/20		(2	)		135,040	$	(17,960	)	$	(10,018	)	$	(7,942	)

										$	(17,960	)	$	(10,018	)	$	(7,942	)

Notes to the Schedule of Investments:

REIT

Real Estate Investment Trust.

(1)

See options table for description of purchased options.

(2)

Rate disclosed is the7-day net yield as of April 30, 2020.

See accompanying Notes to Financial Statements.

TCW Global Real Estate Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Diversified REITs		4.1	%
Diversified Real Estate Activities		3.6
Health Care REITs		2.3
Homebuilding		6.5
Hotels, Resorts & Cruise Lines		5.0
Industrial REITs		16.9
Leisure Facilities		2.8
Mortgage REITs		0.1
Office REITs		14.0
Purchased Options		1.7
Real Estate Development		5.6
Real Estate Operating Companies		2.5
Real Estate Services		1.0
Residential REITs		8.1
Retail REITs		7.7
Specialized REITs		10.8
Money Market Investments		7.4

Total		100.1	%

See accompanying Notes to Financial Statements.

TCW Global Real Estate Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Diversified REITs	$	—		$	197,941	$	—	$	197,941
Diversified Real Estate Activities		—			180,670		—		180,670
Health Care REITs		110,298			—		—		110,298
Homebuilding		317,664			—		—		317,664
Hotels, Resorts & Cruise Lines		245,755			—		—		245,755
Industrial REITs		302,304			526,710		—		829,014
Leisure Facilities		137,826			—		—		137,826
Mortgage REITs		3,462			—		—		3,462
Office REITs		572,904			110,713		—		683,617
Real Estate Development		—			272,674		—		272,674
Real Estate Operating Companies		—			123,022		—		123,022
Real Estate Services		48,356			—		—		48,356
Residential REITs		400,744			—		—		400,744
Retail REITs		323,685			52,880		—		376,565
Specialized REITs		528,282			—		—		528,282

Total Common Stock		2,991,280			1,464,610		—		4,455,890

Purchased Options		83,775			—		—		83,775

Money Market Investments		360,103			—		—		360,103

Total Investments	$	3,435,158		$	1,464,610	$	—	$	4,899,768

Liability Derivatives
Written Options
Equity Risk	$	(17,960	)	$	—	$	—	$	(17,960	)

Total	$	(17,960	)	$	—	$	—	$	(17,960	)

See accompanying Notes to Financial Statements.

TCW New America Premier Equities Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value


COMMON STOCK — 94.5% of Net Assets

Aerospace & Defense — 1.7%

HEICO Corp.		36,618	$	3,207,737


Application Software — 13.5%

Constellation Software, Inc.		22,036		21,236,076

Trade Desk, Inc. (The)⁽¹⁾		12,526		3,664,857


				24,900,933


Communications Equipment — 4.2%

Motorola Solutions, Inc.		53,434		7,684,344


Data Processing & Outsourced Services — 18.2%

Automatic Data Processing, Inc.		40,572		5,951,507

Fiserv, Inc.⁽¹⁾		105,615		10,884,682

Jack Henry & Associates, Inc.		54,171		8,859,667

Mastercard, Inc.		7,186		1,975,934

Visa, Inc.		33,181		5,930,108


				33,601,898


Environmental & Facilities Services — 4.5%

Waste Connections, Inc. (Canada)		96,608		8,299,593


Financial Exchanges & Data — 3.7%

MSCI, Inc.		9,069		2,965,563

S&P Global, Inc.		13,422		3,931,035


				6,896,598


Food Retail — 3.1%

Alimentation Couche-Tard, Inc. — Class B (Canada)		202,618		5,665,923


Health Care Equipment — 8.3%

Baxter International, Inc.		78,066		6,930,699

Danaher Corp.		50,961		8,330,085


				15,260,784


Industrial Conglomerates — 2.9%

Honeywell International, Inc.		18,310		2,598,189

Roper Technologies, Inc.		8,258		2,816,226


				5,414,415


Industrial Gases — 4.0%

Air Products & Chemicals, Inc.		12,667		2,857,422

Linde PLC (Ireland)		24,385		4,486,596


				7,344,018


Industrial Machinery — 2.5%

IDEX Corp.		29,920		4,596,610


Life Sciences Tools & Services — 8.5%

Agilent Technologies, Inc.		40,343		3,092,694

Mettler-Toledo International, Inc.⁽¹⁾		7,650		5,507,541

Thermo Fisher Scientific, Inc.		21,037		7,040,663


				15,640,898


Issues	Shares		Value

Multi-Sector Holdings — 3.2%

Berkshire Hathaway, Inc. — Class B⁽¹⁾		31,303	$	5,864,930


Research & Consulting Services — 7.4%

IHS Markit, Ltd.⁽¹⁾		127,267		8,565,069

TransUnion		64,668		5,095,192


				13,660,261


Systems Software — 8.5%

Enghouse Systems, Ltd. (Canada)		97,800		3,672,033

Microsoft Corp.		67,086		12,022,482


				15,694,515


Trading Companies & Distributors — 0.3%

Vertiv Holdings Co.⁽¹⁾		52,062		604,804


Total Common Stock

(Cost: $158,491,626)				174,338,261


CONVERTIBLE PREFERRED STOCK — 0.7%

Health Care Equipment — 0.7%

Danaher Corp.		1,086		1,291,384


Total Convertible Preferred Stock

(Cost: $1,117,130)				1,291,384


EXCHANGE-TRADED FUNDS — 3.4%

SPDR S&P 500 ETF Trust		21,192		6,155,852


Total Exchange-traded Funds

(Cost: $5,841,546)				6,155,852


Total Investments (98.6%)

(Cost: $165,450,302)				181,785,497

Excess Of Other Assets Over Liabilities (1.4%)				2,642,367


Net Assets (100.0%)			$	184,427,864

Notes to the Schedule of Investments:

ETF

Exchange-Traded Fund.

(1)

Non-income producing security.

See accompanying Notes to Financial Statements.

TCW New America Premier Equities Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Aerospace & Defense		1.7	%
Application Software		13.5
Communications Equipment		4.2
Data Processing & Outsourced Services		18.2
Exchange-Traded Funds		3.4
Environmental & Facilities Services		4.5
Financial Exchanges & Data		3.7
Food Retail		3.1
Health Care Equipment		9.0
Industrial Conglomerates		2.9
Industrial Gases		4.0
Industrial Machinery		2.5
Life Sciences Tools & Services		8.5
Multi-Sector Holdings		3.2
Research & Consulting Services		7.4
Systems Software		8.5
Trading Companies & Distributors		0.3

Total		98.6	%

See accompanying Notes to Financial Statements.

TCW New America Premier Equities Fund

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	3,207,737	$	—	$	—	$	3,207,737
Application Software		24,900,933		—		—		24,900,933
Communications Equipment		7,684,344		—		—		7,684,344
Data Processing & Outsourced Services		33,601,898		—		—		33,601,898
Environmental & Facilities Services		8,299,593		—		—		8,299,593
Financial Exchanges & Data		6,896,598		—		—		6,896,598
Food Retail		5,665,923		—		—		5,665,923
Health Care Equipment		15,260,784		—		—		15,260,784
Industrial Conglomerates		5,414,415		—		—		5,414,415
Industrial Gases		7,344,018		—		—		7,344,018
Industrial Machinery		4,596,610		—		—		4,596,610
Life Sciences Tools & Services		15,640,898		—		—		15,640,898
Multi-Sector Holdings		5,864,930		—		—		5,864,930
Research & Consulting Services		13,660,261		—		—		13,660,261
Systems Software		15,694,515		—		—		15,694,515
Trading Companies & Distributors		604,804		—		—		604,804

Total Common Stock		174,338,261		—		—		174,338,261

Convertible Preferred Stock		1,291,384		—		—		1,291,384
Exchange-Traded Funds		6,155,852		—		—		6,155,852

Total Investments	$	181,785,497	$	—	$	—	$	181,785,497

See accompanying Notes to Financial Statements.

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited)

April 30, 2020


Issues	Shares		Value

COMMON STOCK — 99.6% of Net Assets

Aerospace & Defense — 0.7%

Textron, Inc.		54,899	$	1,447,138


Air Freight & Logistics — 3.0%

United Parcel Service, Inc. — Class B		69,300		6,559,938


Auto Components — 2.7%

Johnson Controls International PLC (Ireland)		197,589		5,751,816


Banks — 8.4%

Citigroup, Inc.		68,809		3,341,365

JPMorgan Chase & Co.		89,062		8,528,577

Wells Fargo & Co.		114,600		3,329,130

Zions Bancorp		94,770		2,995,680


				18,194,752


Beverages — 3.0%

PepsiCo, Inc.		48,988		6,480,622


Biotechnology — 4.3%

Gilead Sciences, Inc.		111,765		9,388,260


Capital Markets — 6.8%

Ameriprise Financial, Inc.		25,452		2,925,453

Blackstone Group, Inc. (The)		49,400		2,580,656

Intercontinental Exchange, Inc.		103,070		9,219,611


				14,725,720


Chemicals — 3.1%

Corteva, Inc.⁽¹⁾		136,412		3,572,630

DuPont de Nemours, Inc.		68,370		3,214,758


				6,787,388


Communications Equipment — 2.1%

Cisco Systems, Inc.		106,987		4,534,109


Diversified Telecommunication Services — 4.1%

AT&T, Inc.		292,032		8,898,215


Electrical Equipment — 1.6%

nVent Electric PLC (Ireland)		182,882		3,410,749


Electronic Equipment, Instruments & Components — 1.7%

Corning, Inc.		171,862		3,782,683


Energy Equipment & Services — 2.1%

Baker Hughes Co.		320,585		4,472,161


Food Products — 1.2%

Conagra Brands, Inc.		79,000		2,641,760


Health Care Equipment & Supplies — 2.5%

Medtronic PLC (Ireland)		54,928		5,362,621


Health Care Providers & Services — 2.7%

McKesson Corp.		42,215		5,962,869


Issues	Shares		Value

Household Durables — 2.7%

Lennar Corp.		116,482	$	5,832,254


Household Products — 2.1%

Procter & Gamble Co. (The)		39,073		4,605,534


Independent Power and Renewable Electricity Producers — 3.4%

AES Corp. (The)		552,265		7,317,511


Industrial Conglomerates — 4.9%

General Electric Co.		872,779		5,934,897

Koninklijke Philips Electronics NV (NYRS) (Netherlands)		109,667		4,815,478


				10,750,375


Insurance — 3.3%

MetLife, Inc.		200,978		7,251,286


IT Services — 3.4%

International Business Machines Corp.		59,391		7,457,134


Media — 3.8%

Comcast Corp.		193,994		7,299,994

Fox Corp.		36,300		939,081


				8,239,075


Metals & Mining — 1.2%

Freeport-McMoRan, Inc.		304,710		2,690,589


Multi-Utilities — 1.5%

Sempra Energy		26,323		3,260,103


Multiline Retail — 2.2%

Target Corp.		44,400		4,872,456


Oil, Gas & Consumable Fuels — 5.4%

Chevron Corp.		105,225		9,680,700

Marathon Petroleum Corp.		66,345		2,128,348


				11,809,048


Pharmaceuticals — 5.3%

AbbVie, Inc.		25,200		2,071,440

Johnson & Johnson		9,000		1,350,360

Novartis AG (SP ADR) (Switzerland)		95,800		8,117,134


				11,538,934


Real Estate Management & Development — 1.0%

Jones Lang LaSalle, Inc.		20,541		2,168,719


REIT — 1.2%

Cousins Properties, Inc.		83,975		2,533,526


Semiconductors & Semiconductor Equipment — 6.3%

Broadcom, Inc.		17,416		4,730,534

Maxim Integrated Products, Inc.		162,248		8,920,395


				13,650,929

See accompanying Notes to Financial Statements.

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value

Technology Hardware, Storage & Peripherals — 1.9%

Seagate Technology PLC (Ireland)		84,138	$	4,202,693


Total Common Stock

(Cost: $201,098,327)				216,580,967


MONEY MARKET INVESTMENTS — 0.0%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22%⁽²⁾		13,776		13,776


Total Money Market Investments
(Cost: $13,776)				13,776


Total Investments (99.6%)

(Cost: $201,112,103)				216,594,743

Excess Of Other Assets Over Liabilities (0.4%)				966,594


Net Assets (100.0%)			$	217,561,337

Notes to the Schedule of Investments:

NYRS

New York Registry Shares.

SP ADR

(1)

Non-income producing security.

(2)

Rate disclosed is the7-day net yield as of April 30, 2020.

See accompanying Notes to Financial Statements.

TCW Relative Value Dividend Appreciation Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Aerospace & Defense		0.7	%
Air Freight & Logistics		3.0
Auto Components		2.7
Banks		8.4
Beverages		3.0
Biotechnology		4.3
Capital Markets		6.8
Chemicals		3.1
Communications Equipment		2.1
Diversified Telecommunication Services		4.1
Electrical Equipment		1.6
Electronic Equipment, Instruments & Components		1.7
Energy Equipment & Services		2.1
Food Products		1.2
Health Care Equipment & Supplies		2.5
Health Care Providers & Services		2.7
Household Durables		2.7
Household Products		2.1
Independent Power and Renewable Electricity Producers		3.4
Industrial Conglomerates		4.9
Insurance		3.3
IT Services		3.4
Media		3.8
Metals & Mining		1.2
Multi-Utilities		1.5
Multiline Retail		2.2
Oil, Gas & Consumable Fuels		5.4
Pharmaceuticals		5.3
REIT		1.2
Real Estate Management & Development		1.0
Semiconductors & Semiconductor Equipment		6.3
Technology Hardware, Storage & Peripherals		1.9
Money Market Investments		0.0	*

Total		99.6	%

*	Amount rounds to less than 0.1% of Net Assets

See accompanying Notes to Financial Statements.

TCW Relative Value Dividend Appreciation Fund

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	1,447,138	$	—	$	—	$	1,447,138
Air Freight & Logistics		6,559,938		—		—		6,559,938
Auto Components		5,751,816		—		—		5,751,816
Banks		18,194,752		—		—		18,194,752
Beverages		6,480,622		—		—		6,480,622
Biotechnology		9,388,260		—		—		9,388,260
Capital Markets		14,725,720		—		—		14,725,720
Chemicals		6,787,388		—		—		6,787,388
Communications Equipment		4,534,109		—		—		4,534,109
Diversified Telecommunication Services		8,898,215		—		—		8,898,215
Electrical Equipment		3,410,749		—		—		3,410,749
Electronic Equipment, Instruments & Components		3,782,683		—		—		3,782,683
Energy Equipment & Services		4,472,161		—		—		4,472,161
Food Products		2,641,760		—		—		2,641,760
Health Care Equipment & Supplies		5,362,621		—		—		5,362,621
Health Care Providers & Services		5,962,869		—		—		5,962,869
Household Durables		5,832,254		—		—		5,832,254
Household Products		4,605,534		—		—		4,605,534
Independent Power and Renewable Electricity Producers		7,317,511		—		—		7,317,511
Industrial Conglomerates		10,750,375		—		—		10,750,375
Insurance		7,251,286		—		—		7,251,286
IT Services		7,457,134		—		—		7,457,134
Media		8,239,075		—		—		8,239,075
Metals & Mining		2,690,589		—		—		2,690,589
Multi-Utilities		3,260,103		—		—		3,260,103
Multiline Retail		4,872,456		—		—		4,872,456
Oil, Gas & Consumable Fuels		11,809,048		—		—		11,809,048
Pharmaceuticals		11,538,934		—		—		11,538,934
REIT		2,533,526		—		—		2,533,526
Real Estate Management & Development		2,168,719		—		—		2,168,719
Semiconductors & Semiconductor Equipment		13,650,929		—		—		13,650,929
Technology Hardware, Storage & Peripherals		4,202,693		—		—		4,202,693

Total Common Stock		216,580,967		—		—		216,580,967

Money Market Investments		13,776		—		—		13,776

Total Investments	$	216,594,743	$	—	$	—	$	216,594,743

See accompanying Notes to Financial Statements.

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited)

April 30, 2020


Issues	Shares		Value

COMMON STOCK — 99.4% of Net Assets

Aerospace & Defense — 2.9%

L3Harris Technologies, Inc.		5,899	$	1,142,637

Textron, Inc.		60,409		1,592,381


				2,735,018


Air Freight & Logistics — 2.4%

United Parcel Service, Inc. — Class B		24,540		2,322,956


Auto Components — 2.3%

Johnson Controls International PLC (Ireland)		74,293		2,162,669


Banks — 8.3%

Citigroup, Inc.		54,900		2,665,944

JPMorgan Chase & Co.		40,621		3,889,867

Zions Bancorp		42,700		1,349,747


				7,905,558


Beverages — 2.2%

PepsiCo, Inc.		16,039		2,121,799


Biotechnology — 3.5%

Gilead Sciences, Inc.		39,829		3,345,636


Capital Markets — 6.9%

Ameriprise Financial, Inc.		12,129		1,394,107

Blackstone Group, Inc. (The)		21,300		1,112,712

Intercontinental Exchange, Inc.		45,556		4,074,984


				6,581,803


Chemicals — 3.3%

Corteva, Inc. ⁽¹⁾		60,982		1,597,119

DuPont de Nemours, Inc.		31,995		1,504,405


				3,101,524


Communications Equipment — 2.3%

Cisco Systems, Inc.		52,427		2,221,856


Diversified Telecommunication Services — 3.4%

AT&T, Inc.		106,097		3,232,776


Electrical Equipment — 1.1%

nVent Electric PLC (Ireland)		58,567		1,092,275


Electronic Equipment, Instruments & Components — 3.4%

Corning, Inc.		88,044		1,937,848

Flex Ltd. ⁽¹⁾		133,400		1,301,984


				3,239,832


Energy Equipment & Services — 1.8%

Baker Hughes Co.		126,040		1,758,258


Food Products — 2.4%

Conagra Brands, Inc.		66,920		2,237,805


Issues	Shares		Value

Health Care Equipment & Supplies — 3.0%

Medtronic PLC (Ireland)		19,354	$	1,889,531

Zimmer Biomet Holdings, Inc.		8,122		972,203


				2,861,734


Health Care Providers & Services — 8.9%

Centene Corp.⁽¹⁾		45,278		3,014,609

McKesson Corp.		16,846		2,379,498

Molina Healthcare, Inc. ⁽¹⁾		18,536		3,039,348


				8,433,455


Household Durables — 3.1%

Lennar Corp.		59,763		2,992,333


Household Products — 2.0%

Procter & Gamble Co. (The)		15,752		1,856,688


Independent Power and Renewable Electricity Producers — 2.5%

AES Corp. (The)		181,800		2,408,850


Industrial Conglomerates — 2.3%

General Electric Co.		321,536		2,186,445


Insurance — 2.1%

MetLife, Inc.		54,800		1,977,184


IT Services — 4.4%

Fiserv, Inc. ⁽¹⁾		13,205		1,360,907

International Business Machines Corp.		22,551		2,831,504


				4,192,411


Media — 8.0%

Comcast Corp.		98,670		3,712,952

Discovery, Inc. ⁽¹⁾		93,800		2,102,996

Fox Corp.		15,900		411,333

ViacomCBS, Inc. — Class B		81,298		1,403,204


				7,630,485


Metals & Mining — 2.3%

Freeport-McMoRan, Inc.		245,308		2,166,070


Multi-Utilities — 1.6%

Sempra Energy		12,104		1,499,080


Multiline Retail — 2.2%

Target Corp.		19,200		2,107,008


Oil, Gas & Consumable Fuels — 4.0%

Chevron Corp.		29,300		2,695,600

Marathon Petroleum Corp.		33,095		1,061,688


				3,757,288


Pharmaceuticals — 0.8%

AbbVie, Inc.		9,300		764,460


Real Estate Management & Development — 1.5%

Jones Lang LaSalle, Inc.		13,280		1,402,102

See accompanying Notes to Financial Statements.

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value

REIT — 1.2%

Cousins Properties, Inc.		36,300	$	1,095,171


Semiconductors & Semiconductor Equipment — 3.3%

Broadcom, Inc.		7,450		2,023,569

ON Semiconductor Corp. ⁽¹⁾		67,000		1,075,015


				3,098,584


Total Common Stock

(Cost: $80,874,144)				94,489,113


Total Investments (99.4%)

(Cost: $80,874,144)				94,489,113

Excess Of Other Assets Over Liabilities (0.6%)				539,734


Net Assets (100.0%)			$	95,028,847

Notes to the Schedule of Investments:

(1)

Non-income producing security.

See accompanying Notes to Financial Statements.

TCW Relative Value Large Cap Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Aerospace & Defense		2.9	%
Air Freight & Logistics		2.4
Auto Components		2.3
Banks		8.3
Beverages		2.2
Biotechnology		3.5
Capital Markets		6.9
Chemicals		3.3
Communications Equipment		2.3
Diversified Telecommunication Services		3.4
Electrical Equipment		1.1
Electronic Equipment, Instruments & Components		3.4
Energy Equipment & Services		1.8
Food Products		2.4
Health Care Equipment & Supplies		3.0
Health Care Providers & Services		8.9
Household Durables		3.1
Household Products		2.0
Independent Power and Renewable Electricity Producers		2.5
Industrial Conglomerates		2.3
Insurance		2.1
IT Services		4.4
Media		8.0
Metals & Mining		2.3
Multi-Utilities		1.6
Multiline Retail		2.2
Oil, Gas & Consumable Fuels		4.0
Pharmaceuticals		0.8
REIT		1.2
Real Estate Management & Development		1.5
Semiconductors & Semiconductor Equipment		3.3

Total		99.4	%

See accompanying Notes to Financial Statements.

TCW Relative Value Large Cap Fund

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	2,735,018	$	—	$	—	$	2,735,018
Air Freight & Logistics		2,322,956		—		—		2,322,956
Auto Components		2,162,669		—		—		2,162,669
Banks		7,905,558		—		—		7,905,558
Beverages		2,121,799		—		—		2,121,799
Biotechnology		3,345,636		—		—		3,345,636
Capital Markets		6,581,803		—		—		6,581,803
Chemicals		3,101,524		—		—		3,101,524
Communications Equipment		2,221,856		—		—		2,221,856
Diversified Telecommunication Services		3,232,776		—		—		3,232,776
Electrical Equipment		1,092,275		—		—		1,092,275
Electronic Equipment, Instruments & Components		3,239,832		—		—		3,239,832
Energy Equipment & Services		1,758,258		—		—		1,758,258
Food Products		2,237,805		—		—		2,237,805
Health Care Equipment & Supplies		2,861,734		—		—		2,861,734
Health Care Providers & Services		8,433,455		—		—		8,433,455
Household Durables		2,992,333		—		—		2,992,333
Household Products		1,856,688		—		—		1,856,688
Independent Power and Renewable Electricity Producers		2,408,850		—		—		2,408,850
Industrial Conglomerates		2,186,445		—		—		2,186,445
Insurance		1,977,184		—		—		1,977,184
IT Services		4,192,411		—		—		4,192,411
Media		7,630,485		—		—		7,630,485
Metals & Mining		2,166,070		—		—		2,166,070
Multi-Utilities		1,499,080		—		—		1,499,080
Multiline Retail		2,107,008		—		—		2,107,008
Oil, Gas & Consumable Fuels		3,757,288		—		—		3,757,288
Pharmaceuticals		764,460		—		—		764,460
REIT		1,095,171		—		—		1,095,171
Real Estate Management & Development		1,402,102		—		—		1,402,102
Semiconductors & Semiconductor Equipment		3,098,584		—		—		3,098,584

Total Common Stock		94,489,113		—		—		94,489,113

Total Investments	$	94,489,113	$	—	$	—	$	94,489,113

See accompanying Notes to Financial Statements.

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited)

April 30, 2020


Issues	Shares		Value

COMMON STOCK — 98.0% of Net Assets

Aerospace & Defense — 1.5%

Textron, Inc.		34,088	$	898,560


Banks — 8.3%

KeyCorp		155,442		1,810,899

Popular, Inc.		50,465		1,947,445

Synovus Financial Corp.		12,329		259,032

Zions Bancorp		26,610		841,142


				4,858,518


Capital Markets — 3.4%

Apollo Global Management, Inc.		13,300		538,517

E*TRADE Financial Corp.		15,600		633,516

Evercore Partners, Inc.		16,301		841,132


				2,013,165


Chemicals — 4.3%

Corteva, Inc. ⁽¹⁾		52,998		1,388,018

International Flavors & Fragrances, Inc.		8,450		1,107,203


				2,495,221


Communications Equipment — 1.2%

CommScope Holding Co., Inc. ⁽¹⁾		61,630		678,546


Construction & Engineering — 4.5%

Arcosa, Inc.		25,100		935,477

Jacobs Engineering Group, Inc.		20,483		1,694,968


				2,630,445


Consumer Finance — 0.5%

Santander Consumer USA Holdings, Inc.		19,914		310,459


Electronic Equipment, Instruments & Components — 4.1%

Flex Ltd. ⁽¹⁾		155,400		1,516,704

TTM Technologies, Inc. ⁽¹⁾		76,355		884,954


				2,401,658


Energy Equipment & Services — 0.3%

Baker Hughes Co.		14,800		206,460


Equity Real Estate — 2.0%

Mid-America Apartment Communities, Inc.		10,260		1,148,299


Food Products — 5.3%

Conagra Brands, Inc.		46,522		1,555,695

Hain Celestial Group, Inc. (The) ⁽¹⁾		35,500		917,320

TreeHouse Foods, Inc. ⁽¹⁾		12,571		650,298


				3,123,313


Health Care Equipment & Supplies — 1.5%

Zimmer Biomet Holdings, Inc.		7,373		882,548


Health Care Providers & Services — 10.9%

Acadia Healthcare Co., Inc. ⁽¹⁾		42,300		1,015,623

Centene Corp. ⁽¹⁾		29,572		1,968,904

Henry Schein, Inc. ⁽¹⁾		6,400		349,184


Issues	Shares		Value

Health Care Providers & Services (Continued)

Magellan Health, Inc. ⁽¹⁾		8,900	$	540,497

Molina Healthcare, Inc. ⁽¹⁾		15,160		2,485,785


				6,359,993


Household Durables — 7.5%

DR Horton, Inc.		22,100		1,043,562

KB Home		34,960		917,351

Lennar Corp.		30,400		1,522,128

Toll Brothers, Inc.		37,368		897,579


				4,380,620


Independent Power and Renewable Electricity Producers — 3.2%

AES Corp. (The)		142,400		1,886,800


Insurance — 3.6%

Arch Capital Group, Ltd. ⁽¹⁾		11,800		283,554

Assured Guaranty, Ltd.		44,102		1,311,152

Axis Capital Holdings, Ltd.		13,846		506,764


				2,101,470


Internet & Direct Marketing Retail — 0.9%

eBay, Inc.		12,900		513,807


Machinery — 6.7%

Dover Corp.		15,424		1,444,457

Manitowoc Co., Inc. (The) ⁽¹⁾		68,894		635,203

SPX FLOW, Inc. ⁽¹⁾		27,505		895,838

Terex Corp.		15,508		235,566

Wabtec Corp.		12,516		706,153


				3,917,217


Marine — 3.3%

Kirby Corp. ⁽¹⁾		30,200		1,613,284

Matson, Inc.		9,632		291,272


				1,904,556


Media — 3.7%

Discovery, Inc. ⁽¹⁾		57,600		1,291,392

ViacomCBS, Inc. — Class B		49,787		859,324


				2,150,716


Metals & Mining — 2.0%

Freeport-McMoRan, Inc.		134,466		1,187,335


Multi-Utilities — 1.4%

Sempra Energy		6,628		820,878


Oil, Gas & Consumable Fuels — 1.2%

Marathon Petroleum Corp.		21,848		700,884


Pharmaceuticals — 0.7%

Elanco Animal Health, Inc. ⁽¹⁾		15,600		385,476


Real Estate Management & Development — 2.2%

Jones Lang LaSalle, Inc.		11,963		1,263,054

See accompanying Notes to Financial Statements.

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value

REIT — 1.7%

Cousins Properties, Inc.		32,225	$	972,228


Semiconductors & Semiconductor Equipment — 5.7%

Maxim Integrated Products, Inc.		49,346		2,713,043

ON Semiconductor Corp. ⁽¹⁾		38,300		614,524


				3,327,567


Software — 2.5%

LogMeIn, Inc.		2,400		205,104

Nuance Communications, Inc. ⁽¹⁾		62,316		1,258,783


				1,463,887


Specialty Retail — 1.3%

Guess?, Inc.		20,160		188,496

Williams-Sonoma, Inc.		9,000		556,560


				745,056


Technology Hardware, Storage & Peripherals — 2.6%

NCR Corp. ⁽¹⁾		26,930		552,604

Western Digital Corp.		20,880		962,150


				1,514,754


Total Common Stock

(Cost: $51,879,979)				57,243,490


MONEY MARKET INVESTMENTS — 2.9%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22% ⁽²⁾		1,685,791		1,685,791


Total Money Market Investments

(Cost: $1,685,791)				1,685,791


Total Investments (100.9%)

(Cost: $53,565,770)				58,929,281

Liabilities In Excess Of Other Assets(-0.9%)				(499,519	)


Net Assets (100.0%)			$	58,429,762

Notes to the Schedule of Investments:

(1)

Non-income producing security.

(2)

Rate disclosed is the7-day net yield as of April 30, 2020.

See accompanying Notes to Financial Statements.

TCW Relative Value Mid Cap Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Aerospace & Defense		1.5	%
Banks		8.3
Capital Markets		3.4
Chemicals		4.3
Communications Equipment		1.2
Construction & Engineering		4.5
Consumer Finance		0.5
Electronic Equipment, Instruments & Components		4.1
Energy Equipment & Services		0.3
Equity Real Estate		2.0
Food Products		5.3
Health Care Equipment & Supplies		1.5
Health Care Providers & Services		10.9
Household Durables		7.5
Independent Power and Renewable Electricity Producers		3.2
Insurance		3.6
Internet & Direct Marketing Retail		0.9
Machinery		6.7
Marine		3.3
Media		3.7
Metals & Mining		2.0
Multi-Utilities		1.4
Oil, Gas & Consumable Fuels		1.2
Pharmaceuticals		0.7
REIT		1.7
Real Estate Management & Development		2.2
Semiconductors & Semiconductor Equipment		5.7
Software		2.5
Specialty Retail		1.3
Technology Hardware, Storage & Peripherals		2.6
Money Market Investments		2.9

Total		100.9	%

See accompanying Notes to Financial Statements.

TCW Relative Value Mid Cap Fund

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	898,560	$	—	$	—	$	898,560
Banks		4,858,518		—		—		4,858,518
Capital Markets		2,013,165		—		—		2,013,165
Chemicals		2,495,221		—		—		2,495,221
Communications Equipment		678,546		—		—		678,546
Construction & Engineering		2,630,445		—		—		2,630,445
Consumer Finance		310,459		—		—		310,459
Electronic Equipment, Instruments & Components		2,401,658		—		—		2,401,658
Energy Equipment & Services		206,460		—		—		206,460
Equity Real Estate		1,148,299		—		—		1,148,299
Food Products		3,123,313		—		—		3,123,313
Health Care Equipment & Supplies		882,548		—		—		882,548
Health Care Providers & Services		6,359,993		—		—		6,359,993
Household Durables		4,380,620		—		—		4,380,620
Independent Power and Renewable Electricity Producers		1,886,800		—		—		1,886,800
Insurance		2,101,470		—		—		2,101,470
Internet & Direct Marketing Retail		513,807		—		—		513,807
Machinery		3,917,217		—		—		3,917,217
Marine		1,904,556		—		—		1,904,556
Media		2,150,716		—		—		2,150,716
Metals & Mining		1,187,335		—		—		1,187,335
Multi-Utilities		820,878		—		—		820,878
Oil, Gas & Consumable Fuels		700,884		—		—		700,884
Pharmaceuticals		385,476		—		—		385,476
REIT		972,228		—		—		972,228
Real Estate Management & Development		1,263,054		—		—		1,263,054
Semiconductors & Semiconductor Equipment		3,327,567		—		—		3,327,567
Software		1,463,887		—		—		1,463,887
Specialty Retail		745,056		—		—		745,056
Technology Hardware, Storage & Peripherals		1,514,754		—		—		1,514,754

Total Common Stock		57,243,490		—		—		57,243,490

Money Market Investments		1,685,791		—		—		1,685,791

Total Investments	$	58,929,281	$	—	$	—	$	58,929,281

See accompanying Notes to Financial Statements.

TCW Select Equities Fund

Schedule of Investments (Unaudited)

April 30, 2020


Issues	Shares		Value

COMMON STOCK — 97.3% of Net Assets

Biotechnology — 1.5%

BioMarin Pharmaceutical, Inc. ⁽¹⁾		108,154	$	9,952,331


Capital Markets — 3.8%

Charles Schwab Corp. (The)		299,168		11,284,617

S&P Global, Inc.		49,595		14,525,383


				25,810,000


Commercial Services & Supplies — 1.9%

Waste Connections, Inc. (Canada)		145,632		12,511,245


Food & Staples Retailing — 2.6%

Costco Wholesale Corp.		58,437		17,706,411


Health Care Equipment & Supplies — 4.4%

Align Technology, Inc. ⁽¹⁾		61,485		13,210,052

Boston Scientific Corp. ⁽¹⁾		432,679		16,216,809


				29,426,861


Insurance — 1.3%

Chubb, Ltd. (Switzerland)		79,275		8,562,493


Interactive Media & Services — 10.5%

Alphabet, Inc. — Class C ⁽¹⁾		28,129		37,936,457

Facebook, Inc. ⁽¹⁾		161,274		33,014,401


				70,950,858


Internet & Direct Marketing Retail — 7.8%

Amazon.com, Inc. ⁽¹⁾		21,118		52,245,932

IT Services — 12.6%

Mastercard, Inc.		83,355		22,920,124

PayPal Holdings, Inc. ⁽¹⁾		214,694		26,407,362

Visa, Inc.		198,969		35,559,740


				84,887,226


Life Sciences Tools & Services — 2.4%

Illumina, Inc. ⁽¹⁾		50,632		16,153,127


Machinery — 1.9%

Xylem, Inc.		179,944		12,937,974


Pharmaceuticals — 3.1%

Zoetis, Inc.		161,439		20,875,677


Professional Services — 4.9%

IHS Markit, Ltd. ⁽¹⁾		218,879		14,730,557

TransUnion		235,680		18,569,227


				33,299,784


REIT — 8.8%

American Tower Corp.		156,607		37,272,466

Equinix, Inc.		32,690		22,072,288


				59,344,754


Issues	Shares		Value

Semiconductors & Semiconductor Equipment — 4.7%

ASML Holding NV (Netherlands)		39,564	$	11,411,445

NVIDIA Corp.		70,333		20,556,929


				31,968,374


Software — 20.9%

Adobe, Inc. ⁽¹⁾		114,982		40,662,234

Salesforce.com, Inc. ⁽¹⁾		175,453		28,414,613

ServiceNow, Inc. ⁽¹⁾		112,964		39,711,365

Splunk, Inc. ⁽¹⁾		121,080		16,994,789

Trade Desk, Inc. (The) ⁽¹⁾		50,959		14,909,584


				140,692,585


Specialty Retail — 4.2%

Home Depot, Inc. (The)		78,019		17,150,917

Ulta Beauty, Inc. ⁽¹⁾		49,545		10,796,846


				27,947,763


Total Common Stock

(Cost: $235,265,475)				655,273,395


MONEY MARKET INVESTMENTS — 2.8%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22% ⁽²⁾		19,124,850		19,124,850


Total Money Market Investments

(Cost: $19,124,850)				19,124,850


Total Investments (100.1%)

(Cost: $254,390,325)				674,398,245

Liabilities In Excess Of Other Assets(-0.1%)				(609,806	)


Net Assets (100.0%)			$	673,788,439

Notes to the Schedule of Investments:

REIT

Real Estate Investment Trust.

(1)

Non-income producing security.

(2)

Rate disclosed is the7-day net yield as of April 30, 2020.

See accompanying Notes to Financial Statements.

TCW Select Equities Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Biotechnology		1.5	%
Capital Markets		3.8
Commercial Services & Supplies		1.9
Food & Staples Retailing		2.6
Health Care Equipment & Supplies		4.4
Insurance		1.3
Interactive Media & Services		10.5
Internet & Direct Marketing Retail		7.8
IT Services		12.6
Life Sciences Tools & Services		2.4
Machinery		1.9
Pharmaceuticals		3.1
Professional Services		4.9
REIT		8.8
Semiconductors & Semiconductor Equipment		4.7
Software		20.9
Specialty Retail		4.2
Money Market Investments		2.8

Total		100.1	%

See accompanying Notes to Financial Statements.

TCW Select Equities Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Biotechnology	$	9,952,331	$	—	$	—	$	9,952,331
Capital Markets		25,810,000		—		—		25,810,000
Commercial Services & Supplies		12,511,245		—		—		12,511,245
Food & Staples Retailing		17,706,411		—		—		17,706,411
Health Care Equipment & Supplies		29,426,861		—		—		29,426,861
Insurance		8,562,493		—		—		8,562,493
Interactive Media & Services		70,950,858		—		—		70,950,858
Internet & Direct Marketing Retail		52,245,932		—		—		52,245,932
IT Services		84,887,226		—		—		84,887,226
Life Sciences Tools & Services		16,153,127		—		—		16,153,127
Machinery		12,937,974		—		—		12,937,974
Pharmaceuticals		20,875,677		—		—		20,875,677
Professional Services		33,299,784		—		—		33,299,784
REIT		59,344,754		—		—		59,344,754
Semiconductors & Semiconductor Equipment		31,968,374		—		—		31,968,374
Software		140,692,585		—		—		140,692,585
Specialty Retail		27,947,763		—		—		27,947,763

Total Common Stock		655,273,395		—		—		655,273,395

Money Market Investments		19,124,850		—		—		19,124,850

Total Investments	$	674,398,245	$	—	$	—	$	674,398,245

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2020


	TCW Artificial Intelligence Equity Fund		TCW Conservative Allocation Fund			TCW Global Real Estate Fund			TCW New America Premier Equities Fund
ASSETS
Investments, at Value⁽¹⁾	$	5,111,400	$	902,718		$	4,899,768		$	181,785,497
Investment in Affiliated Issuers, at Value		—		27,080,403	⁽²⁾		—			—
Foreign Currency, at Value		—		—			—			468	⁽³⁾
Cash		—		—			1,035			—
Receivable for Securities Sold		—		—			48,413			5,309,181
Receivable for Fund Shares Sold		27,733		50,000			—			287,984
Dividends Receivable		1,867		34,664			8,034			42,494
Foreign Tax Reclaims Receivable		—		—			614			—
Receivable from Investment Advisor		17,199		1,863			12,896			—
Prepaid Expenses		17,686		18,465			19,687			39,421

Total Assets		5,175,885		28,088,113			4,990,447			187,465,045

LIABILITIES
Payable for Securities Purchased		—		34,734			48,566			2,135,268
Payable for Fund Shares Redeemed		2,555		—			—			130,269
Disbursements in Excess of Available Cash		—		—			—			573,955
Accrued Directors’ Fees and Expenses		6,971		6,972			6,972			6,971
Deferred Accrued Directors’ Fees and Expenses		2,296		2,296			2,296			2,296
Accrued Management Fees		10,452		—			3,001			102,013
Accrued Distribution Fees		268		63			112			10,157
Options Written, at Value⁽⁴⁾		—		—			17,960			—
Other Accrued Expenses		24,645		19,009			17,469			76,252

Total Liabilities		47,187		63,074			96,376			3,037,181

NET ASSETS	$	5,128,698	$	28,025,039		$	4,894,071		$	184,427,864

NET ASSETS CONSIST OF:
Paid-in Capital	$	4,391,213	$	26,441,093		$	5,461,669		$	176,818,461
Accumulated Earnings (Loss)		737,485		1,583,946			(567,598	)		7,609,403

NET ASSETS	$	5,128,698	$	28,025,039		$	4,894,071		$	184,427,864

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	3,698,928	$	27,703,554		$	4,310,080		$	134,829,345

N Class Share	$	1,429,770	$	321,485		$	583,991		$	49,598,519

CAPITAL SHARES OUTSTANDING:⁽⁵⁾
I Class Share		267,889		2,471,760			441,465			6,950,107

N Class Share		103,704		28,642			59,857			2,558,389

NET ASSET VALUE PER SHARE:⁽⁶⁾
I Class Share	$	13.81	$	11.21		$	9.76		$	19.40

N Class Share	$	13.79	$	11.22		$	9.76		$	19.39

(1)

The identified cost for the TCW Artificial Intelligence Equity Fund, the TCW Conservative Allocation Fund, the TCW Global Real Estate Fund and the TCW New America Premier Equities Fund at April 30, 2020 was $4,164,802, $996,843, $4,541,525 and $165,450,302, respectively.

(2)

The identified cost for investments in affiliated issuers of the TCW Conservative Allocation Fund was $25,195,625.

(3)

The identified cost for the TCW New America Premier Equities Fund at April 30, 2020 was $464.

(4)

Premium received was $10,018.

(5)

The number of authorized shares, with a par value of $0.001 per share, is 4,000,000,000 for each of the I Class and N Class shares.

(6)

Represents offering price and redemption price per share.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2020


	TCW Relative Value Dividend Appreciation Fund		TCW Relative Value Large Cap Fund		TCW Relative Value Mid Cap Fund		TCW Select Equities Fund
ASSETS
Investments, at Value⁽¹⁾	$	216,594,743	$	94,489,113	$	58,929,281	$	674,398,245
Receivable for Securities Sold		1,972,510		1,060,478		212,826		—
Receivable for Fund Shares Sold		20,617		199,877		25,489		647,979
Dividends Receivable		355,611		139,612		38,690		195,446
Foreign Tax Reclaims Receivable		127,426		—		—		—
Receivable from Investment Advisor		37,180		32,744		13,851		9,184
Prepaid Expenses		21,592		23,142		18,298		33,598

Total Assets		219,129,679		95,944,966		59,238,435		675,284,452

LIABILITIES
Payable for Securities Purchased		1,251,625		444,502		695,706		—
Payable for Fund Shares Redeemed		109,047		155,165		33,821		844,313
Disbursements in Excess of Available Cash		—		203,236		—		—
Accrued Directors’ Fees and Expenses		6,972		6,972		6,971		6,972
Deferred Accrued Directors’ Fees and Expenses		2,296		2,296		2,296		2,296
Accrued Management Fees		103,998		45,430		31,286		352,982
Accrued Distribution Fees		31,172		1,603		1,966		26,120
Other Accrued Expenses		63,232		56,915		36,627		263,330

Total Liabilities		1,568,342		916,119		808,673		1,496,013

NET ASSETS	$	217,561,337	$	95,028,847	$	58,429,762	$	673,788,439

NET ASSETS CONSIST OF:
Paid-in Capital	$	212,606,051	$	76,011,101	$	57,111,871	$	107,552,060
Accumulated Earnings (Loss)		4,955,286		19,017,746		1,317,891		566,236,379

NET ASSETS	$	217,561,337	$	95,028,847	$	58,429,762	$	673,788,439

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	60,094,826	$	86,732,568	$	48,202,617	$	535,702,192

N Class Share	$	157,466,511	$	8,296,279	$	10,227,145	$	138,086,247

CAPITAL SHARES OUTSTANDING:⁽²⁾
I Class Share		4,396,282		9,043,282		3,013,942		19,293,991

N Class Share		11,300,905		867,974		658,569		5,660,624

NET ASSET VALUE PER SHARE:⁽³⁾
I Class Share	$	13.67	$	9.59	$	15.99	$	27.77

N Class Share	$	13.93	$	9.56	$	15.53	$	24.39

(1)

The identified cost for the TCW Relative Value Dividend Appreciation Fund, the TCW Relative Value Large Cap Fund, the TCW Relative Value Mid Cap Fund and the TCW Select Equities Fund at April 30, 2020 was $201,112,103, $80,874,144, $53,565,770 and $254,390,325, respectively.

(2)

The number of authorized shares, with a par value of $0.001 per share, is 4,000,000,000 for each of the I Class and N Class shares.

(3)

Represents offering price and redemption price per share.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2020


	TCW Artificial Intelligence Equity Fund			TCW Conservative Allocation Fund			TCW Global Real Estate Fund			TCW New America Premier Equities Fund
INVESTMENT INCOME
Income:
Dividends	$	15,915	⁽¹⁾	$	9,916		$	91,535	⁽¹⁾	$	1,105,062	⁽¹⁾
Dividends from Investment in Affiliated Issuers		—			351,567			—			—

Total		15,915			361,483			91,535			1,105,062

Expenses:
Management Fees		16,295			—			25,381			594,906
Accounting Services Fees		2,096			2,812			2,148			6,457
Administration Fees		7,037			8,440			7,176			14,368
Transfer Agent Fees:
I Class		2,483			4,910			3,117			61,273
N Class		3,193			2,538			2,990			47,231
Custodian Fees		6,546			1,645			4,645			6,495
Professional Fees		10,936			8,831			10,766			13,698
Directors’ Fees and Expenses		18,948			18,948			18,948			18,948
Registration Fees:
I Class		6,515			8,842			8,724			14,739
N Class		8,787			8,843			8,724			15,705
Distribution Fees:
N Class		1,636			463			783			75,531
Other		2,587			3,840			3,325			5,851

Total		87,059			70,112			96,727			875,202

Less Expenses Borne by Investment Advisor:
I Class		40,273			—			48,373			(4	)
N Class		25,179			11,164			16,156			48,070

Net Expenses		21,607			58,948			32,198			827,136

Net Investment Income (Loss)		(5,692	)		302,535			59,337			277,926

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(43,771	)		—			(28,695	)		(8,054,891	)
Investments in Affiliated Issuers		—			(257,552	)		—			—
Realized Gain Received as Distribution from Affiliated Issuers		—			1,044,146			—			—
Foreign Currency		—			—			(2,725	)		6,963
Options Written		—			—			6,960			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		445,722			(121,086	)		(879,887	)		(2,707,664	)
Foreign Currency		—			—			176			4
Investments in Affiliated Issuers		—			(1,207,580	)		—			—
Options Written		—			—			(7,942	)		—

Net Realized and Unrealized Gain (Loss) on Investments		401,951			(542,072	)		(912,113	)		(10,755,588	)

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	396,259		$	(239,537	)	$	(852,776	)	$	(10,477,662	)

(1)

Net of foreign taxes withheld of $249, $2,429 and $13,878 for the TCW Artificial Intelligence Equity Fund, the TCW Global Real Estate Fund and the TCW New America Premier Equities Fund, respectively.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2020


	TCW Relative Value Dividend Appreciation Fund			TCW Relative Value Large Cap Fund			TCW Relative Value Mid Cap Fund			TCW Select Equities Fund
INVESTMENT INCOME
Income:
Dividends	$	4,580,659	⁽¹⁾	$	1,618,177		$	666,223	⁽¹⁾	$	2,332,267	⁽¹⁾

Total		4,580,659			1,618,177			666,223			2,332,267

Expenses:
Management Fees		828,519			373,726			255,834			2,837,358
Accounting Services Fees		9,411			4,969			4,134			28,866
Administration Fees		23,453			15,549			11,130			57,043
Transfer Agent Fees:
I Class		19,843			18,111			16,772			347,933
N Class		68,972			8,114			8,441			82,828
Custodian Fees		4,195			5,141			4,068			3,544
Professional Fees		15,642			15,879			14,360			21,268
Directors’ Fees and Expenses		18,948			18,948			18,948			18,948
Registration Fees:
I Class		9,400			10,728			8,826			11,827
N Class		9,891			9,263			8,793			10,721
Distribution Fees:
N Class		247,415			12,746			16,503			167,072
Other		21,886			15,832			7,939			46,043

Total		1,277,575			509,006			375,748			3,633,451

Less Expenses Borne by Investment Advisor:
I Class		6,524			33,297			19,131			—
N Class		61,976			19,667			25,917			60,118

Net Expenses		1,209,075			456,042			330,700			3,573,333

Net Investment Income (Loss)		3,371,584			1,162,135			335,523			(1,241,066	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(4,055,719	)		7,634,822			(2,916,138	)		50,527,232
Foreign Currency		—			—			—			(167	)
In-kind Realized Gain/loss		—			—			—			99,294,343
Change in Unrealized Appreciation (Depreciation) on:
Investments		(49,909,336	)		(29,796,595	)		(14,046,359	)		(109,955,064	)

Net Realized and Unrealized Gain (Loss) on Investments		(53,965,055	)		(22,161,773	)		(16,962,497	)		39,866,344

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(50,593,471	)	$	(20,999,638	)	$	(16,626,974	)	$	38,625,278

(1)

Net of foreign taxes withheld of $83,004, $3,728 and $29,052 for the TCW Relative Value Dividend Appreciation Fund, the TCW Relative Value Mid Cap Fund and the TCW Select Equities Fund, respectively.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Artificial Intelligence Equity Fund						TCW Conservative Allocation Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
OPERATIONS
Net Investment Income (Loss)	$	(5,692	)	$	(5,084	)	$	302,535		$	591,560
Net Realized Gain (Loss) on Investments		(43,771	)		(141,684	)		786,594			239,831
Change in Unrealized Appreciation on Investments		445,722			428,628			(1,328,666	)		2,089,247

Increase (Decrease) in Net Assets Resulting from Operations		396,259			281,860			(239,537	)		2,920,638

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		—			—			(1,914,869	)		(1,727,243	)

NET CAPITAL SHARE TRANSACTIONS
I Class		437,861			1,386,913			252,480			460,008
N Class		365,283			203,413			11,954			(180,927	)

Increase in Net Assets Resulting from Net Capital Shares Transactions		803,144			1,590,326			264,434			279,081

Increase (Decrease) in Net Assets		1,199,403			1,872,186			(1,889,972	)		1,472,476
NET ASSETS
Beginning of Period		3,929,295			2,057,109			29,915,011			28,442,535

End of Period	$	5,128,698		$	3,929,295		$	28,025,039		$	29,915,011

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Global Real Estate Fund						TCW New America Premier Equities Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
OPERATIONS
Net Investment Income	$	59,337		$	178,691		$	277,926		$	409,217
Net Realized Gain (Loss) on Investments, Options Written and Foreign Currency Transactions		(24,460	)		(184,624	)		(8,047,928	)		406,060
Change in Unrealized Appreciation on Investments, Options Written and Foreign Currency Transactions		(887,653	)		1,098,945			(2,707,660	)		14,408,007

Increase (Decrease) in Net Assets Resulting from Operations		(852,776	)		1,093,012			(10,477,662	)		15,223,284

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(97,921	)		(124,197	)		(1,541,399	)		(479,371	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(1,340,657	)		2,771,979			39,323,344			62,944,773
N Class		9,880			12,725			1,551,432			44,518,752

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(1,330,777	)		2,784,704			40,874,776			107,463,525

Increase (Decrease) in Net Assets		(2,281,474	)		3,753,519			28,855,715			122,207,438
NET ASSETS
Beginning of Period		7,175,545			3,422,026			155,572,149			33,364,711

End of Period	$	4,894,071		$	7,175,545		$	184,427,864		$	155,572,149

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Relative Value Dividend Appreciation Fund						TCW Relative Value Large Cap Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
OPERATIONS
Net Investment Income	$	3,371,584		$	7,656,480		$	1,162,135		$	4,636,579
Net Realized Gain (Loss) on Investments		(4,055,719	)		17,572,003			7,634,822			86,920,471
Change in Unrealized Appreciation on Investments		(49,909,336	)		1,501,702			(29,796,595	)		(68,765,352	)

Increase (Decrease) in Net Assets Resulting from Operations		(50,593,471	)		26,730,185			(20,999,638	)		22,791,698

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(22,832,806	)		(32,960,837	)		(60,477,631	)		(45,947,998	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(6,998,625	)		(8,551,157	)		24,027,859			(242,502,132	)
N Class		(13,649,981	)		(179,813,338	)		4,026,746			(928,537	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(20,648,606	)		(188,364,495	)		28,054,605			(243,430,669	)

Decrease in Net Assets		(94,074,883	)		(194,595,147	)		(53,422,664	)		(266,586,969	)
NET ASSETS
Beginning of Period		311,636,220			506,231,367			148,451,511			415,038,480

End of Period	$	217,561,337		$	311,636,220		$	95,028,847		$	148,451,511

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Relative Value Mid Cap Fund						TCW Select Equities Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
OPERATIONS
Net Investment Income (Loss)	$	335,523		$	684,541		$	(1,241,066	)	$	(2,498,777	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(2,916,138	)		1,273,615			149,821,408			89,854,245
Change in Unrealized Appreciation on Investments		(14,046,359	)		71,228			(109,955,064	)		63,972,856

Increase (Decrease) in Net Assets Resulting from Operations		(16,626,974	)		2,029,384			38,625,278			151,328,324

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(2,022,186	)		(6,781,513	)		(81,574,839	)		(117,726,814	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(501,906	)		(4,776,594	)		(193,035,970	)		(566,277	)
N Class		(823,770	)		(2,633,514	)		7,363,157			(4,361,095	)

Decrease in Net Assets Resulting from Net Capital Shares Transactions		(1,325,676	)		(7,410,108	)		(185,672,813	)		(4,927,372	)

Increase (Decrease) in Net Assets		(19,974,836	)		(12,162,237	)		(228,622,374	)		28,674,138
NET ASSETS
Beginning of Period		78,404,598			90,566,835			902,410,813			873,736,675

End of Period	$	58,429,762		$	78,404,598		$	673,788,439		$	902,410,813

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

Note 1 — Organization

TCW Funds, Inc., a Maryland corporation (the “Company”), is anopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that currently offers 18no-load mutual funds (each series, a “Fund” and collectively, the “Funds”). TCW Investment Management Company LLC (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended. Each Fund has its own investment objectives and strategies. The following is a brief description of the investment objectives and principal investment strategies for the Funds that are covered in this report:


TCW Fund		Investment Objectives and Principal Investment Strategies
Non-Diversified U.S. Equity Fund

TCW Artificial Intelligence Equity Fund		Seeks long-term capital appreciation by investing at least 80% of the value of its net assets in publicly traded equity securities of businesses that the portfolio managers believe are benefitting from or have the potential to benefit from advances in the use of artificial intelligence.
Diversified U.S. Equity Funds

TCW Global Real Estate Fund		Seeks to maximize total return from current income and long-term capital growth by investing at least 80% of its net assets in equity securities of real estate investment trusts (“REITs”) and real estate companies.

TCW New America Premier Equities Fund		Seeks to provide long-term capital appreciation by investing at least 80% of the value of its net assets in equity securities of U.S. companies; intends to achieve its objective by investing in a portfolio of companies the portfolio manager believes are enduring, cash generating businesses whose leaders prudently manage their environmental, social, and financial resources and whose shares are attractively valued relative to free cash flow generated by the businesses.

TCW Relative Value Dividend Appreciation Fund		Seeks to realize a high level of dividend income consistent with prudent investment management, with secondary objective of capital appreciation, by investing at least 80% of the value of its net assets in equity securities of companies that have a record of paying dividends.

TCW Relative Value Large Cap Fund		Seeks capital appreciation, with a secondary goal of current income, by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of large-capitalization companies (i.e., companies with a market capitalization of greater than $1 billion at the time of purchase).

TCW Funds, Inc.

April 30, 2020

Note 1 — Organization (Continued)


TCW Fund		Investment Objectives and Principal Investment Strategies
TCW Relative Value Mid Cap Fund		Seeks to provide long-term capital appreciation by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of mid-capitalization companies (i.e., companies with market capitalizations, at the time of acquisition, within the capitalization range of the companies comprising the Russell MidCap^® Index).

TCW Select Equities Fund		Seeks to provide long-term capital appreciation by investing at least 80% of its net assets in equity securities; uses a highly focused approach to seek to achieve superior long-term returns over a full market cycle by owning shares of companies that the portfolio manager believes to have strong and enduring business models and inherent advantages over their competitors.
Fund of Funds

TCW Conservative Allocation Fund		Seeks to provide current income, and secondarily, long-term capital appreciation by investing in a combination of fixed income funds and equity funds that utilize diverse investment styles such as growth and/or value investing. The Fund invests between 20% and 60% of its net assets in equity funds and between 40% and 80% in fixed income funds.

All Funds offer two classes of shares: I Class and N Class. The two Classes of a Fund are substantially the same except that the N Class shares are subject to a distribution fee (see Note 6).

The TCW Conservative Allocation Fund is a “fund of funds” that invests in affiliated and unaffiliated funds which are identified on the Schedule of Investments.

Note 2 — Significant Accounting Policies

The following is a summary of significant accounting policies which are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and which are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 946, Financial Services — Investment Companies. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements.

Principles of Accounting: The Funds use the accrual method of accounting for financial reporting purposes.

Net Asset Value: The net asset value (“NAV”) per share of each class of a Fund is determined by dividing the Fund’s net assets attributable to each class by the number of shares issued and outstanding of that class on each day the New York Stock Exchange (“NYSE”) is open for trading.

Security Valuations: Equity securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ, which may not be the last sale price. Options

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

on equity securities and options on indexes are valued using mid prices (average of bid and ask prices) as reported by the exchange or pricing service. Investments inopen-end mutual funds including money market funds are valued based on the NAV per share as reported by the investment companies. All other securities for whichover-the-counter (“OTC”) market quotations are readily available, including short-term securities, are valued with prices furnished by independent pricing services or by broker dealers.

The Company has adopted, after the approval by the Company’s Board of Directors (the “Board” and each member thereof a “Director”), a fair valuation methodology for foreign equity securities (exclusive of certain Latin American and Canadian equity securities). This methodology is designed to address the effect of movements in the U.S. market on the securities traded on foreign exchanges that have been closed for a period of time due to time zones differences. The utilization of the fair value model may result in the adjustment of prices taking into account fluctuations in the U.S. market. The fair value model is utilized each trading day and not dependent on certain thresholds or triggers.

Securities for which market quotations are not readily available, including circumstances under which the prices received are not reflective of a security’s market value, are valued by the Advisor’s Pricing Committee in accordance with the guidelines established by the Board’s Valuation Committee and under the general oversight of the Board.

Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose investments in their financial statements in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.


Level 1 —		quoted prices in active markets for identical investments.
Level 2 —		other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3 —		significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

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April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

Fair Value Measurements: A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities. Securities are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are generally categorized in Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are categorized in Level 2 or 3 of the fair value hierarchy depending on whether a discount is applied and significant. Restricted securities held innon-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Certain foreign securities that are fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets are categorized in Level 2 of the fair value hierarchy.

Mutual funds. Open-end mutual funds including money market funds are valued using the NAV as reported by the fund companies. As such, they are categorized in Level 1.

Options contracts. Option contracts traded on securities exchanges are fair valued using market mid prices; as such, they are categorized in Level 1. Option contracts traded OTC are fair valued based on pricing models and incorporate various inputs such as interest rate, credit spreads, currency exchange rates and volatility measurements forin-the-money,at-the-money, andout-of-money contracts on a given strike price. To the extent that these inputs are observable and timely, the fair value of OTC option contracts would be categorized in Level 2; otherwise, the fair values would be categorized in Level 3.

Restricted securities. Restricted securities, including illiquid Rule 144A securities, held innon-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Any other restricted securities valued similar to publicly traded securities may be categorized in Level 2 or 3 of the fair value hierarchy depending on whether a discount is applied and significant to the fair value.

The summary of the inputs used as of April 30, 2020 in valuing the Funds’ investments is listed after each Fund’s Schedule of Investments.

The Funds held no investments or other financial instruments at April 30, 2020 for which fair value was calculated using Level 3 inputs.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

Security Transactions and Related Investment Income: Security transactions are recorded as of the trade date. Dividend income is recorded on theex-dividend date. Interest income is recognized on an accrual basis. Realized gains and losses on investments are recorded on the basis of specific identification.

Allocation of Operating Activity for Multiple Classes: Investment income, common expenses and realized and unrealized gains and losses are allocated among the share classes of the Funds based on the relative net assets of each class. Distribution fees, which are directly attributable to a class of shares, are charged to the operations of that class. All other expenses are charged to each Fund or class as incurred on a specific identification basis. Differences in class-specific fees and expenses will result in differences in net investment income for each class, and in turn differences in dividends paid by each class.

Dividends and Distributions: Dividends and distributions to shareholders are recorded on theex-dividend date. The TCW Global Real Estate Fund and the TCW Relative Value Dividend Appreciation Fund declare and pay, or reinvest, dividends from net investment income quarterly. The other Equity Funds and TCW Conservative Allocation Fund declare and pay, or reinvest, dividends from net investment income annually. Capital gains realized by a Fund will be distributed at least annually.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications betweenpaid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax differences which will reverse in subsequent periods. Any taxable income or capital gain remaining at fiscalyear-end is distributed in the following year. Distributions received from real estate investment trusts may include return of capital which is treated as a reduction in the cost basis of those investments. Distributions received, if any, in excess of the cost basis of a security is recognized as capital gain.

Use of Estimates: The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.

Foreign Currency Translation: The books and records of each Fund are maintained in U.S. dollars as follows: (1) the market value of foreign securities, and other assets and liabilities stated in foreign currencies, are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statements of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in, or are a reduction of, ordinary income for federal income tax purposes.

Foreign Taxes: The Funds may be subject to withholding taxes on income and capital gains imposed by certain countries in which they invest. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

Derivative Instruments: Derivatives are financial instruments which are valued based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. The Funds may not be able to close out a derivative transaction at a favorable time or price.

For the period ended April 30, 2020, the TCW Global Real Estate Fund had the following derivatives and transactions in derivatives, grouped in the following risk categories.


	Equity Risk
Statement of Assets and Liabilities:
Asset Derivatives
Investments^⁽¹⁾	$	83,775

Total Value	$	83,775

Liability Derivatives
Written Options	$	(17,960	)

Total Value	$	(17,960	)

Statement of Operations:
Realized Gain
Investments^⁽²⁾	$	2,337
Options Written		6,960

Total Realized Gain	$	9,297

Change in Appreciation (Depreciation)
Investments	$	22,595
Options Written		(7,942	)

Total Change in Appreciation (Depreciation)	$	14,653

Number of Contracts *⁽³⁾*
Options Purchased		1,938
Options Written		3

(1)

Represents purchased options, at value.

(2)

Represents realized gain for purchased options.

(3)

Amount disclosed represents average notional amounts which are representative of the volume traded for the period ended April 30, 2020.

Counterparty Credit Risk: Derivative contracts may be exposed to counterparty risk. Losses can occur if the counterparty does not perform under the contract.

The Funds’ risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

For OTC derivatives, the Funds entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with each counterparty. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets declines by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

Collateral requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral pledged or received by a Fund.

Cash collateral that has been pledged to cover obligations of a Fund is reported separately on the Statement of Assets and Liabilities.Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold, typically $250,000 or $500,000, before a transfer is required, which is determined at the close of each business day and the collateral is transferred on the next business day. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterpartynon-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that the Advisor believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. The Funds have implemented the disclosure requirements pursuant to FASB ASUNo. 2013-01, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

The Funds had no OTC derivatives for offset under an ISDA Master Agreement as of April 30, 2020.

Note 3 — Portfolio Investments

When-Issued, Delayed-Delivery and Forward Commitment Transactions: The Funds, with the exception of the TCW Conservative Allocation Fund, may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities until they are delivered, it immediately assumes the risks of ownership, including the risk of price

TCW Funds, Inc.

April 30, 2020

Note 3 — Portfolio Investments (Continued)

fluctuation. If the Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the values of the subject securities will fluctuate with market conditions. In addition, because a Fund is not required to pay for when-issued, delayed-delivery or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not set aside liquid assets to cover the commitment. To guard against the deemed leverage, the Fund monitors the obligations under these transactions on a daily basis and ensures that the Fund has sufficient liquid assets to cover them. There were no when-issued, delayed-delivery or forward commitment transactions in the Funds during the period ended April 30, 2020.

Repurchase Agreements: The Funds may enter into Repurchase Agreements, under the terms of a Master Repurchase Agreement (“MRA”). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of April 30, 2020.

Security Lending: The Funds may lend their securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Funds can accept money market instruments or U.S. government securities with a market value at least equal to the market value of the securities on loan. As with any extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Funds earn additional income for lending their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended April 30, 2020.

Derivatives:

Options: The Funds may purchase and sell put and call options on a security or an index of securities to enhance investment performance or to protect against changes in market prices. The Funds may also enter into currency options to hedge against or take advantage of changes in currency fluctuations.

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If a Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund ultimately wants to buy. A Fund may also purchase a call option as a long

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit a Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. Premiums paid for purchasing options that expire are treated as realized losses.

Options traded on a securities or options exchange typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by an exchange or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited.

OTC options are options not traded on exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by a Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration.

During the period ended April 30, 2020, TCW Global Real Estate Fund entered into option contracts to hedge the Fund’s investments from market volatility in the real estate sector.

Note 4 — Risk Considerations

Market Risk: The Funds’ investments will fluctuate with market conditions, and so will the value of your investment in the Funds. You could lose money on your investment in the Funds or the Funds could underperform other investments.

Liquidity Risk: The Funds’ investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in high- yield securities, foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.

Counterparty Risk: The Funds may be exposed to counterparty risk, the risk that an entity with which the Funds have unsettled or open transactions may not fulfill its obligations.

Investment Style Risk: Certain Funds may also be subject to investment style risk. The Advisor’s investment styles may be out of favor at times or may not produce the best results over short or longer time periods and may increase the volatility of a Fund’s share price.

TCW Funds, Inc.

April 30, 2020

Note 4 — Risk Considerations (Continued)

Equity Risk: Equity securities may include common stock, preferred stock or other securities representing an ownership interest or the right to acquire an ownership interest in an issuer. Equity risk is the risk that stocks and other equity securities generally fluctuate in value more than bonds and can decline in value over short or extended periods. The value of stocks and other equity securities will be affected by changes in a company’s financial condition and in overall market, economic and political conditions.

For complete information on the various risks involved, please refer to the Funds’ prospectus and the Statement of Additional Information which can be obtained on the Funds’ website (www.tcw.com) or by calling customer service at1-800-FUND-TCW(1-800-386-3829).

Public Health Emergencies Risk and Impact of the Coronavirus (COVID-19): Pandemics and other local, national, and international public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and any similar future emergencies may materially and adversely impact economic production and activity in ways that cannot be predicted, all of which could result in substantial investment losses.

The World Health Organization officially declared in March 2020 that the COVID-19 outbreak formally constitutes a “pandemic.” This outbreak has caused a worldwide public health emergency, straining healthcare resources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effort to contain COVID-19, local, regional, and national governments, as well as private businesses and other organizations, have imposed and continue to impose severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including “stay-at-home,” “shelter-in-place,” and similar orders), and ordering the closure of a wide range of offices, businesses, schools, and other public venues. Consequently, COVID-19 has significantly diminished and disrupted global economic production and activity of all kinds and has contributed to both volatility and a severe decline in financial markets. Among other things, these unprecedented developments have resulted in: (i) material reductions in demand across most categories of consumers and businesses; (ii) dislocation (or, in some cases, a complete halt) in the credit and capital markets; (iii) labor force and operational disruptions; (iv) slowing or complete idling of certain supply chains and manufacturing activity; and (v) strain and uncertainty for businesses and households, with a particularly acute impact on industries dependent on travel and public accessibility, such as transportation, hospitality, tourism, retail, sports, and entertainment.

The ultimate impact of COVID-19 (and of the resulting precipitous decline and disruption in economic and commercial activity across many of the world’s economies) on global economic conditions, and on the operations, financial condition, and performance of any particular market, industry or business, is impossible to predict. However, ongoing and potential additional materially adverse effects, including further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. The extent of COVID-19’s impact will depend on many factors, including the ultimate duration and scope of the public health emergency and the restrictive countermeasures being undertaken, as well as the effectiveness of other governmental, legislative, and financial and monetary policy interventions designed to mitigate the crisis and address its negative externalities, all of which are evolving rapidly and may have unpredictable results. Even if COVID-19’s spread is substantially contained, it will be difficult to assess what the longer-term impacts of an extended period of unprecedented economic

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

dislocation and disruption will be on future economic developments, the health of certain markets, industries and businesses, and commercial and consumer behavior.

The ongoing COVID-19 crisis and any other public health emergency could have a significant adverse impact on our investments and result in significant investment losses. The extent of the impact on business operations and performance of market participants and the companies in which we invest depends and will continue to depend on many factors, virtually all of which are highly uncertain and unpredictable, and this impact may include or lead to: (i) significant reductions in revenue and growth; (ii) unexpected operational losses and liabilities; (iii) impairments to credit quality; and (iv) reductions in the availability of capital. These same factors may limit the ability to source, research, and execute new investments, as well as to sell investments in the future, and governmental mitigation actions may constrain or alter existing financial, legal, and regulatory frameworks in ways that are adverse to the investment strategies we intend to pursue, all of which could materially diminish our ability to fulfill investment objectives. They may also impair the ability of the companies in which we investor their counterparties to perform their respective obligations under debt instruments and other commercial agreements (including their ability to pay obligations as they become due), potentially leading to defaults with uncertain consequences, including the potential for defaults by borrowers under debt instruments held in a client’s portfolio. In addition, an extended period of remote working by the employees of the companies in which we invest subjects those companies to additional operational risks, including heightened cybersecurity risk. Remote working environments may be less secure and more susceptible to cyberattacks that seek to exploit the COVID-19 pandemic, and the operational damage of any such events could potentially disrupt our business and reduce the value of our investments. The operations of securities markets may also be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, restrictions on travel and movement, remote-working requirements, and other factors related to a public health emergency, including the potential adverse impact on the health of any such entity’s personnel. These measures may also hinder normal business operations by impairing usual communication channels and methods, hampering the performance of administrative functions such as processing payments and invoices, and diminishing the ability to make accurate and timely projections of financial performance. Because our ability to execute transactions on behalf of the Funds is dependent upon the timely performance of multiple third parties, any interruptions in the business operations of those third parties could impair our ability to effectively implement a Fund’s investment strategies.

Note 5 — Federal Income Taxes

It is the policy of each Fund to comply with the requirements under Subchapter M of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required.

TCW Funds, Inc.

April 30, 2020

Note 5 — Federal Income Taxes (Continued)

At April 30, 2020 net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows:


	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)		Cost of Investments for Federal Income Tax Purposes
TCW Artificial Intelligence Equity Fund	$	975,587	$	(71,860	)	$	903,727	$	4,207,673
TCW Conservative Allocation Fund		2,383,446		(837,402	)		1,546,044		26,437,077
TCW Global Real Estate Fund		423,886		(375,680	)		48,206		4,767,787
TCW New America Premier Equities Fund		19,633,093		(4,504,945	)		15,128,148		166,657,349
TCW Relative Value Dividend Appreciation Fund		33,705,857		(24,140,284	)		9,565,573		207,029,170
TCW Relative Value Large Cap Fund		21,331,025		(10,138,305	)		11,192,720		83,296,393
TCW Relative Value Mid Cap Fund		10,776,863		(6,039,801	)		4,737,062		54,192,219
TCW Select Equities Fund		419,275,172		(899,678	)		418,375,494		256,022,751

At October 31, 2019, the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Conservative Allocation Fund	$	443,446	$	237,494	$	680,940
TCW Global Real Estate Fund		65,230		—		65,230
TCW New America Premier Equities Fund		544,514		575,388		1,119,902
TCW Relative Value Dividend Appreciation Fund		618,956		19,573,203		20,192,159
TCW Relative Value Large Cap Fund		3,359,621		56,558,431		59,918,052
TCW Relative Value Mid Cap Fund		139,532		1,374,491		1,514,023
TCW Select Equities Fund		—		81,572,707		81,572,707

For the fiscal year ended October 31, 2019, the tax character of distributions paid was as follows:


	Ordinary Income		Long-Term Capital Gain		Total Distributions
TCW Conservative Allocation Fund	$	499,394	$	1,228,449	$	1,727,843
TCW Global Real Estate Fund		124,198		—		124,198
TCW New America Premier Equities Fund		182,613		296,757		479,370
TCW Relative Value Dividend Appreciation Fund		7,540,920		25,419,917		32,960,837
TCW Relative Value Large Cap Fund		6,198,135		39,749,683		45,947,818
TCW Relative Value Mid Cap Fund		543,644		6,237,869		6,781,513
TCW Select Equities Fund		—		117,726,514		117,726,514

At October 31, 2019, the following Funds had net realized loss carryforwards for federal income tax purposes:


	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Artificial Intelligence Equity Fund	$	97,096	$	6,667	$	103,763
TCW Global Real Estate Fund		716,961		70,998		787,959

The Funds did not have any unrecognized tax benefits at April 30, 2020, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2020. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 6 — Fund Management Fees and Other Expenses

The Funds pay to the Advisor, as compensation for services rendered, facilities furnished and expenses borne by it, the following annual management fees as a percentage of daily net assets:


TCW Artificial Intelligence Equity Fund	0.70	%
TCW Global Real Estate Fund	0.80	%
TCW New America Premier Equities Fund	0.65	%
TCW Relative Value Dividend Appreciation Fund	0.60	%
TCW Relative Value Large Cap Fund	0.60	%
TCW Relative Value Mid Cap Fund	0.70	%
TCW Select Equities Fund	0.65	%

The TCW Conservative Allocation Fund does not pay management fees to the Advisor; however, the Fund pays management fees to the Advisor indirectly as a shareholder in the underlying affiliated funds.

The Advisor limits the operating expenses of the Funds not to exceed the following expense ratios relative to the Funds’ average daily net assets. The expense ratios were in effect at April 30, 2020.


TCW Artificial Intelligence Equity Fund
I Class	0.90	% ⁽¹⁾
N Class	1.00	% ⁽¹⁾
TCW Conservative Allocation Fund
I Class	0.85	% ⁽¹⁾
N Class	0.85	% ⁽¹⁾
TCW Global Real Estate Fund
I Class	1.00	% ⁽¹⁾
N Class	1.15	% ⁽¹⁾
TCW New America Premier Equities Fund
I Class	1.09	% ⁽²⁾
N Class	1.09	% ⁽²⁾
TCW Relative Value Dividend Appreciation Fund
I Class	0.70	% ⁽¹⁾
N Class	0.90	% ⁽¹⁾
TCW Relative Value Large Cap Fund
I Class	0.70	% ⁽¹⁾
N Class	0.90	% ⁽¹⁾
TCW Relative Value Mid Cap Fund
I Class	0.85	% ⁽¹⁾
N Class	0.95	% ⁽¹⁾
TCW Select Equities Fund
I Class	0.80	% ⁽¹⁾
N Class	1.00	% ⁽¹⁾

(1)

These limitations are based on an agreement between the Advisor and the Company.

(2)

Limitation based on average expense ratio as reported by Lipper, Inc., which is subject to change on a monthly basis. This ratio was in effect as of April 30, 2020. These limitations are voluntary and terminable in a six months’ notice.

The amount borne by the Advisor during a fiscal year when the operating expenses of a Fund are in excess of the expense limitation cannot be recaptured in the subsequent fiscal years should the expenses drop below the expense limitation in the subsequent years. The Advisor can only recapture expenses within a given fiscal year for that year’s operating expenses.

Directors’ Fees: Directors who are not affiliated with the Advisor receive compensation from the Funds which are shown on the Statement of Operations. Directors may elect to defer receipt of their fees in accordance with the terms of aNon-Qualified Deferred Compensation Plan. Total accrued and deferred amounts are recorded on the Fund’s books as other liabilities.

TCW Funds, Inc.

April 30, 2020

Note 7 — Distribution Plan

TCW Funds Distributors LLC (“Distributor”), an affiliate of the Advisor and the Funds, serves as the nonexclusive distributor of each class of the Funds’ shares. The Funds have a distribution plan pursuant to Rule12b-1 under the 1940 Act with respect to the N Class shares of each Fund. Under the terms of the plan, each Fund compensates the Distributor at a rate equal to 0.25% of the average daily net assets of the Fund attributable to its N Class shares for distribution and related services.

Note 8 — Transactions with Affiliates

The ownership percentage of the TCW Conservative Allocation Fund in each of the affiliated underlying funds at April 30, 2020 is as follows:


Name of Affiliated Fund	Ownership Percentage ⁽¹⁾
Metropolitan West High Yield Bond Fund		0.06	%
Metropolitan West Low Duration Bond Fund		0.08	%
Metropolitan West Total Return Bond Fund		0.01	%
Metropolitan West Unconstrained Bond Fund		0.01	%
TCW Emerging Markets Income Fund		0.00	% ⁽²⁾
TCW Global Bond Fund		3.89	%
TCW Global Real Estate Fund		23.27	%
TCW New America Premier Equities Fund		2.33	%
TCW Relative Value Large Cap Fund		1.54	%
TCW Relative Value Mid Cap Fund		0.38	%
TCW Select Equities Fund		0.48	%
TCW Total Return Bond Fund		0.06	%

(1)

Percentage ownership based on total net assets of the underlying fund.

(2)

Amount rounds to less than 0.00%.

The financial statements of the Funds not contained in this report are available by calling800-FUND-TCW(800-386-3829) or by going to the SEC website at www.sec.gov.

Note 9 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the six months ended April 30, 2020 were as follows:


	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Artificial Intelligence Equity Fund	$	1,262,340	$	663,207	$	—	$	—
TCW Conservative Allocation Fund		7,073,589		7,473,425		—		—
TCW Global Real Estate Fund		1,659,153		3,331,992		—		—
TCW New America Premier Equities Fund		114,978,856		67,385,965		—		—
TCW Relative Value Dividend Appreciation Fund		32,330,003		70,849,181		—		—
TCW Relative Value Large Cap Fund		22,469,784		52,110,424		—		—
TCW Relative Value Mid Cap Fund		17,990,171		20,639,807		—		—
TCW Select Equities Fund		14,684,867		103,344,149		—		—

During the period ended April 30, 2020, the TCW Select Equities Fund delivered securities in exchange for shares redeemed by a shareholder in anin-kind redemption valued at $192,760,534 on the date of transfer. The shareholder is a nonaffiliate of the Advisor. For financial reporting purposes, the Fund recognizes a gain or loss on the transfer of securities; however, the gain or loss is not recognized for tax purposes and is reclassified from undistributed realized gain (loss) topaid-in capital. The Fund realized $99,294,343 net gain attributable to thein-kind redemption.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 10 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:


TCW Artificial Intelligence Equity Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		125,254		$	1,647,674			145,852		$	1,828,385
Shares Issued upon Reinvestment of Dividends		—			—			—			—
Shares Redeemed		(88,799	)		(1,209,813	)		(36,510	)		(441,472	)

Net Increase		36,455		$	437,861			109,342		$	1,386,913


N Class	Shares			Amount			Shares			Amount
Shares Sold		47,450		$	652,196			27,842		$	349,289
Shares Issued upon Reinvestment of Dividends		—			—			—			—
Shares Redeemed		(21,676	)		(286,913	)		(11,932	)		(145,876	)

Net Increase		25,774		$	365,283			15,910		$	203,413


TCW Conservative Allocation Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		149,497		$	1,666,045			91,375		$	1,067,893
Shares Issued upon Reinvestment of Dividends		161,527			1,860,793			155,645			1,670,629
Shares Redeemed		(284,169	)		(3,274,358	)		(193,887	)		(2,278,514	)

Net Increase		26,855		$	252,480			53,133		$	460,008


N Class	Shares			Amount			Shares			Amount
Shares Sold		14,944		$	176,466			4,184		$	49,644
Shares Issued upon Reinvestment of Dividends		1,926			22,240			2,560			27,777
Shares Redeemed		(17,217	)		(186,752	)		(22,125	)		(258,348	)

Net Increase (Decrease)		(347	)	$	11,954			(15,381	)	$	(180,927	)


TCW Global Real Estate Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		6,623		$	62,211			294,477		$	2,959,883
Shares Issued upon Reinvestment of Dividends		7,912			87,191			10,892			107,612
Shares Redeemed		(157,046	)		(1,490, 059	)		(31,703	)		(295,516	)

Net Increase (Decrease)		(142,511	)	$	(1,340,657	)		273,666		$	2,771,979


N Class	Shares			Amount			Shares			Amount
Shares Sold		114		$	1,000			9		$	100
Shares Issued upon Reinvestment of Dividends		820			9,035			1,433			13,771
Shares Redeemed		(14	)		(155	)		(108	)		(1,146	)

Net Increase		920		$	9,880			1,334		$	12,725


TCW New America Premier Equities Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		3,296,777		$	66,629,275			4,115,075		$	77,881,802
Shares Issued upon Reinvestment of Dividends		47,686			1,009,510			26,097			394,790
Shares Redeemed		(1,480,122	)		(28,315,441	)		(806,311	)		(15,331,819	)

Net Increase		1,864,341		$	39,323,344			3,334,861		$	62,944,773


N Class	Shares			Amount			Shares			Amount
Shares Sold		1,407,816		$	29,391,449			2,893,815		$	57,027,756
Shares Issued upon Reinvestment of Dividends		21,947			464,614			5,126			77,506
Shares Redeemed		(1,438,716	)		(28,304,631	)		(631,500	)		(12,586,510	)

Net Increase (Decrease)		(8,953	)	$	1,551,432			2,267,441		$	44,518,752

TCW Funds, Inc.

April 30, 2020

Note 10 — Capital Share Transactions (Continued)



TCW Relative Value Dividend Appreciation Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		149,773		$	2,322,860			504,129		$	8,511,269
Shares Issued upon Reinvestment of Dividends		368,817			6,321,478			414,078			6,432,972
Shares Redeemed		(1,051,105	)		(15,642,963	)		(1,433,844	)		(23,495,398	)

Net Decrease		(532,515	)	$	(6,998,625	)		(515,637	)	$	(8,551,157	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		129,790		$	2,046,451			319,044		$	5,511,987
Shares Issued upon Reinvestment of Dividends		920,490			16,058,390			1,656,828			25,982,155
Shares Redeemed		(1,991,909	)		(31,754,822	)		(12,869,283	)		(211,307,480	)

Net Decrease		(941,629	)	$	(13,649,981	)		(10,893,411	)	$	(179,813,338	)



TCW Relative Value Large Cap Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		1,928,982		$	26,553,686			1,830,874		$	31,978,587
Shares Issued upon Reinvestment of Dividends		4,126,933			51,339,036			2,767,903			43,456,077
Shares Redeemed		(4,339,015	)		(53,864,863	)		(17,557,586	)		(317,936,796	)

Net Increase (Decrease)		1,716,900		$	24,027,859			(12,958,809	)	$	(242,502,132	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		229,618		$	3,654,355			65,333		$	1,163,632
Shares Issued upon Reinvestment of Dividends		425,019			5,265,990			89,401			1,400,709
Shares Redeemed		(406,175	)		(4,893,599	)		(193,899	)		(3,492,878	)

Net Increase (Decrease)		248,462		$	4,026,746			(39,165	)	$	(928,537	)


TCW Relative Value Mid Cap Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019

I Class	Shares			Amount			Shares			Amount
Shares Sold		202,925		$	3,442,372			240,142		$	4,861,204
Shares Issued upon Reinvestment of Dividends		72,768			1,634,356			304,588			5,400,645
Shares Redeemed		(298,671	)		(5,578,634	)		(740,307	)		(15,038,443	)

Net Decrease		(22,978	)	$	(501,906	)		(195,577	)	$	(4,776,594	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		14,165		$	289,875			34,016		$	679,337
Shares Issued upon Reinvestment of Dividends		15,774			344,185			71,892			1,238,703
Shares Redeemed		(77,900	)		(1,457,830	)		(225,969	)		(4,551,554	)

Net Decrease		(47,961	)	$	(823,770	)		(120,061	)	$	(2,633,514	)


TCW Select Equities Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		2,782,491		$	72,740,633			3,290,816		$	83,826,396
Shares Issued upon Reinvestment of Dividends		1,905,157			52,239,394			3,365,894			73,073,756
Shares Redeemed		(13,251,751	)		(318,015,997	)		(6,094,637	)		(157,466,429	)

Net Increase (Decrease)		(8,564,103	)	$	(193,035,970	)		562,073		$	(566,277	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		575,350		$	13,807,221			855,977		$	20,126,165
Shares Issued upon Reinvestment of Dividends		524,250			12,639,676			966,328			18,698,643
Shares Redeemed		(820,716	)		(19,083,740	)		(1,855,073	)		(43,185,903	)

Net Increase (Decrease)		278,884		$	7,363,157			(32,768	)	$	(4,361,095	)

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 11 — Ownership

As of April 30, 2020, affiliates of the Funds and Advisor owned 33.68%, 49.13%, 5.25%, 7.96% and 23.71% of the net assets of the TCW Artificial Intelligence Equity Fund, the TCW Global Real Estate Fund, the TCW New America Premier Equities Fund, the TCW Relative Value Large Cap Fund, and TCW Relative Value Mid Cap Fund, respectively.

Note 12 — Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities held by the Funds at April 30, 2020.

Note 13 — Committed Line Of Credit

The Company has entered into a $100,000,000 committed revolving line of credit agreement renewed annually with the State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes. The interest rate on borrowing is the higher of the Federal Funds rate or the overnight LIBOR rate, plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2020. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the daily unused portion of the committed line amount. The commitment fees incurred by the Funds are presented in the Statements of Operations. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

Note 14 — Liquidity Risk Management Program

Rule22e-4 under the 1940 Act (the “Liquidity Rule”) requires that all registeredopen-end management investment companies, including the Funds, establish a written liquidity risk management program (a “Liquidity Program”). Under a fund’s Liquidity Program, a fund must assess, manage and periodically review the fund’s liquidity risk, classify the liquidity of each of the fund’s portfolio investments, determine a highly liquid investment minimum, limit illiquid investments to 15% of fund investments, and establish policies and procedures regarding how and when a fund will engage in redemptionsin-kind. Consistent with the Liquidity Rule, the Board has approved the written Liquidity Program for the Funds and has designated a committee of professionals associated with the Advisor to administer the Funds’ Liquidity Program (the “Program Administrator”).

TCW Funds, Inc.

April 30, 2020

Note 14 — Liquidity Risk Management Program (Continued)

Liquidity Rule) and the operation and monitoring of the HLIM assigned to a Fund, as applicable; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions. The Report concluded that the Liquidity Program was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented with respect to each Fund during the Reporting Period.

There can be no assurance that the Liquidity Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Note 15 — Indemnifications

Under the Company’s organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Company. In addition, the Company entered into an agreement with each of the Directors which provides that the Company will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by any Director in any proceeding arising out of or in connection with the Director’s services to the Company, to the fullest extent permitted by the Company’s Articles of Incorporation andBy-Laws, the Maryland General Corporation Law, the Securities Act, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Company enters into agreements with service providers that may contain indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. The Company has not accrued any liability in connection with such indemnification.

Note 16 — New Accounting Pronouncement

In August 2018, the FASB released Accounting Standards Update (ASU)2018-13, which changes the fair value measurement disclosure requirements of Topic 820. The amendments in this ASU are the result of a broader disclosure project called FASB Concept Statement, Conceptual Framework for Financial Reporting — Chapter 8 Notes to Financial Statements. The objective and primary focus of the project are to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP that is most important to users of the financial statements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of the ASU. Management has concluded that the ASU had no material impact to the financial statements.

TCW Artificial Intelligence Equity Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,						August 31, 2017 (Commencement of Operations) through October 31, 2017
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018
Net Asset Value per Share, Beginning of Period	$	12.70		$	11.18		$	10.64		$	10.00

Income (Loss) from Investment Operations:
Net Investment Loss		(0.01	)		(0.02	)		(0.04	)		(0.00	) ⁽¹⁾
Net Realized and Unrealized Gain on Investments ⁽²⁾		1.12			1.54			0.58			0.64

Total from Investment Operations		1.11			1.52			0.54			0.64

Less Distributions:
Distributions from Net Investment Income		—			—			(0.00	) ⁽¹⁾		—

Net Asset Value per Share, End of Period	$	13.81		$	12.70		$	11.18		$	10.64

Total Return		8.74	% ⁽³⁾		13.60	%		5.09	%		6.40	% ⁽⁴⁾
Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	3,699		$	2,940		$	1,364		$	695

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		3.31	% ⁽⁵⁾		6.36	%		8.32	%		23.66	% ⁽⁵⁾

After Expense Reimbursement		0.90	% ⁽⁵⁾		0.92	%		1.05	%		1.05	% ⁽⁵⁾

Ratio of Net Investment Income (Loss) to Average Net Assets		(0.22	)% ⁽⁵⁾		(0.17	)%		(0.34	)%		0.23	% ⁽⁵⁾

Portfolio Turnover Rate		14.86	% ⁽³⁾		61.09	%		74.22	%		13.05	% ⁽⁴⁾

(1)

Amount rounds to less than $0.01 per share.

(2)

Computed using average shares outstanding throughout the period.

(3)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(4)

For the period August 31, 2017 (Commencement of Operations) through October 31, 2017.

(5)

Annualized.

See accompanying Notes to Financial Statements.

TCW Artificial Intelligence Equity Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,						August 31, 2017 (Commencement of Operations) through October 31, 2017
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018
Net Asset Value per Share, Beginning of Period	$	12.69		$	11.17		$	10.64		$	10.00

Income (Loss) from Investment Operations:
Net Investment Loss		(0.02	)		(0.03	)		(0.04	)		(0.00	) ⁽¹⁾
Net Realized and Unrealized Gain on Investments ⁽²⁾		1.12			1.55			0.57			0.64

Total from Investment Operations		1.10			1.52			0.53			0.64

Less Distributions:
Distributions from Net Investment Income		—			—			(0.00	) ⁽¹⁾		—

Net Asset Value per Share, End of Period	$	13.79		$	12.69		$	11.17		$	10.64

Total Return		8.67	% ⁽³⁾		13.61	%		5.00	%		6.40	% ⁽⁴⁾
Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	1,430		$	989		$	693		$	532

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		4.85	% ⁽⁵⁾		7.99	%		9.60	%		26.07	% ⁽⁵⁾

After Expense Reimbursement		1.00	% ⁽⁵⁾		1.01	%		1.05	%		1.05	% ⁽⁵⁾

Ratio of Net Investment Income (Loss) to Average Net Assets		(0.32	)% ⁽⁵⁾		(0.25	)%		(0.33	)%		0.25	% ⁽⁵⁾

Portfolio Turnover Rate		14.86	% ⁽³⁾		61.09	%		74.22	%		13.05	% ⁽⁴⁾

(1)

Amount rounds to less than $0.01 per share.

(2)

Computed using average shares outstanding throughout the period.

(3)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(4)

For the period August 31, 2017 (Commencement of Operations) through October 31, 2017.

(5)

Annualized.

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	12.09		$	11.68		$	12.17		$	12.13		$	12.50		$	12.24

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.12			0.24			0.20			0.15			0.17			0.13
Net Realized and Unrealized Gain (Loss) on Investments		(0.19	)		0.89			(0.19	)		0.67			(0.07	)		0.33

Total from Investment Operations		(0.07	)		1.13			0.01			0.82			0.10			0.46

Less Distributions:
Distributions from Net Investment Income		(0.71	)		(0.21	)		(0.20	)		(0.29	)		(0.19	)		(0.14	)
Distributions from Net Realized Gain		(0.10	)		(0.51	)		(0.30	)		(0.49	)		(0.28	)		(0.06	)

Total Distributions		(0.81	)		(0.72	)		(0.50	)		(0.78	)		(0.47	)		(0.20	)

Net Asset Value per Share, End of Period	$	11.21		$	12.09		$	11.68		$	12.17		$	12.13		$	12.50

Total Return		(0.75	)% ⁽²⁾		10.46	%		0.04	%		7.28	%		0.78	%		3.88	%
Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	27,704		$	29,565		$	27,925		$	30,144		$	28,982		$	33,909

Ratio of Expenses to Average Net Assets ⁽³⁾		0.41	% ⁽⁴⁾		0.44	%		0.37	%		0.36	%		0.30	%		0.25	%

Ratio of Net Investment Income to Average Net Assets		2.14	% ⁽⁴⁾		2.03	%		1.68	%		1.26	%		1.41	%		1.01	%

Portfolio Turnover Rate		24.91	% ⁽²⁾		21.66	%		19.79	%		55.53	%		37.62	%		30.24	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Does not include expenses of the underlying affiliated funds.

(4)

Annualized.

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	12.09		$	11.67		$	12.15		$	12.07		$	12.44		$	12.17

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.10			0.20			0.15			0.11			0.11			0.04
Net Realized and Unrealized Gain (Loss) on Investments		(0.20	)		0.90			(0.18	)		0.66			(0.08	)		0.35

Total from Investment Operations		(0.10	)		1.10			(0.03	)		0.77			0.03			0.39

Less Distributions:
Distributions from Net Investment Income		(0.67	)		(0.17	)		(0.15	)		(0.20	)		(0.12	)		(0.06	)
Distributions from Net Realized Gain		(0.10	)		(0.51	)		(0.30	)		(0.49	)		(0.28	)		(0.06	)

Total Distributions		(0.77	)		(0.68	)		(0.45	)		(0.69	)		(0.40	)		(0.12	)

Net Asset Value per Share, End of Period	$	11.22		$	12.09		$	11.67		$	12.15		$	12.07		$	12.44

Total Return		(0.98	)% ⁽²⁾		10.16	%		(0.35	)%		6.74	%		0.31	%		3.31	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	321		$	350		$	518		$	532		$	1,597		$	1,876
Ratio of Expenses to Average Net Assets:⁽³⁾

Before Expense Reimbursement		6.75	% ⁽⁴⁾		6.89	%		5.14	%		3.30	%		1.54	%		1.61	%

After Expense Reimbursement		0.72	% ⁽⁴⁾		0.74	%		0.76	%		0.81	%		0.82	%		0.84	%

Ratio of Net Investment Income to Average Net Assets		1.76	% ⁽⁴⁾		1.75	%		1.28	%		0.89	%		0.89	%		0.36	%

Portfolio Turnover Rate		24.91	% ⁽²⁾		21.66	%		19.79	%		55.53	%		37.62	%		30.24	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Does not include expenses of the underlying affiliated funds.

(4)

Annualized.

See accompanying Notes to Financial Statements.

TCW Global Real Estate Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												November 28, 2014 (Commencement of Operations) through October 31, 2015
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016
Net Asset Value per Share, Beginning of Period	$	11.16		$	9.30		$	10.10		$	9.42		$	9.71		$	10.00

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.10			0.33			0.25			0.25			0.30			0.21
Net Realized and Unrealized Gain (Loss) on Investments		(1.34	)		1.78			(0.85	)		0.70			(0.26	)		(0.27	)

Total from Investment Operations		(1.24	)		2.11			(0.60	)		0.95			0.04			(0.06	)

Less Distributions:
Distributions from Net Investment Income		(0.16	)		(0.25	)		(0.20	)		(0.27	)		(0.29	)		(0.23	)
Distributions from Net Realized Gain		—			—			—			—			(0.01	)		—
Distributions from Return of Capital		—			—			—			—			(0.03	)		—

Total Distributions		(0.16	)		(0.25	)		(0.20	)		(0.27	)		(0.33	)		(0.23	)

Net Asset Value per Share, End of Period	$	9.76		$	11.16		$	9.30		$	10.10		$	9.42		$	9.71

Total Return		(11.29	)% ⁽³⁾		23.17	%		(6.06	)%		10.28	%		0.31	%		(0.62	)% ⁽²⁾
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	4,310		$	6,518		$	2,886		$	2,818		$	3,499		$	4,320
Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		2.69	% ⁽⁴⁾		3.15	%		3.78	%		4.38	%		3.29	%		5.28	% ⁽⁴⁾

After Expense Reimbursement		1.00	% ⁽⁴⁾		1.00	%		1.12	%		1.37	%		1.40	%		1.43	% ⁽⁴⁾

Ratio of Net Investment Income to Average Net Assets		1.87	% ⁽⁴⁾		3.25	%		2.55	%		2.57	%		3.14	%		2.27	% ⁽⁴⁾

Portfolio Turnover Rate		27.37	% ⁽³⁾		85.18	%		121.67	%		74.51	%		68.69	%		23.58	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period November 28, 2014 (Commencement of Operations) through October 31, 2015.

(3)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying Notes to Financial Statements.

TCW Global Real Estate Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												November 28, 2014 (Commencement of Operations) through October 31, 2015
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016
Net Asset Value per Share, Beginning of Period	$	11.16		$	9.30		$	10.10		$	9.42		$	9.70		$	10.00

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.10			0.39			0.24			0.25			0.32			0.24
Net Realized and Unrealized Gain (Loss) on Investments		(1.35	)		1.71			(0.85	)		0.70			(0.27	)		(0.31	)

Total from Investment Operations		(1.25	)		2.10			(0.61	)		0.95			0.05			(0.07	)

Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.24	)		(0.19	)		(0.27	)		(0.29	)		(0.23	)
Distributions from Net Realized Gain		—			—			—			—			(0.01	)		—
Distributions from Return of Capital		—			—			—			—			(0.03	)		—

Total Distributions		(0.15	)		(0.24	)		(0.19	)		(0.27	)		(0.33	)		(0.23	)

Net Asset Value per Share, End of Period	$	9.76		$	11.16		$	9.30		$	10.10		$	9.42		$	9.70

Total Return		(11.33	)% ⁽³⁾		22.99	%		(6.14	)%		10.28	%		0.41	%		(0.72	)% ⁽²⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	584		$	658		$	536		$	581		$	517		$	510

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		6.31	% ⁽⁴⁾		7.17	%		7.65	%		7.92	%		6.66	%		9.21	% ⁽⁴⁾

After Expense Reimbursement		1.15	% ⁽⁴⁾		1.15	%		1.22	%		1.37	%		1.40	%		1.43	% ⁽⁴⁾

Ratio of Net Investment Income to Average Net Assets		1.84	% ⁽⁴⁾		3.88	%		2.46	%		2.51	%		3.34	%		2.58	% ⁽⁴⁾

Portfolio Turnover Rate		27.37	% ⁽³⁾		85.18	%		121.67	%		74.51	%		68.69	%		23.58	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period November 28, 2014 (Commencement of Operations) through October 31, 2015.

(3)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying Notes to Financial Statements.

TCW New America Premier Equities Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,									January 29, 2016 (Commencement of Operations) through October 31, 2016
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017
Net Asset Value per Share, Beginning of Period	$	20.34		$	16.27		$	15.24		$	11.23		$	10.00

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		0.03			0.11			(0.02	)		0.01			0.08
Net Realized and Unrealized Gain (Loss) on Investments		(0.78	)		4.18			1.59			4.22			1.15

Total from Investment Operations		(0.75	)		4.29			1.57			4.23			1.23

Less Distributions:
Distributions from Net Investment Income		(0.10	)		(0.01	)		—			(0.05	)		—
Distributions from Net Realized Gain		(0.09	)		(0.21	)		(0.54	)		(0.17	)		—

Total Distributions		(0.19	)		(0.22	)		(0.54	)		(0.22	)		—

Net Asset Value per Share, End of Period	$	19.40		$	20.34		$	16.27		$	15.24		$	11.23

Total Return		(3.76	)% ⁽³⁾		26.79	%		10.60	%		38.41	%		12.30	% ⁽²⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	134,829		$	103,442		$	28,486		$	16,527		$	3,143

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.85	% ⁽⁴⁾		0.93	%		1.28	%		1.79	%		4.72	% ⁽⁴⁾

After Expense Reimbursement		0.85	% ⁽⁴⁾		0.82	%		1.04	%		1.04	%		1.05	% ⁽⁴⁾

Ratio of Net Investment Income (Loss) to Average Net Assets		0.34	% ⁽⁴⁾		0.56	%		(0.13	)%		0.11	%		1.03	% ⁽⁴⁾

Portfolio Turnover Rate		39.19	% ⁽³⁾		105.28	%		49.68	%		114.48	%		73.83	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period January 29, 2016 (Commencement of Operations) through October 31, 2016.

(3)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying Notes to Financial Statements.

TCW New America Premier Equities Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,									January 29, 2016 (Commencement of Operations) through October 31, 2016
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017
Net Asset Value per Share, Beginning of Period	$	20.31		$	16.27		$	15.24		$	11.23		$	10.00

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		0.02			0.06			(0.02	)		0.01			0.08
Net Realized and Unrealized Gain (Loss) on Investments		(0.79	)		4.20			1.59			4.22			1.15

Total from Investment Operations		(0.77	)		4.26			1.57			4.23			1.23

Less Distributions:
Distributions from Net Investment Income		(0.06	)		(0.01	)		—			(0.05	)		—
Distributions from Net Realized Gain		(0.09	)		(0.21	)		(0.54	)		(0.17	)		—

Total Distributions		(0.15	)		(0.22	)		(0.54	)		(0.22	)		—

Net Asset Value per Share, End of Period	$	19.39		$	20.31		$	16.27		$	15.24		$	11.23

Total Return		(3.85	)% ⁽³⁾		26.60	%		10.60	%		38.41	%		12.30	% ⁽²⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	49,599		$	52,130		$	4,879		$	2,313		$	1,128

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.18	% ⁽⁴⁾		1.28	%		2.14	%		3.64	%		6.08	% ⁽⁴⁾

After Expense Reimbursement		1.02	% ⁽⁴⁾		1.00	%		1.04	%		1.04	%		1.05	% ⁽⁴⁾

Ratio of Net Investment Income (Loss) to Average Net Assets		0.23	% ⁽⁴⁾		0.32	%		(0.13	)%		0.11	%		0.98	% ⁽⁴⁾

Portfolio Turnover Rate		39.19	% ⁽³⁾		105.28	%		49.68	%		114.48	%		73.83	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period January 29, 2016 (Commencement of Operations) through October 31, 2016.

(3)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying Notes to Financial Statements.

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	17.92		$	17.47		$	19.14		$	16.95		$	16.49		$	16.71

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.21			0.39			0.35			0.48			0.35			0.30
Net Realized and Unrealized Gain (Loss) on Investments		(3.06	)		1.37			(0.90	)		2.17			0.41			(0.24	)

Total from Investment Operations		(2.85	)		1.76			(0.55	)		2.65			0.76			0.06

Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.39	)		(0.40	)		(0.46	)		(0.30	)		(0.28	)
Distributions from Net Realized Gain		(1.19	)		(0.92	)		(0.72	)		—			—			—

Total Distributions		(1.40	)		(1.31	)		(1.12	)		(0.46	)		(0.30	)		(0.28	)

Net Asset Value per Share, End of Period	$	13.67		$	17.92		$	17.47		$	19.14		$	16.95		$	16.49

Total Return		(17.43	)% ⁽²⁾		11.27	%		(3.28	)%		15.69	%		4.66	%		0.40	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	60,095		$	88,314		$	95,108		$	128,498		$	165,331		$	175,694

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.74	% ⁽³⁾		0.75	%		0.78	%		0.78	%		0.87	%		0.86	%

After Expense Reimbursement		0.72	% ⁽³⁾		0.74	%		N/A			N/A			N/A			N/A

Ratio of Net Investment Income to Average Net Assets		2.60	% ⁽³⁾		2.28	%		1.84	%		2.60	%		2.11	%		1.81	%

Portfolio Turnover Rate		11.89	% ⁽²⁾		17.71	%		18.48	%		23.45	%		19.13	%		17.95	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	18.24		$	17.77		$	19.46		$	17.23		$	16.76		$	16.99

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.20			0.37			0.32			0.43			0.31			0.26
Net Realized and Unrealized Gain (Loss) on Investments		(3.12	)		1.38			(0.93	)		2.23			0.43			(0.25	)

Total from Investment Operations		(2.92	)		1.75			(0.61	)		2.66			0.74			0.01

Less Distributions:
Distributions from Net Investment Income		(0.20	)		(0.36	)		(0.36	)		(0.43	)		(0.27	)		(0.24	)
Distributions from Net Realized Gain		(1.19	)		(0.92	)		(0.72	)		—			—			—

Total Distributions		(1.39	)		(1.28	)		(1.08	)		(0.43	)		(0.27	)		(0.24	)

Net Asset Value per Share, End of Period	$	13.93		$	18.24		$	17.77		$	19.46		$	17.23		$	16.76

Total Return		(17.52	)% ⁽²⁾		11.02	%		(3.52	)%		15.46	%		4.43	%		0.10	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	157,467		$	223,322		$	411,123		$	493,766		$	876,421		$	878,544

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.00	% ⁽³⁾		1.04	%		1.05	%		1.05	%		1.15	%		1.14	%

After Expense Reimbursement		0.94	% ⁽³⁾		0.96	%		1.00	%		1.00	%		1.11	%		0.00	%

Ratio of Net Investment Income to Average Net Assets		2.38	% ⁽³⁾		2.10	%		1.62	%		2.24	%		1.86	%		1.53	%

Portfolio Turnover Rate		11.89	% ⁽²⁾		17.71	%		18.48	%		23.45	%		19.13	%		17.95	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Relative Value Large Cap Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	18.69		$	19.82		$	24.30		$	21.38		$	21.99		$	22.09

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.12			0.33			0.28			0.49			0.32			0.26
Net Realized and Unrealized Gain (Loss) on Investments		(1.72	)		0.84			(1.18	)		3.96			0.19			(0.14	)

Total from Investment Operations		(1.60	)		1.17			(0.90	)		4.45			0.51			0.12

Less Distributions:
Distributions from Net Investment Income		(0.49	)		(0.31	)		(0.47	)		(0.41	)		(0.25	)		(0.22	)
Distributions from Net Realized Gain		(7.01	)		(1.99	)		(3.11	)		(1.12	)		(0.87	)		—

Total Distributions		(7.50	)		(2.30	)		(3.58	)		(1.53	)		(1.12	)		(0.22	)

Net Asset Value per Share, End of Period	$	9.59		$	18.69		$	19.82		$	24.30		$	21.38		$	21.99

Total Return		(17.74	)% ⁽²⁾		8.13	%		(5.11	)%		21.55	%		2.61	%		0.50	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	86,733		$	136,917		$	402,035		$	472,078		$	480,174		$	667,957

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.77	% ⁽³⁾		0.78	%		0.77	%		0.77	%		0.88	%		0.88	%

After Expense Reimbursement		0.71	% ⁽³⁾		0.74	%		N/A			N/A			N/A			N/A

Ratio of Net Investment Income to Average Net Assets		1.88	% ⁽³⁾		1.79	%		1.28	%		2.11	%		1.57	%		1.14	%

Portfolio Turnover Rate		18.31	% ⁽²⁾		19.47	%		20.47	%		24.44	%		14.71	%		21.60	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Relative Value Large Cap Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	18.62		$	19.74		$	24.21		$	21.31		$	21.91		$	22.04

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.11			0.28			0.23			0.44			0.28			0.19
Net Realized and Unrealized Gain (Loss) on Investments		(1.71	)		0.86			(1.18	)		3.94			0.19			(0.14	)

Total from Investment Operations		(1.60	)		1.14			(0.95	)		4.38			0.47			0.05

Less Distributions:
Distributions from Net Investment Income		(0.45	)		(0.27	)		(0.41	)		(0.36	)		(0.20	)		(0.18	)
Distributions from Net Realized Gain		(7.01	)		(1.99	)		(3.11	)		(1.12	)		(0.87	)		—

Total Distributions		(7.46	)		(2.26	)		(3.52	)		(1.48	)		(1.07	)		(0.18	)

Net Asset Value per Share, End of Period	$	9.56		$	18.62		$	19.74		$	24.21		$	21.31		$	21.91

Total Return		(17.75	)% ⁽²⁾		7.92	%		(5.35	)%		21.27	%		2.42	%		0.20	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	8,296		$	11,535		$	13,003		$	16,373		$	19,530		$	25,084

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.31	% ⁽³⁾		1.24	%		1.21	%		1.16	%		1.23	%		1.20	%

After Expense Reimbursement		0.93	% ⁽³⁾		0.95	%		0.99	%		1.00	%		1.10	%		1.16	%

Ratio of Net Investment Income to Average Net Assets		1.67	% ⁽³⁾		1.52	%		1.05	%		1.93	%		1.35	%		0.86	%

Portfolio Turnover Rate		18.31	% ⁽²⁾		19.47	%		20.47	%		24.44	%		14.71	%		21.60	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Relative Value Mid Cap Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	21.06		$	22.44		$	25.96		$	20.02		$	22.43		$	26.62

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.09			0.18			0.12			0.11			0.18			0.17
Net Realized and Unrealized Gain (Loss) on Investments		(4.61	)		0.21			(1.56	)		5.96			0.34			(1.16	)

Total from Investment Operations		(4.52	)		0.39			(1.44	)		6.07			0.52			(0.99	)

Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.15	)		(0.13	)		(0.13	)		(0.16	)		(0.12	)
Distributions from Net Realized Gain		(0.37	)		(1.62	)		(1.95	)		—			(2.77	)		(3.08	)

Total Distributions		(0.55	)		(1.77	)		(2.08	)		(0.13	)		(2.93	)		(3.20	)

Net Asset Value per Share, End of Period	$	15.99		$	21.06		$	22.44		$	25.96		$	20.02		$	22.43

Total Return		(22.22	)% ⁽²⁾		3.18	%		(6.48	)%		30.40	%		3.53	%		(4.58	)%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	48,203		$	63,957		$	72,527		$	84,136		$	74,840		$	93,356

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.95	% ⁽³⁾		0.95	%		0.92	%		0.99	%		0.98	%		0.96	%

After Expense Reimbursement		0.89	% ⁽³⁾		0.90	%		N/A			N/A			N/A			N/A

Ratio of Net Investment Income to Average Net Assets		0.94	% ⁽³⁾		0.86	%		0.48	%		0.45	%		0.96	%		0.68	%

Portfolio Turnover Rate		25.29	% ⁽²⁾		25.89	%		22.60	%		31.93	%		17.81	%		23.15	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Relative Value Mid Cap Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	20.45		$	21.82		$	25.28		$	19.50		$	21.90		$	26.08

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.08			0.15			0.09			0.07			0.14			0.10
Net Realized and Unrealized Gain (Loss) on Investments		(4.48	)		0.21			(1.52	)		5.80			0.32			(1.12	)

Total from Investment Operations		(4.40	)		0.36			(1.43	)		5.87			0.46			(1.02	)

Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.11	)		(0.08	)		(0.09	)		(0.09	)		(0.08	)
Distributions from Net Realized Gain		(0.37	)		(1.62	)		(1.95	)		—			(2.77	)		(3.08	)

Total Distributions		(0.52	)		(1.73	)		(2.03	)		(0.09	)		(2.86	)		(3.16	)

Net Asset Value per Share, End of Period	$	15.53		$	20.45		$	21.82		$	25.28		$	19.50		$	21.90

Total Return		(22.25	)% ⁽²⁾		3.12	%		(6.61	)%		30.15	%		3.30	%		(4.78	)%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	10,227		$	14,448		$	18,040		$	19,095		$	16,839		$	19,559

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.38	% ⁽³⁾		1.37	%		1.31	%		1.37	%		1.35	%		1.30	%

After Expense Reimbursement		0.99	% ⁽³⁾		1.00	%		1.04	%		1.16	%		1.20	%		1.21	%

Ratio of Net Investment Income to Average Net Assets		0.84	% ⁽³⁾		0.76	%		0.36	%		0.29	%		0.74	%		0.44	%

Portfolio Turnover Rate		25.29	% ⁽²⁾		25.89	%		22.60	%		31.93	%		17.81	%		23.15	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Select Equities Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	27.64		$	27.13		$	30.42		$	26.06		$	29.65		$	26.71

Income (Loss) from Investment Operations:
Net Investment Loss ⁽¹⁾		(0.03	)		(0.06	)		(0.08	)		(0.05	)		(0.10	)		(0.02	)
Net Realized and Unrealized Gain (Loss) on Investments		2.63			4.21			3.37			5.99			(1.42	)		3.80

Total from Investment Operations		2.60			4.15			3.29			5.94			(1.52	)		3.78

Less Distributions:
Distributions from Net Realized Gain		(2.47	)		(3.64	)		(6.58	)		(1.58	)		(2.07	)		(0.84	)

Net Asset Value per Share, End of Period	$	27.77		$	27.64		$	27.13		$	30.42		$	26.06		$	29.65

Total Return		9.51	% ⁽²⁾		18.98	%		12.59	%		24.47	%		(5.56	)%		14.54	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	535,702		$	770,079		$	740,485		$	768,535		$	1,264,622		$	1,629,090

Ratio of Expenses to Average Net Assets		0.79	% ⁽³⁾		0.80	%		0.87	%		0.88	%		0.89	%		0.88	%

Ratio of Net Investment Loss to Average Net Assets		(0.25	)% ⁽³⁾		(0.25	)%		(0.29	)%		(0.18	)%		(0.38	)%		(0.08	)%

Portfolio Turnover Rate		1.72	% ⁽²⁾		6.41	%		15.43	%		17.95	%		14.05	%		27.19	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Select Equities Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	24.59		$	24.61		$	28.23		$	24.35		$	27.91		$	25.26

Income (Loss) from Investment Operations:
Net Investment Loss ⁽¹⁾		(0.05	)		(0.11	)		(0.13	)		(0.10	)		(0.16	)		(0.09	)
Net Realized and Unrealized Gain (Loss) on Investments		2.32			3.73			3.09			5.56			(1.33	)		3.58

Total from Investment Operations		2.27			3.62			2.96			5.46			(1.49	)		3.49

Less Distributions:
Distributions from Net Realized Gain		(2.47	)		(3.64	)		(6.58	)		(1.58	)		(2.07	)		(0.84	)

Net Asset Value per Share, End of Period	$	24.39		$	24.59		$	24.61		$	28.23		$	24.35		$	27.91

Total Return		9.34	% ⁽²⁾		18.74	%		12.36	%		24.20	%		(5.81	)%		14.22	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	138,086		$	132,332		$	133,252		$	138,807		$	151,174		$	274,026

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.09	% ⁽³⁾		1.08	%		1.15	%		1.16	%		1.16	%		1.14	%

After Expense Reimbursement		1.00	% ⁽³⁾		1.01	%		1.08	%		1.11	%		1.14	%		0.00	%

Ratio of Net Investment Loss to Average Net Assets		(0.45	)% ⁽³⁾		(0.45	)%		(0.50	)%		(0.39	)%		(0.64	)%		(0.33	)%

Portfolio Turnover Rate		1.72	% ⁽²⁾		6.41	%		15.43	%		17.95	%		14.05	%		27.19	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

As a shareholder of a Fund, you incur ongoing operational costs of the Fund, including management fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2019 to April 30, 2020 (182 days).

Actual Expenses: The first line under each Fund in the table below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The second line under each Fund in the table below provides information about the hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


TCW Funds, Inc.	Beginning Account Value November 01, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio			Expenses Paid During Period (November 01, 2019 to April 30, 2020)
TCW Artificial Intelligence Equity Fund
I Class Shares
Actual	$	1,000.00	$	1,087.40		0.90	%	$	4.67
Hypothetical (5% return before expenses)		1,000.00		1,020.39		0.90	%		4.52

N Class Shares
Actual	$	1,000.00	$	1,086.70		1.00	%	$	5.19
Hypothetical (5% return before expenses)		1,000.00		1,019.89		1.00	%		5.02

TCW Conservative Allocation Fund
I Class Shares
Actual	$	1,000.00	$	992.50		0.41	%⁽¹⁾	$	2.03	⁽¹⁾
(Hypothetical (5% return before expenses)		1,000.00		1,022.83		0.41	%⁽¹⁾		2.06	⁽¹⁾

N Class Shares
Actual	$	1,000.00	$	990.20		0.72	%⁽¹⁾	$	3.56	⁽¹⁾
Hypothetical (5% return before expenses)		1,000.00		1,021.28		0.72	%⁽¹⁾		3.62	⁽¹⁾

TCW Global Real Estate Fund
I Class Shares
Actual	$	1,000.00	$	887.10		1.00	%	$	4.69
Hypothetical (5% return before expenses)		1,000.00		1,019.89		1.00	%		5.02

N Class Shares
Actual	$	1,000.00	$	886.70		1.15	%	$	5.39
Hypothetical (5% return before expenses)		1,000.00		1,019.15		1.15	%		5.77

TCW Funds, Inc.


TCW Funds, Inc.	Beginning Account Value November 01, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio			Expenses Paid During Period (November 01, 2019 to April 30, 2020)
TCW New America Premier Equities Fund
I Class Shares
Actual	$	1,000.00	$	962.40		0.85	%	$	4.15
Hypothetical (5% return before expenses)		1,000.00		1,020.64		0.85	%		4.27

N Class Shares
Actual	$	1,000.00	$	961.50		1.02	%	$	4.97
Hypothetical (5% return before expenses)		1,000.00		1,019.79		1.02	%		5.12

TCW Relative Value Dividend Appreciation Fund
I Class Shares
Actual	$	1,000.00	$	825.70		0.72	%	$	3.27
Hypothetical (5% return before expenses)		1,000.00		1,021.28		0.72	%		3.62

N Class Shares
Actual	$	1,000.00	$	824.80		0.94	%	$	4.26
Hypothetical (5% return before expenses)		1,000.00		1,020.19		0.94	%		4.72

TCW Relative Value Large Cap Fund
I Class Shares
Actual	$	1,000.00	$	822.60		0.71	%	$	3.22
Hypothetical (5% return before expenses)		1,000.00		1,021.33		0.71	%		3.57

N Class Shares
Actual	$	1,000.00	$	822.50		0.93	%	$	4.21
Hypothetical (5% return before expenses)		1,000.00		1,020.24		0.93	%		4.67

TCW Relative Value Mid Cap Fund
I Class Shares
Actual	$	1,000.00	$	777.80		0.89	%	$	3.93
Hypothetical (5% return before expenses)		1,000.00		1,020.44		0.89	%		4.47

N Class Shares
Actual	$	1,000.00	$	777.50		0.99	%	$	4.38
Hypothetical (5% return before expenses)		1,000.00		1,019.94		0.99	%		4.97

TCW Select Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,095.10		0.79	%	$	4.12
Hypothetical (5% return before expenses)		1,000.00		1,020.94		0.79	%		3.97

N Class Shares
Actual	$	1,000.00	$	1,093.40		1.00	%	$	5.20
Hypothetical (5% return before expenses)		1,000.00		1,019.89		1.00	%		5.02

(1)

Does not included Expenses of the underlying affiliated investments.

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

The policies and procedures that the Company uses to determine how to vote proxies are available without charge. The Board has delegated the Company’s proxy voting authority to the Advisor.

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

By calling800-FUND-TCW(800-386-3829) to obtain a hard copy; or

By going to the SEC website at http://www.sec.gov.

When the Company receives a request for a description of the Advisor’s proxy voting guidelines, it will deliver the description that is disclosed in the Company’s Statement of Additional Information. This information will be sent out via first class mail (or other means designed to ensure equally prompt delivery) within three business days of receiving the request.

The Advisor, on behalf of the Company, prepares and files FormN-PX with the SEC not later than August 31 of each year, which includes the Company’s proxy voting record for the most recent twelve-month period ended June 30 of that year. The Company’s proxy voting record for the most recent twelve-month period ended June 30 is available:

By calling800-FUND-TCW(800-386-3829) to obtain a hard copy; or

By going to the SEC website at http://www.sec.gov.

When the Company receives a request for the Company’s proxy voting record, it will send the information disclosed in the Company’s most recently filed report on FormN-PX via first class mail (or other means designed to ensure equally prompt delivery) within three business days of receiving the request.

The Company also discloses its proxy voting record on its website as soon as is reasonably practicable after its report on FormN-PX is filed with the SEC.

Availability of Quarterly Portfolio Schedule

The Company files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on FormNPORT-P. Such filings occur no later than 60 days after the end of the Funds’ first and third quarters and are available on the SEC’s website at www.sec.gov.

LOGO

TCW Funds, Inc.

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

800 FUND TCW

(800 386 3829)

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Lincoln Street

Boston, Massachusetts 02111

DISTRIBUTOR

TCW Funds Distributors LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

DIRECTORS

Patrick C. Haden

Director and Chairman of the Board

Samuel P. Bell

Director

David S. DeVito

Director

Peter McMillan

Director

Victoria B. Rogers

Director

Marc I. Stern

Director

Andrew Tarica

Director

OFFICERS

David S. DeVito

President and Chief Executive Officer

Meredith S. Jackson

Senior Vice President,

General Counsel and Secretary

Richard M. Villa

Treasurer and Principal Financial and Accounting Officer

Jeffrey A. Engelsman

Chief Compliance Officer and Anti-Money Laundering Officer

Patrick W. Dennis

Vice President and Assistant Secretary

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

TCW FAMILY OF FUNDS

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

FIXED INCOME FUNDS

TCW Core Fixed Income Fund

TCW Enhanced Commodity Strategy Fund

TCW Global Bond Fund

TCW High Yield Bond Fund

TCW Short Term Bond Fund

TCW Total Return Bond Fund

INTERNATIONAL FUNDS

TCW Developing Markets Equity Fund

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Emerging Markets Multi-Asset Opportunities Fund

FUNDsarEQ0420

APRIL 30

SEMI-ANNUAL

R E P O R T

FIXED INCOME FUNDS

TCW Core Fixed Income Fund

TCW Enhanced Commodity Strategy Fund

TCW Global Bond Fund

TCW High Yield Bond Fund

TCW Short Term Bond Fund

TCW Total Return Bond Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.tcw.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds or your financial intermediary electronically by contacting your financial intermediary (such as a broker-dealer or bank) if you invest through a financial intermediary, or by calling 1-800-FUND-TCW (1-800-386-3829) if you invest directly with the Funds.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. You can call1-800-FUND-TCW (1-800-386-3829), if you invest directly with the Funds, or contact your financial intermediary, if you invest though a financial intermediary, to inform the Funds or the financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held directly with TCW or through your financial intermediary.

TCW Funds, Inc.

Table of Contents


Letter to Shareholders			1

Performance Summary (Unaudited)			4

Schedules of Investments (Unaudited)			5

TCW Core Fixed Income Fund			5

TCW Enhanced Commodity Strategy Fund (Consolidated)			20

TCW Global Bond Fund			27

TCW High Yield Bond Fund			41

TCW Short Term Bond Fund			51

TCW Total Return Bond Fund			60

Statements of Assets and Liabilities (Unaudited)			78

Statements of Operations (Unaudited)			80

Statements of Changes in Net Assets			82

Notes to Financial Statements (Unaudited)			85

Financial Highlights			114

Shareholder Expenses (Unaudited)			127

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule			129

To Our Valued Shareholders

LOGO

David S. DeVito

President, Chief Executive Officer and Director

Dear Valued Investors,

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2020 for the TCW Funds’ Fixed Income Funds.

Economic Review and Market Environment

With devastating speed, the longest bull market in U.S. history was brought to an end in the first quarter of 2020, laid low by the global transmission of the novel coronavirus and the strict economic curbs invoked to slow its further spread. As the coronavirus gained a foothold in the U.S., subsequent macro indicators painted an austere picture, with U.S. jobless claims totaling a record 30 million for the six weeks ending April 30th as lockdowns instituted by several state and local governments shuttered schools andnon-essential businesses. Theknock-on economic effects were evident in the first quarter U.S. GDP print, which came in at-4.8%, the sharpest contraction since the Global Financial Crisis (and the first quarterly decline since 2014), owing to severe deterioration in spending by consumers and businesses alike, with expectations for an even worse second quarter. Manufacturing stalled, as supply chain disruptions and a downturn in demand filtered through, leading the U.S. PMI Index to a sharp decline in April to 36.1, down from 48.5 in March. Thestay-at-home measures to combat the virus also delivered a significant demand shock to commodity markets, resulting in the first ever negative settlement for WTI oil futures contracts. Market volatility sent risk premiums soaring across the fixed income universe as well, with no sector spared the repricing, particularly as levered investor (forced) sales and more

routine redemptions tested liquidity in a fashion unhappily reminiscent of 2008. Assessing the damage, the S&P 500 saw all of its gains since 2016 erased in a near-20% first quarter loss, punctuated by a 34% tumble from February 19 through March 23, though sentiment seemed to swing yet again during April. In a testament to the volatility and unusual circumstances, the U.S. Treasury market rallied ferociously with the entire curve trading below 1% in early March. Over the trailingsix-month period, the yield curve collapsed, led by shorter maturities where yields were down over 140 bps, though the bellwether10-year yield dropped nearly 105 bps lower as well, closing April at 0.64%. Furthermore, in a foreshadowing of the coming cascade of stimulus, the Federal Reserve weighed in with two between-meeting cuts to its target rate, lopping the final 150 basis points in a return to a zero interest rate policy (ZIRP), and resuming/expanding its asset purchase programs.

Fixed income total returns benefitted from the drop in rates, reflected in a 4.9% gain for the Bloomberg Barclays U.S. Aggregate Index for the period, though U.S. Treasury issues significantly outpaced the broader fixed income market, as would be expected in a volatile environment. Most noteworthy, to illustrate, despite considerable recovery in April, investment grade corporate bonds trailed duration-matched Treasuries by 7.3%. Similarly, high yield corporates repriced precipitously late in the first quarter, and fell 6.6% for thesix-month period. Both investment grade and high yield bond funds saw considerable selling pressure throughmid-March, with outflows particularly sharp in short-dated investment grade as investors sold more saleable, shorter-dated securities in a rush for liquidity. Since then, markets have been supported by unprecedented fiscal and monetary measures, leading to a partial recovery in pricing that reflects a market that is grappling with some pretty dire economic data on one hand and an implicit Fed funding backstop on the other. Even before the central bank had purchased a single bond,

Letter to Shareholders (Continued)

markets rallied on optimism given the announcement, while further upping the ante by increasing the size of corporate credit funding facilities and expanding the scope of purchases to include riskier corporate debt categories, a historic first for the U.S. Outside of credit, securitized products generally fared better, though still experienced price weakness as buyers largely remained on the sidelines. Of note, agency mortgage-backed securities (MBS) had a historically volatile start to the year, as yields relative to U.S. Treasury issues jumped in March to levels not seen since 2009, then remediated as investors started to price in the renewed Fed support (i.e., it became clear that purchases were committed until trading levels stabilized fully) and ended the period at 39 bps. In securitized credit,non-agency MBS experienced soft pricing late in 2019, followed by sharper action in late March on selling pressures from mortgage REITs, despite no concurrent change in fundamentals. Asset-backed securities (ABS) returned 1.2% for the period, while commercial MBS was led higher by strong returns from agency CMBS (+5.3%) thoughnon-agency backed issues trailed(-0.6%).

The Economy and Market Ahead

Given the unique impact of the coronavirus across the economy, there are more questions than answers in terms of outlook. Without doubt, the ramifications of the coronavirus will be widespread and longstanding, with disproportionate effects on certain industries and potentially permanent changes to previously routineday-to-day activity. What’s clear right now is that large portions of the economy have been shut down, capital markets are in turmoil—beset by uncertainty, illiquidity, deleveraging andde-risking—and the Federal Reserve and U.S. Government are responding aggressively. For that reason, it’s difficult to envision av-shaped recovery—instead we are expecting a more muted, protracted rebound as solutions to the pandemic materialize, notwithstanding hopeful investors focused on how quickly the economy might reopen. From a more sector-specific perspective, it’s likely thatdown-in-quality names will remain under stress, with periods ofmark-to-market volatility and illiquidity, particularly for high yield and

emerging market debt. Rating agency activity should intensify with downgrades and accelerate fallen angel activity, in numerous areas, most obviously hospitality and leisure, but also in the commodity-related space as oil prices have been hit hard by both OPEC disagreements leading to supply glut coupled with plummeting global demand on slowed economic activity. Recent market stresses have created opportunities, though extreme caution is still warranted as a recession will likely trigger a significant wave of downgrades and defaults.

Informed by our late cycle concerns, our fixed income funds were defensively positioned going into this crisis, providing us with ample flexibility to respond to rapidly changing market valuations. Our approach has been to add risk aggressively in high quality sectors that either benefit directly from Fed activity or that are robust enough to survive without assistance. As those sectors recover, we will look to migrate down the quality spectrum to take advantage of expected further dislocation in more credit sensitive sectors. This has translated to an upsized position in corporate credit, with positioning still concentrated among high conviction, high quality names as well as defensive sectors likenon-cyclicals, communications, and pharmaceuticals/healthcare. Additions in this cheapening phase are focused on long-dated bonds from issuers with “fortress balance sheets” at now attractive yield premiums as well asFed-supported assets such as money center banks given potential for very strong returns if spreads tighten. Where held, high yield credit exposure still represents a small position, though our expectations are for this to be increased if valuations improve. The securitized products allocation emphasizes agency MBS, with the position upsized in March on more attractive entry points (though this was subsequently trimmed somewhat in April as spreads remediated). Amongnon-agency MBS, the focus is on opportunities in longer duration, deeply discounted senior legacynon-agency MBS bonds with solid, stable fundamentals and significant upside. Within CMBS, the agency CMBS allocation was trimmed meaningfully to fund relative value additions in corporate credit, whilenon-agency CMBS continues to favor single asset single borrower deals. Finally, the ABS exposure remains focused on

Letter to Shareholders (Continued)

government-guaranteed student loans, and AAA rated collateralized loan obligations (CLOs), though these positions were modestly trimmed in favor of longer duration, more discounted opportunities across the securitized market.

I look forward to further correspondence with you through our annual report later this year.

Sincerely,

LOGO

David S. DeVito

President, Chief Executive Officer and Director

TCW Funds, Inc.

Performance Summary (Unaudited)


	NAV		Six Months Return as of April 30, 2020			Total Return Annualized as of April 30, 2020⁽¹⁾												Inception Date
	NAV		Six Months Return as of April 30, 2020			1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Core Fixed Income Fund
I Class	$	11.83		4.96	%		11.01	%		3.64	%		4.26	%		6.03	%⁽²⁾		01/01/90	⁽³⁾
N Class	$	11.80		4.85	%		10.79	%		3.37	%		3.96	%		5.16	%		02/26/99
Plan Class	$	11.85		N/A			N/A			N/A			N/A			1.33	%		03/02/20
TCW Enhanced Commodity Strategy Fund
I Class	$	3.67		(21.92	)%		(22.17	)%		(8.11	)%		N/A			(8.43	)%		03/31/11
N Class	$	3.66		(21.98	)%		(22.39	)%		(8.19	)%		N/A			(8.46	)%		03/31/11
TCW Global Bond Fund
I Class	$	10.05		0.98	%		6.34	%		2.42	%		N/A			2.66	%		11/30/11
N Class	$	10.05		0.96	%		6.24	%		2.39	%		N/A			2.64	%		11/30/11
TCW High Yield Bond Fund
I Class	$	6.31		(0.63	)%		3.60	%		4.48	%		5.46	%		7.02	%⁽²⁾		02/01/89	⁽³⁾
N Class	$	6.35		(0.73	)%		3.21	%		4.21	%		5.24	%		5.19	%		02/26/99
TCW Short Term Bond Fund
I Class	$	8.54		0.57	%		2.39	%		1.46	%		1.50	%		3.83	%⁽²⁾		02/01/90	⁽³⁾
TCW Total Return Bond Fund
I Class	$	10.41		5.24	%		10.97	%		3.72	%		5.08	%		6.40	%		06/17/93
N Class	$	10.73		5.19	%		10.69	%		3.42	%		4.78	%		5.89	%		02/26/99
Plan Class	$	10.43		N/A			N/A			N/A			N/A			1.22	%		03/02/20

(1)

Past performance is not indicative of future performance.

(2)

Performance data includes the performance of the predecessor limited partnership for periods before the Fund’s registration became effective. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and therefore was not subjected to certain investment restrictions that are imposed by the 1940 Act. If the limited partnership had been registered under the 1940 Act, the limited partnership’s performance may have been lower.

(3)

Inception date of the predecessor entity.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited)

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 91.8% of Net Assets

CORPORATE BONDS — 26.3%

Aerospace & Defense — 0.2%

BAE Systems PLC

3.40%⁽¹⁾		04/15/30	$	1,235,000	$	1,339,584

Northrop Grumman Corp.

5.25%		05/01/50		1,265,000		1,805,630


						3,145,214


Agriculture — 0.5%

BAT Capital Corp.

4.39%		08/15/37		470,000		483,151

4.54%		08/15/47		1,270,000		1,335,059

5.28%		04/02/50		1,285,000		1,495,647

Reynolds American, Inc.

5.70%		08/15/35		260,000		305,052

5.85%		08/15/45		2,770,000		3,288,766


						6,907,675


Airlines — 0.4%

America West Airlines, Inc. Pass-Through Certificates(01-1) (EETC)

7.10%		10/02/22		798,989		801,100

Continental Airlines, Inc. Pass-Through Certificates(00-2-A1) (EETC)

7.71%		10/02/22		4,980		4,905

Continental Airlines, Inc. Pass-Through Certificates,(07-1-A) (EETC)

5.98%		10/19/23		725,531		698,490

Delta Air Lines Pass-Through Trust,(19-1-AA)

3.20%		10/25/25		1,500,000		1,369,253

Northwest Airlines LLC Pass-Through Certificates,(01-1-A1) (EETC)

7.04%		10/01/23		384,384		370,864

US Airways Group, Inc. Pass-Through Certificates(12-1-A) (EETC)

5.90%		04/01/26		1,292,861		1,100,727

US Airways Group, Inc. Pass-Through Certificates,(10-1A) (EETC)

6.25%		10/22/24		289,088		260,014

US Airways Group, Inc. Pass-Through Certificates,(12-2-A) (EETC)

4.63%		12/03/26		542,891		417,244


						5,022,597


Auto Manufacturers — 1.7%

Daimler Finance North America LLC

2.20%⁽¹⁾		10/30/21		2,510,000		2,469,032

Ford Motor Credit Co. LLC

2.18% (3 mo. USD LIBOR + 0.810%)⁽²⁾		04/05/21		710,000		663,481


Issues	Maturity Date		Principal Amount		Value

Auto Manufacturers (Continued)

2.19% (3 mo. USD LIBOR + 0.880%)⁽²⁾		10/12/21	$	2,265,000	$	2,074,303

2.34%		11/02/20		1,500,000		1,474,890

2.43%		06/12/20		650,000		650,000

2.64% (3 mo. USD LIBOR + 1.270%)⁽²⁾		03/28/22		445,000		393,373

2.84% (3 mo. USD LIBOR + 1.080%)⁽²⁾		08/03/22		1,000,000		885,000

3.16%		08/04/20		1,595,000		1,598,987

3.22%		01/09/22		990,000		930,600

3.81%		10/12/21		720,000		681,300

5.60%		01/07/22		4,330,000		4,243,400

5.75%		02/01/21		195,000		193,050

5.88%		08/02/21		1,795,000		1,786,025

General Motors Co.

6.60%		04/01/36		1,545,000		1,465,791

General Motors Financial Co., Inc.

3.15%		06/30/22		1,540,000		1,469,814

3.20%		07/06/21		510,000		499,554

3.45%		04/10/22		310,000		299,445

3.55%		04/09/21		1,750,000		1,723,734

4.20%		11/06/21		375,000		370,892

4.38%		09/25/21		600,000		591,460


						24,464,131


Banks — 4.5%

Bank of America Corp.

2.59% (SOFR + 2.150%) ⁽²⁾		04/29/31		1,220,000		1,253,818

2.88% (3 mo. USD LIBOR + 1.190%)⁽²⁾		10/22/30		750,000		782,711

3.00% (3 mo. USD LIBOR +0.79%)⁽²⁾		12/20/23		4,161,000		4,305,087

4.08% (3 mo. USD LIBOR + 3.150%)⁽²⁾		03/20/51		3,760,000		4,563,797

Citigroup, Inc.

3.20%		10/21/26		1,225,000		1,292,592

3.70%		01/12/26		540,000		584,719

4.41% (SOFR + 3.914%) ⁽²⁾		03/31/31		1,225,000		1,413,168

Fifth Third Bancorp

2.55%		05/05/27		1,755,000		1,758,464

Goldman Sachs Group, Inc. (The)

2.60%		02/07/30		750,000		747,555

2.63%		04/25/21		920,000		930,908

3.27% (3 mo. USD LIBOR + 1.201%)⁽²⁾		09/29/25		2,010,000		2,106,543

3.69% (3 mo. USD LIBOR + 1.510%)⁽²⁾		06/05/28		590,000		632,234

6.00%		06/15/20		50,000		50,268

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

JPMorgan Chase & Co.

2.01% (SOFR + 1.585%) ⁽²⁾		03/13/26	$	3,235,000	$	3,273,076

3.11% (SOFR + 2.440%) ⁽²⁾		04/22/51		2,000,000		2,081,239

3.20%		06/15/26		1,170,000		1,249,426

3.22% (3 mo. USD LIBOR + 1.155%)⁽²⁾		03/01/25		1,314,000		1,387,308

4.02% (3 mo. USD LIBOR +1.00%)⁽²⁾		12/05/24		965,000		1,045,787

4.49% (SOFR + 3.790%) ⁽²⁾		03/24/31		3,005,000		3,567,596

Lloyds Banking Group PLC (United Kingdom)

2.86% (3 mo. USD LIBOR + 1.249%)⁽²⁾		03/17/23		1,790,000		1,809,156

3.87% (1 year Treasury Constant Maturity Rate + 3.500%)⁽²⁾		07/09/25		1,600,000		1,685,977

4.05%		08/16/23		1,540,000		1,630,697

Morgan Stanley

0.73% (SOFR + 0.700%) ⁽²⁾		01/20/23		2,360,000		2,266,155

Northern Trust Corp.

1.95%		05/01/30		3,500,000		3,505,978

Santander UK Group Holdings PLC (United Kingdom)

3.37% (3 mo. USD LIBOR + 1.08%)⁽²⁾		01/05/24		2,460,000		2,519,089

Santander UK PLC (United Kingdom)

5.00%⁽¹⁾		11/07/23		1,050,000		1,102,463

Wells Fargo & Co.

2.41% (3 mo. USD LIBOR + 0.825%)⁽²⁾		10/30/25		850,000		864,075

2.60%		07/22/20		2,165,000		2,171,997

2.88% (3 mo. USD LIBOR + 1.170%)⁽²⁾		10/30/30		2,880,000		2,954,765

3.00%		04/22/26		1,015,000		1,064,664

3.07% (SOFR + 2.530%) ⁽²⁾		04/30/41		1,845,000		1,836,931

5.01% (3 mo. USD LIBOR + 4.240%)⁽²⁾		04/04/51		5,335,000		7,034,402


						63,472,645


Beverages — 0.3%

Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc.

4.90%		02/01/46		1,265,000		1,465,110

Anheuser-Busch InBev Worldwide, Inc.

4.50%		06/01/50		1,960,000		2,202,958

Bacardi, Ltd.

4.70%⁽¹⁾		05/15/28		980,000		1,072,113


						4,740,181


Issues	Maturity Date		Principal Amount		Value

Biotechnology — 0.2%

Amgen, Inc.

4.40%		05/01/45	$	1,435,000	$	1,761,785

4.66%		06/15/51		485,000		637,807


						2,399,592


Chemicals — 0.1%

International Flavors & Fragrances, Inc.

5.00%		09/26/48		1,735,000		1,933,099


Commercial Services — 0.2%

IHS Markit, Ltd.

4.75%⁽¹⁾		02/15/25		750,000		816,443

4.75%		08/01/28		1,750,000		2,020,515

University of Chicago (The)

2.76%		04/01/45		630,000		644,745


						3,481,703


Computers — 0.1%

Apple, Inc.

3.85%		05/04/43		520,000		630,070

Dell International LLC / EMC Corp.

4.42%⁽¹⁾		06/15/21		855,000		869,103


						1,499,173


Diversified Financial Services — 1.4%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)

3.65%		07/21/27		640,000		539,712

3.88%		01/23/28		430,000		358,760

3.95%		02/01/22		685,000		641,699

4.50%		05/15/21		1,690,000		1,640,658

AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust (Ireland)

5.00%		10/01/21		1,590,000		1,521,400

Air Lease Corp.

3.25%		03/01/25		1,300,000		1,170,620

Avolon Holdings Funding, Ltd.

2.88%⁽¹⁾		02/15/25		1,550,000		1,283,834

3.95%⁽¹⁾		07/01/24		405,000		364,613

5.13%⁽¹⁾		10/01/23		90,000		80,683

5.25%⁽¹⁾		05/15/24		115,000		101,417

GE Capital International Funding Co. Unlimited Co. (Ireland)

4.42%		11/15/35		4,110,000		4,311,482

Mastercard, Inc.

3.85%		03/26/50		800,000		1,002,435

Park Aerospace Holdings, Ltd.

4.50%⁽¹⁾		03/15/23		2,715,000		2,405,470

5.25%⁽¹⁾		08/15/22		935,000		863,237

5.50%⁽¹⁾		02/15/24		385,000		339,698

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

Diversified Financial Services (Continued)

Raymond James Financial, Inc.

4.65%		04/01/30	$	2,090,000	$	2,360,885

4.95%		07/15/46		965,000		1,146,420


						20,133,023


Electric — 2.1%

Appalachian Power Co.

4.45%		06/01/45		690,000		838,134

Dominion Energy, Inc.

1.98% (3 mo. USD LIBOR + 0.400%)^(2),(1)		12/01/20		4,595,000		4,557,850

Duke Energy Progress LLC

3.70%		10/15/46		1,325,000		1,569,270

El Paso Electric Co.

3.30%		12/15/22		2,065,000		2,064,590

Entergy Mississippi, Inc.

3.10%		07/01/23		2,755,000		2,901,084

Indiana Michigan Power Co.

4.55%		03/15/46		920,000		1,161,782

KCP&L Greater Missouri Operations Co.

8.27%		11/15/21		1,100,000		1,206,115

Metropolitan Edison Co.

3.50%⁽¹⁾		03/15/23		3,030,000		3,159,387

MidAmerican Energy Co.

5.80%		10/15/36		1,655,000		2,306,696

NextEra Energy Capital Holdings, Inc.

2.16% (3 mo. USD LIBOR + 0.55%)⁽²⁾		08/28/21		2,000,000		1,980,172

Niagara Mohawk Power Corp.

2.72%⁽¹⁾		11/28/22		920,000		935,203

Public Service Co. of Oklahoma

4.40%		02/01/21		1,840,000		1,865,389

Puget Energy, Inc.

6.00%		09/01/21		1,820,000		1,896,404

Tucson Electric Power Co.

4.00%		06/15/50		1,500,000		1,772,535

5.15%		11/15/21		1,000,000		1,041,575


						29,256,186


Food — 0.9%

Kraft Heinz Foods Co.

4.38%		06/01/46		3,275,000		3,134,519

4.88%⁽¹⁾		10/01/49		3,365,000		3,373,211

5.00%		07/15/35		720,000		771,244

5.00%		06/04/42		2,133,000		2,175,499

5.20%		07/15/45		775,000		798,448

Kroger Co. (The)

5.40%		01/15/49		1,320,000		1,749,461


						12,002,382


Issues	Maturity Date		Principal Amount		Value

Gas — 0.3%

CenterPoint Energy Resources Corp.

6.25%		02/01/37	$	1,610,000	$	2,154,718

KeySpan Gas East Corp.

5.82%⁽¹⁾		04/01/41		1,551,000		2,088,026


						4,242,744


Healthcare-Products — 0.1%

Zimmer Biomet Holdings, Inc.

3.55%		03/20/30		1,260,000		1,301,640


Healthcare-Services — 1.8%

Advocate Health & Hospitals Corp.

3.01%		06/15/50		1,500,000		1,520,801

Anthem, Inc.

3.65%		12/01/27		2,405,000		2,630,560

Ascension Health

3.95%		11/15/46		800,000		943,096

Hartford HealthCare Corp.

5.75%		04/01/44		2,545,000		3,201,768

HCA, Inc.

5.00%		03/15/24		620,000		673,893

5.13%		06/15/39		665,000		779,474

5.25%		04/15/25		1,770,000		1,976,929

5.25%		06/15/49		1,525,000		1,827,879

Humana, Inc.

3.95%		08/15/49		550,000		624,541

NYU Hospitals Center

4.43%		07/01/42		2,755,000		2,922,506

Partners Healthcare System, Inc.

3.34%		07/01/60		685,000		712,181

Saint Barnabas Health Care System

4.00%		07/01/28		3,290,000		3,428,324

Sutter Health

2.29%		08/15/53		2,270,000		2,273,220

UnitedHealth Group, Inc.

3.70%		08/15/49		795,000		939,416

3.88%		08/15/59		335,000		410,233


						24,864,821


Insurance — 0.6%

Berkshire Hathaway Finance Corp.

4.25%		01/15/49		515,000		658,289

Farmers Exchange Capital

7.20%⁽¹⁾		07/15/48		1,495,000		1,997,079

Farmers Exchange Capital II

6.15% (3 mo. USD LIBOR + 3.744%)^(2),(1)		11/01/53		2,065,000		2,484,195

Metropolitan Life Global Funding I

2.95%⁽¹⁾		04/09/30		1,235,000		1,332,760

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Insurance (Continued)

New York Life Insurance Co.

3.75%⁽¹⁾		05/15/50	$	1,000,000	$	1,137,632

Prudential Financial, Inc.

4.50%		11/15/20		920,000		936,219


						8,546,174


Media — 0.8%

Charter Communications Operating LLC / Charter Communications Operating Capital

4.91%		07/23/25		2,500,000		2,843,000

5.38%		04/01/38		1,475,000		1,742,572

Time Warner Cable LLC

5.88%		11/15/40		2,200,000		2,658,348

ViacomCBS Inc.

3.70%		06/01/28		1,150,000		1,148,819

Walt Disney Co. (The)

4.70%		03/23/50		1,700,000		2,283,593


						10,676,332


Miscellaneous Manufacturers — 0.5%

General Electric Co.

2.17% (3 mo. USD LIBOR + 0.480%)⁽²⁾		08/15/36		3,045,000		1,994,719

4.25%		05/01/40		1,250,000		1,256,735

4.63%		01/07/21		2,080,000		2,114,947

6.75%		03/15/32		1,000,000		1,241,741


						6,608,142


Oil & Gas — 0.9%

BP Capital Markets America, Inc.

3.63%		04/06/30		1,850,000		1,998,156

EQT Corp.

3.90%		10/01/27		265,000		224,256

Exxon Mobil Corp.

3.45%		04/15/51		895,000		983,679

3.48%		03/19/30		1,025,000		1,144,936

4.23%		03/19/40		400,000		481,107

4.33%		03/19/50		2,280,000		2,803,143

Petroleos Mexicanos

5.95%⁽¹⁾		01/28/31		995,000		725,654

6.63%		06/15/35		1,105,000		785,931

6.75%		09/21/47		2,625,000		1,793,137

6.95%⁽¹⁾		01/28/60		510,000		358,887

7.69%⁽¹⁾		01/23/50		1,465,000		1,084,100


						12,382,986


Packaging & Containers — 0.2%

Amcor Finance USA, Inc.

3.63%		04/28/26		1,380,000		1,466,753


Issues	Maturity Date		Principal Amount		Value

Packaging & Containers (Continued)

WRKCo, Inc.

4.90%		03/15/29	$	625,000	$	713,301


						2,180,054


Pharmaceuticals — 2.8%

AbbVie, Inc.

4.05%⁽¹⁾		11/21/39		555,000		619,957

4.25%⁽¹⁾		11/21/49		2,445,000		2,831,457

4.40%		11/06/42		1,350,000		1,586,459

4.45%		05/14/46		1,035,000		1,211,731

Allergan Finance LLC

3.25%		10/01/22		936,000		962,373

Allergan Funding SCS (Luxembourg)

3.80%		03/15/25		1,653,000		1,753,968

Bayer US Finance II LLC

3.88%⁽¹⁾		12/15/23		610,000		648,533

4.25%⁽¹⁾		12/15/25		845,000		938,024

4.38%⁽¹⁾		12/15/28		4,540,000		5,149,958

4.63%⁽¹⁾		06/25/38		500,000		581,495

4.88%⁽¹⁾		06/25/48		2,430,000		3,019,758

Becton Dickinson and Co.

2.25% (3 mo. USD LIBOR + 0.875%)⁽²⁾		12/29/20		2,756,000		2,736,138

Cigna Corp.

2.40%		03/15/30		640,000		647,716

3.05%⁽¹⁾		10/15/27		775,000		815,164

3.40%		03/15/50		1,700,000		1,805,695

4.13%		11/15/25		4,545,000		5,103,185

CVS Health Corp.

3.88%		07/20/25		3,600,000		3,964,037

5.05%		03/25/48		4,180,000		5,315,706


						39,691,354


Pipelines — 1.3%

Enbridge Energy Partners LP

5.88%		10/15/25		333,000		367,925

Energy Transfer Operating LP

4.95%		06/15/28		200,000		196,139

5.00%		05/15/50		2,175,000		1,956,184

Energy Transfer Partners LP

5.15%		03/15/45		1,100,000		983,605

5.95%		10/01/43		630,000		596,240

Plains All American Pipeline LP / PAA Finance Corp.

4.65%		10/15/25		2,115,000		2,008,319

Rockies Express Pipeline LLC

4.95%⁽¹⁾		07/15/29		2,000,000		1,774,040

6.88%⁽¹⁾		04/15/40		350,000		310,187

Ruby Pipeline LLC

6.50%⁽¹⁾		04/01/22		1,602,273		1,506,137

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

Pipelines (Continued)

Southern Natural Gas Co. LLC

7.35%		02/15/31	$	2,380,000	$	2,846,844

Sunoco Logistics Partners Operations LP

5.40%		10/01/47		825,000		748,048

TC PipeLines LP

4.38%		03/13/25		1,840,000		1,897,554

Texas Eastern Transmission LP

2.80%⁽¹⁾		10/15/22		920,000		915,874

TransCanada PipeLines, Ltd. (Canada)

6.10%		06/01/40		375,000		458,754

Williams Partners LP

6.30%		04/15/40		1,150,000		1,333,371


						17,899,221


REIT — 1.0%

American Campus Communities Operating Partnership LP

3.30%		07/15/26		1,000,000		989,274

4.13%		07/01/24		425,000		425,978

GLP Capital LP / GLP Financing II, Inc.

5.30%		01/15/29		1,280,000		1,228,800

5.38%		04/15/26		1,308,000		1,309,177

5.75%		06/01/28		1,600,000		1,585,280

HCP, Inc.

3.88%		08/15/24		2,110,000		2,173,608

Healthcare Realty Trust, Inc.

3.75%		04/15/23		1,840,000		1,858,962

Healthpeak Properties, Inc.

4.25%		11/15/23		470,000		489,202

SL Green Operating Partnership LP

3.25%		10/15/22		2,380,000		2,396,529

Ventas Realty LP

3.85%		04/01/27		690,000		692,756

Welltower, Inc.

3.75%		03/15/23		555,000		566,529


						13,716,095


Retail — 0.3%

Alimentation Couche-Tard, Inc. (Canada)

3.55%⁽¹⁾		07/26/27		1,710,000		1,812,300

Starbucks Corp.

2.25%		03/12/30		1,295,000		1,288,247

Target Corp.

2.65%		09/15/30		590,000		634,134


						3,734,681


Savings & Loans — 0.1%

Nationwide Building Society (United Kingdom)

3.62% (3 mo. USD LIBOR + 1.181%)^(1),(2)		04/26/23		800,000		820,993


Issues	Maturity Date		Principal Amount		Value

Savings & Loans (Continued)

3.77% (3 mo. USD LIBOR + 1.064%)^(2),(1)		03/08/24	$	500,000	$	517,345

4.36% (3 mo. USD LIBOR + 1.392%)^(2),(1)		08/01/24		400,000		419,106


						1,757,444


Semiconductors — 0.7%

Broadcom Corp. / Broadcom Cayman Finance, Ltd.

3.63%		01/15/24		3,310,000		3,465,537

Broadcom, Inc.

3.63%⁽¹⁾		10/15/24		1,100,000		1,161,180

Intel Corp.

4.75%		03/25/50		4,150,000		5,899,276


						10,525,993


Software — 0.2%

Oracle Corp.

3.60%		04/01/50		2,000,000		2,291,228


Telecommunications — 1.9%

AT&T, Inc.

4.35%		06/15/45		110,000		121,052

4.75%		05/15/46		1,130,000		1,312,043

4.80%		06/15/44		1,665,000		1,910,657

4.85%		03/01/39		1,554,000		1,803,277

4.90%		08/15/37		1,500,000		1,741,955

5.25%		03/01/37		2,155,000		2,573,102

Koninklijke KPN NV (Netherlands)

8.38%		10/01/30		625,000		881,899

Qwest Corp.

7.25%		09/15/25		920,000		984,400

Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC

3.36%⁽¹⁾		03/20/23		1,027,500		1,032,638

4.74%⁽¹⁾		09/20/29		3,940,000		4,175,612

T-Mobile USA, Inc.

3.88%⁽¹⁾		04/15/30		1,080,000		1,190,624

4.38%⁽¹⁾		04/15/40		2,160,000		2,462,659

Verizon Communications, Inc.

3.15%		03/22/30		855,000		949,879

4.13%		03/16/27		855,000		994,238

Vodafone Group PLC (United Kingdom)

4.25%		09/17/50		430,000		479,246

4.88%		06/19/49		1,897,000		2,281,193

5.25%		05/30/48		1,390,000		1,743,260


						26,637,734

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Water — 0.2%

American Water Capital Corp.

3.45%		05/01/50	$	3,125,000	$	3,494,359


Total Corporate Bonds

(Cost: $346,532,004)						369,008,603


MUNICIPAL BONDS — 0.9%

Commonwealth of Massachusetts, General Obligation Unltd

3.00%		03/01/49		1,980,000		1,993,920

Health and Educational Facilities Authority of the State of Missouri, Revenue Bond

3.65%		08/15/57		540,000		639,322

Indiana University, Revenue Bond

3.07%		06/01/60		1,000,000		1,045,820

Los Angeles Unified School District/CA, General Obligation

5.76%		07/01/29		2,500,000		3,116,850

New York State Dormitory Authority, Revenue Bond

4.00%		07/01/50		1,185,000		1,201,450

New York State, Build America Bonds, General Obligation

5.82%		10/01/31		730,000		739,373

Regents of the University of California Medical Center Pooled, Revenue Bond

3.26%		05/15/60		3,420,000		3,414,408

State of California, General Obligation

7.95%		03/01/36		315		317


Total Municipal Bonds

(Cost: $11,941,218)						12,151,460


ASSET-BACKED SECURITIES — 4.7%

321 Henderson Receivables I LLC(13-3A-A)

4.08%⁽¹⁾		01/17/73		1,413,277		1,517,798

321 Henderson Receivables I LLC(14-2A-A)

3.61%⁽¹⁾		01/17/73		1,669,909		1,752,906

Babson CLO, Ltd.(16-2A-AR)

2.22% (3 mo. USD LIBOR + 1.080%)^(2),(1)		07/20/28		3,100,000		3,043,758

Brazos Education Loan Authority, Inc.(12-1-A1)

1.19% (1 mo. USD LIBOR + 0.700%)⁽²⁾		12/26/35		734,715		713,384

Brazos Higher Education Authority, Inc.(10-1-A2)

2.88% (3 mo. USD LIBOR + 1.200%)⁽²⁾		02/25/35		675,000		643,729

Brazos Higher Education Authority, Inc.(11-1-A3)

2.73% (3 mo. USD LIBOR + 1.050%)⁽²⁾		11/25/33		1,695,000		1,606,816

Dryden XXVI Senior Loan Fund(13-26A-AR)

2.12% (3 mo. USD LIBOR + 0.900%)^(1),(2)		04/15/29		2,200,000		2,143,020

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Educational Funding of the South, Inc.(11-1-A2)

1.64% (3 mo. USD LIBOR + 0.650%)⁽²⁾

04/25/35

1,039,675

1,014,211

Educational Services of America, Inc.(12-2-A)

1.22% (1 mo. USD LIBOR + 0.730%)^(1),(2)

04/25/39

495,811

466,348

GCO Education Loan Funding Master Trust(06-2AR-A1RN)

2.28% (1 mo. USD LIBOR + 0.650%)^(1),(2)

08/27/46

2,503,501

2,277,141

Global SC Finance SRL(14-1A-A2)

3.09%⁽¹⁾

07/17/29

1,311,125

1,243,189

GoldenTree Loan Opportunities IX, Ltd.(14-9A-AR2)

2.88% (3 mo. USD LIBOR + 1.110%)^(1),(2)

10/29/29

3,100,000

3,032,732

Higher Education Funding I(14-1-A)

2.73% (3 mo. USD LIBOR + 1.050%)^(1),(2)

05/25/34

2,494,370

2,452,705

Navient Student Loan Trust(14-2-A)

1.13% (1 mo. USD LIBOR + 0.640%)⁽²⁾

03/25/83

3,278,219

3,025,381

Navient Student Loan Trust(14-3-A)

1.11% (1 mo. USD LIBOR + 0.620%)⁽²⁾

03/25/83

3,456,190

3,170,374

Navient Student Loan Trust(14-4-A)

1.11% (1 mo. USD LIBOR + 0.620%)⁽²⁾

03/25/83

1,654,604

1,519,222

Navient Student Loan Trust(16-1A-A)

1.19% (1 mo. USD LIBOR + 0.700%)^(1),(2)

02/25/70

3,344,966

3,072,795

Nelnet Student Loan Trust(14-4A-A2)

1.44% (1 mo. USD LIBOR + 0.950%)^(1),(2)

11/25/48

2,965,000

2,628,984

Octagon Investment Partners 25, Ltd.(15-1A-AR)

1.94% (3 mo. USD LIBOR + 0.800%)^(1),(2)

10/20/26

4,500,000

4,434,795

PHEAA Student Loan Trust(15-1A-A)

1.09% (1 mo. USD LIBOR + 0.600%)^(1),(2)

10/25/41

1,585,073

1,478,827

SLM Student Loan Trust(03-7A-A5A)

1.94% (3 mo. USD LIBOR + 1.200%)^(1),(2)

12/15/33

2,595,227

2,428,463

SLM Student Loan Trust(06-2-A6)

1.16% (3 mo. USD LIBOR + 0.170%)⁽²⁾

01/25/41

2,824,663

2,569,143

SLM Student Loan Trust(08-2-B)

2.19% (3 mo. USD LIBOR + 1.200%)⁽²⁾

01/25/83

710,000

559,866

SLM Student Loan Trust(08-3-B)

2.19% (3 mo. USD LIBOR + 1.200%)⁽²⁾

04/26/83

710,000

643,229

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2020

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

SLM Student Loan Trust(08-4-A4)

2.64% (3 mo. USD LIBOR + 1.650%)⁽²⁾

07/25/22

4,408,453

4,275,683

SLM Student Loan Trust(08-4-B)

2.84% (3 mo. USD LIBOR + 1.850%)⁽²⁾

04/25/73

710,000

599,001

SLM Student Loan Trust(08-5-B)

2.84% (3 mo. USD LIBOR + 1.850%)⁽²⁾

07/25/73

710,000

637,449

SLM Student Loan Trust(08-6-A4)

2.09% (3 mo. USD LIBOR + 1.100%)⁽²⁾

07/25/23

3,621,977

3,464,299

SLM Student Loan Trust(08-6-B)

2.84% (3 mo. USD LIBOR + 1.850%)⁽²⁾

07/26/83

710,000

579,980

SLM Student Loan Trust(08-7-B)

2.84% (3 mo. USD LIBOR + 1.850%)⁽²⁾

07/26/83

710,000

659,531

SLM Student Loan Trust(08-8-B)

3.24% (3 mo. USD LIBOR + 2.250%)⁽²⁾

10/25/75

710,000

634,813

SLM Student Loan Trust(08-9-A)

2.49% (3 mo. USD LIBOR + 1.500%)⁽²⁾

04/25/23

1,361,099

1,311,334

SLM Student Loan Trust(08-9-B)

3.24% (3 mo. USD LIBOR + 2.250%)⁽²⁾

10/25/83

710,000

692,127

SLM Student Loan Trust(11-2-A2)

1.69% (1 mo. USD LIBOR + 1.200%)⁽²⁾

10/25/34

2,000,000

1,927,075

SLM Student Loan Trust(12-7-A3)

1.14% (1 mo. USD LIBOR + 0.650%)⁽²⁾

05/26/26

1,918,737

1,760,905

Voya CLO, Ltd.(14-3A-A1R)

1.71% (3 mo. USD LIBOR + 0.720%)^(1),(2)

07/25/26

1,603,516

1,585,100

Total Asset-backed Securities

(Cost: $68,409,398)

65,566,113

COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 2.0%

Fannie Mae (20-M10-X1) (I/O)

1.92%⁽³⁾

12/25/30

1,999,825

301,437

Fannie Mae (20-M10-X2)

1.83%⁽³⁾

12/25/30

5,693,827

824,137

Fannie Mae (20-M10-X3) (I/O)

1.44%⁽³⁾

11/25/28

1,919,402

180,984

Fannie Mae (20-M10-X4) (I/O)

1.00%⁽³⁾

07/25/32

2,134,346

182,960

Fannie Mae (20-M10-X5) (I/O)

1.55%⁽³⁾

11/25/28

2,270,000

241,346


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae (20-M10-X6) (I/O)

1.50%⁽³⁾		08/25/28	$	2,395,000	$	241,551

Fannie Mae (20-M10-X8) (I/O)

0.78%⁽³⁾		12/25/27		2,750,000		120,020

Fannie Mae (20-M10-X9) (I/O)

0.99%⁽³⁾		12/25/27		2,423,773		120,121

Fannie Mae, Pool #AM8645

2.69%		05/01/27		4,543,621		4,954,653

Fannie Mae, Pool #AN0245

3.42%		11/01/35		2,096,301		2,429,781

Fannie Mae, Pool #AN5977

3.49%		02/01/33		3,000,000		3,501,427

Fannie Mae, Pool #BL6060

2.46%		04/01/40		1,840,000		1,914,626

Freddie Mac Multifamily Structured Pass-Through Certificates (K158 -A3)

3.90%⁽³⁾		10/25/33		2,250,000		2,655,103

Freddie Mac Multifamily Structured Pass-Through Certificates

1.84%⁽³⁾		05/27/33		1,425,000		247,037

1.88%⁽³⁾		10/27/28		1,815,000		240,344

Freddie Mac Multifamily Structured Pass-Through Certificates (K155-A3)

3.75%		04/25/33		4,045,000		4,957,916

Freddie Mac Multifamily Structured Pass-Through Certificates (Q006-A-PT2)

2.52%⁽³⁾		09/25/26		4,345,978		4,425,003


Total Commercial Mortgage-backed Securities — Agency

(Cost: $24,708,004)						27,538,446


COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 1.5%

BAMLL Commercial Mortgage Securities Trust(18-PARK-A)

4.23%^(1),(3)		08/10/38		1,930,000		2,180,588

BX Trust (19-OC11-A)

3.20%⁽¹⁾		12/09/41		585,000		594,937

CALI Mortgage Trust(19-101C-A)

3.96%⁽¹⁾		03/10/39		1,285,000		1,466,861

COMM Mortgage Trust(13-300P-A1)

4.35%⁽¹⁾		08/10/30		1,515,000		1,582,901

COMM Mortgage Trust(14-277P-A)

3.73%^(1),(3)		08/10/49		400,000		424,001

COMM Mortgage Trust(16-787S-A)

3.55%⁽¹⁾		02/10/36		1,635,000		1,728,350

CPT Mortgage Trust (19-CPT-A)

2.87%⁽¹⁾		11/13/39		1,105,000		1,176,765

DC Office Trust (19-MTC-A)

2.97%⁽¹⁾		09/15/45		1,180,000		1,243,680

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Hudson Yards Mortgage Trust(19-30HY-A)

3.23%⁽¹⁾		07/10/39	$	2,185,000	$	2,332,187

Hudson Yards Mortgage Trust(19-55HY-A)

3.04%^(1),(3)		12/10/41		1,180,000		1,236,927

JPMorgan Chase Commercial Mortgage Securities Trust (19-OSB-A)

3.40%⁽¹⁾		06/05/39		1,160,000		1,171,720

MKT Mortgage Trust(20-525M-A)

2.69%⁽¹⁾		02/12/40		1,540,000		1,568,843

Natixis Commercial Mortgage Securities Trust(20-2PAC-A)

2.97%⁽¹⁾		12/15/38		1,215,000		1,258,770

One Bryant Park Trust (19-OBP-A)

2.52%⁽¹⁾		09/15/54		1,495,000		1,490,164

SFAVE Commercial Mortgage Securities Trust(15-5AVE-A1)

3.87%^(1),(3)		01/05/43		1,710,000		1,897,104

SFAVE Commercial Mortgage Securities Trust(15-5AVE-A2B)

4.14%^(1),(3)		01/05/43		165,000		184,342


Total Commercial Mortgage-backed Securities — Non-Agency

(Cost: $20,857,101)						21,538,140


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 35.7%

Fannie Mae, Pool #FM2318

3.50%		09/01/49		725,838		783,247

Fannie Mae, Pool #MA3930

2.50%		02/01/35		160,794		168,177

Fannie Mae, Pool #MA4016

2.50%⁽⁴⁾		05/01/40		6,021,226		6,284,985

Fannie Mae(19-79-FA)

0.99% (1 mo. USD LIBOR + 0.500%)⁽²⁾		01/25/50		4,004,567		4,014,007

Fannie Mae(01-14-SH) (I/F)

26.12% (1 mo. USD LIBOR + 27.825%)⁽²⁾		03/25/30		106,834		178,638

Fannie Mae(01-34-FV)

0.99% (1 mo. USD LIBOR + 0.500%)⁽²⁾		08/25/31		139,629		136,663

Fannie Mae (04-W10-A6) (PAC)

5.75%		08/25/34		1,512,180		1,711,161

Fannie Mae(07-89-GF)

1.01% (1 mo. USD LIBOR + 0.520%)⁽²⁾		09/25/37		576,440		576,909

Fannie Mae(08-30-SA) (I/O) (I/F)

6.36% (-1X 1 mo. USD LIBOR + 6.850%)⁽²⁾		04/25/38		95,789		24,942


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae(08-62-SN) (I/O) (I/F)

5.71% (-1X 1 mo. USD LIBOR + 6.200%)⁽²⁾		07/25/38	$	119,306	$	27,734

Fannie Mae(09-64-TB)

4.00%		08/25/29		1,345,642		1,444,436

Fannie Mae(09-68-SA) (I/O) (I/F)

6.26% (-1X 1 mo. USD LIBOR + 6.750%)⁽²⁾		09/25/39		73,578		18,625

Fannie Mae(10-26-AS) (I/O) (I/F)

5.84% (-1X 1 mo. USD LIBOR + 6.330%)⁽²⁾		03/25/40		1,104,731		181,503

Fannie Mae(11-111-DB)

4.00%		11/25/41		3,571,587		3,943,416

Fannie Mae(18-38-LA)

3.00%		06/25/48		4,015,355		4,199,376

Fannie Mae(18-43-CT)

3.00%		06/25/48		3,170,376		3,330,949

Fannie Mae, Pool #254634

5.50%		02/01/23		5,514		6,047

Fannie Mae, Pool #596686

6.50%		11/01/31		10,795		12,422

Fannie Mae, Pool #679263

4.50%		11/01/24		6,035		6,508

Fannie Mae, Pool #727575

5.00%		06/01/33		35,080		38,642

Fannie Mae, Pool #748751

5.50%		10/01/33		89,170		98,532

Fannie Mae, Pool #AB2127

3.50%		01/01/26		629,184		665,596

Fannie Mae, Pool #AL0209

4.50%		05/01/41		571,940		650,544

Fannie Mae, Pool #AL0851

6.00%		10/01/40		549,362		634,891

Fannie Mae, Pool #AS9830

4.00%		06/01/47		3,289,608		3,519,653

Fannie Mae, Pool #CA1710

4.50%		05/01/48		5,293,170		5,717,929

Fannie Mae, Pool #CA1711

4.50%		05/01/48		3,702,671		3,999,797

Fannie Mae, Pool #CA2208

4.50%		08/01/48		3,271,207		3,529,621

Fannie Mae, Pool #CA2327

4.00%		09/01/48		1,113,014		1,225,243

Fannie Mae, Pool #MA1146

4.00%		08/01/42		1,704,871		1,861,381

Fannie Mae, Pool #MA1561

3.00%		09/01/33		2,569,243		2,720,843

Fannie Mae, Pool #MA1584

3.50%		09/01/33		3,928,178		4,176,614

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae, Pool #MA3182

3.50%		11/01/47	$	1,279,037	$	1,357,851

Fannie Mae, Pool #MA3846

3.00%		11/01/49		5,491,250		5,660,152

Freddie Mac

2.50%⁽⁴⁾		05/01/40		7,344,503		7,663,805

Freddie Mac(2439-KZ)

6.50%		04/15/32		114,161		133,386

Freddie Mac (2575-FD) (PAC)

1.26% (1 mo. USD LIBOR + 0.450%)⁽²⁾		02/15/33		270,384		270,004

Freddie Mac (2662-MT) (TAC)

4.50%		08/15/33		168,556		179,165

Freddie Mac (3315-S) (I/O) (I/F)

5.60% (-1X 1 mo. USD LIBOR + 6.410%)⁽²⁾		05/15/37		23,275		3,476

Freddie Mac (3339-JS) (I/F)

37.54% (-6.5X 1 mo. USD LIBOR + 42.835%)⁽²⁾		07/15/37		396,604		908,455

Freddie Mac (3351-ZC)

5.50%		07/15/37		296,210		346,576

Freddie Mac (3380-SM) (I/O) (I/F)

5.60% (-1X 1 mo. USD LIBOR + 6.410%)⁽²⁾		10/15/37		435,085		101,762

Freddie Mac (3382-FL)

1.51% (1 mo. USD LIBOR + 0.700%)⁽²⁾		11/15/37		146,127		147,349

Freddie Mac (3439-SC) (I/O) (I/F)

5.09% (-1X 1 mo. USD LIBOR + 5.900%)⁽²⁾		04/15/38		1,645,379		302,101

Freddie Mac(3578-DI) (I/O) (I/F)

5.84% (-1X 1 mo. USD LIBOR + 6.650%)⁽²⁾		04/15/36		668,847		141,296

Freddie Mac (4818-CA)

3.00%		04/15/48		2,212,543		2,285,398

Freddie Mac, Pool #A97179

4.50%		03/01/41		1,761,580		2,010,315

Freddie Mac, Pool #C90526

5.50%		02/01/22		3,214		3,289

Freddie Mac, Pool #G06360

4.00%		03/01/41		2,148,703		2,429,888

Freddie Mac, Pool #G06498

4.00%		04/01/41		1,573,452		1,763,533

Freddie Mac, Pool #G06499

4.00%		03/01/41		1,100,375		1,206,114

Freddie Mac, Pool #G07849

3.50%		05/01/44		1,272,993		1,392,081

Freddie Mac, Pool #G07924

3.50%		01/01/45		2,452,697		2,681,378


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac, Pool #G08710

3.00%		06/01/46	$	3,923,341	$	4,166,767

Freddie Mac, Pool #G08711

3.50%		06/01/46		6,897,181		7,406,348

Freddie Mac, Pool #G08715

3.00%		08/01/46		7,327,408		7,772,881

Freddie Mac, Pool #G08716

3.50%		08/01/46		4,639,107		4,972,879

Freddie Mac, Pool #G08721

3.00%		09/01/46		5,914,586		6,274,166

Freddie Mac, Pool #G08722

3.50%		09/01/46		1,829,011		1,960,603

Freddie Mac, Pool #G08726

3.00%		10/01/46		5,661,619		6,010,084

Freddie Mac, Pool #G08732

3.00%		11/01/46		5,540,211		5,881,204

Freddie Mac, Pool #G08792

3.50%⁽⁴⁾		12/01/47		5,706,587		6,060,017

Freddie Mac, Pool #G08795

3.00%		01/01/48		1,130,695		1,197,316

Freddie Mac, Pool #G08816

3.50%		06/01/48		1,542,841		1,629,563

Freddie Mac, Pool #G08826

5.00%		06/01/48		1,074,971		1,169,000

Freddie Mac, Pool #G08843

4.50%		10/01/48		4,597,366		4,968,570

Freddie Mac, Pool #G16584

3.50%		08/01/33		4,193,284		4,439,354

Freddie Mac, Pool #G18592

3.00%		03/01/31		1,606,273		1,700,098

Freddie Mac, Pool #G18670

3.00%		12/01/32		1,195,767		1,264,132

Freddie Mac, Pool #G18713

3.50%		11/01/33		3,164,479		3,345,635

Freddie Mac, Pool #G60038

3.50%		01/01/44		2,200,350		2,404,730

Freddie Mac, Pool #G60344

4.00%		12/01/45		1,103,369		1,221,542

Freddie Mac, Pool #G67700

3.50%		08/01/46		1,672,021		1,822,135

Freddie Mac, Pool #G67703

3.50%		04/01/47		10,022,826		10,947,923

Freddie Mac, Pool #G67706

3.50%		12/01/47		6,837,553		7,464,379

Freddie Mac, Pool #G67707

3.50%		01/01/48		12,026,858		13,219,610

Freddie Mac, Pool #G67708

3.50%		03/01/48		13,371,913		14,493,303

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date			Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac, Pool #G67710

3.50%		03/01/48		$	11,653,641	$	12,554,001

Freddie Mac, Pool #G67711

4.00%		03/01/48			3,744,739		4,148,181

Freddie Mac, Pool #G67718

4.00%		01/01/49			4,700,459		5,146,602

Freddie Mac, Pool #Q05261

3.50%		12/01/41			1,780,467		1,961,276

Freddie Mac, Pool #Q20178

3.50%		07/01/43			3,239,428		3,582,782

Freddie Mac, Pool #ZT1703

4.00%		01/01/49			3,200,313		3,502,775

Ginnie Mae(08-27-SI) (I/O) (I/F)

5.75% (-1X 1 mo. USD LIBOR + 6.470%)⁽²⁾		03/20/38			288,015		68,310

Ginnie Mae(08-81-S) (I/O) (I/F)

5.48% (-1X 1 mo. USD LIBOR + 6.200%)⁽²⁾		09/20/38			1,108,909		261,294

Ginnie Mae(10-1-S) (I/O) (I/F)

5.03% (-1X 1mo. USD LIBOR + 5.750%)⁽²⁾		01/20/40			1,718,457		181,543

Ginnie Mae(18-124-NW)

3.50%		09/20/48			2,130,279		2,302,516

Ginnie Mae, Pool #608259

4.50%		08/15/33			35,841		39,290

Ginnie Mae, Pool #782114

5.00%		09/15/36			116,106		130,710

Ginnie Mae, Pool #MA4127

3.50%		12/20/46			3,617,847		3,885,817

Ginnie Mae II, Pool #MA6030

3.50%		07/20/49			1,202,686		1,236,908

Ginnie Mae II, Pool #MA3521

3.50%		03/20/46			2,844,625		3,057,990

Ginnie Mae II, Pool #MA3597

3.50%		04/20/46	��		2,731,160		2,936,014

Ginnie Mae II, Pool #MA3663

3.50%		05/20/46			2,753,017		2,959,511

Ginnie Mae II, Pool #MA4126

3.00%		12/20/46			7,477,362		7,989,582

Ginnie Mae II, Pool #MA4196

3.50%		01/20/47			2,333,580		2,500,592

Ginnie Mae II, Pool #MA4454

5.00%		05/20/47			921,027		1,011,555

Ginnie Mae II, Pool #MA4510

3.50%		06/20/47			1,323,369		1,414,359

Ginnie Mae II, Pool #MA4589

5.00%		07/20/47			2,308,864		2,538,295

Ginnie Mae II, Pool #MA4722

5.00%		09/20/47			782,701		857,812


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Ginnie Mae II, Pool #MA4777

3.00%		10/20/47	$	1,039,207	$	1,108,486

Ginnie Mae II, Pool #MA4836

3.00%		11/20/47		4,103,055		4,376,583

Ginnie Mae II, Pool #MA4837

3.50%		11/20/47		8,629,587		9,224,725

Ginnie Mae II, Pool #MA4838

4.00%		11/20/47		2,496,544		2,680,428

Ginnie Mae II, Pool #MA4901

4.00%		12/20/47		4,254,319		4,565,287

Ginnie Mae II, Pool #MA5078

4.00%		03/20/48		3,565,224		3,823,274

Ginnie Mae II, Pool #MA5399

4.50%		08/20/48		7,412,836		7,998,303

Ginnie Mae II, Pool #MA5466

4.00%		09/20/48		241,909		259,561

Ginnie Mae II, Pool #MA5467

4.50%		09/20/48		461,042		497,311

Ginnie Mae II, Pool #MA6209

3.00%		10/20/49		5,787,242		6,012,295

Ginnie Mae II TBA, 30 Year TBA

3.00%⁽⁵⁾		11/01/49		13,375,000		14,237,582

Uniform Mortgage-Backed Securities TBA, 15 Year

2.50%⁽⁵⁾		08/01/34		6,700,000		6,990,205

2.50%⁽⁵⁾		08/01/34		23,450,000		24,500,670

3.00%⁽⁵⁾		03/01/34		730,000		769,574

5.00%⁽⁵⁾		07/01/48		4,425,000		4,810,128

Uniform Mortgage-Backed Securities TBA, 30 Year

2.50%⁽⁵⁾		01/01/50		23,950,000		24,951,035

2.50%⁽⁵⁾		01/01/50		26,450,000		27,515,233

3.00%⁽⁵⁾		01/01/50		6,450,000		6,810,545

3.00%⁽⁵⁾		01/01/50		73,150,000		77,142,405


Total Residential Mortgage-backed Securities — Agency

(Cost: $485,878,942)						501,209,989


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 4.8%

Aames Mortgage Investment Trust(06-1-A4)

1.05% (1 mo. USD LIBOR + 0.560%)⁽²⁾		04/25/36		5,326,810		5,064,430

Aegis Asset Backed Securities Trust(05-5-2A)

0.74% (1 mo. USD LIBOR + 0.250%)⁽²⁾		12/25/35		2,495,490		2,477,906

Ajax Mortgage Loan Trust (19-F-A1)

2.86%⁽¹⁾		07/25/59		4,562,968		4,533,973

Banc of America Funding Trust (15-R2-9A1)

0.70% (1 mo. USD LIBOR + 0.215%)^(2),(1)		03/27/36		1,119,959		1,111,495

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Centex Home Equity (02-C-AF6)

4.50%⁽³⁾		09/25/32	$	3,762	$	3,762

CIM Trust(17-7-A)

3.00%^(1),(3)		04/25/57		4,868,820		4,832,025

Citigroup Mortgage Loan Trust(06-2AD)

0.73% (1 mo. USD LIBOR + 0.240%)⁽²⁾		08/25/36		1,223,538		1,156,988

Citigroup Mortgage Loan Trust, Inc.(05-5-2A2)

5.75%⁽⁶⁾		08/25/35		262,325		205,198

Conseco Financial Corp.(98-6-A8)

6.66%⁽³⁾		06/01/30		301,309		305,898

Credit Suisse First Boston Mortgage Securities Corp.(03-8-4PPA)

5.75%		04/22/33		7,126		7,564

CSMC Series, Ltd.(10-3R-2A3)

4.47%^(1),(3)		12/26/36		2,739,738		2,753,983

CSMC Series, Ltd.(15-5R-1A1)

2.97%^(1),(3)		09/27/46		2,447,193		2,356,761

CSMC Trust(14-7R-8A1)

3.81%^(1),(3)		07/27/37		1,687,442		1,651,662

CSMC Trust (18-RPL9-A)

3.85%^(1),(3)		09/25/57		4,705,195		4,878,958

GS Mortgage-Backed Securities Trust (18-RPL1-A1A)

3.75%⁽¹⁾		10/25/57		4,821,306		4,549,144

GSAA Home Equity Trust(05-11-2A2)

0.81% (1 mo. USD LIBOR + 0.320%)⁽²⁾		10/25/35		1,520,813		1,419,859

Home Equity Asset Trust(06-3-1A1)

0.69% (1 mo. USD LIBOR + 0.200%)⁽²⁾		07/25/36		1,162,566		1,159,516

Indymac Index Mortgage Loan Trust(05-AR6-2A1)

0.97% (1 mo. USD LIBOR + 0.480%)⁽²⁾		04/25/35		738,775		597,164

Mid-State Trust(04-1-B)

8.90%		08/15/37		915,004		1,011,804

Morgan Stanley Capital, Inc. (04-WMC2-M1)

1.40% (1 mo. USD LIBOR + 0.915%)⁽²⁾		07/25/34		1,023,522		963,337

Morgan Stanley Mortgage Loan Trust(04-3-4A)

5.62%⁽³⁾		04/25/34		159,252		167,524

New Century Home Equity Loan Trust(05-D-A1)

0.71% (1 mo. USD LIBOR + 0.220%)⁽²⁾		02/25/36		4,274,177		4,200,523

Nomura Resecuritization Trust(15-5R-2A1)

3.79%^(1),(3)		03/26/35		715,297		715,072

Option One Mortgage Loan Trust(05-2-M1)

1.15% (1 mo. USD LIBOR + 0.660%)⁽²⁾		05/25/35		2,746,201		2,709,023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

RASC Series Trust(06-KS7-A4)

0.73% (1 mo. USD LIBOR + 0.240%)⁽²⁾		09/25/36	$	2,314,815	$	2,235,798

Structured Asset Investment Loan Trust(04-6-A3)

1.29% (1 mo. USD LIBOR + 0.800%)⁽²⁾		07/25/34		3,045,677		2,761,241

Structured Asset Securities Corp.(03-34A-5A4)

3.81%⁽³⁾		11/25/33		319,180		297,880

WaMu Mortgage Pass-Through Certificates(05-AR15-A1A1)

0.75% (1 mo. USD LIBOR + 0.260%)⁽²⁾		11/25/45		4,055,316		3,588,241

WaMu Mortgage Pass-Through Certificates(05-AR3-A2)

3.62%⁽³⁾		03/25/35		1,094,429		1,043,853

Wells Fargo Alternative Loan Trust (07-PA3-2A1)

6.00%⁽⁶⁾		07/25/37		86,108		83,192

Wells Fargo Home Equity Asset-Backed Securities Trust(05-3-M6)

1.49% (1 mo. USD LIBOR + 1.005%)⁽²⁾		11/25/35		4,087,681		3,894,136

Wells Fargo Home Equity Trust(04-2-A33)

1.49% (1 mo. USD LIBOR + 1.000%)⁽²⁾		10/25/34		5,055,538		4,718,545


Total Residential Mortgage-backed Securities — Non-Agency

(Cost: $68,684,703)						67,456,455


U.S. TREASURY BONDS — 2.1%

U.S. Treasury Bond

2.00%		02/15/50		18,615,000		21,965,700

2.38%		11/15/49		6,083,000		7,731,350


Total U.S. Treasury Bonds

(Cost: $27,557,854)						29,697,050


U.S. TREASURY SECURITIES — 13.8%

U.S. Treasury Inflation Indexed Bond

0.25%⁽⁷⁾		02/15/50		16,666,556		18,607,253

U.S. Treasury Inflation Indexed Note

0.13%⁽⁷⁾		07/15/24		1,830,058		1,860,571

0.13%⁽⁷⁾		10/15/24		10,530,022		10,777,643

0.25%⁽⁷⁾		07/15/29		14,481,109		15,452,839

U.S. Treasury Note

0.25%		04/30/25		35,875,000		35,929,653

0.50%		03/31/25		90,235,000		90,904,711

1.50%		02/15/30		17,940,000		19,433,013


Total U.S. Treasury Securities

(Cost: $190,498,602)						192,965,683


Total Fixed Income Securities

(Cost: $1,245,067,826)						1,287,131,939

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Number of Shares		Value

MONEY MARKET INVESTMENTS — 19.0%

Dreyfus Government Cash Management Fund — Institutional Shares, 0.15%⁽⁸⁾				424,000	$	424,000

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22%⁽⁸⁾				266,130,644		266,130,644


Total Money Market Investments

(Cost: $266,554,644)						266,554,644



			Principal Amount

SHORT TERM INVESTMENTS — 3.8%

COMMERCIAL PAPER — 0.3%(Cost: $3,504,183)

Auto Manufacturers — 0.3%

Ford Motor Credit Co.

3.24%		10/14/20	$	3,555,000		3,507,969


Issues	Maturity Date		Principal Amount		Value

FOREIGN GOVERNMENT BONDS — 2.3%(Cost: $32,571,603)

Japan Treasury Bill

0.00%⁽⁹⁾		06/08/20	$	3,430,000,000	$	32,080,839


U.S. TREASURY SECURITIES — 1.2%

U.S. Treasury Bill

1.50%⁽¹⁰⁾		07/16/20		15,000,000		14,997,269

1.44%^(10),(11)		09/10/20		2,525,000		2,524,097


Total U.S. Treasury Securities

(Cost: $17,474,589)						17,521,366


Total Short Term Investments

(Cost: $53,550,375)						53,110,174


Total Investments (114.6%)

(Cost: $1,565,172,845)						1,606,796,757

Liabilities In Excess Of Other Assets (-14.6%)						(204,223,218	)


Net Assets (100.0%)					$	1,402,573,539


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional		Market Value		Net Unrealized Appreciation/ (Depreciation)
Long Futures
637	5-Year U.S. Treasury Note Futures		06/30/20	$	77,866,467	$	79,933,547	$	2,067,080
13	U.S. Ultra Long Bond Futures		06/19/20		2,668,749		2,922,156		253,407
19	10-Year U.S. Treasury Note Futures		06/19/20		2,936,141		2,983,594		47,453

				$	83,471,357	$	85,839,297	$	2,367,940


Centrally Cleared-Interest Rate Swap Agreements

Notional Amount	Expiration Date		Payment Frequency		Payment Made by Fund	Payment Received by Fund	Unrealized Appreciation/ (Depreciation)			Premium Paid			Value
26,710,000⁽¹²⁾		01/21/23		Quarterly	3 Month USD LIBOR	1.57%	$	685,945		$	—		$	685,945
69,250,000⁽¹²⁾		01/21/23		Quarterly	3 Month USD LIBOR	1.58%		1,775,097			12,696			1,787,793
28,170,000⁽¹²⁾		01/21/26		Quarterly	1.68%	3 Month USD LIBOR		(1,701,318	)		(8,931	)		(1,710,249	)
10,865,000⁽¹²⁾		01/21/26		Quarterly	1.67%	3 Month USD LIBOR		(655,306	)		—			(655,306	)

							$	104,418		$	3,765		$	108,183

Forward Currency Exchange Contracts

Counterparty

Contracts to
Deliver

Units of
Currency

Settlement
Date

In Exchange for
U.S. Dollars

Contracts at
Value

Unrealized
Appreciation
(Depreciation)

SELL⁽¹³⁾

Citibank N.A.

JPY

3,400,000,000

06/08/20

32,723,013

32,075,560

647,453

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2020


Written Options-OTC

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount (in thousands)		Market Value			Premiums (Received) by Fund			Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note10-Year Futures Option-Call	Harris Trust		140.50		5/22/20		145	$	145	$	(22,656	)	$	(168,203	)	$	145,547
U.S. Treasury Note10-Year Futures Option-Put	Harris Trust		134.50		5/22/20		145		145		(4,532	)		(122,265	)		117,733

											(27,188	)		(290,468	)		263,280

Notes to the Schedule of Investments:

CLO

Collateralized Loan Obligation.

EETC

Enhanced Equipment Trust Certificate.

I/F

Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.

I/O

Interest Only Security.

PAC

Planned Amortization Class.

REIT

Real Estate Investment Trust.

TAC

Target Amortization Class.

TBA

To Be Announced.

JPY

Japanese Yen.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2020, the value of these securities amounted to $151,524,489 or 10.8% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2020.

(3)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(4)

This security is purchased on a when-issued, delayed-delivery or forward commitment basis.

(5)

Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.

(6)

A portion of the principal balance has beenwritten-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.

(7)

Interest rate for this security is a stated rate. Interest payments are determined based on the inflation-adjusted principal.

(8)

Rate disclosed is the7-day net yield as of April 30, 2020.

(9)

Security is not accruing interest.

(10)

Rate shown representsyield-to-maturity.

(11)

All or a portion of this security is held as collateral for open futures contracts.

(12)

This instrument has a forward starting effective date. See Note 2, Significant Accounting Policies in the Notes to Financial Statements for further information.

(13)

Fund sells foreign currency, buys U.S. Dollar.

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities — Agency		35.7	%
Corporate Bonds		26.3
Money Market Investments		19.0
U.S. Treasury Securities		17.1
Residential Mortgage-Backed Securities —Non-Agency		4.8
Asset-Backed Securities		4.7
Foreign Government Bonds		2.3
Commercial Mortgage-Backed Securities — Agency		2.0
Commercial Mortgage-Backed Securities —Non-Agency		1.5
Municipal Bonds		0.9
Commercial Paper		0.3
Other*		(14.6	)

Total		100.0	%

*	Includes cash, swaps, futures, written options, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds*	$	—		$	369,008,603		$	—	$	369,008,603
Municipal Bonds		—			12,151,460			—		12,151,460
Asset-Backed Securities		—			65,566,113			—		65,566,113
Commercial Mortgage-Backed Securities — Agency		—			27,538,446			—		27,538,446
Commercial Mortgage-Backed Securities —Non-Agency		—			21,538,140			—		21,538,140
Residential Mortgage-Backed Securities — Agency		—			501,209,989			—		501,209,989
Residential Mortgage-Backed Securities —Non-Agency		—			67,456,455			—		67,456,455
U.S. Treasury Bonds		29,697,050			—			—		29,697,050
U.S. Treasury Securities		146,267,377			46,698,306			—		192,965,683

Total Fixed Income Securities		175,964,427			1,111,167,512			—		1,287,131,939

Money Market Investments		266,554,644			—			—		266,554,644
Short-Term Investments*		17,521,366			35,588,808			—		53,110,174

Total Investments		460,040,437			1,146,756,320			—		1,606,796,757

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			647,453			—		647,453
Futures Contracts
Interest Rate Risk		2,367,940			—			—		2,367,940
Swap Agreements
Interest Rate Risk		—			2,473,738			—		2,473,738

Total	$	462,408,377		$	1,149,877,511		$	—	$	1,612,285,888

Liability Derivatives
Swap Agreements
Interest Rate Risk	$	—		$	(2,365,555	)	$	—	$	(2,365,555	)
Written Options
Foreign Interest Rate Risk Currency Risk		(27,188	)		—			—		(27,188	)

Total	$	(27,188	)	$	(2,365,555	)	$	—	$	(2,392,743	)

*	See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited)

April 30, 2020

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 75.9%

ASSET-BACKED SECURITIES — 10.3%

BlueMountain CLO, Ltd.(13-1A-A1R2)

2.37% (3 mo. USD LIBOR + 1.230%)^(1),(2)

01/20/29

6,935

6,832

Chase Issuance Trust(12-A7-A7)

2.16%

09/15/24

10,000

10,319

Educational Services of America, Inc.(12-2-A)

1.22% (1 mo. USD LIBOR + 0.730%)^(1),(2)

04/25/39

4,958

4,663

Madison Park Funding, Ltd.(18-30A-A)

1.97% (3 mo. USD LIBOR + 0.750%)^(1),(2)

04/15/29

10,000

9,649

Nelnet Student Loan Trust(12-5A-A)

1.09% (1 mo. USD LIBOR + 0.600%)^(1),(2)

10/27/36

3,332

3,155

SLM Student Loan Trust(05-4-A3)

1.11% (3 mo. USD LIBOR + 0.120%) ⁽²⁾

01/25/27

9,727

9,529

SLM Student Loan Trust(07-2-B)

1.16% (3 mo. USD LIBOR + 0.170%)⁽²⁾

07/25/25

15,000

11,757

SLM Student Loan Trust(08-1-A4)

1.64% (3 mo. USD LIBOR + 0.650%)⁽²⁾

01/25/22

9,075

8,298

SLM Student Loan Trust(08-3-A3)

1.99% (3 mo. USD LIBOR + 1.000%)⁽²⁾

10/25/21

9,309

8,755

SLM Student Loan Trust(08-3-B)

2.19% (3 mo. USD LIBOR + 1.200%)⁽²⁾

04/26/83

10,000

9,060

SLM Student Loan Trust(13-4-A)

1.04% (1 mo. USD LIBOR + 0.550%)⁽²⁾

06/25/43

8,612

8,159

SLM Student Loan Trust(13-6-A3)

1.14% (1 mo. USD LIBOR + 0.650%)⁽²⁾

06/25/55

9,939

9,364

Total Asset-backed Securities

(Cost: $104,582)

99,540

COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 4.2%

Fannie Mae(10-M5-X) (I/O)

1.05%⁽³⁾

07/25/20

195,818

186

Freddie Mac Multifamily Structured Pass-Through Certificates(KC01-X1) (I/O)

0.82%⁽³⁾

12/25/22

590,907

4,138

Freddie Mac Multifamily Structured Pass-Through Certificates(KS03-A4)

3.16%⁽³⁾

05/25/25

1,000

1,094

Freddie Mac Multifamily Structured Pass-Through Certificates(K033-X1) (I/O)

0.41%⁽³⁾

07/25/23

543,543

4,561


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac Multifamily Structured Pass-Through Certificates(KS07-X) (I/O)

0.78%⁽³⁾		09/25/25	$	500,000	$	15,681

Ginnie Mae(11-53-IO) (I/O)

0.00%⁽³⁾		05/16/51		397,865		1,219

Ginnie Mae(12-123-IO) (I/O)

0.78%⁽³⁾		12/16/51		309,360		10,263

Ginnie Mae(13-1-IO) (I/O)

0.60%⁽³⁾		02/16/54		125,987		3,471


Total Commercial Mortgage-Backed Securities — Agency

(Cost: $40,439)						40,613


COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 7.3%

Citigroup Commercial Mortgage Trust(13-GC11-AAB)

2.69%		04/10/46		5,780		5,855

COMM Mortgage Trust

(12-CR2-ASB) 2.75%		08/15/45		2,534		2,544

COMM Mortgage Trust(12-CR4-XA) (I/O)

1.85%⁽³⁾		10/15/45		202,828		6,361

COMM Mortgage Trust

(13-LC6-XB) (I/O) 0.53%^(1),(3)		01/10/46		100,000		1,144

GS Mortgage Securities Corp. Trust(17-GPTX-XCP) (I/O)

0.91%^(1),(3)		05/10/34		150,000		10

GS Mortgage Securities Trust(11-GC5-XA) (I/O)

1.49%^(1),(3)		08/10/44		763,643		7,614

GS Mortgage Securities Trust(13-GC13-AAB)

3.72%⁽³⁾		07/10/46		6,134		6,306

JPMBB Commercial Mortgage Securities Trust(13-C17-XA) (I/O)

0.92%⁽³⁾		01/15/47		131,742		2,998

JPMorgan Chase Commercial Mortgage Securities Trust(11-C4-XA) (I/O)

1.34%^(1),(3)		07/15/46		184,801		1,524

LB-UBS Commercial Mortgage Trust(06-C6-XCL) (I/O)

0.77%^(1),(3),(4)		09/15/39		507,955		3,169

Morgan Stanley Capital I Trust(11-C3-A4)

4.12%		07/15/49		6,820		6,896

Morgan Stanley Capital I Trust(15-MS1-ASB)

3.46%		05/15/48		10,000		10,411

Morgan Stanley Capital I Trust(18-H3-A1)

3.18%		07/15/51		11,032		11,283

WFRBS Commercial Mortgage Trust(12-C9-XA) (I/O)

2.05%^(1),(3)		11/15/45		111,154		4,195


Total Commercial Mortgage-Backed Securities —Non-Agency

(Cost: $68,419)						70,310

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 1.0%(Cost: $9,777)

Fannie Mae(05-W3-2AF)

0.71% (1 mo. USD LIBOR + 0.220%)⁽²⁾		03/25/45	$	10,028	$	9,999


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 10.8%

Centex Home Equity Loan Trust(05-A-AF5)

5.78%		01/25/35		44,629		44,081

Credit-Based Asset Servicing and Securitization LLC(03-CB5-M1)

1.51% (1 mo. USD LIBOR + 1.020%)⁽²⁾		11/25/33		8,402		7,816

First Franklin Mortgage Loan Asset-Backed Certificates(04-FF5-A3C)

1.49% (1 mo. USD LIBOR + 1.000%)⁽²⁾		08/25/34		7,059		7,080

JPMorgan Mortgage Trust(05-A5-TA1)

4.19%⁽³⁾		08/25/35		1,004		908

JPMorgan Mortgage Trust(05-A6-7A1)

4.19%^(3),(5)		08/25/35		14,897		13,951

MASTR Seasoned Securitization Trust(05-1-4A1)

4.51%⁽³⁾		10/25/32		13,217		12,319

Mid-State Trust(04-1-M1) 6.50%		08/15/37		16,876		17,392

Morgan Stanley Mortgage Loan Trust(04-6AR-1A)

1.39% (1 mo. USD LIBOR + 0.900%)⁽²⁾		07/25/34		1,115		1,109


Total Residential Mortgage-Backed Securities —Non-Agency

(Cost: $97,493)						104,656


CORPORATE BONDS — 41.8%

Agriculture — 0.5%

BAT Capital Corp.

2.76%		08/15/22		5,000		5,071


Airlines — 2.3%

Continental Airlines, Inc. Pass-Through Certificates(00-1-A1) (EETC)

8.05%		05/01/22		16,849		17,020

US Airways Group, Inc. Pass-Through Certificates(12-1-A) (EETC)

5.90%		04/01/26		6,616		5,633


						22,653

Auto Manufacturers — 2.5%

Ford Motor Credit Co. LLC 4.25%		09/20/22		10,000		9,290

5.75%		02/01/21		10,000		9,900

General Motors Financial Co., Inc. 3.55%		04/09/21		5,000		4,925


						24,115


Issues	Maturity Date		Principal Amount		Value

Banks — 8.5%

Bank of America NA

3.34% (3.335% to 1/25/22 then 3 mo. USD LIBOR + 0.650%)⁽²⁾		01/25/23	$	10,000	$	10,349

Citigroup, Inc.

1.97% (3 mo. USD LIBOR + 0.950%)⁽²⁾		07/24/23		22,000		21,709

Goldman Sachs Group, Inc. (The)

2.91% (3 mo. USD LIBOR + 0.990%)⁽²⁾		07/24/23		5,000		5,128

JPMorgan Chase & Co.

2.22% (3 mo. USD LIBOR + 1.000%)⁽²⁾		01/15/23		25,000		24,904

Lloyds TSB Bank PLC (United Kingdom)

6.38%		01/21/21		10,000		10,361

Santander UK Group Holdings PLC (United Kingdom)

3.13%		01/08/21		5,000		5,047

Wells Fargo & Co.

2.16% (3 mo. USD LIBOR + 0.750%)⁽²⁾		02/11/26		5,000		5,035


						82,533


Commercial Services — 0.6%

IHS Markit, Ltd. 5.00%⁽¹⁾		11/01/22		5,000		5,372


Diversified Financial Services — 1.3%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)

4.63%		10/30/20		6,000		5,944

Park Aerospace Holdings, Ltd.

4.50%⁽¹⁾		03/15/23		2,000		1,772

5.50%⁽¹⁾		02/15/24		5,000		4,412


						12,128


Food — 2.1%

Conagra Brands, Inc.

1.82% (3 mo. USD LIBOR + 0.500%)⁽²⁾		10/09/20		10,000		9,947

Kraft Heinz Foods Co.

4.38%		06/01/46		5,000		4,785

5.00%		07/15/35		5,000		5,356


						20,088


Healthcare-Services — 1.1%

Fresenius Medical Care US Finance II, Inc.

4.13%⁽¹⁾		10/15/20		5,000		5,017

HCA, Inc.

5.00%		03/15/24		5,000		5,435


						10,452

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Insurance — 7.2%

Nationwide Mutual Insurance Co.

3.03% (3 mo. USD LIBOR + 2.290%)^(1),(2)		12/15/24	$	70,000	$	69,533


Media — 0.4%

Charter Communications Operating LLC / Charter Communications Operating Capital

3.41% (3 mo. USD LIBOR + 1.650%)⁽²⁾		02/01/24		4,000		3,880


Miscellaneous Manufacturers — 0.7%

General Electric Co.

2.17% (3 mo. USD LIBOR + 0.480%)⁽²⁾		08/15/36		10,000		6,551


Pharmaceuticals — 4.0%

Allergan Sales LLC

5.00%⁽¹⁾		12/15/21		6,000		6,288

Bausch Health Cos, Inc. (Canada)

7.00%⁽¹⁾		03/15/24		5,000		5,168

Bayer US Finance II LLC

3.88%⁽¹⁾		12/15/23		5,000		5,316

4.38%⁽¹⁾		12/15/28		5,000		5,672

Becton Dickinson and Co.

2.89%		06/06/22		5,000		5,160

CVS Health Corp.

1.72% (3 mo. USD LIBOR + 0.720%)⁽²⁾		03/09/21		8,000		7,984

4.30%		03/25/28		3,000		3,407


						38,995


Pipelines — 0.7%

Energy Transfer Operating LP

4.50%		04/15/24		5,000		4,933

Plains All American Pipeline LP / PAA Finance Corp.

4.50%		12/15/26		2,000		1,851


						6,784


REIT — 5.7%

American Campus Communities Operating Partnership LP

3.75%		04/15/23		5,000		5,076

Boston Properties LP (REIT)

4.13%		05/15/21		5,000		5,062

Camden Property Trust

2.95%		12/15/22		5,000		5,058

CyrusOne LP / CyrusOne Finance Corp. (REIT)

2.90%		11/15/24		5,000		4,908

GLP Capital LP / GLP Financing II, Inc.

5.38%		11/01/23		5,000		4,889


Issues	Maturity Date		Principal Amount		Value

REIT (Continued)

HCP, Inc.

3.15%		08/01/22	$	15,000	$	15,087

Healthcare Trust of America Holdings LP

3.70%		04/15/23		5,000		5,045

SL Green Operating Partnership LP

3.25%		10/15/22		5,000		5,035

WEA Finance LLC

3.15%⁽¹⁾		04/05/22		5,000		5,002


						55,162


Retail — 0.5%

Alimentation Couche-Tard, Inc. (Canada)

2.70%⁽¹⁾		07/26/22		5,000		5,030


Savings & Loans — 0.5%

Nationwide Building Society (United Kingdom)

4.36% (3 mo. USD LIBOR + 1.392%)^(1),(2)		08/01/24		5,000		5,239


Semiconductors — 1.3%

Intel Corp.

4.75%		03/25/50		5,000		7,108

NXP BV / NXP Funding LLC (Netherlands)

4.13%⁽¹⁾		06/01/21		5,000		5,111


						12,219


Telecommunications — 1.9%

AT&T, Inc.

1.96% (3 mo. USD LIBOR + 1.180%) ⁽²⁾		06/12/24		10,000		9,821

Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC

3.36%⁽¹⁾		03/20/23		3,750		3,769

Vodafone Group PLC (United Kingdom)

3.75%		01/16/24		4,000		4,325


						17,915


Total Corporate Bonds

(Cost: $401,875)						403,720


MUNICIPAL BOND — 0.5%(Cost: $5,000)

Regents of the University of California Medical Center Pooled, Revenue Bond

3.26%		05/15/60		5,000		4,992


Total Fixed Income Securities

(Cost: $727,585)						733,830

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

April 30, 2020


Security	Shares		Value

Money Market Investments — 21.8%

State Street Institutional U.S. Government Money Market Fund — Premier Class,

0.22%^(6),(7)		210,876	$	210,876


Total Money Market Investments

(Cost: $210,876)				210,876


Total Investments (97.7%)

(Cost: $938,461)				944,706


Excess Of Other Assets Over Liabilities (2.3%)				21,831

Net Assets (100.0%)			$	966,537

Total Return Swaps⁽⁷⁾

Notional

Amount

Expiration
Date

Counterparty

Payment Made

by Fund

Payment Received

by Fund

Payment
Frequency

Unrealized
(Depreciation)

Premium
Paid

Value

OTC Swaps

$ 990,473

5/19/20

Credit Suisse
International

3-Month U.S. Treasury Bills plus 0.2%

Credit Suisse Custom 24 Total Return Index⁽⁸⁾

Monthly

$ (20,493)

—

(20,493

)

Notes to the Schedule of Investments:

CLO

Collateralized Loan Obligation.

EETC

Enhanced Equipment Trust Certificate.

I/O

Interest Only Security.

REIT

Real Estate Investment Trust.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2020, the value of these securities amounted to $174,656 or 18.1% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2020.

(3)

(4)

Restricted security (Note 11).

(5)

A portion of the principal balance has beenwritten-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.

(6)

Rate disclosed is the7-day net yield as of April 30, 2020.

(7)

All or a portion of this security is owned by TCW Cayman Enhanced Commodity Fund, Ltd.

(8)

Custom Index has exposure to the following commodities as shown on the next page.

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)


Description⁽¹⁾	Notional Amount		Weight%			Unrealized Appreciation (Depreciation)
Gold	$	181,851		18.36	%	$	(139	)
Natural Gas		99,146		10.01	%		4,366
Copper High Grade		72,205		7.29	%		(403	)
Soybeans		63,093		6.37	%		945
Corn		60,023		6.06	%		(1,724	)
Aluminium Primary		43,977		4.44	%		(486	)
WTI Crude Oil		41,600		4.20	%		(11,928	)
Soybean Meal		39,916		4.03	%		266
Silver		38,034		3.84	%		(1,182	)
Brent Crude Oil		37,737		3.81	%		(7,815	)
Live Cattle		36,152		3.65	%		51
SRW Wheat		35,855		3.62	%		(639	)
Zinc High Grade		34,865		3.52	%		(376	)
Nickel Primary		29,714		3.00	%		337
Coffee ‘C’ Arabica		29,120		2.94	%		(3,059	)
Sugar#11		28,328		2.86	%		(451	)
Soybean Oil		27,436		2.77	%		(80	)
Lean Hogs		19,215		1.94	%		4,237
HRW Wheat		18,819		1.90	%		106
Cotton		15,154		1.53	%		1,171
Gasoil		13,966		1.41	%		(1,885	)
RBOB Gasoline		12,975		1.31	%		(103	)
Heating Oil		11,292		1.14	%		(1,758	)
United States Treasury Bill		—		—	%		56

	$	990,473		100.00	%	$	(20,493	)

⁽¹⁾

Commodity Exposures of the Credit Suisse Custom 24 Total Return Index.

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Corporate Bonds		41.8	%
Money Market Investments		21.8
Residential Mortgage-Backed Securities —Non-Agency		10.8
Asset-Backed Securities		10.3
Commercial Mortgage-Backed Securities —Non-Agency		7.3
Commercial Mortgage-Backed Securities — Agency		4.2
Residential Mortgage-Backed Securities — Agency		1.0
Municipal Bonds		0.5
Other*		2.3

Total		100.0	%

*	Includes cash, swaps, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Asset-Backed Securities	$	—	$	99,540		$	—	$	99,540
Commercial Mortgage-Backed Securities — Agency		—		40,613			—		40,613
Commercial Mortgage-Backed Securities —Non-Agency		—		70,310			—		70,310
Residential Mortgage-Backed Securities — Agency		—		9,999			—		9,999
Residential Mortgage-Backed Securities —Non-Agency		—		104,656			—		104,656
Corporate Bonds*		—		403,720			—		403,720
Municipal Bonds		—		4,992			—		4,992

Total Fixed Income Securities		—		733,830			—		733,830

Money Market Investments		210,876		—			—		210,876

Total Investments	$	210,876	$	733,830		$	—	$	944,706

Liability Derivatives
Swap Agreements
Commodity Risk	$	—	$	(20,493	)	$	—	$	(20,493	)

Total	$	—	$	(20,493	)	$	—	$	(20,493	)

*	See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited)

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 101.1% of Net Assets

CORPORATE BONDS — 29.1%

Agriculture — 0.8%

BAT Capital Corp.

4.54%		08/15/47	$	10,000	$	10,512

BAT International Finance PLC (United Kingdom)

2.25%⁽¹⁾		01/16/30		100,000		107,299

Reynolds American, Inc.

5.85%		08/15/45		20,000		23,746


						141,557


Airlines — 1.0%

Continental Airlines, Inc. Pass-Through Trust (01-1A-1) (EETC)

6.70%		12/15/22		11,260		11,155

Delta Air Lines 2020-1 Class AA Pass Through Trust

2.00%		12/10/29		90,000		83,375

Delta Air Lines, Inc. Pass-Through Certificates (02-1G1) (EETC)

6.72%		07/02/24		54,245		52,051

US Airways Group, Inc. Pass-Through Certificates(10-1A) (EETC)

6.25%		10/22/24		10,474		9,421

US Airways Group, Inc. Pass-Through Certificates(12-1-A) (EETC)

5.90%		04/01/26		33,080		28,163


						184,165


Auto Manufacturers — 2.4%

Daimler Finance North America LLC

2.20%⁽²⁾		10/30/21		90,000		88,531

Ford Motor Credit Co. LLC

2.18% (3 mo. USD LIBOR + 0.810%)⁽³⁾		04/05/21		15,000		14,017

2.34%		11/02/20		70,000		68,828

2.64% (3 mo. USD LIBOR + 1.270%)⁽³⁾		03/28/22		20,000		17,680

2.84% (3 mo. USD LIBOR + 1.080%)⁽³⁾		08/03/22		25,000		22,125

3.20%		01/15/21		40,000		39,000

3.22%		01/09/22		20,000		18,800

3.81%		10/12/21		65,000		61,506

5.75%		02/01/21		5,000		4,950

5.88%		08/02/21		10,000		9,950

General Motors Financial Co., Inc.

3.15%		06/30/22		20,000		19,089

3.20%		07/06/21		15,000		14,693

3.45%		04/10/22		5,000		4,830

3.55%		07/08/22		10,000		9,678

4.20%		11/06/21		30,000		29,671

4.38%		09/25/21		20,000		19,715


						443,063


Issues	Maturity Date		Principal Amount		Value

Banks — 3.0%

Bank of America Corp.

2.50% (3 mo. USD LIBOR + 0.990%)⁽³⁾		02/13/31	$	70,000	$	71,153

2.59% (SOFR + 2.150%)⁽³⁾		04/29/31		20,000		20,554

4.08% (3 mo. USD LIBOR + 3.150%)⁽³⁾		03/20/51		25,000		30,344

Bank of New York Mellon Corp. (The)

3.25%		09/11/24		10,000		10,780

Citigroup, Inc.

2.67% (SOFR + 1.146%)⁽³⁾		01/29/31		50,000		50,423

Goldman Sachs Group, Inc. (The)

2.60%		02/07/30		50,000		49,837

3.69% (3 mo. USD LIBOR + 1.510%)⁽³⁾		06/05/28		10,000		10,716

3.81% (3 mo. USD LIBOR + 1.158%)⁽³⁾		04/23/29		15,000		16,208

JPMorgan Chase & Co.

2.74% (SOFR + 1.510%)⁽³⁾		10/15/30		45,000		46,709

3.11% (SOFR + 2.440%)⁽³⁾		04/22/51		35,000		36,422

Lloyds Banking Group PLC (United Kingdom)

3.87% (1 year Treasury Constant Maturity Rate + 3.500%)⁽³⁾		07/09/25		50,000		52,687

3.90%		03/12/24		20,000		21,068

Santander UK Group Holdings PLC (United Kingdom)

4.80% (3 mo. USD LIBOR + 1.570%)⁽³⁾		11/15/24		50,000		53,792

Santander UK PLC (United Kingdom)

5.00%⁽²⁾		11/07/23		20,000		20,999

Wells Fargo & Co.

2.57% (3 mo. USD LIBOR + 1.000%)⁽³⁾		02/11/31		40,000		40,052

3.07% (SOFR + 2.530%)⁽³⁾		04/30/41		25,000		24,891


						556,635


Beverages — 0.5%

Anheuser-Busch InBev Worldwide, Inc.

4.50%		06/01/50		40,000		44,959

4.75%		01/23/29		25,000		28,973

Bacardi, Ltd.

4.70%⁽²⁾		05/15/28		15,000		16,410


						90,342


Biotechnology — 0.2%

Amgen, Inc.

4.40%		05/01/45		25,000		30,693

4.66%		06/15/51		5,000		6,575


						37,268

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Commercial Services — 0.3%

IHS Markit, Ltd.

4.75%⁽²⁾		02/15/25	$	25,000	$	27,215

4.75%		08/01/28		30,000		34,637


						61,852


Computers — 0.1%

Dell International LLC / EMC Corp.

4.42%⁽²⁾		06/15/21		10,000		10,165


Diversified Financial Services — 0.9%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)

3.50%		05/26/22		25,000		23,204

3.88%		01/23/28		10,000		8,343

3.95%		02/01/22		25,000		23,420

4.13%		07/03/23		15,000		13,946

Air Lease Corp.

3.25%		03/01/25		20,000		18,010

Avolon Holdings Funding, Ltd.

2.88%⁽²⁾		02/15/25		30,000		24,848

5.13%⁽²⁾		10/01/23		5,000		4,482

Park Aerospace Holdings, Ltd.

4.50%⁽²⁾		03/15/23		20,000		17,720

5.25%⁽²⁾		08/15/22		15,000		13,849

5.50%⁽²⁾		02/15/24		20,000		17,647


						165,469


Electric — 1.4%

AEP Texas Central Co.

3.85%⁽²⁾		10/01/25		50,000		51,992

Dominion Energy, Inc.

3.30%		03/15/25		55,000		58,524

ITC Holdings Corp.

3.65%		06/15/24		40,000		42,193

MidAmerican Energy Co.

3.10%		05/01/27		40,000		43,353

Pennsylvania Electric Co.

3.25%⁽²⁾		03/15/28		50,000		53,123


						249,185


Entertainment — 0.1%

Churchill Downs, Inc.

4.75%⁽²⁾		01/15/28		10,000		9,357

5.50%⁽²⁾		04/01/27		13,000		12,541

Live Nation Entertainment, Inc.

4.75%⁽²⁾		10/15/27		5,000		4,248


						26,146


Environmental Control — 0.1%

GFL Environmental, Inc. (Canada)

5.13%⁽²⁾		12/15/26		9,000		9,373


Issues	Maturity Date		Principal Amount		Value

Environmental Control (Continued)

Waste Pro USA, Inc.

5.50%⁽²⁾		02/15/26	$	5,000	$	4,979


						14,352


Food — 1.0%

Kraft Heinz Foods Co.

4.38%		06/01/46		90,000		86,139

4.88%⁽²⁾		10/01/49		10,000		10,024

5.00%		07/15/35		35,000		37,491

5.00%		06/04/42		5,000		5,100

5.20%		07/15/45		10,000		10,303

Kroger Co. (The)

4.50%		01/15/29		15,000		17,695

Pilgrim’s Pride Corp.

5.88%⁽²⁾		09/30/27		16,000		16,318

Post Holdings, Inc.

4.63%⁽²⁾		04/15/30		11,000		10,849


						193,919


Healthcare-Products — 0.6%

Alcon Finance Corp.

2.75%⁽²⁾		09/23/26		60,000		62,743

Zimmer Biomet Holdings, Inc.

3.55%		03/20/30		45,000		46,487


						109,230


Healthcare-Services — 1.2%

Centene Corp.

3.38%⁽²⁾		02/15/30		8,000		8,070

4.63%⁽²⁾		12/15/29		19,000		20,893

Encompass Health Corp.

4.75%		02/01/30		8,000		8,038

HCA, Inc.

5.00%		03/15/24		53,000		57,607

5.25%		04/15/25		2,000		2,234

5.25%		06/15/49		24,000		28,767

Humana, Inc.

4.95%		10/01/44		10,000		12,518

Molina Healthcare, Inc.

5.38%		11/15/22		8,000		8,306

NYU Langone Hospitals

3.38%		07/01/55		10,000		8,905

Partners Healthcare System, Inc.

3.34%		07/01/60		20,000		20,794

Tenet Healthcare Corp.

4.88%⁽²⁾		01/01/26		28,000		27,632

UnitedHealth Group, Inc.

3.70%		08/15/49		10,000		11,816


						215,580

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

Insurance — 1.0%

Berkshire Hathaway Finance Corp.

1.85%		03/12/30	$	65,000	$	66,889

4.25%		01/15/49		20,000		25,565

Farmers Exchange Capital II

6.15% (3 mo. USD LIBOR + 3.744%)^(3),(2)		11/01/53		80,000		96,240


						188,694


Media — 0.6%

CCO Holdings LLC / CCO Holdings Capital Corp.

4.50%⁽²⁾		08/15/30		32,000		32,690

4.50%⁽²⁾		05/01/32		6,000		5,977

Charter Communications Operating LLC / Charter Communications Operating Capital

5.38%		05/01/47		31,000		37,540

CSC Holdings LLC

6.50%⁽²⁾		02/01/29		7,000		7,680

Sirius XM Radio, Inc.

3.88%⁽²⁾		08/01/22		15,000		15,131

Virgin Media Secured Finance PLC (United Kingdom)

5.50%⁽²⁾		05/15/29		16,000		16,686


						115,704


Miscellaneous Manufacturers — 1.5%

General Electric Co.

2.12% (3 mo. USD LIBOR + 0.38%)⁽³⁾		05/05/26		125,000		107,148

2.17% (3 mo. USD LIBOR + 0.480%)⁽³⁾		08/15/36		200,000		131,016

2.22% (3 mo. USD LIBOR + 1.000%)⁽³⁾		04/15/23		40,000		37,778


						275,942


Multi-National — 0.4%

International Bank for Reconstruction & Development

1.75%⁽¹⁾		03/13/25		650,000		66,768


Oil & Gas — 3.0%

Antero Resources Corp.

5.00%		03/01/25		20,000		11,125

5.13%		12/01/22		6,000		4,212

BP Capital Markets America, Inc.

3.63%		04/06/30		15,000		16,201

EQT Corp.

3.90%		10/01/27		25,000		21,156

Exxon Mobil Corp.

3.48%		03/19/30		20,000		22,340

4.23%		03/19/40		15,000		18,042

4.33%		03/19/50		40,000		49,178

Petrobras Global Finance BV (Netherlands

8.75%		05/23/26		150,000		167,070

5.09%⁽²⁾		01/15/30		25,000		22,891

5.09%⁽¹⁾		01/15/30		60,000		54,939


Issues	Maturity Date		Principal Amount		Value

Oil & Gas (Continued)

Petroleos Mexicanos

5.50%⁽¹⁾		02/24/25	EUR	117,000	$	116,517

5.95%⁽²⁾		01/28/31	$	20,000		14,586

Range Resources Corp.

4.88%		05/15/25		3,000		2,328

Shell International Finance BV (Netherlands)

2.38%		11/07/29		15,000		15,051

Transocean Pontus, Ltd.

6.13%⁽²⁾		08/01/25		13,360		11,022

Transocean Poseidon, Ltd.

6.88%⁽²⁾		02/01/27		7,000		5,600


						552,258


Oil & Gas Services — 0.1%

Transocean Phoenix 2, Ltd.

7.75%⁽²⁾		10/15/24		8,450		7,563

USA Compression Partners LP / USA Compression Finance Corp.

6.88%		09/01/27		4,000		3,256


						10,819


Packaging & Containers — 0.6%

Bemis Co., Inc.

3.10%		09/15/26		25,000		24,823

Berry Global, Inc.

4.88%⁽²⁾		07/15/26		4,000		4,105

Graphic Packaging International LLC

4.88%		11/15/22		8,000		8,137

Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (Luxembourg)

4.72% (3 mo. USD LIBOR + 3.500%) ^(3),(2)		07/15/21		20,000		19,813

Sealed Air Corp.

5.50%⁽²⁾		09/15/25		14,000		14,911

Trivium Packaging Finance BV (Netherlands)

5.50%⁽²⁾		08/15/26		16,000		16,485

WRKCo, Inc.

4.65%		03/15/26		15,000		16,719


						104,993


Pharmaceuticals — 2.6%

AbbVie, Inc.

4.25%⁽²⁾		11/21/49		75,000		86,855

4.50%		05/14/35		25,000		29,217

AstraZeneca PLC (United Kingdom)

3.38%		11/16/25		25,000		27,719

Bayer US Finance II LLC

3.88%⁽²⁾		12/15/23		45,000		47,843

4.25%⁽²⁾		12/15/25		35,000		38,853

4.38%⁽²⁾		12/15/28		25,000		28,359

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Pharmaceuticals (Continued)

4.63%⁽²⁾		06/25/38	$	25,000	$	29,075

4.88%⁽²⁾		06/25/48		5,000		6,213

Becton Dickinson and Co.

2.89%		06/06/22		30,000		30,958

Cigna Corp.

2.40%		03/15/30		10,000		10,121

3.40%		03/15/50		35,000		37,176

4.90%		12/15/48		15,000		19,394

CVS Health Corp.

5.05%		03/25/48		75,000		95,377


						487,160


Pipelines — 0.5%

Energy Transfer Operating LP

3.75%		05/15/30		5,000		4,585

5.00%		05/15/50		10,000		8,994

Energy Transfer Partners LP

5.15%		03/15/45		50,000		44,709

Kinder Morgan Energy Partners LP

5.00%		08/15/42		15,000		15,992

Sabine Pass Liquefaction LLC

5.75%		05/15/24		15,000		15,719

Targa Resources Partners LP / Targa Resources Partners Finance Corp.

6.88%		01/15/29		5,000		4,598


						94,597


REIT — 1.5%

CyrusOne LP / CyrusOne Finance Corp.

2.90%		11/15/24		45,000		44,172

3.45%		11/15/29		45,000		43,065

GLP Capital LP / GLP Financing II, Inc.

3.35%		09/01/24		45,000		41,681

5.30%		01/15/29		15,000		14,400

5.38%		04/15/26		25,000		25,023

5.75%		06/01/28		5,000		4,954

HCP, Inc.

3.15%		08/01/22		50,000		50,291

SL Green Operating Partnership LP

2.67% (3 mo. USD LIBOR + 0.98%)⁽³⁾		08/16/21		50,000		48,250


						271,836


Retail — 0.7%

Alimentation Couche-Tard, Inc. (Canada)

2.70%⁽²⁾		07/26/22		10,000		10,061

3.80%⁽²⁾		01/25/50		25,000		23,594

Rite Aid Corp.

6.13%⁽²⁾		04/01/23		6,000		5,467

Starbucks Corp.

2.25%		03/12/30		20,000		19,896


Issues	Maturity Date		Principal Amount		Value

Retail (Continued)

Walgreens Boots Alliance, Inc.

3.45%		06/01/26	$	60,000	$	62,741


						121,759


Savings & Loans — 0.1%

Nationwide Building Society (United Kingdom)

3.77% (3 mo. USD LIBOR + 1.064%)^(3),(2)		03/08/24		15,000		15,520


Semiconductors — 0.9%

Broadcom Corp. / Broadcom Cayman Finance, Ltd.

3.63%		01/15/24		15,000		15,705

Intel Corp.

4.75%		03/25/50		50,000		71,075

NXP BV / NXP Funding LLC

4.63%⁽²⁾		06/15/22		80,000		83,487


						170,267


Telecommunications — 2.0%

AT&T, Inc.

3.88%		01/15/26		25,000		27,194

4.75%		05/15/46		35,000		40,639

4.80%		06/15/44		44,000		50,492

CenturyLink, Inc.

4.00%⁽²⁾		02/15/27		4,000		3,922

Intelsat Jackson Holdings S. A. (Luxembourg)

8.50%⁽²⁾		10/15/24		21,000		12,390

9.75%⁽²⁾		07/15/25		15,000		8,705

Level 3 Financing, Inc.

4.63%⁽²⁾		09/15/27		3,000		2,986

Qwest Corp.

7.25%		09/15/25		14,000		14,980

Sprint Corp.

7.88%		09/15/23		3,000		3,387

Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC

3.36%⁽²⁾		03/20/23		65,625		65,953

T-Mobile USA, Inc.

3.88%⁽²⁾		04/15/30		20,000		22,049

4.38%⁽²⁾		04/15/40		20,000		22,802

6.00%		04/15/24		26,000		26,672

Vodafone Group PLC (United Kingdom)

4.88%		06/19/49		48,000		57,721


						359,892


Total Corporate Bonds

(Cost: $5,346,384)						5,335,137

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

MUNICIPAL BONDS — 1.2%

Alabama Economic Settlement Authority, Revenue Bond

4.26%		09/15/32	$	40,000	$	45,119

Commonwealth of Massachusetts

3.00%		03/01/48		20,000		20,172

Indiana University, Revenue Bond

3.07%		06/01/60		15,000		15,687

New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bond

4.00%		08/01/38		25,000		27,101

New York City Water and Sewer System, Revenue Bond

3.00%		06/15/50		25,000		22,691

Regents of the University of California Medical Center Pooled, Revenue Bond

3.26%		05/15/60		45,000		44,926

San Francisco City and County Airport Comm-San Francisco International Airport, Revenue Bond

5.00%		05/01/49		35,000		39,221


Total Municipal Bonds

(Cost: $210,890)						214,917


FOREIGN GOVERNMENT BONDS — 42.0%

Australia Government Bond

1.25%		05/21/32	AUD	24,000		16,139

2.50%⁽¹⁾		05/21/30	AUD	50,000		37,879

3.25%⁽¹⁾		04/21/29	AUD	170,000		134,442

Canada Housing Trust No 1

2.55%⁽²⁾		03/15/25	CAD	225,000		175,990

Canadian Government Bond

1.50%		09/01/24	CAD	125,000		94,288

2.75%		12/01/48	CAD	77,000		77,506

China Development Bank

3.18%		04/05/26	CNY	3,920,000		576,488

3.30%		02/01/24	CN	Y600,000		89,007

China Government Bond

3.13%		11/21/29	CNY	170,000		25,360

3.22%		12/06/25	CNY	2,040,000		307,733

3.86%		07/22/49	CNY	430,000		67,084

Colombian TES

7.75%		09/18/30	COP	225,000,000		60,693

Czech Republic Government Bond

0.45%⁽¹⁾		10/25/23	CZK	3,680,000		148,001

France Government Bond OAT

2.00%⁽¹⁾		05/25/48	EUR	81,000		122,179

French Republic Government Bond OAT

1.25%⁽¹⁾		05/25/34	EUR	40,000		50,378

Hungary Government Bond

3.00%		08/21/30	HUF	14,000,000		47,799

Indonesia Government International Bond

1.40%		10/30/31	EUR	100,000		95,427


Issues	Maturity Date		Principal Amount		Value

FOREIGN GOVERNMENT BONDS (Continued)

Indonesia Treasury Bond

8.25%		05/15/29	IDR	1,585,000,000	$	108,792

Ireland Government Bond

0.90%⁽¹⁾		05/15/28	EUR	115,000		135,317

1.30%⁽¹⁾		05/15/33	EUR	100,000		123,564

2.00%⁽¹⁾		02/18/45	EUR	9,000		13,020

Israel Government Bond

1.00%		03/31/30	ILS	370,000		108,898

Israel Government International Bond

3.88%		07/03/50	$	200,000		222,220

Italy Buoni Poliennali Del Tesoro

0.35%⁽¹⁾		02/01/25	EUR	140,000		147,861

1.35%⁽¹⁾		04/01/30	EUR	50,000		52,765

3.10%⁽¹⁾		03/01/40	EUR	32,000		39,163

Japan Government Ten-Year Bond

1.00%		09/20/21	JPY	46,550,000		442,555

Japan Government Thirty Year Bond

0.70%		12/20/48	JPY	8,600,000		86,519

Japan Government Thirty-Year Bond

2.00%		03/20/42	JPY	41,200,000		521,428

Japan Government Twenty Year Bond

0.50%		09/20/36	JPY	10,100,000		98,719

Kingdom of Belgium Government Bond

1.70%⁽¹⁾		06/22/50	EUR	69,000		98,011

Korea Treasury Bond

1.75%		06/10/28	KRW	68,294,393		58,513

1.88%		06/10/26	KRW	90,000,000		76,149

1.88%		06/10/29	KRW	198,500,000		166,409

Malaysia Government Bond

3.44%		02/15/21	MYR	400,000		93,829

4.06%		09/30/24	MYR	225,000		55,512

4.64%		11/07/33	MYR	130,000		34,732

Mexican Bonos

7.75%		11/23/34	MXN	2,590,000		115,272

New Zealand Government Bond

1.50%		05/15/31	NZD	83,000		54,524

2.75%⁽¹⁾		04/15/37	NZD	50,000		38,539

Norway Government Bond

1.75%⁽¹⁾		02/17/27	NOK	650,000		69,150

1.75%⁽¹⁾		09/06/29	NOK	205,000		22,229

Norway Government Bond

3.00%⁽¹⁾		03/14/24	NOK	730,000		78,687

Panama Government International Bond

3.75%⁽¹⁾		04/17/26	$	18,000		18,315

Peruvian Government Bond

5.40%⁽¹⁾		08/12/34	PEN	140,000		42,739

Poland Government Bond

1.75%		07/25/21	PLN	200,000		49,071

2.75%		10/25/29	PLN	285,000		76,598

3.25%		07/25/25	PLN	720,000		194,069

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount			Value

FOREIGN GOVERNMENT BONDS (Continued)

Portugal Obrigacoes do Tesouro OT

0.48%⁽¹⁾		10/18/30	EUR	176,000		$	186,421

2.13%⁽¹⁾		10/17/28	EUR	100,000			122,721

Province of Ontario Canada

2.05%		06/02/30	CAD	70,000			53,526

2.60%		06/02/25	CAD	45,000			34,965

2.65%		02/05/25	CAD	75,000			58,465

Republic of Poland Government Bond					��

2.25%		10/25/24	PLN	275,000			70,685

Romanian Government International Bond

2.00%⁽¹⁾		01/28/32	EUR	30,000			27,929

4.13%⁽¹⁾		03/11/39	EUR	33,000			35,541

Russian Federal Bond — OFZ

6.90%		05/23/29	RUB	2,100,000			30,279

Saudi Government International Bond

2.00%⁽¹⁾		07/09/39	EUR	100,000			100,946

Singapore Government Bond

2.75%		03/01/46	SGD	188,000			175,376

Slovenia Government Bond

1.00%⁽¹⁾		03/06/28	EUR	40,000			45,183

South Africa Government Bond

8.00%		01/31/30	ZAR	530,000			24,654

Spain Government Bond

1.85%⁽¹⁾		07/30/35	EUR	100,000			121,947

Spain Government Bond

2.35%⁽¹⁾		07/30/33	EUR	195,000			251,860

United Kingdom Gilt

1.50%⁽¹⁾		01/22/21	GBP	137,000			174,605

1.63%⁽¹⁾		10/22/28	GBP	145,000			206,012

1.75%⁽¹⁾		09/07/37	GBP	180,000			273,315

2.75%⁽¹⁾		09/07/24	GBP	110,000			154,924


Total Foreign Government Bonds

(Cost: $7,683,761)							7,718,916


ASSET-BACKED SECURITIES — 2.1%

BlueMountain CLO, Ltd. (13-1A-A1R2)

2.37% (3 mo. USD LIBOR + 1.23%) ^(2),(3)		01/20/29	$	44,581			43,918

Corevest American Finance Trust (20-1-A2)

2.30%⁽²⁾		03/15/50		30,000			29,544

Educational Funding of the South, Inc. (11-1-A2)

1.64% (3 mo. USD LIBOR + 0.650%)⁽³⁾		04/25/35		16,338			15,938

LCM XIII LP (13A-ARR)

2.28% (3 mo. USD LIBOR + 1.140%) ^(2),(3)		07/19/27		45,000			43,859

Navient Student Loan Trust (17-1A-A3)

1.64% (1 mo. USD LIBOR + 1.150%) ^(2),(3)		07/26/66		100,000			94,394

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Palmer Square CLO, Ltd. (19-1A-A1)

2.19% (3 mo. USD LIBOR + 1.05%) ^(2),(3)

04/20/27

28,511

28,228

SLC Student Loan Trust (06-1-A6)

0.90% (3 mo. USD LIBOR + 0.160%)⁽³⁾

03/15/55

100,000

87,547

Student Loan Consolidation Center (02-2-B2)

0.00% (28-Day Auction Rate)^(2),(3),(4)

07/01/42

50,000

44,741

Total Asset-backed Securities

(Cost: $400,939)

388,169

COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 2.1%

Fannie Mae (16-M2-X3) (I/O)

2.05% ⁽⁵⁾

04/25/36

1,627,062

40,152

Fannie Mae (16-M4-X2) (I/O)

2.71%⁽⁵⁾

01/25/39

1,162,140

75,745

Freddie Mac Multifamily Structured Pass Through Certificates (K028-X1) (I/O)

0.39% ⁽⁵⁾

02/25/23

3,501,790

22,621

Freddie Mac Multifamily Structured Pass-Through Certificates (K022-X3) (I/O)

1.87%⁽⁵⁾

08/25/40

800,000

29,735

Freddie Mac Multifamily Structured Pass-Through Certificates (K025-X3) (I/O)

1.81%⁽⁵⁾

11/25/40

2,850,000

114,728

Freddie Mac Multifamily Structured Pass-Through Certificates (KHG2-X) (I/O)

0.41%⁽⁵⁾

02/25/30

150,000

3,824

Ginnie Mae (11-147-IO) (I/O)

0.00%⁽⁵⁾

10/16/44

3,720,403

13,006

Ginnie Mae (12-144-IO) (I/O)

0.40%⁽⁵⁾

01/16/53

4,084,972

90,491

Total Commercial Mortgage-backed Securities — Agency

(Cost: $461,377)

390,302

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY— 4.0%

Bank of America-First Union NB Commercial Mortgage (01-3-XC) (I/O)

1.55%^(2),(5),(6)

04/11/37

1,127,287

21,695

COMM Mortgage Trust (13-CR7-XA) (I/O)

1.37%⁽⁵⁾

03/10/46

741,956

21,629

COMM Mortgage Trust (12-CR4-XA) (I/O)

1.85%⁽⁵⁾

10/15/45

843,718

26,463

CPT Mortgage Trust (19-CPT-A)

2.87%⁽²⁾

11/13/39

35,000

37,273

DC Office Trust (19-MTC-A)

2.97%⁽²⁾

09/15/45

35,000

36,889

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY(Continued)

GS Mortgage Securities Trust (10-C1-X) (I/O)

1.36%^(2),(5)		08/10/43	$	3,383,694	$	42,303

GS Mortgage Securities Trust (11-GC3-X) (I/O)

0.81%^(2),(5)		03/10/44		4,877,470		10,964

GS Mortgage Securities Trust (13-GC12-XA) (I/O)

1.55%⁽⁵⁾		06/10/46		5,013,020		178,470

GS Mortgage Securities Trust (14-GC20-XA) (I/O)

1.22%⁽⁵⁾		04/10/47		1,400,282		39,215

Hudson Yards Mortgage Trust (19-55HY-A)

3.04%^(2),(5)		12/10/41		35,000		36,689

JPMorgan Chase Commercial Mortgage Securities Trust (11-C3-XB) (I/O)

0.61%^(2),(5)		02/15/46		6,548,078		24,749

JPMorgan Chase Commercial Mortgage Securities Trust (14-C19-XA) (I/O)

0.90%⁽⁵⁾		04/15/47		3,035,389		57,399

Morgan Stanley Bank of America Merrill Lynch Trust (13-C7-XA) (I/O)

1.48%⁽⁵⁾		02/15/46		2,177,435		64,451

One Bryant Park Trust (19-OBP-A)

2.52%⁽²⁾		09/15/54		40,000		39,871

WFRBS Commercial Mortgage Trust (12-C9-XA) (I/O)

2.05%^(2),(5)		11/15/45		2,683,020		101,250


Total Commercial Mortgage-backed Securities — Non-Agency

(Cost: $625,430)						739,310


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY— 17.4%

Fannie Mae (07-52-LS) (I/O) (I/F)

5.56% (-1 X 1 mo. USD LIBOR + 6.05%)⁽³⁾		06/25/37		68,725		9,133

Fannie Mae (08-18-SM) (I/O) (I/F)

6.51% (-1 X 1 mo. USD LIBOR + 7.000%)⁽³⁾		03/25/38		57,725		11,453

Fannie Mae (09-115-SB) (I/O) (I/F)

5.76% (-1 X 1 mo. USD LIBOR + 6.250%)⁽³⁾		01/25/40		45,740		8,877

Fannie Mae (10-116-SE) (I/O) (I/F)

6.11% (-1 X 1 mo. USD LIBOR + 6.600%)⁽³⁾		10/25/40		88,379		14,897

Fannie Mae, Pool #AB3679

3.50%		10/01/41		87,796		96,223

Fannie Mae, Pool #AB4045

3.50%		12/01/41		116,302		127,353

Fannie Mae, Pool #AT5914

3.50%		06/01/43		41,642		44,519

Fannie Mae, Pool #BD7081

4.00%		03/01/47		63,575		68,690


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY(Continued)

Fannie Mae, Pool #CA0996

3.50%		01/01/48	$	121,868	$	131,729

Fannie Mae, Pool #CA2208

4.50%		08/01/48		6,352		6,854

Fannie Mae, Pool #MA1527

3.00%		08/01/33		24,986		26,461

Fannie Mae, Pool #MA1652

3.50%		11/01/33		40,215		42,759

Freddie Mac (3439-SC) (I/O) (I/F)

5.09% (1 mo. USD LIBOR + 5.900%)⁽³⁾		04/15/38		62,831		11,536

Freddie Mac, Pool #G08681

3.50%		12/01/45		57,686		62,088

Freddie Mac, Pool #G08698

3.50%		03/01/46		57,087		61,301

Freddie Mac, Pool #G08716

3.50%		08/01/46		55,826		59,842

Freddie Mac, Pool #G08721

3.00%		09/01/46		10,163		10,780

Freddie Mac, Pool #G08722

3.50%		09/01/46		5,628		6,033

Freddie Mac, Pool #G08732

3.00%		11/01/46		13,929		14,786

Freddie Mac, Pool #G08762

4.00%		05/01/47		58,788		62,872

Freddie Mac, Pool #G08833

5.00%		07/01/48		9,102		9,899

Freddie Mac, Pool #G18592

3.00%		03/01/31		7,279		7,704

Freddie Mac, Pool #ZT1703

4.00%		01/01/49		128,012		140,111

Ginnie Mae (11-146-EI) (I/O) (PAC)

5.00%		11/16/41		61,917		13,848

Ginnie Mae (11-69-GI) (I/O)

5.00%		05/16/40		62,895		1,835

Ginnie Mae II, Pool #MA3597

3.50%		04/20/46		32,131		34,541

Ginnie Mae II, Pool #MA3663

3.50%		05/20/46		4,763		5,120

Ginnie Mae II, Pool #MA3803

3.50%		07/20/46		22,790		24,499

Ginnie Mae II, Pool #MA4454

5.00%		05/20/47		22,695		24,925

Ginnie Mae II, Pool #MA4900

3.50%		12/20/47		121,477		129,855

Ginnie Mae II, Pool #MA5399

4.50%		08/20/48		61,860		66,745

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY(Continued)

Ginnie Mae II TBA, 30 Year TBA

3.00%⁽⁷⁾

11/01/49

150,000

159,674

Uniform Mortgage-Backed Securities TBA, 15 Year

2.50%⁽⁷⁾

08/01/24

75,000

78,360

3.50%⁽⁷⁾

07/01/33

25,000

26,392

Uniform Mortgage-Backed Securities TBA, 30 Year

2.50%⁽⁷⁾

01/01/50

275,000

286,075

3.00%⁽⁷⁾

10/01/15

1,100,000

1,160,036

2.50%⁽⁷⁾

10/01/15

150,000

156,269

Total Residential Mortgage-backed Securities — Agency

(Cost: $3,033,917)

3,204,074

RESIDENTIAL MORTGAGE-BACKED SECURITIES —NON-AGENCY—2.9%

ACE Securities Corp. Home Equity Loan Trust (05-HE3-M2)

1.16% (1 mo. USD LIBOR + 0.675%)⁽³⁾

05/25/35

11,852

Banc of America Funding Trust (05-C-A3)

1.02% (1 mo. USD LIBOR + 0.300%)⁽³⁾

05/20/35

34,100

33,011

BCMSC Trust (00-A-A4)

8.29%⁽⁵⁾

06/15/30

189,525

69,231

Bear Stearns ALT-A Trust (05-8-11A1)

1.03% (1 mo. USD LIBOR + 0.540%)⁽³⁾

10/25/35

43,712

40,395

First Horizon Mortgage Pass-Through Trust (05-AR4-2A1)

4.07%^(5),(8)

10/25/35

39,409

36,327

Green Tree Financial Corp. (98-6-A8)

6.66%⁽⁵⁾

06/01/30

10,331

10,488

JPMorgan Mortgage Trust (05-A6-7A1)

4.19%^(5),(8)

08/25/35

26,414

24,736

Lehman XS Trust (06-9-A1B)

0.65% (1 mo. USD LIBOR + 0.160%)⁽⁹⁾

05/25/46

Merrill Lynch Alternative Note Asset Trust (07-A3-A2D)

0.82% (1 mo. USD LIBOR + 0.330%) ^(3),(9)

04/25/37

1,251,739

109,425

MortgageIT Trust (05-1-1A1)

1.13% (1 mo. USD LIBOR + 0.640%) ⁽³⁾

02/25/35

34,946

33,020

Structured Adjustable Rate Mortgage Loan Trust (04-18-4A1)

3.85%^(5),(8)

12/25/34

26,107

24,693

Structured Asset Mortgage Investments II Trust (05-AR6-2A1)

1.11% (1 mo. USD LIBOR + 0.310%) ⁽³⁾

09/25/45

44,129

38,761

Structured Asset Mortgage Investments, Inc. (06-AR3-22A1)

3.44%⁽⁵⁾

05/25/36

156,418

97,951

Total Residential Mortgage-backed Securities — Non-Agency

(Cost: $603,504)

529,892

Issues

Maturity
Date

Principal
Amount

Value

U.S. TREASURY SECURITY — 0.3% (Cost: $60,977)

U.S. Treasury Note

0.50%

03/31/25

61,000

61,452

Total Fixed Income Securities

(Cost: $18,427,179)

18,582,169

Security

Shares

INVESTMENT COMPANIES — 3.0%

TCW Emerging Markets Income Fund — I Class ⁽¹⁰⁾

78,583

545,368

Total Investment Companies

(Cost: $627,940)

545,368

MONEY MARKET INVESTMENTS—4.5%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22%, —%⁽¹¹⁾

827,216

Total Money Market Investments

(Cost: $827,216)

827,216

Issues

Maturity
Date

Principal
Amount

SHORT TERM INVESTMENTS — 1.0%

FOREIGN GOVERNMENT BONDS — 0.5%(Cost: $90,524)

Japan Treasury Bill

0.00%⁽⁴⁾

07/27/20

9,700,000

90,742

U.S. TREASURY SECURITIES—0.5%(Cost: $92,908)

U.S. Treasury Bill

0. 10%⁽¹²⁾

09/10/20

93,000

92,967

Total Short Term Investments

(Cost: $183,432)

183,709

Total Investments (109.6%)

(Cost: $20,065,767)

20,138,462

Liabilities In Excess Of Other Assets (-9.6%)

(1,769,045

)

Net Assets (100.0%)

18,369,417

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2020


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY⁽¹³⁾
Goldman Sachs & Co.		BRL		380,000		07/24/20	$	70,376	$	69,828	$	(548	)
Goldman Sachs & Co.		BRL		215,000		03/17/21		38,970		39,214		244
State Street Bank & Trust Co.		CNY		293,385		05/06/20		41,599		41,602		3
Goldman Sachs & Co.		CZK		2,150,000		07/24/20		86,243		87,173		930
State Street Bank & Trust Co.		EUR		1,201,000		07/24/20		1,308,366		1,317,653		9,287
State Street Bank & Trust Co.		GBP		50,000		07/24/20		62,331		63,088		757
State Street Bank & Trust Co.		JPY		1,461,341		05/07/20		13,711		13,666		(45	)
State Street Bank & Trust Co.		JPY		171,440,000		07/27/20		1,595,378		1,605,315		9,937
State Street Bank & Trust Co.		NZD		91,000		07/24/20		54,549		56,113		1,564
State Street Bank & Trust Co.		SEK		285,000		07/24/20		28,412		29,202		790
State Street Bank & Trust Co.		SGD		83,000		07/24/20		58,153		58,982		829

							$	3,358,088	$	3,381,836	$	23,748

SELL⁽¹⁴⁾
State Street Bank & Trust Co.		AUD		93,000		07/24/20	$	59,239	$	60,899	$	(1,660	)
Goldman Sachs & Co.		BRL		380,000		07/24/20		72,102		69,828		2,274
Goldman Sachs & Co.		BRL		215,000		03/17/21		43,112		39,214		3,898
State Street Bank & Trust Co.		CAD		232,000		07/24/20		164,771		167,082		(2,311	)
State Street Bank & Trust Co.		CNY		2,478,000		07/24/20		350,215		351,164		(949	)
Goldman Sachs & Co.		COP		259,000,000		07/24/20		65,496		65,654		(158	)
State Street Bank & Trust Co.		EUR		72,000		07/24/20		78,544		78,993		(449	)
State Street Bank & Trust Co.		EUR		80,000		10/15/20		90,808		87,933		2,875
State Street Bank & Trust Co.		GBP		89,000		07/24/20		109,980		112,297		(2,317	)
State Street Bank & Trust Co.		HUF		13,700,000		07/24/20		42,316		42,651		(335	)
Goldman Sachs & Co.		ILS		295,000		07/24/20		82,442		85,214		(2,772	)
State Street Bank & Trust Co.		JPY		1,460,000		07/27/20		13,716		13,671		45
Citibank N.A.		KRW		132,500,000		07/24/20		108,452		108,922		(470	)
State Street Bank & Trust Co.		MXN		1,590,000		07/24/20		64,707		65,961		(1,254	)
Goldman Sachs & Co.		MYR		400,000		07/24/20		91,272		92,742		(1,470	)
State Street Bank & Trust Co.		NOK		725,000		07/24/20		69,160		70,973		(1,813	)
State Street Bank & Trust Co.		NZD		211,000		07/24/20		125,289		130,109		(4,820	)
State Street Bank & Trust Co.		PLN		470,000		07/24/20		112,006		113,463		(1,457	)

							$	1,743,627	$	1,756,770	$	(13,143	)


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation/ (Depreciation)
Long Futures
1	U.S. Ultra Long Bond Futures		06/19/20	$	198,914		$	224,781		$	25,867

Short Futures
1	5-Year U.S. Treasury Note Futures		06/30/20	$	(124,576	)	$	(125,484	)	$	(908	)

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

CLO

Collateralized Loan Obligation.

EETC

Enhanced Equipment Trust Certificate.

I/F

Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.

I/O

Interest Only Security.

PAC

Planned Amortization Class.

REIT

Real Estate Investment Trust.

TBA

To Be Announced.

AUD

Australian Dollar.

BRL

Brazilian Real.

CAD

Canadian Dollar.

CNY

Chinese Yuan.

COP

Colombian Peso.

CZK

Czech Koruna.

EUR

Euro Currency.

GBP

British Pound Sterling.

HUF

Hungarian Forint.

IDR

Indonesian Rupiah.

ILS

Israeli Shekel.

JPY

Japanese Yen.

MXN

Mexican Peso.

MYR

Malaysian Ringgit.

NOK

Norwegian Krona.

NZD

New Zealand Dollar.

PEN

Peruvian Nuevo Sol.

PLN

Polish Zloty.

RUB

Russian Ruble.

SEK

Swedish Krona.

SGD

Singapore Dollar.

ZAR

South African Rand.

(1)

Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2020, the value of these securities amounted to $3,419,166 or 18.6% of net assets.

(2)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2020, the value of these securities amounted to $2,161,879 or 11.8% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(3)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2020.

(4)

Security is not accruing interest.

(5)

(6)

Restricted security (Note 11).

(7)

Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.

(8)

A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.

(9)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(10)

Affiliated issuer.

(11)

Rate disclosed is the 7-day net yield as of April 30, 2020.

(12)

Rate shown represents yield-to-maturity.

(13)

Fund buys foreign currency, sells U.S. Dollar.

(14)

Fund sells foreign currency, buys U.S. Dollar.

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2020

The summary of the TCW Global Bond Fund transactions in the affiliated fund for the period ended April 30, 2020 is as follows:


Name of Affiliated Fund	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2020		Value at April 30, 2020		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain/(Loss) on Investments		Net change in Unrealized Gain/(Loss) on Investments
TCW Emerging Markets Income Fund — I Class
	$	401,675	$	240,159	$	—		78,583	$	545,386	$	10,221	$	—	$	—	$	(96,466	)

Total									$	545,386	$	10,221	$	—	$	—	$	(96,466	)

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Foreign Government Bonds		42.5	%
Corporate Bonds		29.1
Residential Mortgage-Backed Securities — Agency		17.4
Money Market Investments		4.5
Commercial Mortgage-Backed Securities — Non-Agency		4.0
Investment Companies		3.0
Residential Mortgage-Backed Securities — Non-Agency		2.9
Commercial Mortgage-Backed Securities — Agency		2.1
Asset-Backed Securities		2.1
Municipal Bonds		1.2
U.S. Treasury Securities		0.8
Other*		(9.6	)

Total		100.0	%

*	Includes capstock, futures, pending trades, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Investments by Country (Unaudited)

April 30, 2020


Country	Percentage of Net Assets
Australia		1.0	%
Belgium		0.5
Bermuda		0.4
Brazil		0.9
Canada		2.9
Cayman Islands		1.2
China		5.8
Colombia		0.3
Czech Republic		0.8
France		0.9
Great Britain		6.4
Hungary		0.3
Indonesia		1.1
Ireland		1.9
Israel		1.8
Italy		1.3
Japan		6.8
Luxembourg		0.1
Malaysia		1.0
Mexico		1.3
Netherlands		1.0
New Zealand		0.5
Norway		0.9
Panama		0.1
Peru		0.2
Poland		2.1
Portugal		1.7
Romania		0.3
Russia		0.2
Saudi Arabia		0.5
Singapore		1.0
Slovenia		0.2
South Africa		0.1
South Korea		1.6
Spain		2.0
United States		60.5

Total		109.6	%

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds*	$	—		$	5,335,137		$	—	$	5,335,137
Municipal Bonds		—			214,917			—		214,917
Foreign Government Bonds		—			7,718,916			—		7,718,916
Asset-Backed Securities		—			388,169			—		388,169
Commercial Mortgage-Backed Securities — Agency		—			390,302			—		390,302
Commercial Mortgage-Backed Securities — Non-Agency		—			739,310			—		739,310
Residential Mortgage-Backed Securities — Agency		—			3,204,074			—		3,204,074
Residential Mortgage-Backed Securities — Non-Agency		—			420,465			109,427		529,892
U.S. Treasury Securities		61,452			—			—		61,452

Total Fixed Income Securities		61,452			18,411,290			109,427		18,582,169

Equity Securities
Investment Companies		545,368			—			—		545,368
Money Market Investments		827,216			—			—		827,216
Short-Term Investments		92,967			90,742			—		183,709

Total Investments		1,527,003			18,502,032			109,427		20,138,462

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			33,433			—		33,433
Futures Contracts
Interest Rate Risk		25,867			—			—		25,867

Total	$	1,552,870		$	18,535,465		$	109,427	$	20,197,762

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—		$	(22,828	)	$	—	$	(22,828	)
Futures Contracts
Interest Rate Risk		(908	)		—			—		(908	)

Total	$	(908	)	$	(22,828	)	$	—	$	(23,736	)

*	See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited)

April 30, 2020

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 93.5% of Net Assets

BANK LOANS — 12.4%

Aerospace/Defense — 0.2%

TransDigm, Inc. 2020 Term Loan E

2.65% (1 mo. USD LIBOR + 2.250%)⁽¹⁾

05/30/25

59,850

52,784

Alternative Investment — 0.6%

Zayo Group Holdings, Inc. USD Term Loan

3.40% (1 mo. USD LIBOR + 3.000%)⁽¹⁾

03/09/27

180,000

169,633

Chemicals — 0.2%

Axalta Coating Systems U.S. Holdings, Inc., Term Loan B3

3.20% (3 mo. USD LIBOR + 1.750%)⁽¹⁾

06/01/24

52,910

51,632

Commercial Services — 2.7%

MPH Acquisition Holdings LLC, 2016 Term Loan B

4.20% (3 mo. USD LIBOR + 2.750%)⁽¹⁾

06/07/23

85,000

78,745

SBA Senior Finance II LLC, 2018 Term Loan B

2.16% (1 mo. USD LIBOR + 1.750%)⁽¹⁾

04/11/25

267,563

259,480

Scientific Games International, Inc., 2018 Term Loan B5

3.15% (1 mo. USD LIBOR + 2.750%)⁽¹⁾

08/14/24

32,303

26,888

SS&C Technologies Holdings Europe S.A.R.L., 2018 Term Loan B4

2.15% (1 mo. USD LIBOR + 1.750%)⁽¹⁾

04/16/25

93,909

90,718

SS&C Technologies, Inc., 2018 Term Loan B3

2.15% (1 mo. USD LIBOR + 1.750%)⁽¹⁾

04/16/25

131,605

127,133

VICI Properties 1 LLC, Term Loan B

2.42% (1 mo. USD LIBOR + 1.750%)⁽¹⁾

12/20/24

245,000

228,615

811,579

Computers — 0.1%

TierPoint LLC, 2017 1st Lien Term Loan

4.75% (1 mo. USD LIBOR + 3.750%)⁽¹⁾

05/06/24

34,760

31,571

Diversified Financial Services — 0.3%

Delos Finance Sarl 2018 Term Loan B

0.00%⁽²⁾

10/06/23

100,000

95,300

Electric — 0.2%

Vistra Energy Co., 1st Lien Term Loan B3

2.50% (1 mo. USD LIBOR + 1.750%)⁽¹⁾

12/31/25

68,245

66,330

Engineering & Construction — 0.4%

PowerTeam Services LLC, 2018 1st Lien Term Loan

4.70% (3 mo. USD LIBOR + 3.250%)⁽¹⁾

03/06/25

135,000

123,694

Issues

Maturity
Date

Principal
Amount

Value

Entertainment — 0.7%

Caesars Entertainment Operating Co., Exit Term Loan

2.40% (1 mo. USD LIBOR + 2.000%)⁽¹⁾

10/07/24

80,672

78,302

Churchill Downs, Inc., 2017 Term Loan B

2.41% (1 mo. USD LIBOR + 2.000%)⁽¹⁾

12/27/24

64,505

61,038

Cineworld Limited Incremental Term Loan

0.00%⁽²⁾

02/05/27

40,000

24,400

Crown Finance US, Inc. 2018 USD Term Loan

3.32% (3 mo. USD LIBOR)⁽¹⁾

02/28/25

74,771

47,978

211,718

Environmental Control — 0.3%

GFL Environmental, Inc., 2018 USD Term Loan B

4.00% (1 mo. USD LIBOR + 3.000%)⁽¹⁾

05/30/25

77,741

76,643

Food — 0.7%

Dhanani Group, Inc., 2018 Term Loan B

4.15% (1 mo. USD LIBOR + 3.750%)⁽¹⁾

07/20/25

39,548

34,308

JBS USA Lux S.A., 2019 Term Loan B

3.07% (2 mo. USD LIBOR + 2.000%)⁽¹⁾

05/01/26

176,662

171,321

205,629

Healthcare-Products — 0.0%

Auris Luxembourg III S.A.R.L., 2018 USD Term Loan B2

4.15% (1 mo. USD LIBOR + 3.750%)⁽¹⁾

02/27/26

16,335

13,864

Healthcare-Services — 1.1%

Acadia Healthcare Co., Inc., 2018 Term Loan B4

2.90% (1 mo. USD LIBOR + 2.500%)⁽¹⁾

02/16/23

70,282

67,976

Aveanna Healthcare LLC, 2017 1st Lien Term Loan

5.25% (3 mo. USD LIBOR + 4.250%)⁽¹⁾

03/18/24

44,364

37,433

Aveanna Healthcare LLC, 2017 2nd Lien Term Loan

9.00% (3 mo. USD LIBOR + 8.000%)^(1),(3)

03/17/25

13,000

10,075

Endo Luxembourg Finance Co., I S.a r.l. 2017 Term Loan B

5.00% (1 mo. USD LIBOR + 4.250%)⁽¹⁾

04/29/24

62,340

57,177

Gentiva Health Services, Inc., 2020 Term Loan

3.69% (1 mo. USD LIBOR + 3.250%)⁽¹⁾

07/02/25

73,132

69,293

IQVIA, Inc., 2018 USD Term Loan B3

3.20% (3 mo. USD LIBOR + 1.750%)⁽¹⁾

06/11/25

70,462

67,908

Surgery Center Holdings, Inc. 2020 Term Loan B

9.00% (1 mo. USD LIBOR + 8.000%)⁽¹⁾

09/03/24

25,000

25,125

334,987

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Lodging — 0.2%

CityCenter Holdings LLC, 2017 Term Loan B

3.00% (1 mo. USD LIBOR + 2.500%)⁽¹⁾

04/18/24

80,571

71,613

Machinery-Diversified — 0.2%

Titan Acquisition Ltd. 2018 Term Loan B

4.45% (3 mo. USD LIBOR + 3.000%)⁽¹⁾

03/28/25

64,595

57,171

Media — 0.1%

Sinclair Television Group, Inc., Term Loan B2B

3.32% (1 mo. USD LIBOR + 2.500%)⁽¹⁾

09/30/26

19,900

18,631

Pharmaceuticals — 1.2%

Alphabet Holding Co., Inc., 2017 1st Lien Term Loan

3.90% (1 mo. USD LIBOR + 3.500%)⁽¹⁾

09/26/24

75,619

68,341

Elanco Animal Health, Inc. Term Loan B

0.00%⁽²⁾

02/04/27

287,000

278,210

346,551

Retail — 0.6%

1011778 B.C. Unlimited Liability Co., Term Loan B4

2.15% (1 mo. USD LIBOR + 1.750%)⁽¹⁾

11/19/26

80,428

75,891

Golden Nugget, Inc. 2017 Incremental Term Loan B

0.00%⁽²⁾

10/04/23

59,833

48,696

Golden Nugget, LLC 2020 Incremental Term Loan

0.00%⁽²⁾

10/04/23

40,000

41,467

166,054

Software — 0.1%

Change Healthcare Holdings LLC 2017 Term Loan B

3.50% (1 mo. USD LIBOR)⁽¹⁾

03/01/24

35,000

33,830

Telecommunications — 2.5%

CenturyLink, Inc. 2020 Term Loan B

2.65% (1 mo. USD LIBOR)⁽¹⁾

03/15/27

69,825

66,338

Frontier Communications Corp., 2017 Term Loan B1

5.35% (3 mo. USD LIBOR + 3.750%)⁽¹⁾

06/15/24

114,412

111,848

GTT Communications, Inc., 2018 USD Term Loan B

3.15% (1 mo. USD LIBOR + 2.750%)⁽¹⁾

05/31/25

99,494

73,621

Intelsat Jackson Holdings S.A., 2017 Term Loan B5

6.63% (6 mo. USD LIBOR + 6.625%)⁽¹⁾

01/02/24

14,000

14,019

Level 3 Financing, Inc., 2019 Term Loan B

2.15% (1 mo. USD LIBOR + 1.750%)⁽¹⁾

03/01/27

138,304

132,916

Maxar Technologies Ltd., Term Loan B

5.00% (3 mo. USD LIBOR + 2.750%)⁽¹⁾

10/04/24

56,747

53,218


Issues	Maturity Date		Principal Amount		Value

Telecommunications (Continued)

Securus Technologies Holdings, Inc., 2017 1st Lien Term Loan

5.50% (1 mo. USD LIBOR + 4.500%)⁽¹⁾		11/01/24	$	99,491	$	83,272

T-Mobile USA, Inc. 2020 Term Loan

0.00%⁽²⁾		04/01/27		215,000		213,893


						749,125


Total Bank Loans

(Cost: $3,802,365)						3,688,339


CORPORATE BONDS—74.8%

Advertising — 0.5%

Lamar Media Corp.

5.75%		02/01/26		24,000		24,620

National CineMedia LLC

5.88%⁽⁴⁾		04/15/28		60,000		43,288

Outfront Media Capital LLC / Outfront Media Capital Corp.

4.63%⁽⁴⁾		03/15/30		90,000		83,925


						151,833


Aerospace & Defense — 0.7%

Bombardier, Inc.

6.00%⁽⁴⁾		10/15/22		40,000		30,400

Bombardier, Inc. (Canada)

6.13%⁽⁴⁾		01/15/23		125,000		90,025

7.88%⁽⁴⁾		04/15/27		65,000		42,920

TransDigm, Inc.

8.00%⁽⁴⁾		12/15/25		55,000		57,475


						220,820


Agriculture — 0.4%

BAT Capital Corp.

5.28%		04/02/50		100,000		116,393


Airlines — 1.1%

American Airlines, Inc. Pass-Through Trust (13-2-B) (EETC)

5.60%^(4),(3)		01/15/22		133,856		133,868

Delta Air Lines, Inc. Pass-Through Certificates (02-1-G-1) (EETC)

6.72%		07/02/24		184,926		177,445


						311,313


Apparel — 0.2%

NIKE, Inc.

3.38%		03/27/50		65,000		73,204

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

Auto Manufacturers — 1.9%

Ford Motor Credit Co. LLC

3.10%		05/04/23	$	361,000	$	320,387

4.27%		01/09/27		150,000		128,250

5.11%		05/03/29		120,000		103,118


						551,755


Banks — 0.4%

Bank of America Corp.

4.08% (3 mo. USD LIBOR + 3.150%)⁽¹⁾		03/20/51		57,000		69,185

Wells Fargo & Co.

5.01% (3 mo. USD LIBOR + 4.240%)⁽¹⁾		04/04/51		35,000		46,149


						115,334


Beverages — 0.7%

Bacardi, Ltd.

4.50%⁽⁴⁾		01/15/21		99,000		100,105

5.30%⁽⁴⁾		05/15/48		104,000		117,117


						217,222


Commercial Services — 1.2%

IHS Markit, Ltd.

4.75%⁽⁴⁾		02/15/25		80,000		87,087

5.00%⁽⁴⁾		11/01/22		176,000		189,103

Service Corp. International

4.63%		12/15/27		65,000		66,821


						343,011


Computers — 0.8%

NCR Corp.

8.13%⁽⁴⁾		04/15/25		105,000		111,576

Science Applications International Corp.

4.88%⁽⁴⁾		04/01/28		118,000		116,049


						227,625


Diversified Financial Services — 2.0%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)

3.50%		01/15/25		172,000		149,404

Avolon Holdings Funding, Ltd.

5.13%⁽⁴⁾		10/01/23		90,000		80,683

GE Capital International Funding Co. Unlimited Co. (Ireland)

4.42%		11/15/35		55,000		57,696

Mastercard, Inc.

3.85%		03/26/50		30,000		37,591

Park Aerospace Holdings, Ltd.

4.50%⁽⁴⁾		03/15/23		251,000		222,384

Raymond James Financial, Inc.

4.65%		04/01/30		50,000		56,481


						604,239


Issues	Maturity Date		Principal Amount		Value

Electric — 1.4%

Consolidated Edison Co. of New York, Inc.

3.95%		04/01/50	$	96,000	$	115,684

Vistra Operations Co. LLC

3.55%⁽⁴⁾		07/15/24		309,000		313,369


						429,053


Electrical Components & Equipment — 0.3%

Energizer Holdings, Inc.

6.38%⁽⁴⁾		07/15/26		84,000		87,742


Entertainment — 1.9%

Banijay Entertainment SASU

5.38%⁽⁴⁾		03/01/25		135,000		125,723

Caesars Resort Collection LLC / CRC Finco, Inc.

5.25%⁽⁴⁾		10/15/25		61,000		48,285

Churchill Downs, Inc.

4.75%⁽⁴⁾		01/15/28		135,000		126,313

5.50%⁽⁴⁾		04/01/27		215,000		207,406

Live Nation Entertainment, Inc.

4.75%⁽⁴⁾		10/15/27		76,000		64,573


						572,300


Environmental Control — 2.6%

Clean Harbors, Inc.

4.88%⁽⁴⁾		07/15/27		230,000		238,625

5.13%⁽⁴⁾		07/15/29		68,000		69,700

GFL Environmental, Inc.

4.25%⁽⁴⁾		06/01/25		115,000		115,863

GFL Environmental, Inc. (Canada)

5.13%⁽⁴⁾		12/15/26		135,000		140,590

Waste Pro USA, Inc.

5.50%⁽⁴⁾		02/15/26		207,000		206,131


						770,909


Food — 6.0%

JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.

5.50%⁽⁴⁾		01/15/30		205,000		208,516

6.50%⁽⁴⁾		04/15/29		35,000		37,174

Kraft Heinz Foods Co.

4.63%		01/30/29		315,000		333,172

4.63%⁽⁴⁾		10/01/39		165,000		164,224

4.88%⁽⁴⁾		02/15/25		41,000		42,155

5.00%		06/04/42		70,000		71,395

6.88%		01/26/39		80,000		95,769

Nathan’s Famous, Inc.

6.63%⁽⁴⁾		11/01/25		15,000		14,344

Pilgrim’s Pride Corp.

5.75%⁽⁴⁾		03/15/25		30,000		30,343

5.88%⁽⁴⁾		09/30/27		220,000		224,373

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Food (Continued)

Post Holdings, Inc.

4.63%⁽⁴⁾		04/15/30	$	189,000	$	186,399

5.00%⁽⁴⁾		08/15/26		28,000		27,800

5.50%⁽⁴⁾		12/15/29		49,000		49,473

5.63%⁽⁴⁾		01/15/28		110,000		113,025

5.75%⁽⁴⁾		03/01/27		45,000		46,772

Smithfield Foods, Inc.

5.20%⁽⁴⁾		04/01/29		143,000		149,270


						1,794,204


Healthcare-Products — 1.1%

Hill-Rom Holdings, Inc.

4.38%⁽⁴⁾		09/15/27		165,000		168,234

Hologic, Inc.

4.63%⁽⁴⁾		02/01/28		90,000		92,250

Teleflex, Inc.

4.88%		06/01/26		55,000		56,650


						317,134


Healthcare-Services — 7.6%

Catalent Pharma Solutions, Inc.

5.00%⁽⁴⁾		07/15/27		104,000		106,564

Centene Corp.

3.38%⁽⁴⁾		02/15/30		322,000		324,822

4.25%⁽⁴⁾		12/15/27		95,000		99,835

4.63%⁽⁴⁾		12/15/29		224,000		246,322

Encompass Health Corp.

4.75%		02/01/30		202,000		202,966

HCA, Inc.

3.50%		09/01/30		581,000		557,597

5.88%		02/01/29		65,000		74,682

IQVIA, Inc.

5.00%⁽⁴⁾		05/15/27		129,000		133,837

Molina Healthcare, Inc.

5.38%		11/15/22		73,000		75,789

Tenet Healthcare Corp.

4.63%⁽⁴⁾		09/01/24		383,000		377,466

4.88%⁽⁴⁾		01/01/26		50,000		49,342


						2,249,222


Housewares — 0.3%

Newell Brands, Inc.

4.35%		04/01/23		85,000		86,913


Insurance — 0.4%

New York Life Insurance Co.

3.75%⁽⁴⁾		05/15/50		105,000		119,451


Machinery-Diversified — 0.5%

Titan Acquisition, Ltd. / Titan Co-Borrower LLC

7.75%⁽⁴⁾		04/15/26		153,000		144,106


Issues	Maturity Date		Principal Amount		Value

Media — 8.9%

Block Communications, Inc.

4.88%⁽⁴⁾		03/01/28	$	63,000	$	63,000

CCO Holdings LLC / CCO Holdings Capital Corp.

4.50%⁽⁴⁾		08/15/30		122,000		124,629

4.50%⁽⁴⁾		05/01/32		708,000		705,295

CSC Holdings LLC

6.50%⁽⁴⁾		02/01/29		637,000		698,853

Diamond Sports Group LLC / Diamond Sports Finance Co.

5.38%⁽⁴⁾		08/15/26		70,000		53,357

DISH DBS Corp.

5.88%		11/15/24		31,000		30,088

7.75%		07/01/26		30,000		29,850

DISH Network Corp.

3.38%		08/15/26		115,000		93,507

EW Scripps Co. (The)

5.13%⁽⁴⁾		05/15/25		56,000		47,880

Midcontinent Communications & Finance Co.

5.38%⁽⁴⁾		08/15/27		139,000		141,488

Nexstar Broadcasting, Inc.

5.63%⁽⁴⁾		07/15/27		84,000		80,955

Scripps Escrow, Inc.

5.88%⁽⁴⁾		07/15/27		14,000		11,970

Sirius XM Radio, Inc.

5.50%⁽⁴⁾		07/01/29		170,000		179,707

Virgin Media Secured Finance PLC (United Kingdom)

5.50%⁽⁴⁾		05/15/29		323,000		336,841

Walt Disney Co. (The)

2.00%		09/01/29		55,000		55,098


						2,652,518


Miscellaneous Manufacturers — 0.1%

General Electric Co.

2.17% (3 mo. USD LIBOR + 0.480%)⁽¹⁾		08/15/36		52,000		34,064


Oil & Gas — 3.7%

Antero Resources Corp.

5.00%		03/01/25		59,000		32,819

5.63%		06/01/23		154,000		93,170

Devon Energy Corp.

5.00%		06/15/45		55,000		45,309

Endeavor Energy Resources LP / EER Finance, Inc.

5.75%⁽⁴⁾		01/30/28		166,000		149,010

EQT Corp.

3.90%		10/01/27		120,000		101,550

Exxon Mobil Corp.

4.33%		03/19/50		65,000		79,914

Gulfport Energy Corp.

6.38%		05/15/25		4,000		1,910

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

Oil & Gas (Continued)

Hess Corp.

5.60%		02/15/41	$	60,000	$	52,899

Matador Resources Co.

5.88%		09/15/26		55,000		27,846

Noble Energy, Inc.

4.20%		10/15/49		38,000		26,228

Occidental Petroleum Corp.

2.60%		04/15/22		65,000		57,219

2.70%		08/15/22		120,000		105,000

3.50%		08/15/29		45,000		31,423

4.40%		08/15/49		245,000		149,180

Petroleos Mexicanos

7.69%⁽⁴⁾		01/23/50		65,000		48,100

SM Energy Co.

6.63%		01/15/27		30,000		8,395

6.75%		09/15/26		60,000		16,776

Transocean Pontus, Ltd.

6.13%⁽⁴⁾		08/01/25		30,060		24,800

Transocean Poseidon, Ltd.

6.88%⁽⁴⁾		02/01/27		29,000		23,200

Valaris PLC

7.75%		02/01/26		125,000		10,788

WPX Energy, Inc.

5.25%		09/15/24		19,000		17,177


						1,102,713


Oil & Gas Services — 2.3%

Archrock Partners LP / Archrock Partners Finance Corp.

6.25%⁽⁴⁾		04/01/28		125,000		95,312

Transocean Phoenix 2, Ltd.

7.75%⁽⁴⁾		10/15/24		185,250		165,799

Transocean Proteus, Ltd.

6.25%⁽⁴⁾		12/01/24		198,100		170,465

USA Compression Partners LP / USA Compression Finance Corp.

6.88%		04/01/26		93,000		75,302

6.88%		09/01/27		200,000		162,788


						669,666


Packaging & Containers — 8.9%

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (Ireland)

4.13%⁽⁴⁾		08/15/26		628,000		620,150

Ball Corp.

4.00%		11/15/23		225,000		235,012

4.88%		03/15/26		250,000		271,250

Graphic Packaging International LLC

3.50%⁽⁴⁾		03/15/28		115,000		110,165

4.75%⁽⁴⁾		07/15/27		20,000		20,800

4.88%		11/15/22		255,000		259,347


Issues	Maturity Date		Principal Amount		Value

Packaging & Containers (Continued)

Graphic Packaging International, Inc.

4.13%		08/15/24	$	100,000	$	101,730

Mauser Packaging Solutions Holding Co.

5.50%⁽⁴⁾		04/15/24		40,000		37,138

Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (Luxembourg)

4.72% (3 mo. USD LIBOR + 3.500%)^(1),(4)		07/15/21		235,000		232,803

Sealed Air Corp.

4.00%⁽⁴⁾		12/01/27		30,000		30,000

4.88%⁽⁴⁾		12/01/22		150,000		155,368

5.50%⁽⁴⁾		09/15/25		208,000		221,540

Silgan Holdings, Inc.

4.13%⁽⁴⁾		02/01/28		125,000		123,594

Trident Merger Sub, Inc.

6.63%⁽⁴⁾		11/01/25		34,000		27,037

Trivium Packaging Finance BV (Netherlands)

5.50%⁽⁴⁾		08/15/26		185,000		190,606


						2,636,540


Pharmaceuticals — 3.4%

Bausch Health Cos, Inc. (Canada)

5.75%⁽⁴⁾		08/15/27		537,000		568,790

5.88%⁽⁴⁾		05/15/23		2,000		2,000

Bayer US Finance II LLC

4.38%⁽⁴⁾		12/15/28		79,000		89,614

5.50%⁽⁴⁾		08/15/25		54,000		62,684

CVS Health Corp.

5.05%		03/25/48		61,000		77,574

Elanco Animal Health, Inc.

5.02%		08/28/23		192,000		203,520


						1,004,182


Pipelines — 3.2%

Cheniere Corpus Christi Holdings LLC

5.13%		06/30/27		13,000		13,026

Cheniere Energy Partners LP

4.50%⁽⁴⁾		10/01/29		75,000		69,359

DCP Midstream Operating LP

5.38%		07/15/25		100,000		80,887

Energy Transfer Operating LP

6.25%		04/15/49		60,000		58,062

6.63% (3 mo. USD LIBOR + 4.155%)		12/31/99		100,000		71,806

Rockies Express Pipeline LLC

6.88%⁽⁴⁾		04/15/40		158,000		140,027

Sabine Pass Liquefaction LLC

4.20%		03/15/28		130,000		128,177

Sunoco Logistics Partners Operations LP

5.35%		05/15/45		55,000		49,165

5.40%		10/01/47		40,000		36,269

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Pipelines (Continued)

Targa Resources Partners LP / Targa Resources Partners Finance Corp.

6.88%		01/15/29	$	238,000	$	218,858

TransMontaigne Partners LP / TLP Finance Corp.

6.13%		02/15/26		119,000		96,874


						962,510


REIT — 2.0%

CyrusOne LP / CyrusOne Finance Corp. (REIT)

3.45%		11/15/29		210,000		200,970

GLP Capital LP / GLP Financing II, Inc.

5.75%		06/01/28		240,000		237,792

MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.

4.50%		01/15/28		40,000		37,884

5.63%		05/01/24		106,000		108,164


						584,810


Retail — 0.7%

Rite Aid Corp.

6.13%⁽⁴⁾		04/01/23		87,000		79,279

Yum! Brands, Inc.

7.75%⁽⁴⁾		04/01/25		125,000		137,172


						216,451


Semiconductors — 0.6%

Intel Corp.

4.75%		03/25/50		55,000		78,183

NVIDIA Corp.

3.50%		04/01/50		95,000		110,060


						188,243


Software — 1.2%

Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.

5.75%⁽⁴⁾		03/01/25		298,000		296,939

MSCI, Inc.

3.63%⁽⁴⁾		09/01/30		65,000		66,118


						363,057


Telecommunications — 7.8%

CenturyLink, Inc.

4.00%⁽⁴⁾		02/15/27		428,000		419,637

Frontier Communications Corp.

7.13%⁽⁵⁾		01/15/23		197,000		58,056

8.00%^(4),(5)		04/01/27		82,000		84,435

Intelsat Jackson Holdings S. A. (Luxembourg)

8.50%⁽⁴⁾		10/15/24		77,000		45,430

9.75%⁽⁴⁾		07/15/25		432,000		250,696

Intelsat Luxembourg S.A. (Luxembourg)

8.13%		06/01/23		85,000		7,455


Issues	Maturity Date		Principal Amount		Value

Telecommunications (Continued)

Level 3 Financing, Inc.

3.88%⁽⁴⁾		11/15/29	$	325,000	$	333,391

Qwest Corp.

7.25%		09/15/25		142,000		151,940

SES Global Americas Holdings GP

5.30%⁽⁴⁾		03/25/44		130,000		120,286

Sprint Corp.

7.88%		09/15/23		198,000		223,552

Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC

5.15%⁽⁴⁾		09/20/29		218,000		241,348

T-Mobile USA, Inc.

4.50%⁽⁴⁾		04/15/50		315,000		370,251

Windstream Services LLC / Windstream Finance Corp.

9.00%^(4),(5)		06/30/25		6,000		375


						2,306,852


Total Corporate Bonds

(Cost: $22,485,491)						22,225,389


MUNICIPAL BOND — 0.2% (Cost: $70,000)

Regents of the University of California Medical Center Pooled, Revenue Bond

3.26%		05/15/60		70,000		69,886


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 6.1%

ACE Securities Corp. Home Equity Loan Trust(06-ASP6-A2C)

0.65% (1 mo. USD LIBOR + 0.160%)⁽¹⁾		12/25/36		294,350		136,843

Ajax Mortgage Loan Trust (19-D-A1)

2.96%⁽⁴⁾		09/25/65		88,369		89,733

Citigroup Mortgage Loan Trust (15-6-2A1)

1.49%^(4),(6)		12/25/35		64,047		63,722

First Horizon Alternative Mortgage Securities Trust(04-AA3-A1)

3.72%⁽⁶⁾		09/25/34		63,888		60,034

GSAMP Trust (05-HE4-M3)

1.27% (1 mo. USD LIBOR + 0.780%)⁽¹⁾		07/25/45		100,000		89,349

HSI Asset Securitization Corp. Trust (06-HE1-1A1)

0.63% (1 mo. USD LIBOR + 0.140%)⁽¹⁾		10/25/36		228,633		95,554

IndyMac INDX Mortgage Loan Trust (07-FLX4-2A2)

0.74% (1 mo. USD LIBOR + 0.250%)⁽¹⁾		07/25/37		143,083		127,290

Long Beach Mortgage Loan Trust (06-10-1A)

0.64% (1 mo. USD LIBOR + 0.150%)⁽¹⁾		11/25/36		198,694		136,150

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

April 30, 2020

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

Mastr Asset Backed Securities Trust (06-HE2-A3)

0.64% (1 mo. USD LIBOR + 0.150%)⁽¹⁾

06/25/36

252,329

131,146

Mastr Asset Backed Securities Trust (06-WMC4-A5)

0.64% (1 mo. USD LIBOR + 0.150%)⁽¹⁾

10/25/36

457,024

156,077

Merrill Lynch Mortgage Investors Trust (04-A-A1)

0.95% (1 mo. USD LIBOR + 0.460%)⁽¹⁾

04/25/29

82,303

74,762

Morgan Stanley ABS Capital I, Inc. Trust (06-HE8-A2C)

0.63% (1 mo. USD LIBOR + 0.140%)⁽¹⁾

10/25/36

237,088

141,240

Morgan Stanley ABS Capital I, Inc. Trust (07-HE1-A2D)

0.72% (1 mo. USD LIBOR + 0.230%)⁽¹⁾

11/25/36

205,570

124,361

Sequoia Mortgage Trust (04-4-A)

1.65% (6 mo. USD LIBOR + 0.520%)⁽¹⁾

05/20/34

80,509

75,784

WaMu Mortgage Pass-Through Certificates(05-AR19-A1B2)

0.90% (1 mo. USD LIBOR + 0.410%)⁽¹⁾

12/25/45

89,740

82,466

WaMu Mortgage Pass-Through Certificates(05-AR8-2AB2)

1.33% (1 mo. USD LIBOR + 0.840%)⁽¹⁾

07/25/45

83,314

75,325

Washington Mutual Asset-Backed Certificates(WMABS-07-HE2-2A2)

0.71% (1 mo. USD LIBOR + 0.220%)⁽¹⁾

02/25/37

346,629

144,840

Total Residential Mortgage-backed Securities —Non-Agency

(Cost: $1,980,216)

1,804,676

Total Fixed Income Securities

(Cost: $28,338,072)

27,788,290


Issues			Shares		Value

COMMON STOCK — % (Cost: $327,224)

Electric — 0.0%

Homer City Holdings LLC — Series A^(3),(7)				5,610	$	309


Total Common Stock

(Cost: $327,224)						309


MONEY MARKET INVESTMENTS — 8.7%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22%⁽⁸⁾				2,597,820		2,597,820


Total Money Market Investments

(Cost: $2,597,820)						2,597,820



	Maturity Date		Principal Amount

Short Term Investments (0.3% )

U.S. Treasury Bill

0.10%^(9),(10)		09/10/20	$	74,000		73,974


Total U.S. Treasury Securities

(Cost: $73,950)						73,974


Total Investments (102.5%)

(Cost: $31,337,066)						30,460,393

Liabilities In Excess Of Other Assets (-2.5%)						(738,028	)


Net Assets (100.0%)					$	29,722,365


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation/ (Depreciation)
Long Futures
22	5-Year U.S. Treasury Note Futures		06/30/20	$	2,755,615		$	2,760,657		$	5,042

					$ 2,755,615		$	2,760,657		$	5,042

Short Futures
24	10-Year U.S. Treasury Note Futures		06/19/20	$	(3,589,194	)	$	(3,768,750	)	$	(179,556	)
4	U.S. Ultra Long Bond Futures		06/19/20		(886,056	)		(899,125	)		(13,069	)

				$	(4,475,250	)	$	(4,667,875	)	$	(192,625	)

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

ABS

Asset-Backed Securities.

EETC

Enhanced Equipment Trust Certificate.

REIT

Real Estate Investment Trust.

(1)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2020.

(2)

This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

(3)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(4)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2020, the value of these securities amounted to $14,827,570 or 49.9% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(5)

Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.

(6)

(7)

Non-income producing security.

(8)

Rate disclosed is the 7-day net yield as of April 30, 2020.

(9)

Rate shown represents yield-to-maturity.

(10)

All or a portion of this security is held as collateral for open futures contracts.

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Corporate Bonds		74.8	%
Bank Loans		12.4
Money Market Investments		8.7
Residential Mortgage-Backed Securities — Non-Agency		6.1
U.S. Treasury Securities		0.3
Municipal Bonds		0.2
Common Stock		0.0
Other*		(2.5	)

Total		100.0	%

*	Includes capstock, futures, pending trades, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Bank Loans*	$	—		$	3,678,264	$	10,075	$	3,688,339
Corporate Bonds*		—			22,091,521		133,868		22,225,389
Municipal Bonds		—			69,886		—		69,886
Residential Mortgage-Backed Securities — Non-Agency		—			1,804,676		—		1,804,676

Total Fixed Income Securities		—			27,644,347		143,943		27,788,290

Equity Securities
Common Stock*		—			—		309		309
Money Market Investments		2,597,820			—		—		2,597,820
Short-Term Investments*		73,974			—		—		73,974

Total Investments		2,671,794			27,644,347		144,252		30,460,393

Asset Derivatives
Futures Contracts
Interest Rate Risk		5,041			—		—		5,041

Total Investments	$	2,676,835		$	27,644,347	$	144,252	$	30,465,434

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(192,624	)	$	—	$	—	$	(192,624	)

Total	$	(192,624	)	$	—	$	—	$	(192,624	)

*	See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited)

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 38.4% of Net Assets

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 3.5%

Fannie Mae, Pool #AM4580

3.43%		10/01/23	$	41,185	$	44,156

Fannie Mae, Pool #468764

4.16%		07/01/21		45,000		45,753

Fannie Mae (16-M11-AL)

2.94%		07/25/39		51,138		52,272

Freddie Mac Multifamily Structured Pass Through Certificates (KJ28-A1)

1.77%		02/25/25		64,749		66,632

Freddie Mac Multifamily Structured Pass Through Certificates(KJ17-A1)

2.40%		10/25/24		27,378		28,350

Freddie Mac Multifamily Structured Pass Through Certificates(KJ24-A1)

2.28%		05/25/26		74,487		78,128

Freddie Mac Multifamily Structured Pass-Through Certificates(J22F-A1)

3.45%		05/25/23		8,870		9,063

Freddie Mac Multifamily Structured Pass-Through Certificates(K012-X3) (I/O)

2.33% ⁽¹⁾		01/25/41		295,045		2,761

Freddie Mac Multifamily Structured Pass-Through Certificates(K025-X3) (I/O)

1.81% ⁽¹⁾		11/25/40		150,000		6,038

Freddie Mac Multifamily Structured Pass-Through Certificates(K031-X1) (I/O)

0.33% ⁽¹⁾		04/25/23		867,834		5,122

Freddie Mac Multifamily Structured Pass-Through Certificates(KJ26-A1)

2.14%		07/25/25		68,570		70,844

Freddie Mac Multifamily Structured Pass-Through Certificates(KS07-X) (I/O)

0.78% ⁽¹⁾		09/25/25		250,000		7,840

Ginnie Mae (07-12-C)

5.28% ⁽¹⁾		04/16/41		10,239		10,371

Ginnie Mae (08-92-E)

5.56% ⁽¹⁾		03/16/44		10,271		10,489

Ginnie Mae (10-159-D)

4.29% ⁽¹⁾		09/16/44		26,699		27,676

Ginnie Mae (11-165-IO) (I/O)

0.35% ⁽¹⁾		10/16/51		790,600		4,441


Total Commercial Mortgage-backed Securities — Agency

(Cost: $491,506)						469,936


COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY NON — 5.6%

20 Times Square Trust(18-20TS-B)

3.20% ^(1),(2)		05/15/35		20,000		19,533


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY NON (Continued)

BBCMS Mortgage Trust(17-C1-A2)

3.19%		02/15/50	$	20,000	$	20,342

BX Commercial Mortgage Trust (18-IND-A) 1.56% (1 mo. USD LIBOR +

0.750%) ^(2),(3)		11/15/35		5,655		5,497

BX Commercial Mortgage Trust (20-BXLP-A) 1.61% (1 mo. USD LIBOR +

0.800%) ^(2),(3)		12/15/36		15,000		14,524

COMM Mortgage Trust (13-LC6-XA) (I/O)

1.49% ⁽¹⁾		01/10/46		458,639		12,633

DBRR Trust (11-LC2-A4A)

4.54% ^(1),(2)		07/12/44		49,938		50,674

GS Mortgage Securities Trust (10-C1-A2)

4.59% ⁽²⁾		08/10/43		8,835		8,828

GS Mortgage Securities Trust (11-GC5-A3)

3.82%		08/10/44		47,396		47,875

JPMorgan Chase Commercial Mortgage Securities Trust (11-C4-A4)

4.39% ⁽²⁾		07/15/46		14,325		14,612

JPMorgan Chase Commercial Mortgage Securities Trust (11-C5-A3)

4.17%		08/15/46		47,738		48,894

JPMorgan Chase Commercial Mortgage Securities Trust(13-LC11-A5)

2.96%		04/15/46		10,000		10,236

Morgan Stanley Bank of America Merrill Lynch Trust (13- C12-XA) (I/O)

0.76% ⁽¹⁾		10/15/46		360,949		6,238

Morgan Stanley Bank of America Merrill Lynch Trust (13- C7-XA) (I/O)

1.48% ⁽¹⁾		02/15/46		803,976		23,797

Morgan Stanley Bank of America Merrill Lynch Trust (14- C15-A3)

3.77%		04/15/47		12,636		13,327

Morgan Stanley Capital Barclays Bank Trust(16-MART-A)

2.20% ⁽²⁾		09/13/31		15,000		14,929

Morgan Stanley Capital I Trust (11-C3-A4)

4.12%		07/15/49		27,280		27,586

Morgan Stanley Capital I Trust (14-CPT-A)

3.35% ⁽²⁾		07/13/29		55,000		55,898

UBS Commercial Mortgage Trust (12-C1-AAB)

3.00%		05/10/45		83,770		84,362

UBS Commercial Mortgage Trust (12-C1-XA) (I/O)

2.26% ^(1),(2),(4)		05/10/45		275,975		8,069

UBS Commercial Mortgage Trust (18-C11-A1)

3.21%		06/15/51		6,901		6,999

VNDO Mortgage Trust (12-6AVE-A)

3.00% ⁽²⁾		11/15/30		50,000		50,848

Wells Fargo Commercial Mortgage Trust (16-C34-A2)

2.60%		06/15/49		65,000		65,268

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY NON (Continued)

Wells Fargo Commercial Mortgage Trust (16-C36-A2)

2.50%		11/15/59	$	25,000	$	25,176

Wells Fargo Commercial Mortgage Trust (16-LC24-A2)

2.50%		10/15/49		31,936		31,988

WFRBS Commercial Mortgage Trust (12-C6-XA) (I/O)

2.24% ^(1),(2)		04/15/45		1,280,875		32,327

WFRBS Commercial Mortgage Trust (12-C7-A2)

3.43%		06/15/45		20,000		20,417

WFRBS Commercial Mortgage Trust (12-C9-XA) (I/O)

2.05% ^(1),(2)		11/15/45		862,399		32,545


Total Commercial Mortgage-backed Securities — Non-Agency

(Cost: $769,177)						753,422


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 6.9%

Fannie Mae (03-11-FA)

1.49% (1 mo. USD LIBOR + 1.000%) ⁽³⁾		09/25/32		12,727		12,599

Fannie Mae (03-122-MF) (PAC)

0.89% (1 mo. USD LIBOR + 0.400%) ⁽³⁾		08/25/33		10,646		10,631

Fannie Mae (03-52-NF)

0.89% (1 mo. USD LIBOR + 0.400%) ⁽³⁾		06/25/23		8,195		8,167

Fannie Mae (05-114-PF) (PAC)

0.86% (1 mo. USD LIBOR + 0.375%) ⁽³⁾		08/25/35		8,682		8,681

Fannie Mae (06-60-DF) 0.92%

(1 mo. USD LIBOR + 0.430%) ⁽³⁾		04/25/35		5,444		5,433

Fannie Mae (06-84-WF) (PAC)

0.79% (1 mo. USD LIBOR + 0.300%) ⁽³⁾		02/25/36		1,267		1,265

Fannie Mae (07-64-FA) 0.96%

(1 mo. USD LIBOR + 0.470%) ⁽³⁾		07/25/37		27,451		27,449

Fannie Mae (08-15-JN)

4.50%		02/25/23		730		732

Fannie Mae (08-24-PF) (PAC)

1.14% (1 mo. USD LIBOR + 0.650%) ⁽³⁾		02/25/38		18,837		18,907

Fannie Mae (10-118-GF) (PAC)

1.04% (1 mo. USD LIBOR + 0.550%) ⁽³⁾		10/25/39		45,283		45,394

Fannie Mae (11-75-HP) (PAC)

2.50%		07/25/40		17,046		17,448

Fannie Mae (12-93-GF) (PAC)

0.74% (1 mo. USD LIBOR + 0.250%) ⁽³⁾		07/25/40		37,382		37,153


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae (20-10-FA) 0.99%

(1 mo. USD LIBOR + 0.500%) ⁽³⁾		03/25/50	$	64,802	$	64,825

Fannie Mae

0.89%		03/25/47		81,269		80,972

Fannie Mae, Pool #254548

5.50%		12/01/32		10,564		11,879

Fannie Mae, Pool #600187

7.00%		07/01/31		24,953		28,915

Fannie Mae, Pool #995364

6.00%		10/01/38		12,615		14,531

Fannie Mae, Pool #AL0851

6.00%		10/01/40		6,231		7,201

Freddie Mac (2550-FI) (TAC)

1.16% (1 mo. USD LIBOR + 0.350%) ⁽³⁾		11/15/32		14,016		14,016

Freddie Mac (2763-FC)

1.16% (1 mo. USD LIBOR + 0.350%) ⁽³⁾		04/15/32		728		728

Freddie Mac (3071-TF) (PAC)

1.11% (1 mo. USD LIBOR + 0.300%) ⁽³⁾		04/15/35		30,508		30,416

Freddie Mac (3084-FN)

1.31% (1 mo. USD LIBOR + 0.500%) ⁽³⁾		12/15/34		17,546		17,505

Freddie Mac (3139-FL) (PAC)

1.11% (1 mo. USD LIBOR + 0.300%) ⁽³⁾		01/15/36		888		888

Freddie Mac (3196-FA) (PAC)

1.16% (1 mo. USD LIBOR + 0.350%) ⁽³⁾		04/15/32		21,063		21,032

Freddie Mac (3300-FA)

1.11% (1 mo. USD LIBOR + 0.300%) ⁽³⁾		08/15/35		33,427		33,170

Freddie Mac (3318-F)

1.06% (1 mo. USD LIBOR + 0.250%) ⁽³⁾		05/15/37		39,635		39,262

Freddie Mac (3645-EH)

3.00%		12/15/20		433		433

Freddie Mac (3767-JF) (PAC)

1.11% (1 mo. USD LIBOR + 0.300%) ⁽³⁾		02/15/39		17,170		17,176

Freddie Mac (3879-MF)

1.16% (1 mo. USD LIBOR + 0.350%) ⁽³⁾		09/15/38		17,799		17,800

Freddie Mac (3940-PF) (PAC)

1.16% (1 mo. USD LIBOR + 0.350%) ⁽³⁾		05/15/40		39,457		39,379

Freddie Mac (3946-FG) (PAC)

1.16% (1 mo. USD LIBOR + 0.350%) ⁽³⁾		10/15/39		17,662		17,598

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

April 30, 2020

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)

Freddie Mac (4231-FD)

1.16% (1 mo. USD LIBOR + 0.350%) ⁽³⁾

10/15/32

52,727

52,023

Freddie Mac (263-F5)

1.31% (1 mo. USD LIBOR + 0.500%) ⁽³⁾

06/15/42

40,003

39,927

Ginnie Mae (12-13-KF)

1.02% (1 mo. USD LIBOR + 0.300%) ⁽³⁾

07/20/38

8,088

8,087

Ginnie Mae II, Pool #80022

3.13% (1 year Treasury Constant Maturity Rate + 1.500%) ⁽³⁾

12/20/26

10,908

11,246

Ginnie Mae II, Pool #80636

3.25% (1 year Treasury Constant Maturity Rate + 1.500%) ⁽³⁾

09/20/32

8,426

8,622

Ginnie Mae II, Pool #80757

3.25% (1 year Treasury Constant Maturity Rate + 1.500%) ⁽³⁾

10/20/33

3,739

3,796

Ginnie Mae II, Pool #80797

4.00% (1 year Treasury Constant Maturity Rate + 1.500%) ⁽³⁾

01/20/34

37,215

38,438

Ginnie Mae II, Pool #80937

3.88% (1 year Treasury Constant Maturity Rate + 1.500%) ⁽³⁾

06/20/34

15,196

15,739

NCUA Guaranteed Notes (10-R1-1A)

1.43% (1 mo. USD LIBOR + 0.450%) ⁽³⁾

10/07/20

72,066

71,603

NCUA Guaranteed Notes (10-R3-1A)

1.54% (1 mo. USD LIBOR + 0.560%) ⁽³⁾

12/08/20

8,943

8,925

NCUA Guaranteed Notes (10-R3-2A)

1.54% (1 mo. USD LIBOR + 0.560%) ⁽³⁾

12/08/20

24,165

24,168

Total Residential Mortgage-backed Securities — Agency

(Cost: $926,927)

934,159

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 3.9%

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates (04-R9-M2)

1.46% (1 mo. USD LIBOR + 0.975%) ⁽³⁾

10/25/34

70,526

70,560

Centex Home Equity Loan Trust (06-A-AV4)

0.74% (1 mo. USD LIBOR + 0.250%) ⁽³⁾

06/25/36

47,771

46,596


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON- AGENCY (Continued)

Credit Suisse First Boston Mortgage Securities Corp. (02-AR31-6A1)

3.54% ⁽¹⁾		11/25/32	$	16,446	$	15,670

CWABS Asset-Backed Certificates Trust (05-11-MV2)

0.98% (1 mo. USD LIBOR + 0.490%) ⁽³⁾		02/25/36		42,364		42,328

First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C)

1.49% (1 mo. USD LIBOR + 1.000%) ⁽³⁾		08/25/34		14,118		14,160

JPMorgan Mortgage Acquisition Trust (06-CH1-M1)

0.71% (1 mo. USD LIBOR + 0.220%) ⁽³⁾		07/25/36		67,281		66,708

Morgan Stanley Mortgage Loan Trust (04-6AR-1A)

1.39% (1 mo. USD LIBOR + 0.900%) ⁽³⁾		07/25/34		2,229		2,218

NovaStar Mortgage Funding Trust Series (05-1-M5)

1.57% (1 mo. USD LIBOR + 1.080%) ⁽³⁾		06/25/35		57,000		53,711

Option One Mortgage Loan Trust Asset-Backed Certificates (05-4-M1)

0.93% (1 mo. USD LIBOR + 0.440%) ⁽³⁾		11/25/35		73,613		73,521

RASC Series Trust (06-KS3-M1)

0.82% (1 mo. USD LIBOR + 0.330%) ⁽³⁾		04/25/36		75,000		68,928

Residential Accredit Loans, Inc. (02-QS16-A2)

1.04% (1 mo. USD LIBOR + 0.550%) ^(3),(5)		10/25/17		83		83

Structured Asset Investment Loan Trust (05-HE3-M1)

1.21% (1 mo. USD LIBOR + 0.720%) ⁽³⁾		09/25/35		69,838		68,196


Total Residential Mortgage-backed Securities — Non-Agency

(Cost: $515,743)						522,679


CORPORATE BONDS — 13.5%

Aerospace & Defense — 0.2%

BAE Systems Holdings, Inc.

2.85% ⁽²⁾		12/15/20		15,000		15,070

L3Harris Technologies, Inc.

4.95% ⁽²⁾		02/15/21		15,000		15,260


						30,330


Agriculture — 0.2%

BAT Capital Corp.

2.76%		08/15/22		30,000		30,425


Apparel — 0.2%

NIKE, Inc.

2.85%		03/27/30		30,000		32,596

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Auto Manufacturers — 0.9%

Daimler Finance North America LLC

3.75%⁽²⁾		11/05/21	$	25,000	$	25,203

Ford Motor Credit Co. LLC

2.18% (3 mo. USD LIBOR + 0.810%) ⁽³⁾		04/05/21		25,000		23,362

2.84% (3 mo. USD LIBOR + 1.080%) ⁽³⁾		08/03/22		5,000		4,425

3.16%		08/04/20		10,000		10,025

3.22%		01/09/22		5,000		4,700

5.88%		08/02/21		10,000		9,950

General Motors Financial Co., Inc.

2.45%		11/06/20		35,000		34,639

4.20%		11/06/21		5,000		4,945


						117,249


Banks — 4.0%

Bank of America Corp.

2.37% (3 mo. USD LIBOR + 0.66%)⁽³⁾		07/21/21		100,000		100,043

2.74% (3 mo. USD LIBOR + 0.37%)⁽³⁾		01/23/22		25,000		25,162

Bank of New York Mellon Corp. (The)

1.60%		04/24/25		50,000		50,804

Citigroup, Inc.

2.90%		12/08/21		25,000		25,495

JPMorgan Chase & Co.

2.26% (3 mo. USD LIBOR + 0.680%)⁽³⁾		06/01/21		75,000		74,991

2.52% (SOFR + 2.040%) ⁽³⁾		04/22/31		55,000		56,358

Lloyds Banking Group PLC (United Kingdom)

2.91% (3 mo. USD LIBOR + 0.810%)⁽³⁾		11/07/23		15,000		15,213

3.87% (1 year Treasury Constant Maturity Rate + 3.500%)⁽³⁾		07/09/25		55,000		57,955

3.90%		03/12/24		10,000		10,534

Morgan Stanley

5.50%		07/28/21		25,000		26,239

Santander UK Group Holdings PLC

3.57%		01/10/23		10,000		10,196

Santander UK Group Holdings PLC (United Kingdom)

3.13%		01/08/21		30,000		30,278

Wells Fargo Bank N.A.

2.08% (3 mo. USD LIBOR + 0.650%)⁽³⁾		09/09/22		40,000		40,321

Wells Fargo Bank N.A.

3.33% (3 mo. USD LIBOR + 0.490%)⁽³⁾		07/23/21		10,000		10,032


						533,621


Issues	Maturity Date		Principal Amount		Value

Beverages — 0.2%

Anheuser-Busch InBev Worldwide, Inc.

3.50%		06/01/30	$	30,000	$	32,210


Chemicals — 0.1%

International Flavors & Fragrances, Inc.

3.40%		09/25/20		20,000		20,120


Commercial Services — 0.2%

IHS Markit, Ltd.

5.00%⁽²⁾		11/01/22		25,000		26,861


Computers — 0.1%

Dell International LLC / EMC Corp.

4.42%⁽²⁾		06/15/21		20,000		20,330


Diversified Financial Services — 0.7%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

4.88%		01/16/24		10,000		9,389

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)

3.95%		02/01/22		10,000		9,368

Air Lease Corp.

3.50%		01/15/22		30,000		28,318

Avolon Holdings Funding, Ltd.

3.63%⁽²⁾		05/01/22		10,000		9,166

Mastercard, Inc.

3.35%		03/26/30		20,000		22,819

Park Aerospace Holdings, Ltd.

3.63%⁽²⁾		03/15/21		10,000		9,623

4.50%⁽²⁾		03/15/23		5,000		4,430


						93,113


Electric — 0.2%

Dominion Energy, Inc.

3.30%		03/15/25		25,000		26,602


Food — 0.6%

Conagra Brands, Inc.

1.82% (3 mo. USD LIBOR + 0.500%)⁽³⁾		10/09/20		25,000		24,867

Kraft Heinz Foods Co.

3.95%		07/15/25		5,000		5,241

4.00%		06/15/23		35,000		36,373

Tyson Foods, Inc.

2.15% (3 mo. USD LIBOR + 0.450%)⁽³⁾		08/21/20		15,000		14,994


						81,475


Healthcare-Products — 0.1%

Zimmer Biomet Holdings, Inc.

1.80% (3 mo. USD LIBOR + 0.750%)⁽³⁾		03/19/21		15,000		14,839

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

Healthcare-Services — 1.0%

Anthem, Inc.

3.70%		08/15/21	$	30,000	$	30,768

Fresenius Medical Care US Finance II, Inc.

5.88%⁽²⁾		01/31/22		10,000		10,578

Humana, Inc.

2.50%		12/15/20		15,000		15,144

3.85%		10/01/24		15,000		16,211

Stanford Health Care

3.31%		08/15/30		30,000		33,320

Sutter Health

2.29%		08/15/53		25,000		25,035


						131,056


Insurance — 0.4%

Allstate Corp. (The)

1.80% (3 mo. USD LIBOR + 0.430%)⁽³⁾		03/29/21		25,000		24,859

Metropolitan Life Global Funding I

2.95%⁽²⁾		04/09/30		30,000		32,375


						57,234


Media — 0.1%

Discovery Communications LLC

2.80%		06/15/20		10,000		10,003


Miscellaneous Manufacturers — 0.9%

General Electric Co.

2.12% (3 mo. USD

LIBOR + 0.38%)⁽³⁾		05/05/26		5,000		4,286

2.22% (3 mo. USD

LIBOR + 1.000%)⁽³⁾		04/15/23		75,000		70,833

3.63%		05/01/30		40,000		40,251


						115,370


Oil & Gas — 0.3%

BP Capital Markets America, Inc.

3.63%		04/06/30		25,000		27,002

Petroleos Mexicanos

5.35%		02/12/28		15,000		11,250


						38,252


Packaging & Containers — 0.2%

Bemis Co., Inc.

4.50%		10/15/21		20,000		20,572


Pharmaceuticals — 0.7%

Bausch Health Cos, Inc. (Canada)

7.00%⁽²⁾		03/15/24		15,000		15,503

Bayer US Finance LLC

2.20%⁽²⁾		07/15/22		45,000		44,883


Issues	Maturity Date		Principal Amount		Value

Pharmaceuticals (Continued)

Becton Dickinson and Co.

2.25% (3 mo. USD

LIBOR + 0.875%)⁽³⁾		12/29/20	$	15,000	$	14,892

Cigna Corp.

1.49% (3 mo. USD

LIBOR + 0.650%)⁽³⁾		09/17/21		15,000		14,751


						90,029


REIT — 1.4%

Camden Property Trust

2.95%		12/15/22		25,000		25,290

CyrusOne LP / CyrusOne Finance Corp.

2.90%		11/15/24		20,000		19,632

Essex Portfolio LP (REIT)

5.20%		03/15/21		20,000		20,354

GLP Capital LP / GLP Financing II, Inc.

5.38%		11/01/23		25,000		24,447

Healthpeak Properties, Inc.

4.25%		11/15/23		10,000		10,408

Highwoods Realty LP (REIT)

3.20%		06/15/21		20,000		20,096

Kilroy Realty LP (REIT)

3.45%		12/15/24		5,000		5,002

Kimco Realty Corp.

3.40%		11/01/22		20,000		20,416

SL Green Operating Partnership LP

2.67% (3 mo. USD

LIBOR + 0.980%)⁽³⁾		08/16/21		40,000		38,600

WEA Finance LLC

3.15%⁽²⁾		04/05/22		10,000		10,004


						194,249


Savings & Loans — 0.2%

Nationwide Building Society (United Kingdom)

3.62% (3 mo. USD LIBOR +

0.181%) ^(2),(3)		04/26/23		20,000		20,525


Semiconductors — 0.2%

NXP BV / NXP Funding LLC (Netherlands)

4.13%⁽²⁾		06/01/21		25,000		25,557


Telecommunications — 0.3%

Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC

3.36%⁽²⁾		03/20/23		18,750		18,844

T-Mobile USA, Inc.

3.88%⁽²⁾		04/15/30		25,000		27,560


						46,404

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Trucking & Leasing — 0.1%

Aviation Capital Group LLC

2.53% (3 mo. USD

LIBOR + 0.950%) ^(2),(3)

06/01/21

15,000

13,902

Total Corporate Bonds

(Cost: $1,794,934)

1,822,924

MUNICIPAL BOND — 0.2%(Cost: $24,905)

New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bond

2.31%

11/01/26

25,000

25,443

U.S. TREASURY SECURITY — 4.6%(Cost: $620,475)

U.S. Treasury Floating Rate Note

0.35% (3 mo. Treasury

Money Market Yield + 0.220%) ⁽³⁾

07/31/21

620,000

621,423

ASSET-BACKED SECURITIES — 0.2%(Cost: $26,122)

Corevest American Finance Trust (19-1-XA) (I/O)

2.35% ^(1),(2)

03/15/52

277,015

22,877

Total Fixed Income Securities

(Cost: $5,169,789)

5,172,863

Shares

MONEY MARKET INVESTMENTS — 18.4%

State Street Institutional U.S. Government

Money Market Fund — Premier Class,

0.22%⁽⁶⁾

2,476,926

Total Money Market Investments

(Cost: $2,476,926)

2,476,926

Principal
Amount

SHORT TERM INVESTMENTS — 43.8%

COMMERCIAL PAPER — 0.1%(Cost: $9,862)

Ford Motor Credit Co.

3.24%

10/08/20

10,000

9,872

FOREIGN GOVERNMENT BONDS — 1.0%(Cost: $142,441)

Japan Treasury Bill

0.00%⁽⁷⁾

06/08/20

15,000,000

140,295

U.S. Government Agency Obligations — 27.3%

Federal Home Loan Bank Discount Note

0.05%⁽⁸⁾

08/07/20

615,000

614,816

0.05%⁽⁸⁾

08/03/20

615,000

614,823

0.01%⁽⁸⁾

05/28/20

615,000

614,963

0.02%⁽⁸⁾

06/01/20

615,000

614,952


Issues	Maturity Date		Principal Amount		Value

U.S. Government Agency Obligations (Continued)

Freddie Mac Discount Notes

0.01%⁽⁸⁾		08/19/20	$	615,000	$	614,793

0.01%⁽⁸⁾		08/04/20		615,000		614,822


Total U.S. Government Agency Obligations

(Cost: $3,689,794)						3,689,169


U.S. Treasury Securities — 15.4%

U.S. Treasury Bill

0.10%^(8),(9)		09/10/20		17,000		16,994

0.87%⁽⁸⁾		07/16/20		200,000		199,963

0.15%⁽⁸⁾		01/28/21		615,000		614,315

0.14%⁽⁸⁾		02/25/21		1,250,000		1,248,516


Total U.S. Treasury Securities

(Cost: $2,080,359)						2,079,788


Total Short Term Investments

(Cost: $5,922,456)						5,919,124


Total Investments (100.6%)

(Cost: $13,569,171)						13,568,913

Liabilities In Excess Of Other Assets (-0.6%)						(76,421	)


Net Assets (100.0%)					$	13,492,492

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

April 30, 2020

Forward Currency Exchange Contracts

Counterparty

Contracts to
Deliver

Units of
Currency

Settlement
Date

In Exchange for
U.S. Dollars

Contracts at
Value

Unrealized
Appreciation
(Depreciation)

SELL

Citibank N.A.

JPY

15,000,000

06/08/20

143,103

140,272

2,831


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional Contract Value			Market Value			Net Unrealized Appreciation (Depreciation)
SELL
5	5-Year U.S. Treasury Note Futures		06/30/20	$	(626,021	)	$	(627,422	)	$	(1,401	)

Notes to the Schedule of Investments:

I/O

Interest Only Security.

PAC

Planned Amortization Class.

REIT

Real Estate Investment Trust.

TAC

Target Amortization Class.

(1)

(2)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2020, the value of these securities amounted to $676,835 or 5.0% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(3)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2020.

(4)

Restricted security (Note 11).

(5)

The maturity date of the security has been extended past the date disclosed. The new maturity date is not known as of April 30, 2020.

(6)

Rate disclosed is the 7-day net yield as of April 30, 2020.

(7)

Security is not accruing interest.

(8)

Rate shown represents yield-to-maturity.

(9)

All or a portion of this security is held as collateral for open futures contracts.

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
U.S. Government Agency Obligations		27.3	%
U.S. Treasury Securities		20.0
Corporate Bonds		13.5
Residential Mortgage-Backed Securities — Agency		6.9
Commercial Mortgage-Backed Securities — Non-Agency		5.6
Residential Mortgage-Backed Securities — Non-Agency		3.9
Commercial Mortgage-Backed Securities — Agency		3.5
Foreign Government Bonds		1.0
Municipal Bonds		0.2
Asset-Backed Securities		0.2
Commercial Paper		0.1
Other*		(0.6	)

Total		81.6	%

*	Includes futures, pending trades, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Commercial Mortgage-Backed Securities — Agency	$	—		$	469,936	$	—	$	469,936
Commercial Mortgage-Backed Securities — Non-Agency		—			753,422		—		753,422
Residential Mortgage-Backed Securities — Agency		—			934,159		—		934,159
Residential Mortgage-Backed Securities — Non-Agency		—			522,596		83		522,679
Corporate Bonds*		—			1,822,924		—		1,822,924
Municipal Bonds		—			25,443		—		25,443
U.S. Treasury Securities		621,423			—		—		621,423
Asset-Backed Securities		—			22,877		—		22,877

Total Fixed Income Securities		621,423			4,551,357		83		5,172,863

Money Market Investments		2,476,926			—		—		2,476,926

Short-Term Investments*		2,079,788			3,839,336		—		5,919,124

Total Investments	$	5,178,137		$	8,390,693	$	83	$	13,568,913

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			2,831		—		2,831

Total Investments	$	5,178,137		$	8,393,524	$	83	$	13,571,744

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(1,401	)	$	—	$	—	$	(1,401	)

Total	$	(1,401	)	$	—	$	—	$	(1,401	)

*	See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited)

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 94.5% of Net Assets

ASSET-BACKED SECURITIES — 2.7%

321 Henderson Receivables I LLC (13-3A-A)

4.08%⁽¹⁾

01/17/73

6,890,944

7,400,573

Barings CLO, Ltd. (18-3A-A1)

2.09% (3 mo. USD LIBOR + 0.950%)^(1),(2)

07/20/29

9,500,000

9,251,680

Corevest American Finance Trust (20-1-A2)

2.30%⁽¹⁾

03/15/50

22,735,000

22,389,160

Corevest American Finance Trust (20-1-XA) (I/O)

2.86%^(1),(3)

03/15/50

62,789,425

7,658,454

Corevest American Finance Trust (20-1-XB) (I/O)

2.23%^(1),(3)

03/15/50

38,948,500

5,088,964

EFS Volunteer No 2 LLC (12-1-A2)

1.84% (1 mo. USD LIBOR + 1.350%)^(1),(2)

03/25/36

6,533,311

6,366,062

EFS Volunteer No 3 LLC (12-1-A3)

1.49% (1 mo. USD LIBOR + 1.000%)^(1),(2)

04/25/33

14,284,453

13,874,333

Global SC Finance SRL (14-1A-A2)

3.09%⁽¹⁾

07/17/29

6,955,125

6,594,747

Higher Education Funding I (14-1-A)

2.73% (3 mo. USD LIBOR + 1.050%)^(1),(2)

05/25/34

16,825

16,544

Navient Student Loan Trust (14-2-A)

1.13% (1 mo. USD LIBOR + 0.640%)⁽²⁾

03/25/83

22,013,652

20,315,816

Navient Student Loan Trust (14-3-A)

1.11% (1 mo. USD LIBOR + 0.620%)⁽²⁾

03/25/83

23,208,752

21,289,463

Navient Student Loan Trust (14-4-A)

1.11% (1 mo. USD LIBOR + 0.620%)⁽²⁾

03/25/83

12,889,226

11,834,615

Navient Student Loan Trust (16-5A-A)

1.74% (1 mo. USD LIBOR + 1.250%)^(1),(2)

06/25/65

15,502,364

14,521,941

Navient Student Loan Trust (17-1A-A3)

1.64% (1 mo. USD LIBOR + 1.150%)^(1),(2)

07/26/66

6,130,000

5,786,380

Palmer Square Loan Funding Ltd. (20-2A-A2)

2.66% (3 mo. USD LIBOR + 1.550%)^(1),(2)

04/20/28

7,750,000

7,241,212

Rockford Tower CLO, Ltd. (18-1A-A)

2.79%^(1),(2),(3)

05/20/31

4,750,000

4,560,846

SLM Student Loan Trust (08-5-A4)

2.69% (3 mo. USD LIBOR + 1.700%)⁽²⁾

07/25/23

2,177,038

2,114,240

SLM Student Loan Trust (08-8-B)

3.24% (3 mo. USD LIBOR + 2.250%)⁽²⁾

10/25/75

5,706,000

5,101,751


Issues	Maturity Date		Principal Amount		Value

ASSET-BACKED SECURITIES (Continued)

Voya CLO, Ltd. (14-3A-A1R)

1.71% (3 mo. USD LIBOR + 0.720%)^(1),(2)		07/25/26	$	1,282,813	$	1,268,080


Total Asset-backed Securities

(Cost: $182,719,921)						172,674,861


COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 8.2%

Fannie Mae (20-M10-X1) (I/O)

1.92%⁽³⁾		12/25/30		14,258,754		2,149,245

Fannie Mae (20-M10-X2)

1.83%⁽³⁾		12/25/30		28,969,033		4,193,043

Fannie Mae (20-M10-X3) (I/O)

1.44%⁽³⁾		11/25/28		19,553,905		1,843,778

Fannie Mae (20-M10-X4) (I/O)

1.00%⁽³⁾		07/25/32		14,485,563		1,241,730

Fannie Mae (20-M10-X5) (I/O)

1.55%⁽³⁾		11/25/28		17,330,000		1,842,525

Fannie Mae (20-M10-X6) (I/O)

1.50%⁽³⁾		08/25/28		18,280,000		1,843,654

Fannie Mae (20-M10-X8) (I/O)

0.78%⁽³⁾		12/25/27		13,985,000		610,354

Fannie Mae (20-M10-X9) (I/O)

0.99%⁽³⁾		12/25/27		12,333,754		611,252

Fannie Mae, Pool #AN4130

3.44%		01/01/37		9,718,014		11,526,049

Fannie Mae, Pool #AN7345

3.21%		11/01/37		10,640,817		12,308,697

Fannie Mae, Pool #AN9040

3.50%		04/01/30		7,373,000		8,596,181

Fannie Mae, Pool #AN9453

3.58%		06/01/30		7,220,000		8,484,754

Fannie Mae, Pool #AN9555

3.81%		06/01/30		20,679,000		24,978,228

Fannie Mae, Pool #BL0740

4.08%		12/01/33		21,998,000		26,406,206

Fannie Mae, Pool #BL0900

4.08%		02/01/34		17,655,000		21,210,138

Fannie Mae, Pool #BL1048

4.00%		12/01/33		15,000,000		17,959,086

Fannie Mae, Pool #BL1074

4.05%		01/01/34		12,850,000		15,413,834

Fannie Mae, Pool #BL1414

3.96%		01/01/34		22,510,000		26,860,383

Fannie Mae, Pool #BL2360

3.45%		05/01/34		24,962,000		28,941,102

Fannie Mae, Pool #BL2643

3.39%		07/01/34		23,620,500		27,873,554

Fannie Mae, Pool #BL3138

3.06%		07/01/34		31,000,000		35,248,321

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae, Pool #BL4038

2.98%		09/01/34	$	21,500,000	$	24,242,695

Fannie Mae, Pool #BL5199

2.51%		02/01/35		27,525,000		29,595,134

Fannie Mae, Pool #BL6137

2.16%		03/01/32		29,240,000		31,039,461

Freddie Mac Multifamily Structured Pass-Through Certificates (2020-RR06)

1.84%⁽³⁾		05/27/33		10,865,000		1,883,551

1.88%⁽³⁾		10/27/28		13,840,000		1,832,705

Freddie Mac Multifamily Structured Pass-Through Certificates (K-1510-A3)

3.79%		01/25/34		31,000,000		37,146,571

Freddie Mac Multifamily Structured Pass-Through Certificates (K-1511-A3)

3.54%		03/25/34		25,340,000		30,219,344

Freddie Mac Multifamily Structured Pass-Through Certificates (K-1513-A3)

2.80%		08/25/34		12,850,000		14,126,244

Freddie Mac Multifamily Structured Pass-Through Certificates (K038-X3) (I/O)

2.57%⁽³⁾		06/25/42		78,039,937		6,736,044

Freddie Mac Multifamily Structured Pass-Through Certificates (K040-X3) (I/O)

2.10%⁽³⁾		11/25/42		77,991,835		4,788,114

Freddie Mac Multifamily Structured Pass-Through Certificates (K042-X3) (I/O)

1.66%⁽³⁾		01/25/43		76,625,000		4,776,347

Freddie Mac Multifamily Structured Pass-Through Certificates (K045-X3) (I/O)

1.55%⁽³⁾		04/25/43		126,630,757		7,694,566

Freddie Mac Multifamily Structured Pass-Through Certificates (K046-X3) (I/O)

1.56%⁽³⁾		04/25/43		94,964,072		6,217,716

Freddie Mac Multifamily Structured Pass-Through Certificates (K105-X3) (I/O)

2.04%⁽³⁾		06/25/30		46,088,382		6,890,333

Freddie Mac Multifamily Structured Pass-Through Certificates (K158-A2)

3.90%⁽³⁾		12/25/30		31,000,000		36,693,681

Freddie Mac Multifamily Structured Pass-Through Certificates (K159-A3)

3.95%⁽³⁾		11/25/33		955,000		1,155,471


Total Commercial Mortgage-backed Securities — Agency

(Cost: $494,075,413)						525,180,091


COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY— 8.2%

1345 Avenue of the Americas & Park Avenue Plaza Trust (05-1-A3)

5.28%⁽¹⁾		08/10/35		15,000,000		16,043,016


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

BAMLL Commercial Mortgage Securities Trust(16-ISQ-A)

2.85%⁽¹⁾		08/14/34	$	5,875,000	$	5,726,614

BANK (18-BN13-A5)

4.22%⁽³⁾		08/15/61		7,000,000		8,082,213

BANK (19-BN20-A2)

2.76%		09/15/62		14,450,000		15,193,257

BANK (19-BN21-A4)

2.60%		10/17/52		11,610,000		11,983,572

BANK (19-BN21-A5)

2.85%		10/17/52		13,365,000		14,085,960

BANK (20-BN26-A4)

2.40%		03/15/63		10,000,000		10,241,764

BBCMS Mortgage Trust (18-C2-A5)

4.31%		12/15/51		33,280,000		38,312,685

BBCMS Mortgage Trust (20-C6-A4)

2.64%		02/15/53		25,990,000		26,999,841

Benchmark Mortgage Trust (18-B2-A5)

3.88%⁽³⁾		02/15/51		9,000,000		10,049,069

Benchmark Mortgage Trust (18-B8-A5)

4.23%		01/15/52		13,510,000		15,645,037

BX Trust (19-OC11-A)

3.20%⁽¹⁾		12/09/41		8,270,000		8,410,478

Citigroup Commercial Mortgage Trust (19-C7-A4)

3.10%		12/15/72		3,840,000		4,140,920

CPT Mortgage Trust (19-CPT-A)

2.87%⁽¹⁾		11/13/39		12,500,000		13,311,826

CSAIL Commercial Mortgage Trust (18-CX11-A3)

4.09%		04/15/51		8,470,000		9,234,826

CSAIL Commercial Mortgage Trust (19-C17-A4)

2.76%		09/15/52		22,290,000		22,989,771

CSAIL Commercial Mortgage Trust (20-C19-ASB)

2.55%		03/15/53		31,288,000		31,802,389

DBGS BIOD Mortgage Trust (18-C1-A4)

4.47%		10/15/51		8,000,000		9,374,352

DBRR Trust (11-LC2-A4A)

4.54%^(1),(3)		07/12/44		10,288,605		10,440,086

DBWF Mortgage Trust (16-85T-A)

3.79%⁽¹⁾		12/10/36		6,385,000		7,015,914

DC Office Trust (19-MTC-A)

2.97%⁽¹⁾		09/15/45		5,750,000		6,060,307

Hudson Yards Mortgage Trust (19-55HY-A)

3.04%^(1),(3)		12/10/41		5,750,000		6,027,398

JPMorgan Chase Commercial Mortgage Securities Trust (19-OSB-A)

3.40%⁽¹⁾		06/05/39		7,520,000		7,595,976

MFT Trust (20-ABC-D)

3.48%^(1),(3)		02/06/30		3,245,000		2,721,255

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Morgan Stanley Capital I Trust (18-H3-A5)

4.18%		07/15/51	$	11,080,000	$	12,550,488

Morgan Stanley Capital I Trust (18-H4-A4)

4.31%		12/15/51		43,050,000		49,775,521

Morgan Stanley Capital I Trust (19-L2-A3)

3.81%		03/15/52		13,265,000		14,745,086

Morgan Stanley Capital I Trust (19-L2-A4)

4.07%		03/15/52		30,180,000		34,162,254

One Bryant Park Trust (19-OBP-A)

2.52%⁽¹⁾		09/15/54		8,975,000		8,945,970

SFAVE Commercial Mortgage Securities Trust(15-5AVE-A2B)

4.14%^(1),(3)		01/05/43		820,000		916,123

UBS Commercial Mortgage Trust (17-C7-A4)

3.68%		12/15/50		4,000,000		4,382,025

UBS Commercial Mortgage Trust (18-C10-A4)

4.31%		05/15/51		4,750,000		5,416,965

UBS Commercial Mortgage Trust (18-C8-A4)

3.98%		02/15/51		4,550,000		5,010,126

Wells Fargo Commercial Mortgage Trust (17-C38-A5)

3.45%		07/15/50		10,100,000		10,900,527

Wells Fargo Commercial Mortgage Trust (18-C47-A4)

4.44%		09/15/61		4,750,000		5,478,941

Wells Fargo Commercial Mortgage Trust (18-C48-A5)

4.30%		01/15/52		10,576,000		12,118,444

Wells Fargo Commercial Mortgage Trust (19-C51-A4)

3.31%		06/15/52		12,725,000		13,756,766

Wells Fargo Re-REMIC Trust (11-RR1-1B)

4.79%^(1),(3)		09/17/47		13,695,499		13,848,965

Worldwide Plaza Trust (17-WWP-A)

3.53%⁽¹⁾		11/10/36		16,140,363		17,195,420


Total Commercial Mortgage-backed Securities — Non-Agency

(Cost: $524,314,650)						520,692,147


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY— 55.6%

Fannie Mae, Pool #FM2318

3.50%		09/01/49		73,454,808		79,264,557

Fannie Mae, Pool #MA3811

3.00%		10/01/49		25,975,507		26,771,955

Fannie Mae, Pool #MA4016

2.50%⁽⁴⁾		05/01/40		49,781,917		51,962,604

Fannie Mae

0.79%		06/25/48		44,444,560		44,283,636

Fannie Mae, Pool #MA3905

3.00%		01/01/50		2,370,713		2,503,726

Fannie Mae (01-40-Z)

6.00%		08/25/31		158,069		179,104


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae (03-117-TG) (PAC)

4.75%		08/25/33	$	269,551	$	281,441

Fannie Mae (04-52-SW) (I/O) (I/F)

6.61% (-1X 1 mo. USD LIBOR + 7.100%)⁽²⁾		07/25/34		525,694		88,944

Fannie Mae (04-65-LT)

4.50%		08/25/24		722,020		759,944

Fannie Mae (04-68-LC)

5.00%		09/25/29		1,210,390		1,335,617

Fannie Mae (05-117-LC) (PAC)

5.50%		11/25/35		2,634,387		2,786,296

Fannie Mae (05-74-CP) (I/F) (PAC)

22.96% (-1X1 mo. USD LIBOR + 24.750%)⁽²⁾		05/25/35		174,091		240,448

Fannie Mae (07-103-AI) (I/O) (I/F)

6.01% (-1X 1 mo. USD LIBOR + 6.500%)⁽²⁾		03/25/37		3,662,357		673,683

Fannie Mae (07-20-SI) (I/O) (I/F)

5.96% (-1X 1 mo. USD LIBOR + 6.450%)⁽²⁾		03/25/37		1,023,182		194,032

Fannie Mae (07-21-SE) (I/O) (I/F)

5.95% (-1X 1 mo. USD LIBOR + 6.440%)⁽²⁾		03/25/37		851,123		137,041

Fannie Mae (07-56-SG) (I/O) (I/F)

5.92% (-1X 1 mo. USD LIBOR + 6.410%)⁽²⁾		06/25/37		1,024,339		132,519

Fannie Mae (07-58-SV) (I/O) (I/F)

6.26% (-1X 1 mo. USD LIBOR + 6.750%)⁽²⁾		06/25/37		4,330,137		698,388

Fannie Mae (07-65-S) (I/O) (I/F)

6.11% (-1X 1 mo. USD LIBOR + 6.600%)⁽²⁾		07/25/37		804,400		129,281

Fannie Mae (07-88-FY)

0.95% (1 mo. USD LIBOR + 0.460%)⁽²⁾		09/25/37		584,041		583,996

Fannie Mae (07-B2-ZA)

5.50%		06/25/37		10,754,153		12,653,074

Fannie Mae (08-1-AI) (I/O) (I/F)

5.76% (-1X 1 mo. USD LIBOR + 6.250%)⁽²⁾		05/25/37		4,178,850		671,417

Fannie Mae (08-13-SB) (I/O) (I/F)

5.75% (-1X 1 mo. USD LIBOR + 6.240%)⁽²⁾		03/25/38		3,737,438		931,932

Fannie Mae (08-23-SB) (I/O) (I/F)

6.36% (-1X 1 mo. USD LIBOR + 6.850%)⁽²⁾		04/25/38		6,087,523		1,134,440

Fannie Mae (08-35-SD) (I/O) (I/F)

5.96% (-1X 1 mo. USD LIBOR + 6.450%)⁽²⁾		05/25/38		514,388		38,850

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae (08-66-SG) (I/O) (I/F)

5.58% (-1X 1 mo. USD LIBOR + 6.070%)⁽²⁾		08/25/38	$	7,956,774	$	1,809,514

Fannie Mae (08-68-SA) (I/O) (I/F)

5.48% (-1X 1 mo. USD LIBOR + 5.970%)⁽²⁾		08/25/38		3,077,748		535,768

Fannie Mae (09-3-SH) (I/O) (I/F)

4.96% (-1X 1 mo. USD LIBOR + 5.450%)⁽²⁾		06/25/37		1,117,535		168,594

Fannie Mae (09-47-SV) (I/O) (I/F)

6.26% (-1X 1 mo. USD LIBOR + 6.750%)⁽²⁾		07/25/39		777,923		99,161

Fannie Mae (09-51-SA) (I/O) (I/F)

6.26% (-1X 1 mo. USD LIBOR + 6.750%)⁽²⁾		07/25/39		3,683,639		710,611

Fannie Mae (09-6-SD) (I/O) (I/F)

5.06% ((-1X 1 mo. USD LIBOR + 5.550%)⁽²⁾		02/25/39		1,023,407		171,615

Fannie Mae (09-68-KB)

4.00%		09/25/24		2,977,257		3,086,807

Fannie Mae (09-71-LB)

4.00%		09/25/29		9,987,938		10,725,306

Fannie Mae (09-72-AC)

4.00%		09/25/29		12,846,873		13,922,018

Fannie Mae (09-72-JS) (I/O) (I/F)

6.76% ((-1X 1 mo. USD LIBOR + 7.250%)⁽²⁾		09/25/39		806,717		216,165

Fannie Mae (10-136-CX) (PAC)

4.00%		08/25/39		20,937,000		22,274,711

Fannie Mae (11-111-DB)

4.00%		11/25/41		22,322,417		24,646,352

Fannie Mae (11-123-ZP) (PAC)

4.50%		12/25/41		4,924,095		6,222,262

Fannie Mae (12-128-UY) (PAC)

2.50%		11/25/42		11,738,000		12,567,470

Fannie Mae (12-133-GC) (PAC)

2.50%		08/25/41		20,248,882		20,897,309

Fannie Mae (12-153-PC) (PAC)

2.00%		05/25/42		6,007,502		6,099,753

Fannie Mae (13-101-BO) (P/O)

0.00%⁽⁵⁾		10/25/43		6,431,803		6,076,704

Fannie Mae (13-101-CO) (P/O)

0.00%⁽⁵⁾		10/25/43		14,979,476		13,854,997

Fannie Mae (13-21-EC) (I/O)

2.00%		12/25/38		7,996,480		8,106,117

Fannie Mae (13-95-PN) (PAC)

3.00%		01/25/43		21,400,000		23,044,803

Fannie Mae (16-106-EF)

0.99% (1 mo. USD LIBOR + 0.500%)⁽²⁾		01/25/47		23,506,893		23,514,596


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae (16-63-AF)

0.99% (1 mo. USD LIBOR + 0.500%)⁽²⁾		09/25/46	$	13,449,006	$	13,453,707

Fannie Mae (18-25-FA)

0.79% (1 mo. USD LIBOR + 0.300%)⁽²⁾		04/25/48		27,505,268		27,356,830

Fannie Mae (18-52 PZ) (PAC)

4.00%		07/25/48		3,042,809		3,391,739

Fannie Mae (18-55 PA) (PAC)

3.50%		01/25/47		14,653,053		15,371,448

Fannie Mae (19-57)

2.50%		10/25/49		18,852,701		19,680,139

Fannie Mae (20-10-FA)

0.99% (1 mo. USD LIBOR + 0.500%)⁽²⁾		03/25/50		25,987,262		25,996,513

Fannie Mae (20-12-FL)

0.94% (1 mo. USD LIBOR + 0.450%)⁽²⁾		03/25/50		34,239,942		34,187,703

Fannie Mae (93-202-SZ) (I/F) (PAC)

10.00% (Prime+44.3)⁽²⁾		11/25/23		29,805		32,731

Fannie Mae (95-21-C) (P/O)

0.00%⁽⁵⁾		05/25/24		176,178		174,185

Fannie Mae (G92-29-J)

8.00%		07/25/22		6,896		7,207

Fannie Mae, Pool #254634

5.50%		02/01/23		44,114		48,373

Fannie Mae, Pool #257536

5.00%		01/01/29		1,114,389		1,210,345

Fannie Mae, Pool #310033

6.00%		07/01/47		449,094		545,299

Fannie Mae, Pool #555424

5.50%		05/01/33		2,674,661		3,052,629

Fannie Mae, Pool #661856

3.87% (12 mo. USD LIBOR + 1.623%)⁽²⁾		10/01/32		30,316		30,821

Fannie Mae, Pool #671133

3.29% (6 mo. USD LIBOR + 1.413%)⁽²⁾		02/01/33		71,243		73,049

Fannie Mae, Pool #672272

3.68% (12 mo. USD LIBOR + 1.677%)⁽²⁾		12/01/32		27,492		27,650

Fannie Mae, Pool #687847

3.62% (12 mo. USD LIBOR + 1.617%)⁽²⁾		02/01/33		55,907		56,347

Fannie Mae, Pool #692104

3.29% (6 mo. USD LIBOR + 1.413%)⁽²⁾		02/01/33		385,476		393,806

Fannie Mae, Pool #699866

4.06% (12 mo. USD LIBOR + 1.579%)⁽²⁾		04/01/33		207,231		214,116

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae, Pool #704454

4.55% (12 mo. USD LIBOR + 1.683%)⁽²⁾		05/01/33	$	65,296	$	65,754

Fannie Mae, Pool #728824

4.14% (12 mo. USD LIBOR + 1.639%)⁽²⁾		07/01/33		72,289		72,903

Fannie Mae, Pool #734384

5.50%		07/01/33		303,668		338,909

Fannie Mae, Pool #888593

7.00%		06/01/37		314,551		378,889

Fannie Mae, Pool #934103

5.00%		07/01/38		275,777		297,985

Fannie Mae, Pool #979563

5.00%		04/01/28		609,658		662,222

Fannie Mae, Pool #995040

5.00%		06/01/23		211,197		221,971

Fannie Mae, Pool #995425

6.00%		01/01/24		949,292		997,145

Fannie Mae, Pool #995573

6.00%		01/01/49		1,308,136		1,411,590

Fannie Mae, Pool #995953

6.00%		11/01/28		3,082,907		3,429,395

Fannie Mae, Pool #995954

6.00%		03/01/29		1,713,737		1,906,343

Fannie Mae, Pool #AA3303

5.50%		06/01/38		2,616,628		2,982,267

Fannie Mae, Pool #AB6210

3.00%		09/01/42		28,621,167		30,600,507

Fannie Mae, Pool #AE0588

6.00%		08/01/37		5,719,414		6,607,255

Fannie Mae, Pool #AL0851

6.00%		10/01/40		3,928,614		4,540,250

Fannie Mae, Pool #AL1594

6.00%		07/01/40		3,030,838		3,578,781

Fannie Mae, Pool #AL9106

4.50%		02/01/46		22,023,620		24,204,373

Fannie Mae, Pool #AS7241

3.50%		05/01/46		15,564,769		16,888,343

Fannie Mae, Pool #AS9454

4.00%		04/01/47		5,385,655		5,762,277

Fannie Mae, Pool #AS9749

4.00%		06/01/47		13,837,646		14,805,321

Fannie Mae, Pool #AS9830

4.00%		06/01/47		16,993,782		18,182,169

Fannie Mae, Pool #AS9972

4.00%		07/01/47		14,633,084		15,656,385

Fannie Mae, Pool #BN4316

4.00%		01/01/49		401,627		434,882


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae, Pool #BN6264

4.00%		04/01/49	$	9,676,545	$	10,492,406

Fannie Mae, Pool #CA1540

4.00%		04/01/48		30,907,143		34,225,489

Fannie Mae, Pool #CA1710

4.50%		05/01/48		21,830,830		23,582,677

Fannie Mae, Pool #CA1711

4.50%		05/01/48		20,174,809		21,793,766

Fannie Mae, Pool #CA2208

4.50%		08/01/48		23,073,124		24,895,819

Fannie Mae, Pool #MA1561

3.00%		09/01/33		35,337,795		37,422,931

Fannie Mae, Pool #MA1584

3.50%		09/01/33		23,566,851		25,057,332

Fannie Mae, Pool #MA2871

3.00%		01/01/32		10,311,337		10,901,362

Fannie Mae, Pool #MA2995

4.00%		05/01/47		13,476,270		14,408,424

Fannie Mae, Pool #MA3248

3.50%		01/01/33		12,244,335		12,987,692

Fannie Mae, Pool #MA3313

3.50%		03/01/33		3,104,886		3,277,816

Fannie Mae, Pool #MA3340

3.50%		04/01/33		26,876,481		28,443,678

Fannie Mae, Pool #MA3427

4.00%		07/01/33		22,754,055		24,134,349

Fannie Mae Pool, Pool #BM5979

3.50%		09/01/45		15,886,665		17,356,762

Fannie Mae Pool, Pool #FM2342

3.50%		12/01/46		8,722,150		9,537,444

Fannie Mae Pool, Pool #MA3971

3.00%		03/01/50		11,890,355		12,250,940

Freddie Mac (4896-DA)

3.00%		01/15/49		6,533,901		6,794,667

Freddie Mac (4648-FA)

1.31% (1 mo. USD LIBOR + 0.500%)⁽²⁾		01/15/47		14,549,747		14,572,491

Freddie Mac (4929-FB)

1.26% (1 mo. USD LIBOR + 0.450%)⁽²⁾		09/25/49		23,701,292		23,683,805

Freddie Mac (4959-JF)

1.26% (1 mo. USD LIBOR + 0.450%)⁽²⁾		03/25/50		32,552,184		32,490,028

Freddie Mac (1829-ZB)

6.50%		03/15/26		58,748		63,326

Freddie Mac (2367-ZK)

6.00%		10/15/31		115,578		131,554

Freddie Mac (2514-PZ) (PAC)

5.50%		10/15/32		1,786,595		2,021,002

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac (2571-PZ) (PAC)

5.50%		02/15/33	$	4,105,032	$	4,645,609

Freddie Mac (2642-AR)

4.50%		07/15/23		256,448		268,140

Freddie Mac (2647-OV) (P/O)

0.00%⁽⁵⁾		07/15/33		604,092		537,410

Freddie Mac (2662-MT) (TAC)

4.50%		08/15/33		1,859,430		1,976,466

Freddie Mac (2666-BD)

4.50%		08/15/23		566,548		592,554

Freddie Mac (2700-B)

4.50%		11/15/23		944,377		990,132

Freddie Mac (2752-GZ) (PAC)

5.00%		02/15/34		16,841,097		18,821,206

Freddie Mac (277-30)

3.00%		09/15/42		24,408,583		26,012,841

Freddie Mac (2882-JH) (PAC)

4.50%		10/15/34		88,055		89,479

Freddie Mac (2903-PO) (P/O)

0.00%⁽⁵⁾		11/15/23		173,468		170,066

Freddie Mac (3045-HZ)

4.50%		10/15/35		1,561,507		1,666,893

Freddie Mac (3063-YG) (PAC)

5.50%		11/15/35		19,183,396		22,262,868

Freddie Mac (3114-KZ)

5.00%		02/15/36		14,741,264		16,963,501

Freddie Mac (3146-GE)

5.50%		04/15/26		3,443,380		3,710,397

Freddie Mac (3149-OD) (P/O) (PAC)

0.00%⁽⁵⁾		05/15/36		4,366,041		4,160,225

Freddie Mac (3315-S) (I/O) (I/F)

5.60% (-1X 1 mo. USD LIBOR + 6.410%)⁽²⁾		05/15/37		1,142,545		170,653

Freddie Mac (3376-SX) (I/O) (I/F)

5.23% (-1X 1 mo. USD LIBOR + 6.040%)⁽²⁾		10/15/37		2,647,556		504,629

Freddie Mac (3410-IS) (I/O) (I/F)

5.46% (-1X 1 mo. USD LIBOR + 6.270%)⁽²⁾		02/15/38		3,457,997		624,251

Freddie Mac (3424-BI) (I/O) (I/F)

5.99% (-1X 1 mo. USD LIBOR + 6.800%)⁽²⁾		04/15/38		3,778,407		1,035,942

Freddie Mac (3512-AY)

4.00%		02/15/24		127,558		128,220

Freddie Mac (3519-SH) (I/O) (I/F)

4.69% (-1X 1 mo. USD LIBOR + 5.500%)⁽²⁾		07/15/37		352,510		41,403

Freddie Mac (3531-SC) (I/O) (I/F)

5.49% (-1X 1 mo. USD LIBOR + 6.300%)⁽²⁾		05/15/39		5,446,444		500,205


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac (3541-SA) (I/O) (I/F)

5.94% (-1X 1 mo. USD LIBOR + 6.750%)⁽²⁾		06/15/39	$	1,726,100	$	411,885

Freddie Mac (3550-GS) (I/O) (I/F)

5.94% (-1X 1 mo. USD LIBOR + 6.750%)⁽²⁾		07/15/39		5,074,193		1,284,543

Freddie Mac (3551-VZ)

5.50%		12/15/32		2,180,715		2,514,019

Freddie Mac (3557-KB)

4.50%		07/15/29		4,642,721		4,938,305

Freddie Mac (3557-NB)

4.50%		07/15/29		10,606,443		11,670,744

Freddie Mac (3558-KB)

4.00%		08/15/29		5,223,141		5,612,036

Freddie Mac (3565-XB)

4.00%		08/15/24		5,472,829		5,737,884

Freddie Mac (3575-D)

4.50%		03/15/37		698,253		776,398

Freddie Mac (3626-MD) (PAC)

5.00%		01/15/38		10,657,978		11,005,953

Freddie Mac (3719-PJ) (PAC)

4.50%		09/15/40		20,025,406		22,848,510

Freddie Mac (3788-SB) (I/O) (I/F)

5.67% (1 mo. USD LIBOR + 6.480%)⁽²⁾		01/15/41		7,293,861		1,803,270

Freddie Mac (3885-PO) (P/O) (PAC)

0.00%⁽⁵⁾		11/15/33		1,752,565		1,670,261

Freddie Mac (3930-KE) (PAC)

4.00%		09/15/41		10,470,000		11,985,806

Freddie Mac (4030-HS) (I/O) (I/F)

5.80% (-1X 1 mo. USD LIBOR + 6.610%)⁽²⁾		04/15/42		2,989,349		636,787

Freddie Mac (4604-PB) (PAC)

3.00%		01/15/46		2,201,517		2,398,164

Freddie Mac (4846-PA)

4.00%		06/15/47		8,432,250		8,887,777

Freddie Mac (R002-ZA)

5.50%		06/15/35		3,847,345		4,488,070

Freddie Mac, Pool #A91162

5.00%		02/01/40		17,857,204		20,468,138

Freddie Mac, Pool #A92195

5.00%		05/01/40		5,149,185		5,897,102

Freddie Mac, Pool #C90552

6.00%		06/01/22		13,188		14,675

Freddie Mac, Pool #G01959

5.00%		12/01/35		104,595		119,457

Freddie Mac, Pool #G06173

4.00%		11/01/40		22,184,071		24,424,664

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac, Pool #G07556

4.00%		11/01/43	$	6,742,106	$	7,643,294

Freddie Mac, Pool #G07786

4.00%		08/01/44		24,744,059		27,742,165

Freddie Mac, Pool #G07848

3.50%		04/01/44		55,772,981		61,401,056

Freddie Mac, Pool #G08687

3.50%		01/01/46		62,976,675		67,783,209

Freddie Mac, Pool #G08710

3.00%		06/01/46		3,218,761		3,418,470

Freddie Mac, Pool #G08715

3.00%		08/01/46		61,824,585		65,583,239

Freddie Mac, Pool #G08716

3.50%		08/01/46		17,398,015		18,649,757

Freddie Mac, Pool #G08721

3.00%		09/01/46		68,702,016		72,878,786

Freddie Mac, Pool #G08737

3.00%		12/01/46		36,180,657		38,407,531

Freddie Mac, Pool #G08833

5.00%		07/01/48		10,177,729		11,068,094

Freddie Mac, Pool #G08840

5.00%		08/01/48		1,926,848		2,099,143

Freddie Mac, Pool #G08843

4.50%		10/01/48		15,810,583		17,087,172

Freddie Mac, Pool #G08848

4.50%		11/01/48		7,950,892		8,584,516

Freddie Mac, Pool #G08849

5.00%		11/01/48		13,450,202		14,628,630

Freddie Mac, Pool #G12635

5.50%		03/01/22		65,800		66,640

Freddie Mac, Pool #G12702

4.50%		09/01/20		47		47

Freddie Mac, Pool #G13390

6.00%		01/01/24		240,839		251,615

Freddie Mac, Pool #G16085

2.50%		02/01/32		5,784,934		6,099,219

Freddie Mac, Pool #G16258

2.50%		06/01/32		27,197,718		28,652,781

Freddie Mac, Pool #G16598

2.50%		12/01/31		34,727,484		36,587,699

Freddie Mac, Pool #G18592

3.00%		03/01/31		28,890,371		30,577,907

Freddie Mac, Pool #G18627

3.00%		01/01/32		16,683,182		17,642,435

Freddie Mac, Pool #G30194

6.50%		04/01/21		1,456		1,466

Freddie Mac, Pool #G30450

6.00%		01/01/29		1,131,127		1,258,619


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac, Pool #G30452

6.00%		10/01/28	$	1,173,686	$	1,305,976

Freddie Mac, Pool #G30454

5.00%		05/01/29		1,519,020		1,656,309

Freddie Mac, Pool #G60238

3.50%		10/01/45		7,438,105		8,131,608

Freddie Mac, Pool #G60440

3.50%		03/01/46		53,158,049		58,114,322

Freddie Mac, Pool #G67700

3.50%		08/01/46		47,321,246		51,569,762

Freddie Mac, Pool #G67703

3.50%		04/01/47		76,651,716		83,726,597

Freddie Mac, Pool #G67705

4.00%		10/01/47		7,614,557		8,411,057

Freddie Mac, Pool #G67706

3.50%		12/01/47		53,176,692		58,051,615

Freddie Mac, Pool #G67707

3.50%		01/01/48		25,371,407		27,887,592

Freddie Mac, Pool #G67708

3.50%		03/01/48		73,751,856		79,936,801

Freddie Mac, Pool #G67709

3.50%		03/01/48		42,674,503		46,475,052

Freddie Mac, Pool #G67710

3.50%		03/01/48		52,845,499		56,928,340

Freddie Mac, Pool #G67717

4.00%		11/01/48		76,673,775		84,059,683

Freddie Mac, Pool #G67718

4.00%		01/01/49		25,210,463		27,603,306

Freddie Mac, Pool #H82001

5.50%		07/01/37		181,200		204,117

Freddie Mac, Pool #N70081

5.50%		07/01/38		2,740,680		3,114,999

Freddie Mac, Pool #P51350

5.00%		03/01/36		2,649,491		2,993,053

Freddie Mac, Pool #SD7511

3.50%		01/01/50		57,066,176		61,579,702

Freddie Mac, Pool #ZT1491

3.50%		11/01/48		20,601,509		22,268,139

Freddie Mac Pool, Pool #ZS4755

3.50%		02/01/48		5,892,752		6,255,754

Ginnie Mae (03-42-SH) (I/O) (I/F)

5.83% (-1X 1 mo. USD LIBOR + 6.550%)⁽²⁾		05/20/33		655,435		127,274

Ginnie Mae (11-70-BO) (P/O)

0.00%⁽⁵⁾		05/20/41		8,176,680		7,595,684

Ginnie Mae (15-42-ZB)

3.00%		03/20/45		18,579,302		20,397,415

Ginnie Mae (15-43-DM)

2.50%		03/20/45		37,325,347		39,688,911

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Ginnie Mae (15-44-Z)

3.00%		03/20/45	$	12,572,778	$	14,259,126

Ginnie Mae, Pool #MA3662

3.00%		05/20/46		16,361,924		17,492,987

Ginnie Mae II, Pool #MA6030

3.50%		07/20/49		29,281,170		30,114,356

Ginnie Mae II, Pool #80963

3.25% (1 year Treasury Constant Maturity Rate + 1.500%)⁽²⁾		07/20/34		135,365		138,643

Ginnie Mae II, Pool #MA2374

5.00%		11/20/44		554,799		616,189

Ginnie Mae II, Pool #MA2828

4.50%		05/20/45		366,437		402,764

Ginnie Mae II, Pool #MA3456

4.50%		02/20/46		2,015,322		2,214,557

Ginnie Mae II, Pool #MA3521

3.50%		03/20/46		59,574,891		64,043,386

Ginnie Mae II, Pool #MA3663

3.50%		05/20/46		29,071,001		31,251,511

Ginnie Mae II, Pool #MA3665

4.50%		05/20/46		3,326,077		3,643,600

Ginnie Mae II, Pool #MA3736

3.50%		06/20/46		22,898,172		24,615,681

Ginnie Mae II, Pool #MA3739

5.00%		06/20/46		5,937,490		6,648,194

Ginnie Mae II, Pool #MA3876

4.50%		08/20/46		204,676		224,215

Ginnie Mae II, Pool #MA3877

5.00%		08/20/46		2,606,380		2,906,998

Ginnie Mae II, Pool #MA4006

4.50%		10/20/46		96,173		105,475

Ginnie Mae II, Pool #MA4007

5.00%		10/20/46		5,965,805		6,682,759

Ginnie Mae II, Pool #MA4071

4.50%		11/20/46		447,284		491,239

Ginnie Mae II, Pool #MA4126

3.00%		12/20/46		81,239,414		86,804,537

Ginnie Mae II, Pool #MA4129

4.50%		12/20/46		140,030		155,467

Ginnie Mae II, Pool #MA4199

5.00%		01/20/47		5,721,946		6,408,987

Ginnie Mae II, Pool #MA4264

4.50%		02/20/47		16,910,519		18,610,167

Ginnie Mae II, Pool #MA4265

5.00%		02/20/47		5,412,172		6,007,329

Ginnie Mae II, Pool #MA4324

5.00%		03/20/47		6,348,195		7,030,797


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Ginnie Mae II, Pool #MA4385

5.00%		04/20/47	$	1,220,731	$	1,342,175

Ginnie Mae II, Pool #MA4454

5.00%		05/20/47		1,026,594		1,127,499

Ginnie Mae II, Pool #MA4512

4.50%		06/20/47		45,061,701		49,372,180

Ginnie Mae II, Pool #MA4513

5.00%		06/20/47		3,796,800		4,174,115

Ginnie Mae II, Pool #MA4781

5.00%		10/20/47		4,714,509		5,166,934

Ginnie Mae II, Pool #MA4836

3.00%		11/20/47		27,649,283		29,492,511

Ginnie Mae II, Pool #MA4837

3.50%		11/20/47		1,033,598		1,104,880

Ginnie Mae II, Pool #MA4838

4.00%		11/20/47		26,879,687		28,859,527

Ginnie Mae II, Pool #MA4900

3.50%		12/20/47		20,246,158		21,642,432

Ginnie Mae II, Pool #MA4901

4.00%		12/20/47		2,375,693		2,549,344

Ginnie Mae II, Pool #MA4962

3.50%		01/20/48		24,888,701		26,605,148

Ginnie Mae II, Pool #MA5466

4.00%		09/20/48		18,660,743		20,022,375

Ginnie Mae II, Pool #MA5467

4.50%		09/20/48		2,150,532		2,319,710

Ginnie Mae II, Pool #MA5528

4.00%		10/20/48		15,871,484		17,018,407

Ginnie Mae II, Pool #MA6209

3.00%		10/20/49		28,523,890		29,633,117

Ginnie Mae II TBA, 30 Year TBA

3.00%⁽⁶⁾		11/01/49		67,350,000		71,693,546

Ginnie Mae II, Pool, Pool #MA6080

3.00%		08/20/49		2,628,106		2,728,064

Ginnie Mae II, Pool, Pool #MA6081

3.50%		08/20/49		8,566,255		8,810,005

Uniform Mortgage-Backed Securities TBA, 15 Year

2.50%⁽⁶⁾		08/01/34		21,975,000		22,959,583

3.00%⁽⁶⁾		03/01/34		960,000		1,012,043

5.00%⁽⁶⁾		07/01/48		5,825,000		6,331,976

Uniform Mortgage-Backed Securities TBA, 30 Year

2.50%⁽⁶⁾		01/01/50		107,725,000		112,063,457

3.00%⁽⁶⁾		01/01/50		25,150,000		26,522,645

2.50%⁽⁶⁾		01/01/50		54,285,000		56,553,942


Total Residential Mortgage-backed Securities — Agency

(Cost: $3,381,839,063)						3,548,682,546

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 16.8%

ACE Securities Corp. (07-ASP1-A2C)

0.75% (1 mo. USD LIBOR + 0.260%)⁽²⁾		03/25/37	$	13,378,539	$	7,610,867

ACE Securities Corp. (07-ASP1-A2D)

0.87% (1 mo. USD LIBOR + 0.380%)^(2),(7)		03/25/37		7,190,823		4,205,691

Adjustable Rate Mortgage Trust (04-5-3A1)

3.87%⁽³⁾		04/25/35		191,301		187,691

Argent Securities, Inc. Asset-Backed Pass-Through Certificates (05-W3-M2)

0.95% (1 mo. USD LIBOR + 0.460%)⁽²⁾		11/25/35		24,000,000		15,406,522

Asset-Backed Funding Certificates (07-NC1-A2)

0.79% (1 mo. USD LIBOR + 0.300%)^(1),(2)		05/25/37		7,319,863		6,640,293

Asset-Backed Funding Certificates (07-WMC1-A2A)

1.24% (1 mo. USD LIBOR + 0.750%)⁽²⁾		06/25/37		13,601,035		11,566,535

Banc of America Funding Corp. (04-B-3A1)

3.67%^(3),(7)		12/20/34		250,343		214,111

Banc of America Funding Corp. (06-D-2A1)

3.50%^(3),(7)		05/20/36		54,565		47,125

Banc of America Funding Corp. (06-D-3A1)

3.99%^(3),(7)		05/20/36		2,512,772		2,345,382

Banc of America Funding Corp. (15-R8-1A1)

2.81%^(1),(3)		11/26/46		4,005,401		3,929,473

Banc of America Funding Trust (06-3-4A14)

6.00%		03/25/36		748,878		744,970

Banc of America Funding Trust (06-3-5A3)

5.50%⁽⁷⁾		03/25/36		2,486,777		2,284,880

BCAP LLC Trust (08-IND2-A1)

2.14% (1 mo. USD LIBOR + 1.650%)⁽²⁾		04/25/38		4,409,793		4,344,532

BCAP LLC Trust (11-RR4-3A3)

3.89%^(1),(3)		07/26/36		157,521		157,445

Bear Stearns Alt-A Trust (05-2-2A4)

3.78%⁽³⁾		04/25/35		2,680		2,528

Bear Stearns Alt-A Trust (05-4-23A1)

3.82%⁽³⁾		05/25/35		3,981,838		3,722,790

Bear Stearns Alt-A Trust (06-4-32A1)

4.00%⁽³⁾		07/25/36		419,664		338,558

Bear Stearns ARM Trust (04-12-1A1)

3.96%⁽³⁾		02/25/35		655,615		582,106

Bear Stearns ARM Trust (05-10-A3)

4.44%⁽³⁾		10/25/35		3,548,289		3,300,345

Bear Stearns ARM Trust (06-2-2A1)

4.03%^(3),(7)		07/25/36		1,272,906		1,171,795

Bear Stearns ARM Trust (07-1-1A1)

3.89%⁽³⁾		02/25/47		21,587,509		20,169,588


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Bear Stearns ARM Trust (07-1-2A1)

4.14%^(3),(7)		02/25/47	$	167,336	$	147,882

Bear Stearns ARM Trust (07-5-3A1)

4.03%^(3),(7)		08/25/47		859,225		689,692

Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A3)

5.50%⁽³⁾		09/25/35		1,385,554		1,350,447

Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A4)

5.40%⁽³⁾		09/25/35		2,962,550		2,883,301

Bear Stearns Mortgage Funding Trust (06-AR1-2A1)

0.71% (1 mo. USD LIBOR + 0.220%)⁽²⁾		08/25/36		19,553,043		17,350,529

Bear Stearns Mortgage Funding Trust (06-AR3-1A1)

0.67% (1 mo. USD LIBOR + 0.180%)⁽²⁾		10/25/36		575,648		517,035

BNC Mortgage Loan Trust (07-1-A4)

0.65% (1 mo. USD LIBOR + 0.160%)⁽²⁾		03/25/37		8,156,637		7,315,196

Chase Mortgage Finance Corp. (06-A1-2A1)

4.32%⁽³⁾		09/25/36		648,922		545,913

Chase Mortgage Finance Corp. (07-A1-8A1)

4.26%⁽³⁾		02/25/37		2,658,253		2,517,058

Chaseflex Trust (05-1-1A5)

6.50%⁽⁷⁾		02/25/35		3,168,549		2,954,966

CIM Trust (17-8-A1)

3.00%^(1),(3)		12/25/65		29,918,820		29,194,243

CIM Trust (18-R2-A1)

3.69%^(1),(3)		08/25/57		4,311,725		4,122,976

CIM Trust (18-R5-A1)

3.75%^(1),(3)		07/25/58		24,187,947		23,379,588

CIM Trust (18-R6-A1)

2.06% (1 mo. USD LIBOR + 1.076%)^(1),(2)		09/25/58		18,381,008		17,579,822

CIM Trust (19-R3-A)

2.63%^(1),(3)		06/25/58		22,981,663		22,434,861

CIM Trust (20-R1-A1)

2.85%^(1),(3)		10/27/59		31,590,454		27,490,620

Citicorp Mortgage Securities Trust, Inc. (07-4-3A1)

5.50%		05/25/37		42,968		42,482

Citigroup Mortgage Loan Trust (06-HE3-A1)

0.63% (1 mo. USD LIBOR + 0.140%)^(1),(2)		12/25/36		13,151,209		12,327,911

Citigroup Mortgage Loan Trust, Inc. (06-AR5-1A1A)

3.88%^(3),(7)		07/25/36		3,130,457		2,320,116

Citigroup Mortgage Loan Trust, Inc. (07-12-2A1)

6.50%^(1),(7)		10/25/36		3,035,052		2,393,442

Citigroup Mortgage Loan Trust, Inc. (14-10-2A1)

1.88% (1 mo. USD LIBOR + 0.250%)^(1),(2)		07/25/37		344,279		344,619

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Conseco Finance Securitizations Corp. (00-4-A5)

7.97%		05/01/32	$	45,277,023	$	15,902,438

Conseco Financial Corp. (99-2-A7)

6.44%		12/01/30		2,505,092		2,691,782

Countrywide Alternative Loan Trust (05-20CB-4A1)

5.25%⁽⁷⁾		07/25/20		75,078		75,140

Countrywide Alternative Loan Trust (05-84-1A1)

3.26%^(3),(7)		02/25/36		169,252		131,111

Countrywide Alternative Loan Trust (05-J1-2A1)

5.50%		02/25/25		484,645		487,326

Countrywide Alternative Loan Trust (06-HY12-A5)

3.92%⁽³⁾		08/25/36		9,813,819		9,462,477

Countrywide Alternative Loan Trust (06-J3-3A1)

5.50%⁽⁷⁾		04/25/21		39,723		39,589

Countrywide Alternative Loan Trust (07-19-1A34)

6.00%		08/25/37		14,753,502		10,362,910

Countrywide Home Loans Mortgage Pass-Through Trust (04-13-1A3)

5.50%		08/25/34		5,030,414		5,217,279

Countrywide Home Loans Mortgage Pass-Through Trust (05-9-1A1)

1.09% (1 mo. USD LIBOR + 0.600%)⁽²⁾		05/25/35		9,157,211		6,715,592

Countrywide Home Loans Mortgage Pass-Through Trust (05-HYB5-4A1)

3.84%⁽³⁾		09/20/35		25,202		19,573

Countrywide Home Loans Mortgage Pass-Through Trust (07-HY5-1A1)

4.26%⁽³⁾		09/25/47		5,951		5,013

Countrywide Home Loans Mortgage Pass-Through Trust (07-HYB1-1A1)

3.13%^(3),(7)		03/25/37		37,901		30,705

Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA)

5.75%		04/22/33		28,505		30,257

Credit Suisse First Boston Mortgage Securities Corp. (05-11-1A1)

6.50%⁽⁷⁾		12/25/35		1,956,743		1,461,195

Credit Suisse First Boston Mortgage Securities Corp. (05-12-1A1)

6.50%		01/25/36		7,618,946		3,984,325

Credit Suisse Mortgage Capital Certificates(15-5R-2A1)

1.91% (1 mo. USD LIBOR + 0.280%)⁽¹⁾		04/27/47		3,162,047		3,095,245

Credit Suisse Mortgage Trust (13-7R-4A1)

1.27% (1 mo. USD LIBOR + 0.160%)^(1),(2)		07/26/36		1,430,690		1,388,811

Credit-Based Asset Servicing and Securitization LLC (06-CB1-AF2)

3.29%		01/25/36		3,767,686		3,010,211


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Credit-Based Asset Servicing and Securitization LLC (06-CB7-A4)

0.65% (1 mo. USD LIBOR + 0.160%)⁽²⁾		10/25/36	$	25,825,314	$	19,579,922

Credit-Based Asset Servicing and Securitization LLC (06-CB9-A4)

0.72% (1 mo. USD LIBOR + 0.230%)⁽²⁾		11/25/36		15,282,010		8,321,281

Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2B)

3.94%		02/25/37		3,170,587		2,456,223

Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2C)

3.94%		02/25/37		10,906,209		8,447,906

CSMC Mortgage-Backed Trust (06-8-3A1)

6.00%⁽⁷⁾		10/25/21		1,597,543		1,322,503

CSMC Mortgage-Backed Trust (06-9-5A1)

5.50%		11/25/36		2,024,032		1,919,583

CSMC Mortgage-Backed Trust (07-2-3A4)

5.50%⁽⁷⁾		03/25/37		6,628,325		5,400,898

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (05-1-1A3)

0.99% (1 mo. USD LIBOR + 0.500%)⁽²⁾		02/25/35		7,109,864		6,645,636

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (06-AR6-A6)

0.68% (1 mo. USD LIBOR + 0.190%)^(2),(7)		02/25/37		296,598		245,188

DSLA Mortgage Loan Trust (05-AR6-2A1A)

1.01% (1 mo. USD LIBOR + 0.290%)⁽²⁾		10/19/45		2,423,396		2,095,922

DSLA Mortgage Loan Trust (06-AR2-2A1A)

0.92% (1 mo. USD LIBOR + 0.200%)⁽²⁾		10/19/36		25,807,313		17,981,067

DSLA Mortgage Loan Trust (07-AR1-2A1A)

0.86% (1 mo. USD LIBOR + 0.140%)⁽²⁾		04/19/47		6,739,566		5,569,044

Fieldstone Mortgage Investment Corp. (07-1-2A2)

0.76% (1 mo. USD LIBOR + 0.270%)⁽²⁾		04/25/47		3,695,252		2,810,590

First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2C)

0.65% (1 mo. USD LIBOR + 0.160%)⁽²⁾		12/25/37		15,269,141		12,995,998

First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2D)

0.70% (1 mo. USD LIBOR + 0.210%)⁽²⁾		12/25/37		8,960,452		7,664,074

First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2C)

0.63% (1 mo. USD LIBOR + 0.140%)⁽²⁾		01/25/38		4,328,482		2,635,433

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2D)

0.71% (1 mo. USD LIBOR + 0.220%)⁽²⁾		01/25/38	$	21,186,164	$	13,080,581

First Franklin Mortgage Loan Trust (06-FF12-A1)

0.59% (1 mo. USD LIBOR + 0.105%)⁽²⁾		09/25/36		9,833,124		7,770,496

First Franklin Mortgage Loan Trust (06-FF9-2A4)

0.74% (1 mo. USD LIBOR + 0.250%)⁽²⁾		06/25/36		5,068,000		3,850,914

First Franklin Mortgage Loan Trust (07-FF2-A1)

0.63% (1 mo. USD LIBOR + 0.140%)⁽²⁾		03/25/37		45,163,798		29,193,558

First Horizon Alternative Mortgage Securities Trust (05-AA3-3A1)

3.48%⁽³⁾		05/25/35		2,663,656		2,522,487

First Horizon Alternative Mortgage Securities Trust (05-AA7-1A1)

3.37%^(3),(7)		09/25/35		2,541,363		2,230,699

First Horizon Alternative Mortgage Securities Trust (05-AA7-2A1)

3.56%^(3),(7)		09/25/35		1,727,315		1,553,247

First Horizon Alternative Mortgage Securities Trust (06-AA7-A1)

3.65%^(3),(7)		01/25/37		7,793,784		6,440,397

Fremont Home Loan Trust (05-E-2A4)

0.82% (1 mo. USD LIBOR + 0.330%)⁽²⁾		01/25/36		13,773,937		12,729,561

Fremont Home Loan Trust (06-1-2A3)

0.67% (1 mo. USD LIBOR + 0.180%)⁽²⁾		04/25/36		1,849,086		1,787,013

GMAC Mortgage Loan Trust (05-AR5-2A1)

4.48%⁽³⁾		09/19/35		2,298,344		1,713,315

GreenPoint Mortgage Funding Trust (05-AR3-1A1)

0.73% (1 mo. USD LIBOR + 0.240%)⁽²⁾		08/25/45		462,685		424,480

GreenPoint Mortgage Funding Trust (06-AR5-A2A2)

0.64% (1 mo. USD LIBOR + 0.150%)⁽²⁾		10/25/46		2,537		—

GSAA Home Equity Trust (05-7-AF5)

4.61%		05/25/35		383,269		382,712

GSR Mortgage Loan Trust (04-9-3A1)

4.47%⁽³⁾		08/25/34		1,705,018		1,689,865

GSR Mortgage Loan Trust (07-3F-3A7)

6.00%⁽⁷⁾		05/25/37		8,240,500		7,264,303

GSR Mortgage Loan Trust (07-AR2-2A1)

4.21%⁽³⁾		05/25/37		2,410,552		1,882,356

GSR Mortgage Loan Trust (07-AR2-5A1A)

4.11%⁽³⁾		05/25/37		1,327,371		1,086,426


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Harborview Mortgage Loan Trust (05-9-2A1A)

1.06% (1 mo. USD LIBOR + 0.340%)⁽²⁾		06/20/35	$	2,194,882	$	1,933,011

HarborView Mortgage Loan Trust (07-3-1A1A)

0.92% (1 mo. USD LIBOR + 0.200%)⁽²⁾		05/19/47		13,454,536		11,286,092

HSI Asset Loan Obligation Trust (07-2-2A12)

6.00%		09/25/37		742,528		652,048

HSI Asset Securitization Corp. (06-HE2-1A)

0.62% (1 mo. USD LIBOR + 0.130%)⁽²⁾		12/25/36		42,829,371		20,417,924

Impac CMB Trust (04-5-1A1)

1.21% (1 mo. USD LIBOR + 0.720%)⁽²⁾		10/25/34		3,609		3,441

Impac CMB Trust (05-1-1A1)

1.01% (1 mo. USD LIBOR + 0.520%)⁽²⁾		04/25/35		925,701		820,256

Impac CMB Trust (05-5-A2)

0.93% (1 mo. USD LIBOR + 0.440%)⁽²⁾		08/25/35		4,552,338		4,172,233

Impac Secured Assets Trust (06-3-A1)

0.66% (1 mo. USD LIBOR + 0.170%)^(2),(7)		11/25/36		6,925,847		4,061,607

Indymac Index Mortgage Loan Trust (04-AR4-2A)

4.05%⁽³⁾		08/25/34		4,056,156		3,925,277

Indymac Index Mortgage Loan Trust (04-AR9-4A)

4.26%⁽³⁾		11/25/34		532,743		489,131

Indymac Index Mortgage Loan Trust (05-AR17-3A1)

3.63%⁽³⁾		09/25/35		3,726,208		2,862,422

Indymac Index Mortgage Loan Trust (05-AR23-2A1)

3.65%⁽³⁾		11/25/35		2,683,544		2,324,937

Indymac Index Mortgage Loan Trust (05-AR23-6A1)

3.47%⁽³⁾		11/25/35		3,502,164		3,176,291

Indymac Index Mortgage Loan Trust (05-AR25-2A1)

3.51%⁽³⁾		12/25/35		1,911,534		1,673,889

Indymac Index Mortgage Loan Trust (05-AR7-2A1)

3.77%⁽³⁾		06/25/35		1,845,335		1,486,289

Indymac Index Mortgage Loan Trust (06-AR39-A1)

0.67% (1 mo. USD LIBOR + 0.180%)⁽²⁾		02/25/37		6,910,462		5,977,483

Indymac Index Mortgage Loan Trust (07-AR11-1A1)

3.25%^(3),(7)		06/25/37		18,072		16,498

Indymac Index Mortgage Loan Trust (07-AR5-2A1)

3.48%^(3),(7)		05/25/37		12,644,865		10,768,178

Indymac Index Mortgage Loan Trust (07-AR7-1A1)

3.63%⁽³⁾		11/25/37		2,858,780		2,529,807

IndyMac INDX Mortgage Loan Trust (06-AR6-2A1A)

0.69% (1 mo. USD LIBOR + 0.200%)^(2),(7)		06/25/46		12,286,173		9,454,322

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

JPMorgan Alternative Loan Trust (06-A2-5A1)

3.80%⁽³⁾		05/25/36	$	5,391,474	$	3,836,055

JPMorgan Alternative Loan Trust (06-A4-A8)

3.82%^(3),(7)		09/25/36		1,064,489		1,008,824

JPMorgan Mortgage Acquisition Corp. (06-CH2-AF4)

5.76%		10/25/36		5,883,494		4,622,300

JPMorgan Mortgage Acquisition Trust (06-WMC4-A3)

0.61% (1 mo. USD LIBOR + 0.120%)⁽²⁾		12/25/36		32,340,875		16,413,722

JPMorgan Mortgage Trust (05-A6-7A1)

4.19%^(3),(7)		08/25/35		260,988		244,406

JPMorgan Mortgage Trust (06-A2-5A3)

4.11%⁽³⁾		11/25/33		1,338,796		1,307,859

JPMorgan Mortgage Trust (06-A4-1A4)

4.29%^(3),(7)		06/25/36		359,699		318,466

JPMorgan Mortgage Trust (06-A7-2A4R)

3.80%^(3),(7)		01/25/37		16,700		14,329

JPMorgan Mortgage Trust (06-S2-2A2)

5.88%⁽⁷⁾		06/25/21		367,211		336,284

JPMorgan Resecuritization Trust Series (14-6-3A1)

1.84% (1 mo. USD LIBOR + 0.210%)^(1),(2)		07/27/46		1,413,223		1,404,358

Lehman Mortgage Trust (06-4-4A1)

6.00%⁽⁷⁾		08/25/21		868,454		859,906

Lehman XS Trust (06-10N-1A3A)

0.70% (1 mo. USD LIBOR + 0.210%)⁽²⁾		07/25/46		11,850,816		10,751,001

Lehman XS Trust (06-12N-A2A1)

0.64% (1 mo. USD LIBOR + 0.150%)^(2) (8)		08/25/46		644		—

Lehman XS Trust (06-12N-A31A)

0.69% (1 mo. USD LIBOR + 0.200%)⁽²⁾		08/25/46		3,960,146		3,480,893

Lehman XS Trust (06-13-1A2)

0.83% (1 mo. USD LIBOR + 0.340%)^(2),(7)		09/25/36		1,226		1,533

Lehman XS Trust (06-9-A1B)

0.65% (1 mo. USD LIBOR + 0.160%)⁽⁸⁾		05/25/46		4,296		—

Lehman XS Trust (06-GP1-A2A)

0.66% (1 mo. USD LIBOR + 0.17%)^{(2) (8)}		05/25/46		1,444		—

Lehman XS Trust (06-GP2-3A1)

0.69% (1 mo. USD LIBOR + 0.200%)⁽²⁾		06/25/46		20,240,539		16,447,224

Lehman XS Trust (06-GP4-3A5)

0.71% (1 mo. USD LIBOR + 0.225%)⁽²⁾		08/25/46		13,300,521		11,978,594

MASTR Alternative Loans Trust (05-4-1A1)

6.50%		05/25/35		5,008,863		4,816,565


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

MASTR Alternative Loans Trust (06-2-2A1)

0.89% (1 mo. USD LIBOR + 0.400%)^(2),(7),(8)		03/25/36	$	66,092	$	3,506

MASTR Asset Securitization Trust (06-3-2A1)

0.94% (1 mo. USD LIBOR + 0.450%)⁽²⁾		10/25/36		37,621		5,978

MASTR Asset-Backed Securities Trust (06-AB1-A4)

5.72%		02/25/36		641,230		619,027

MASTR Asset-Backed Securities Trust (06-HE5-A3)

0.65% (1 mo. USD LIBOR + 0.160%)⁽²⁾		11/25/36		18,902,222		11,607,448

MASTR Seasoned Securitization Trust (04-1-4A1)

4.46%⁽³⁾		10/25/32		7,834		7,313

Merrill Lynch Alternative Note Asset Trust(07-A1-A2C)

0.72% (1 mo. USD LIBOR + 0.230%)⁽²⁾		01/25/37		1,828,865		768,562

Merrill Lynch Alternative Note Asset Trust (07-A1-A3)

0.65% (1 mo. USD LIBOR + 0.160%)⁽²⁾		01/25/37		940,768		391,284

Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2B)

0.66% (1 mo. USD LIBOR + 0.170%)⁽²⁾		04/25/37		7,313,118		3,730,803

Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2C)

0.74% (1 mo. USD LIBOR + 0.250%)⁽²⁾		04/25/37		24,703,932		12,842,552

Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2D)

0.83% (1 mo. USD LIBOR + 0.340%)⁽²⁾		04/25/37		6,307,498		3,347,174

Merrill Lynch First Franklin Mortgage Loan Trust (07-2-A2C)

0.73% (1 mo. USD LIBOR + 0.240%)⁽²⁾		05/25/37		5,542,796		3,529,864

Merrill Lynch First Franklin Mortgage Loan Trust (07-3-A2B)

0.62% (1 mo. USD LIBOR + 0.130%)^(2),(7)		06/25/37		2,567,978		1,719,027

Merrill Lynch First Franklin Mortgage Loan Trust (07-4-2A3)

0.65% (1 mo. USD LIBOR + 0.160%)⁽²⁾		07/25/37		32,729,810		20,938,957

Merrill Lynch Mortgage-Backed Securities Trust (07-2-1A1)

2.54% (1 year Treasury Constant Maturity Rate + 2.400%)⁽²⁾		08/25/36		1,197,464		1,077,430

Mid-State Trust (05-1-A)

5.75%		01/15/40		2,591,137		2,720,399

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Morgan Stanley ABS Capital I, Inc. Trust (04-NC8-M2)

1.45% (1 mo. USD LIBOR + 0.960%)⁽²⁾		09/25/34	$	617,949	$	579,847

Morgan Stanley Home Equity Loan Trust (06-2-A4)

0.77% (1 mo. USD LIBOR + 0.280%)⁽²⁾		02/25/36		2,332,362		2,018,814

Morgan Stanley Mortgage Loan Trust (07-3XS-2A6)

5.76%		01/25/47		2,507,345		1,113,074

Morgan Stanley Mortgage Loan Trust (07-7AX-2A1)

0.61% (1 mo. USD LIBOR + 0.120%)⁽²⁾		04/25/37		3,407,472		1,298,783

Morgan Stanley REREMIC Trust (13-R2-1A)

3.39%^(1),(3)		10/26/36		394,658		394,843

Morgan Stanley Resecuritization Trust (14-R2-2A)

3.35%^(1),(3)		12/26/46		4,046,882		4,012,770

MortgageIT Trust (05-4-A1)

0.77% (1 mo. USD LIBOR + 0.280%)⁽²⁾		10/25/35		1,767,925		1,622,835

New Century Home Equity Loan Trust (06-1-A2B)

0.67% (1 mo. USD LIBOR + 0.180%)⁽²⁾		05/25/36		27,613,045		24,841,237

Nomura Resecuritization Trust (15-2R-1A1)

2.96% (12 mo. Monthly Treasury Average Index + 1.000%)^(1),(2)		08/26/46		1,556,379		1,543,688

Nomura Resecuritization Trust (15-4R-2A1)

1.09% (1 mo. USD LIBOR + 0.306%)^(1),(2)		10/26/36		2,203,646		2,193,980

Nomura Resecuritization Trust (15-5R-2A1)

3.79%^(1),(3)		03/26/35		2,180,796		2,180,111

Nomura Resecuritization Trust (15-7R-2A1)

3.81%^(1),(3)		08/26/36		1,241,908		1,244,262

Oakwood Mortgage Investors, Inc. (02-A-A4)

6.97%⁽³⁾		03/15/32		1,720,728		1,760,420

Oakwood Mortgage Investors, Inc. (99-E-A1)

7.61%⁽³⁾		03/15/30		3,958,286		3,309,126

Opteum Mortgage Acceptance Corp. (06-1-2A1)

5.75%⁽³⁾		04/25/36		257,148		257,546

Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D)

0.76% (1 mo. USD LIBOR + 0.270%)⁽²⁾		03/25/37		15,534,257		13,489,663

Ownit Mortgage Loan Asset-Backed Certificates (06-6-A2C)

0.65% (1 mo. USD LIBOR + 0.160%)⁽²⁾		09/25/37		15,563,297		8,514,560

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates (05-WCW2-M3)

1.31% (1 mo. USD LIBOR + 0.825%)⁽²⁾		07/25/35		10,000,000		8,230,991


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Prime Mortgage Trust (06-1-1A1)

5.50%⁽⁷⁾		06/25/36	$	1,654,501	$	1,640,891

RAAC Series Trust (05-SP1-4A1)

7.00%		09/25/34		3,002,797		2,995,987

RAAC Series Trust (07-SP1-A3)

0.97% (1 mo. USD LIBOR + 0.480%)⁽²⁾		03/25/37		489,966		487,982

RALI Trust (05-QA13-2A1)

4.55%^(3),(7)		12/25/35		617,292		514,517

RALI Trust (05-QA7-A21)

4.36%^(3),(7)		07/25/35		2,023,389		1,795,902

RALI Trust (06-QA3-A1)

0.69% (1 mo. USD LIBOR + 0.200%)⁽²⁾		04/25/36		1,759,324		1,841,112

Residential Accredit Loans, Inc. (05-QA8-CB21)

4.46%^(3),(7)		07/25/35		4,207,056		3,099,014

Residential Accredit Loans, Inc. (05-QS7-A1)

5.50%⁽⁷⁾		06/25/35		771,650		697,952

Residential Accredit Loans, Inc. (06-QA1-A21)

4.68%^(3),(7)		01/25/36		16,200		13,340

Residential Accredit Loans, Inc. (06-QA10-A2)

0.67% (1 mo. USD LIBOR + 0.180%)^(2),(7)		12/25/36		14,632,544		12,315,977

Residential Accredit Loans, Inc. (06-QA2-1A1)

0.74% (1 mo. USD LIBOR + 0.250%)^(2),(7)		02/25/36		19,662		12,307

Residential Accredit Loans, Inc. (06-QS10-AV) (I/O)

0.56%^(3),(8)		08/25/36		34,675,551		692,755

Residential Accredit Loans, Inc. (06-QS11-AV) (I/O)

0.35%^(3),(8)		08/25/36		34,541,514		468,559

Residential Accredit Loans, Inc. (06-QS5-A5)

6.00%⁽⁷⁾		05/25/36		4,323,262		3,938,131

Residential Accredit Loans, Inc. (06-QS6-1AV) (I/O)

0.76%^(3),(8)		06/25/36		45,245,742		1,047,973

Residential Accredit Loans, Inc. (06-QS7-AV) (I/O)

0.70%^(3),(8)		06/25/36		9,587,336		213,395

Residential Accredit Loans, Inc. (07-QS1-2AV) (I/O)

0.17%^(3),(8)		01/25/37		2,366,021		14,961

Residential Accredit Loans, Inc. (07-QS2-AV) (I/O)

0.33%^(3),(8)		01/25/37		17,599,079		184,738

Residential Accredit Loans, Inc. (07-QS3-AV) (I/O)

0.35%^(3),(8)		02/25/37		71,060,468		846,693

Residential Accredit Loans, Inc. (07-QS4-3AV) (I/O)

0.37%^(3),(8)		03/25/37		8,493,658		105,923

Residential Accredit Loans, Inc. (07-QS5-AV) (I/O)

0.27%^(3),(8)		03/25/37		11,341,988		93,122

Residential Accredit Loans, Inc. (07-QS6-A45)

5.75%⁽⁷⁾		04/25/37		2,523,401		2,236,186

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Residential Accredit Loans, Inc. (07-QS8-AV) (I/O)

0.40%^(3),(8)		06/25/37	$	17,421,279	$	317,091

Residential Asset Securitization Trust (07-A3-1A4)

5.75%		04/25/37		2,840,509		1,921,363

Residential Funding Mortgage Securities I (05-SA5-2A)

4.35%^(3),(7)		11/25/35		17,355		15,036

Residential Funding Mortgage Securities I (06-S9-A3) (PAC)

5.75%⁽⁷⁾		09/25/36		534,364		481,451

Residential Funding Mortgage Securities I (07-S2-A9)

6.00%⁽⁷⁾		02/25/37		5,982,506		5,373,747

Residential Funding Mortgage Securities I (07-SA2-2A2)

4.35%⁽³⁾		04/25/37		17,499		14,921

Saxon Asset Securities Trust (06-2-A2)

0.62% (1 mo. USD LIBOR + 0.130%)⁽²⁾		09/25/36		2,518,962		2,490,791

Saxon Asset Securities Trust (06-3-A3)

0.66% (1 mo. USD LIBOR + 0.170%)⁽²⁾		10/25/46		9,076,610		8,726,981

Saxon Asset Securities Trust (07-2-A2C)

0.73% (1 mo. USD LIBOR + 0.240%)⁽²⁾		05/25/47		14,607,254		10,797,009

Saxon Asset Securities Trust (07-2-A2D)

0.79% (1 mo. USD LIBOR + 0.300%)⁽²⁾		05/25/47		16,991,765		12,634,183

Securitized Asset-Backed Receivables LLC Trust (07-BR1-A2C)

0.83% (1 mo. USD LIBOR + 0.340%)⁽²⁾		02/25/37		3,062,792		1,642,292

Securitized Asset-Backed Receivables LLC Trust (07-BR2-A2)

0.72% (1 mo. USD LIBOR + 0.230%)⁽²⁾		02/25/37		32,465,831		17,433,297

Securitized Asset-Backed Receivables LLC Trust (07-NC2-A2B)

0.63% (1 mo. USD LIBOR + 0.140%)⁽²⁾		01/25/37		16,442,677		13,625,509

Sequoia Mortgage Trust (03-8-A1)

1.36% (1 mo. USD LIBOR + 0.640%)⁽²⁾		01/20/34		713,171		654,495

SG Mortgage Securities Trust (07-NC1-A2)

0.73% (1 mo. USD LIBOR + 0.240%)^(1),(2)		12/25/36		18,706,566		12,351,599

Soundview Home Equity Loan Trust (06-OPT4-2A4)

0.72% (1 mo. USD LIBOR + 0.230%)⁽²⁾		06/25/36		10,400,000		9,481,581

Soundview Home Equity Loan Trust (07-OPT3-2A4)

0.74% (1 mo. USD LIBOR + 0.250%)⁽²⁾		08/25/37		4,000,000		3,514,937


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Structured Adjustable Rate Mortgage Loan Trust (04-12-2A)

3.79%⁽³⁾		09/25/34	$	1,320,914	$	1,232,204

Structured Adjustable Rate Mortgage Loan Trust (04-14-2A)

3.75%⁽³⁾		10/25/34		2,289,566		2,196,274

Structured Adjustable Rate Mortgage Loan Trust (05-16XS-A2A)

1.44% (1 mo. USD LIBOR + 0.950%)⁽²⁾		08/25/35		1,049,150		1,042,895

Structured Adjustable Rate Mortgage Loan Trust (06-2-5A1)

3.98%^(3),(7)		03/25/36		348,001		294,239

Structured Adjustable Rate Mortgage Loan Trust (06-4-5A1)

3.95%^(3),(7)		05/25/36		1,732,715		1,437,896

Structured Adjustable Rate Mortgage Loan Trust (06-5-1A1)

4.05%^(3),(7)		06/25/36		3,382,038		3,148,030

Structured Adjustable Rate Mortgage Loan Trust (07-1-1A1)

3.99%⁽³⁾		02/25/37		2,285,106		1,606,104

Structured Asset Securities Corp. (05-2XS-1A5B)

5.15%		02/25/35		23,656		23,906

Suntrust Adjustable Rate Mortgage Loan Trust (07-2-2A1)

3.83%^(3),(7)		04/25/37		140,505		98,444

Suntrust Adjustable Rate Mortgage Loan Trust (07-3-1A1)

4.38%⁽³⁾		06/25/37		4,164		3,389

Suntrust Adjustable Rate Mortgage Loan Trust (07-S1-2A1)

4.46%⁽³⁾		01/25/37		414,535		397,843

Wachovia Mortgage Loan Trust LLC (06-AMN1-A3)

0.73% (1 mo. USD LIBOR + 0.240%)⁽²⁾		08/25/36		7,261,337		3,642,103

WaMu Mortgage Pass-Through Certificates (04-AR14-A1)

3.86%⁽³⁾		01/25/35		4,247,766		4,083,535

WaMu Mortgage Pass-Through Certificates (05-AR13-A1A1)

0.78% (1 mo. USD LIBOR + 0.290%)⁽²⁾		10/25/45		5,683,533		5,335,961

WaMu Mortgage Pass-Through Certificates (05-AR13-A1A2)

3.32% (12 mo. Monthly Treasury Average Index + 1.450%)⁽²⁾		10/25/45		458,020		423,055

WaMu Mortgage Pass-Through Certificates(05-AR14-2A1)

3.75%⁽³⁾		12/25/35		1,064,864		947,001

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

WaMu Mortgage Pass-Through Certificates(05-AR18-1A1)

3.70%⁽³⁾

01/25/36

1,510,980

1,413,028

WaMu Mortgage Pass-Through Certificates(05-AR2-2A1A)

0.80% (1 mo. USD LIBOR + 0.310%)⁽²⁾

01/25/45

167,708

153,328

WaMu Mortgage Pass-Through Certificates(05-AR9-A1A)

1.13% (1 mo. USD LIBOR + 0.640%)⁽²⁾

07/25/45

9,841,445

8,927,187

WaMu Mortgage Pass-Through Certificates
(06-AR1-2A1A)

2.94% (12 mo. Monthly Treasury Average Index + 1.070%)⁽²⁾

01/25/46

12,542,532

11,604,680

WaMu Mortgage Pass-Through Certificates
(06-AR11-1A)

2.83% (12 mo. Monthly Treasury Average Index + 0.960%)^(2),(7)

09/25/46

3,393,306

2,843,428

WaMu Mortgage Pass-Through Certificates(06-AR17-1A1A)

2.78% (12 mo. Monthly Treasury Average Index + 0.810%)⁽²⁾

12/25/46

4,193,725

3,605,398

WaMu Mortgage Pass-Through Certificates Trust(05-AR11-A1A)

0.81% (1 mo. USD LIBOR + 0.320%)⁽²⁾

08/25/45

13,774,823

12,672,151

Washington Mutual Alternative Mortgage Pass-Through Certificates (02-AR1-1A1)

4.08%⁽³⁾

11/25/30

80,835

77,036

Washington Mutual Alternative Mortgage Pass-Through Certificates (06-1-3A2)

5.75%⁽⁷⁾

02/25/36

878,533

782,638

Washington Mutual Alternative Mortgage Pass-Through Certificates (06-5-1A1)

1.09% (1 mo. USD LIBOR + 0.600%)^(2),(7)

07/25/36

1,872,715

1,169,789

Washington Mutual Alternative Mortgage Pass-Through Certificates (06-AR10-A2A)

0.66% (1 mo. USD LIBOR + 0.170%)⁽²⁾

12/25/36

3,379,961

2,619,896

Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA3-5A)

2.24% (11th District Cost of Funds + 1.250%)⁽²⁾

04/25/47

1,422,253

1,139,323

Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OC2-A3)

0.80% (1 mo. USD LIBOR + 0.310%)⁽²⁾

06/25/37

3,970,611

3,374,717


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Washington Mutual Asset-Backed Certificates(06-HE1-2A4)

0.77% (1 mo. USD LIBOR + 0.280%)⁽²⁾		04/25/36	$	7,122,358	$	6,514,551

Wells Fargo Home Equity Asset-Backed Securities (06-3-A2)

0.64% (1 mo. USD LIBOR + 0.150%)⁽²⁾		01/25/37		2,094,796		1,985,658

Wells Fargo Home Equity Asset-Backed Securities (07-1-A3)

0.81% (1 mo. USD LIBOR + 0.320%)⁽²⁾		03/25/37		5,521,000		4,536,467

Wells Fargo Mortgage-Backed Securities Trust(06-AR11-A6)

4.84%^(3),(7)		08/25/36		2,241,987		2,182,418

Wells Fargo Mortgage-Backed Securities Trust(07-AR4-A1)

4.64%^(3),(7)		08/25/37		159,778		152,960


Total Residential Mortgage-backed Securities — Non-Agency

(Cost: $1,016,442,966)						1,068,871,144


U.S. TREASURY BONDS — 2.4% (Cost: $121,360,964)

U.S. Treasury Bond

2.38%		11/15/49		122,275,000		155,408,659


U.S. TREASURY SECURITIES — 0.6%

U.S. Treasury Note

0.13%		04/30/22		65,000		64,920

0.50%		03/31/25		2,115,000		2,130,697

1.50%		02/15/30		33,035,000		35,784,261


Total U.S. Treasury Securities

(Cost: $37,904,238)						37,979,878


Total Fixed Income Securities

(Cost: $5,758,657,215)						6,029,489,326



			Shares

MONEY MARKET INVESTMENTS — 8.9%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22%⁽⁹⁾				565,067,160		565,067,160


Total Money Market Investments

(Cost: $565,067,160)						565,067,160

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

SHORT TERM INVESTMENTS — 0.5%

U.S. TREASURY SECURITIES — 0.5% (Cost: $31,270,715)

U.S. Treasury Bill

0.10% ^(10),(11)		09/10/20	$	31,299,000	$	31,287,811


Total Investments (103.9%)

(Cost: $6,354,995,090)						6,625,844,297

Liabilities In Excess Of Other Assets (-3.9%)						(248,113,091	)


Net Assets (100.0%)					$	6,377,731,206


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation/ (Depreciation)
Long Futures
5,652	5-Year U.S. Treasury Note Futures		06/30/20	$	704,124,248		$	709,237,687		$	5,113,439
904	10-Year U.S. Treasury Note Futures		06/19/20		119,139,229			125,712,501			6,573,272
2,703	U.S. Ultra Long Bond Futures		06/19/20		604,695,562			607,583,718			2,888,156

				$	1,427,959,039		$	1,442,533,906		$	14,574,867

Short Futures
3,880	10-Year U.S. Treasury Note Futures		06/19/20	$	(599,470,874	)	$	(609,281,249	)	$	(9,810,375	)

Notes to the Schedule of Investments:

ABS

Asset-Backed Securities.

ACES

Alternative Credit Enhancement Securities.

ARM

Adjustable Rate Mortgage.

CLO

Collateralized Loan Obligation.

I/F

Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.

I/O

Interest Only Security.

PAC

Planned Amortization Class.

P/O

Principal Only Security.

TAC

Target Amortization Class.

TBA

To Be Announced.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2020, the value of these securities amounted to $416,083,284 or 6.5% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2020.

(3)

(4)

This security is purchased on a when-issued, delayed-delivery or forward commitment basis.

(5)

Security is not accruing interest.

(6)

Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.

(7)

A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.

(8)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(9)

Rate disclosed is the 7-day net yield as of April 30, 2020.

(10)

Rate shown represents yield-to-maturity.

(11)

All or a portion of this security is held as collateral for open futures contracts.

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities — Agency		55.6	%
Residential Mortgage-Backed Securities — Non-Agency		16.8
Money Market Investments		8.9
Commercial Mortgage-Backed Securities — Agency		8.2
Commercial Mortgage-Backed Securities — Non-Agency		8.2
Asset-Backed Securities		2.7
U.S. Treasury Securities		3.5
Other*		(3.9	)

Total		100.0	%

*	Includes capstock, futures, pending trades, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Asset-Backed Securities	$	—		$	172,674,861	$	—	$	172,674,861
Commercial Mortgage-Backed Securities — Agency		—			525,180,091		—		525,180,091
Commercial Mortgage-Backed Securities — Non-Agency		—			520,692,147		—		520,692,147
Residential Mortgage-Backed Securities — Agency		—			3,548,682,546		—		3,548,682,546
Residential Mortgage-Backed Securities — Non-Agency		—			1,064,882,428		3,988,716		1,068,871,144
U.S. Treasury Bonds		155,408,659			—		—		155,408,659
U.S. Treasury Securities		37,979,878			—		—		37,979,878

Total Fixed Income Securities		193,388,537			5,832,112,073		3,988,716		6,029,489,326

Money Market Investments		565,067,160			—		—		565,067,160
Short-Term Investments*		31,287,811			—		—		31,287,811

Total Investments	$	789,743,508		$	5,832,112,073	$	3,988,716	$	6,625,844,297

Asset Derivatives
Futures Contracts
Interest Rate Risk		14,574,867			—		—		14,574,867

Total Investments	$	804,318,375		$	5,832,112,073	$	3,988,716	$	6,640,419,164

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(9,810,375	)	$	—	$	—	$	(9,810,375	)

Total	$	(9,810,375	)	$	—	$	—	$	(9,810,375	)

*	See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2020


	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund⁽¹⁾			TCW Global Bond Fund
ASSETS
Investments, at Value⁽²⁾	$	1,606,796,757		$	944,706		$	19,593,094
Investment in Affiliated Issuers, at Value		—			—			545,368	⁽³⁾
Cash		24,970			—			23
Receivable for Securities Sold		16,236,670			—			244,029
Receivable for Sale of When-Issued Securities		293,104,637			—			4,278,813
Receivable for Fund Shares Sold		7,395,897			—			15,000
Interest and Dividends Receivable		4,616,600			7,404			165,395
Receivable from Investment Advisor		37,358			13,521			19,323
Unrealized Appreciation on Open Forward Foreign Currency Contracts		647,453			—			33,433
Receivable for Daily Variation Margin on Open Financial Futures Contracts		36,262			—			—
Cash Collateral Held for Brokers		1,401,285			110,000			—
Receivable for Daily Variation Margin on Open Centrally Cleared Swap Contracts		19,633			—			—
Prepaid Expenses		50,466			502			20,416

Total Assets		1,930,367,988			1,076,133			24,914,894

LIABILITIES
Distributions Payable		232,124			—			—
Payable for Securities Purchased		25,798,293			—			359,123
Payable for Purchase of When-Issued Securities		497,636,813			—			6,101,424
Payable for Fund Shares Redeemed		2,249,249			—			2,855
Accrued Directors’ Fees and Expenses		6,972			6,972			6,972
Deferred Accrued Directors’ Fees and Expenses		2,296			2,296			2,296
Accrued Management Fees		416,260			400			7,332
Accrued Distribution Fees		48,018			81			1,736
Interest Payable on Swap Agreements		—			78			—
Payable to broker — variation margin on open futures contracts		—			—			867
Options Written, at Value		27,188	⁽⁴⁾		—			—
Open Swap Agreements, at Value		—			20,493			—
Collateral Pledged by Brokers		1,062,000			—			—
Unrealized Depreciation on Open Forward Foreign Currency Contracts		—			—			22,828
Accounting Fees Payable		26,971			26,369			1,051
Administrative Fees Payable		31,347			14,346			4,338
Audit Fees Payable		50,455			22,985			24,402
Transfer Agent Fees Payable		12,717			7,973			3,070
Custodian Fees Payable		12,786			4,765			2,884
Other Accrued Expenses		180,960			2,838			4,299

Total Liabilities		527,794,449			109,596			6,545,477

NET ASSETS	$	1,402,573,539		$	966,537		$	18,369,417

NET ASSETS CONSIST OF:
Paid-in Capital	$	1,337,658,883		$	1,350,193		$	18,098,058
Accumulated Earnings (Loss)		64,914,656			(383,656	)		271,359

NET ASSETS	$	1,402,573,539		$	966,537		$	18,369,417

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	1,164,992,979		$	574,756		$	9,576,630

N Class Share	$	237,580,459		$	391,781		$	8,792,787

Plan Class Share	$	101		$	—		$	—

CAPITAL SHARES OUTSTANDING:⁽⁵⁾
I Class Share		98,518,749			156,711			953,077

N Class Share		20,141,851			106,948			875,225

Plan Class Share		9			—			—

NET ASSET VALUE PER SHARE:⁽⁶⁾
I Class Share	$	11.83		$	3.67		$	10.05

N Class Share	$	11.80		$	3.66		$	10.05

Plan Class Share	$	11.85		$	—		$	—

(1)

Consolidated Statement of Assets and Liabilities (See Note 2).

(2)

The identified cost for the TCW Core Fixed Income Fund, the TCW Enhanced Commodity Strategy Fund and the TCW Global Bond Fund at April 30, 2020 was $1,565,172,845, $938,461 and $19,437,827, respectively.

(3)

The identified cost for the TCW Global Bond Fund at April 30, 2020 was $627,940.

(4)

Premium received was $290,468.

(5)

The number of authorized shares, with a par value of $0.001 per share is 4,000,000,000 for each of the I Class, N Class and Plan Class shares.

(6)

Represents offering price and redemption price per share.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2020


	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
ASSETS
Investments, at Value⁽¹⁾	$	30,460,393		$	13,568,913		$	6,625,844,297
Cash		—			—			252,386
Receivable for Securities Sold		74,831			5,639			—
Receivable for Sale of When-Issued Securities		—			—			758,138,565
Receivable for Fund Shares Sold		301,627			1,550			44,677,835
Interest Receivable		273,983			25,094			15,882,598
Receivable from Investment Advisor		16,962			14,190			278,746
Unrealized Appreciation on Open Forward Foreign Currency Contracts		—			2,831			—
Receivable for Daily Variation Margin on Open Financial Futures Contracts		2,124			—			—
Cash Collateral Held for Brokers		51,000			—			8,437,196
Prepaid Expenses		26,181			13,425			132,445

Total Assets		31,207,101			13,631,642			7,453,644,068

LIABILITIES
Distributions Payable		2,521			643			5,093,981
Payable for Securities Purchased		1,397,305			—			—
Payable for Purchase of When-Issued Securities		—			—			1,047,073,743
Payable for Fund Shares Redeemed		20,157			80,299			15,726,618
Accrued Directors’ Fees and Expenses		6,972			6,972			6,972
Deferred Accrued Directors’ Fees and Expenses		2,296			2,296			2,296
Accrued Management Fees		9,312			3,773			2,049,522
Accrued Distribution Fees		1,262			—			191,231
Payable to broker — variation margin on open futures contracts		—			352			2,138,366
Collateral Pledged by Brokers		—			—			2,802,196
Accounting Fees Payable		6,686			213			147,202
Administrative Fees Payable		4,297			3,986			163,497
Audit Fees Payable		15,204			32,071			133,306
Transfer Agent Fees Payable		3,832			1,731			59,682
Custodian Fees Payable		5,913			4,028			19,183
Other Accrued Expenses		8,979			2,786			305,067

Total Liabilities		1,484,736			139,150			1,075,912,862

NET ASSETS	$	29,722,365		$	13,492,492		$	6,377,731,206

NET ASSETS CONSIST OF:
Paid-in Capital	$	30,844,285		$	13,815,086		$	6,030,359,361
Accumulated Earnings (Loss)		(1,121,920	)		(322,594	)		347,371,845

NET ASSETS	$	29,722,365		$	13,492,492		$	6,377,731,206

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	22,565,445		$	13,492,492		$	5,438,030,269

N Class Share	$	7,156,920		$	—		$	939,700,836

Plan Class Share	$	—		$	—		$	101

CAPITAL SHARES OUTSTANDING:⁽²⁾
I Class Share		3,575,594			1,579,833			522,314,495

N Class Share		1,126,786			—			87,601,467

Plan Class Share		—			—			10

NET ASSET VALUE PER SHARE:⁽³⁾
I Class Share	$	6.31		$	8.54		$	10.41

N Class Share	$	6.35		$	—		$	10.73

Plan Class Share	$	—		$	—		$	10.43

(1)

The identified cost for the TCW High Yield Bond Fund, the TCW Short Term Bond Fund and the TCW Total Return Bond Fund at April 30, 2020 was $31,337,066, $13,569,171 and $6,354,995,090, respectively.

(2)

The number of authorized shares, with a par value of $0.001 per share is 4,000,000,000 for each of the I Class, N Class and Plan Class shares.

(3)

Represents offering price and redemption price per share.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2020


	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund			TCW Global Bond Fund
INVESTMENT INCOME
Income:
Dividends from Investment in Affiliated Issuers	$	—		$	—		$	10,221
Interest		16,415,962			17,335			246,484	⁽²⁾

Total		16,415,962			17,335			256,705

Expenses:
Management Fees		2,442,844			3,238			42,997
Accounting Services Fees		33,166			18,619			2,518
Administration Fees		71,509			10,403			8,631
Transfer Agent Fees:
I Class		294,225			4,217			3,138
N Class		128,598			4,758			3,489
Custodian Fees		25,193			7,614			20,768
Professional Fees		45,454			16,526			23,835
Directors’ Fees and Expenses		18,948			18,948			18,948
Registration Fees:
I Class		15,037			234			9,023
N Class		10,275			234			9,023
Plan Class		1,101			—			—
Distribution Fees:
N Class		295,014			583			10,353
Other		41,536			4,047			5,271

Total		3,422,900			89,421			157,994

Less Expenses Borne by Investment Advisor:
I Class		54,628			49,831			49,307
N Class		148,000			35,441			51,605
Plan Class		1,101			—			—

Net Expenses		3,219,171			4,149			57,082

Net Investment Income		13,196,791			13,186			199,623

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		28,736,984			5,502			(36,646	)⁽³⁾
Foreign Currency		(30,506	)		—			4,911
Foreign Currency Forward Contracts		409,702			—			58,242
Futures Contracts		4,689,596			—			135,213
Swap Agreements		(87,717	)		(240,888	)		—
Change in Unrealized Appreciation (Depreciation) on:
Investments		7,759,363			(26,729	)		(152,986	)
Foreign Currency		—			—			1,013
Foreign Currency Forward Contracts		577,054			—			13,994
Futures Contracts		2,620,063			—			50,130
Investments in Affiliated Issuers		—			—			(96,466	)
Options Written		263,280			—			—
Swap Agreements		249,518			(28,972	)		—

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		45,187,337			(291,087	)		(22,595	)

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	58,384,128		$	(277,901	)	$	177,028

(1)

Consolidated Statement of Operations (See Note 2).

(2)

Net of foreign taxes withheld of $1,623 for the TCW Global Bond Fund.

(3)

Net of capital gain withholding taxes of $583 for the TCW Global Bond Fund.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2020


	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
INVESTMENT INCOME
Income:
Interest	$	607,285		$	85,731		$	103,534,522

Total		607,285			85,731			103,534,522

Expenses:
Management Fees		62,125			12,532			14,080,263
Accounting Services Fees		13,942			1,140			162,477
Administration Fees		9,044			8,120			330,699
Transfer Agent Fees:
I Class		14,733			5,115			1,224,361
N Class		7,974			—			458,856
Custodian Fees		15,512			10,010			32,385
Professional Fees		17,972			29,816			126,728
Directors’ Fees and Expenses		18,948			18,948			18,948
Registration Fees:
I Class		8,831			10,447			38,703
N Class		9,623			—			16,700
Plan Class		—			—			1,101
Distribution Fees:
N Class		10,113			—			1,172,259
Other		3,721			3,641			306,196

Total		192,538			99,769			17,969,676

Less Expenses Borne by Investment Advisor:
I Class		70,019			84,014			1,431,907
N Class		36,477			—			417,251
Plan Class		—			—			1,101

Net Expenses		86,042			15,755			16,119,417

Net Investment Income		521,243			69,976			87,415,105

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		8,713			(7,554	)		150,308,650
Foreign Currency		—			(14	)		(39,389	)
Foreign Currency Forward Contracts		—			2,056			1,933,359
Futures Contracts		220,526			68			47,639,222
Change in Unrealized Appreciation (Depreciation) on:
Investments		(941,726	)		3,527			27,789,140
Foreign Currency Forward Contracts		—			2,982			(611,710	)
Futures contracts		(218,007	)		(566	)		7,910,094

Net Realized and Unrealized Gain (Loss) on Investments		(930,494	)		499			234,929,366

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(409,251	)	$	70,475		$	322,344,471

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Core Fixed Income Fund						TCW Enhanced Commodity Strategy Fund⁽¹⁾
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
OPERATIONS
Net Investment Income	$	13,196,791		$	31,432,766		$	13,186		$	45,326
Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		33,718,059			39,791,873			(235,386	)		(154,267	)
Change in Unrealized Appreciation on Investments, Futures Contracts, Options Written and Swap Contracts		11,469,278			57,264,724			(55,701	)		72,663

Increase (Decrease) in Net Assets Resulting from Operations		58,384,128			128,489,363			(277,901	)		(36,278	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(15,143,987	)		(32,114,075	)		(27,804	)		(37,641	)

NET CAPITAL SHARE TRANSACTIONS
I Class		183,165,159			(104,699,096	)		16,563			(411,333	)
N Class		(10,834,544	)		(50,891,451	)		11,241			14,276
Plan Class		100			—			—			—

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		172,330,715			(155,590,547	)		27,804			(397,057	)

Increase (Decrease) in Net Assets		215,570,856			(59,215,259	)		(277,901	)		(470,976	)
NET ASSETS
Beginning of Period		1,187,002,683			1,246,217,942			1,244,438			1,715,414

End of Period	$	1,402,573,539		$	1,187,002,683		$	966,537		$	1,244,438

(1)

Consolidated Statement of Changes in Net Assets (See Note 2).

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Global Bond Fund						TCW High Yield Bond Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
OPERATIONS
Net Investment Income	$	199,623		$	411,413		$	521,243		$	747,059
Net Realized Gain on Investments, Futures Contracts and Foreign Currency Transactions		161,720			305,502			229,239			461,778
Change in Unrealized Appreciation on Investments, Futures Contracts and Foreign Currency Transactions		(184,315	)		928,645			(1,159,733	)		517,478

Increase (Decrease) in Net Assets Resulting from Operations		177,028			1,645,560			(409,251	)		1,726,315

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(529,033	)		(259,828	)		(591,013	)		(825,624	)

NET CAPITAL SHARE TRANSACTIONS
I Class		382,162			140,432			3,727,198			11,287,545
N Class		673,718			158,015			(2,491,023	)		4,508,320

Increase in Net Assets Resulting from Net Capital Shares Transactions		1,055,880			298,447			1,236,175			15,795,865

Increase in Net Assets		703,875			1,684,179			235,911			16,696,556
NET ASSETS
Beginning of Period		17,665,542			15,981,363			29,486,454			12,789,898

End of Period	$	18,369,417		$	17,665,542		$	29,722,365		$	29,486,454

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Short Term Bond Fund						TCW Total Return Bond Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
OPERATIONS
Net Investment Income	$	69,976		$	190,494		$	87,415,105		$	213,239,830
Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions		(5,444	)		59,703			199,841,842			240,421,210
Change in Unrealized Appreciation on Investments and Futures Contracts		5,943			(4,771	)		35,087,524			196,320,175

Increase in Net Assets Resulting from Operations		70,475			245,426			322,344,471			649,981,215

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(79,764	)		(198,576	)		(108,817,906	)		(252,214,448	)

NET CAPITAL SHARE TRANSACTIONS
I Class		7,857,901			(1,683,057	)		357,163,446			(1,022,016,161	)
N Class		—			—			(54,573,686	)		(223,544,484	)
Plan Class		—			—			100			—

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		7,857,901			(1,683,057	)		302,589,860			(1,245,560,645	)

Increase (Decrease) in Net Assets		7,848,612			(1,636,207	)		516,116,425			(847,793,878	)
NET ASSETS
Beginning of Period		5,643,880			7,280,087			5,861,614,781			6,709,408,659

End of Period	$	13,492,492		$	5,643,880		$	6,377,731,206		$	5,861,614,781

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

Note 1 — Organization

TCW Funds, Inc., a Maryland corporation (the “Company”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), that currently offers 18 no-load mutual funds (each series a “Fund” and collectively the “Funds”). TCW Investment Management Company LLC (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended. Each Fund has distinct investment objectives and strategies. The following is a brief description of the investment objectives and principal investment strategies for the Funds that are covered in this report:


TCW Fund		Investment Objectives and Principal Investment Strategies
Diversified Fixed Income Funds

TCW Core Fixed Income Fund		Seeks to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle by investing at least 80% of the value of its net assets in debt securities; uses a controlled risk approach and active asset allocation; monitors the duration of portfolio securities to seek to mitigate exposure to interest rate risk.

TCW Enhanced Commodity Strategy Fund		Seeks total return which exceeds that of its commodity benchmark by investing in commodity linked derivative instruments backed by a portfolio of fixed income instruments.

TCW Global Bond Fund		Seeks total return by investing at least 80% of its net assets in debt securities of government and corporate issuers; invests in securities of issuers located in at least three countries, representing at least 30% of its net assets in securities of issuers located outside the United States.

TCW High Yield Bond Fund		Seeks to maximize income and achieve above average total return consistent with reasonable risk over a full market cycle by investing at least 80% of the value of its net assets in high yield/below investment grade bonds, commonly known as “junk-bonds”.

TCW Short Term Bond Fund		Seeks to maximize current income by investing at least 80% of the value of its net assets in a diversified portfolio of debt securities of varying maturities including bonds, notes and other similar fixed income instruments issued by governmental or private sector issuers.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 1 — Organization (Continued)


TCW Fund		Investment Objectives and Principal Investment Strategies
TCW Total Return Bond Fund		Seeks to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle by investing at least 80% of the value of its net assets in debt securities; invests at least 50% of the value in securitized obligations guaranteed by the U.S. government or its agencies, instrumentalities or sponsored corporations, privately issued mortgage-backed and asset-backed securities rated at time of investment Aa3 or higher by Moody’s, AA- or higher by Standard & Poor’s or the equivalent by any other nationally recognized statistical organization, other obligations of the U.S. government or its agencies, instrumentalities or sponsored corporations, and money market instruments.

All Funds, except for the TCW Short Term Bond Fund, offer two classes of shares: I Class and N Class. The TCW Short Term Bond Fund offers only the I Class shares. The TCW Core Fixed Income Fund and the TCW Total Return Bond Fund offer Plan Class Shares. The three classes of a Fund are substantially the same except that the N Class shares are subject to a distribution fee (see Note 6).

Note 2 — Significant Accounting Policies

The following is a summary of significant accounting policies, which are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and which are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 946, Financial Services — Investment Companies.

Principles of Accounting: The Funds use the accrual method of accounting for financial reporting purposes.

Principles of Consolidation: The TCW Cayman Enhanced Commodity Fund, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the TCW Enhanced Commodity Strategy Fund (the “Parent”) in order to effect certain investments for the Parent consistent with the Parent’s investment objectives and policies as specified in its prospectus and statement of additional information. The accompanying financial statements are consolidated and include the accounts of the Subsidiary. The Parent may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at April 30, 2020 were $208,047 or 21.52% of the Parent’s consolidated net assets. Intercompany balances and transactions have been eliminated in consolidation.

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

Security Valuations: Securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on that exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by the investment companies. All other securities including short-term securities traded over the counter (“OTC”) for which market quotations are readily available are valued with prices furnished by independent pricing services or by broker dealers.

Securities for which market quotations are not readily available, including in circumstances under which it is determined by the Advisor that prices received are not reflective of their market values, are valued by the Advisor’s Pricing Committee in accordance with the guidelines established by the Valuation Committee of the Company’s Board of Directors (the “Board”, and each member thereof, a “Director”) and under the general oversight of the Board.

Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose investments in their financial statements in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in three broad levels listed below.


Level 1 —		quoted prices in active markets for identical investments.
Level 2 —		other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3 —		significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

Fair Value Measurements: Descriptions of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). The fair value of ABS and MBS is estimated based on pricing models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise, they would be categorized in Level 3.

Bank loans. The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized in Level 2 of the fair value hierarchy.

Foreign currency contracts. The fair values of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized in Level 2 of the fair value hierarchy.

Futures contracts. Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. They are categorized in Level 1.

Government and agency securities. Government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, government and agency securities are normally categorized in Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

Interest rate and total return swaps. Interest rate and total return swaps are fair valued using pricing models that take into account, among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise, the fair values would be categorized in Level 3.

Money market funds. Money market funds are open-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized in Level 1 of the fair value hierarchy.

Municipal bonds. Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wanted lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves,

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds are categorized in Level 2; otherwise, the fair values are categorized in Level 3.

Options contracts. Option contracts traded on securities exchanges are fair valued using market mid prices; as such, they are categorized in Level 1. Option contracts traded OTC are fair valued based on pricing models and incorporate various inputs such as interest rate, credit spreads, currency exchange rates and volatility measurements for in-the money, at-the-money, and out-of-money contracts on a given strike price. To the extent that these inputs are observable and timely, the fair value of OTC option contracts would be categorized in Level 2; otherwise, the fair values would be categorized in Level 3.

Restricted securities. Restricted securities, including illiquid Rule 144A securities, issued by non-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Any other restricted securities valued similar to publicly traded securities may be categorized in Level 2 or 3 of the fair value hierarchy depending on whether a discount is applied and significant to the fair value.

Short-term investments. Short-term investments are valued using market price quotations, and are reflected in Level 1 or Level 2 of the fair value hierarchy.

The summary of the inputs used as of April 30, 2020 is listed after the Schedule of Investments for each Fund.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:


	TCW Core Fixed Income Fund			TCW Global Bond Fund			TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
Balance as of October 31, 2019	$	984,406		$	104,216		$	25,245		$	—		$	4,916,586
Accrued Discounts (Premiums)		(594	)		8,860			—			—			—
Realized Gain (Loss)		107,723			253			(262	)		—			(320,413	)
Change in Unrealized Appreciation		(77,136	)		(3,778	)		(29,666	)		(3	)		(547,601	)
Purchases		—			—			—			—			10,135
Sales		(1,014,399	)		(124	)		(13,083	)		—			(69,991	)
Transfers in to Level 3		—			—			162,018			86			—
Transfers out of Level 3		—			—			—			—			—

Balance as of April 30, 2020	$	—		$	109,427		$	144,252		$	83		$	3,988,716

Change in Unrealized Appreciation from Investments Still Held at April 30, 2020	$	—		$	(3,778	)	$	(29,666	)	$	(3	)	$	(547,601	)

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

Significant unobservable valuations inputs for Level 3 investments as of April 30, 2020 are as follows:


Description	Fair Value at 4/30/2020		Valuation Techniques	Unobservable Input	Price or Price Range	Average Weighted Price
TCW Global Bond Fund
Residential Mortgage-Backed Securities — Non-Agency		$ 109,427	Third-party Vendor	Vendor Prices	$8.742-$66.543	$8.74
TCW High Yield Bond Fund
Corporate Bonds		133,868	Third-party Vendor	Vendor Prices	$100.01	$100.01
Bank Loans		10,075	Third-party Vendor	Vendor Prices	$77.50	$77.50
Common Stocks		309	Third-party Vendor	Vendor Prices	$0.055	$0.055
TCW Short Term Bond Fund
Residential Mortgage-Backed Securities — Non-Agency		83	Third-party Vendor	Vendor Prices	$83.25	$83.25
TCW Total Return Bond Fund
Residential Mortgage-Backed Securities — Non-Agency		3,506	Third-party Vendor	Vendor Prices	$ 5.304	$5.304
Residential Mortgage-Backed Securities — Non-Agency (Interest Only, Collateral Strip Rate Securities)		3,985,210	Third-party Vendor	Vendor Prices	$0.632-$2.316	$1.58

Security Transactions and Related Investment Income: Security transactions are recorded as of the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis. Realized gains and losses on investments are recorded on the basis of specific identification.

Allocation of Operating Activity for Multiple Classes: Investment income, common expenses and realized and unrealized gains and losses are allocated among the classes of shares of a Fund based on the relative net assets of each class. Distribution fees, which are directly attributable to a class of shares, are charged to the operations of that class. All other expenses are charged to each Fund or class as incurred on a specific identification basis. Differences in class-specific fees and expenses will result in differences in net investment income, and in turn differences in dividends paid by each class.

Dividends and Distributions: Dividends and distributions to shareholders are recorded on the ex-dividend date. The TCW Enhanced Commodity Strategy Fund declares and pays, or reinvests, dividends from net investment income quarterly. The other Fixed Income Funds declare and pay, or reinvest, dividends from net investment income monthly. Any net long-term and net short-term capital gains earned by a Fund will be distributed at least annually.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to Fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in subsequent periods. Any taxable income or capital gain remaining at fiscal year-end is distributed in the following year.

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

Foreign Currency Translation: The books and records of each Fund are maintained in U.S. dollars as follows: (1) the foreign currency denominated securities and other assets and liabilities stated in foreign currencies are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statements of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in, or are a reduction of, ordinary income for federal income tax purposes.

Derivative Instruments: Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. A derivative contract may result in a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. The Funds may not be able to close out a derivative transaction at a favorable time or price.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

For the period ended April 30, 2020 , the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

TCW Core Fixed Income Fund


	Credit Risk		Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Swap Agreements	$	—	$	—	$	—		$	2,473,738		$	2,473,738
Futures Contracts⁽¹⁾		—		—		—			2,367,940			2,367,940
Forward Contracts		—		—		647,453			—			647,453

Total Value	$	—	$	—	$	647,453		$	4,841,678		$	5,489,131


Liability Derivatives
Written Options	$	—	$	—	$	—		$	(27,188	)	$	(27,188	)
Swap Agreements		—		—		—			(2,365,555	)		(2,365,555	)

Total Value	$	—	$	—	$	—		$	(2,392,743	)	$	(2,392,743	)


Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—	$	—	$	409,702		$	—		$	409,702
Futures Contracts		—		—		—			4,689,596			4,689,596
Swap Agreements		—		—		—			(87,717	)		(87,717	)

Total Realized Gain (Loss)	$	—	$	—	$	409,702		$	4,601,879		$	5,011,581


Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	—	$	(70,399	)	$	—		$	(70,399	)
Futures Contracts		—		—		—			2,620,063			2,620,063
Options Written		—		—		—			263,280			263,280
Swap Agreements		—		—		—			249,518			249,518

Total Change in Appreciation (Depreciation)	$	—	$	—	$	(70,399	)	$	3,132,861		$	3,062,462


Number of Contracts or Notional Amounts⁽²⁾
Forward Currency Contracts		$ —		$ —		$27,805,778			$ —			$27,805,778
Futures Contracts		—		—		—			1,027			1,027
Swap Agreements		$ —		$ —		$ —			$133,211,667			$133,211,667

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

TCW Enhanced Commodity Strategy Fund


	Credit Risk		Commodity Risk			Foreign Currency Risk		Interest Rate Risk		Total
Statement of Assets and Liabilities:
Liability Derivatives
Swap Agreements	$	—	$	(20,493	)	$	—	$	—	$	(20,493	)

Total Value	$	—	$	(20,493	)	$	—	$	—	$	(20,493	)


Statement of Operations:
Realized Gain (Loss)
Swap Agreements	$	—	$	(240,888	)	$	—	$	—	$	(240,888	)

Total Realized Gain (Loss)	$	—	$	(240,888	)		—	$	—	$	(240,888	)


Change in Appreciation (Depreciation)
Swap Agreements	$	—	$	(28,972	)	$	—	$	—	$	(28,972	)

Total Realized Gain (Loss)	$	—	$	(28,972	)		—	$	—	$	(28,972	)


Notional Amounts⁽²⁾
Swap Agreements		—		1,147,015			—		—		1,147,015

TCW Global Bond Fund


	Credit Risk		Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts⁽¹⁾	$	—	$	—	$	—		$	25,867		$	25,867
Forward Contracts		—		—		33,433			—			33,433

Total Value	$	—	$	—	$	33,433		$	25,867		$	59,300

Liability Derivatives
Forward Contracts	$	—	$	—	$	(22,828	)	$	—		$	(22,828	)
Futures Contracts⁽¹⁾		—		—		—			(908	)		(908	)

Total Value	$	—	$	—	$	(22,828	)	$	(908	)	$	(23,736	)

Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—	$	—	$	58,242		$	—		$	58,242
Futures Contracts		—		—		—			135,213			135,213

Total Realized Gain (Loss)	$	—	$	—	$	58,242		$	135,213		$	193,455

Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	—	$	13,474		$	—		$	13,474
Futures Contracts		—		—		—			50,130			50,130

Total Change in Appreciation (Depreciation)	$	—	$	—	$	13,474		$	50,130		$	63,604

Number of Contracts or Notional Amounts⁽²⁾
Forward Currency Contracts		$ —		$ —		$5,494,145			$ —			$5,494,145
Futures Contracts		—		—		—			21			21

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW High Yield Bond Fund


	Credit Risk		Commodity Risk		Foreign Currency Risk		Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts⁽¹⁾	$	—	$	—	$	—	$	5,042		$	5,042

Total Value	$	—	$	—	$	—	$	5,042		$	5,042

Liability Derivatives
Futures Contracts	$	—	$	—	$	—	$	(192,625	)	$	(192,625	)

Total Value	$	—	$	—	$	—	$	(192,625	)	$	(192,625	)

Statement of Operations:
Realized Gain (Loss)
Futures Contracts	$	—	$	—	$	—	$	220,526		$	220,526

Total Realized Gain (Loss)	$	—	$	—	$	—	$	220,526		$	220,526

Change in Appreciation (Depreciation)
Futures Contracts	$	—	$	—	$	—	$	(218,007	)	$	(218,007	)

Total Change in Appreciation (Depreciation)	$	—	$	—	$	—	$	(218,007	)	$	(218,007	)

Notional Amounts⁽²⁾
Futures Contracts		—		—		—		74			74

TCW Short Term Bond Fund


	Credit Risk		Commodity Risk		Foreign Currency Risk		Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Contracts	$	—	$	—	$	2,831	$	—		$	2,831

Total Value	$	—	$	—	$	2,831	$	—		$	2,831

Liability Derivatives
Futures Contracts⁽¹⁾	$	—	$	—	$	—	$	(1,401	)	$	(1,401	)

Total Value	$	—	$	—	$	—	$	(1,401	)	$	(1,401	)

Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—	$	—	$	2,056	$	—		$	2,056
Futures Contracts		—		—		—		68			68

Total Realized Gain (Loss)	$	—	$	—	$	2,056	$	68		$	2,124

Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	—	$	2,982	$	—		$	2,982
Futures Contracts		—		—		—		(566	)		(566	)

Total Change in Appreciation (Depreciation)	$	—	$	—	$	2,982	$	(566	)	$	2,416

Number of Contracts or Notional Amounts⁽²⁾
Forward Currency Contracts		$ —		$ —		$141,859		$—			$141,859
Futures Contracts		—		—		—		3			3

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

TCW Total Return Bond Fund


	Credit Risk		Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts⁽¹⁾	$	—	$	—	$	—		$	14,574,867		$	14,574,867

Total Value	$	—	$	—	$	—		$	14,574,867		$	$14,574,867

Liability Derivatives
Futures Contracts⁽¹⁾	$	—	$	—	$	—		$	(9,810,375	)	$	(9,810,375	)

Total Value	$	—	$	—	$	—		$	(9,810,375	)	$	(9,810,375	)

Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—	$	—	$	1,933,359		$	—		$	1,933,359
Futures Contracts		—		—		—			47,639,222			47,639,222

Total Realized Gain (Loss)	$	—	$	—	$	1,933,359		$	47,639,222		$	49,572,581

Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	—	$	(611,710	)	$	—		$	(611,710	)
Futures Contracts		—		—		—			7,910,094			7,910,094

Total Change in Appreciation (Depreciation)	$	—	$	—	$	(611,710	)	$	7,910,094		$	7,298,384

Number of Contracts or Notional Amounts⁽²⁾
Forward Currency Contracts		$ —		$ —		$59,685,086			$—			$59,685,086
Futures Contracts		—		—		—			9,698			9,698

(1)

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2020 is reported within the Statement of Assets and Liabilities.

(2)

Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2020.

Counterparty Credit Risk: Derivative contracts may be exposed to counterparty risk. Losses can occur if the counterparty does not perform under the contract.

The Funds’ risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

Collateral requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral pledged or received by a Fund.

Cash collateral that has been pledged to cover obligations of a Fund is reported separately on the Statement of Assets and Liabilities. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold, typically $250,000 or $500,000, before a transfer is required, which is determined at the close of each business day and the collateral is transferred on the next business day. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that the Advisor believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. The Funds have implemented the disclosure requirements pursuant to FASB ASU No. 2013-01, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

The following table presents the Funds’ OTC derivatives assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral received by the Funds as of April 30, 2020:

TCW Core Fixed Income Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount⁽¹⁾
Citibank N.A.	$	647,453	$	—		$	647,453		$	(530,000	)	$	117,453
Harris Trust		—		(27,188	)		(27,188	)		—			(27,188	)

Total	$	647,453	$	(27,188	)	$	620,265		$	(530,000)		$	90,265

(1)

Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

TCW Enhanced Commodity Strategy Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)		Net Amount⁽¹⁾
Credit Suisse International	$	—	$	(20,493	)	$	(20,493	)	$	—	$	(20,493	)

Total	$	—	$	(20,493	)	$	(20,493	)	$	—	$	(20,493	)

(1)

Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

TCW Global Bond Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)		Net Amount⁽¹⁾
Citibank N.A.	$	—	$	(470	)	$	(470	)	$	—	$	(470	)
Goldman Sachs & Co.		7,346		(4,948	)		2,398			—		2,398
State Street Bank & Trust		26,087		(17,410	)		8,677			—		8,677

Total	$	33,433	$	(22,828	)	$	10,605		$	—	$	10,605

(1)

Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

TCW Short Term Bond Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)		Net Amount⁽¹⁾
Citibank N.A. (Derivatives)	$	2,831	$	—	$	2,831	$	—	$	2,831

Total	$	2,831	$	—	$	2,831	$	—	$	2,831

(1)

Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

Note 3 — Portfolio Investments

Mortgage-Backed Securities: The Funds may invest in MBS which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. The Funds may also invest in Collateralized Mortgage Obligations (“CMOs”). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac or Fannie Mae. The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

The Funds may invest in stripped MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs.

Inflation-Indexed Bonds: The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten, twenty, or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to declines in values. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

When-Issued, Delayed-Delivery, To Be Announced (“TBA”) and Forward Commitment Transactions: The Funds may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of the Funds’ existing portfolios. In when-issued, delayed-delivery, TBA, or forward commitment transactions, a Fund commits to purchase securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA or forward commitment basis, there may be a loss, and that Fund may have missed an opportunity to make an alternative investment.

TCW Funds, Inc.

April 30, 2020

Note 3 — Portfolio Investments (Continued)

Prior to settlement of these transactions, the value of the subject securities will fluctuate with market movement. In addition, because a Fund is not required to pay for when-issued, delayed-delivery, TBA or forward commitment securities until the delivery date, they may result in a form of leverage to the extent a Fund does not set aside liquid assets to cover the commitment. To guard against the deemed leverage, the Fund monitors the obligations under these transactions and ensures that the Fund has sufficient liquid assets to cover them.

Dollar Roll Transactions: The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the MBS market. A dollar roll transaction involves a simultaneous sale of securities by a Fund with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the counterparties may potentially be unable to complete the transaction. There were no such transactions by the Funds for the period ended April 30, 2020.

Repurchase Agreements: The Funds may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of April 30, 2020.

Reverse Repurchase Agreements: The Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells portfolio assets subject to an agreement by the Fund to repurchase the same assets at an agreed upon price and date. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. During the term of the reverse repurchase agreement, the Funds continue to receive the principal and interest payments on the securities sold. There were no reverse repurchase agreements outstanding during the period ended April 30, 2020.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

the collateral if the borrowers of the securities fail financially. The Funds earn additional income for lending their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended April 30, 2020.

Derivatives:

Forward Foreign Currency Contracts: The Funds enter into forward foreign currency contracts as a hedge against fluctuations in foreign exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in market value is recorded by the Funds as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. The TCW Core Fixed Income Fund, the TCW Global Bond Fund, the TCW Total Return Bond Fund and the TCW Short Term Bond Fund entered into forward foreign currency contracts during the period to hedge against the foreign currency exposure within the Funds. Outstanding foreign currency forward contracts at April 30, 2020 are disclosed in the Schedule of Investments.

Futures Contracts: The Funds may enter into futures contracts. A Fund may seek to manage a variety of different risks through the use of futures contracts, such as interest rate risk, equity price risk, and currency risk. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made, and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk. Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by a Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of a Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The TCW Core Fixed Income Fund, the TCW Global Bond Fund, the TCW High Yield Bond Fund, the TCW Short Term Bond Fund and the TCW Total Return Bond Fund utilized futures during the period ended April 30, 2020 to help manage interest rate duration of those Funds. Futures contracts outstanding at April 30, 2020 are listed on the Schedule of Investments.

100

TCW Funds, Inc.

April 30, 2020

Note 3 — Portfolio Investments (Continued)

Options: The Funds purchase and sell put and call options on a security or an index of securities to enhance investment performance and to protect against changes in market prices. The Funds may also enter into currency options to hedge against currency fluctuations.

Purchasing foreign currency options gives a Fund the right, but not the obligation, to buy or sell specified amounts of currency at a rate of exchange that may be exercised by a certain date. These currency options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Options purchased or sold by a Fund may be traded on a securities or options exchange. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by an exchange or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace the expiring series, and opening transactions in existing series may be prohibited.

Swap Agreements: The Funds may enter into swap agreements. Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

101

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

quality of a Fund’s bond portfolio), equity risk, or credit risk—or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. A Fund’s maximum risk of loss from counterparty default is the discounted NAV of the cash flows paid to the counterparty over the interest rate swap’s remaining life.

A Fund may enter into credit default swap transactions as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds (or other obligations of the reference entity with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. A Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When a Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on each Fund’s Statement of Operations upon termination or maturity of the swap agreement.

102

TCW Funds, Inc.

April 30, 2020

Note 3 — Portfolio Investments (Continued)

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded as realized gains and losses, respectively. During the period ended April 30, 2020, the TCW Core Fixed Income Fund entered into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk); and the TCW Enhanced Commodity Strategy Fund used total return swap agreements to gain exposure to the commodity market.

Note 4 — Risk Considerations

Liquidity Risk: The Funds’ investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in high-yield securities, foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.

Interest Rate Risk: The values of the Funds’ investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of a Fund’s investment portfolio, the greater the change in value.

Mortgage-Backed Securities Risk: Each Fund may invest in mortgage-backed securities. The values of some mortgage-backed securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Derivatives Risk: Use of derivatives, which at times is an important part of the Funds’ investment strategies, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will achieve their objective through the use of the derivatives.

Credit Risk: The values of any of the Funds’ investments may also decline in response to events affecting the issuer or its credit rating. The lower rated debt securities in which a Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities,

103

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Funds invest also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline. Certain Funds invest a material portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.

MBS and ABS are characterized and classified in a variety of different ways. These classifications include a view of the securities’ cash flow structure (pass through, sequential pay, prepayment-protected, interest only, principal-only, etc.), the security of the claim on the underlying assets (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans, prime non-conforming loans, Alt-A loans, subprime loans, commercial loans, etc.). In many cases, the classification incorporates a degree of subjectivity: a particular loan might be categorized as “prime” by the underwriting standards of one mortgage issuer while another might classify the loan as “subprime.” In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity takeout), the borrower’s credit quality (e.g., FICO score), and whether the loan is a first trust deed or a second lien.

Counterparty Risk: The Funds may be exposed to counterparty risk, the risk that an entity with which the Funds have unsettled or open transactions may not fulfill its obligations.

Commodities Risk: The TCW Enhanced Commodity Strategy Fund has exposure to commodity markets through its investments in total return swap agreements. Therefore, the price of its shares is affected by factors particular to the commodity markets and may decline and fluctuate more than the price of shares of a fund with a broader range of investments. Commodity prices can be extremely volatile and are affected by many factors, including changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, nationalization, expropriation, or other confiscation, international regulatory, political and economic developments (e.g., regime changes and changes in economic activity levels), and developments affecting a particular industry or commodity, such as drought, floods or other weather conditions, livestock disease, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, and tariffs.

Foreign Currency Risk: The Funds may be exposed to the risk that the value of the Funds’ investments denominated in foreign currencies will decline in value because the foreign currencies have declined in value relative to the U.S. dollar.

Foreign Investment Risk: The Funds may be exposed to the risk that the Funds’ share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

104

TCW Funds, Inc.

April 30, 2020

Note 4 — Risk Considerations (Continued)

LIBOR Risk: The London Interbank Offered Rate (“LIBOR”) is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. For example, debt securities in which a Fund invests may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. A Fund’s derivative investments may also reference LIBOR. In addition, issuers of instruments in which a Fund invests may obtain financing at floating rates based on LIBOR, and a Fund may use leverage or borrowings based on LIBOR. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the intention to phase out the use of LIBOR by the end of 2021. There is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement reference rate. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments that reference LIBOR. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including investment companies such as the Funds. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain how such changes would be implemented and the effects such changes would have on the Funds, issuers of instruments in which the Funds invest, and the financial markets generally.

105

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

businesses and households, with a particularly acute impact on industries dependent on travel and public accessibility, such as transportation, hospitality, tourism, retail, sports, and entertainment. The ultimate impact of COVID-19 (and of the resulting precipitous decline and disruption in economic and commercial activity across many of the world’s economies) on global economic conditions, and on the operations, financial condition, and performance of any particular market, industry or business, is impossible to predict. However, ongoing and potential additional materially adverse effects, including further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. The extent of COVID-19’s impact will depend on many factors, including the ultimate duration and scope of the public health emergency and the restrictive countermeasures being undertaken, as well as the effectiveness of other governmental, legislative, and financial and monetary policy interventions designed to mitigate the crisis and address its negative externalities, all of which are evolving rapidly and may have unpredictable results. Even if COVID-19’s spread is substantially contained, it will be difficult to assess what the longer-term impacts of an extended period of unprecedented economic dislocation and disruption will be on future economic developments, the health of certain markets, industries and businesses, and commercial and consumer behavior.

The ongoing COVID-19 crisis and any other public health emergency could have a significant adverse impact on our investments and result in significant investment losses. The extent of the impact on business operations and performance of market participants and the companies in which we invest depends and will continue to depend on many factors, virtually all of which are highly uncertain and unpredictable, and this impact may include or lead to: (i) significant reductions in revenue and growth; (ii) unexpected operational losses and liabilities; (iii) impairments to credit quality; and (iv) reductions in the availability of capital. These same factors may limit the ability to source, research, and execute new investments, as well as to sell investments in the future, and governmental mitigation actions may constrain or alter existing financial, legal, and regulatory frameworks in ways that are adverse to the investment strategies we intend to pursue, all of which could materially diminish our ability to fulfill investment objectives. They may also impair the ability of the companies in which we invest or their counterparties to perform their respective obligations under debt instruments and other commercial agreements (including their ability to pay obligations as they become due), potentially leading to defaults with uncertain consequences, including the potential for defaults by borrowers under debt instruments held in a client’s portfolio. In addition, an extended period of remote working by the employees of the companies in which we invest subjects those companies to additional operational risks, including heightened cybersecurity risk. Remote working environments may be less secure and more susceptible to cyberattacks that seek to exploit the COVID-19 pandemic, and the operational damage of any such events could potentially disrupt our business and reduce the value of our investments. The operations of securities markets may also be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, restrictions on travel and movement, remote-working requirements, and other factors related to a public health emergency, including the potential adverse impact on the health of any such entity’s personnel. These measures may also hinder normal business operations by impairing usual communication channels and methods, hampering the performance of administrative functions such as processing payments and invoices, and diminishing the ability to make accurate and timely projections of financial performance. Because our ability to execute transactions on behalf of the Funds is dependent upon the timely performance of multiple third parties, any interruptions in the business operations of those third parties could impair our ability to effectively implement a Fund’s investment strategies.

106

TCW Funds, Inc.

April 30, 2020

Note 5 — Federal Income Taxes

It is the policy of each Fund to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required.

At April 30, 2020, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows (amounts in thousands):


	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost of Investments for Federal Income Tax Purposes
TCW Core Fixed Income Fund	$	51,059,290	$	(12,757,269	)	$	38,302,021		$	1,568,494,736
TCW Enhanced Commodity Strategy Fund		20,813		(14,421	)		6,392			938,314
TCW Global Bond Fund		729,253		(785,476	)		(56,223	)		20,194,685
TCW High Yield Bond Fund		750,664		(1,508,872	)		(758,208	)		31,218,601
TCW Short Term Bond Fund		75,529		(65,878	)		9,651			13,559,262
TCW Total Return Bond Fund		392,713,727		(116,228,899	)		276,484,828			6,349,359,469

At October 31, 2019 the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Core Fixed Income Fund	$	2,834,577	$	—	$	2,834,577
TCW Enhanced Commodity Strategy Fund		12,088		1,591		13,679
TCW Global Bond Fund		263,635		205,856		469,491
TCW High Yield Bond Fund		118,403		—		118,403
TCW Short Term Bond Fund		22,787		—		22,787
TCW Total Return Bond Fund		38,910,864		—		38,910,864

During the year ended October 31, 2019, the tax character of distributions paid was as follows:


	Ordinary Income		Long-Term Capital Gain		Total Distributions
TCW Core Fixed Income Fund	$	32,114,075	$	—	$	32,114,075
TCW Enhanced Commodity Strategy Fund		37,641		—		37,641
TCW Global Bond Fund		260,216		—		260,216
TCW High Yield Bond Fund		825,192		—		825,192
TCW Short Term Bond Fund		198,576		—		198,576
TCW Total Return Bond Fund		252,214,676		—		252,214,676

At October 31, 2019, the following Funds had net realized loss carryforwards for federal income tax purposes:


	No Expiration
	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Core Fixed Income Fund	$	8,612,767	$	—	$	8,612,767
TCW High Yield Bond Fund		—		356,238		356,238
TCW Short Term Bond Fund		90,367		221,946		312,313
TCW Total Return Bond Fund		134,960,480		—		134,960,480

The Funds did not have any unrecognized tax benefits at April 30, 2020, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2020. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

107

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 6 — Fund Management Fees and Other Expenses

The Funds pay to the Advisor, as compensation for services rendered, facilities furnished and expenses borne by it, the following annual management fees as a percentage of daily NAV:


TCW Core Fixed Income Fund	0.40	%
TCW Enhanced Commodity Strategy Fund	0.50	%
TCW Global Bond Fund	0.50	%
TCW High Yield Bond Fund	0.45	%
TCW Short Term Bond Fund	0.35	%
TCW Total Return Bond Fund	0.40	% ⁽¹⁾

(1)

From November 1, 2019 through February 29, 2020, the management fee was 0.50%.

The Advisor limits the operating expenses of the Funds not to exceed the following expense ratios relative to the Funds’ average daily net assets.


TCW Core Fixed Income Fund
I Class	0.49%	⁽¹⁾
N Class	0.70%	⁽¹⁾
P Class	0.44%	⁽¹⁾
TCW Enhanced Commodity Strategy Fund
I Class	0.70%	⁽¹⁾
N Class	0.75%	⁽¹⁾
TCW Global Bond Fund
I Class	0.60%	⁽¹⁾
N Class	0.70%	⁽¹⁾
TCW High Yield Bond Fund
I Class	0.55%	⁽¹⁾
N Class	0.80%	⁽¹⁾
TCW Short Term Bond Fund
I Class	0.44%	⁽¹⁾
TCW Total Return Bond Fund
I Class	0.49%	⁽¹⁾
N Class	0.79%	⁽¹⁾
P Class	0.44%	⁽¹⁾

(1)

These limitations are based on an agreement between the Advisor and Company.

The amount borne by the Advisor during the fiscal year when the operating expenses of a Fund are in excess of the expense limitation cannot be recaptured in the subsequent fiscal years should the expenses drop below the expense limitation in the subsequent years. The Advisor can recapture expenses only within a given fiscal year for that year’s operating expenses.

Directors’ Fees: Directors who are not affiliated with the Advisor receive compensation from the Funds which are shown on the Statement of Operations. Directors may elect to defer receipt of their fees in accordance with the terms of a Non-Qualified Deferred Compensation Plan. Deferred compensation is included within directors’ fees and expenses in the Statements of Assets and Liabilities.

Note 7— Distribution Plan

TCW Funds Distributors LLC (“Distributor”), an affiliate of the Advisor and the Funds, serves as the nonexclusive distributor of each class of the Funds’ shares. The Funds have a distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to the N Class shares of each Fund. Under the terms of the plan, each Fund compensates the Distributor at a rate equal to 0.25% of the average daily net assets of the Fund attributable to its N Class shares for distribution and related services.

108

TCW Funds, Inc.

April 30, 2020

Note 8— Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2020 were as follows:


	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Core Fixed Income Fund	$	177,404,030	$	105,710,282	$	2,121,478,455	$	2,183,151,874
TCW Enhanced Commodity Strategy Fund		88,015		137,773		294,258		444,301
TCW Global Bond Fund		8,162,378		6,633,003		19,407,538		19,612,670
TCW High Yield Bond Fund		28,271,935		25,193,672		—		—
TCW Short Term Bond Fund		2,180,294		1,023,082		4,427,002		5,015,072
TCW Total Return Bond Fund		972,517,456		8,484,215,992		7,484,566,367		176,882,972

Note 9— Capital Share Transactions

Transactions in each Fund’s shares were as follows:


TCW Core Fixed Income Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		28,654,513		$	335,448,793			20,412,530		$	224,801,039
Shares Issued upon Reinvestment of Dividends		1,182,105			13,667,494			2,215,980			24,276,889
Shares Redeemed		(14,323,125	)		(165,951,128	)		(32,398,242	)		(353,777,024	)
											��
Net Increase (Decrease)		15,513,493		$	183,165,159			(9,769,732	)	$	(104,699,096	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		3,445,665		$	39,494,791			3,728,977		$	40,890,099
Shares Issued upon Reinvestment of Dividends		217,583			2,507,179			474,381			5,181,391
Shares Redeemed		(4,626,396	)		(52,836,514	)		(8,883,465	)		(96,962,941	)

Net Decrease		(963,148	)	$	(10,834,544	)		(4,680,107	)	$	(50,891,451	)


	March 2, 2020 (Commencement of Operations) through April 30, 2020 (Unaudited)
Plan Class	Shares			Amount			Shares			Amount
Shares Sold		9		$	100			—		$	—
Shares Issued upon Reinvestment of
Dividends		—			—			—			—
Shares Redeemed		—			—			—			—

Net Increase		9		$	100			—		$	—


TCW Enhanced Commodity Strategy Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		—		$	—			—		$	—
Shares Issued upon Reinvestment of Dividends		3,898			16,563			4,371			20,916
Shares Redeemed		—			—			(92,757	)		(432,249	)

Net Increase (Decrease)		3,898		$	16,563			(88,386	)	$	(411,333	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		—		$	—			—		$	—
Shares Issued upon Reinvestment of Dividends		2,650			11,241			2,986			14,276

Net Increase		2,650		$	11,241			2,986		$	14,276

109

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 9— Capital Share Transactions (Continued)



TCW Global Bond Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		15,707		$	157,664			5,125		$	49,122
Shares Issued upon Reinvestment of Dividends		30,691			306,503			12,018			117,727
Shares Redeemed		(8,225	)		(82,005	)		(2,718	)		(26,417	)

Net Increase		38,173		$	382,162			14,425		$	140,432


N Class	Shares			Amount			Shares			Amount
Shares Sold		41,792		$	414,000			5,987		$	61,058
Shares Issued upon Reinvestment of Dividends		26,783			267,418			9,971			97,600
Shares Redeemed		(762	)		(7,700	)		(65	)		(643	)

Net Increase		67,813		$	673,718			15,893		$	158,015


TCW High Yield Bond Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		1,864,396		$	11,812,854			2,794,449		$	17,909,893
Shares Issued upon Reinvestment of Dividends		75,654			484,298			70,867			448,646
Shares Redeemed		(1,376,998	)		(8,569,954	)		(1,112,414	)		(7,070,994	)

Net Increase		563,052		$	3,727,198			1,752,902		$	11,287,545


N Class	Shares			Amount			Shares			Amount
Shares Sold		877,506		$	5,615,628			1,338,853		$	8,560,656
Shares Issued upon Reinvestment of Dividends		28,595			184,853			47,067			299,769
Shares Redeemed		(1,297,585	)		(8,291,504	)		(681,680	)		(4,352,105	)

Net Increase (Decrease)		(391,484	)	$	(2,491,023	)		704,240		$	4,508,320


TCW Short Term Bond Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		1,111,070		$	9,471,683			78,821		$	676,100
Shares Issued upon Reinvestment of Dividends		11,422			97,879			19,359			166,401
Shares Redeemed		(199,948	)		(1,711,661	)		(293,559	)		(2,525,558	)

Net Increase (Decrease)		922,544		$	7,857,901			(195,379	)	$	(1,683,057	)

110

TCW Funds, Inc.

April 30, 2020

Note 9— Capital Share Transactions (Continued)



TCW Total Return Bond Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		149,726,895		$	1,519,324,478			157,210,742		$	1,541,044,870
Shares Issued upon Reinvestment of Dividends		6,465,095			65,687,781			12,113,185			118,950,642
Shares Redeemed		(120,261,683	)		(1,227,848,813	)		(273,291,006	)		(2,682,011,673	)

Net Increase (Decrease)		35,930,307		$	357,163,446			(103,967,079	)	$	(1,022,016,161	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		9,862,943		$	103,612,010			14,032,682		$	142,224,608
Shares Issued upon Reinvestment of Dividends		1,647,515			17,222,186			3,830,880			38,749,683
Shares Redeemed		(16,779,728	)		(175,407,882	)		(39,974,125	)		(404,518,775	)

Net Decrease		(5,269,270	)	$	(54,573,686	)		(22,110,563	)	$	(223,544,484	)


	March 2, 2020 (Commencement of Operations) through April 30, 2020 (Unaudited)
Plan Class	Shares			Amount			Shares			Amount
Shares Sold		10		$	100			—		$	—
Shares Issued upon Reinvestment of
Dividends		—			—			—			—
Shares Redeemed		—			—			—			—

Net Increase		10		$	100			—		$	—

Note 10— Affiliate Ownership

As of April 30, 2020, affiliates of the Funds and Advisor owned 90.51%, and 93.87% of the NAV of the TCW Enhanced Commodity Strategy Fund and the TCW Global Bond Fund, respectively.

Note 11— Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Restricted securities held by the Funds at April 30, 2020 are listed below:

TCW Enhanced Commodity Strategy Fund


Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
LB-UBS Commercial Mortgage Trust (06-C6 XCL), (144A), 0.687%, due 09/15/39	7/15/16	$	952	$	3,169		0.33	%


TCW Global Bond Fund
Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
Bank of America-First Union NB Commercial Mortgage(01-3-XC), (144A), 1.298%, due 04/11/37	3/26/15	$	0	$	21,695		0.12	%

111

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 11— Restricted Securities (Continued)



TCW Short Term Bond Fund
Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
UBS Commercial Mortgage Trust (12-C1-XA) (I/O), 2.26%, due 05/10/45	4/6/20	$	8,409	$	8,069		0.06	%

Note 12 — Committed Line Of Credit

The Funds have entered into a $100,000,000 committed revolving line of credit agreement with the State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes renewable annually. The interest rate on borrowing is the higher of the federal funds rate or the overnight LIBOR rate, plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2020. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the daily unused portion of the committed line amount. The commitment fees incurred by the Funds, if any, are presented in the Statements of Operations. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

Note 13 — Liquidity Risk Management Program

Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) requires that all registered open-end management investment companies, including the Funds, establish a written liquidity risk management program (a “Liquidity Program”). Under a fund’s Liquidity Program, a fund must assess, manage and periodically review the fund’s liquidity risk, classify the liquidity of each of the fund’s portfolio investments, determine a highly liquid investment minimum, limit illiquid investments to 15% of fund investments, and establish policies and procedures regarding how and when a fund will engage in redemptions in-kind. Consistent with the Liquidity Rule, the Board has approved the written Liquidity Program for the Funds and has designated a committee of professionals associated with the Advisor to administer the Funds’ Liquidity Program (the “Program Administrator”).

On March 9, 2020, the Board reviewed the Program Administrator’s written report (the “Report”) concerning the operation of the Funds’ Liquidity Program for the period from its adoption through December 31, 2019 (the “Reporting Period”). The Report addressed the operation of the Liquidity Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s Highly Liquid Investment Minimum (“HLIM”). The Report discussed, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s liquidity risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule) and the operation and monitoring of the HLIM assigned to a Fund, as applicable; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions. The Report concluded that the Liquidity Program was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented with respect to each Fund during the Reporting Period.

112

TCW Funds, Inc.

April 30, 2020

Note 14— Indemnifications

Under the Company’s organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Company. In addition, the Company entered into an agreement with each of the Directors which provides that the Company will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by such Director in any proceeding arising out of or in connection with the Director’s services to the Company, to the fullest extent permitted by the Company’s Articles of Incorporation and By-Laws, the Maryland General Corporation Law, the Securities Act, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Company enters into agreements with service providers that may contain indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. The Company has not accrued any liability in connection with such indemnification.

Note 15— New Accounting Pronouncement

In August 2018, the FASB released Accounting Standards Update (ASU) 2018-13, which changes the fair value measurement disclosure requirements of Topic 820. The amendments in this ASU are the result of a broader disclosure project called FASB Concept Statement, Conceptual Framework for Financial Reporting — Chapter 8 Notes to Financial Statements. The objective and primary focus of the project are to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP that is most important to users of the financial statements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of the ASU. Management has concluded that the ASU had no material impact to the financial statements.

113

TCW Core Fixed Income Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	11.41		$	10.52		$	10.99		$	11.28		$	11.14		$	11.22

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.13			0.30			0.25			0.22			0.19			0.18
Net Realized and Unrealized Gain (Loss) on Investments		0.43			0.89			(0.45	)		(0.15	)		0.24			(0.04	)

Total from Investment Operations		0.56			1.19			(0.20	)		0.07			0.43			0.14

Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.30	)		(0.27	)		(0.23	)		(0.19	)		(0.19	)
Distributions from Net Realized Gain		—			—			—			(0.13	)		(0.10	)		(0.03	)

Total Distributions		(0.14	)		(0.30	)		(0.27	)		(0.36	)		(0.29	)		(0.22	)

Net Asset Value per Share, End of Period	$	11.83		$	11.41		$	10.52		$	10.99		$	11.28		$	11.14

Total Return		4.96	% ⁽²⁾		11.48	%		(1.87	%)		0.68	%		3.97	%		1.25	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	1,164,993		$	946,896		$	975,741		$	1,379,196		$	1,421,267		$	1,109,630

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.50	% ⁽³⁾		0.51	%		0.51	%		0.51	%		0.51	%		0.50	%

After Expense Reimbursement		0.49	%⁽³⁾		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%

Ratio of Net Investment Income to Average Net Assets		2.20	%⁽³⁾		2.69	%		2.34	%		1.96	%		1.70	%		1.57	%

Portfolio Turnover Rate		184.29	% ⁽²⁾		214.76	%		267.96	%		287.39	%		283.38	%		332.85	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

114

TCW Core Fixed Income Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	11.38		$	10.49		$	10.96		$	11.25		$	11.12		$	11.20

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.11			0.27			0.23			0.19			0.16			0.14
Net Realized and Unrealized Gain (Loss) on Investments		0.44			0.90			(0.46	)		(0.15	)		0.24			(0.03	)

Total from Investment Operations		0.55			1.17			(0.23	)		0.04			0.40			0.11

Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.28	)		(0.24	)		(0.20	)		(0.17	)		(0.16	)
Distributions from Net Realized Gain		—			—			—			(0.13	)		(0.10	)		(0.03	)

Total Distributions		(0.13	)		(0.28	)		(0.24	)		(0.33	)		(0.27	)		(0.19	)

Net Asset Value per Share, End of Period	$	11.80		$	11.38		$	10.49		$	10.96		$	11.25		$	11.12

Total Return		4.85	%⁽²⁾		11.27	%		(2.10	)%		0.41	%		3.66	%		1.00	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	237,580		$	240,107		$	270,477		$	356,930		$	487,223		$	542,103

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.81	%⁽³⁾		0.81	%		0.81	%		0.79	%		0.79	%		0.79	%

After Expense Reimbursement		0.68	%⁽³⁾		0.70	%		0.72	%		0.75	%		0.77	%		0.79	%⁽⁴⁾

Ratio of Net Investment Income to Average Net Assets		2.01	%⁽³⁾		2.48	%		2.12	%		1.69	%		1.41	%		1.25	%

Portfolio Turnover Rate		184.29	% ⁽²⁾		214.76	%		267.96	%		287.39	%		283.38	%		332.85	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

(4)

Reimbursement is less than 0.01%.

See accompanying Notes to Financial Statements.

115

TCW Core Fixed Income Fund

Financial Highlights — Plan Class


	March 2, 2020 (Commencement of Operations) through April 30, 2020 (Unaudited)
Net Asset Value per Share, Beginning of Period	$	11.72

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.05
Net Realized and Unrealized Gain on Investments		0.11

Total from Investment Operations		0.16

Less Distributions:
Distributions from Net Investment Income		(0.03	)

Total distributions		(0.03	)

Net Asset Value per Share, End of Period	$	11.85

Total Return		1.33	%⁽²⁾

Ratios/Supplemental Data:

Net assets, end of period (in thousands)	$	0.00	⁽³⁾

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		6735.70	% ⁽⁴⁾

After Expense Reimbursement		0.43	%⁽⁴⁾

Ratio of Net Investment Income to Average Net Assets		2.41	%⁽⁴⁾

Portfolio Turnover Rate		184.29	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period March 2, 2020 (Commencement of Operations) through April 30, 2020.

(3)

Amount Rounds to less than $1,000.

(4)

Annualized.

See accompanying Notes to Financial Statements.

116

TCW Enhanced Commodity Strategy Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	4.84		$	5.01		$	5.20		$	5.15		$	5.30		$	7.18

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.05			0.17			0.11			0.12			0.04			0.05
Net Realized and Unrealized Gain (Loss) on Investments		(1.11	)		(0.20	)		(0.20	)		0.10			(0.14	)		(1.87	)

Total from Investment Operations		(1.06	)		(0.03	)		(0.09	)		0.22			(0.10	)		(1.82	)

Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.14	)		(0.10	)		(0.11	)		(0.05	)		(0.06	)
Distributions from Net Realized Gain		(0.02	)		—			—			(0.06	)		—			—

Total Distributions		(0.11	)		(0.14	)		(0.10	)		(0.17	)		(0.05	)		(0.06	)

Net Asset Value per Share, End of Period	$	3.67		$	4.84		$	5.01		$	5.20		$	5.15		$	5.30

Total Return		(21.92	%) ⁽²⁾		(0.96	%)		(1.96	%)		4.55	%		(1.83	%)		(25.47	%)

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	575		$	740		$	1,208		$	758		$	725		$	1,443

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		15.27	% ⁽³⁾		17.82	%		11.53	%		16.65	%		9.74	%		7.82	%

After Expense Reimbursement		0.70	% ⁽³⁾		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%

Ratio of Net Investment Income to Average Net Assets		2.31	% ⁽³⁾		3.45	%		2.06	%		2.31	%		0.88	%		0.88	%

Portfolio Turnover Rate		42.08	% ⁽²⁾		122.23	%		75.52	%		0.00	%		2.44	%		10.68	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

117

TCW Enhanced Commodity Strategy Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	4.84		$	5.01		$	5.21		$	5.15		$	5.31		$	7.18

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.05			0.17			0.11			0.12			0.04			0.05
Net Realized and Unrealized Gain (Loss) on Investments		(1.12	)		(0.20	)		(0.21	)		0.11			(0.15	)		(1.86	)

Total from Investment Operations		(1.07	)		(0.03	)		(0.10	)		0.23			(0.11	)		(1.81	)

Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.14	)		(0.10	)		(0.11	)		(0.05	)		(0.06	)
Distributions from Net Realized Gain		(0.02	)		—			—			(0.06	)		—			—

Total Distributions		(0.11	)		(0.14	)		(0.10	)		(0.17	)		(0.05	)		(0.06	)

Net Asset Value per Share, End of Period	$	3.66		$	4.84		$	5.01		$	5.21		$	5.15		$	5.31

Total Return		(21.98	)% ⁽²⁾		(1.16	)%		(1.96	)%		4.55	%		(2.03	)%		(25.36	)%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	392		$	504		$	507		$	517		$	496		$	1,153

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		15.95	% ⁽³⁾		19.14	%		12.59	%		18.01	%		10.21	%		8.32	%

After Expense Reimbursement		0.75	% ⁽³⁾		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%

Ratio of Net Investment Income to Average Net Assets		2.26	% ⁽³⁾		3.57	%		2.02	%		2.26	%		0.83	%		0.83	%

Portfolio Turnover Rate		42.08	% ⁽²⁾		122.23	%		75.52	%		0.00	%		2.44	%		10.68	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

118

TCW Global Bond Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	10.26		$	9.45		$	9.75		$	9.88		$	9.85		$	10.26

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.12			0.24			0.19			0.17			0.20			0.19
Net Realized and Unrealized Gain (Loss) on Investments		(0.02	)		0.73			(0.43	)		(0.07	)		0.19			(0.49	)

Total from Investment Operations		0.10			0.97			(0.24	)		0.10			0.39			(0.30	)

Less Distributions:
Distributions from Net Investment Income		(0.07	)		(0.16	)		(0.05	)		(0.16	)		(0.22	)		(0.09	)
Distributions from Net Realized Gain		(0.24	)		—			(0.01	)		(0.07	)		(0.14	)		(0.02	)

Total Distributions		(0.31	)		(0.16	)		(0.06	)		(0.23	)		(0.36	)		(0.11	)

Net Asset Value per Share, End of Period	$	10.05		$	10.26		$	9.45		$	9.75		$	9.88		$	9.85

Total Return		0.98	% ⁽²⁾		10.42	%		(2.54	%)		1.07	%		4.03	%		(2.96	%)

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	9,577		$	9,384		$	8,505		$	8,714		$	8,648		$	7,878

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.65	% ⁽³⁾		1.79	%		1.63	%		1.60	%		1.48	%		1.37	%

After Expense Reimbursement		0.60	% ⁽³⁾		0.66	%		1.00	%		1.04	%		1.05	%		1.08	%

Ratio of Net Investment Income to Average Net Assets		2.31	% ⁽³⁾		2.48	%		1.99	%		1.75	%		2.02	%		1.92	%

Portfolio Turnover Rate		139.27	% ⁽²⁾		83.18	%		102.42	%		90.08	%		116.87	%		147.16	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

119

TCW Global Bond Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	10.26		$	9.45		$	9.75		$	9.88		$	9.85		$	10.26

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.11			0.24			0.19			0.17			0.20			0.19
Net Realized and Unrealized Gain (Loss) on Investments		(0.02	)		0.72			(0.43	)		(0.07	)		0.19			(0.49	)

Total from Investment Operations		0.09			0.96			(0.24	)		0.10			0.39			(0.30	)

Less Distributions:
Distributions from Net Investment Income		(0.06	)		(0.15	)		(0.05	)		(0.16	)		(0.22	)		(0.09	)
Distributions from Net Realized Gain		(0.24	)		—			(0.01	)		(0.07	)		(0.14	)		(0.02	)

Total Distributions		(0.30	)		(0.15	)		(0.06	)		(0.23	)		(0.36	)		(0.11	)

Net Asset Value per Share, End of Period	$	10.05		$	10.26		$	9.45		$	9.75		$	9.88		$	9.85

Total Return		0.96	% ⁽²⁾		10.32	%		(2.54	)%		1.07	%		4.03	%		(2.96	)%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	8,793		$	8,282		$	7,476		$	7,679		$	7,586		$	7,358

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.95	% ⁽³⁾		2.09	%		1.92	%		1.89	%		1.76	%		1.64	%

After Expense Reimbursement		0.70	% ⁽³⁾		0.74	%		1.00	%		1.04	%		1.05	%		1.08	%

Ratio of Net Investment Income to Average Net Assets		2.21	% ⁽³⁾		2.39	%		1.99	%		1.75	%		2.02	%		1.92	%

Portfolio Turnover Rate		139.27	% ⁽²⁾		83.18	%		102.42	%		90.08	%		116.87	%		147.16	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

120

TCW High Yield Bond Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	6.49		$	6.15		$	6.37		$	6.23		$	6.18		$	6.35

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.12			0.27			0.26			0.24			0.24			0.26
Net Realized and Unrealized Gain (Loss) on Investments		(0.16	)		0.36			(0.17	)		0.18			0.06			(0.15	)

Total from Investment Operations		(0.04	)		0.63			0.09			0.42			0.30			0.11

Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.29	)		(0.31	)		(0.28	)		(0.25	)		(0.28	)

Net Asset Value per Share, End of Period	$	6.31		$	6.49		$	6.15		$	6.37		$	6.23		$	6.18

Total Return		(0.63	%) ⁽²⁾		10.44	%		1.40	%		6.80	%		5.06	%		1.74	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	22,565		$	19,563		$	7,749		$	14,195		$	20,265		$	20,791

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.27	% ⁽³⁾		1.68	%		1.50	%		1.22	%		1.03	%		1.03	%

After Expense Reimbursement		0.55	% ⁽³⁾		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%

Ratio of Net Investment Income to Average Net Assets		3.85	% ⁽³⁾		4.18	%		4.13	%		3.85	%		3.88	%		4.11	%

Portfolio Turnover Rate		98.97	% ⁽²⁾		121.56	%		104.21	%		179.87	%		244.36	%		195.97	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

121

TCW High Yield Bond Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	6.54		$	6.19		$	6.42		$	6.28		$	6.23		$	6.41

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.12			0.25			0.25			0.23			0.22			0.25
Net Realized and Unrealized Gain (Loss) on Investments		(0.18	)		0.38			(0.18	)		0.18			0.07			(0.17	)

Total from Investment Operations		(0.06	)		0.63			0.07			0.41			0.29			0.08

Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.28	)		(0.30	)		(0.27	)		(0.24	)		(0.26	)

Net Asset Value per Share, End of Period	$	6.35		$	6.54		$	6.19		$	6.42		$	6.28		$	6.23

Total Return		(0.73	)% ⁽²⁾		10.16	%		1.04	%		6.59	%		4.82	%		1.34	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	7,157		$	9,923		$	5,041		$	6,934		$	7,526		$	15,910

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.70	% ⁽³⁾		2.05	%		1.98	%		1.65	%		1.40	%		1.38	%

After Expense Reimbursement		0.80	% ⁽³⁾		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%

Ratio of Net Investment Income to Average Net Assets		3.59	% ⁽³⁾		3.96	%		3.90	%		3.60	%		3.64	%		3.87	%

Portfolio Turnover Rate		98.97	% ⁽²⁾		121.56	%		104.21	%		179.87	%		244.36	%		195.97	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

122

TCW Short Term Bond Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	8.59		$	8.54		$	8.62		$	8.70		$	8.69		$	8.75

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.08			0.25			0.15			0.08			0.05			0.05
Net Realized and Unrealized Gain (Loss) on Investments		(0.03	)		0.07			(0.04	)		(0.01	)		0.02			(0.03	)

Total from Investment Operations		0.05			0.32			0.11			0.07			0.07			0.02

Less Distributions:
Distributions from Net Investment Income		(0.10	)		(0.27	)		(0.19	)		(0.15	)		(0.06	)		(0.08	)

Net Asset Value per Share, End of Period	$	8.54		$	8.59		$	8.54		$	8.62		$	8.70		$	8.69

Total Return		0.57	% ⁽²⁾		3.83	%		1.26	%		0.75	%		0.84	%		0.25	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	13,492		$	5,644		$	7,280		$	7,951		$	7,698		$	9,614

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		2.79	% ⁽³⁾		3.37	%		2.28	%		1.65	%		2.46	%		1.57	%

After Expense Reimbursement		0.44	% ⁽³⁾		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%

Ratio of Net Investment Income to Average Net Assets		1.95	% ⁽³⁾		2.94	%		1.70	%		0.96	%		0.58	%		0.53	%

Portfolio Turnover Rate		141.42	% ⁽²⁾		248.19	%		199.55	%		131.31	%		46.36	%		8.51	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

123

TCW Total Return Bond Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018				2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	10.07		$	9.46		$	9.98			$	10.33		$	10.28		$	10.31

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.15			0.34			0.31				0.27			0.26			0.25
Net Realized and Unrealized Gain (Loss) on Investments		0.37			0.68			(0.48	)			(0.20	)		0.11			(0.02	)

Total from Investment Operations		0.52			1.02			(0.17	)			0.07			0.37			0.23

Less Distributions:										��
Distributions from Net Investment Income		(0.18	)		(0.41	)		(0.35	)			(0.26	)		(0.25	)		(0.22	)
Distributions from Net Realized Gain		—			—			—				(0.16	)		(0.07	)		(0.04	)

Total Distributions		(0.18	)		(0.41	)		(0.35	)			(0.42	)		(0.32	)		(0.26	)

Net Asset Value per Share, End of Period	$	10.41		$	10.07		$	9.46			$	9.98		$	10.33		$	10.28

Total Return		5.24	%⁽²⁾		10.82	%		(1.67	%)			0.72	%		3.63	%		2.24	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	5,438,030		$	4,898,103		$	5,587,668			$	7,103,832		$	8,042,194		$	6,360,295

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.55	%⁽³⁾		0.62	%		0.62	%			0.61	%		0.60	%		0.60	%

After Expense Reimbursement		0.49	%⁽³⁾		0.49	%		0.49	%			0.49	%		0.49	%		0.49	%

Ratio of Net Investment Income to Average Net Assets		2.92	%⁽³⁾		3.47	%		3.20	%			2.73	%		2.55	%		2.46	%

Portfolio Turnover Rate		136.07	% ⁽²⁾		177.80	%		241.76	%			287.55	%		318.48	%		287.85	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

124

TCW Total Return Bond Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	10.37		$	9.76		$	10.29		$	10.65		$	10.60		$	10.64

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.14			0.32			0.29			0.25			0.24			0.23
Net Realized and Unrealized Gain (Loss) on Investments		0.39			0.69			(0.49	)		(0.21	)		0.11			(0.04	)

Total from Investment Operations		0.53			1.01			(0.20	)		0.04			0.35			0.19

Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.40	)		(0.33	)		(0.24	)		(0.23	)		(0.19	)
Distributions from Net Realized Gain		—			—			—			(0.16	)		(0.07	)		(0.04	)

Total Distributions		(0.17	)		(0.40	)		(0.33	)		(0.40	)		(0.30	)		(0.23	)

Net Asset Value per Share, End of Period	$	10.73		$	10.37		$	9.76		$	10.29		$	10.65		$	10.60

Total Return		5.19	%⁽²⁾		10.46	%		(1.96	)%		0.41	%		3.35	%		1.83	%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	939,701		$	963,512		$	1,121,741		$	1,902,308		$	2,762,803		$	2,399,850

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.85	%⁽³⁾		0.88	%		0.88	%		0.88	%		0.87	%		0.88	%

After Expense Reimbursement		0.76	%⁽³⁾		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%

Ratio of Net Investment Income to Average Net Assets		2.65	%⁽³⁾		3.16	%		2.89	%		2.42	%		2.25	%		2.17	%

Portfolio Turnover Rate		136.07	% ⁽²⁾		177.80	%		241.76	%		287.55	%		318.48	%		287.85	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

125

TCW Total Return Bond Fund

Financial Highlights — Plan Class


	March 2, 2020 (Commencement of Operations) through April 30, 2020 (Unaudited)
Net Asset Value per Share, Beginning of Period	$	10.33

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.06
Net Realized and Unrealized Gain on Investments		0.07

Total from Investment Operations		0.13

Less Distributions:
Distributions from Net Investment Income		(0.03	)

Net Asset Value per Share, End of Period	$	10.43

Total Return		1.22	%⁽²⁾

Ratios/Supplemental Data:

Net assets, end of period (in thousands)	$	0.00	⁽³⁾

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		6711.46	% ⁽⁴⁾

After Expense Reimbursement		0.43	%⁽⁴⁾

Ratio of Net Investment Income to Average Net Assets		3.12	%⁽³⁾

Portfolio Turnover Rate		136.07	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period March 2, 2020 (Commencement of Operations) through April 30, 2020.

(3)

Amount Rounds to less than $1,000.

(4)

Annualized.

See accompanying Notes to Financial Statements.

126

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2019 to April 30, 2020 (182 days).

Actual Expenses: The first line under each Fund in the table below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The second line under each Fund in the table below provides information about the hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


TCW Funds, Inc.	Beginning Account Value November 01, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio			Expenses Paid During Period (November 01, 2019 to April 30, 2020)
TCW Core Fixed Income Fund
I Class Shares
Actual	$	1,000.00	$	1,049.60		0.49	%	$	2.50
Hypothetical (5% return before expenses)		1,000.00		1,022.43		0.49	%		2.46

N Class Shares
Actual	$	1,000.00	$	1,048.50		0.68	%	$	3.46
Hypothetical (5% return before expenses)		1,000.00		1,021.48		0.68	%		3.42

Plan Class Shares
Actual	$	1,000.00	$	1,013.30		0.43	%	$	0.71	⁽¹⁾
Hypothetical (5% return before expenses)		1,000.00		1,022.73		0.43	%		2.16	⁽¹⁾

TCW Enhanced Commodity Strategy Fund
I Class Shares
Actual	$	1,000.00	$	780.80		0.70	%	$	3.10
Hypothetical (5% return before expenses)		1,000.00		1,021.38		0.70	%		3.52

N Class Shares
Actual	$	1,000.00	$	780.20		0.75	%	$	3.32
Hypothetical (5% return before expenses)		1,000.00		1,021.19		0.75	%		3.78

127

TCW Funds, Inc.

Shareholder Expenses (Unaudited) (Continued)


TCW Funds, Inc.	Beginning Account Value November 01, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio			Expenses Paid During Period (November 01, 2019 to April 30, 2020)

TCW Global Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,009.80		0.60	%	$	3.00
Hypothetical (5% return before expenses)		1,000.00		1,021.88		0.60	%		3.02

N Class Shares
Actual	$	1,000.00	$	1,009.60		0.70	%	$	3.50
Hypothetical (5% return before expenses)		1,000.00		1,021.38		0.70	%		3.52

TCW High Yield Bond Fund
I Class Shares
Actual	$	1,000.00	$	993.70		0.55	%	$	2.73
Hypothetical (5% return before expenses)		1,000.00		1,022.13		0.55	%		2.77

N Class Shares
Actual	$	1,000.00	$	992.70		0.80	%	$	3.96
Hypothetical (5% return before expenses)		1,000.00		1,020.89		0.80	%		4.02

TCW Short Term Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,005.70		0.44	%	$	2.19
Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.44	%		2.21

TCW Total Return Bond Fund
I Class Shares	$	1,000.00	$	1,052.40		0.49	%	$	2.50
Actual		1,000.00		1,022.43		0.49	%		2.46
Hypothetical (5% return before expenses)

N Class Shares	$	1,000.00	$	1,051.90		0.76	%	$	3.88
Actual		1,000.00		1,021.08		0.76	%		3.82
Hypothetical (5% return before expenses)

Plan Class Shares
Actual	$	1,000.00	$	1,012.20		0.43	%	$	0.71	⁽¹⁾
Hypothetical (5% return before expenses)		1,000.00		1,022.73		0.43	%		2.16	⁽¹⁾

⁽¹⁾

Actual expenses are calculated using the annualized expense ratio, multiplied by the average account value over the period from inception of the Fund on March 2, 2020 through April 30, 2020, multiplied by the number of days in the inception period and divided by the number of days in the year. Hypothetical expenses are calculated using the annualized expense ratio, multiplied by the average account value for the six months ended April 30, 2020, multiplied by the number of days in the six month period and divided by the number of days in the year.

128

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

The policies and procedures that the Company uses to determine how to vote proxies are available without charge. The Board has delegated the Company’s proxy voting authority to the Advisor.

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

By calling800-FUND-TCW(800-386-3829) to obtain a hard copy; or

By going to the SEC website at http://www.sec.gov.

By calling800-FUND-TCW(800-386-3829) to obtain a hard copy; or

By going to the SEC website at http://www.sec.gov.

The Company also discloses its proxy voting record on its website as soon as is reasonably practicable after its report on FormN-PX is filed with the SEC.

Availability of Quarterly Portfolio Schedule

129

LOGO

TCW Funds, Inc.

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

800 FUND TCW

(800 386 3829)

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Lincoln Street

Boston, Massachusetts 02111

DISTRIBUTOR

TCW Funds Distributors LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

DIRECTORS

Patrick C. Haden

Director and Chairman of the Board

Samuel P. Bell

Director

David S. DeVito

Director

Peter McMillan

Director

Victoria B. Rogers

Director

Marc I. Stern

Director

Andrew Tarica

Director

OFFICERS

David S. DeVito

President and Chief Executive Officer

Meredith S. Jackson

Senior Vice President,

General Counsel and Secretary

Richard M. Villa

Treasurer and Principal Financial and Accounting Officer

Jeffrey A. Engelsman

Chief Compliance Officer andAnti-Money Laundering Officer

Patrick W. Dennis

Vice President and Assistant Secretary

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

TCW FAMILY OF FUNDS

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

FIXED INCOME FUNDS

TCW Core Fixed Income Fund

TCW Enhanced Commodity Strategy Fund

TCW Global Bond Fund

TCW High Yield Bond Fund

TCW Short Term Bond Fund

TCW Total Return Bond Fund

INTERNATIONAL FUNDS

TCW Developing Markets Equity Fund

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Emerging Markets Multi-Asset Opportunities Fund

FUNDsarFI0420

APRIL 30

SEMI-ANNUAL

R E P O R T

INTERNATIONAL FUNDS

TCW Developing Markets Equity Fund

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Emerging Markets Multi-Asset Opportunities Fund

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds or your financial intermediary electronically by contacting your financial intermediary (such as a broker-dealer or bank) if you invest through a financial intermediary, or by calling 1-800-FUND-TCW (1-800-386-3829) if you invest directly with the Funds.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. You can call 1-800-FUND-TCW(1-800-386-3829), if you invest directly with the Funds, or contact your financial intermediary, if you invest though a financial intermediary, to inform the Funds or the financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held directly with TCW or through your financial intermediary.

TCW Funds, Inc.

Table of Contents


Letter to Shareholders			1

Performance Summary (Unaudited)			3

Schedules of Investments (Unaudited)			4

TCW Developing Markets Equity Fund			4

TCW Emerging Markets Income Fund			8

TCW Emerging Markets Local Currency Income Fund			17

TCW Emerging Markets Multi-Asset Opportunities Fund			23

Statements of Assets and Liabilities (Unaudited)			34

Statements of Operations (Unaudited)			36

Statements of Changes in Net Assets			37

Notes to Financial Statements (Unaudited)			39

Financial Highlights			61

Shareholder Expenses (Unaudited)			70

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule			72

To Our Valued Shareholders

LOGO

David S. DeVito

President, Chief Executive Officer and Director

Dear Valued Investors,

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2020 for the TCW Funds’ International Fixed Income and Equity Funds.

At the start of 2020, market sentiment was improving in anticipation of ade-escalation in U.S.-China trade relations. However, sentiment quickly turned as the spread ofCOVID-19 resulted in significant business shutdowns globally, resulting in an indiscriminate selling of financial assets in March 2020. Spreads on the JPMorgan EMBI Global Diversified Index were tight at approximately 290 basis points and widened to ~720 basis points, before partially retracing to ~610 basis points at the end of April. While at this point, there is still a lot we do not know — the duration of the virus and the extent of the economic closures — it appears that value has been created. That, combined with the aggressive policy stimulus from global Central Banks to prevent a deeper downturn, suggests to us that we are part of the way through the market recovery. Put differently, spreads appear to have bottomed, and prior periods with similar sell-offs have typically represented important buying opportunities on a six to twelve month view.

In our base case, economic recovery begins sometime in Q3 2020, but depending on the success of the public health response, especially in the U.S. and Europe, the recovery is likely to be more U than V shaped. Additionally, some lost GDP (e.g. tourism and various services) will not be recoverable. We project Emerging Markets growth to

outperform growth in the developed economies in both 2020 and 2021, thanks to policy stimulus and the relatively better outlook for China. Nonetheless, Emerging Markets growth is likely to be negative for the full year 2020, and we are monitoring any further potential economic downside from anti-China rhetoric. We do believe that growth has bottomed, but from here, we believe we need to see a slowdown in the growth rate of new coronavirus cases, wider testing capabilities, and gain some comfort that economies are opening back up before significantly adding beta to the portfolios.

In our view, the downside case is an economic downturn that extends much past the second quarter. In that scenario, we believe risk assets (not just Emerging Markets) would face considerably more pressure.

The underperformance in the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund was driven by positioning in March 2020. For the TCW Emerging Markets Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Funds, select oil and gas exposure hurt relative performance. In the TCW Emerging Markets Local Currency Income Fund, overweight positioning in EMFX relative to the dollar hurt relative performance. We have started to make back this underperformance in April.

For the TCW Developing Markets Equity Fund, outperformance was largely driven by underweight positioning to commodities and materials, which were among the worst performing sectors in the MSCI Daily Total Return Net Emerging Markets Index in the first quarter of 2020.

Fund Updates

Ray Prasad,co-portfolio manager of the Emerging Markets equity funds, left the firm on March 31, 2020. Andrey

Letter to Shareholders (Continued)

Glukhov has assumed sole portfolio manager responsibilities for the TCW Developing Markets Equity Fund and the equity portion of the TCW Emerging Markets Multi-Asset Opportunities Fund.

I look forward to further correspondence with you through our annual report later this year.

Sincerely,

LOGO

David S. DeVito

President, Chief Executive Officer and Director

TCW Funds, Inc.

Performance Summary (Unaudited)


						Total Return Annualized as of April 30, 2020⁽¹⁾
	NAV		Six Months Return as of April 30, 2020			1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Developing Markets Equity Fund
I Class	$	9.24		(8.14	)%		(7.87	)%		N/A			N/A			(1.05	)%		06/30/15
N Class	$	9.24		(8.14	)%		(7.87	)%		N/A			N/A			(1.05	)%		06/30/15
TCW Emerging Markets Income Fund
I Class	$	6.94		(14.83	)%		(10.74	)%		2.03	%		4.00	%		8.18	% ⁽²⁾		09/04/96	⁽³⁾
N Class	$	8.94		(14.84	)%		(10.86	)%		1.77	%		3.73	%		6.33	%		02/27/04
Plan Class	$	6.95		N/A			N/A			N/A			N/A			(16.37	)%		03/02/20
TCW Emerging Markets Local Currency Income Fund
I Class	$	8.01		(11.45	)%		(4.80	)%		0.05	%		N/A			0.23	%		12/14/10
N Class	$	7.99		(11.48	)%		(4.82	)%		0.02	%		N/A			0.19	%		12/14/10
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class	$	9.73		(11.20	)%		(9.52	)%		0.51	%		N/A			1.95	%		06/28/13
N Class	$	9.68		(11.28	)%		(9.67	)%		0.44	%		N/A			1.85	%		06/28/13

(1)

Past performance is not indicative of future performance.

(2)

Performance data includes the performance of the predecessor limited partnership for periods before the Fund’s registration became effective. The limited partnership was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and therefore was not subjected to certain investment restrictions that are imposed by the 1940 Act. If the limited partnership had been registered under the 1940 Act, the limited partnership’s performance may have been lower.

(3)

Inception date of the predecessor entity.

TCW Developing Markets Equity Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value

COMMON STOCK — 95.6% of Net Assets

Argentina — 1.1%(Cost: $45,449)

MercadoLibre, Inc.⁽¹⁾		90	$	52,516


Brazil — 4.0%

Arco Platform, Ltd.⁽¹⁾		1,100		55,242

B3 S.A. — Brasil Bolsa Balcao		3,600		25,550

CCR S.A.		13,500		30,799

Cia Siderurgica Nacional SA		13,100		21,683

JBS SA		8,000		35,232

Notre Dame Intermedica Participacoes SA		2,600		26,325


Total Brazil

(Cost: $230,650)				194,831


Chile — 0.4%(Cost: $15,797)

Latam Airlines Group SA(SP ADR)		4,800		18,240


China — 41.4%

Alibaba Group Holding, Ltd. (SP ADR)⁽¹⁾		2,084		422,364

China Construction Bank Corp. — Class H		35,000		28,094

China Gezhouba Group Co., Ltd.		23,900		21,866

China Merchants Bank Co., Ltd. — Class H		12,000		56,789

China Resources Cement Holdings, Ltd.		24,000		32,657

CITIC, Ltd.		18,000		18,695

Galaxy Entertainment Group, Ltd.		19,000		122,201

GDS Holdings, Ltd.(ADR)⁽¹⁾		700		40,124

Geely Automobile Holdings, Ltd.		48,000		74,666

Greentown Service Group Co., Ltd.		20,000		26,321

Guangzhou R&F Properties Co., Ltd. — Class H		16,400		20,826

Hesteel Co., Ltd.		70,200		20,309

Huazhu Group, Ltd. (ADR)		400		14,404

Kingboard Holdings, Ltd.		8,000		19,517

KWG Property Holdings, Ltd.⁽¹⁾		15,500		22,929

Maanshan Iron & Steel Co., Ltd.		56,923		21,040

Meituan Dianping — Class B⁽¹⁾		3,200		42,846

MMG, Ltd.⁽¹⁾		104,000		17,998

New Oriental Education & Technology Group, Inc. (SP ADR)⁽¹⁾		200		25,532

Ping An Insurance Group Co. of China, Ltd. — Class H		9,150		93,115

Shanghai International Airport Co., Ltd.		2,800		27,770

Sichuan Swellfun Co., Ltd.		12,646		81,914

Sino Biopharmaceutical, Ltd.		21,000		30,610

Tencent Holdings, Ltd.		8,000		420,564

Tus Environmental Science And Technology Development Co., Ltd.		18,100		20,422

WuXi AppTec Co., Ltd. — Class H⁽¹⁾		4,260		60,061

Wuxi Biologics, Inc.⁽¹⁾		6,500		101,184

Yanzhou Coal Mining Co., Ltd. — Class H		22,000		16,715

Yuexiu Property Co., Ltd.		102,000		19,394

Yuzhou Properties Co., Ltd.		63,000		26,841


Issues	Shares		Value

China (Continued)

Zhongsheng Group Holdings, Ltd.		10,500	$	42,145


Total China

(Cost: $1,596,232)				1,989,913


Egypt —1.3%(Cost: $57,271)

Commercial International Bank Egypt SAE		14,867		60,529


France —1.4%(Cost: $62,966)

Hermes International		90		65,763


Greece — 1.6%

Alpha Bank AE⁽¹⁾		58,135		42,430

Piraeus Bank S.A.⁽¹⁾		24,395		32,544


Total Greece

(Cost: $143,715)				74,974


Hungary —1.6%(Cost: $65,329)

Richter Gedeon Nyrt		3,624		77,633


India — 3.0%

Affle India Private, Ltd.⁽¹⁾		1,000		19,130

Reliance Industries, Ltd.		4,107		79,743

Shriram Transport Finance Co., Ltd.		2,500		25,940

Vedanta, Ltd.		18,000		20,806


Total India

(Cost: $148,881)				145,619


Indonesia — 0.4%(Cost: $28,696)

Bank Central Asia Tbk PT		12,600		21,826


Kenya — 2.3%(Cost: $103,864)

Safaricom, Ltd.		414,100		111,433


Malaysia — 0.4%(Cost: $17,198)

Genting BHD		18,000		17,408


Mexico — 1.6%

Cemex S.A.B. de C.V.⁽¹⁾		7,500		15,900

Genomma Lab Internacional S.A.B. de C.V. — Class B⁽¹⁾		75,200		60,640


Total Mexico

(Cost: $89,544)				76,540


Panama — 0.5%(Cost: $22,984)

Copa Holdings S.A.		500		22,105


Philippines — 1.7%

BDO Unibank, Inc.		18,600		36,599

Wilcon Depot, Inc.		162,100		46,933


Total Philippines

(Cost: $108,285)				83,532


Russia — 4.7%

LUKOIL PJSC (SP ADR)		583		37,644

Sberbank of Russia PJSC		20,090		53,186

X5 Retail Group NV		2,219		65,505

See accompanying Notes to Financial Statements.

TCW Developing Markets Equity Fund

April 30, 2020


Issues	Shares		Value

Russia (Continued)

Yandex N.V.⁽¹⁾		1,900	$	71,782


Total Russia

(Cost: $234,491)				228,117


South Africa — 1.9%

Capitec Bank Holdings, Ltd.		258		12,694

Clicks Group, Ltd.		3,686		46,305

FirstRand, Ltd.		13,710		30,200


Total South Africa

(Cost: $115,697)				89,199


South Korea — 7.8%

CJ CheilJedang Corp.		100		22,495

Daewoo Shipbuilding & Marine Engineering Company, Limited⁽¹⁾		1,300		18,313

Doosan Bobcat, Inc.⁽¹⁾		1,000		19,355

Fila Holdings Corp.		900		25,731

Kakao Corp.		150		22,668

NCSoft Corp.		50		26,493

Samsung Electronics Co., Ltd.		4,109		168,952

Samwha Capacitor Co., Ltd.		500		19,994

Shinsegae, Inc.		237		51,416


Total South Korea

(Cost: $354,407)				375,417


Switzerland — 0.7%(Cost: $25,202)

Wizz Air Holdings PLC⁽¹⁾		890		32,212


Taiwan — 13.3%

Accton Technology Corp.		10,000		72,491

ASPEED Technology, Inc.		1,000		39,544

Chailease Holding Co., Ltd.		19,000		72,188

Eva Airways Corp.		59,000		22,690

Taiwan Semiconductor Manufacturing Co., Ltd.		33,000		332,897

Taiwan Union Technology Corp.		14,000		63,117

Yageo Corp.		3,000		38,815


Total Taiwan

(Cost: $486,371)				641,742


Turkey — 0.3%(Cost: $16,432)

Turkiye Sise ve Cam Fabrikalari A.S.		22,973		15,941


United Kingdom — 0.6%(Cost: $22,876)

Genus PLC		650		27,967


United States — 3.6%

Applied Materials, Inc.		1,300		64,584

MSCI, Inc.		250		81,750

Western Digital Corp.		600		27,648


Total United States

(Cost: $135,199)				173,982


Total Common Stock

(Cost: $4,127,536)				4,597,439


Issues	Shares		Value

PREFERRED STOCK — 0.9%

Brazil — 0.5%(Cost: $21,321)

Centrais Eletricas Brasileiras S.A., 3.48%		4,500	$	23,143


South Korea — 0.4%(Cost: $16,390)

LG Household & Health Care, Ltd., 0.72%		30		17,836


Total Preferred Stock

(Cost: $37,711)				40,979


MONEY MARKET INVESTMENTS — 4.8%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22%⁽²⁾		232,328		232,328


Total Money Market Investments

(Cost: $232,328)				232,328


Total Investments (101.3%)

(Cost: $4,397,575)				4,870,746

Liabilities in Excess of Other Assets(-1.3%)				(62,292	)


Total Net Assets (100.0%)			$	4,808,454

Notes to the Schedule of Investments:

ADR

American Depositary Receipt. ADRs are receipts typically issued by a U.S. bank or trust company, evidencing ownership of underlying securities issued by a foreign corporation.

PJSC

Private Joint-Stock Company.

SP ADR

(1)

Non-income producing security.

(2)

Rate disclosed is the7-day net yield as of April 30, 2020.

See accompanying Notes to Financial Statements.

TCW Developing Markets Equity Fund

Investments by Sector (Unaudited)


Sector	Percentage of Net Assets
Airlines		2.1	%
Automobiles		1.6
Banks		7.2
Beverages		1.7
Biotechnology		0.6
Capital Markets		2.2
Commercial Services & Supplies		0.9
Communications Equipment		1.5
Construction & Engineering		0.5
Construction Materials		1.0
Consumer Finance		0.5
Diversified Consumer Services		1.7
Diversified Financial Services		2.1
Electric Utilities		0.5
Electronic Equipment, Instruments & Components		2.9
Entertainment		0.5
Food & Staples Retailing		2.3
Food Products		1.2
Health Care Providers & Services		0.5
Hotels, Restaurants & Leisure		3.2
IT Services		0.8
Industrial Conglomerates		0.7
Insurance		1.9
Interactive Media & Services		20.6
Internet & Direct Marketing Retail		0.9
Life Sciences Tools & Services		3.4
Machinery		0.8
Media		0.4
Metals & Mining		2.1
Multiline Retail		1.1
Oil, Gas & Consumable Fuels		2.9
Personal Products		0.4
Pharmaceuticals		3.5
Real Estate Management & Development		1.9
Semiconductors & Semiconductor Equipment		9.0
Specialty Retail		1.9
Technology Hardware, Storage & Peripherals		4.1
Textiles, Apparel & Luxury Goods		1.9
Transportation Infrastructure		1.2
Wireless Telecommunication Services		2.3
Money Market Investments		4.8

Total		101.3	%

See accompanying Notes to Financial Statements.

TCW Developing Markets Equity Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Airlines	$	40,345	$	54,903	$	—	$	95,248
Automobiles		—		74,666		—		74,666
Banks		—		344,690		—		344,690
Beverages		—		81,914		—		81,914
Biotechnology		—		27,966		—		27,966
Capital Markets		107,300		—		—		107,300
Commercial Services & Supplies		—		46,743		—		46,743
Communications Equipment		—		72,491		—		72,491
Construction & Engineering		—		21,866		—		21,866
Construction Materials		15,900		32,657		—		48,557
Consumer Finance		—		25,940		—		25,940
Diversified Consumer Services		80,774		—		—		80,774
Diversified Financial Services		—		102,388		—		102,388
Electronic Equipment, Instruments & Components		—		141,443		—		141,443
Entertainment		—		26,492		—		26,492
Food & Staples Retailing		111,810		—		—		111,810
Food Products		35,232		22,495		—		57,727
Health Care Providers & Services		26,325		—		—		26,325
Hotels, Restaurants & Leisure		14,404		139,609		—		154,013
IT Services		40,124		—		—		40,124
Industrial Conglomerates		15,941		18,695		—		34,636
Insurance		—		93,115		—		93,115
Interactive Media & Services		546,662		443,232		—		989,894
Internet & Direct Marketing Retail		—		42,846		—		42,846
Life Sciences Tools & Services		—		161,245		—		161,245
Machinery		—		37,668		—		37,668
Media		—		19,130		—		19,130
Metals & Mining		21,683		80,153		—		101,836
Multiline Retail		—		51,416		—		51,416
Oil, Gas & Consumable Fuels		37,644		96,459		—		134,103
Pharmaceuticals		60,640		108,243		—		168,883
Real Estate Management & Development		—		89,990		—		89,990
Semiconductors & Semiconductor Equipment		64,584		372,441		—		437,025
Specialty Retail		—		89,078		—		89,078
Technology Hardware, Storage & Peripherals		27,648		168,952		—		196,600
Textiles, Apparel & Luxury Goods		—		91,495		—		91,495
Transportation Infrastructure		30,799		27,770		—		58,569
Wireless Telecommunication Services		—		111,433		—		111,433

Total Common Stock		1,277,815		3,319,624		—		4,597,439

Preferred Stock
Electric Utilities		23,143		—		—		23,143
Personal Products		—		17,836		—		17,836

Total Preferred Stock		23,143		17,836		—		40,979

Money Market Investments		232,328		—		—		232,328

Total Investments	$	1,533,286	$	3,337,460	$	—	$	4,870,746

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited)


Issues	Maturity Date			Principal Amount		Value

FIXED INCOME SECURITIES — 96.5% of Net Assets

Angola — 0.9%

Angolan Government International Bond

8.25%⁽¹⁾		05/09/28		$	49,804,000	$	22,217,565

9.13%⁽¹⁾		11/26/49			20,765,000		9,087,932

9.38%⁽¹⁾		05/08/48			38,190,000		16,714,092


Total Angola

(Cost: $117,873,007)							48,019,589


Argentina — 1.0%

Argentine Republic Government International Bond

5.88%		01/11/28			102,981,000		26,085,087

6.88%		01/26/27			103,879,000		26,490,184


Total Argentina

(Cost: $126,886,445)							52,575,271


Armenia — 0.3%(Cost: $22,175,000)

Ardshinbank CJSC

6.50%⁽¹⁾		01/28/25			22,175,000		19,015,063


Bahrain — 2.6%

Bahrain Government International Bond

5.63%⁽¹⁾		09/30/31			55,045,000		49,685,268

6.00%⁽²⁾		09/19/44	��		28,585,000		24,391,581

6.75%⁽²⁾		09/20/29			41,490,000		40,413,853

7.50%⁽²⁾		09/20/47			31,915,000		30,611,272


Total Bahrain

(Cost: $159,890,106)							145,101,974


Brazil — 6.6%

Andrade Gutierrez International S.A.

9.50%⁽¹⁾		12/30/24			28,201,000		19,458,690

Banco BTG Pactual S.A.

7.75% (5 year U.S. Treasury Constant Maturity Rate + 5.257%)⁽¹⁾⁽³⁾		02/15/29			15,495,000		14,323,578

Banco do Brasil S.A.

6.25% (10 year U.S. Treasury Constant Maturity Rate + 4.398%) ^(2)(3)(4)		04/15/24			46,267,000		38,170,275

CSN Islands XI Corp.

6.75%⁽¹⁾		01/28/28			27,425,000		18,066,219

CSN Islands XII Corp.

7.00%⁽²⁾⁽⁴⁾		06/23/20			20,188,000		12,393,539

Globo Comunicacao e Participacoes S.A.

4.88%⁽¹⁾		01/22/30			36,850,000		33,130,453

Klabin Austria GmbH

7.00%⁽¹⁾		04/03/49			46,800,000		45,805,500

MV24 Capital B.V.

6.75%⁽¹⁾		06/01/34			27,895,637		23,763,596


Issues	Maturity Date		Principal Amount		Value

Brazil (Continued)

Petrobras Global Finance B.V.

6.85%		06/05/15	$	114,228,000	$	107,522,817

Petrobras Global Finance B.V.

5.75%		02/01/29		19,885,000		18,965,319

Prumo Participacoes e Investimentos S/A

7.50%⁽¹⁾		12/31/31		15,941,193		14,187,662

Usiminas International S.A.R.L.

5.88%⁽¹⁾		07/18/26		17,030,000		15,140,734


Total Brazil

(Cost: $416,055,698)						360,928,382


Chile — 3.3%

AES Gener S.A.

7.13% (USD 5 Year Swap rate + 4.644%) ⁽¹⁾⁽³⁾		03/26/79		28,054,000		26,920,618

Chile Government International Bond

2.55%		01/27/32		28,670,000		28,858,147

3.50%		01/25/50		28,350,000		29,116,336

3.86%		06/21/47		31,165,000		33,854,851

Corp. Nacional del Cobre de Chile

3.15%⁽¹⁾		01/14/30		27,560,000		26,767,650

3.70%⁽¹⁾		01/30/50		16,290,000		14,874,806

Inversiones CMPC S.A.

3.85%⁽¹⁾		01/13/30		8,255,000		7,976,807

Latam Finance, Ltd.

7.00%⁽¹⁾		03/01/26		30,287,000		12,677,835


Total Chile

(Cost: $205,515,321)						181,047,050


China — 3.8%

China Aoyuan Group Ltd.

7.95%⁽²⁾		02/19/23		6,200,000		6,313,460

China Evergrande Group

8.25%⁽²⁾		03/23/22		50,656,000		45,218,395

9.50%⁽²⁾		04/11/22		11,589,000		10,451,829

Fantasia Holdings Group Co. Ltd.

7.38%⁽²⁾		10/04/21		32,500,000		31,037,500

10.88%⁽²⁾		01/09/23		5,500,000		5,280,794

12.25%⁽²⁾		10/18/22		900,000		891,000

Kaisa Group Holdings, Ltd.

8.50%⁽²⁾		06/30/22		46,660,000		43,561,776

11.95%⁽²⁾		11/12/23		6,620,000		6,351,890

New Metro Global, Ltd.

6.50%⁽²⁾		04/23/21		25,080,000		24,981,937

Ronshine China Holdings, Ltd.

8.75%⁽²⁾		10/25/22		17,571,000		17,623,713

Sunac China Holdings, Ltd.

7.88%⁽²⁾		02/15/22		17,800,000		17,959,612


Total China

(Cost: $211,494,788)						209,671,906

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

Colombia — 3.4%

Bancolombia S.A.

4.63% (5 year Treasury Constant Maturity Rate + 2.944%)⁽³⁾		12/18/29	$	29,362,000	$	25,526,589

Colombia Government International Bond

3.00%		01/30/30		50,190,000		45,386,817

3.88%		04/25/27		6,390,000		6,315,237

Ecopetrol S.A.

5.88%		05/28/45		38,095,000		34,422,642

6.88%		04/29/30		22,670,000		23,293,425

Geopark, Ltd.

5.50%⁽¹⁾		01/17/27		12,250,000		7,944,125

Grupo Aval, Ltd.

4.38%⁽¹⁾		02/04/30		24,875,000		20,865,150

Millicom International Cellular S.A.

6.25%⁽¹⁾		03/25/29		22,980,000		22,627,257


Total Colombia

(Cost: $205,107,875)						186,381,242


Costa Rica — 0.9%

Costa Rica Government International Bond

6.13%⁽¹⁾		02/19/31		43,410,000		35,366,127

7.00%⁽²⁾		04/04/44		15,549,000		11,950,961


Total Costa Rica

(Cost: $59,813,025)						47,317,088


Dominican Republic — 3.6%

Dominican Republic International Bond

4.50%⁽¹⁾		01/30/30		62,105,000		51,780,044

5.88%⁽¹⁾		01/30/60		39,191,000		31,744,710

5.95%⁽¹⁾		01/25/27		30,636,000		27,832,806

6.00%⁽¹⁾		07/19/28		9,658,000		8,776,707

6.40%⁽¹⁾		06/05/49		85,625,000		71,068,750

7.50%⁽²⁾		05/06/21		5,166,667		5,165,117


Total Dominican Republic

(Cost: $229,890,180)						196,368,134


Ecuador — 0.8%

Ecuador Government International Bond

7.88%⁽¹⁾⁽⁵⁾		03/27/25		32,475,000		9,417,750

7.88%⁽¹⁾⁽⁵⁾		01/23/28		47,879,000		13,765,213

8.88%⁽²⁾⁽⁵⁾		10/23/27		39,528,000		11,463,515

9.50%⁽¹⁾⁽⁵⁾		03/27/30		28,900,000		8,525,500


Total Ecuador

(Cost: $138,064,684)						43,171,978


Egypt — 3.5%

Egypt Government International Bond

7.05%⁽¹⁾		01/15/32		87,704,000		78,564,892

7.60%⁽¹⁾		03/01/29		19,435,000		18,556,538

Issues

Maturity
Date

Principal
Amount

Value

Egypt (Continued)

8.50%⁽²⁾

01/31/47

55,039,000

49,483,501

8.70%⁽¹⁾

03/01/49

52,422,000

47,335,428

Total Egypt

(Cost: $217,755,584)

193,940,359

El Salvador — 1.0%

El Salvador Government International Bond

5.88%⁽²⁾

01/30/25

41,596,000

33,614,768

7.12%⁽¹⁾

01/20/50

29,134,000

22,433,180

Total El Salvador

(Cost: $67,677,900)

56,047,948

Ghana — 1.9%

Ghana Government International Bond

7.88%⁽¹⁾

02/11/35

21,250,000

16,126,625

8.13%⁽¹⁾

03/26/32

55,970,000

42,878,617

8.95%⁽¹⁾

03/26/51

57,755,000

44,117,947

Total Ghana

(Cost: $135,444,477)

103,123,189

Guatemala — 0.6%

Guatemala Government Bond

5.38%⁽¹⁾

04/24/32

12,040,000

12,455,380

6.13%⁽¹⁾

06/01/50

19,935,000

20,877,926

Total Guatemala

(Cost: $31,973,405)

33,333,306

India — 2.4%

Adani Ports & Special Economic Zone, Ltd.

4.38%⁽¹⁾

07/03/29

17,685,000

15,280,302

Delhi International Airport, Ltd.

6.45%⁽¹⁾

06/04/29

23,255,000

20,262,081

Greenko Mauritius, Ltd.

6.25%⁽¹⁾

02/21/23

19,680,000

18,450,006

Neerg Energy, Ltd.

6.00%⁽¹⁾

02/13/22

16,347,000

14,906,421

Network i2i, Ltd.

5.65% (5 year Treasury Constant Maturity Rate + 4.274%)^(2)(3)(4)

01/15/25

30,335,000

27,396,297

ReNew Power, Ltd.

6.45%⁽¹⁾

09/27/22

15,475,000

13,608,328

Shriram Transport Finance Co., Ltd.

5.10%⁽¹⁾

07/16/23

20,165,000

15,605,693

Vedanta Resources Finance II PLC

9.25%⁽²⁾

04/23/26

6,076,000

2,470,502

Vedanta Resources PLC

6.13%⁽²⁾

08/09/24

19,158,000

6,904,543

Total India

(Cost: $166,544,572)

134,884,173

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Indonesia — 6.9%

Freeport-McMoRan, Inc.

5.40%		11/14/34	$	17,150,000	$	16,206,750

Indonesia Asahan Aluminium Persero PT

5.71%⁽²⁾		11/15/23		12,000,000		12,388,125

6.53%⁽¹⁾		11/15/28		29,163,000		31,714,762

6.76%⁽¹⁾		11/15/48		48,162,000		52,684,412

Indonesia Government International Bond

3.85%		10/15/30		30,800,000		32,136,720

4.20%		10/15/50		28,125,000		28,757,812

Minejesa Capital B.V.

4.63%⁽²⁾		08/10/30		27,133,000		26,132,471

5.63%⁽¹⁾		08/10/37		43,660,000		41,640,725

Pertamina Persero PT

4.15%⁽¹⁾		02/25/60		35,950,000		30,180,025

5.63%⁽²⁾		05/20/43		7,995,000		8,231,926

Perusahaan Penerbit SBSN Indonesia III

4.15%⁽²⁾		03/29/27		70,605,000		74,135,250

Saka Energi Indonesia PT

4.45%⁽¹⁾		05/05/24		26,094,000		22,930,103


Total Indonesia

(Cost: $376,621,882)						377,139,081


Iraq — 0.4%(Cost: $24,702,573)

Iraq International Bond

5.80%⁽²⁾		01/15/28		30,361,000		22,315,335


Israel — 1.8%

Israel Government International Bond

2.75%		07/03/30		28,780,000		30,286,453

3.88%		07/03/50		27,350,000		30,388,585

4.50%		04/03/20		30,625,000		35,984,375


Total Israel

(Cost: $88,798,905)						96,659,413


Ivory Coast — 1.5%

Ivory Coast Government International Bond

5.88%⁽¹⁾		10/17/31	EUR	28,285,000		25,404,056

6.88%⁽¹⁾		10/17/40	EUR	62,550,000		56,528,431


Total Ivory Coast

(Cost: $102,847,727)						81,932,487


Jamaica — 0.5%

Jamaica Government International Bond

7.88%		07/28/45	$	15,475,000		16,403,500

8.00%		03/15/39		10,912,000		11,633,283


Total Jamaica

(Cost: $28,112,159)						28,036,783


Kazakhstan — 1.5%(Cost: $90,417,588)

KazMunayGas National Co. JSC

5.38%⁽¹⁾		04/24/30		81,780,000		81,356,134


Issues	Maturity Date		Principal Amount		Value

Kenya — 1.0%

Kenya Government International Bond

8.00%⁽¹⁾		05/22/32	$	42,102,000	$	38,332,187

8.25%⁽²⁾		02/28/48		19,485,000		17,551,114


Total Kenya

(Cost: $64,738,552)						55,883,301


Lebanon — 0.5%(Cost: $38,908,368)

Lebanon Government International Bond

8.25%⁽⁵⁾		05/17/34		139,956,000		25,192,080


Malaysia — 0.8%

Petronas Capital, Ltd.

3.50%⁽¹⁾		04/21/30		21,525,000		22,622,775

4.55%⁽¹⁾		04/21/50		17,590,000		19,486,078


Total Malaysia

(Cost: $38,842,924)						42,108,853


Mexico — 7.8%

Aerovias De Mexico S.A.

7.00%⁽¹⁾		02/05/25		30,845,000		11,816,720

Alpek SAB de CV

4.25%⁽¹⁾		09/18/29		19,825,000		17,306,605

Banco Mercantil del Norte S.A.

6.88% (5 year U.S. Treasury Constant Maturity Rate + 5.035%) ^(1)(3)(4)		07/06/22		14,020,000		11,126,412

Banco Mercantil del Norte S.A.

7.50% (10 year Treasury Constant Maturity Rate + 5.470%)^(1)(3)(4)		06/27/29		19,900,000		16,367,750

Banco Santander Mexico S.A.

5.38%⁽¹⁾		04/17/25		19,235,000		19,775,504

Braskem Idesa SAPI

7.45%⁽¹⁾		11/15/29		32,825,000		24,544,894

Industrias Penoles SAB de CV

5.65%⁽¹⁾		09/12/49		39,206,000		37,564,249

Mexico Government International Bond

4.75%		04/27/32		21,325,000		21,561,707

5.00%		04/27/51		11,610,000		11,186,235

Petroleos Mexicanos

5.13%⁽²⁾		03/15/23	EUR	16,435,000		16,303,735

5.35%		02/12/28	$	78,440,000		58,830,000

5.95%⁽¹⁾		01/28/31		84,420,000		61,567,506

6.38%		01/23/45		58,810,000		39,814,370

6.49%⁽¹⁾		01/23/27		19,520,000		15,877,568

6.50%		03/13/27		9,630,000		7,837,857

6.63%		06/15/35		43,592,000		31,004,810

6.88%		08/04/26		21,242,000		17,664,847

Southern Copper Corp.

5.88%		04/23/45		6,430,000		7,319,550

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

Mexico (Continued)

Unifin Financiera SAB de CV

8.38%⁽¹⁾		01/27/28	$	3,450,000	$	1,638,750


Total Mexico

(Cost: $524,598,084)						429,109,069


Mongolia — 0.2%(Cost: $10,784,844)

Development Bank of Mongolia LLC

7.25%⁽¹⁾		10/23/23		11,025,000		9,725,153


Nigeria — 2.7%

IHS Netherlands Holdco BV

7.13%⁽¹⁾		03/18/25		26,675,000		24,311,595

Nigeria Government International Bond

7.14%⁽¹⁾		02/23/30		23,470,000		17,884,873

7.63%⁽²⁾		11/28/47		48,190,000		35,660,600

7.70%⁽¹⁾		02/23/38		67,630,000		50,479,455

7.88%⁽²⁾		02/16/32		23,275,000		17,796,065


Total Nigeria

(Cost: $187,477,066)						146,132,588


Oman — 0.8%

Oman Government International Bond

5.63%⁽¹⁾		01/17/28		15,765,000		12,119,344

6.75%⁽²⁾		01/17/48		47,811,000		34,132,273


Total Oman

(Cost: $58,054,571)						46,251,617


Panama — 2.6%

Aeropuerto Internacional de Tocumen S. A.

6.00%⁽¹⁾		11/18/48		11,915,000		12,206,917

C&W Senior Financing DAC

6.88%⁽¹⁾		09/15/27		13,734,000		13,699,665

Global Bank Corp.

5.25% (3 mo. USD LIBOR + 3.300%)⁽¹⁾⁽³⁾		04/16/29		36,645,000		34,570,893

Panama Government International Bond

3.16%		01/23/30		39,585,000		40,630,044

3.87%		07/23/60		12,500,000		13,082,500

4.50%		04/01/56		23,355,000		26,391,150


Total Panama

(Cost: $136,117,316)						140,581,169


Paraguay — 1.3%

Paraguay Government International Bond

4.95%⁽¹⁾		04/28/31		13,750,000		14,239,500

5.40%⁽¹⁾		03/30/50		19,630,000		20,415,200

5.60%⁽²⁾		03/13/48		23,067,000		24,305,698

Telefonica Celular del Paraguay S.A.

5.88%⁽¹⁾		04/15/27		12,765,000		12,584,694


Total Paraguay

(Cost: $68,948,754)						71,545,092


Issues	Maturity Date		Principal Amount		Value

Peru — 0.8%

Nexa Resources S.A.

5.38%⁽²⁾		05/04/27	$	14,488,000	$	13,431,825

Peruvian Government International Bond

2.39%		01/23/26		10,815,000		11,004,262

2.78%		01/23/31		18,000,000		18,594,000


Total Peru

(Cost: $43,154,521)						43,030,087


Philippines — 0.6%

Philippine Government International Bond

2.46%		05/05/30		16,700,000		17,071,592

2.95%		05/05/45		13,700,000		14,145,250


Total Philippines

(Cost: $30,400,000)						31,216,842


Qatar — 2.9%

Qatar Government International Bond

3.40%⁽¹⁾		04/16/25		10,325,000		11,018,711

3.75%⁽¹⁾		04/16/30		80,010,000		87,538,941

4.40%⁽¹⁾		04/16/50		55,645,000		63,457,558


Total Qatar

(Cost: $153,291,162)						162,015,210


Romania — 1.2%

Romanian Government International Bond

3.38%⁽²⁾		01/28/50	EUR	30,518,000		28,616,308

4.63%⁽²⁾		04/03/49	EUR	34,460,000		38,121,473


Total Romania

(Cost: $69,660,593)						66,737,781


Russia — 0.6%

Credit Bank of Moscow Via CBOM Finance PLC

4.70%⁽¹⁾		01/29/25	$	22,250,000		21,300,898

Sovcombank Via SovCom Capital DAC

7.75% (5 year Treasury Constant Maturity Rate + 6.38%)^(1)(3)(4)		05/06/25		15,400,000		12,945,625


Total Russia

(Cost: $37,786,350)						34,246,523


Saudi Arabia — 4.4%

Saudi Arabian Oil Co.

4.25%⁽¹⁾		04/16/39		38,440,000		40,046,792

Saudi Government International Bond

2.75%⁽¹⁾		02/03/32		32,580,000		31,439,700

2.90%⁽¹⁾		10/22/25		17,750,000		18,016,250

3.25%⁽¹⁾		10/22/30		20,337,000		20,621,718

3.75%⁽¹⁾		01/21/55		97,642,000		89,830,640

4.50%⁽¹⁾		04/22/60		44,508,000		44,530,236


Total Saudi Arabia

(Cost: $250,147,255)						244,485,336

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

South Africa — 1.6%

Eskom Holdings SOC, Ltd.

6.75%⁽²⁾		08/06/23	$	33,346,000	$	25,197,238

7.13%⁽²⁾		02/11/25		46,305,000		34,149,937

SASOL Financing USA LLC

6.50%		09/27/28		11,590,000		7,649,400

South Africa Government Bond

4.30%		10/12/28		25,051,000		21,168,095


Total South Africa

(Cost: $116,440,119)						88,164,670


Sri Lanka — 2.4%

Sri Lanka Government Bond

5.75%⁽¹⁾		04/18/23		59,135,000		36,072,350

6.75%⁽²⁾		04/18/28		52,398,000		30,128,702

6.83%⁽²⁾		07/18/26		20,450,000		11,899,344

6.85%⁽¹⁾		03/14/24		27,982,000		17,067,271

7.55%⁽¹⁾		03/28/30		46,445,000		26,622,274

7.85%⁽¹⁾		03/14/29		20,265,000		11,956,350


Total Sri Lanka

(Cost: $218,375,973)						133,746,291


Tanzania — 0.2%(Cost: $13,118,419)

HTA Group, Ltd.

9.13%⁽²⁾		03/08/22		12,829,000		12,957,290


Turkey — 4.2%

Turkey Government International Bond

4.88%		10/09/26		107,175,000		94,528,350

4.88%		04/16/43		28,120,000		20,462,333

5.13%		02/17/28		37,600,000		32,771,972

5.25%		03/13/30		62,797,000		52,346,951

5.75%		05/11/47		21,965,000		16,750,509

Turkiye Vakiflar Bankasi TAO

5.25%⁽¹⁾		02/05/25		13,245,000		12,022,487


Total Turkey

(Cost: $242,671,869)						228,882,602


Ukraine — 4.7%

Metinvest B.V.

7.75%⁽¹⁾		10/17/29		43,555,000		28,480,887

Ukraine Government International Bond

0.00%^(2)(6)(7)		05/31/40		105,745,000		78,676,078

4.38%⁽²⁾		01/27/30	EUR	10,875,000		9,252,765

7.38%⁽²⁾		09/25/32	$	61,315,000		54,584,452

7.75%⁽²⁾		09/01/22		16,325,000		15,627,269

7.75%⁽²⁾		09/01/26		38,415,000		35,634,100

7.75%⁽²⁾		09/01/27		39,841,000		36,892,766


Total Ukraine

(Cost: $301,083,679)						259,148,317


Issues	Maturity Date		Principal Amount		Value

United Arab Emirates — 3.1%

Abu Dhabi Government International Bond

2.50%⁽¹⁾		09/30/29	$	42,250,000	$	43,066,692

3.13%⁽¹⁾		09/30/49		88,920,000		85,852,260

3.13%⁽¹⁾		04/16/30		16,665,000		17,793,221

DP World PLC

4.70%⁽¹⁾		09/30/49		25,783,000		22,614,269


Total United Arab Emirates

(Cost: $170,120,935)						169,326,442


Uruguay — 2.0%

Uruguay Government International Bond

4.38%		01/23/31		24,480,000		27,097,157

4.98%		04/20/55		72,300,000		82,342,470


Total Uruguay

(Cost: $98,900,646)						109,439,627


Venezuela — 0.3%

Venezuela Government International Bond

8.25%⁽⁵⁾⁽⁸⁾		10/13/24		60,057,200		5,104,862

9.25%⁽⁵⁾⁽⁸⁾		09/15/27		60,955,000		5,181,175

9.25%⁽⁵⁾⁽⁸⁾		05/07/28		49,048,000		4,169,080


Total Venezuela

(Cost: $55,533,009)						14,455,117


Vietnam — 0.6%(Cost: $32,271,875)

Mong Duong Finance Holdings B.V.

5.13%⁽¹⁾		05/07/29		32,430,000		30,808,500


Total Fixed Income Securities

(Cost: $6,185,089,785)						5,293,555,442


MONEY MARKET INVESTMENTS (3.8%)

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22%⁽⁹⁾				210,431,166		210,431,166


Total Money Market Investments

(Cost: $210,431,166)						210,431,166


Total Investments (100.3%)

(Cost: $6,395,520,951)						5,503,986,608

Liabilities in Excess of Other Assets(-0.3%)						(15,725,778	)


Total Net Assets (100.0%)					$	5,488,260,830

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

April 30, 2020


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY⁽¹⁰⁾
Bank of America, N.A.		ZAR		462,338,750		06/09/20	$	27,984,233	$	25,082,249	$	(2,901,984	)
Citibank N.A.		BRL		266,843,000		06/09/20		56,236,670		49,145,145		(7,091,525	)
Citibank N.A.		MXN		626,400,000		06/12/20		29,175,594		26,145,262		(3,030,332	)

							$	113,396,497	$	100,372,656	$	(13,023,841	)

SELL⁽¹¹⁾
Bank of America, N.A.		BRL		266,843,000		06/09/20	$	57,000,000	$	49,145,145	$	7,854,855
Bank of America, N.A.		TRY		98,257,155		07/02/20		13,955,000		13,819,311		135,689
Barclays Bank PLC		EUR		2,970,000		06/29/20		3,253,765		3,256,725		(2,960	)
BNP Paribas S.A.		EUR		14,500,000		06/29/20		16,005,077		15,899,837		105,240
BNP Paribas S.A.		TRY		177,958,797		07/02/20		25,390,476		25,028,895		361,581
Citibank N.A.		EUR		7,250,000		06/29/20		7,932,870		7,949,918		(17,048	)
Citibank N.A.		ZAR		462,338,750		06/09/20		29,500,000		25,082,249		4,417,751
Goldman Sachs & Co.		EUR		132,500,000		06/29/20		145,422,286		145,291,604		130,682
Standard Chartered Bank		EUR		13,870,000		06/29/20		15,116,870		15,209,015		(92,145	)
Standard Chartered Bank		MXN		626,400,000		06/12/20		30,000,000		26,145,263		3,854,737

							$	343,576,344	$	326,827,962	$	16,748,382


Credit Default Swaps — Sell Protection

Notional Amount⁽¹²⁾		Expiration Date		Counterparty	Reference Entity	Fixed Deal Receive Rate		Payment Frequency		Unrealized Appreciation/ (Depreciation)		Premium (Received)			Value⁽¹³⁾
	OTC Swaps
$	29,535,000		6/20/25	Barclays Capital	CDX.EM.33		1.0%		Quarterly	$	491,904	$	(3,703,531	)	$	(3,211,627	)
	58,751,101		6/20/25	Bank of America, N.A.	CDX.EM.33		1.0%		Quarterly		443,075		(6,831,652	)		(6,388,577	)

										$	934,979	$	(10,535,183	)	$	(9,600,204	)

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

BRL

Brazilian Real.

EUR

Euro Currency.

MXN

Mexican Peso.

TRY

Turkish New Lira.

USD

U.S. Dollar.

ZAR

South African Rand.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2020, the value of these securities amounted to $2,736,794,136 or 49.9% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2)

(3)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2020.

(4)

Perpetual Maturity.

(5)

Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.

(6)

(7)

Security is not accruing interest.

(8)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(9)

Rate disclosed is the7-day net yield as of April 30, 2020.

(10)

Fund buys foreign currency, sells U.S. Dollar.

(11)

Fund sells foreign currency, buys U.S. Dollar.

(12)

The maximum potential amount the Fund could receive as buyer or pay as seller of protection if a credit event occurred as defined under the terms of that particular swap agreement.

(13)

The value of a credit default swap agreement serves as an indicator of the current status of the payments/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit worthiness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Airlines		0.5	%
Banks		4.4
Chemicals		0.9
Commercial Services		0.7
Diversified Financial Services		0.9
Electric		3.4
Energy-Alternate Sources		0.9
Engineering & Construction		1.4
Foreign Government Bonds		58.6
Forest Products & Paper		0.1
Iron & Steel		1.0
Media		0.6
Metal Fabricate & Hardware		0.2
Mining		4.1
Oil & Gas		12.1
Packaging & Containers		0.8
Real Estate		3.8
Telecommunications		1.4
Transportation		0.7
Money Market Investments		3.8

Total		100.3	%

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Airlines	$	—	$	24,494,555		$	—	$	24,494,555
Banks		—		241,411,797			—		241,411,797
Chemicals		—		49,500,899			—		49,500,899
Commercial Services		—		37,894,571			—		37,894,571
Diversified Financial Services		—		49,634,240			—		49,634,240
Electric		—		184,849,490			—		184,849,490
Energy-Alternate Sources		—		46,964,755			—		46,964,755
Engineering & Construction		—		76,239,284			—		76,239,284
Foreign Government Bonds		—		3,200,064,419			14,455,117		3,214,519,536
Forest Products & Paper		—		7,976,807			—		7,976,807
Iron & Steel		—		56,015,161			—		56,015,161
Media		—		33,130,453			—		33,130,453
Metal Fabricate & Hardware		—		12,957,290			—		12,957,290
Mining		—		222,327,174			—		222,327,174
Oil & Gas		—		665,902,853			—		665,902,853
Packaging & Containers		—		45,805,500			—		45,805,500
Real Estate		—		209,671,906			—		209,671,906
Telecommunications		—		76,307,913			—		76,307,913
Transportation		—		37,951,258			—		37,951,258

Total Fixed Income Securities		—		5,279,100,325			14,455,117		5,293,555,442

Money Market Investments		210,431,166		—			—		210,431,166

Total Investments	$	210,431,166	$	5,279,100,325		$	14,455,117	$	5,503,986,608

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		16,860,535			—		16,860,535

Total	$	210,431,166	$	5,295,960,860		$	14,455,117	$	5,520,847,143

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(13,135,994	)	$	—	$	(13,135,994	)
Swap Contracts
Credit Risk	$	—	$	(9,600,204	)	$	—	$	(9,600,204	)

Total	$	—	$	(22,736,198	)	$	—	$	(22,736,198	)

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited)

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 100.9% of Net Assets

Brazil — 9.8%

Brazil Notas do Tesouro Nacional, Series B

6.00%		05/15/35	BRL	2,780,000	$	2,059,142

Brazil Notas do Tesouro Nacional, Series F

10.00%		01/01/23	BRL	41,622,000		8,622,395

10.00%		01/01/25	BRL	25,310,000		5,327,727

10.00%		01/01/27	BRL	9,752,000		2,001,578

10.00%		01/01/29	BRL	10,037,000		2,184,785


Total Brazil

(Cost: $23,971,918)						20,195,627


Chile — 2.1%

Bonos de la Tesoreria de la Republica en pesos

4.70%⁽¹⁾		09/01/30	CLP	2,075,000,000		2,936,408

5.00%		03/01/35	CLP	945,000,000		1,415,495


Total Chile

(Cost: $4,184,645)						4,351,903


China — 5.3%

Agricultural Development Bank of China

3.75%		01/25/29	CNY	68,840,000		10,317,166

China Development Bank

3.48%		01/08/29	CNY	5,070,000		747,095


Total China

(Cost: $10,997,886)						11,064,261


Colombia — 6.1%

Colombian TES (Treasury) Bond, Series B

6.00%		04/28/28	COP	14,872,800,000		3,612,288

7.50%		08/26/26	COP	18,159,000,000		4,958,035

7.75%		09/18/30	COP	5,512,000,000		1,486,840

10.00%		07/24/24	COP	8,584,700,000		2,574,019


Total Colombia

(Cost: $14,558,057)						12,631,182


Czech Republic — 2.8%

Czech Republic Government Bond

0.95%⁽¹⁾		05/15/30	CZK	31,480,000		1,245,765

2.00%		10/13/33	CZK	66,080,000		2,873,137

2.50%⁽¹⁾		08/25/28	CZK	35,970,000		1,612,505


Total Czech Republic

(Cost: $6,117,973)						5,731,407


Hungary — 3.7%

Hungary Government Bond

2.50%		10/24/24	HUF	165,000,000		537,270

2.75%		12/22/26	HUF	786,410,000		2,620,831

3.00%		08/21/30	HUF	726,280,000		2,479,660

3.25%		10/22/31	HUF	606,530,000		2,126,691


Total Hungary

(Cost: $7,237,258)						7,764,452


Issues	Maturity Date		Principal Amount		Value

Indonesia — 11.6%

Indonesia Treasury Bond

5.63%		05/15/23	IDR	11,930,000,000	$	777,956

6.63%		05/15/33	IDR	10,030,000,000		589,595

7.00%		05/15/22	IDR	9,657,000,000		658,948

7.50%		08/15/32	IDR	57,258,000,000		3,683,758

8.13%		05/15/24	IDR	35,800,000,000		2,487,348

8.25%		05/15/29	IDR	1,872,000,000		128,492

8.38%		03/15/24	IDR	39,853,000,000		2,785,021

8.38%		09/15/26	IDR	74,674,000,000		5,195,805

8.38%		03/15/34	IDR	70,685,000,000		4,836,042

9.00%		03/15/29	IDR	40,076,000,000		2,874,588


Total Indonesia

(Cost: $25,030,966)						24,017,553


Malaysia — 6.8%

Malaysia Government Bond

3.48%		06/14/24	MYR	9,100,000		2,193,523

3.48%		03/15/23	MYR	11,720,000		2,806,668

3.84%		04/15/33	MYR	2,503,000		619,696

3.88%		03/10/22	MYR	7,700,000		1,839,270

3.89%		08/15/29	MYR	9,900,000		2,495,721

3.90%		11/16/27	MYR	11,410,000		2,853,957

4.89%		06/08/38	MYR	4,338,000		1,211,098


Total Malaysia

(Cost: $13,963,606)						14,019,933


Mexico — 10.6%

Mexican Bonos

6.50%		06/09/22	MXN	54,260,000		2,337,626

6.75%		03/09/23	MXN	13,150,000		573,863

8.00%		09/05/24	MXN	41,060,000		1,893,162

8.50%		11/18/38	MXN	25,290,000		1,155,098

Mexico Government Bond (BONOS)

5.75%		03/05/26	MXN	49,690,000		2,076,177

7.75%		05/29/31	MXN	60,920,000		2,727,296

8.00%		12/07/23	MXN	93,840,000		4,279,898

8.50%		05/31/29	MXN	42,130,000		1,999,273

10.00%		12/05/24	MXN	99,080,000		4,918,759


Total Mexico

(Cost: $25,605,162)						21,961,152


Peru — 5.5%

Peruvian Government Bond

5.40%⁽²⁾		08/12/34	PEN	730,000		222,851

Peruvian Government International Bond

6.15%⁽¹⁾		08/12/32	PEN	9,073,000		2,982,139

6.90%⁽¹⁾		08/12/37	PEN	12,766,000		4,336,828

6.95%⁽¹⁾		08/12/31	PEN	10,811,000		3,808,470


Total Peru

(Cost: $11,239,344)						11,350,288

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Philippines — 0.3%(Cost: $624,832)

Philippine Government Bond

5.50%		03/08/23	PHP	33,300,000	$	703,191


Poland — 3.7%

Poland Government Bond

2.50%		07/25/27	PLN	14,404,000		3,775,791

2.75%		10/25/29	PLN	14,157,000		3,804,919


Total Poland

(Cost: $7,389,402)						7,580,710


Romania — 2.4%

Romania Government Bond

3.65%		09/24/31	RON	5,130,000		1,035,241

4.25%		06/28/23	RON	2,255,000		518,244

5.00%		02/12/29	RON	8,470,000		1,956,432

5.85%		04/26/23	RON	6,340,000		1,520,655


Total Romania

(Cost: $5,281,098)						5,030,572


Russia — 9.6%

Russian Federal Bond — OFZ

6.50%		02/28/24	RUB	34,424,000		481,804

6.90%		05/23/29	RUB	164,500,000		2,371,843

7.05%		01/19/28	RUB	237,500,000		3,454,166

7.10%		10/16/24	RUB	185,400,000		2,658,185

7.25%		05/10/34	RUB	62,900,000		938,208

7.40%		12/07/22	RUB	193,300,000		2,747,285

7.65%		04/10/30	RUB	99,700,000		1,510,989

7.75%		09/16/26	RUB	172,000,000		2,579,765

8.15%		02/03/27	RUB	207,300,000		3,187,484


Total Russia

(Cost: $22,053,924)						19,929,729


Serbia —1.3%(Cost: $2,801,364)

Serbia Treasury Bond

4.50%		01/11/26	RSD	275,000,000		2,738,347


South Africa — 8.7%

South Africa Government Bond

6.25%		03/31/36	ZAR	95,500,000		3,317,150

7.00%		02/28/31	ZAR	32,300,000		1,351,095

8.00%		01/31/30	ZAR	137,500,000		6,396,202

8.25%		03/31/32	ZAR	43,700,000		1,951,925

8.75%		01/31/44	ZAR	13,600,000		561,210

9.00%		01/31/40	ZAR	104,000,000		4,486,599


Total South Africa

(Cost: $23,218,127)						18,064,181


Issues	Maturity Date		Principal Amount		Value

Thailand — 5.8%

Thailand Government Bond

3.30%		06/17/38	THB	272,874,000	$	10,763,153

3.40%		06/17/36	THB	29,739,000		1,164,375


Total Thailand

(Cost: $11,532,036)						11,927,528


Turkey — 2.0%

Turkey Government Bond

9.50%		01/12/22	TRY	12,500,000		1,801,810

10.70%		02/17/21	TRY	1,619,271		236,838

11.00%		03/02/22	TRY	1,406,250		207,029

11.00%		02/24/27	TRY	9,400,000		1,317,439

16.20%		06/14/23	TRY	3,050,000		501,388


Total Turkey

(Cost: $4,515,953)						4,064,504


Ukraine — 2.8%

Ukraine Government International Bond

14.30%⁽²⁾		05/06/20	UAH	18,326,000		679,748

14.50%⁽²⁾		08/19/20	UAH	15,000,000		557,747

14.64%⁽²⁾		06/10/20	UAH	8,453,000		306,189

16.00%⁽²⁾		05/24/23	UAH	39,334,000		1,520,527

16.06%⁽²⁾		08/03/22	UAH	36,047,000		1,377,375

17.25%⁽²⁾		09/30/20		UAH 22,493,000		844,218

17.25%⁽²⁾		01/05/22	UAH	11,505,000		441,703


Total Ukraine

(Cost: $6,719,944)						5,727,507


Total Fixed Income Securities

(Cost: $227,043,495)						208,854,027



			Shares

MONEY MARKET INVESTMENTS — 0.1%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22%⁽³⁾				116,974		116,974


Total Money Market Investments

(Cost: $116,974)						116,974


Total Investments (101.0%)

(Cost: $227,160,469)						208,971,001

Liabilities in Excess of Other Assets(-1.0%)						(1,976,560	)


Total Net Assets (100.0%)					$	206,994,441

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

April 30, 2020


Forward Currency Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY⁽⁴⁾
Bank of America, N.A.		COP		4,314,740,172		05/18/20	$	1,273,348	$	1,099,568	$	(173,780	)
Bank of America, N.A.		COP		8,340,395,750		06/23/20		2,087,186		2,119,427		32,241
Bank of America, N.A.		CZK		251,504,400		06/09/20		11,060,000		10,192,213		(867,787	)
Bank of America, N.A.		MXN		45,949,050		06/10/20		2,030,000		1,918,435		(111,565	)
Bank of America, N.A.		RUB		83,712,480		07/21/20		1,072,000		1,119,627		47,627
Bank of America, N.A.		ZAR		11,904,927		05/11/20		642,000		647,770		5,770
Barclays Capital		COP		7,625,259,000		06/23/20		1,863,000		1,937,699		74,699
Barclays Capital		JPY		221,894,225		06/29/20		2,030,000		2,076,711		46,711
Barclays Capital		PLN		39,657,355		07/10/20		9,501,612		9,573,706		72,094
Barclays Capital		RUB		64,304,500		06/18/20		845,000		864,018		19,018
Barclays Capital		THB		131,104,600		07/08/20		3,970,280		4,052,260		81,980
BNP Paribas S.A.		COP		3,391,092,850		06/23/20		850,000		861,730		11,730
BNP Paribas S.A.		JPY		224,924,000		06/29/20		2,030,000		2,105,066		75,066
BNP Paribas S.A.		MXN		55,244,033		06/10/20		2,500,000		2,306,513		(193,487	)
BNP Paribas S.A.		PLN		11,377,852		07/10/20		2,730,925		2,746,734		15,809
BNP Paribas S.A.		SGD		3,856,000		05/11/20		2,770,911		2,739,253		(31,658	)
Citibank N.A.		BRL		5,236,246		05/07/20		1,226,000		967,155		(258,845	)
Citibank N.A.		CLP		4,322,528,619		06/30/20		5,101,000		5,178,391		77,391
Citibank N.A.		COP		4,784,726,302		05/18/20		1,406,652		1,219,339		(187,313	)
Citibank N.A.		MXN		65,701,719		06/10/20		2,728,886		2,743,135		14,249
Citibank N.A.		UYU		57,572,450		05/19/20		1,495,000		1,358,241		(136,759	)
Citibank N.A.		ZAR		11,866,458		05/11/20		765,000		645,677		(119,323	)
JPMorgan Chase Bank		CLP		3,333,264,500		05/26/20		4,133,000		3,989,809		(143,191	)
JPMorgan Chase Bank		HUF		837,069,700		07/09/20		2,540,000		2,606,466		66,466
JPMorgan Chase Bank		RON		6,056,384		05/12/20		1,384,000		1,372,729		(11,271	)
JPMorgan Chase Bank		RUB		81,106,000		07/21/20		1,070,000		1,084,766		14,766
JPMorgan Chase Bank		SGD		3,857,672		05/11/20		2,709,896		2,740,440		30,544
JPMorgan Chase Bank		ZAR		35,489,435		05/11/20		2,128,047		1,931,047		(197,000	)

							$	73,943,743	$	72,197,925	$	(1,745,818	)

SELL⁽⁵⁾
Bank of America, N.A.		COP		1,774,800,000		05/18/20	$	510,000	$	452,290	$	57,710
Bank of America, N.A.		IDR		17,280,240,000		07/17/20		1,068,000		1,150,782		(82,782	)
Bank of America, N.A.		ZAR		24,991,160		05/11/20		1,630,000		1,359,817		270,183
Barclays Capital		CLP		3,333,264,500		05/26/20		4,011,535		3,989,809		21,726
Barclays Capital		CLP		1,047,073,596		06/30/20		1,220,721		1,254,394		(33,673	)
Barclays Capital		COP		19,356,747,600		06/23/20		4,668,000		4,918,856		(250,856	)
Barclays Capital		CZK		106,980,730		06/09/20		4,242,000		4,335,392		(93,392	)
Barclays Capital		MXN		115,928,292		06/10/20		5,635,000		4,840,162		794,838
Barclays Capital		MYR		9,254,460		07/27/20		2,110,000		2,145,524		(35,524	)
Barclays Capital		RUB		64,304,500		06/18/20		784,201		864,018		(79,817	)
Barclays Capital		ZAR		18,002,894		05/11/20		1,128,000		979,572		148,428
BNP Paribas S.A.		BRL		5,236,246		05/07/20		1,121,252		967,155		154,097
BNP Paribas S.A.		CLP		863,000,000		06/30/20		1,007,025		1,033,874		(26,849	)
BNP Paribas S.A.		COP		7,324,666,474		05/18/20		2,029,460		1,866,616		162,844
BNP Paribas S.A.		CZK		42,693,594		06/09/20		1,661,000		1,730,157		(69,157	)
BNP Paribas S.A.		SGD		3,848,638		05/11/20		2,770,000		2,734,023		35,977
BNP Paribas S.A.		ZAR		79,048,884		05/11/20		4,520,288		4,301,201		219,087

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)


Forward Currency Contracts (Continued)

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Sell (Continued)
Citibank N.A.		BRL		9,038,849		07/28/20	$	1,588,000	$	1,660,554	$	(72,554	)
Citibank N.A.		PEN		7,256,603		07/21/20		2,122,000		2,141,697		(19,697	)
Citibank N.A.		UYU		57,572,450		05/19/20		1,242,231		1,358,241		(116,010	)
Goldman Sachs & Co.		CZK		36,994,636		06/09/20		1,484,000		1,499,207		(15,207	)
Goldman Sachs & Co.		ZAR		12,087,424		05/11/20		780,000		657,700		122,300
JPMorgan Chase Bank		CLP		762,728,978		06/30/20		891,976		913,750		(21,774	)
JPMorgan Chase Bank		HUF		837,069,700		07/09/20		2,581,159		2,606,466		(25,307	)
JPMorgan Chase Bank		MXN		50,966,510		06/10/20		2,107,230		2,127,921		(20,691	)
JPMorgan Chase Bank		SGD		3,865,034		05/11/20		2,780,000		2,745,671		34,329
Standard Chartered Bank		CZK		7,791,786		06/09/20		305,000		315,762		(10,762	)
Standard Chartered Bank		ZAR		13,482,975		05/11/20		885,000		733,634		151,366

							$	56,883,078	$	55,684,245	$	1,198,833

Notes to the Schedule of Investments:

BRL

Brazilian Real.

CLP

Chilean Peso.

CNY

Chinese Yuan.

COP

Colombian Peso.

CZK

Czech Koruna.

HUF

Hungarian Forint.

IDR

Indonesian Rupiah.

MXN

Mexican Peso.

MYR

Malaysian Ringgit.

PEN

Peruvian Nuevo Sol.

PHP

Philippines Peso.

PLN

Polish Zloty.

RON

Romanian New Leu.

RSD

Serbian Dinar.

RUB

Russian Ruble.

SGD

Singapore Dollar.

THB

Thai Baht.

TRY

Turkish New Lira.

TWD

Taiwan Dollar.

UAH

Ukraine Hryvnia.

USD

U.S. Dollar.

UYU

Uruguayan Peso.

ZAR

South African Rand.

(1)

(2)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2020, the value of these securities amounted to $5,950,358 or 2.9% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(3)

Rate disclosed is the7-day net yield as of April 30, 2020.

(4)

Fund buys foreign currency, sells U.S. Dollar.

(5)

Fund sells foreign currency, buys U.S. Dollar.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Investments by Sector (Unaudited)

April 30, 2020


Sector	Percentage of Net Assets
Banks		5.3	%
Foreign Government Bonds		95.6
Money Market Investments		0.1

Total		101.0	%

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Fair Valuation Summary (Unaudited)

April 30, 2020

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Banks	$	—	$	11,064,261		$	—	$	11,064,261
Foreign Government Bonds		—		197,789,766			—		197,789,766

Total Fixed Income Securities		—		208,854,027			—		208,854,027

Money Market Investments		116,974		—			—		116,974

Total Investments	$	116,974	$	208,854,027		$	—	$	208,971,001

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		2,859,046			—		2,859,046

Total	$	116,974	$	211,713,073		$	—	$	211,830,047

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(3,406,031	)	$	—	$	(3,406,031	)

Total	$	—	$	(3,406,031	)	$	—	$	(3,406,031	)

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited)

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 34.8% of Net Assets

Angola — 0.4%

Angolan Government International Bond

8.25%⁽¹⁾		05/09/28	$	225,000	$	100,372

9.38%⁽¹⁾		05/08/48		425,000		186,004


Total Angola

(Cost: $728,060)						286,376


Argentina — 0.4%

Argentine Republic Government International Bond

5.88%		01/11/28		605,000		153,247

6.88%		01/26/27		630,000		160,656


Total Argentina

(Cost: $744,330)						313,903


Armenia — 0.2% (Cost: $200,000)

Ardshinbank CJSC

6.50%⁽¹⁾		01/28/25		200,000		171,500


Bahrain — 0.8%

Bahrain Government International Bond

5.63%⁽¹⁾		09/30/31		220,000		198,579

6.75%⁽²⁾		09/20/29		200,000		194,813

7.50%⁽²⁾		09/20/47		250,000		239,787


Total Bahrain

(Cost: $669,524)						633,179


Brazil — 1.9%

Andrade Gutierrez International S.A.

9.50%⁽¹⁾		12/30/24		230,000		158,700

Banco do Brasil S.A.

6.25% (10 year U.S. Treasury Constant Maturity Rate + 4.398%)^(2)(3)(4)		04/15/24		200,000		165,000

CSN Islands XI Corp.

6.75%⁽¹⁾		01/28/28		200,000		131,750

CSN Islands XII Corp.

7.00%⁽²⁾⁽⁴⁾		06/23/20		200,000		122,781

Globo Comunicacao e Participacoes S.A.

4.88%⁽¹⁾		01/22/30		200,000		179,813

Klabin Austria GmbH

7.00%⁽¹⁾		04/03/49		200,000		195,750

MV24 Capital B.V.

6.75%⁽¹⁾		06/01/34		197,212		168,000

Petrobras Global Finance B.V.

6.85%		06/05/15		265,000		249,444

Petrobras Global Finance B.V.

5.75%		02/01/29		235,000		224,131


Total Brazil

(Cost: $1,838,597)						1,595,369


Issues	Maturity Date		Principal Amount		Value

Chile — 1.2%

AES Gener S.A.

7.13% (USD 5 Year Swap rate + 4.644%)⁽¹⁾⁽³⁾		03/26/79	$	200,000	$	191,920

Chile Government International Bond

2.55%		01/27/32		200,000		201,312

3.50%		01/25/50		200,000		205,406

Corp. Nacional del Cobre de Chile

3.15%⁽¹⁾		01/14/30		275,000		267,094

Latam Finance, Ltd.

7.00%⁽¹⁾		03/01/26		200,000		83,718


Total Chile

(Cost: $1,105,138)						949,450


China — 1.4%

China Evergrande Group

8.25%⁽²⁾		03/23/22		200,000		178,531

Fantasia Holdings Group Co. Ltd.

7.38%⁽²⁾		10/04/21		200,000		191,000

Kaisa Group Holdings, Ltd.

8.50%⁽²⁾		06/30/22		200,000		186,720

New Metro Global, Ltd.

6.50%⁽²⁾		04/23/21		200,000		199,218

Sunac China Holdings, Ltd.

7.88%⁽²⁾		02/15/22		400,000		403,587


Total China

(Cost: $1,121,669)						1,159,056


Colombia — 1.5%

Bancolombia S.A.

4.63% (5 year U.S. Treasury Constant Maturity Rate + 2.944%)⁽³⁾		12/18/29		200,000		173,875

Colombia Government International Bond

3.00%		01/30/30		200,000		180,860

3.88%		04/25/27		200,000		197,660

Ecopetrol S.A.

5.88%		05/28/45		240,000		216,864

6.88%		04/29/30		125,000		128,437

Grupo Aval, Ltd.

4.38%⁽¹⁾		02/04/30		200,000		167,760

Millicom International Cellular S.A.

6.25%⁽¹⁾		03/25/29		200,000		196,930


Total Colombia

(Cost: $1,323,034)						1,262,386


Costa Rica — 0.2% (Cost: $204,631)

Costa Rica Government International Bond

6.13%⁽¹⁾		02/19/31		200,000		162,940

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Dominican Republic — 1.1%

Dominican Republic International Bond

4.50%⁽¹⁾

01/30/30

400,000

333,500

6.40%⁽¹⁾

06/05/49

720,000

597,600

Total Dominican Republic

(Cost: $1,093,167)

931,100

Ecuador — 0.3%

Ecuador Government International Bond

7.88%⁽¹⁾⁽⁵⁾

03/27/25

200,000

58,000

7.88%⁽¹⁾⁽⁵⁾

01/23/28

400,000

115,000

9.50%⁽¹⁾⁽⁵⁾

03/27/30

300,000

88,500

Total Ecuador

(Cost: $842,195)

261,500

Egypt — 1.3%

Egypt Government International Bond

7.05%⁽¹⁾

01/15/32

400,000

358,318

7.60%⁽¹⁾

03/01/29

270,000

257,796

8.50%⁽²⁾

01/31/47

200,000

179,813

8.70%⁽¹⁾

03/01/49

275,000

248,316

Total Egypt

(Cost: $1,168,747)

1,044,243

El Salvador —0.3% (Cost: $312,564)

El Salvador Government International Bond

5.88%⁽²⁾

01/30/25

350,000

282,844

Ghana — 0.7%

Ghana Government International Bond

7.88%⁽¹⁾

02/11/35

200,000

151,780

8.13%⁽¹⁾

03/26/32

300,000

229,830

8.95%⁽¹⁾

03/26/51

300,000

229,164

Total Ghana

(Cost: $784,380)

610,774

Guatemala — 0.3%(Cost: $199,984)

Guatemala Government Bond

6.13%⁽¹⁾

06/01/50

200,000

209,460

India — 0.7%

Greenko Mauritius, Ltd.

6.25%⁽¹⁾

02/21/23

200,000

187,500

Neerg Energy, Ltd.

6.00%⁽¹⁾

02/13/22

200,000

182,375

ReNew Power, Ltd.

6.45%⁽¹⁾

09/27/22

130,000

114,319

Vedanta Resources PLC

6.13%⁽²⁾

08/09/24

200,000

72,080

Total India

(Cost: $712,257)

556,274


Issues	Maturity Date		Principal Amount		Value

Indonesia — 3.0%

Freeport-McMoRan, Inc.

5.40%		11/14/34	$	130,000	$	122,850

Indonesia Asahan Aluminium Persero PT

6.53%⁽¹⁾		11/15/28		250,000		271,875

6.76%⁽¹⁾		11/15/48		400,000		437,560

Indonesia Government International Bond

4.20%		10/15/50		400,000		409,000

Minejesa Capital B.V.

4.63%⁽²⁾		08/10/30		200,000		192,625

5.63%⁽¹⁾		08/10/37		200,000		190,750

Pertamina Persero PT

4.15%⁽¹⁾		02/25/60		200,000		167,900

5.63%⁽²⁾		05/20/43		200,000		205,927

Perusahaan Penerbit SBSN Indonesia III

4.15%⁽²⁾		03/29/27		300,000		315,000

Saka Energi Indonesia PT

4.45%⁽¹⁾		05/05/24		200,000		175,750


Total Indonesia

(Cost: $2,553,456)						2,489,237


Iraq — 0.2%(Cost: $197,096)

Iraq International Bond

5.80%⁽²⁾		01/15/28		250,000		183,750


Israel — 0.5%

Israel Government International Bond

2.75%		07/03/30		210,000		220,992

3.88%		07/03/50		200,000		222,220


Total Israel

(Cost: $416,991)						443,212


Ivory Coast — 0.5%(Cost: $502,456)

Ivory Coast Government International Bond

6.88%⁽¹⁾		10/17/40	EUR	445,000		402,161


Jamaica — 0.1%(Cost: $104,490)

Jamaica Government International Bond

8.00%		03/15/39	$	100,000		106,610


Kazakhstan — 0.5%(Cost: $436,022)

KazMunayGas National Co. JSC

5.38%⁽¹⁾		04/24/30		400,000		397,927


Kenya — 0.6%

Kenya Government International Bond

8.00%⁽¹⁾		05/22/32		300,000		273,138

8.25%⁽²⁾		02/28/48		200,000		180,150


Total Kenya

(Cost: $527,896)						453,288

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2020


Issues	Maturity Date		Principal Amount		Value

Lebanon — 0.2%(Cost: $239,512)

Lebanon Government International Bond

8.25%⁽⁵⁾		05/17/34	$	870,000	$	156,600


Malaysia — 0.3%(Cost: $200,000)

Petronas Capital, Ltd.

4.55%⁽¹⁾		04/21/50		200,000		221,559


Mexico — 2.9%

Aerovias De Mexico S.A.

7.00%⁽¹⁾		02/05/25		200,000		76,620

Banco Mercantil del Norte S.A.

6.88% (5 year U.S. Treasury Constant Maturity Rate + 5.035%)^(1)(3)(4)		07/06/22		200,000		158,722

Banco Santander Mexico S.A.

5.38%⁽¹⁾		04/17/25		150,000		154,215

Braskem Idesa SAPI

7.45%⁽¹⁾		11/15/29		200,000		149,550

Industrias Penoles SAB de CV

5.65%⁽¹⁾		09/12/49		200,000		191,625

Mexico Government International Bond

4.75%		04/27/32		250,000		252,775

Petroleos Mexicanos

5.13%⁽²⁾		03/15/23	EUR	115,000		114,082

5.35%		02/12/28	$	415,000		311,250

5.95%⁽¹⁾		01/28/31		325,000		237,022

6.38%		01/23/45		620,000		419,740

6.49%⁽¹⁾		01/23/27		65,000		52,871

6.50%		03/13/27		135,000		109,877

6.63%		06/15/35		43,000		30,584

6.88%		08/04/26		115,000		95,634

Southern Copper Corp.

5.88%		04/23/45		45,000		51,225


Total Mexico

(Cost: $2,960,636)						2,405,792


Nigeria — 1.0%

IHS Netherlands Holdco BV

7.13%⁽¹⁾		03/18/25		200,000		182,280

Nigeria Government International Bond

7.63%⁽²⁾		11/28/47		400,000		296,000

7.70%⁽¹⁾		02/23/38		400,000		298,562


Total Nigeria

(Cost: $904,681)						776,842


Oman — 0.3%(Cost: $295,977)

Oman Government International Bond

6.75%⁽²⁾		01/17/48		330,000		235,587


Issues	Maturity Date		Principal Amount		Value

Panama — 0.8%

C&W Senior Financing DAC

6.88%⁽¹⁾		09/15/27	$	200,000	$	199,500

Global Bank Corp.

5.25% (3 mo. USD LIBOR + 3.300%)⁽¹⁾⁽³⁾		04/16/29		270,000		254,718

Panama Government International Bond

4.50%		04/01/56		200,000		226,000


Total Panama

(Cost: $668,410)						680,218


Paraguay — 0.5%

Paraguay Government International Bond

4.95%⁽¹⁾		04/28/31		200,000		207,120

5.60%⁽²⁾		03/13/48		200,000		210,740


Total Paraguay

(Cost: $388,000)						417,860


Peru — 0.2%

Peruvian Government International Bond

2.39%		01/23/26		55,000		55,963

2.78%		01/23/31		95,000		98,135


Total Peru

(Cost: $150,003)						154,098


Philippines — 0.3%(Cost: $200,000)

Philippine Government International Bond

2.46%		05/05/30		200,000		204,450


Qatar — 1.0%

Qatar Government International Bond

3.75%⁽¹⁾		04/16/30		400,000		437,640

4.40%⁽¹⁾		04/16/50		300,000		342,120


Total Qatar

(Cost: $752,544)						779,760


Romania — 0.5%

Romanian Government International Bond

3.38%⁽²⁾		01/28/50	EUR	205,000		192,226

4.63%⁽²⁾		04/03/49	EUR	200,000		221,250


Total Romania

(Cost: $433,189)						413,476


Russia — 0.2%(Cost: $200,000)

Credit Bank of Moscow Via CBOM Finance PLC

4.70%⁽¹⁾		01/29/25	$	200,000		191,469


Saudi Arabia — 1.4%

Saudi Arabian Oil Co.

4.25%⁽¹⁾		04/16/39		200,000		208,360

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Saudi Arabia (Continued)

Saudi Government International Bond

2.90%⁽¹⁾		10/22/25	$	200,000	$	203,000

3.75%⁽¹⁾		01/21/55		250,000		230,000

4.50%⁽¹⁾		04/22/60		500,000		500,250


Total Saudi Arabia

(Cost: $1,138,407)						1,141,610


South Africa — 0.8%

Eskom Holdings SOC, Ltd.

6.75%⁽²⁾		08/06/23		200,000		151,126

7.13%⁽²⁾		02/11/25		400,000		295,000

South Africa Government Bond

4.30%		10/12/28		225,000		190,125


Total South Africa

(Cost: $839,455)						636,251


Sri Lanka — 0.8%

Sri Lanka Government Bond

5.75%⁽¹⁾		04/18/23		300,000		183,000

6.75%⁽²⁾		04/18/28		200,000		114,999

6.85%⁽¹⁾		03/14/24		200,000		121,988

7.55%⁽¹⁾		03/28/30		250,000		143,300

7.85%⁽¹⁾		03/14/29		200,000		118,000


Total Sri Lanka

(Cost: $1,111,206)						681,287


Tanzania — 0.2%(Cost: $203,325)

HTA Group, Ltd.

9.13%⁽²⁾		03/08/22		200,000		202,000


Turkey — 1.6%

Turkey Government International Bond

4.88%		10/09/26		320,000		282,240

4.88%		04/16/43		200,000		145,536

5.25%		03/13/30		500,000		416,795

5.75%		05/11/47		200,000		152,520

6.13%		10/24/28		325,000		296,660


Total Turkey

(Cost: $1,277,898)						1,293,751


Ukraine — 1.6%

Metinvest B.V.

7.75%⁽¹⁾		10/17/29		200,000		130,781

Ukraine Government International Bond

0.00%^(2)(6)(7)		05/31/40		1,019,000		758,153

7.75%⁽²⁾		09/01/26		320,000		296,835

7.75%⁽²⁾		09/01/27		140,000		129,640


Total Ukraine

(Cost: $1,492,645)						1,315,409


Issues	Maturity Date		Principal Amount		Value

United Arab Emirates — 1.0%

Abu Dhabi Government International Bond

2.50%⁽¹⁾		09/30/29	$	200,000	$	203,866

3.13%⁽¹⁾		04/16/30		200,000		213,540

3.13%⁽¹⁾		09/30/49		200,000		193,100

DP World PLC

4.70%⁽¹⁾		09/30/49		200,000		175,420


Total United Arab Emirates

(Cost: $792,066)						785,926


Uruguay — 0.7%

Uruguay Government International Bond

4.38%		01/23/31		140,000		154,968

4.98%		04/20/55		359,000		408,865


Total Uruguay

(Cost: $503,598)						563,833


Venezuela — 0.1%

Venezuela Government International Bond

9.25%⁽⁵⁾⁽⁸⁾		09/15/27		550,000		46,750

9.25%⁽⁵⁾⁽⁸⁾		05/07/28		787,000		66,895


Total Venezuela

(Cost: $413,469)						113,645


Vietnam — 0.3%(Cost: $250,000)

Mong Duong Finance Holdings B.V.

5.13%⁽¹⁾		05/07/29		250,000		237,500


Total Fixed Income Securities

(Cost: $33,201,705)						28,515,462



			Shares

COMMON STOCK — 64.1%

Argentina — 0.7%(Cost: $574,931)

MercadoLibre, Inc.⁽⁹⁾				1,000		583,510


Brazil — 2.6%

Arco Platform, Ltd.⁽⁹⁾				13,300		667,926

B3 S.A. — Brasil Bolsa Balcao				42,000		298,088

CCR S.A.				108,700		247,990

Cia Siderurgica Nacional S.A.				145,500		240,829

JBS SA				94,100		414,413

Notre Dame Intermedica Participacoes S.A.				28,600		289,577


Total Brazil

(Cost: $2,509,655)						2,158,823


Chile — 0.2%(Cost: $175,087)

Latam Airlines Group S.A. (SP ADR)				53,200		202,160


China — 27.9%

Alibaba Group Holding, Ltd. (SP ADR)⁽⁹⁾				25,262		5,119,850

China Gezhouba Group Co., Ltd.				265,800		243,178

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2020


Issues	Shares		Value

China (Continued)

China Merchants Bank Co., Ltd. — Class H		125,000	$	591,550

China Resources Cement Holdings, Ltd.		258,000		351,068

CITIC, Ltd.		220,000		228,497

Galaxy Entertainment Group, Ltd.		232,000		1,492,138

GDS Holdings, Ltd.(ADR)⁽⁹⁾		7,700		441,364

Geely Automobile Holdings, Ltd.		572,000		889,776

Greentown Service Group Co., Ltd.		252,000		331,643

Guangzhou R&F Properties Co., Ltd. — Class H		197,200		250,426

Hesteel Co., Ltd.		845,000		244,458

Huazhu Group, Ltd. (ADR)		3,800		136,838

Kingboard Holdings, Ltd.		94,500		230,543

KWG Property Holdings, Ltd.		173,500		256,662

Maanshan Iron & Steel Co., Ltd.		686,300		253,674

Meituan Dianping — Class B⁽⁹⁾		39,700		531,557

MMG, Ltd.⁽⁹⁾		1,148,000		198,671

New Oriental Education & Technology Group, Inc. (SP ADR)⁽⁹⁾		2,151		274,597

Ping An Insurance Group Co. of China, Ltd. — Class H		117,150		1,192,172

Shanghai International Airport Co., Ltd.		33,000		327,291

Sichuan Swellfun Co., Ltd.		110,600		716,404

Tencent Holdings, Ltd.		97,912		5,147,278

Tus Environmental Science And Technology Development Co., Ltd.		162,300		183,122

Weichai Power Co., Ltd. — Class H		190,000		333,838

WuXi AppTec Co., Ltd. — Class H⁽⁹⁾		50,160		707,204

Wuxi Biologics, Inc.⁽⁹⁾		60,500		941,786

Yanzhou Coal Mining Co., Ltd. — Class H		254,000		192,983

Yuexiu Property Co., Ltd.		922,000		175,303

Yuzhou Properties Co., Ltd.		662,000		282,040

Zhongsheng Group Holdings, Ltd.		154,500		620,131


Total China

(Cost: $18,982,876)				22,886,042


Egypt — 0.8%(Cost: $666,983)

Commercial International Bank Egypt SAE		166,327		677,182


France — 0.9%(Cost: $726,683)

Hermes International		1,050		767,238


Greece — 1.0%

Alpha Bank AE⁽⁹⁾		654,445		477,652

Piraeus Bank S.A.⁽⁹⁾		238,063		317,588


Total Greece

(Cost: $1,503,174)				795,240


Hungary — 1.1%(Cost: $716,714)

Richter Gedeon Nyrt		40,158		860,258


India — 2.1%

Affle India Private, Ltd.⁽⁹⁾		10,800		206,607

Reliance Industries, Ltd.		48,215		936,166


Issues	Shares		Value

India (Continued)

Shriram Transport Finance Co., Ltd.		29,500	$	306,088

Vedanta, Ltd.		201,000		232,334


Total India

(Cost: $1,843,160)				1,681,195


Indonesia — 0.3%(Cost: $298,125)

Bank Central Asia Tbk PT		130,900		226,744


Kenya — 1.3%(Cost: $888,924)

Safari.com, Ltd.		3,979,400		1,070,843


Malaysia — 0.2%(Cost: $164,312)

Genting BHD		172,100		166,441


Mexico — 0.8%

Cemex S.A.B. de C.V. (ADR)⁽⁹⁾		84,800		179,776

Genomma Lab Internacional S.A.B. de C.V. — Class B⁽⁹⁾		609,900		491,813


Total Mexico

(Cost: $808,253)				671,589


Panama — 0.3%(Cost: $256,473)

Copa Holdings S.A.		5,500		243,155


Philippines — 0.8%

BDO Unibank, Inc.		215,680		424,386

Wilcon Depot, Inc.		844,300		244,452


Total Philippines

(Cost: $972,367)				668,838


Russia — 3.4%

Lukoil PJSC (SP ADR)		7,040		454,573

MMC Norilsk Nickel PJSC (ADR)		9,700		265,198

Sberbank of Russia PJSC		221,740		587,025

X5 Retail Group NV (GDR)		17,909		528,674

Yandex N.V.⁽⁹⁾		24,400		921,832


Total Russia

(Cost: $2,791,268)				2,757,302


South Africa — 1.2%

Capitec Bank Holdings, Ltd.		2,373		116,755

Clicks Group, Ltd.		42,571		534,798

FirstRand, Ltd.		142,039		312,879


Total South Africa

(Cost: $1,228,367)				964,432


South Korea — 5.4%

CJ CheilJedang Corp.		1,300		292,435

Daewoo Shipbuilding & Marine Engineering Co., Ltd.⁽⁹⁾		14,700		207,074

Doosan Bobcat, Inc.⁽⁹⁾		10,500		203,231

Fila Holdings Corp.		10,500		300,200

Kakao Corp.		2,250		340,017

NCSoft Corp.		600		317,910

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value

South Korea (Continued)

Samsung Electronics Co., Ltd.		45,624	$	1,875,946

Samwha Capacitor Co., Ltd.		8,300		331,904

Shinsegae, Inc.		2,479		537,804


Total South Korea

(Cost: $4,073,275)				4,406,521


Switzerland — 0.4%(Cost: $271,522)

Wizz Air Holdings PLC⁽⁹⁾		9,600		347,459


Taiwan — 9.3%

Accton Technology Corp.		136,000		985,873

ASPEED Technology, Inc.		16,000		632,708

Chailease Holding Co., Ltd.		229,000		870,053

Eva Airways Corp.		555,000		213,442

Taiwan Semiconductor Manufacturing Co., Ltd.		378,000		3,813,187

Taiwan Union Technology Corp.		175,000		788,959

Yageo Corp.		25,000		323,458


Total Taiwan

(Cost: $5,822,303)				7,627,680


Turkey — 0.2%(Cost: $157,023)

Turkiye Sise ve Cam Fabrikalari A.S.		219,522		152,326


United Kingdom — 0.4%(Cost: $263,941)

Genus PLC		7,500		322,691


United States — 2.8%

Applied Materials, Inc.		18,500		919,080


Issues	Shares		Value

United States (Continued)

MSCI, Inc.		3,200	$	1,046,400

Western Digital Corp.		7,200		331,776


Total United States

(Cost: $1,952,285)				2,297,256


Total Common Stock

(Cost: $47,647,701)				52,534,925


PREFERRED STOCK — 0.6%

Brazil — 0.3%(Cost: $238,322)

Centrais Eletricas Brasileiras S.A., 3.48%		50,300		258,687


South Korea — 0.3%(Cost: $185,746)

LG Household & Health Care, Ltd., 0.72%		340		202,139


Total Preferred Stock

(Cost: $424,068)				460,826


MONEY MARKET INVESTMENTS — 1.2%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.22%⁽¹⁰⁾		1,009,419		1,009,419


Total Money Market Investments

(Cost: $1,009,419)				1,009,419


Total Investments (100.7%)

(Cost: $82,282,893)				82,520,632

Liabilities in Excess of Other Assets(-0.7%)				(556,294	)


Total Net Assets (100.0%)			$	81,964,338


Forward Currency Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY⁽¹¹⁾
Bank of America, N.A.		ZAR		2,507,600		06/09/20	$	151,779	$	136,040	$	(15,739	)
Citibank N.A.		BRL		1,549,523		06/09/20		326,559		285,379		(41,180	)
Citibank N.A.		MXN		3,486,960		06/12/20		162,411		145,542		(16,869	)

							$	640,749	$	566,961	$	(73,788	)

SELL⁽¹²⁾
Bank of America, N.A.		BRL		1,549,523		06/09/20	$	331,000	$	285,380	$	45,620
Barclays Capital		EUR		40,000		06/29/20		43,822		43,862		(40	)
BNP Paribas S.A.		TRY		1,484,364		07/02/20		211,783		208,767		3,016
Citibank N.A.		EUR		46,000		06/29/20		50,333		50,441		(108	)
Citibank N.A.		MXN		3,486,960		06/12/20		167,000		145,542		21,458
Citibank N.A.		ZAR		2,507,600		06/09/20		160,000		136,039		23,961
Goldman Sachs & Co.		EUR		727,000		06/29/20		797,759		797,185		574
Standard Chartered Bank		EUR		98,000		06/29/20		106,858		107,460		(602	)

							$	1,868,555	$	1,774,676	$	93,879

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2020


Credit Default Swaps — Sell Protection

Notional Amount⁽¹³⁾		Expiration Date		Counterparty & Reference Entity		Fixed Deal Receive Rate	Payment Frequency		Unrealized Appreciation/ (Depreciation)		Premium Paid (Received)			Value⁽¹⁴⁾
	OTC Swaps
$	140,000		6/20/25	Barclays Capital	CDX.EM.33	1.0%		Quarterly	$	2,176	$	(17,400	)	$	(15,224	)
	299,032		6/20/25	Bank of America, NA	CDX.EM.33	1.0%		Quarterly		1,655		(34,171	)		(32,516	)

									$	3,831	$	(51,571	)	$	(47,740	)

Notes to the Schedule of Investments:

ADR

American Depositary Receipt. ADRs are receipts typically issued by a U.S. bank or trust company, evidencing ownership of underlying securities issued by a foreign corporation.

GDR

Global Depositary Receipt. A negotiable certificate held in the bank of one country representing a specific number of shares of a stock traded on an exchange of another country.

PJSC

Private Joint-Stock Company.

BRL

Brazilian Real.

EUR

Euro Currency.

MXN

Mexican Peso.

TRY

Turkish New Lira.

ZAR

South African Rand.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2020, the value of these securities amounted to $14,457,047 or 17.6% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2)

(3)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2020.

(4)

Perpetual Maturity.

(5)

Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.

(6)

(7)

Security is not accruing interest.

(8)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(9)

Non-income producing security.

(10)

Rate disclosed is the7-day net yield as of April 30, 2020.

(11)

Fund buys foreign currency, sells U.S. Dollar.

(12)

Fund sells foreign currency, buys U.S. Dollar.

(13)

The maximum potential amount the Fund could receive as buyer or pay as seller of protection if a credit event occurred as defined under the terms of that particular swap agreement.

(14)

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Sector (Unaudited)


Sector	Percentage of Net Assets
Agriculture		0.4	%
Airlines		1.4
Apparel		1.3
Auto Manufacturers		1.1
Auto Parts & Equipment		0.4
Banks		6.4
Beverages		0.9
Building Materials		0.6
Chemicals		0.5
Coal		0.2
Commercial Services		0.9
Computers		0.4
Cosmetics/Personal Care		0.2
Diversified Financial Services		2.1
Electric		1.9
Electronics		1.4
Energy-Alternate Sources		0.6
Engineering & Construction		1.1
Environmental Control		0.2
Food		1.5
Foreign Government Bonds		20.5
Healthcare-Services		2.4
Housewares		0.2
Insurance		1.5
Internet		15.8
Iron & Steel		1.2
Lodging		2.2
Machinery-Constr & Mining		0.2
Media		0.5
Metal Fabricate & Hardware		0.2
Mining		2.6
Oil & Gas		6.1
Packaging & Containers		0.2
Pharmaceuticals		1.7
Real Estate		3.0
Retail		2.4
Semiconductors		9.2
Shipbuilding		0.3
Software		2.1
Telecommunications		3.5
Transportation		0.2
Money Market Investments		1.2

Total		100.7	%

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Country (Unaudited)

April 30, 2020


Country	Percentage of Net Assets
Angola		0.4	%
Argentina		1.1
Armenia		0.2
Bahrain		0.8
Brazil		4.9
Chile		1.4
China		29.3
Colombia		1.5
Costa Rica		0.2
Dominican Republic		1.1
Ecuador		0.3
Egypt		2.1
El Salvador		0.3
France		0.9
Ghana		0.7
Greece		1.0
Guatemala		0.3
Hungary		1.0
India		2.8
Indonesia		3.3
Iraq		0.2
Israel		0.6
Ivory Coast		0.5
Jamaica		0.1
Kazakhstan		0.5
Kenya		1.9
Lebanon		0.2
Malaysia		0.5
Mexico		3.7
Nigeria		0.9
Oman		0.3
Panama		1.1
Paraguay		0.5
Peru		0.2
Philippines		1.1
Qatar		1.0
Romania		0.5
Russia		3.6
Saudi Arabia		1.4
South Africa		2.0
South Korea		5.7
Sri Lanka		0.8
Switzerland		0.4
Taiwan		9.3
Tanzania		0.2
Turkey		1.8
Ukraine		1.6
United Arab Emirates		1.0
United Kingdom		0.4
United States		4.0
Uruguay		0.7
Venezuela		0.1
Vietnam		0.3

Total		100.7	%

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Airlines	$	—	$	160,338	$	—	$	160,338
Banks		—		1,437,259		—		1,437,259
Chemicals		—		149,550		—		149,550
Commercial Services		—		175,420		—		175,420
Diversified Financial Services		—		131,750		—		131,750
Electric		—		1,258,921		—		1,258,921
Energy-Alternate Sources		—		484,194		—		484,194
Engineering & Construction		—		340,980		—		340,980
Foreign Government Bonds		—		16,727,126		113,645		16,840,771
Iron & Steel		—		253,562		—		253,562
Media		—		179,813		—		179,813
Metal Fabricate & Hardware		—		202,000		—		202,000
Mining		—		1,414,309		—		1,414,309
Oil & Gas		—		3,567,359		—		3,567,359
Packaging & Containers		—		195,750		—		195,750
Real Estate		—		1,159,056		—		1,159,056
Telecommunications		—		396,430		—		396,430
Transportation		—		168,000		—		168,000

Total Fixed Income Securities		—		28,401,817		113,645		28,515,462

Common Stock
Agriculture		—		322,691		—		322,691
Airlines		445,315		560,901		—		1,006,216
Apparel		—		1,067,438		—		1,067,438
Auto Manufacturers		—		889,776		—		889,776
Auto Parts & Equipment		—		333,838		—		333,838
Banks		—		3,843,503		—		3,843,503
Beverages		—		716,404		—		716,404
Building Materials		179,776		351,068		—		530,844
Chemicals		—		230,543		—		230,543
Coal		—		192,983		—		192,983
Commercial Services		522,587		—		—		522,587
Computers		331,776		—		—		331,776
Diversified Financial Services		298,088		1,292,896		—		1,590,984
Electronics		—		1,112,417		—		1,112,417
Engineering & Construction		—		570,469		—		570,469
Environmental Control		—		183,122		—		183,122
Food		943,087		292,435		—		1,235,522
Healthcare-Services		289,577		1,648,990		—		1,938,567
Housewares		152,326		—		—		152,326
Insurance		—		1,192,172		—		1,192,172
Internet		6,625,192		6,336,761		—		12,961,953
Iron & Steel		240,829		498,133		—		738,962
Lodging		136,838		1,658,579		—		1,795,417
Machinery-Constr & Mining		—		203,231		—		203,231

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2020


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Media	$	—	$	206,607		$	—	$	206,607
Mining		265,198		431,005			—		696,203
Oil & Gas		454,573		936,166			—		1,390,739
Pharmaceuticals		491,813		860,258			—		1,352,071
Real Estate		—		1,296,075			—		1,296,075
Retail		534,797		1,402,387			—		1,937,184
Semiconductors		919,080		6,653,745			—		7,572,825
Shipbuilding		—		207,074			—		207,074
Software		1,714,326		—			—		1,714,326
Telecommunications		441,364		2,056,716			—		2,498,080

Total Common Stock		14,986,542		37,548,383			—		52,534,925

Preferred Stock
Cosmetics/Personal Care		—		202,139			—		202,139
Electric		258,687		—			—		258,687

Total Preferred Stock		258,687		202,139			—		460,826

Money Market Investments		1,009,419		—			—		1,009,419

Total Investments	$	16,254,648	$	66,152,339		$	113,645	$	82,520,632

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		94,629			—		94,629

Total	$	16,254,648	$	66,246,968		$	113,645	$	82,615,261

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(74,538	)	$	—	$	(74,538	)
Swap Agreements
Credit Risk		—		(47,740	)		—		(47,740	)

Total	$	—	$	(122,278	)	$	—	$	(122,278	)

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2020


	TCW Developing Markets Equity Fund		��	TCW Emerging Markets Income Fund		TCW Emerging Markets Local Currency Income Fund		TCW Emerging Markets Multi-Asset Opportunities Fund
ASSETS
Investments, at Value⁽¹⁾	$	4,870,746		$	5,503,986,608	$	208,971,001	$	82,520,632
Foreign Currency, at Value⁽²⁾		335			4		815		3,019
Cash		—			—		1,145,731		—
Receivable for Securities Sold		—			78,256,337		1,981,513		659,981
Receivable for Fund Shares Sold		—			20,820,791		669,829		169
Interest and Dividends Receivable		4,317			78,382,152		3,954,939		511,860
Foreign Tax Reclaims Receivable		256			—		—		3,008
Receivable from Investment Advisor		13,738			48,310		38,528		34,520
Unrealized Appreciation on Open Forward Foreign Currency Contracts		—			16,860,535		2,859,046		94,629
Swap Interest Receivable		—			103,000		—		512
Cash Collateral Held for Brokers		—			16,989,999		4,040,000		—
Prepaid Expenses		12,271			300,917		60,085		29,839

Total Assets		4,901,663			5,715,748,653		223,721,487		83,858,169

LIABILITIES
Distributions Payable		—			6,289,738		—		—
Payable for Securities Purchased		38,969			170,144,352		1,679,322		1,453,331
Payable for Fund Shares Redeemed		—			16,958,457		9,899,881		126,915
Accrued Capital Gain Withholding Taxes		—			—		6,277		—
Accrued Directors’ Fees and Expenses		6,972			6,972		6,972		6,972
Deferred Accrued Directors’ Fees and Expenses		2,296			2,296		2,296		2,296
Accrued Management Fees		3,010			3,320,972		129,261		58,712
Accrued Distribution Fees		283			52,635		4,759		1,734
Open Swap Agreements, at Value		—			9,600,204		—		47,740
Collateral Pledged by Brokers		—			6,450,000		1,450,000		—
Unrealized Depreciation on Open Forward Foreign Currency Contracts		—			13,135,994		3,406,031		74,538
Other Accrued Expenses		41,679			1,526,203		142,247		121,593

Total Liabilities		93,209			227,487,823		16,727,046		1,893,831

NET ASSETS	$	4,808,454		$	5,488,260,830	$	206,994,441	$	81,964,338

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

April 30, 2020


	TCW Developing Markets Equity Fund			TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund			TCW Emerging Markets Multi-Asset Opportunities Fund
NET ASSETS CONSIST OF:
Paid-in Capital	$	5,158,149		$	7,214,846,451		$	263,635,935		$	93,839,503
Accumulated Earnings (Loss)		(349,695	)		(1,726,585,621	)		(56,641,494	)		(11,875,165	)

NET ASSETS	$	4,808,454		$	5,488,260,830		$	206,994,441		$	81,964,338

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	3,361,893		$	5,227,771,448		$	183,699,284		$	73,231,255

N Class Share	$	1,446,561		$	260,489,298		$	23,295,157		$	8,733,083

Plan Class Share	$	—		$	84		$	—		$	—

CAPITAL SHARES OUTSTANDING:⁽³⁾
I Class Share		363,828			753,287,516			22,935,976			7,524,525

N Class Share		156,586			29,125,758			2,914,726			902,433

Plan Class Share		—			12			—			—

NET ASSET VALUE PER SHARE:⁽⁴⁾
I Class Share	$	9.24		$	6.94		$	8.01		$	9.73

N Class Share	$	9.24		$	8.94		$	7.99		$	9.68

Plan Class Share	$	—		$	6.95		$	—		$	—

(1)

The identified cost for the TCW Developing Markets Equity Fund, the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund, and the TCW Emerging Markets Multi-Asset Opportunities Fund at April 30, 2020 was $4,397,575, $6,395,520,951, $227,160,469 and $82,282,893, respectively.

(2)

(3)

The number of authorized shares, with a par value of $0.001 per share is 4,000,000,000 for each of the I Class, N Class and Plan Class shares.

(4)

Represents offering price and redemption price per share.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2020


	TCW Developing Markets Equity Fund			TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund			TCW Emerging Markets Multi-Asset Opportunities Fund
INVESTMENT INCOME
Income:
Dividends	$	30,619	⁽¹⁾	$	—		$	—		$	339,243	⁽¹⁾
Interest		—			177,204,895			7,738,613	⁽²⁾		1,057,102

Total		30,619			177,204,895			7,738,613			1,396,345

Expenses:
Management Fees		21,301			22,813,636			934,954			421,182
Accounting Services Fees		2,264			196,781			10,582			5,614
Administration Fees		7,152			336,327			21,766			13,548
Transfer Agent Fees:
I Class		2,864			2,069,575			71,629			54,290
N Class		3,011			166,954			9,923			5,982
Custodian Fees		27,373			129,471			93,813			67,474
Professional Fees		13,931			61,212			20,662			21,827
Directors’ Fees and Expenses		18,948			18,948			18,948			18,948
Registration Fees:
I Class		9,049			73,489			19,080			12,378
N Class		9,049			16,533			10,970			9,556
Plan Class		—			1,101			—			—
Distribution Fees:
N Class		1,947			386,313			33,682			13,127
Tax Agent Fees		3,105			—			—			—
Other		3,578			254,883			14,490			12,001

Total		123,572			26,525,223			1,260,499			655,927

Less Expenses Borne by Investment Advisor:
I Class		57,432			—			139,378			147,681
N Class		32,855			241,940			54,777			29,742
Plan Class		—			1,101			—			—

Net Expenses		33,285			26,282,182			1,066,344			478,504

Net Investment Income (Loss)		(2,666	)		150,922,713			6,672,269			917,841

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(13,612	)		(149,461,270	)		(6,015,658	) ⁽³⁾		(2,593,838	)
Foreign Currency		(7,325	)		(1,079,239	)		(683,823	)		(106,154	)
Foreign Currency Forward Contracts		—			(1,033,349	)		(2,312,964	)		(7,385	)
Futures Contracts		—			(11,361,569	)		(141,330	)		(84,178	)
Swap Agreements		—			(1,379,857	)		—			(6,026	)
Change in Unrealized (Depreciation) on:
Investments		(365,941	)		(1,036,962,007	)		(27,653,799	) ⁽⁴⁾		(9,041,079	)
Foreign Currency		(879	)		(15,580	)		(206,688	)		(4,079	)
Foreign Currency Forward Contracts		—			4,476,986			(662,490	)		26,205
Futures contracts		—			7,791,812			47,462			58,672
Swap Agreements		—			934,979			—			3,831

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(387,757	)		(1,188,089,094	)		(37,629,290	)		(11,754,031	)

DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(390,423	)	$	(1,037,166,381	)	$	(30,957,021	)	$	(10,836,190	)

(1)

Net of foreign taxes withheld of $4,855 and $53,616 for the TCW Developing Markets Equity Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund, respectively.

(2)

Net of foreign taxes withheld of $348,498 for the TCW Emerging Markets Local Currency Income Fund.

(3)

Net of capital gain withholding taxes of $107,111 for the TCW Emerging Markets Local Currency Income Fund.

(4)

Net of capital gain withholding taxes of $6,277 for the TCW Emerging Markets Local Currency Income Fund.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Developing Markets Equity Fund						TCW Emerging Markets Income Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
OPERATIONS
Net Investment Income (Loss)	$	(2,666	)	$	54,866		$	150,922,713		$	305,438,324
Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(20,937	)		(243,402	)		(164,315,284	)		92,769,291
Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		(366,820	)		630,185			(1,023,773,810	)		262,677,511

Increase (Decrease) in Net Assets Resulting from Operations		(390,423	)		441,649			(1,037,166,381	)		660,885,126

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(48,424	)		(22,279	)		(134,332,676	)		(294,091,267	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(412,475	)		18,051			675,855,581			958,795,098
N Class		13,504			(8,759	)		(5,139,775	)		(44,660,906	)
Plan Class		—			—			100			—

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(398,971	)		9,292			670,715,906			914,134,192

Increase (Decrease) in Net Assets		(837,818	)		428,662			(500,783,151	)		1,280,928,051
NET ASSETS
Beginning of Period		5,646,272			5,217,610			5,989,043,981			4,708,115,930

End of Period	$	4,808,454		$	5,646,272		$	5,488,260,830		$	5,989,043,981

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Emerging Markets Local Currency Income Fund						TCW Emerging Markets Multi-Asset Opportunities Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
OPERATIONS
Net Investment Income	$	6,672,269		$	17,242,572		$	917,841		$	3,468,836
Net Realized Loss on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(9,153,775	)		(12,366,552	)		(2,797,581	)		(1,979,448	)
Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		(28,475,515	)		31,798,565			(8,956,450	)		9,215,141

Increase (Decrease) in Net Assets Resulting from Operations		(30,957,021	)		36,674,585			(10,836,190	)		10,704,529

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(3,725,211	)		(4,590,289	)		(3,149,794	)		(1,629,446	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(6,261,870	)		(70,994,380	)		(1,730,036	)		40,611,403
N Class		(1,040,409	)		(24,528,678	)		(1,533,490	)		(68,487,345	)

Decrease in Net Assets Resulting from Net Capital Shares Transactions		(7,302,279	)		(95,523,058	)		(3,263,526	)		(27,875,942	)

Decrease in Net Assets		(41,984,511	)		(63,438,762	)		(17,249,510	)		(18,800,859	)
NET ASSETS
Beginning of Period		248,978,952			312,417,714			99,213,848			118,014,707

End of Period	$	206,994,441		$	248,978,952		$	81,964,338		$	99,213,848

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

April 30, 2020

Note 1 — Organization


TCW Fund		Investment Objectives and Principal Investment Strategies
Diversified Fixed Income Fund

TCW Emerging Markets Income Fund		Seeks high total return from current income and capital appreciation by investing at least 80% of the value of its net assets in debt securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries.
Non-Diversified Fixed Income Fund

TCW Emerging Markets Local Currency Income Fund		Seeks to provide high total return from current income and capital appreciation through investment in debt securities denominated in the local currencies of various emerging market countries; invests at least 80% of the value of its net assets in debt securities issued or guaranteed by companies and government entities in emerging market countries denominated in the local currencies of the issuer and in derivative instruments that provide investment exposure to such securities.
Diversified International Equity Fund

TCW Developing Markets Equity Fund		Seeks long-term capital appreciation by investing at least 80% of the value of its net assets in equity securities issued by companies and financial institutions domiciled or with primary business operations in, or with the majority of their net assets in or revenues or net income deriving from, developing market countries.
Diversified Balanced Fund

TCW Emerging Markets Multi-Asset Opportunities Fund		Seeks current income and long-term capital appreciation by investing at least 80% of the value of its net assets in debt and equity securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries.

All Funds offer two classes of shares: I Class and N Class. The TCW Emerging Markets Income Fund offers Plan Class shares. The three classes of a Fund are substantially the same except that the N Class shares are subject to a distribution fee (see Note 6).

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies

Principles of Accounting: The Funds use the accrual method of accounting for financial reporting purposes.

Security Valuations: Securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on that exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ. All other securities tradedover-the-counter (“OTC”) for which market quotations are readily available, including short-term securities, are valued with prices furnished by independent pricing services or by broker dealers.

Securities for which market quotations are not readily available, including in circumstances under which it is determined by the Advisor that prices received are not reflective of their market values, are valued by the Advisor’s Pricing Committee in accordance with the guidelines established by the Board’s Valuation Committee and under the general oversight of the Board.

Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose investments in their financial statements in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.


Level 1 —		quoted prices in active markets for identical investments.
Level 2 —		other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3 —		significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

Fair Value Measurements: Descriptions of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

Credit default swaps. Credit default swaps are fair valued using pricing models that take into account, among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise, the fair values would be categorized in Level 3.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Certain foreign securities that are fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets are categorized in Level 2 of the fair value hierarchy.

Foreign currency contracts. The fair value of foreign currency contracts is derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized in Level 2 of the fair value hierarchy.

Money market funds. Money market funds areopen-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized in Level 1 of the fair value hierarchy.

Short-term investments. Short-term investments are valued using market price quotations, and are reflected in Level 2 of the fair value hierarchy.

U.S. and foreign government and agency securities. Government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. and foreign government and agency securities are normally categorized in Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

The summary of the inputs used as of April 30, 2020 is listed after the Schedule of Investments for each Fund.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:


	TCW Emerging Markets Income Fund			TCW Emerging Markets Multi-Asset Opportunities Fund
Balance as of October 31, 2019	$	17,856,321		$	140,385
Accrued Discounts (Premiums)		—			—
Realized Gain (Loss)		—			—
Change in Unrealized Appreciation		(3,401,204	)		(26,740	)
Purchases		—			—
Sales		—			—
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—

Balance as of April 30, 2020	$	14,455,117		$	113,645

Change in Unrealized Appreciation from Investments Still Held at April 30, 2020	$	(3,401,204	)	$	(26,740	)

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

Description

Fair Value at
04/30/20

Valuation Techniques*

Unobservable
Input

Price or Price
Range

Average
Weighted
Price

TCW Emerging Markets Income Fund

Government Issues

14,455,117

Third-party Vendor

Vendor Prices

$8.5

TCW Emerging Markets Multi-Asset Opportunities Fund

Government Issues

113,645

Third-party Vendor

Vendor Prices

$8.5

Allocation of Operating Activity for Multiple Classes: Investment income, common expenses and realized and unrealized gains and losses are allocated among the share classes of the Funds based on the relative net assets of each class. Distribution fees, which are directly attributable to a class of shares, are charged to the operations of that class. All other expenses are charged to each Fund or class as incurred on a specific identification basis. Differences in class-specific fees and expenses will result in differences in net investment income, and in turn differences in dividends paid by each class.

Dividends and Distributions: Dividends and distributions to shareholders are recorded on theex-dividend date. The TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund declare and pay, or reinvest, dividends from net investment income monthly. The other International Funds declare and pay, or reinvest, dividends from net investment income annually. Capital gains realized by a Fund will be distributed at least annually.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for foreign currency transactions, derivative transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to Fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications betweenpaid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscalyear-end is distributed in the following fiscal year.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

Derivative Instruments: Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. A derivative contract may result in amark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. The Funds may not be able to close out a derivative transaction at a favorable time or price.

For the period ended April 30, 2020, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

TCW Emerging Markets Income Fund


	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Contracts	$	—		$	16,860,535		$	—		$	16,860,535

Total Value	$	—		$	16,860,535		$	—		$	16,860,535

Liability Derivatives
Forward Contracts	$	—		$	(13,135,994	)		—		$	(13,135,994	)
Swap Agreements		(9,600,204	)		—			—			(9,600,204	)

Total Value	$	(9,600,204	)	$	(13,135,994	)	$	—		$	(22,736,198	)

Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—		$	(1,033,349	)	$	—		$	(1,033,349	)
Futures Contracts		—			—			(11,361,569	)		(11,361,569	)
Investments⁽¹⁾		—			(1,956,875	)		—			(1,956,875	)
Swap Agreements		(1,379,857	)		—			—			(1,379,857	)

Total Realized Gain (Loss)	$	(1,379,857	)	$	(2,990,224	)	$	(11,361,569	)	$	(15,731,650	)

Change in Appreciation (Depreciation)
Forward Contracts	$	—		$	4,476,986		$	—		$	4,476,986
Futures Contracts		—			—			7,791,812			7,791,812
Swap Agreements		934,979			—			—			934,979

Total Change in Appreciation (Depreciation)	$	934,979		$	4,476,986		$	7,791,812		$	13,203,777

Number of Contracts or Notional Amounts⁽²⁾
Forward Currency Contracts		$ —			$204,568,243			$ —			$204,568,243
Options Purchased		$ —			$193,750,000			$ —			$193,750,000
Futures Contracts		—			—			637			637
Swap Agreements		$125,005,539			$ —			$ —			$125,005,539

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

TCW Emerging Markets Local Currency Income Fund


	Credit Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Contracts	$	—	$	2,859,046		$	—		$	2,859,046

Total Value	$	—	$	2,859,046		$	—		$	2,859,046

Liability Derivatives
Forward Contracts	$	—	$	(3,406,031	)	$	—		$	(3,406,031	)

Total Value	$	—	$	(3,406,031	)	$	—		$	(3,406,031	)

Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—	$	(2,312,964	)	$	—		$	(2,312,964	)
Futures Contracts		—		—			(141,330	)		(141,330	)
Investments⁽¹⁾		—		(129,881	)		—			(129,881	)

Total Realized Gain (Loss)	$	—	$	(2,442,845	)	$	(141,330	)	$	(2,584,175	)

Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	(662,490	)	$	—		$	(662,490	)
Futures Contracts		—		—			47,462			47,462

Total Change in Appreciation (Depreciation)	$	—	$	(662,490	)	$	47,462		$	(615,028	)

Number of Contracts or Notional Amounts⁽²⁾
Forward Currency Contracts		$ —		$94,711,518			$ —			$94,711,518
Futures Contracts		—		—			11			11
Options Purchased		$ —		$11,655,000			$ —			$11,655,000

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW Emerging Markets Multi-Asset Opportunities Fund


	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Contracts	$	—		$	94,629		$	—		$	94,629

Total Value	$	—		$	94,629		$	—		$	94,629

Liability Derivatives
Forward Contracts	$	—		$	(74,538	)	$	—		$	(74,538	)
Swap Agreements		(47,740	)		—			—			(47,740	)

Total Value	$	(47,740	)	$	(74,538	)	$	—		$	(122,278	)

Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—		$	(7,385	)	$	—		$	(7,385	)
Futures Contracts		—			—			(84,178	)		(84,178	)
Investments⁽¹⁾		—			(10,756	)		—			(10,756	)
Swap Agreements		(6,026	)		—			—			(6,026	)

Total Realized Gain (Loss)	$	(6,026	)	$	(18,141	)	$	(84,178	)	$	(108,345	)

Change in Appreciation (Depreciation)
Forward Contracts	$	—		$	26,205		$	—		$	26,205
Futures Contracts		—			—			58,672			58,672
Swap Agreements		3,831			—			—			3,831

Total Change in Appreciation (Depreciation)	$	3,831		$	26,205		$	58,672		$	88,708

Number of Contracts or Notional Amounts⁽²⁾
Forward Currency Contracts		$ —			$1,197,974			$ —			$1,197,974
Options Purchased		$ —			$1,065,000			$ —			$1,065,000
Futures Contracts		—			—			5			5
Swap Agreements		$625,926			$ —			$ —			$625,926

(1)

Represents realized gain (loss) for purchased options.

(2)

Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2020.

Counterparty Credit Risk: Derivative contracts may be exposed to counterparty risk. Losses can occur if the counterparty does not perform under the contract.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

TCW Funds, Inc.

April 30, 2020

Note 2 — Significant Accounting Policies (Continued)

For OTC derivatives the Funds mitigate their counterparty risk by entering into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with each counterparty. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or fail to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability

owed to the counterparty.

Collateral requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting themark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral pledged or received by a Fund.

Cash collateral that has been pledged to cover obligations of a Fund is reported separately on the Statement of Assets and Liabilities.Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold, typically $250,000 or $500,000, before a transfer is required, which is determined at the close of each business day and the collateral is transferred on the next business day. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterpartynon-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that the Advisor believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The Funds have implemented the disclosure requirements pursuant to FASB ASUNo. 2013-11, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

The following table presents the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under ISDA Master Agreement and net of the related collateral received by the Funds as of April 30, 2020:

TCW Emerging Markets Income Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount ⁽¹⁾
Bank of America, N.A.	$	7,990,544	$	(9,290,561	)	$	(1,300,017	)	$	1,300,017	⁽²⁾	$	—
Barclays Bank PLC		—		(3,214,587	)		(3,214,587	)		3,180,000			(34,587	)
BNP Paribas S.A.		466,821		—			466,821			(466,821	) ⁽²⁾		—
Citibank N.A.		4,417,751		(10,138,905	)		(5,721,154	)		5,721,154	⁽²⁾		—
Goldman Sachs & Co.		130,682		—			130,682			(130,682	) ⁽²⁾		—
Standard Chartered Bank		3,854,737		(92,145	)		3,762,592			(3,762,592	) ⁽²⁾		—

Total	$	16,860,535	$	(22,736,198	)	$	(5,875,663	)	$	5,841,076		$	(34,587	)

(1)

Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2)

Amount does not include excess collateral pledged or received.

TCW Emerging Markets Local Currency Income Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount ⁽¹⁾
Bank of America, N.A.	$	413,531	$	(1,235,914	)	$	(822,383	)	$	822,383	⁽²⁾	$	—
Barclays Capital		1,259,494		(493,262	)		766,232			(766,232	) ⁽²⁾		—
BNP Paribas S.A.		674,610		(321,151	)		353,459			(320,000	)		33,459
Citibank N.A.		91,640		(910,501	)		(818,861	)		818,861	⁽²⁾		—
Goldman Sachs & Co.		122,300		(15,207	)		107,093			(107,093	) ⁽²⁾		—
JPMorgan Chase Bank		146,105		(419,234	)		(273,129	)		273,129	⁽²⁾		—
Standard Chartered Bank		151,366		(10,762	)		140,604			—			140,604

Total	$	2,859,046	$	(3,406,031	)	$	(546,985	)	$	721,048		$	174,063

(1)

Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2)

Amount does not include excess collateral pledged or received.

TCW Emerging Markets Multi-Asset Opportunities Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)		Net Amount ⁽¹⁾
Bank of America, N.A.	$	45,620	$	(48,256	)	$	(2,636	)	$	—	$	(2,636	)
Barclays Capital		—		(15,263	)		(15,263	)		—		(15,263	)
BNP Paribas S.A.		3,016		—			3,016			—		3,016
Citibank N.A.		45,419		(58,157	)		(12,738	)		—		(12,738	)
Goldman Sachs & Co		574		—			574			—		574
Standard Chartered Bank		—		(602	)		(602	)		—		(602	)

Total	$	94,629	$	(122,278	)	$	(27,649	)	$	—	$	(27,649

(1)

Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

TCW Funds, Inc.

April 30, 2020

Note 3 — Portfolio Investments

When-Issued, Delayed-Delivery, and Forward Commitment Transactions: The Funds may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of each Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, or forward commitment basis, there may be a loss, and that Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the values of the subject securities will fluctuate with market conditions. In addition, because the Fund is not required to pay for when-issued, delayed-delivery, or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not set aside liquid assets to cover the commitment. To guard against this deemed leverage, the Fund monitors the obligations under these transactions on a daily basis and ensures that the Fund has sufficient liquid assets to cover them.

Repurchase Agreements: The Funds may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (MRA). The MRA permits a Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Funds recognize a liability with respect to such excess collateral to reflect the Funds’ obligation under bankruptcy law to return the excess to the counterparty. The Funds had no repurchase agreements outstanding as of April 30, 2020.

Participation Notes: The Funds may invest in participation notes of equity-linked instruments (collectively, participation notes), through which a counterparty provides exposure to common stock, in the form of an unsecured interest, in markets where direct investment by a Fund is not possible. Participation notes provide the economic benefit of common stock ownership to a Fund, while legal ownership and voting rights are retained by the counterparty. Although participation notes are usually structured with a defined maturity or termination date, early redemption may be possible. Risks associated with participation notes include possible failure of the counterparty to perform in accordance with the terms of the agreement, inability to transfer or liquidate the notes, potential delays or an inability to redeem before maturity under certain market conditions, and limited legal recourse against the issuer of the underlying common stock. None of the Funds held participation notes as of April 30, 2020.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

Derivatives:

Forward Foreign Currency Contracts: The Funds enter into forward foreign currency contracts as a hedge against fluctuations in foreign exchange rates. Forward foreign currency contracts aremarked-to-market daily and the change in market value is recorded by each Fund as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Outstanding foreign currency forward contracts at April 30, 2020 are disclosed in the Schedule of Investments.

Options: The Funds purchase and sell put and call options on a security or an index of securities to enhance investment performance or to protect against changes in market prices. The Funds may also enter into currency options to hedge against or to take advantage of currency fluctuations.

TCW Funds, Inc.

April 30, 2020

Note 3 — Portfolio Investments (Continued)

before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. Premiums paid for purchasing options that expired are treated as realized losses.

Swap Agreements: The Funds may enter into swap agreements. Swap agreements are typicallytwo-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (inso-called market access transactions).

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

notional principal amount may decline (or amortize) over time. The Fund’s maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life.

A Fund may enter into credit default swap transactions as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. A Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When a Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may benon-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses bymarking-to-market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on each Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded as realized gains and losses, respectively. During the period ended April 30, 2020, the TCW Emerging Markets Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund used credit default swaps to limit certain credit exposure within each Fund.

TCW Funds, Inc.

April 30, 2020

Note 4 — Risk Considerations

Liquidity Risk: The Funds’ investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in high-yield securities, foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

Counterparty Risk: The Funds may be exposed to counterparty risk, which is the risk that an entity with which the Funds have unsettled or open transactions may not fulfill its obligations.

Foreign Currency Risk: The Funds may be exposed to the risk that the value of the Funds’ investments denominated in foreign currencies will decline in value because the foreign currency has declined in value relative to the U.S. dollar.

Foreign Investing Risk: The Funds may be exposed to the risk that the Funds’ share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

Public Health Emergencies Risk and Impact of the Coronavirus(COVID-19): Pandemics and other local, national, and international public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current outbreak of the novel coronavirus(“COVID-19”), can result, and in the case ofCOVID-19 is resulting, in market volatility and disruption, and any similar future emergencies may materially and adversely impact economic production and activity in ways that cannot be predicted, all of which could result in substantial investment losses.

The World Health Organization officially declared in March 2020 that theCOVID-19 outbreak formally constitutes a “pandemic.” This outbreak has caused a worldwide public health emergency, straining healthcare resources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effort to containCOVID-19, local, regional, and national governments, as well as private businesses and other organizations, have imposed and continue to impose severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including“stay-at-home,”“shelter-in-place,” and similar orders), and ordering the closure of a wide range of offices, businesses, schools, and other public venues. Consequently,COVID-19 has significantly diminished and disrupted global economic production and activity of all kinds and has contributed to both volatility and a severe decline in financial markets. Among other things, these unprecedented developments have resulted in: (i) material reductions in demand across most categories of consumers and businesses; (ii) dislocation (or, in some cases, a complete halt) in the credit and capital markets; (iii) labor force and operational disruptions; (iv) slowing or complete idling of certain supply chains and manufacturing activity; and (v) strain and uncertainty for businesses and households, with a particularly acute impact on industries dependent on travel and public accessibility, such as transportation, hospitality, tourism, retail, sports, and entertainment.

TCW Funds, Inc.

April 30, 2020

Note 4 — Risk Considerations (Continued)

further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. The extent ofCOVID-19’s impact will depend on many factors, including the ultimate duration and scope of the public health emergency and the restrictive countermeasures being undertaken, as well as the effectiveness of other governmental, legislative, and financial and monetary policy interventions designed to mitigate the crisis and address its negative externalities, all of which are evolving rapidly and may have unpredictable results. Even ifCOVID-19’s spread is substantially contained, it will be difficult to assess what the longer-term impacts of an extended period of unprecedented economic dislocation and disruption will be on future economic developments, the health of certain markets, industries and businesses, and commercial and consumer behavior.

The ongoingCOVID-19 crisis and any other public health emergency could have a significant adverse impact on our investments and result in significant investment losses. The extent of the impact on business operations and performance of market participants and the companies in which we invest depends and will continue to depend on many factors, virtually all of which are highly uncertain and unpredictable, and this impact may include or lead to: (i) significant reductions in revenue and growth; (ii) unexpected operational losses and liabilities; (iii) impairments to credit quality; and (iv) reductions in the availability of capital. These same factors may limit the ability to source, research, and execute new investments, as well as to sell investments in the future, and governmental mitigation actions may constrain or alter existing financial, legal, and regulatory frameworks in ways that are adverse to the investment strategies we intend to pursue, all of which could materially diminish our ability to fulfill investment objectives. They may also impair the ability of the companies in which we invest or their counterparties to perform their respective obligations under debt instruments and other commercial agreements (including their ability to pay obligations as they become due), potentially leading to defaults with uncertain consequences, including the potential for defaults by borrowers under debt instruments held in a client’s portfolio. In addition, an extended period of remote working by the employees of the companies in which we invest subjects those companies to additional operational risks, including heightened cybersecurity risk. Remote working environments may be less secure and more susceptible to cyberattacks that seek to exploit theCOVID-19 pandemic, and the operational damage of any such events could potentially disrupt our business and reduce the value of our investments. The operations of securities markets may also be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, restrictions on travel and movement, remote-working requirements, and other factors related to a public health emergency, including the potential adverse impact on the health of any such entity’s personnel. These measures may also hinder normal business operations by impairing usual communication channels and methods, hampering the performance of administrative functions such as processing payments and invoices, and diminishing the ability to make accurate and timely projections of financial performance. Because our ability to execute transactions on behalf of the Funds is dependent upon the timely performance of multiple third parties, any interruptions in the business operations of those third parties could impair our ability to effectively implement a Fund’s investment strategies.

Note 5 — Federal Income Taxes

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 5 — Federal Income Taxes (Continued)

At April 30, 2020, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows:


	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost of Investments for Federal Income Tax Purposes
TCW Developing Markets Equity Fund	$	750,170	$	(308,684	)	$	441,486		$	4,429,260
TCW Emerging Markets Income Fund		70,226,977		(968,915,048	)		(898,688,071	)		6,402,674,679
TCW Emerging Markets Local Currency Income Fund		2,746,891		(26,020,869	)		(23,273,978	)		232,244,979
TCW Emerging Markets Multi-Asset Opportunities Fund		8,215,615		(8,579,725	)		(364,110	)		82,884,742

At October 31, 2019 the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Developing Markets Equity Fund	$	36,002	$	—	$	36,002
TCW Emerging Markets Income Fund		23,323,262		—		23,323,262
TCW Emerging Markets Local Currency Income Fund		1,190,431				1,190,431
TCW Emerging Markets Multi-Asset Opportunities Fund		2,701,879		—		2,701,879

During the year ended October 31, 2019, the tax character of distributions paid was as follows:


	Ordinary Income		Long-Term Capital Gain		Total Distributions
TCW Developing Markets Equity Fund	$	22,279	$	—	$	22,279
TCW Emerging Markets Income Fund		294,090,766		—		294,090,766
TCW Emerging Markets Local Currency Income Fund		4,590,289		—		4,590,289
TCW Emerging Markets Multi-Asset Opportunities Fund		1,629,445		—		1,629,445

At October 31, 2019, the following Funds had net realized losses that will be carried forward indefinitely for federal income tax purposes:


	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Developing Markets Equity Fund	$	765,586	$	—	$	765,586
TCW Emerging Markets Income Fund		390,218,298		301,556,377		691,774,675
TCW Emerging Markets Local Currency Income Fund		15,553,308		11,669,218		27,222,526
TCW Emerging Markets Multi-Asset Opportunities Fund		9,372,133		—		9,372,133

The Funds did not have any unrecognized tax benefits at April 30, 2020, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2020. The Funds are subject to examination by the U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

Note 6—Fund Management Fees and Other Expenses

The Funds pay to the Advisor, as compensation for services rendered, facilities furnished and expenses borne by it, the following annual management fees as a percentage of daily net assets:


TCW Developing Markets Equity Fund	0.80	%
TCW Emerging Markets Income Fund	0.75	%
TCW Emerging Markets Local Currency Income Fund	0.75	%
TCW Emerging Markets Multi-Asset Opportunities Fund	0.90	%

TCW Funds, Inc.

April 30, 2020

Note 6 — Fund Management Fees and Other Expenses (Continued)

The Advisor limits the operating expenses of the Funds not to exceed the following expense ratios relative to the Funds’ average daily net assets:


TCW Developing Markets Equity Fund
I Class	1.25	% ⁽¹⁾
N Class	1.25	% ⁽¹⁾
TCW Emerging Income Fund
I Class	0.85	% ⁽¹⁾
N Class	0.95	% ⁽¹⁾
Plan Class	0.77	% ⁽¹⁾
TCW Emerging Markets Local Currency Income Fund
I Class	0.85	% ⁽¹⁾
N Class	0.90	% ⁽¹⁾
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class	1.00	% ⁽¹⁾
N Class	1.20	% ⁽¹⁾

⁽¹⁾

These limitations are based on an agreement between the Advisor and Company.

Directors’ Fees: Directors who are not affiliated with the Advisor receive compensation from the Funds which is shown on the Statements of Operations. Directors may elect to defer receipt of their fees in accordance with the terms of aNon-Qualified Deferred Compensation Plan. Deferred compensation is included within directors’ fees and expenses in the Statements of Assets and Liabilities.

Note 7— Distribution Plan

Note 8— Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2020 were as follows:


	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Developing Markets Equity Fund	$	3,827,828	$	4,433,535	$	—	$	—
TCW Emerging Markets Income Fund		5,246,513,274		4,564,643,629		—		—
TCW Emerging Markets Local Currency Income Fund		191,346,619		175,879,456		—		—
TCW Emerging Markets Multi-Asset Opportunities Fund		82,458,302		84,884,310		—		—

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:


TCW Developing Markets Equity Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		466		$	5,040			228		$	2,040
Shares Issued upon Reinvestment of Dividends		3,227			34,910			1,763			16,011
Shares Redeemed		(41,130	)		(452,427	)		—			—

Net Increase (Decrease)		(37,437	)	$	(412,475	)		1,991		$	18,051


N Class	Shares			Amount			Shares			Amount
Shares Sold		—		$	—			11		$	100
Shares Issued upon Reinvestment of Dividends		1,249			13,514			690			6,268
Shares Redeemed		(1	)		(10	)		(1,655	)		(15,127	)

Net Increase (Decrease)		1,248		$	13,504			(954	)	$	(8,759	)


TCW Emerging Markets Income Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		235,628,130		$	1,863,895,503			325,616,046		$	2,622,012,778
Shares Issued upon Reinvestment of Dividends		11,974,066			95,110,859			19,612,811			158,858,299
Shares Redeemed		(175,161,355	)		(1,283,150,781	)		(226,225,558	)		(1,822,075,979	)

Net Increase		72,440,841		$	675,855,581			119,003,299		$	958,795,098


N Class	Shares			Amount			Shares			Amount
Shares Sold		5,425,607		$	55,344,055			9,325,603		$	97,733,797
Shares Issued upon Reinvestment of Dividends		740,009			7,615,537			1,544,925			16,071,564
Shares Redeemed		(6,925,368	)		(68,099,367	)		(15,236,140	)		(158,466,267	)

Net Decrease		(759,752	)	$	(5,139,775	)		(4,365,612	)	$	(44,660,906	)


	March 2, 2020 (Commencement of Operations) through April 30, 2020 (Unaudited)
Plan Class	Shares			Amount			Shares			Amount
Shares Sold		12		$	100			—		$	—
Shares Issued upon Reinvestment of Dividends		—			—			—			—
Shares Redeemed		—			—			—			—

Net Increase		12		$	100			—		$	—


TCW Emerging Markets Local Currency Income Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		6,824,316		$	60,929,537			14,235,609		$	125,090,886
Shares Issued upon Reinvestment of Dividends		333,736			3,073,757			419,536			3,579,182
Shares Redeemed		(8,312,053	)		(70,265,164	)		(23,098,821	)		(199,664,448	)

Net Decrease		(1,154,001	)	$	(6,261,870	)		(8,443,676	)	$	(70,994,380	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		1,465,502		$	12,581,004			3,108,306		$	27,354,015
Shares Issued upon Reinvestment of Dividends		42,664			392,147			71,740			610,839
Shares Redeemed		(1,653,092	)		(14,013,560	)		(5,984,228	)		(52,493,532	)

Net Decrease		(144,926	)	$	(1,040,409	)		(2,804,182	)	$	(24,528,678	)

TCW Funds, Inc.

April 30, 2020

Note 9 — Capital Share Transactions (Continued)


TCW Emerging Markets Multi-Asset Opportunities Fund	Six Months Ended April 30, 2020 (Unaudited)						Year Ended October 31, 2019
I Class	Shares			Amount			Shares			Amount
Shares Sold		283,391		$	3,154,650			5,474,863		$	61,399,299
Shares Issued upon Reinvestment of Dividends		242,397			2,799,681			58,600			588,909
Shares Redeemed		(733,549	)		(7,684,367	)		(1,970,348	)		(21,376,805	)

Net Increase (Decrease)		(207,761	)	$	(1,730,036	)		3,563,115		$	40,611,403


N Class	Shares			Amount			Shares			Amount
Shares Sold		44,568		$	495,161			835,903		$	8,721,859
Shares Issued upon Reinvestment of Dividends		29,582			340,484			102,937			1,032,231
Shares Redeemed		(220,181	)		(2,369,135	)		(7,102,907	)		(78,241,435	)

Net Decrease		(146,031	)	$	(1,533,490	)		(6,164,067	)	$	(68,487,345	)

Note 10 — Affiliate Ownership

As of April 30, 2020, affiliates of the Funds and Advisor owned 98.69% and 6.31% of the net assets of the TCW Developing Markets Equity Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund, respectively.

Note 11— Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities held by the Funds at April 30, 2020.

Note 12 — Committed Line Of Credit

Note 13 — Liquidity Risk Management Program

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 13 — Liquidity Risk Management Program (Continued)

Note 14— Indemnifications

Under the Company’s organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Company. In addition, the Company entered into an agreement with each of the Directors which provides that the Company will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by such Director in any proceeding arising out of or in connection with the Director’s services to the Company, to the fullest extent permitted by the Company’s Articles of Incorporation andBy-Laws, the Maryland General Corporation Law, the Securities Act, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Company enters into agreements with service providers that may contain indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. The Company has not accrued any liability in connection with such indemnification.

Note 15— New Accounting Pronouncement

TCW Developing Markets Equity Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												June 30, 2015 (Commencement of Operations) through October 31, 2015
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016
Net Asset Value per Share, Beginning of Period	$	10.14		$	9.39		$	11.17		$	9.10		$	8.62		$	10.00

Income (Loss) from Investment Operations:
Net Investment Income (Loss)⁽¹⁾		(0.01	)		0.10			0.06			0.07			0.10			0.01
Net Realized and Unrealized Gain (Loss) on Investments		(0.80	)		0.69			(1.78	)		2.09			0.38			(1.39	)

Total from Investment Operations		(0.81	)		0.79			(1.72	)		2.16			0.48			(1.38	)

Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.04	)		(0.06	)		(0.09	)		(0.00	) ⁽²⁾		—

Net Asset Value per Share, End of Period	$	9.24		$	10.14		$	9.39		$	11.17		$	9.10		$	8.62

Total Return		(8.14	)% ⁽⁴⁾		8.46	%		(15.51	)%		23.96	%		5.63	%		(13.80	)% ⁽³⁾

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	3,362		$	4,071		$	3,750		$	4,433		$	3,577		$	3,392

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		4.30	%⁽⁵⁾		4.88	%		3.45	%		3.94	%		3.56	%		7.09	%⁽⁵⁾

After Expense Reimbursement		1.25	%⁽⁵⁾		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%⁽⁵⁾

Ratio of Net Investment Income (Loss) to Average Net Assets		(0.10	)% ⁽⁵⁾		1.03	%		0.49	%		0.77	%		1.15	%		0.30	% ⁽⁵⁾

Portfolio Turnover Rate		73.76	% ⁽⁴⁾		207.48	%		163.33	%		194.58	%		154.70	%		54.34	% ⁽⁵⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

Amount rounds to less than $0.01 per share.

(3)

For the period June 30, 2015 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(5)

Annualized.

See accompanying Notes to Financial Statements.

TCW Developing Markets Equity Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												June 30, 2015 (Commencement of Operations) through October 31, 2015
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016
Net Asset Value per Share, Beginning of Period	$	10.14		$	9.39		$	11.17		$	9.10		$	8.62		$	10.00

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		(0.00	) ⁽²⁾		0.10			0.06			0.07			0.10			0.01
Net Realized and Unrealized Gain (Loss) on Investments		(0.81	)		0.69			(1.78	)		2.09			0.38			(1.39	)

Total from Investment Operations		(0.81	)		0.79			(1.72	)		2.16			0.48			(1.38	)

Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.04	)		(0.06	)		(0.09	)		(0.00	) ⁽²⁾		—

Net Asset Value per Share, End of Period	$	9.24		$	10.14		$	9.39		$	11.17		$	9.10		$	8.62

Total Return		(8.14	)%⁽⁴⁾		8.46	%		(15.51	)%		23.96	%		5.63	%		(13.80	)%⁽³⁾

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	1,447		$	1,575		$	1,468		$	1,722		$	1,364		$	1,297

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		5.47	%⁽⁵⁾		6.11	%		4.51	%		5.08	%		4.80	%		8.39	%⁽⁵⁾

After Expense Reimbursement		1.25	%⁽⁵⁾		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%⁽⁵⁾

Ratio of Net Investment Income (Loss) to Average Net Assets		(0.10	)% ⁽⁵⁾		1.03	%		0.49	%		0.77	%		1.15	%		0.29	% ⁽⁵⁾

Portfolio Turnover Rate		73.76	% ⁽⁴⁾		207.48	%		163.33	%		194.58	%		154.70	%		54.34	% ⁽⁵⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

Amount rounds to less than $0.01 per share.

(3)

For the period June 30, 2015 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(5)

Annualized.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	8.33		$	7.77		$	8.54		$	8.34		$	7.67		$	8.57

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.20			0.46			0.43			0.55			0.55			0.38
Net Realized and Unrealized Gain (Loss) on Investments		(1.42	)		0.54			(0.83	)		0.09			0.52			(0.87	)

Total from Investment Operations		(1.22	)		1.00			(0.40	)		0.64			1.07			(0.49	)

Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.44	)		(0.37	)		(0.44	)		(0.40	)		(0.39	)
Distributions from Return of Capital		—			—			—			—			—			(0.02	)

Total Distributions		(0.17	)		(0.44	)		(0.37	)		(0.44	)		(0.40	)		(0.41	)

Net Asset Value per Share, End of Period	$	6.94		$	8.33		$	7.77		$	8.54		$	8.34		$	7.67

Total Return		(14.83	)% ⁽²⁾		13.13	%		(4.85	)%		7.95	%		14.29	%		(5.75	)%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	5,227,771		$	5,668,552		$	4,365,456		$	3,039,671		$	2,574,798		$	2,733,679

Ratio of Expenses to Average Net Assets		0.86	%⁽³⁾		0.84	%		0.86	%		0.87	%		0.87	%		0.88	%

Ratio of Net Investment Income to Average Net Assets		4.97	%⁽³⁾		5.62	%		5.33	%		6.56	%		6.95	%		4.79	%

Portfolio Turnover Rate		78.61	%⁽²⁾		136.47	%		149.50	%		212.16	%		214.73	%		172.93	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	10.72		$	10.00		$	11.00		$	10.75		$	9.89		$	11.05

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.25			0.57			0.53			0.68			0.68			0.46
Net Realized and Unrealized Gain (Loss) on Investments		(1.82	)		0.69			(1.08	)		0.12			0.67			(1.11	)

Total from Investment Operations		(1.57	)		1.26			(0.55	)		0.80			1.35			(0.65	)

Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.54	)		(0.45	)		(0.55	)		(0.49	)		(0.48	)
Distributions from Return of Capital		—			—			—			—			—			(0.03	)

Total Distributions		(0.21	)		(0.54	)		(0.45	)		(0.55	)		(0.49	)		(0.51	)

Net Asset Value per Share, End of Period	$	8.94		$	10.72		$	10.00		$	11.00		$	10.75		$	9.89

Total Return		(14.84	)% ⁽²⁾		12.85	%		(5.16	)%		7.67	%		13.98	%		(5.96	)%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	260,489		$	320,492		$	342,660		$	510,877		$	534,151		$	521,413

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.16	% ⁽³⁾		1.14	%		1.16	%		1.15	%		1.15	%		1.16	%

After Expense Reimbursement		1.00	% ⁽³⁾		1.05	%		1.10	%		1.13	%		N/A			N/A

Ratio of Net Investment Income to Average Net Assets		4.83	% ⁽³⁾		5.41	%		5.03	%		6.30	%		6.71	%		4.50	%

Portfolio Turnover Rate		78.61	% ⁽²⁾		136.47	%		149.50	%		212.16	%		214.73	%		172.93	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Financial Highlights — Plan Class


	March 2, 2020 (Commencement of Operations) through April 30, 2020 (Unaudited)
Net Asset Value per Share, Beginning of Period	$	8.34

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.05
Net Realized and Unrealized Loss on Investments		(1.42	)

Total from Investment Operations		(1.37	)

Less Distributions:
Distributions from Net Investment Income		(0.02	)

Total distributions		(0.02	)

Net Asset Value per Share, End of Period	$	6.95

Total Return		(16.37	)% ⁽²⁾

Ratios/Supplemental Data:

Net assets, end of period (in thousands)	$	0.00	⁽³⁾

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		7890.15	% ⁽⁴⁾

Ratio of Expenses to Average Net Assets		0.57	% ⁽⁴⁾

Ratio of Net Investment Income to Average Net Assets		4.07	% ⁽⁴⁾

Portfolio Turnover Rate		78.61	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period March 2, 2020 (Commencement of Operations) through April 30, 2020.

(3)

Amount rounds to less than $1,000.

(4)

Annualized.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	9.17		$	8.14		$	9.30		$	9.13		$	8.18		$	9.69

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.23			0.58			0.53			0.64			0.52			0.46
Net Realized and Unrealized Gain (Loss) on Investments		(1.26	)		0.57			(1.19	)		(0.06	)		0.43			(1.94	)

Total from Investment Operations		(1.03	)		1.15			(0.66	)		0.58			0.95			(1.48	)

Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.12	)		(0.23	)		(0.41	)		—			—
Distributions from Return of Capital		—			—			(0.27	)		—			—			(0.03	)

Total Distributions		(0.13	)		(0.12	)		(0.50	)		(0.41	)		—			(0.03	)

Net Asset Value per Share, End of Period	$	8.01		$	9.17		$	8.14		$	9.30		$	9.13		$	8.18

Total Return		(11.45	)% ⁽²⁾		14.26	%		(7.74	)%		6.33	%		11.61	%		(15.35	)%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	183,699		$	220,968		$	264,754		$	138,068		$	97,650		$	102,034

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.98	% ⁽³⁾		1.03	%		0.95	%		1.03	%		1.00	%		1.00	%

After Expense Reimbursement		0.85	% ⁽³⁾		0.88	%		N/A			0.99	%		0.99	%		0.99	%

Ratio of Net Investment Income to Average Net Assets		5.36	%⁽³⁾		6.66	%		5.90	%		6.83	%		6.12	%		5.20	%

Portfolio Turnover Rate		78.25	% ⁽²⁾		127.74	%		185.72	%		137.44	%		209.07	%		250.10	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	9.15		$	8.13		$	9.29		$	9.12		$	8.17		$	9.69

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.23			0.57			0.51			0.64			0.48			0.46
Net Realized and Unrealized Gain (Loss) on Investments		(1.26	)		0.57			(1.17	)		(0.06	)		0.47			(1.95	)

Total from Investment Operations		(1.03	)		1.14			(0.66	)		0.58			0.95			(1.49	)

Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.12	)		(0.23	)		(0.41	)		—			—
Distributions from Return of Capital		—			—			(0.27	)		0.00			—			(0.03	)

Total Distributions		(0.13	)		(0.12	)		(0.50	)		(0.41	)		—			(0.03	)

Net Asset Value per Share, End of Period	$	7.99		$	9.15		$	8.13		$	9.29		$	9.12		$	8.17

Total Return		(11.48	)% ⁽²⁾		14.14	%		(7.75	)%		6.33	%		11.63	%		(15.37	)%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	23,295		$	28,011		$	47,664		$	34,807		$	15,325		$	153,270

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.31	% ⁽³⁾		1.40	%		1.32	%		1.35	%		1.31	%		1.25	%

After Expense Reimbursement		0.90	% ⁽³⁾		0.92	%		0.99	%		0.99	%		0.99	%		0.99	%

Ratio of Net Investment Income to Average Net Assets		5.31	% ⁽³⁾		6.63	%		5.78	%		6.88	%		6.05	%		5.29	%

Portfolio Turnover Rate		78.25	% ⁽²⁾		127.74	%		185.72	%		137.44	%		209.07	%		250.10	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	11.31		$	10.39		$	11.70		$	10.39		$	9.63		$	10.97

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.11			0.38			0.25			0.31			0.35			0.24
Net Realized and Unrealized Gain (Loss) on Investments		(1.32	)		0.69			(1.30	)		1.38			0.65			(1.38	)

Total from Investment Operations		(1.21	)		1.07			(1.05	)		1.69			1.00			(1.14	)

Less Distributions:
Distributions from Net Investment Income		(0.37	)		(0.15	)		(0.26	)		(0.38	)		(0.24	)		(0.20	)

Net Asset Value per Share, End of Period	$	9.73		$	11.31		$	10.39		$	11.70		$	10.39		$	9.63

Total Return		(11.20	)% ⁽²⁾		10.50	%		(9.23	)%		17.05	%		10.75	%		(10.53	)%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	73,231		$	87,430		$	43,338		$	42,041		$	37,173		$	39,739

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.36	% ⁽³⁾		1.31	%		1.34	%		1.54	%		1.57	%		1.47	%

After Expense Reimbursement		1.00	% ⁽³⁾		1.02	%		1.23	%		1.23	%		1.23	%		1.23	%

Ratio of Net Investment Income to Average Net Assets		1.98	% ⁽³⁾		3.51	%		2.13	%		2.95	%		3.74	%		2.31	%

Portfolio Turnover Rate		90.35	% ⁽²⁾		188.64	%		160.85	%		197.48	%		227.75	%		145.86	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net Asset Value per Share, Beginning of Period	$	11.24		$	10.35		$	11.66		$	10.35		$	9.59		$	10.92

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.10			0.28			0.26			0.32			0.36			0.24
Net Realized and Unrealized Gain (Loss) on Investments		(1.31	)		0.76			(1.31	)		1.37			0.64			(1.37	)

Total from Investment Operations		(1.21	)		1.04			(1.05	)		1.69			1.00			(1.13	)

Less Distributions:
Distributions from Net Investment Income		(0.35	)		(0.15	)		(0.26	)		(0.38	)		(0.24	)		(0.20	)

Net Asset Value per Share, End of Period	$	9.68		$	11.24		$	10.35		$	11.66		$	10.35		$	9.59

Total Return		(11.28	)% ⁽²⁾		10.25	%		(9.26	)%		17.10	%		10.78	%		(10.50	)%

Ratios/Supplemental Data:

Net Assets, End of Period (in thousands)	$	8,733		$	11,784		$	74,677		$	40,064		$	5,088		$	4,107

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.77	% ⁽³⁾		1.65	%		1.67	%		1.96	%		2.15	%		2.15	%

After Expense Reimbursement		1.20	% ⁽³⁾		1.21	%		1.23	%		1.23	%		1.23	%		1.23	%

Ratio of Net Investment Income to Average Net Assets		1.78	% ⁽³⁾		2.64	%		2.25	%		2.95	%		3.79	%		2.38	%

Portfolio Turnover Rate		90.35	% ⁽²⁾		188.64	%		160.85	%		197.48	%		227.75	%		145.86	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2020 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2019 to April 30, 2020 (182 days).


TCW Funds, Inc.	Beginning Account Value November 01, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio			Expenses Paid During Period (November 01, 2019 to April 30, 2020)
TCW Developing Markets Equity Fund
I Class Shares
Actual	$	1,000.00	$	918.60		1.25	%	$	5.96
Hypothetical (5% return before expenses)		1,000.00		1,018.65		1.25	%		6.27

N Class Shares
Actual	$	1,000.00	$	918.60		1.25	%	$	5.96
Hypothetical (5% return before expenses)		1,000.00		1,018.65		1.25	%		6.27

TCW Emerging Markets Income Fund
I Class Shares
Actual	$	1,000.00	$	851.70		0.86	%	$	3.96
Hypothetical (5% return before expenses)		1,000.00		1,020.59		0.86	%		4.32

N Class Shares
Actual	$	1,000.00	$	851.60		1.00	%	$	4.60
Hypothetical (5% return before expenses)		1,000.00		1,019.89		1.00	%		5.02

Plan Class Shares
Actual	$	1,000.00	$	836.30		0.57	%	$	0.86	⁽¹⁾
Hypothetical (5% return before expenses)		1,000.00		1,022.03		0.57	%		2.87	⁽¹⁾

TCW Funds, Inc.


TCW Funds, Inc.	Beginning Account Value November 01, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio			Expenses Paid During Period (November 01, 2019 to April 30, 2020)
TCW Emerging Markets Local Currency Income Fund
I Class Shares
Actual	$	1,000.00	$	885.50		0.85	%	$	3.98
Hypothetical (5% return before expenses)		1,000.00		1,020.64		0.85	%		4.27

N Class Shares
Actual	$	1,000.00	$	885.20		0.90	%	$	4.22
Hypothetical (5% return before expenses)		1,000.00		1,020.39		0.90	%		4.52

TCW Emerging Markets Multi-Asset Opportunities Fund
I Class Shares
Actual	$	1,000.00	$	888.00		1.00	%	$	4.69
Hypothetical (5% return before expenses)		1,000.00		1,019.89		1.00	%		5.02

N Class Shares
Actual	$	1,000.00	$	887.20		1.20	%	$	5.63
Hypothetical (5% return before expenses)		1,000.00		1,018.90		1.20	%		6.02

(1)

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

The policies and procedures that the Company uses to determine how to vote proxies are available without charge. The Board has delegated the Company’s proxy voting authority to the Advisor.

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

By calling800-FUND-TCW(800-386-3829) to obtain a hard copy; or

By going to the SEC website at http://www.sec.gov.

By calling800-FUND-TCW(800-386-3829) to obtain a hard copy; or

By going to the SEC website at http://www.sec.gov.

The Company also discloses its proxy voting record on its website as soon as is reasonably practicable after its report on FormN-PX is filed with the SEC.

Availability of Quarterly Portfolio Schedule

LOGO

TCW Funds, Inc.

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

800 FUND TCW

(800 386 3829)

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Lincoln Street

Boston, Massachusetts 02111

DISTRIBUTOR

TCW Funds Distributors LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

DIRECTORS

Patrick C. Haden

Director and Chairman of the Board

Samuel P. Bell

Director

David S. DeVito

Director

Peter McMillan

Director

Victoria B. Rogers

Director

Marc I. Stern

Director

Andrew Tarica

Director

OFFICERS

David S. DeVito

President and Chief Executive Officer

Meredith S. Jackson

Senior Vice President,

General Counsel and Secretary

Richard M. Villa

Treasurer and Principal Financial and Accounting Officer

Jeffrey A. Engelsman

Chief Compliance Officer andAnti-Money Laundering Officer

Patrick W. Dennis

Vice President and Assistant Secretary

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

TCW FAMILY OF FUNDS

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

FIXED INCOME FUNDS

TCW Core Fixed Income Fund

TCW Enhanced Commodity Strategy Fund

TCW Global Bond Fund

TCW High Yield Bond Fund

TCW Short Term Bond Fund

TCW Total Return Bond Fund

INTERNATIONAL FUNDS

TCW Developing Markets Equity Fund

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Emerging Markets Multi-Asset Opportunities Fund

FUNDsarINT0420

Item 2.

Code of Ethics.

Not required for this filing.

Item 3.

Audit Committee Financial Expert.

Not required for this filing.

Item 4.

Principal Accountant Fees and Services.

Not required for this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

(a)	The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this FormN-CSR.

(b)	Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11.

Controls and Procedures.

(a)

The Chief Executive Officer and Principal Financial and Accounting Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) provide reasonable assurances that material information relating to

the Registrant is made known to them by the appropriate persons as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

Not required for this filing.

(a)(2)

The certifications required by Rule30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)	The certifications required by Rule30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		TCW Funds, Inc.

By (Signature and Title)
		/s/ David S. DeVito
		David S. DeVito
		President and Chief Executive Officer

Date		July 1, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By (Signature and Title)

		/s/ David S. DeVito
		David S. DeVito
		President and Chief Executive Officer

Date		July 1, 2020

By (Signature and Title)
		/s/ Richard M. Villa
		Richard M. Villa
		Treasurer and Principal Financial and Accounting Officer

Date		July 1, 2020

TCW Funds N-CSRSCertified semi-annual shareholder report (management investment company)