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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-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)

Peter Davidson, 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, 2023

Item 1.

Reports to Shareholders.

(a)	The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”):

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

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			7

TCW Global Real Estate Fund			11

TCW New America Premier Equities Fund			14

TCW Relative Value Dividend Appreciation Fund			17

TCW Relative Value Large Cap Fund			21

TCW Relative Value Mid Cap Fund			25

TCW Select Equities Fund			29

Statements of Assets and Liabilities (Unaudited)			32

Statements of Operations (Unaudited)			34

Statements of Changes in Net Assets (Unaudited)			36

Notes to Financial Statements (Unaudited)			40

Financial Highlights (Unaudited)			58

Shareholder Expenses (Unaudited)			74

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule			76

To Our Valued Shareholders

LOGO

Kathryn Koch

President and Chief Executive Officer

Dear Valued Investors,

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2023. I would like to express our appreciation for your continued investment in the TCW Funds as well as to welcome new shareholders to our Fund family. As of April 30, 2023, the TCW Funds held total assets of approximately $9.6 billion.

This report contains information highlighting fund performance and listing portfolio holdings as of April 30, 2023 for the TCW Funds’ Equity Funds and the TCW Conservative Allocation Fund.

The U.S. Stock Market

U.S. stocks advanced 8.6% (S&P 500 Total Return Index) during the period under review as stock market investors cheered the deceleration of inflation (CPI) from its peak 9.1% annual rate in June of last year to the recent 4.9% pace in April. Market participants were hopeful that an imminent end to the Fed’s rate hike cycle might permit the real economy to achieve a “soft-landing” rather than a painful recession, thereby sparing corporate earnings in the process. To be sure, economic data continued to reflect broad weakness in the economy, including housing, manufacturing, and services, as well as lower commodity prices and shipping rates, with first quarter GDP growth coming in weaker than expected (1.1% annual rate vs. 1.9% consensus). Yet, despite hopes that the Fed could “pause” its rate hike cycle, the fly in the ointment continued to be the still robust labor market, which produced 253k new nonfarm jobs in April. Importantly, Fed Chair Powell consistently emphasized the Federal Open Market Committee’s (FOMC) worry that services inflation was likely to remain “sticky” given wage gains (4.4% year-over-year in April) that appeared inconsistent with the Fed’s goal of bringing inflation down to the 2% level. Concern mounted that the Fed would be forced to boost interest rates “higher for longer” and thereby prompt a recession. The continued deep inversion of the 3-month/10-year U.S. Treasury yield

spread signaled heightened recession risk during the next 12 months, which was consistent with most economists’ forecasts (65% probability per Bloomberg) and the Fed’s own recession forecasting model (58% recession probability). Fears of an economic slowdown were exacerbated when a run on deposits forced regulators to close Silicon Valley Bank and Signature Bank, with the fallout from the banking sector turmoil amounting to a de facto tightening of financial conditions. The decisive response by regulatory authorities assuaged worries of a broader crisis and helped fuel a rebound in stock prices on hopes that the resulting reduction in credit availability would ease pressure on the Fed to continue its rate hike campaign. The weaker economic growth outlook, coupled with the prospect of the potential end to the Fed’s interest rate hiking cycle, contributed during the period to a significant decline in the 10-year U.S. Treasury Note yield from 4.05% to 3.42%.

Looking forward, the critical variable for the equity market will be the impact of any economic downturn on corporate profits. During the period under review, the Bloomberg consensus forecast for EPS (earnings per share) growth in 2023 plunged from 7% to 0%, and many corporations cited operating margin pressures in their recent earnings calls. So while stocks are presently trading at around 18 times forward earnings, there is poor confidence with respect to the price/earnings ratio denominator. The good news is that stocks have already largely discounted a no-growth economic scenario, but the risk is that the current Bloomberg consensus for just a shallow recession may give way to a medium-to-hard landing. The sharp increase thus far in the cost of capital, together with the lagged impact of monetary tightening moves, could certainly lead to a further downgrade of economic growth expectations. As such, we maintain our relatively cautious outlook, particularly when considering that the lagged effect of the Fed’s cumulative policy tightening, including its ongoing $90 billion per month balance sheet run-off, is

Letter to Shareholders (Continued)

likely to continue to challenge liquidity conditions and risk appetite across financial markets. In the meantime, our equity portfolio managers and analysts remain focused on identifying quality companies which possess resilient business models, strong balance sheets, and skilled management that will ultimately separate the winners from the losers during this period of heightened uncertainty.

Fund Performance

Our equity fund performance excelled during the period under review, with nearly all of the funds outperforming their respective benchmarks. The Relative Value suite of funds benefitted from their broad sector diversification and exposure to a wide cross-section of the economy, while our more growth-oriented offerings were boosted by the recovery in technology stocks and the emergence of generative AI as a promising potential driver of growth. Given the uncertain economic growth outlook for both the U.S. and global economy, we think that our fund participants will continue to be well served over the longer term by our emphasis on rigorous bottom-up stock

research. Our research effort remains focused on identifying those companies which we believe possess the resilience to profitably grow in an economic environment likely to be characterized by structurally lower growth and persistently higher inflation. As always, we remain committed to our aim of achieving compelling risk-adjusted returns over the long-term for the benefit of our clients.

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 at 800-386-3829.

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

Sincerely,

LOGO

Kathryn Koch

President and Chief Executive Officer

TCW Funds, Inc.

Performance Summary (Unaudited)


						Total Return Annualized as of April 30, 2023⁽¹⁾
	NAV		Six Months Return as of April 30, 2023			1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Artificial Intelligence Equity Fund
I Class	$	16.39		10.15	%		(5.64	)%		8.53	%		N/A			9.96	%		08/31/17
N Class	$	16.32		10.12	%		(5.66	)%		8.44	%		N/A			9.88	%		08/31/17

TCW Conservative Allocation Fund
I Class	$	10.90		8.13	%		(0.18	)%		4.29	%		4.39	%		4.85	%		11/16/06
N Class	$	10.92		8.03	%		(0.44	)%		3.99	%		3.98	%		4.57	%		11/16/06

TCW Global Real Estate Fund
I Class	$	11.13		8.80	%		(9.82	)%		6.80	%		N/A			4.66	%		11/28/14
N Class	$	11.11		8.66	%		(10.00	)%		6.63	%		N/A			4.56	%		11/28/14

TCW New America Premier Equities Fund
I Class	$	25.44		15.33	%		8.77	%		13.26	%		N/A			16.87	%		01/29/16
N Class	$	25.19		15.19	%		8.49	%		13.00	%		N/A			16.69	%		01/29/16

TCW Relative Value Dividend Appreciation Fund
I Class	$	19.50		6.66	%		8.11	%		8.39	%		8.95	%		7.69	%		10/29/04
N Class	$	19.93		6.47	%		7.81	%		8.15	%		8.69	%		9.07	% ⁽²⁾		09/19/86	⁽³⁾

TCW Relative Value Large Cap Fund
I Class	$	12.95		5.99	%		5.50	%		7.26	%		8.73	%		7.67	%		12/31/03
N Class	$	12.90		5.87	%		5.30	%		7.06	%		8.49	%		6.66	% ⁽²⁾		12/31/97	⁽³⁾

TCW Relative Value Mid Cap Fund
I Class	$	23.64		2.89	%		(0.08	)%		4.36	%		7.56	%		9.56	% ⁽⁴⁾		11/01/96	⁽³⁾
N Class	$	22.85		2.80	%		(0.22	)%		4.24	%		7.38	%		7.48	%		10/31/00

TCW Select Equities Fund
I Class	$	24.08		12.57	%		(0.09	)%		10.89	%		12.22	%		10.35	% ⁽⁴⁾		07/01/91	⁽³⁾
N Class	$	19.69		12.56	%		(0.17	)%		10.68	%		11.97	%		7.29	%		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)

April 30, 2023


Issues	Shares		Value

COMMON STOCK — 97.3% of Net Assets

Advertising — 1.9%

Trade Desk, Inc. (The) ⁽¹⁾		3,225	$	207,497


Agricultural & Farm Machinery — 2.0%

Deere & Co.		588		222,276


Application Software — 3.8%

Bills Holdings, Inc. ⁽¹⁾		2,031		156,001

Salesforce, Inc. ⁽¹⁾		1,301		258,080


				414,081


Automobile Manufacturers — 3.2%

Tesla Inc. ⁽¹⁾		2,109		346,530


Automotive Parts & Equipment — 1.5%

Mobileye Global, Inc. ⁽¹⁾		4,330		162,981


Broadline Retail — 4.0%

Amazon.com, Inc. ⁽¹⁾		2,917		307,598

JD.com, Inc. (ADR) (China)		3,799		135,700


				443,298


Communications Equipment — 10.1%

Arista Networks, Inc. ⁽¹⁾		3,267		523,243

Cisco Systems, Inc.		4,141		195,662

Motorola Solutions, Inc.		1,358		395,721


				1,114,626


Consumer Staples Merchandise Retail — 2.0%

Costco Wholesale Corp.		426		214,372


Electrical Components & Equipment — 2.3%

Eaton Corp. PLC		1,493		249,510


Electronic Equipment & Instruments — 1.6%

Cognex Corp.		3,632		173,210


Interactive Media & Services — 0.4%

ZoomInfo Technologies, Inc. ⁽¹⁾		2,129		46,646


Internet Services & Infrastructure — 11.9%

Alphabet, Inc. ⁽¹⁾		4,146		445,032

Baidu, Inc. (SP ADR) (China) ⁽¹⁾		1,278		154,140

Meta Platforms, Inc. ⁽¹⁾		2,167		520,773

Snowflake, Inc. ⁽¹⁾		1,254		185,692


				1,305,637


IT Consulting & Other Services — 1.8%

EPAM Systems, Inc. ⁽¹⁾		418		118,060

Globant S.A. ⁽¹⁾		525		82,357


				200,417


Semiconductor Materials & Equipment — 6.3%

ASML Holding NV (Netherlands)		539		343,267

Enphase Energy, Inc. ⁽¹⁾		604		99,177

Lam Research Corp.		486		254,703


				697,147


Issues	Shares		Value

Semiconductors — 19.2%

Intel Corp.		2,986	$	92,745

Marvell Technology, Inc.		3,558		140,470

Micron Technology, Inc.		6,184		398,002

NVIDIA Corp.		2,643		733,406

NXP Semiconductors NV (Netherlands)		1,046		171,272

ON Semiconductor Corp. ⁽¹⁾		3,019		217,247

QUALCOMM, Inc.		1,886		220,285

Taiwan Semiconductor Manufacturing Co., Ltd. (SP ADR) (Taiwan)		1,673		141,034


				2,114,461


Systems Software — 19.8%

Check Point Software Technologies, Ltd. ⁽¹⁾		1,830		233,069

Crowdstrike Holdings, Inc. ⁽¹⁾		2,040		244,902

CyberArk Software, Ltd. ⁽¹⁾		1,062		132,325

Datadog, Inc. ⁽¹⁾		2,346		158,073

Microsoft Corp.		1,705		523,878

Palo Alto Networks, Inc. ⁽¹⁾		2,482		452,866

ServiceNow, Inc. ⁽¹⁾		728		334,458

Zscaler, Inc. ⁽¹⁾		1,101		99,200


				2,178,771


Technology Hardware, Storage & Peripherals — 5.5%

Apple, Inc.		2,025		343,602

Samsung Electronics Co., Ltd.		5,283		259,945


				603,547


Total Common Stock

(Cost: $8,458,734)				10,695,007


MONEY MARKET INVESTMENTS — 0.6%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76% ⁽²⁾		62,175		62,175


Total Money Market Investments
(Cost: $62,175)				62,175


Total Investments (97.9%)

(Cost: $8,520,909)				10,757,182

Excess Of Other Assets Over Liabilities (2.1%)				231,646


Net Assets (100.0%)			$	10,988,828

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 the 7-day net yield as of April 30, 2023.

See accompanying Notes to Financial Statements.

TCW Artificial Intelligence Equity Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Advertising		1.9	%
Agricultural & Farm Machinery		2.0
Application Software		3.8
Automobile Manufacturers		3.2
Automotive Parts & Equipment		1.5
Broadline Retail		4.0
Communications Equipment		10.1
Consumer Staples Merchandise Retail		2.0
Electrical Components & Equipment		2.3
Electronic Equipment & Instruments		1.6
Interactive Media & Services		0.4
Internet Services & Infrastructure		11.9
IT Consulting & Other Services		1.8
Semiconductor Materials & Equipment		6.3
Semiconductors		19.2
Systems Software		19.8
Technology Hardware, Storage & Peripherals		5.5
Money Market Investments		0.6

Total		97.9	%

See accompanying Notes to Financial Statements.

TCW Artificial Intelligence Equity Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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
Advertising	$	207,497	$	—	$	—	$	207,497
Agricultural & Farm Machinery		222,276		—		—		222,276
Application Software		414,081		—		—		414,081
Automobile Manufacturers		346,530		—		—		346,530
Automotive Parts & Equipment		162,981		—		—		162,981
Broadline Retail		443,298		—		—		443,298
Communications Equipment		1,114,626		—		—		1,114,626
Consumer Staples Merchandise Retail		214,372		—		—		214,372
Electrical Components & Equipment		249,510		—		—		249,510
Electronic Equipment & Instruments		173,210		—		—		173,210
Interactive Media & Services		46,646		—		—		46,646
Internet Services & Infrastructure		1,305,637		—		—		1,305,637
IT Consulting & Other Services		200,417		—		—		200,417
Semiconductor Materials & Equipment		697,147		—		—		697,147
Semiconductors		2,114,461		—		—		2,114,461
Systems Software		2,178,771		—		—		2,178,771
Technology Hardware, Storage & Peripherals		343,602		259,945		—		603,547

Total Common Stock		10,435,062		259,945		—		10,695,007

Money Market Investments		62,175		—		—		62,175

Total Investments	$	10,497,237	$	259,945	$	—	$	10,757,182

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

Schedule of Investments (Unaudited)

April 30, 2023


Issues	Shares		Value

EXCHANGE-TRADED FUNDS — 4.2% of Net Assets

iShares Gold Trust ⁽¹⁾		9,725	$	366,730

iShares MSCI EAFE Index Fund		11,810		869,452


Total Exchange-traded Funds

(Cost: $1,112,439)				1,236,182


INVESTMENT COMPANIES — 95.1%

Diversified Equity Funds — 33.4%

TCW Artificial Intelligence Equity Fund — I Class ⁽²⁾		15,898		260,567

TCW Global Real Estate Fund — I Class ⁽²⁾		120,989		1,346,610

TCW New America Premier Equities Fund — I Class ⁽²⁾		120,978		3,077,670

TCW Relative Value Large Cap Fund — I Class ⁽²⁾		188,824		2,445,273

TCW Relative Value Mid Cap Fund — I Class ⁽²⁾		16,315		385,695

TCW Select Equities Fund — I Class ⁽²⁾		93,096		2,241,762


				9,757,577


Diversified Fixed Income Funds — 61.7%

Metropolitan West High Yield Bond Fund — I Class ⁽²⁾		32,951		300,840

Metropolitan West Low Duration Bond Fund — I Class ⁽²⁾		354,317		2,940,832

Metropolitan West Total Return Bond Fund — I Class ⁽²⁾		381,437		3,547,369

Metropolitan West Unconstrained Bond Fund — I Class ⁽²⁾		530,054		5,523,161


Issues	Shares		Value

Diversified Fixed Income Funds (Continued)

TCW Emerging Markets Income Fund — I Class ⁽²⁾		62,369	$	381,076

TCW Enhanced Commodity Strategy Fund — I Class ⁽²⁾		137,694		837,178

TCW Global Bond Fund — I Class ⁽²⁾		87,761		740,702

TCW Total Return Bond Fund — I Class ⁽²⁾		448,716		3,760,237


				18,031,395


Total Investment Companies

(Cost: $27,522,695)				27,788,972


MONEY MARKET INVESTMENTS — 0.8%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76% ⁽³⁾		238,221		238,221


Total Money Market Investments

(Cost: $238,221)				238,221


Total Investments (100.1%)

(Cost: $28,873,355)				29,263,375

Liabilities In Excess Of Other Assets (-0.1%)				(24,988	)


Net Assets (100.0%)			$	29,238,387

Notes to the Schedule of Investments:

(1)

Non-income producing security.

(2)

Affiliated issuer.

(3)

Rate disclosed is the 7-day net yield as of April 30, 2023.

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

Schedule of Investments (Unaudited) (Continued)

The summary of the TCW Conservative Allocation Fund transactions in the affiliated funds for the period ended April 30, 2023 is as follows:


Name of Affiliated Fund	Value at October 31, 2022		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2023		Value at April 30, 2023		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
Metropolitan West High Yield Bond Fund—I Class
	$	296,743	$	12,545	$	15,404		32,951	$	300,840	$	8,983	$	—	$	(994	)	$	7,950
Metropolitan West Low Duration Bond Fund—I Class
		2,935,445		88,689		151,138		354,317		2,940,832		54,273		—		(12,095	)		79,931
Metropolitan West Total Return Bond Fund—I Class
		3,429,147		106,377		181,918		381,437		3,547,369		64,910		—		(38,182	)		231,945
Metropolitan West Unconstrained Bond Fund—I Class
		5,409,655		219,808		282,188		530,054		5,523,161		153,083		—		(40,931	)		216,817
TCW Artificial Intelligence Fund—I Class
		246,362		3,082		12,654		15,898		260,567		—		—		(2,801	)		26,578
TCW Emerging Markets Income Fund—I Class
		356,961		15,946		19,754		62,369		381,076		10,071		—		(4,773	)		32,696
TCW Enhanced Commodity Strategy Fund—I Class
		745,247		159,315		38,151		137,694		837,178		8,675		—		1,003			(30,236	)
TCW Global Bond Fund—I Class
		697,163		19,808		38,142		87,761		740,702		10,074		—		(7,711	)		69,584
TCW Global Real Estate Fund—I Class
		1,288,789		25,548		70,057		120,989		1,346,610		10,038		—		(7,284	)		109,614
TCW New America Premier Equities Fund—I Class
		2,644,841		175,503		142,241		120,978		3,077,670		117		—		9,272			390,295
TCW Relative Value Large Cap Fund—I Class
		2,402,673		189,502		127,952		188,824		2,445,273		34,940		126,016		6,014			(24,964	)
TCW Relative Value Mid Cap Fund—I Class
		683,804		22,649		318,995		16,315		385,695		5,725		11,073		(23,977	)		22,214
TCW Select Equities Fund—I Class
		2,073,749		355,247		107,126		93,096		2,241,762		—		329,914		(38,517	)		(41,591	)
TCW Total Return Bond Fund—I Class
		3,606,284		150,891		192,940		448,716		3,760,237		97,600		—		(39,191	)		235,193

Total									$	27,788,972	$	458,489	$	467,003	$	(200,167	)	$	1,326,026

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Diversified Fixed Income Funds		61.7	%
Diversified Equity Funds		33.4
Exchange-Traded Funds		4.2
Money Market Investments		0.8

Total		100.1	%

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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	$	1,236,182	$	—	$	—	$	1,236,182
Investment Companies		27,788,972		—		—		27,788,972
Money Market Investments		238,221		—		—		238,221

Total Investments	$	29,263,375	$	—	$	—	$	29,263,375

See accompanying Notes to Financial Statements.

TCW Global Real Estate Fund

Schedule of Investments (Unaudited)

April 30, 2023


Issues	Shares		Value

COMMON STOCK — 96.2% of Net Assets

Australia — 3.6% (Cost: $1,256,166)

Goodman Group		80,817	$	1,040,524


Canada — 7.4%

BSR Real Estate Investment Trust		21,367		277,557

Killam Apartment Real Estate Investment Trust		85,078		1,055,713

Minto Apartment Real Estate Investment Trust		78,998		825,335


Total Canada

(Cost: $2,707,626)				2,158,605


China — 1.9% (Cost: $516,783)

China Resources Land, Ltd.		120,000		558,793


Germany — 5.1% (Cost: $1,227,384)

Stroeer SE & Co. KGaA		27,234		1,496,339


Japan — 6.7%

Mitsubishi Estate Co., Ltd.		54,100		667,136

Mitsui Fudosan Co., Ltd.		25,200		500,817

Nippon Prologis REIT, Inc.		350		797,794


Total Japan

(Cost: $2,308,033)				1,965,747


Singapore — 2.3%

CapitaLand Ascott Trust		13,176		10,699

Capitaland Investment, Ltd.		231,100		646,997


Total Singapore

(Cost: $685,190)				657,696


Spain — 4.0% (Cost: $1,186,363)

Cellnex Telecom SA		27,422		1,156,776


United Kingdom — 2.5% (Cost: $803,549)

Segro PLC		70,545		742,781


United States — 62.7%

Alexandria Real Estate Equities, Inc.		5,655		702,238

American Tower Corp.		6,888		1,407,838

Brixmor Property Group, Inc.		40,844		871,203

Chatham Lodging Trust		49,498		506,860

Equinix, Inc.		1,114		806,625

Gaming and Leisure Properties, Inc.		27,262		1,417,624

Independence Realty Trust, Inc.		36,001		599,417


Issues	Shares		Value

United States (Continued)

Invitation Homes, Inc.		16,704	$	557,413

Kite Realty Group Trust		69,000		1,429,680

Lamar Advertising Co.		6,359		672,019

LXP Industrial Trust		72,562		682,083

Mid-America Apartment Communities, Inc.		4,560		701,328

Prologis, Inc.		10,647		1,333,537

Public Storage		3,377		995,641

Simon Property Group, Inc.		5,217		591,190

Taylor Morrison Home Corp. ⁽¹⁾		41,726		1,797,973

TPG RE Finance Trust, Inc.		98,062		699,182

UWM Holdings Corp.		113,889		683,334

Ventas, Inc.		6,844		328,854

VICI Properties, Inc.		23,729		805,362

Wyndham Hotels & Resorts, Inc.		9,920		676,742


Total United States

(Cost: $17,109,349)				18,266,143


Total Common Stock

(Cost: $27,800,443)				28,043,404


CLOSED-END FUND — 1.6%

United States — 1.6%

NexPoint Diversified Real Estate Trust		44,520		474,583

Total Closed-end Fund

(Cost: $660,438)				474,583


MONEY MARKET INVESTMENTS — 2.1%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76% ⁽²⁾		596,831		596,831

Total Money Market Investments

(Cost: $596,831)				596,831


Total Investments (99.9%)				29,114,818

(Cost: $29,057,712)


Excess Of Other Assets Over Liabilities (0.1%)				23,298


Net Assets (100.0%)			$	29,138,116

Notes to the Schedule of Investments:

REIT

Real Estate Investment Trust.

(1)

Non-income producing security.

(2)

Rate disclosed is the 7-day net yield as of April 30, 2023.

See accompanying Notes to Financial Statements.

TCW Global Real Estate Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Advertising		5.1	%
Commercial & Residential Mortgage Finance		2.4
Diversified Real Estate Activities		5.6
Health Care REITs		1.1
Homebuilding		6.2
Hotel & Resort REITs		4.1
Industrial REITs		15.7
Mortgage REITs		2.4
Multi-Family Residential REITs		11.9
Office REITs		2.4
Real Estate Development		1.9
Real Estate Operating Companies		2.2
Retail REITs		9.9
Single-Family Residential REITs		1.9
Specialized REITs		21.0
Wireless Telecommunication Services		4.0
Money Market Investments		2.1

Total		99.9	%

See accompanying Notes to Financial Statements.

TCW Global Real Estate Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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
Advertising	$	—	$	1,496,339	$	—	$	1,496,339
Commercial & Residential Mortgage Finance		683,334		—		—		683,334
Diversified Real Estate Activities		—		1,167,953		—		1,167,953
Health Care REITs		328,854		—		—		328,854
Homebuilding		1,797,973		—		—		1,797,973
Hotel & Resort REITs		1,183,602		10,699		—		1,194,301
Industrial REITs		2,015,620		2,581,099		—		4,596,719
Mortgage REITs		699,182		—		—		699,182
Multi-Family Residential REITs		3,459,350		—		—		3,459,350
Office REITs		702,238		—		—		702,238
Real Estate Development		—		558,793		—		558,793
Real Estate Operating Companies		—		646,997		—		646,997
Retail REITs		2,892,073		—		—		2,892,073
Single-Family Residential REITs		557,413		—		—		557,413
Specialized REITs		6,105,109		—		—		6,105,109
Wireless Telecommunication Services		—		1,156,776		—		1,156,776

Total Common Stock		20,424,748		7,618,656		—		28,043,404

Closed-end Fund		474,583		—		—		474,583
Money Market Investments		596,831		—		—		596,831

Total Investments	$	21,496,162	$	7,618,656	$	—	$	29,114,818

See accompanying Notes to Financial Statements.

TCW New America Premier Equities Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value

COMMON STOCK — 98.2% of Net Assets

Advertising — 1.6%

Trade Desk, Inc. (The) ⁽¹⁾		41,979	$	2,700,929


Aerospace & Defense — 8.5%

HEICO Corp.		64,681		10,907,804

TransDigm Group, Inc.		4,365		3,339,225


				14,247,029


Application Software — 17.3%

Constellation Software, Inc.		14,585		28,516,401

Lumine Group, Inc. ⁽¹⁾		43,739		588,540


				29,104,941


Data Processing & Outsourced Services — 3.6%

Visa, Inc.		26,214		6,100,784


Electrical Equipment — 3.6%

AMETEK, Inc.		44,002		6,069,196


Environmental & Facilities Services — 6.2%

Waste Connections, Inc. (Canada)		74,704		10,395,062


Financial Exchanges & Data — 7.9%

FactSet Research Systems, Inc.		15,854		6,526,933

S&P Global, Inc.		18,545		6,724,046


				13,250,979


Food Retail — 3.7%

Alimentation Couche-Tard, Inc.		124,948		6,229,436


Industrial Conglomerates — 3.6%

Roper Technologies, Inc.		13,158		5,983,995


Industrial Gases — 4.0%

Linde PLC		18,255		6,744,310


Life Sciences Tools & Services — 9.3%

Agilent Technologies, Inc.		25,815		3,496,125

Danaher Corp.		23,239		5,505,552

Mettler-Toledo International, Inc. ⁽¹⁾		4,508		6,723,682


				15,725,359


Research & Consulting Services — 4.4%

Wolters Kluwer NV (Netherlands)		56,270		7,469,626


Semiconductors — 4.4%

Broadcom, Inc.		11,941		7,481,036


Soft Drinks & Non-alcoholic Beverages — 1.7%

PepsiCo, Inc.		14,682		2,802,647


Systems Software — 14.3%

Microsoft Corp.		46,748		14,363,791

Oracle Corp.		102,217		9,681,994


				24,045,785


Issues	Shares		Value

Transaction & Payment Processing Services — 4.1%

Fiserv, Inc. ⁽¹⁾		57,218	$	6,987,462


Total Common Stock

(Cost: $106,540,443)				165,338,576


EXCHANGE-TRADED FUNDS — 0.9%

iShares Russell 1000 ETF		6,713		1,530,497


Total Exchange-traded Funds

(Cost: $1,472,832)				1,530,497


MONEY MARKET INVESTMENTS — 1.0%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76% ⁽²⁾		1,682,122		1,682,122


Total Money Market Investments

(Cost: $1,682,122)				1,682,122


Total Investments (100.1%)

(Cost: $109,695,397)				168,551,195

Liabilities In Excess Of Other Assets (-0.1%)				(172,341	)


Net Assets (100.0%)			$	168,378,854

Notes to the Schedule of Investments:

ETF

Exchange-Traded Fund.

(1)

Non-income producing security.

(2)

Rate disclosed is the 7-day net yield as of April 30, 2023.

See accompanying Notes to Financial Statements.

TCW New America Premier Equities Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Advertising		1.6	%
Aerospace & Defense		8.5
Application Software		17.3
Data Processing & Outsourced Services		3.6
Electrical Equipment		3.6
Environmental & Facilities Services		6.2
Exchange-Traded Funds		0.9
Financial Exchanges & Data		7.9
Food Retail		3.7
Industrial Conglomerates		3.6
Industrial Gases		4.0
Life Sciences Tools & Services		9.3
Research & Consulting Services		4.4
Semiconductors		4.4
Soft Drinks & Non-alcoholic Beverages		1.7
Systems Software		14.3
Transaction & Payment Processing Services		4.1
Money Market Investments		1.0

Total		100.1	%

See accompanying Notes to Financial Statements.

TCW New America Premier Equities Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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
Advertising	$	2,700,929	$	—	$	—	$	2,700,929
Aerospace & Defense		14,247,029		—		—		14,247,029
Application Software		29,104,941		—		—		29,104,941
Data Processing & Outsourced Services		6,100,784		—		—		6,100,784
Electrical Equipment		6,069,196		—		—		6,069,196
Environmental & Facilities Services		10,395,062		—		—		10,395,062
Financial Exchanges & Data		13,250,979		—		—		13,250,979
Food Retail		6,229,436		—		—		6,229,436
Industrial Conglomerates		5,983,995		—		—		5,983,995
Industrial Gases		6,744,310		—		—		6,744,310
Life Sciences Tools & Services		15,725,359		—		—		15,725,359
Research & Consulting Services		—		7,469,626		—		7,469,626
Semiconductors		7,481,036		—		—		7,481,036
Soft Drinks & Non-alcoholic Beverages		2,802,647		—		—		2,802,647
Systems Software		24,045,785		—		—		24,045,785
Transaction & Payment Processing Services		6,987,462		—		—		6,987,462

Total Common Stock		157,868,950		7,469,626		—		165,338,576

Exchange-Traded Funds		1,530,497		—		—		1,530,497
Money Market Investments		1,682,122		—		—		1,682,122

Total Investments	$	161,081,569	$	7,469,626	$	—	$	168,551,195

See accompanying Notes to Financial Statements.

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited)

April 30, 2023


Issues	Shares		Value

COMMON STOCK — 99.8% of Net Assets

Aerospace & Defense — 0.9%

Textron, Inc.		36,518	$	2,444,515


Air Freight & Logistics — 3.4%

United Parcel Service, Inc. — Class B		49,543		8,908,327


Automobile Components — 2.1%

BorgWarner, Inc.		112,477		5,413,518


Banks — 6.9%

JPMorgan Chase & Co.		69,360		9,588,327

Wells Fargo & Co.		213,279		8,477,840


				18,066,167


Beverages — 4.1%

Keurig Dr Pepper, Inc.		78,493		2,566,721

PepsiCo, Inc.		42,922		8,193,381


				10,760,102


Biotechnology — 8.1%

AbbVie, Inc.		49,252		7,442,962

Amgen, Inc.		21,866		5,242,155

Gilead Sciences, Inc.		104,248		8,570,228


				21,255,345


Building Products — 3.9%

Carlisle Cos., Inc.		10,526		2,272,037

Johnson Controls International PLC (Ireland)		135,275		8,094,856


				10,366,893


Capital Markets — 9.5%

Ameriprise Financial, Inc.		25,583		7,805,885

Bank of New York Mellon Corp. (The)		37,500		1,597,125

Blackstone, Inc.		33,786		3,018,103

Intercontinental Exchange, Inc.		47,167		5,137,901

Morgan Stanley		83,119		7,478,217


				25,037,231


Chemicals — 3.7%

Corteva, Inc.		54,227		3,314,354

DuPont de Nemours, Inc.		91,082		6,350,237


				9,664,591


Consumer Staples Distribution & Retail — 1.2%

Target Corp.		19,969		3,150,110


Diversified Telecommunication Services — 1.0%

AT&T, Inc.		147,339		2,603,480


Electrical Equipment — 2.4%

nVent Electric PLC (Ireland)		148,512		6,227,108


Electronic Equipment, Instruments & Components — 1.2%

Corning, Inc.		92,346		3,067,734


Issues	Shares		Value

Energy Equipment & Services — 2.6%

Baker Hughes Co.		229,507	$	6,710,785


Entertainment — 1.1%

Warner Bros Discovery, Inc. ⁽¹⁾		217,733		2,963,346


Food Products — 1.2%

Conagra Brands, Inc.		81,837		3,106,533


Health Care Equipment & Supplies — 1.6%

GE Healthcare, Inc. ⁽¹⁾		52,709		4,287,350


Health Care Providers & Services — 6.0%

Elevance Health, Inc.		16,685		7,819,425

McKesson Corp.		21,877		7,968,479


				15,787,904


Hotels, Restaurants & Leisure — 2.3%

Darden Restaurants, Inc.		39,123		5,943,957


Household Durables — 3.5%

Lennar Corp.		82,277		9,281,668


Independent Power and Renewable Electricity Producers — 2.8%

AES Corp. (The)		314,410		7,438,941


Industrial Conglomerates — 3.3%

General Electric Co.		87,700		8,679,669


Insurance — 2.6%

MetLife, Inc.		109,556		6,719,070


IT Services — 2.5%

International Business Machines Corp.		52,562		6,644,362


Media — 4.5%

Comcast Corp.		163,960		6,783,025

Fox Corp.		153,527		5,106,308


				11,889,333


Metals & Mining — 1.2%

Freeport-McMoRan, Inc.		80,173		3,039,358


Oil, Gas & Consumable Fuels — 3.9%

Chevron Corp.		13,536		2,281,899

Exxon Mobil Corp.		68,275		8,079,663


				10,361,562


Pharmaceuticals — 3.9%

Johnson & Johnson		16,171		2,647,193

Novartis AG (SP ADR) (Switzerland)		75,000		7,692,750


				10,339,943


Retail REITs — 2.2%

Simon Property Group, Inc.		50,904		5,768,441


Semiconductors & Semiconductor Equipment — 3.3%

Broadcom, Inc.		14,043		8,797,940

See accompanying Notes to Financial Statements.

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value

Software — 1.0%

Salesforce, Inc. ⁽¹⁾		13,447	$	2,667,481


Specialty Retail — 1.9%

Dick’s Sporting Goods, Inc.		35,383		5,130,889


Total Common Stock

(Cost: $176,987,645)				262,523,653


Total Investments (99.8%)

(Cost: $176,987,645)				262,523,653

Excess Of Other Assets Over Liabilities (0.2%)				438,401


Net Assets (100.0%)			$	262,962,054

Notes to the Schedule of Investments:

SP ADR

(1)

Non-income producing security.

See accompanying Notes to Financial Statements.

TCW Relative Value Dividend Appreciation Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Aerospace & Defense		0.9	%
Air Freight & Logistics		3.4
Automobile Components		2.1
Banks		6.9
Beverages		4.1
Biotechnology		8.1
Building Products		3.9
Capital Markets		9.5
Chemicals		3.7
Consumer Staples Distribution & Retail		1.2
Diversified Telecommunication Services		1.0
Electrical Equipment		2.4
Electronic Equipment, Instruments & Components		1.2
Energy Equipment & Services		2.6
Entertainment		1.1
Food Products		1.2
Health Care Equipment & Supplies		1.6
Health Care Providers & Services		6.0
Hotels, Restaurants & Leisure		2.3
Household Durables		3.5
Independent Power and Renewable Electricity Producers		2.8
Industrial Conglomerates		3.3
Insurance		2.6
IT Services		2.5
Media		4.5
Metals & Mining		1.2
Oil, Gas & Consumable Fuels		3.9
Pharmaceuticals		3.9
Retail REITs		2.2
Semiconductors & Semiconductor Equipment		3.3
Software		1.0
Specialty Retail		1.9

Total		99.8	%

See accompanying Notes to Financial Statements.

TCW Relative Value Dividend Appreciation Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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	$	2,444,515	$	—	$	—	$	2,444,515
Air Freight & Logistics		8,908,327		—		—		8,908,327
Automobile Components		5,413,518		—		—		5,413,518
Banks		18,066,167		—		—		18,066,167
Beverages		10,760,102		—		—		10,760,102
Biotechnology		21,255,345		—		—		21,255,345
Building Products		10,366,893		—		—		10,366,893
Capital Markets		25,037,231		—		—		25,037,231
Chemicals		9,664,591		—		—		9,664,591
Consumer Staples Distribution & Retail		3,150,110		—		—		3,150,110
Diversified Telecommunication Services		2,603,480		—		—		2,603,480
Electrical Equipment		6,227,108		—		—		6,227,108
Electronic Equipment, Instruments & Components		3,067,734		—		—		3,067,734
Energy Equipment & Services		6,710,785		—		—		6,710,785
Entertainment		2,963,346		—		—		2,963,346
Food Products		3,106,533		—		—		3,106,533
Health Care Equipment & Supplies		4,287,350		—		—		4,287,350
Health Care Providers & Services		15,787,904		—		—		15,787,904
Hotels, Restaurants & Leisure		5,943,957		—		—		5,943,957
Household Durables		9,281,668		—		—		9,281,668
Independent Power and Renewable Electricity Producers		7,438,941		—		—		7,438,941
Industrial Conglomerates		8,679,669		—		—		8,679,669
Insurance		6,719,070		—		—		6,719,070
IT Services		6,644,362		—		—		6,644,362
Media		11,889,333		—		—		11,889,333
Metals & Mining		3,039,358		—		—		3,039,358
Oil, Gas & Consumable Fuels		10,361,562		—		—		10,361,562
Pharmaceuticals		10,339,943		—		—		10,339,943
Retail REITs		5,768,441		—		—		5,768,441
Semiconductors & Semiconductor Equipment		8,797,940		—		—		8,797,940
Software		2,667,481		—		—		2,667,481
Specialty Retail		5,130,889		—		—		5,130,889

Total Common Stock		262,523,653		—		—		262,523,653

Total Investments	$	262,523,653	$	—	$	—	$	262,523,653

See accompanying Notes to Financial Statements.

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited)

April 30, 2023


Issues	Shares		Value

COMMON STOCK — 99.6% of Net Assets

Aerospace & Defense — 2.3%

Textron, Inc.		39,923	$	2,672,446


Air Freight & Logistics — 2.8%

United Parcel Service, Inc. — Class B		17,653		3,174,186


Automobiles — 0.7%

General Motors Co.		24,023		793,720


Banks — 3.8%

JPMorgan Chase & Co.		31,586		4,366,449


Beverages — 3.7%

Keurig Dr Pepper, Inc.		37,478		1,225,530

PepsiCo, Inc.		15,649		2,987,238


				4,212,768


Biotechnology — 6.6%

AbbVie, Inc.		18,660		2,819,899

Amgen, Inc.		8,385		2,010,220

Gilead Sciences, Inc.		33,444		2,749,431


				7,579,550


Building Products — 2.9%

Johnson Controls International PLC (Ireland)		55,596		3,326,865


Capital Markets — 7.5%

Ameriprise Financial, Inc.		9,363		2,856,839

Bank of New York Mellon Corp. (The)		14,167		603,372

Intercontinental Exchange, Inc.		25,452		2,772,486

Morgan Stanley		25,800		2,321,226


				8,553,923


Chemicals — 2.0%

DuPont de Nemours, Inc.		33,288		2,320,839


Communications Equipment — 1.8%

Juniper Networks, Inc.		66,610		2,008,291


Consumer Staples Distribution & Retail — 1.4%

Target Corp.		10,251		1,617,095


Diversified Telecommunication Services — 0.6%

AT&T, Inc.		38,213		675,224


Electronic Equipment, Instruments & Components — 3.5%

Corning, Inc.		39,334		1,306,676

Flex Ltd. ⁽¹⁾		130,567		2,685,763


				3,992,439


Energy Equipment & Services — 2.1%

Baker Hughes Co.		82,464		2,411,247


Entertainment — 1.5%

Warner Bros Discovery, Inc. ⁽¹⁾		123,633		1,682,645


Financial Services — 2.1%

Apollo Global Management, Inc.		38,079		2,413,828


Issues	Shares		Value

Financial Services — 3.2%

Fiserv, Inc. ⁽¹⁾		30,004	$	3,664,088


Food Products — 1.2%

Conagra Brands, Inc.		34,500		1,309,620


Health Care Equipment & Supplies — 1.6%

GE Healthcare, Inc. ⁽¹⁾		22,139		1,800,786


Health Care Providers & Services — 8.0%

Centene Corp. ⁽¹⁾		50,307		3,467,661

McKesson Corp.		10,042		3,657,698

Molina Healthcare, Inc. ⁽¹⁾		6,894		2,053,654


				9,179,013


Hotels, Restaurants & Leisure — 3.1%

Darden Restaurants, Inc.		23,607		3,586,612


Household Durables — 4.3%

Lennar Corp.		43,629		4,921,787


Independent Power and Renewable Electricity Producers — 2.3%

AES Corp. (The)		111,900		2,647,554


Industrial Conglomerates — 2.9%

General Electric Co.		33,241		3,289,862


Insurance — 2.5%

MetLife, Inc.		46,663		2,861,842


IT Services — 2.2%

International Business Machines Corp.		20,013		2,529,843


Media — 5.3%

Comcast Corp.		76,769		3,175,934

Fox Corp.		50,902		1,693,000

Paramount Global — Class B		51,724		1,206,721


				6,075,655


Metals & Mining — 1.9%

Freeport-McMoRan, Inc.		57,060		2,163,145


Oil, Gas & Consumable Fuels — 3.2%

Exxon Mobil Corp.		30,731		3,636,707


Real Estate Management & Development — 1.1%

Jones Lang LaSalle, Inc. ⁽¹⁾		8,813		1,225,360


Retail REITs — 1.4%

Simon Property Group, Inc.		13,973		1,583,420


Semiconductors & Semiconductor Equipment — 5.8%

Broadcom, Inc.		5,372		3,365,558

ON Semiconductor Corp. ⁽¹⁾		45,847		3,299,150


				6,664,708


Software — 1.0%

Salesforce, Inc. ⁽¹⁾		5,918		1,173,954


Specialized REITs — 1.0%

Weyerhaeuser Co.		38,057		1,138,285

See accompanying Notes to Financial Statements.

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value

Specialty Retail — 2.3%

Dick’s Sporting Goods, Inc.		18,383	$	2,665,719


Total Common Stock

(Cost: $68,855,757)				113,919,475


MONEY MARKET INVESTMENTS — 0.1%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76% ⁽²⁾		81,921		81,921


Total Money Market Investments

(Cost: $81,921)				81,921


Total Investments (99.7%)

(Cost: $68,937,678)				114,001,396

Excess Of Other Assets Over Liabilities (0.3%)				320,702


Net Assets (100.0%)			$	114,322,098

Notes to the Schedule of Investments:

(1)

Non-income producing security.

(2)

Rate disclosed is the 7-day net yield as of April 30, 2023.

See accompanying Notes to Financial Statements.

TCW Relative Value Large Cap Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Aerospace & Defense		2.3	%
Air Freight & Logistics		2.8
Automobiles		0.7
Banks		3.8
Beverages		3.7
Biotechnology		6.6
Building Products		2.9
Capital Markets		7.5
Chemicals		2.0
Communications Equipment		1.8
Consumer Staples Distribution & Retail		1.4
Diversified Telecommunication Services		0.6
Electronic Equipment, Instruments & Components		3.5
Energy Equipment & Services		2.1
Entertainment		1.5
Financial Services		5.3
Food Products		1.2
Health Care Equipment & Supplies		1.6
Health Care Providers & Services		8.0
Hotels, Restaurants & Leisure		3.1
Household Durables		4.3
Independent Power and Renewable Electricity Producers		2.3
Industrial Conglomerates		2.9
Insurance		2.5
IT Services		2.2
Media		5.3
Metals & Mining		1.9
Oil, Gas & Consumable Fuels		3.2
Real Estate Management & Development		1.1
Retail REITs		1.4
Semiconductors & Semiconductor Equipment		5.8
Software		1.0
Specialized REITs		1.0
Specialty Retail		2.3
Money Market Investments		0.1

Total		99.7	%

See accompanying Notes to Financial Statements.

TCW Relative Value Large Cap Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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	$	2,672,446	$	—	$	—	$	2,672,446
Air Freight & Logistics		3,174,186		—		—		3,174,186
Automobiles		793,720		—		—		793,720
Banks		4,366,449		—		—		4,366,449
Beverages		4,212,768		—		—		4,212,768
Biotechnology		7,579,550		—		—		7,579,550
Building Products		3,326,865		—		—		3,326,865
Capital Markets		8,553,923		—		—		8,553,923
Chemicals		2,320,839		—		—		2,320,839
Communications Equipment		2,008,291		—		—		2,008,291
Consumer Staples Distribution & Retail		1,617,095		—		—		1,617,095
Diversified Telecommunication Services		675,224		—		—		675,224
Electronic Equipment, Instruments & Components		3,992,439		—		—		3,992,439
Energy Equipment & Services		2,411,247		—		—		2,411,247
Entertainment		1,682,645		—		—		1,682,645
Financial Services		6,077,916		—		—		6,077,916
Food Products		1,309,620		—		—		1,309,620
Health Care Equipment & Supplies		1,800,786		—		—		1,800,786
Health Care Providers & Services		9,179,013		—		—		9,179,013
Hotels, Restaurants & Leisure		3,586,612		—		—		3,586,612
Household Durables		4,921,787		—		—		4,921,787
Independent Power and Renewable Electricity Producers		2,647,554		—		—		2,647,554
Industrial Conglomerates		3,289,862		—		—		3,289,862
Insurance		2,861,842		—		—		2,861,842
IT Services		2,529,843		—		—		2,529,843
Media		6,075,655		—		—		6,075,655
Metals & Mining		2,163,145		—		—		2,163,145
Oil, Gas & Consumable Fuels		3,636,707		—		—		3,636,707
Real Estate Management & Development		1,225,360		—		—		1,225,360
Retail REITs		1,583,420		—		—		1,583,420
Semiconductors & Semiconductor Equipment		6,664,708		—		—		6,664,708
Software		1,173,954		—		—		1,173,954
Specialized REITs		1,138,285		—		—		1,138,285
Specialty Retail		2,665,719		—		—		2,665,719

Total Common Stock		113,919,475		—		—		113,919,475

Money Market Investments		81,921		—		—		81,921

Total Investments	$	114,001,396	$	—	$	—	$	114,001,396

See accompanying Notes to Financial Statements.

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited)

April 30, 2023


Issues	Shares		Value

COMMON STOCK — 97.8% of Net Assets

Aerospace & Defense — 2.7%

Textron, Inc.		30,488	$	2,040,867


Air Freight & Logistics — 1.8%

FedEx Corp.		5,895		1,342,763


Automobile Components — 2.5%

American Axle & Manufacturing Holdings, Inc. ⁽¹⁾		53,600		383,240

BorgWarner, Inc.		30,225		1,454,729


				1,837,969


Banks — 5.2%

First Citizens BancShares, Inc.		1,176		1,184,444

Popular, Inc.		45,197		2,712,272


				3,896,716


Broadline Retail — 1.3%

eBay, Inc.		20,159		935,982


Building Products — 0.2%

Carlisle Cos., Inc.		666		143,756


Capital Markets — 1.1%

Evercore, Inc.		7,054		804,650


Chemicals — 2.9%

Corteva, Inc.		16,140		986,477

DuPont de Nemours, Inc.		17,474		1,218,287


				2,204,764


Communications Equipment — 2.5%

Juniper Networks, Inc.		61,712		1,860,617


Construction & Engineering — 2.0%

Arcosa, Inc.		22,383		1,511,748


Consumer Finance — 1.1%

OneMain Holdings, Inc.		21,203		813,559


Consumer Staples Distribution & Retail — 1.9%

Dollar Tree, Inc. ⁽¹⁾		6,266		963,147

Sprouts Farmers Market, Inc. ⁽¹⁾		13,748		476,505


				1,439,652


Electronic Equipment, Instruments & Components — 6.1%

Avnet, Inc.		33,765		1,393,144

Coherent Corp. ⁽¹⁾		6,915		236,078

Flex Ltd. ⁽¹⁾		100,581		2,068,951

TTM Technologies, Inc. ⁽¹⁾		75,447		891,029


				4,589,202


Energy Equipment & Services — 2.6%

Baker Hughes Co.		47,747		1,396,122

NOV, Inc.		30,460		510,205


				1,906,327


Issues	Shares		Value

Entertainment — 1.6%

Warner Bros Discovery, Inc. ⁽¹⁾		85,465	$	1,163,179


Financial Services — 5.3%

Apollo Global Management, Inc.		32,671		2,071,015

Equitable Holdings, Inc.		57,035		1,482,340

FleetCor Technologies, Inc. ⁽¹⁾		1,792		383,344


				3,936,699


Food Products — 1.1%

Conagra Brands, Inc.		22,302		846,584


Ground Transportation — 0.3%

Hertz Global Holdings, Inc. ⁽¹⁾		14,534		242,427


Health Care Equipment & Supplies — 1.0%

Envista Holdings Corp. ⁽¹⁾		19,563		752,980


Health Care Providers & Services — 8.6%

Acadia Healthcare Co., Inc. ⁽¹⁾		23,640		1,708,936

Amedisys, Inc. ⁽¹⁾		3,799		305,060

Centene Corp. ⁽¹⁾		34,298		2,364,161

Henry Schein, Inc. ⁽¹⁾		12,145		981,437

Molina Healthcare, Inc. ⁽¹⁾		3,520		1,048,573


				6,408,167


Hotels, Restaurants & Leisure — 3.7%

Darden Restaurants, Inc.		14,919		2,266,644

Travel + Leisure Co.		12,260		469,190


				2,735,834


Household Durables — 7.9%

DR Horton, Inc.		15,882		1,744,161

Lennar Corp.		19,663		2,218,183

Toll Brothers, Inc.		29,968		1,915,255


				5,877,599


Independent Power and Renewable Electricity Producers — 2.8%

AES Corp. (The)		88,935		2,104,202


Insurance — 5.0%

Arch Capital Group, Ltd. ⁽¹⁾		38,740		2,908,212

Assured Guaranty, Ltd.		16,008		862,351


				3,770,563


IT Services — 0.9%

DXC Technology Co. ⁽¹⁾		27,348		652,250


Machinery — 5.0%

AGCO Corp.		6,685		828,539

Manitowoc Co., Inc. (The) ⁽¹⁾		62,893		961,634

Terex Corp.		7,434		331,482

Westinghouse Air Brake Technologies Corp.		16,249		1,587,040


				3,708,695

See accompanying Notes to Financial Statements.

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value

Marine Transportation — 1.5%

Kirby Corp. ⁽¹⁾		15,916	$	1,143,405


Media — 1.3%

Interpublic Group of Cos., Inc. (The)		27,750		991,507


Metals & Mining — 2.0%

Freeport-McMoRan, Inc.		39,299		1,489,825


Multi-Utilities — 1.5%

Sempra Energy		6,990		1,086,875


Oil, Gas & Consumable Fuels — 1.4%

ConocoPhillips		4,084		420,203

Marathon Petroleum Corp.		5,394		658,068


				1,078,271


Passenger Airlines — 1.8%

United Airlines Holdings, Inc. ⁽¹⁾		30,136		1,319,957


Personal Care Products — 2.0%

Coty, Inc. ⁽¹⁾		127,237		1,510,303


Pharmaceuticals — 1.1%

Perrigo Co. PLC		22,530		837,891


Professional Services — 0.8%

Jacobs Solutions, Inc.		5,326		614,940


Real Estate Management & Development — 1.7%

Jones Lang LaSalle, Inc. ⁽¹⁾		9,274		1,289,457


Retail REITs — 1.6%

SITE Centers Corp.		99,761		1,231,051


Issues	Shares		Value

Semiconductors & Semiconductor Equipment — 0.4%

Analog Devices, Inc.		1,716	$	308,674


Specialty Retail — 3.6%

Dick’s Sporting Goods, Inc.		8,421		1,221,129

Foot Locker, Inc.		22,175		931,128

Guess?, Inc.		16,755		315,832

Williams-Sonoma, Inc.		1,747		211,457


				2,679,546


Total Common Stock

(Cost: $49,852,417)				73,109,453


MONEY MARKET INVESTMENTS — 2.0%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76% ⁽²⁾		1,474,764		1,474,764


				1,474,764


Total Money Market Investments

(Cost: $1,474,764)				1,474,764


Total Investments (99.8%)

(Cost: $51,327,181)				74,584,217

Excess Of Other Assets Over Liabilities (0.2%)				144,037


Net Assets (100.0%)			$	74,728,254

Notes to the Schedule of Investments:

(1)

Non-income producing security.

(2)

Rate disclosed is the 7-day net yield as of April 30, 2023.

See accompanying Notes to Financial Statements.

TCW Relative Value Mid Cap Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Aerospace & Defense		2.7	%
Air Freight & Logistics		1.8
Automobile Components		2.5
Banks		5.2
Broadline Retail		1.3
Building Products		0.2
Capital Markets		1.1
Chemicals		2.9
Communications Equipment		2.5
Construction & Engineering		2.0
Consumer Finance		1.1
Consumer Staples Distribution & Retail		1.9
Electronic Equipment, Instruments & Components		6.1
Energy Equipment & Services		2.6
Entertainment		1.6
Financial Services		5.3
Food Products		1.1
Ground Transportation		0.3
Health Care Equipment & Supplies		1.0
Health Care Providers & Services		8.6
Hotels, Restaurants & Leisure		3.7
Household Durables		7.9
Independent Power and Renewable Electricity Producers		2.8
Insurance		5.0
IT Services		0.9
Machinery		5.0
Marine Transportation		1.5
Media		1.3
Metals & Mining		2.0
Multi-Utilities		1.5
Oil, Gas & Consumable Fuels		1.4
Passenger Airlines		1.8
Personal Care Products		2.0
Pharmaceuticals		1.1
Professional Services		0.8
Real Estate Management & Development		1.7
Retail REITs		1.6
Semiconductors & Semiconductor Equipment		0.4
Specialty Retail		3.6
Money Market Investments		2.0

Total		99.8	%

See accompanying Notes to Financial Statements.

TCW Relative Value Mid Cap Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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	$	2,040,867	$	—	$	—	$	2,040,867
Air Freight & Logistics		1,342,763		—		—		1,342,763
Automobile Components		1,837,969		—		—		1,837,969
Banks		3,896,716		—		—		3,896,716
Broadline Retail		935,982		—		—		935,982
Building Products		143,756		—		—		143,756
Capital Markets		804,650		—		—		804,650
Chemicals		2,204,764		—		—		2,204,764
Communications Equipment		1,860,617		—		—		1,860,617
Construction & Engineering		1,511,748		—		—		1,511,748
Consumer Finance		813,559		—		—		813,559
Consumer Staples Distribution & Retail		1,439,652		—		—		1,439,652
Electronic Equipment, Instruments & Components		4,589,202		—		—		4,589,202
Energy Equipment & Services		1,906,327		—		—		1,906,327
Entertainment		1,163,179		—		—		1,163,179
Financial Services		3,936,699		—		—		3,936,699
Food Products		846,584		—		—		846,584
Ground Transportation		242,427		—		—		242,427
Health Care Equipment & Supplies		752,980		—		—		752,980
Health Care Providers & Services		6,408,167		—		—		6,408,167
Hotels, Restaurants & Leisure		2,735,834		—		—		2,735,834
Household Durables		5,877,599		—		—		5,877,599
Independent Power and Renewable Electricity Producers		2,104,202		—		—		2,104,202
Insurance		3,770,563		—		—		3,770,563
IT Services		652,250		—		—		652,250
Machinery		3,708,695		—		—		3,708,695
Marine Transportation		1,143,405		—		—		1,143,405
Media		991,507		—		—		991,507
Metals & Mining		1,489,825		—		—		1,489,825
Multi-Utilities		1,086,875		—		—		1,086,875
Oil, Gas & Consumable Fuels		1,078,271		—		—		1,078,271
Passenger Airlines		1,319,957		—		—		1,319,957
Personal Care Products		1,510,303		—		—		1,510,303
Pharmaceuticals		837,891		—		—		837,891
Professional Services		614,940		—		—		614,940
Real Estate Management & Development		1,289,457		—		—		1,289,457
Retail REITs		1,231,051		—		—		1,231,051
Semiconductors & Semiconductor Equipment		308,674		—		—		308,674
Specialty Retail		2,679,546		—		—		2,679,546

Total Common Stock		73,109,453		—		—		73,109,453

Money Market Investments		1,474,764		—		—		1,474,764

Total Investments	$	74,584,217	$	—	$	—	$	74,584,217

See accompanying Notes to Financial Statements.

TCW Select Equities Fund

Schedule of Investments (Unaudited)

April 30, 2023


Issues	Shares		Value

COMMON STOCK — 98.9% of Net Assets

Broadline Retail — 5.2%

Amazon.com, Inc. ⁽¹⁾		273,666	$	28,858,080


Capital Markets — 5.7%

Charles Schwab Corp. (The)		166,207		8,682,654

S&P Global, Inc.		63,051		22,861,031


				31,543,685


Commercial Services & Supplies — 2.3%

Waste Connections, Inc. (Canada)		90,203		12,551,747


Consumer Staples Distribution & Retail — 3.3%

Costco Wholesale Corp.		36,372		18,303,118


Financial Services — 10.8%

Mastercard, Inc.		55,887		21,238,737

PayPal Holdings, Inc. ⁽¹⁾		108,131		8,217,956

Visa, Inc.		130,903		30,465,055


				59,921,748


Health Care Equipment & Supplies — 8.8%

Align Technology, Inc. ⁽¹⁾		23,686		7,705,056

Boston Scientific Corp. ⁽¹⁾		281,269		14,659,740

DexCom, Inc. ⁽¹⁾		126,969		15,406,418

Intuitive Surgical, Inc. ⁽¹⁾		36,386		10,960,191


				48,731,405


Health Care Providers & Services — 2.6%

UnitedHealth Group, Inc.		28,735		14,140,206


Interactive Media & Services — 6.4%

Alphabet, Inc. — Class C ⁽¹⁾		328,495		35,549,729


IT Services — 1.1%

Snowflake, Inc. ⁽¹⁾		40,124		5,941,562


Life Sciences Tools & Services — 2.6%

IQVIA Holdings, Inc. ⁽¹⁾		77,843		14,652,388


Media — 2.3%

Trade Desk, Inc. (The) ⁽¹⁾		200,809		12,920,051


Pharmaceuticals — 3.5%

Zoetis, Inc.		110,365		19,399,960


Professional Services — 1.8%

TransUnion		143,736		9,890,474


Semiconductors & Semiconductor Equipment — 11.0%

ASML Holding NV (Netherlands)		24,074		15,331,768

Enphase Energy, Inc. ⁽¹⁾		42,658		7,004,443

NVIDIA Corp.		139,153		38,613,566


				60,949,777


Software — 20.2%

Adobe, Inc. ⁽¹⁾		43,872		16,564,312

Crowdstrike Holdings, Inc. ⁽¹⁾		85,794		10,299,570


Issues	Shares		Value

Software (Continued)

Microsoft Corp.		112,399	$	34,535,717

Salesforce, Inc. ⁽¹⁾		97,946		19,429,548

ServiceNow, Inc. ⁽¹⁾		67,793		31,145,460


				111,974,607


Specialized REITs — 3.3%

American Tower Corp.		88,353		18,058,470


Specialty Retail — 5.5%

Home Depot, Inc. (The)		49,897		14,996,045

Ulta Beauty, Inc. ⁽¹⁾		27,975		15,426,254


				30,422,299


Textiles, Apparel & Luxury Goods — 2.5%

NIKE, Inc. — Class B		110,848		14,046,658


Total Common Stock

(Cost: $222,017,743)				547,855,964


Total Investments (98.9%)

(Cost: $222,017,743)				547,855,964

Excess Of Other Assets Over Liabilities (1.1%)				5,850,688


Net Assets (100.0%)			$	553,706,652

Notes to the Schedule of Investments:

(1)

Non-income producing security.

See accompanying Notes to Financial Statements.

TCW Select Equities Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Broadline Retail		5.2	%
Capital Markets		5.7
Commercial Services & Supplies		2.3
Consumer Staples Distribution & Retail		3.3
Financial Services		10.8
Health Care Equipment & Supplies		8.8
Health Care Providers & Services		2.6
Interactive Media & Services		6.4
IT Services		1.1
Life Sciences Tools & Services		2.6
Media		2.3
Pharmaceuticals		3.5
Professional Services		1.8
Semiconductors & Semiconductor Equipment		11.0
Software		20.2
Specialized REITs		3.3
Specialty Retail		5.5
Textiles, Apparel & Luxury Goods		2.5

Total		98.9	%

See accompanying Notes to Financial Statements.

TCW Select Equities Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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
Broadline Retail	$	28,858,080	$	—	$	—	$	28,858,080
Capital Markets		31,543,685		—		—		31,543,685
Commercial Services & Supplies		12,551,747		—		—		12,551,747
Consumer Staples Distribution & Retail		18,303,118		—		—		18,303,118
Financial Services		59,921,748		—		—		59,921,748
Health Care Equipment & Supplies		48,731,405		—		—		48,731,405
Health Care Providers & Services		14,140,206		—		—		14,140,206
Interactive Media & Services		35,549,729		—		—		35,549,729
IT Services		5,941,562		—		—		5,941,562
Life Sciences Tools & Services		14,652,388		—		—		14,652,388
Media		12,920,051		—		—		12,920,051
Pharmaceuticals		19,399,960		—		—		19,399,960
Professional Services		9,890,474		—		—		9,890,474
Semiconductors & Semiconductor Equipment		60,949,777		—		—		60,949,777
Software		111,974,607		—		—		111,974,607
Specialized REITs		18,058,470		—		—		18,058,470
Specialty Retail		30,422,299		—		—		30,422,299
Textiles, Apparel & Luxury Goods		14,046,658		—		—		14,046,658

Total Common Stock		547,855,964		—		—		547,855,964

Total Investments	$	547,855,964	$	—	$	—	$	547,855,964

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2023


	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⁾	$	10,757,182	$	1,474,403		$	29,114,818		$	168,551,195
Investment in Affiliated Issuers, at Value		—		27,788,972	⁽²⁾		—			—
Foreign Currency, at Value		—		—			—			201	⁽³⁾
Receivable for Fund Shares Sold		237,348		200			4,880			217,551
Dividends Receivable		5,197		1,028			59,162			21,321
Foreign Tax Reclaims Receivable		—		—			7,235			—
Receivable from Investment Advisor		13,526		1,872			15,015			2,406
Cash Collateral Held for Brokers		—		—			—			3
Prepaid Expenses		21,749		18,033			19,650			26,853

Total Assets		11,035,002		29,284,508			29,220,760			168,819,530

LIABILITIES
Payable for Securities Purchased		—		—			—			14,487
Payable for Fund Shares Redeemed		—		—			4,197			232,866
Accrued Directors’ Fees and Expenses		10,648		10,645			10,645			10,629
Deferred Accrued Directors’ Fees and Expenses		1,986		1,987			1,987			1,987
Accrued Management Fees		6,223		—			18,752			89,069
Accrued Distribution Fees		477		68			2,238			4,509
Transfer Agent Fees Payable		3,447		3,252			11,820			27,409
Administration Fee Payable		1,034		1,445			1,987			8,473
Audit Fees Payable		15,099		12,613			16,378			18,493
Accounting Fees Payable		602		1,316			1,767			7,481
Custodian Fees Payable		3,772		3,507			6,005			7,506
Legal Fees Payable		107		122			198			402
Other Accrued Expenses		2,779		11,166			6,670			17,365

Total Liabilities		46,174		46,121			82,644			440,676

NET ASSETS	$	10,988,828	$	29,238,387		$	29,138,116		$	168,378,854

NET ASSETS CONSIST OF:
Paid-in Capital	$	10,789,222	$	28,576,649		$	38,160,780		$	116,099,588
Accumulated Earnings (Loss)		199,606		661,738			(9,022,664	)		52,279,266

NET ASSETS	$	10,988,828	$	29,238,387		$	29,138,116		$	168,378,854

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	8,649,823	$	28,905,273		$	18,020,840		$	146,246,831

N Class Share	$	2,339,005	$	333,114		$	11,117,276		$	22,132,023

CAPITAL SHARES OUTSTANDING: ⁽⁴⁾
I Class Share		527,592		2,652,765			1,619,390			5,749,826

N Class Share		143,321		30,497			1,000,311			878,557

NET ASSET VALUE PER SHARE: ⁽⁵⁾
I Class Share	$	16.39	$	10.90		$	11.13		$	25.44

N Class Share	$	16.32	$	10.92		$	11.11		$	25.19

(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, 2023 was $8,520,909, $1,350,660, $29,057,712 and $109,695,397, respectively.

(2)

The identified cost for investments in affiliated issuers of the TCW Conservative Allocation Fund was $27,522,695.

(3)

The identified cost for the TCW New America Premier Equities Fund at April 30, 2023 was $203.

(4)

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.

(5)

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, 2023


	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⁾	$	262,523,653	$	114,001,396	$	74,584,217	$	547,855,964
Receivable for Securities Sold		573,875		320,060		469,316		6,101,987
Receivable for Fund Shares Sold		1,956		275,661		196		1,066,760
Dividends Receivable		499,619		184,740		59,236		96,444
Foreign Tax Reclaims Receivable		203,251		—		—		—
Receivable from Investment Advisor		20,218		16,536		11,020		10,874
Prepaid Expenses		22,431		18,767		17,532		26,170

Total Assets		263,845,003		114,817,160		75,141,517		555,158,199

LIABILITIES
Payable for Securities Purchased		397,316		335,272		250,734		—
Payable for Fund Shares Redeemed		176,624		758		48,213		183,739
Disbursements in Excess of Available Cash		8,422		—		—		623,793
Accrued Directors’ Fees and Expenses		10,616		10,634		10,639		10,577
Deferred Accrued Directors’ Fees and Expenses		1,987		1,987		1,987		1,987
Accrued Management Fees		130,125		56,379		43,025		296,279
Accrued Distribution Fees		38,986		1,887		2,601		21,647
Transfer Agent Fees Payable		47,321		23,007		16,312		167,056
Administration Fee Payable		12,515		5,727		4,070		31,532
Audit Fees Payable		18,477		35,693		18,470		19,704
Accounting Fees Payable		10,710		4,826		3,338		31,064
Custodian Fees Payable		10,455		6,396		5,761		23,919
Legal Fees Payable		166		138		138		2,380
Other Accrued Expenses		19,229		12,358		7,975		37,870

Total Liabilities		882,949		495,062		413,263		1,451,547

NET ASSETS	$	262,962,054	$	114,322,098	$	74,728,254	$	553,706,652

NET ASSETS CONSIST OF:
Paid-in Capital	$	176,450,729	$	67,188,494	$	50,599,831	$	196,305,779
Accumulated Earnings (Loss)		86,511,325		47,133,604		24,128,423		357,400,873

NET ASSETS	$	262,962,054	$	114,322,098	$	74,728,254	$	553,706,652

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	74,255,184	$	105,201,650	$	62,201,962	$	447,788,102

N Class Share	$	188,706,870	$	9,120,448	$	12,526,292	$	105,918,550

CAPITAL SHARES OUTSTANDING: ⁽²⁾
I Class Share		3,808,717		8,122,702		2,631,758		18,592,119

N Class Share		9,466,159		706,749		548,135		5,378,857

NET ASSET VALUE PER SHARE: ⁽³⁾
I Class Share	$	19.50	$	12.95	$	23.64	$	24.08

N Class Share	$	19.93	$	12.90	$	22.85	$	19.69

(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, 2023 was $176,987,645, $68,937,678, $51,327,181 and $222,017,743, 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, 2023


	TCW Artificial Intelligence Equity Fund			TCW Conservative Allocation Fund			TCW Global Real Estate Fund			TCW New America Premier Equities Fund
INVESTMENT INCOME
Income:
Dividends	$	46,781	⁽¹⁾	$	12,351		$	499,776	⁽¹⁾	$	553,387	⁽¹⁾
Non-Cash Dividend Income		—			—			—			484,397
Dividends from Investment in Affiliated Issuers		—			458,489			—			—

Total		46,781			470,840			499,776			1,037,784

Expenses:
Management Fees		40,810			—			121,395			509,887
Accounting Services Fees		491			1,130			1,481			6,407
Administration Fees		306			1,216			1,285			6,412
Transfer Agent Fees:
I Class		4,438			4,651			7,815			26,376
N Class		3,733			3,107			6,664			11,676
Custodian Fees		2,281			2,158			3,881			6,235
Professional Fees		12,672			10,090			13,722			17,389
Directors’ Fees and Expenses		23,047			23,047			23,047			23,047
Registration Fees:
I Class		8,089			8,173			8,886			7,173
N Class		7,997			8,173			8,946			6,919
Distribution Fees:
N Class		3,955			426			14,768			25,833
Compliance Expense		3,139			9,156			3,139			3,139
Shareholder Reporting Expense		3,032			2,384			3,060			2,161
Other		5,558			1,045			7,105			11,829

Total		119,548			74,756			225,194			664,483

Less Expenses Borne by Investment Advisor:
I Class		40,957			—			42,033			—
N Class		24,534			11,178			40,666			14,478

Net Expenses		54,057			63,578			142,495			650,005

Net Investment Income (Loss)		(7,276	)		407,262			357,281			387,779

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(365,209	)		—			(1,473,494	)		(592,771	)
Investments in Affiliated Issuers		—			(200,167	)		—			—
Realized Gain Received as Distribution from Affiliated Issuers		—			467,003			—			—
Foreign Currency		156			—			(5,273	)		12,015
Options Written		—			—			72,770			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		1,545,535			234,451			3,497,485			22,445,565
Foreign Currency		(9	)		—			1,654			(10	)
Investments in Affiliated Issuers		—			1,326,026			—			—
Options Written		—			—			4,019			—

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		1,180,473			1,827,313			2,097,161			21,864,799

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,173,197		$	2,234,575		$	2,454,442		$	22,252,578

(1)

Net of foreign taxes withheld. Total amounts withheld for the TCW Artificial Intelligence Equity Fund, the TCW Global Real Estate Fund and the TCW New America Premier Equities Fund were $1,464, $8,950 and $34,826.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2023


	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	$	3,621,393	⁽¹⁾	$	1,309,455	$	663,640	⁽¹⁾	$	1,717,749	⁽¹⁾

Total		3,621,393			1,309,455		663,640			1,717,749

Expenses:
Management Fees		787,191			344,243		269,568			1,759,695
Accounting Services Fees		9,204			4,147		2,868			26,496
Administration Fees		10,664			4,696		3,104			24,965
Transfer Agent Fees:
I Class		16,721			27,517		23,573			159,777
N Class		73,678			5,688		7,230			47,559
Custodian Fees		8,912			5,375		4,937			20,856
Professional Fees		18,625			34,170		16,389			24,543
Directors’ Fees and Expenses		23,047			23,047		23,047			23,047
Registration Fees:
I Class		8,903			8,283		8,179			9,412
N Class		9,688			8,285		8,211			8,765
Distribution Fees:
N Class		235,872			11,654		16,308			128,000
Compliance Expense		3,139			3,139		3,139			3,139
Shareholder Reporting Expense		3,165			2,047		1,975			3,374
Other		14,748			8,769		8,229			33,665

Total		1,223,557			491,060		396,757			2,273,293

Less Expenses Borne by Investment Advisor:
I Class		14,942			61,257		36,344			—
N Class		101,454			18,823		26,521			74,115

Net Expenses		1,107,161			410,980		333,892			2,199,178

Net Investment Income (Loss)		2,514,232			898,475		329,748			(481,429	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		4,360,744			2,642,541		1,709,950			34,532,176
Foreign Currency		—			—		—			(21	)
Change in Unrealized Appreciation (Depreciation) on:
Investments		9,442,230			2,940,992		113,879			28,116,743

Net Realized and Unrealized Gain (Loss) on Investments		13,802,974			5,583,533		1,823,829			62,648,898

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,317,206		$	6,482,008	$	2,153,577		$	62,167,469

(1)

Net of foreign taxes withheld. Total amounts withheld for the TCW Relative Value Dividend Appreciation Fund, the TCW Relative Value Mid Cap Fund and the TCW Select Equities Fund were $39,360, $4,763 and $19,378.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)


	TCW Artificial Intelligence Equity Fund						TCW Conservative Allocation Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net Investment Income (Loss)	$	(7,276	)	$	(57,357	)	$	407,262		$	622,915
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(365,053	)		(1,561,174	)		266,836			1,018,162
Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		1,545,526			(5,292,894	)		1,560,477			(7,499,120	)

Increase (Decrease) in Net Assets Resulting from Operations		1,173,197			(6,911,425	)		2,234,575			(5,858,043	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		—			(815,308	)		(1,303,274	)		(3,251,567	)

NET CAPITAL SHARE TRANSACTIONS
I Class		41,868			(208,373	)		361,825			1,248,923
N Class		(1,200,372	)		(26,162	)		(25,635	)		(167,827	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(1,158,504	)		(234,535	)		336,190			1,081,096

Increase (Decrease) in Net Assets		14,693			(7,961,268	)		1,267,491			(8,028,514	)
NET ASSETS
Beginning of period		10,974,135			18,935,403			27,970,896			35,999,410

End of period	$	10,988,828		$	10,974,135		$	29,238,387		$	27,970,896

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)


	TCW Global Real Estate Fund						TCW New America Premier Equities Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net Investment Income (Loss)	$	357,281		$	863,590		$	387,779		$	(400,701	)
Net Realized Loss on Investments, Options Written and Foreign Currency Transactions		(1,405,997	)		(7,136,200	)		(580,756	)		(5,950,051	)
Change in Unrealized Appreciation (Depreciation) on Investments, Options Written and Foreign Currency Transactions		3,503,158			(6,962,123	)		22,445,555			(41,048,005	)

Increase (Decrease) in Net Assets Resulting from Operations		2,454,442			(13,234,733	)		22,252,578			(47,398,757	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(221,601	)		(3,597,946	)		(6,701	)		(26,427,279	)
Return of Capital		—			(447,356	)		—			—

Total Distributions to Shareholders		(221,601	)		(4,045,302	)		(6,701	)		(26,427,279	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(1,069,512	)		3,859,420			(1,141,373	)		(9,546,382	)
N Class		(1,374,111	)		3,186,663			(592,549	)		(631,927	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(2,443,623	)		7,046,083			(1,733,922	)		(10,178,309	)

Increase (Decrease) in Net Assets		(210,782	)		(10,233,952	)		20,511,955			(84,004,345	)
NET ASSETS
Beginning of period		29,348,898			39,582,850			147,866,899			231,871,244

End of period	$	29,138,116		$	29,348,898		$	168,378,854		$	147,866,899

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)


	TCW Relative Value Dividend Appreciation Fund						TCW Relative Value Large Cap Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net Investment Income	$	2,514,232		$	4,598,582		$	898,475		$	1,655,018
Net Realized Gain on Investments		4,360,744			10,945,801			2,642,541			6,315,555
Change in Unrealized Appreciation (Depreciation) on Investments		9,442,230			(22,428,051	)		2,940,992			(14,397,777	)

Increase (Decrease) in Net Assets Resulting from Operations		16,317,206			(6,883,668	)		6,482,008			(6,427,204	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(13,217,755	)		(29,507,424	)		(7,648,805	)		(10,172,684	)

NET CAPITAL SHARE TRANSACTIONS
I Class		2,975,322			2,823,123			5,201,824			(877,613	)
N Class		7,110,398			3,156,898			191,732			(137,752	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		10,085,720			5,980,021			5,393,556			(1,015,365	)

Increase (Decrease) in Net Assets		13,185,171			(30,411,071	)		4,226,759			(17,615,253	)
NET ASSETS
Beginning of period		249,776,883			280,187,954			110,095,339			127,710,592

End of period	$	262,962,054		$	249,776,883		$	114,322,098		$	110,095,339

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)


	TCW Relative Value Mid Cap Fund						TCW Select Equities Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net Investment Income (Loss)	$	329,748		$	597,540		$	(481,429	)	$	(3,028,857	)
Net Realized Gain on Investments and Foreign Currency Transactions		1,709,950			1,053,361			34,532,155			101,011,838
Change in Unrealized Appreciation (Depreciation) on Investments		113,879			(10,556,257	)		28,116,743			(428,876,001	)

Increase (Decrease) in Net Assets Resulting from Operations		2,153,577			(8,905,356	)		62,167,469			(330,893,020	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(1,893,519	)		(10,250,919	)		(90,886,566	)		(115,374,235	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(722,173	)		5,957,013			6,309,383			20,168,808
N Class		(716,957	)		(145,718	)		8,589,918			(1,698,839	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(1,439,130	)		5,811,295			14,899,301			18,469,969

Decrease in Net Assets		(1,179,072	)		(13,344,980	)		(13,819,796	)		(427,797,286	)
NET ASSETS
Beginning of period		75,907,326			89,252,306			567,526,448			995,323,734

End of period	$	74,728,254		$	75,907,326		$	553,706,652		$	567,526,448

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

Note 1 — Organization

TCW Funds, Inc. (the “Company”), a Maryland corporation, 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 its own investment objective 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 U.S. Equity Funds

TCW Artificial Intelligence Equity Fund		Seeks long-term capital appreciation by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, 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.

TCW Global Real Estate Fund		Seeks to maximize total return from current income and long-term capital growth by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of real estate investment trusts (“REITs”) and real estate companies. Under normal market conditions, the Fund invests in securities of issuers located in at least three different countries (one of which may be the United States) and invests at least 30% of its net assets, plus any borrowings for investment purposes, in securities of issuers domiciled outside the United States or whose primary business operations are outside the United States, including pooled investment vehicles domiciled in the United States that invest principally in non-U.S. securities.

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, plus any borrowings for investment purposes, in equity securities of U.S. companies; intends to achieve its objective by investing primarily 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 Funds, Inc.

April 30, 2023

Note 1 — Organization (Continued)


TCW Fund		Investment Objectives and Principal Investment Strategies

TCW Relative Value Dividend Appreciation Fund		Seeks to realize a high level of dividend income consistent with prudent investment management, with a secondary objective of capital appreciation, by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, 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 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 the value of its net assets, plus any borrowings for investment purposes, in equity securities. The Fund invests primarily in equity securities of mid- and large-capitalization companies.
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.

All of the Funds currently 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 7).

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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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 were valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) were valued during the period using official closing prices as reported by NASDAQ, which may not have been the last sale price. Options on equity securities and options on indexes were valued using mid prices (average of bid and ask prices) as reported by the exchange or pricing service. Investments in open-end mutual funds including money market funds were valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter (“OTC”) market quotations were readily available, including short-term securities, swap agreements and forward currency contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

Pursuant to Rule 2a-5 under the 1940 Act, the Company’s Board of Directors (the “Board”, and each member thereof, a “Director”) has designated the Advisor as the “valuation designee” with respect to the fair valuation of the Fund’s portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations were not readily available, including in circumstances under which it was determined by the Advisor that prices received were not reflective of their market values.

The Advisor, as the valuation designee, uses 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 zone 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 was utilized each trading day and was not dependent on certain thresholds or triggers.

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, 2023

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).

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 as 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: 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:

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 as Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are generally categorized as Level 2 of the fair value hierarchy; if a discount is applied and significant, they are categorized as Level 3. Restricted securities held in non-public entities are categorized as 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 as 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 as Level 1.

Options contracts. Options contracts traded on securities exchanges are fair valued using market mid prices; as such, they are categorized as Level 1. Option contracts traded OTC are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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 as Level 2; otherwise, the fair values would be categorized as Level 3.

Restricted securities. Restricted securities, including illiquid Rule 144A securities, issued by non-public entities are categorized as 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 as Level 2 or 3 of the fair value hierarchy depending on whether a discount is applied and significant to the fair value.

Warrants. Warrants 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 as Level 1 of the fair value hierarchy.

The summary of the inputs used as of April 30, 2023 in valuing the Funds’ investments is listed after the Schedule of Investments for each Fund.

The Funds held no investments or other financial instruments at April 30, 2023 for which fair value was calculated using Level 3 inputs.

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 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 the ex-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, 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 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. 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.

TCW Funds, Inc.

April 30, 2023

Note 2 — Significant Accounting Policies (Continued)

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) 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.

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.

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. 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.

For the period ended April 30, 2023, the TCW Global Real Estate Fund had derivatives and transactions in derivatives, grouped in the following risk categories:


	Equity Risk
Statement of Operations:
Net Realized Gain (Loss)
Investments ⁽¹⁾	$	34,557
Options Written		72,770

Net Realized Gain (Loss)		107,327

Net Change in Appreciation (Depreciation)
Investments ⁽²⁾		(138,087	)
Options Written		4,019

Net Change in Appreciation (Depreciation)	$	(134,068	)

Number of Contracts ⁽³⁾
Options Purchased		450
Options Written		450

(1)

Represents realized gain (loss) for purchased options.

(2)

Represents change in unrealized appreciation (depreciation) for purchased options during the year.

(3)

Amount disclosed represents average notional amounts which are representative of the volume traded for the period ended April 30, 2023.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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 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 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, 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.

TCW Funds, Inc.

April 30, 2023

Note 2 — Significant Accounting Policies (Continued)

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 Accounting Standards Update (“ASU”) No. 2011-11, 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.

Master Agreements and Netting Arrangements. Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit-related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements, can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, typically $250,000 or $500,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Fund, the Fund’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The Funds had no OTC derivatives for offset under an ISDA Master Agreement as of April 30, 2023.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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 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 or sell particular 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 the Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value 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. There were no when-issued, delayed-delivery or forward commitment transactions in the Funds during the period ended April 30, 2023.

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 the 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, 2023.

Securities 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, 2023.

Derivatives:

Options: The Funds may purchase and sell put and call options on a security or an index of securities to enhance investment performance and/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, 2023

Note 3 — Portfolio Investments (Continued)

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 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.

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.

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 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.

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, 2023, TCW Global Real Estate Fund entered into option contracts to hedge the Fund’s investments from market volatility in the real estate sector.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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.

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 more information on risks related to investing in the Funds, 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 at 800-FUND-TCW (800-386-3829).

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, 2023, 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	$	2,946,938	$	(872,565	)	$	2,074,373		$	8,682,809
TCW Conservative Allocation Fund		2,466,091		(2,419,409	)		46,682			29,216,693
TCW Global Real Estate Fund		1,558,316		(2,127,538	)		(569,222	)		29,684,040
TCW New America Premier Equities Fund		58,949,490		(432,137	)		58,517,353			110,033,842
TCW Relative Value Dividend Appreciation Fund		87,577,925		(6,025,231	)		81,552,694			180,970,959
TCW Relative Value Large Cap Fund		46,717,834		(2,898,670	)		43,819,164			70,182,232
TCW Relative Value Mid Cap Fund		24,414,193		(1,946,332	)		22,467,861			52,116,356
TCW Select Equities Fund		334,742,235		(10,856,730	)		323,885,505			22,3970,459

TCW Funds, Inc.

April 30, 2023

Note 5 — Federal Income Taxes (Continued)

At October 31, 2022, 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	$	408,519	$	733,388	$	1,141,907
TCW Artificial Intelligence Equity Fund		—		—		—
TCW Global Real Estate Fund		—		—		—
TCW New America Premier Equities Fund		—		—		—
TCW Relative Value Dividend Appreciation Fund		161,358		10,751,733		10,913,091
TCW Relative Value Large Cap Fund		1,357,088		6,011,662		7,368,750
TCW Relative Value Mid Cap Fund		112,160		1,259,325		1,371,485
TCW Select Equities Fund		—		90,954,258		90,954,258

For the fiscal year ended October 31, 2022, the tax character of distributions paid was as follows :


	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
TCW Artificial Intelligence Equity Fund	$	49,033	$	766,275	$	—	$	815,308
TCW Conservative Allocation Fund		1,276,879		1,974,688		—		3,251,567
TCW Global Real Estate Fund		3,083,570		514,376		447,356		4,045,302
TCW New America Premier Equities Fund		13,075,005		13,352,274		—		26,427,279
TCW Relative Value Dividend Appreciation Fund		4,684,797		24,822,627		—		29,507,424
TCW Relative Value Large Cap Fund		2,201,494		7,971,190		—		10,172,684
TCW Relative Value Mid Cap Fund		482,013		9,768,906		—		10,250,919
TCW Select Equities Fund		—		115,374,235		—		115,374,235

At October 31, 2022, 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 Artificial Intelligence Equity Fund	$	861,465	$	699,047	$	1,560,512
TCW Global Real Estate Fund		6,781,915		273,589		7,055,504
TCW New America Premier Equities Fund		5,824,865		—		5,824,865

The Funds did not have any unrecognized tax benefits at April 30, 2023, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2023. 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 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 indirectly as a shareholder in the underlying affiliated funds.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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 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	0.90	% ⁽¹⁾
N Class	1.00	% ⁽¹⁾
TCW New America Premier Equities Fund
I Class	1.03	% ⁽²⁾
N Class	1.03	% ⁽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, 2023. These limitations are voluntary and terminable in a six months’ notice.

Any advisory fee reduced or withheld, or expense reimbursement paid, pursuant to the Expense Limitation Agreement will be reimbursed by the appropriate Fund to the Advisor in the first, second or third fiscal year after the fiscal year of the reduction or reimbursement. The Advisor may not receive reimbursement for previous reductions or reimbursements before payment of a Fund’s operating expenses for the current year, and cannot cause a Fund to exceed the expense limitation in effect for that Fund (i) at the time the fees and expenses would have been incurred or (ii) at the time the Advisor would recoup that reduction or reimbursement. In addition, any recoupment may not exceed any more restrictive limitation to which the Advisor has agreed.

Directors’ Fees: Directors who are not affiliated with the Advisor receive compensation from the Funds which are shown on the Statements 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.

TCW Funds, Inc.

April 30, 2023

Note 8 — Transactions with Affiliates

The ownership percentage of the TCW Conservative Allocation Fund in each of the affiliated underlying funds at April 30, 2023 is as follows:


Name of Affiliated Fund	Ownership Percentage⁽¹⁾
Metropolitan West High Yield Bond Fund		0.06	%
Metropolitan West Low Duration Bond Fund		0.17	%
Metropolitan West Total Return Bond Fund		0.01	%
Metropolitan West Unconstrained Bond Fund		0.19	%
TCW Artificial Intelligence Equity Fund		2.37	%
TCW Emerging Markets Income Fund		0.01	%
TCW Enhanced Commodity Strategy Fund		2.94	%
TCW Global Bond Fund		3.99	%
TCW Global Real Estate Fund		4.62	%
TCW New America Premier Equities Fund		1.83	%
TCW Relative Value Large Cap Fund		2.14	%
TCW Relative Value Mid Cap Fund		0.52	%
TCW Select Equities Fund		0.40	%
TCW Total Return Bond Fund		0.13	%

(1)

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

The financial statements of the Funds not contained in this report are available by calling 800-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, 2023 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	$	2,794,860	$	3,808,118	$	—	$	—
TCW Conservative Allocation Fund		1,544,908		1,698,660		—		—
TCW Global Real Estate Fund		10,703,893		11,553,507		—		—
TCW New America Premier Equities Fund		20,622,391		23,600,890		—		—
TCW Relative Value Dividend Appreciation Fund		30,831,066		25,742,834		—		—
TCW Relative Value Large Cap Fund		13,068,723		14,155,356		—		—
TCW Relative Value Mid Cap Fund		11,484,749		12,215,812		—		—
TCW Select Equities Fund		29,230,059		97,115,224		—		—

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, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		206,436		$	3,317,689			165,492		$	2,990,723
Shares Issued upon Reinvestment of Dividends		—			—			20,832			500,393
Shares Redeemed		(201,580	)		(3,275,821	)		(201,952	)		(3,699,489	)

Net Increase (Decrease)		4,856		$	41,868			(15,628	)	$	(208,373	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		69,029		$	1,122,304			21,781		$	444,037
Shares Issued upon Reinvestment of Dividends		—			—			9,882			236,567
Shares Redeemed		(141,203	)		(2,322,676	)		(36,276	)		(706,766	)

Net Decrease		(72,174	)	$	(1,200,372	)		(4,613	)	$	(26,162	)


TCW Conservative Allocation Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		55,549		$	600,221			111,098		$	1,437,247
Shares Issued upon Reinvestment of Dividends		122,846			1,271,450			246,578			3,156,193
Shares Redeemed		(140,117	)		(1,509,846	)		(269,101	)		(3,344,517	)

Net Increase		38,278		$	361,825			88,575		$	1,248,923


N Class	Shares			Amount			Shares			Amount
Shares Sold		1,976		$	21,658			21,102		$	286,952
Shares Issued upon Reinvestment of Dividends		1,353			14,048			6,087			78,156
Shares Redeemed		(5,683	)		(61,341	)		(46,990	)		(532,935	)

Net Decrease		(2,354	)	$	(25,635	)		(19,801	)	$	(167,827	)


TCW Global Real Estate Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		143,109		$	1,581,892			1,238,351		$	16,219,964
Shares Issued upon Reinvestment of Dividends		12,030			127,844			155,575			2,152,811
Shares Redeemed		(256,466	)		(2,779,248	)		(1,288,095	)		(14,513,355	)

Net Increase (Decrease)		(101,327	)	$	(1,069,512	)		105,831		$	3,859,420


N Class	Shares			Amount			Shares			Amount
Shares Sold		109,809		$	1,225,268			591,337		$	8,396,532
Shares Issued upon Reinvestment of Dividends		7,788			82,609			108,782			1,518,023
Shares Redeemed		(244,533	)		(2,681,988	)		(521,226	)		(6,727,892	)

Net Increase (Decrease)		(126,936	)	$	(1,374,111	)		178,893		$	3,186,663

TCW Funds, Inc.

April 30, 2023

Note 10 — Capital Share Transactions (Continued)


TCW New America Premier Equities Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		646,203		$	15,484,022			1,335,475		$	31,722,034
Shares Issued upon Reinvestment of Dividends		243			5,458			741,908			21,708,216
Shares Redeemed		(703,730	)		(16,630,853	)		(2,607,753	)		(62,976,632	)

Net Decrease		(57,284	)	$	(1,141,373	)		(530,370	)	$	(9,546,382	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		36,726		$	873,335			87,491		$	2,218,831
Shares Issued upon Reinvestment of Dividends		40			888			119,270			3,468,380
Shares Redeemed		(62,601	)		(1,466,772	)		(261,655	)		(6,319,138	)

Net Decrease		(25,835	)	$	(592,549	)		(54,894	)	$	(631,927	)


TCW Relative Value Dividend Appreciation Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		181,900		$	3,555,734			188,052		$	3,811,463
Shares Issued upon Reinvestment of Dividends		191,958			3,609,420			371,904			7,643,438
Shares Redeemed		(214,451	)		(4,189,832	)		(436,937	)		(8,631,778	)

Net Increase		159,407		$	2,975,322			123,019		$	2,823,123


N Class	Shares			Amount			Shares			Amount
Shares Sold		598,340		$	11,996,672			161,356		$	3,323,686
Shares Issued upon Reinvestment of Dividends		485,192			9,333,032			990,940			20,804,992
Shares Redeemed		(711,529	)		(14,219,306	)		(1,023,676	)		(20,971,780	)

Net Increase		372,003		$	7,110,398			128,620		$	3,156,898


TCW Relative Value Large Cap Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		566,050		$	7,662,740			880,500		$	11,372,198
Shares Issued upon Reinvestment of Dividends		554,769			6,906,873			635,407			9,226,109
Shares Redeemed		(715,476	)		(9,367,789	)		(1,591,829	)		(21,475,920	)

Net Increase (Decrease)		405,343		$	5,201,824			(75,922	)	$	(877,613	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		40,558		$	541,809			39,830		$	539,623
Shares Issued upon Reinvestment of Dividends		47,736			592,398			52,608			761,768
Shares Redeemed		(72,267	)		(942,475	)		(103,493	)		(1,439,143	)

Net Increase (Decrease)		16,027		$	191,732			(11,055	)	$	(137,752	)


TCW Relative Value Mid Cap Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		33,782		$	830,572			58,374		$	1,440,544
Shares Issued upon Reinvestment of Dividends		67,268			1,543,805			303,691			8,248,263
Shares Redeemed		(130,507	)		(3,096,550	)		(150,047	)		(3,731,794	)

Net Increase (Decrease)		(29,457	)	$	(722,173	)		212,018		$	5,957,013


N Class	Shares			Amount			Shares			Amount
Shares Sold		3,993		$	90,869			17,121		$	449,871
Shares Issued upon Reinvestment of Dividends		14,014			311,117			68,096			1,789,559
Shares Redeemed		(48,228	)		(1,118,943	)		(88,053	)		(2,385,148	)

Net Decrease		(30,221	)	$	(716,957	)		(2,836	)	$	(145,718	)

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 10 — Capital Share Transactions (Continued)


TCW Select Equities Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		2,070,253		$	47,894,549			3,549,198		$	117,409,079
Shares Issued upon Reinvestment of Dividends		2,479,457			50,630,514			1,506,568			59,886,076
Shares Redeemed		(3,895,269	)		(92,215,680	)		(5,050,028	)		(157,126,347	)

Net Increase		654,441		$	6,309,383			5,738		$	20,168,808


N Class	Shares			Amount			Shares			Amount
Shares Sold		102,545		$	2,022,928			251,469		$	7,452,701
Shares Issued upon Reinvestment of Dividends		1,132,993			18,932,316			714,063			24,121,038
Shares Redeemed		(645,747	)		(12,365,326	)		(1,174,290	)		(33,272,578	)

Net Increase (Decrease)		589,791		$	8,589,918			(208,758	)	$	(1,698,839	)

Note 11 — Affiliate Ownership

As of April 30, 2023, affiliates of the Funds and Advisor owned 5.54%, 31.67% and 5.15% of the net assets of the TCW Artificial Intelligence Equity Fund, the TCW Global Real Estate Fund and the TCW Relative Value Large 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, 2023.

Note 13 — Committed Line Of Credit

The Funds have entered into a $100,000,000 committed revolving line of credit agreement with 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 plus 0.10% plus 1.25% or the Overnight Bank Funding rate plus 0.10% plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2023. 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

TCW Funds, Inc.

April 30, 2023

Note 14 — Liquidity Risk Management Program (Continued)

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 6, 2023, the Board reviewed the Program Administrator’s written annual report (the “Report”) concerning the operation of the Funds’ Liquidity Program for the calendar year ended December 31, 2022 (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.

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 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 16 — New Accounting Pronouncement

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2022-03 on our consolidated financial statements.

TCW Artificial Intelligence Equity Fund

Financial Highlights — I Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	14.88		$	24.99		$	18.31		$	12.70		$	11.18		$	10.64

Income (Loss) from Investment Operations:
Net Investment Loss		(0.01	)		(0.07	)		(0.11	)		(0.06	)		(0.02	)		(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments ⁽¹⁾		1.52			(8.97	)		6.79			5.67			1.54			0.58

Total from Investment Operations		1.51			(9.04	)		6.68			5.61			1.52			0.54

Less Distributions:
Distributions from Net Investment Income		—			—			—			—			—			(0.00	)⁽²⁾
Distributions from Net Realized Gain		—			(1.07	)		—			—			—			—

Total Distributions		—			(1.07	)		—			—			—			—	⁽²⁾

Net Asset Value per Share, End of period	$	16.39		$	14.88		$	24.99		$	18.31		$	12.70		$	11.18

Total Return		10.15	%⁽³⁾		(37.81	)%		36.48	%		44.17	%		13.60	%		5.09	%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	8,650		$	7,780		$	13,452		$	6,826		$	2,940		$	1,364

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.86	%⁽⁴⁾		1.78	%		1.66	%		2.81	%		6.36	%		8.32	%

After Expense Reimbursement		0.90	%⁽⁴⁾		0.90	%		0.90	%		0.90	%		0.92	%		1.05	%

Ratio of Net Investment Loss to Average Net Assets		(0.10	)%⁽⁴⁾		(0.38	)%		(0.51	)%		(0.41	)%		(0.17	)%		(0.34	)%

Portfolio Turnover Rate		25.44	% ⁽³⁾		46.67	%		87.71	%		24.16	%		61.09	%		74.22	%

(1)

Computed using average shares outstanding throughout the period.

(2)

Amount rounds to less than $0.01 per share.

(3)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying Notes to Financial Statements.

TCW Artificial Intelligence Equity Fund

Financial Highlights — N Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	14.82		$	24.91		$	18.27		$	12.69		$	11.17		$	10.64

Income (Loss) from Investment Operations:
Net Investment Loss		(0.02	)		(0.09	)		(0.14	)		(0.08	)		(0.03	)		(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments⁽¹⁾		1.52			(8.93	)		6.78			5.66			1.55			0.57

Total from Investment Operations		1.50			(9.02	)		6.64			5.58			1.52			0.53

Less Distributions:
Distributions from Net Investment Income		—			—			—			—			—			(0.00	)⁽²⁾
Distributions from Net Realized Gain		—			(1.07	)		—			—			—			—

Total Distributions		—			(1.07	)		—			—			—			—	⁽²⁾

Net Asset Value per Share, End of period	$	16.32		$	14.82		$	24.91		$	18.27		$	12.69		$	11.17

Total Return		10.12	% ⁽³⁾		(37.85	)%		36.34	%		43.97	%		13.61	%		5.00	%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	2,339		$	3,194		$	5,483		$	3,539		$	989		$	693

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		2.55	%⁽⁴⁾		2.43	%		2.21	%		3.83	%		7.99	%		9.60	%

After Expense Reimbursement		1.00	% ⁽⁴⁾		1.00	%		1.00	%		1.00	%		1.01	%		1.05	%

Ratio of Net Investment Loss to Average Net Assets		(0.20	)% ⁽⁴⁾		(0.48	)%		(0.61	)%		(0.53	)%		(0.25	)%		(0.33	)%

Portfolio Turnover Rate		25.44	% ⁽³⁾		46.67	%		87.71	%		24.16	%		61.09	%		74.22	%

(1)

Computed using average shares outstanding throughout the period.

(2)

Amount rounds to less than $0.01 per share.

(3)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying Notes to Financial Statements.

TCW Conservative Allocation Fund

Financial Highlights — I Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	10.57		$	13.96		$	12.22		$	12.09		$	11.68		$	12.17

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.15			0.23			0.13			0.18			0.24			0.20
Net Realized and Unrealized Gain (Loss) on Investments		0.68			(2.35	)		1.80			0.76			0.89			(0.19	)

Total from Investment Operations		0.83			(2.12	)		1.93			0.94			1.13			0.01

Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.30	)		(0.12	)		(0.71	)		(0.21	)		(0.20	)
Distributions from Net Realized Gain		(0.28	)		(0.97	)		(0.07	)		(0.10	)		(0.51	)		(0.30	)

Total Distributions		(0.50	)		(1.27	)		(0.19	)		(0.81	)		(0.72	)		(0.50	)

Net Asset Value per Share, End of period	$	10.90		$	10.57		$	13.96		$	12.22		$	12.09		$	11.68

Total Return		8.13	% ⁽²⁾		(16.80	)%		15.92	%		8.19	%		10.46	%		0.04	%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	28,905		$	27,624		$	35,264		$	36,714		$	29,565		$	27,925

Ratio of Expenses to Average Net Assets: ⁽³⁾

Before Expense Reimbursement		0.44	% ⁽⁴⁾		0.41	%		0.44	%		0.39	%		0.44	%		0.37	%

After Expense Reimbursement		N/A			0.41	%		N/A			N/A			N/A			N/A

Ratio of Net Investment Income to Average Net Assets		2.87	% ⁽⁴⁾		1.96	%		0.94	%		1.56	%		2.03	%		1.68	%

Portfolio Turnover Rate		5.43	% ⁽²⁾		16.20	%		26.34	%		26.22	%		21.66	%		19.79	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	10.57		$	13.97		$	12.22		$	12.09		$	11.67		$	12.15

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.14			0.17			0.09			0.15			0.20			0.15
Net Realized and Unrealized Gain (Loss) on Investments		0.68			(2.34	)		1.81			0.75			0.90			(0.18	)

Total from Investment Operations		0.82			(2.17	)		1.90			0.90			1.10			(0.03	)

Less Distributions:
Distributions from Net Investment Income		(0.19	)		(0.26	)		(0.08	)		(0.67	)		(0.17	)		(0.15	)
Distributions from Net Realized Gain		(0.28	)		(0.97	)		(0.07	)		(0.10	)		(0.51	)		(0.30	)

Total Distributions		(0.47	)		(1.23	)		(0.15	)		(0.77	)		(0.68	)		(0.45	)

Net Asset Value per Share, End of period	$	10.92		$	10.57		$	13.97		$	12.22		$	12.09		$	11.67

Total Return		8.03	% ⁽²⁾		(17.08	)%		15.64	%		7.85	%		10.16	%		(0.35	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	333		$	347		$	736		$	452		$	350		$	518

Ratio of Expenses to Average Net Assets: ⁽³⁾

Before Expense Reimbursement		7.23	% ⁽⁴⁾		4.18	%		3.73	%		6.06	%		6.89	%		5.14	%

After Expense Reimbursement		0.67	% ⁽⁴⁾		0.67	%		0.68	%		0.70	%		0.74	%		0.76	%

Ratio of Net Investment Income to Average Net Assets		2.63	% ⁽⁴⁾		1.41	%		0.70	%		1.23	%		1.75	%		1.28	%

Portfolio Turnover Rate		5.43	% ⁽²⁾		16.20	%		26.34	%		26.22	%		21.66	%		19.79	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	10.31		$	15.45		$	11.07		$	11.16		$	9.30		$	10.10

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.13			0.27			0.36			0.17			0.33			0.25
Net Realized and Unrealized Gain (Loss) on Investments		0.77			(3.98	)		4.30			(0.05	)		1.78			(0.85	)

Total from Investment Operations		0.90			(3.71	)		4.66			0.12			2.11			(0.60	)

Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.45	)		(0.28	)		(0.16	)		(0.25	)		(0.20	)
Distributions from Return of Capital		—			(0.13	)		—			(0.05	)		—			—
Distributions from Net Realized Gain		—			(0.85	)		—			—			—			—

Total Distributions		(0.08	)		(1.43	)		(0.28	)		(0.21	)		(0.25	)		(0.20	)

Net Asset Value per Share, End of period	$	11.13		$	10.31		$	15.45		$	11.07		$	11.16		$	9.30

Total Return		8.80	% ⁽²⁾		(26.38	)%		42.32	%		1.15	%		23.17	%		(6.06	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	18,021		$	17,741		$	24,949		$	9,175		$	6,518		$	2,886

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.35	% ⁽³⁾		1.32	%		1.45	%		2.80	%		3.15	%		3.78	%

After Expense Reimbursement		0.90	% ⁽³⁾		0.90	%		0.92	%		1.00	%		1.00	%		1.12	%

Ratio of Net Investment Income to Average Net Assets		2.39	% ⁽³⁾		2.12	%		2.50	%		1.59	%		3.25	%		2.55	%

Portfolio Turnover Rate		36.62	% ⁽²⁾		167.41	%		164.29	%		136.71	%		85.18	%		121.67	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Global Real Estate Fund

Financial Highlights — N Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	10.30		$	15.43		$	11.06		$	11.16		$	9.30		$	10.10

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.12			0.25			0.33			0.13			0.39			0.24
Net Realized and Unrealized Gain (Loss) on Investments		0.77			(3.97	)		4.30			(0.03	)		1.71			(0.85	)

Total from Investment Operations		0.89			(3.72	)		4.63			0.10			2.10			(0.61	)

Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.44	)		(0.26	)		(0.15	)		(0.24	)		(0.19	)
Distributions from Net Realized Gain		—			(0.85	)		—			—			—			—
Distributions from Return of Capital		—			(0.12	)		—			(0.05	)		—			—

Total Distributions		(0.08	)		(1.41	)		(0.26	)		(0.20	)		(0.24	)		(0.19	)

Net Asset Value per Share, End of period	$	11.11		$	10.30		$	15.43		$	11.06		$	11.16		$	9.30

Total Return		8.66	% ⁽²⁾		(26.43	)%		42.10	%		0.94	%		22.99	%		(6.14	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	11,117		$	11,608		$	14,634		$	4,370		$	658		$	536

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.69	% ⁽³⁾		1.64	%		1.90	%		5.14	%		7.17	%		7.65	%

After Expense Reimbursement		1.00	% ⁽³⁾		1.00	%		1.03	%		1.15	%		1.15	%		1.22	%

Ratio of Net Investment Income to Average Net Assets		2.29	% ⁽³⁾		1.95	%		2.36	%		1.21	%		3.88	%		2.46	%

Portfolio Turnover Rate		36.62	% ⁽²⁾		167.41	%		164.29	%		136.71	%		85.18	%		121.67	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW New America Premier Equities Fund

Financial Highlights — I Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	22.06		$	31.80		$	22.64		$	20.34		$	16.27		$	15.24

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		0.06			(0.05	)		0.11			0.01			0.11			(0.02	)
Net Realized and Unrealized Gain (Loss) on Investments		3.32			(6.03	)		9.05			2.48			4.18			1.59

Total from Investment Operations		3.38			(6.08	)		9.16			2.49			4.29			1.57

Less Distributions:
Distributions from Net Investment Income		(0.00	) ⁽²⁾		—			(0.00	)⁽²⁾		(0.10	)		(0.01	)		—
Distributions from Net Realized Gain		—			(3.66	)		—			(0.09	)		(0.21	)		(0.54	)

Total Distributions		(0.00	) ⁽²⁾		(3.66	)		(0.00	)⁽²⁾		(0.19	)		(0.22	)		(0.54	)

Net Asset Value per Share, End of period	$	25.44		$	22.06		$	31.80		$	22.64		$	20.34		$	16.27

Total Return		15.33	% ⁽³⁾		(21.95	)%		40.46	%		12.31	%		26.79	%		10.60	%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	146,247		$	128,086		$	201,523		$	153,647		$	103,442		$	28,486

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.80	% ⁽⁴⁾		0.81	%		0.80	%		0.83	%		0.93	%		1.28	%

After Expense Reimbursement		N/A			N/A			N/A			N/A			0.82	%		1.04	%

Ratio of Net Investment Income (Loss) to Average Net Assets		0.53	% ⁽⁴⁾		(0.19	)%		0.37	%		0.03	%		0.56	%		(0.13	)%

Portfolio Turnover Rate		13.08	% ⁽³⁾		52.08	%		135.09	%		88.08	%		105.28	%		49.68	%

(1)

Computed using average shares outstanding throughout the period.

(2)

Amount rounds to less than $0.01 per share.

(3)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	21.87		$	31.64		$	22.59		$	20.31		$	16.27		$	15.24

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		0.03			(0.11	)		0.03			(0.01	)		0.06			(0.02	)
Net Realized and Unrealized Gain (Loss) on Investments		3.29			(6.00	)		9.02			2.44			4.20			1.59

Total from Investment Operations		3.32			(6.11	)		9.05			2.43			4.26			1.57

Less Distributions:
Distributions from Net Investment Income		(0.00	)⁽²⁾		—			(0.00	)⁽²⁾		(0.06	)		(0.01	)		—
Distributions from Net Realized Gain		—			(3.66	)		—			(0.09	)		(0.21	)		(0.54	)

Total Distributions		(0.00	)⁽²⁾		(3.66	)		(0.00	)⁽²⁾		(0.15	)		(0.22	)		(0.54	)

Net Asset Value per Share, End of period	$	25.19		$	21.87		$	31.64		$	22.59		$	20.31		$	16.27

Total Return		15.19	%⁽³⁾		(22.18	)%		40.07	%		12.02	%		26.60	%		10.60	%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	22,132		$	19,781		$	30,348		$	29,870		$	52,130		$	4,879

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.18	%⁽⁴⁾		1.22	%		1.20	%		1.17	%		1.28	%		2.14	%

After Expense Reimbursement		1.04	%⁽⁴⁾		1.07	%		1.09	%		1.05	%		1.00	%		1.04	%

Ratio of Net Investment Income (Loss) to Average Net Assets		0.28	%⁽⁴⁾		(0.45	)%		0.10	%		(0.05	)%		0.32	%		(0.13	)%

Portfolio Turnover Rate		13.08	%⁽³⁾		52.08	%		135.09	%		88.08	%		105.28	%		49.68	%

(1)

Computed using average shares outstanding throughout the period.

(2)

Amount rounds to less than $0.01 per share.

(3)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	19.30		$	22.12		$	14.91		$	17.92		$	17.47		$	19.14

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.20			0.38			0.37			0.40			0.39			0.35
Net Realized and Unrealized Gain (Loss) on Investments		1.04			(0.79	)		7.22			(1.81	)		1.37			(0.90	)

Total from Investment Operations		1.24			(0.41	)		7.59			(1.41	)		1.76			(0.55	)

Less Distributions:
Distributions from Net Investment Income		(0.20	)		(0.39	)		(0.38	)		(0.41	)		(0.39	)		(0.40	)
Distributions from Net Realized Gain		(0.84	)		(2.02	)		—			(1.19	)		(0.92	)		(0.72	)

Total Distributions		(1.04	)		(2.41	)		(0.38	)		(1.60	)		(1.31	)		(1.12	)

Net Asset Value per Share, End of period	$	19.50		$	19.30		$	22.12		$	14.91		$	17.92		$	17.47

Total Return		6.66	%⁽²⁾		(2.36	)%		51.22	%		(8.71	)%		11.27	%		(3.28	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	74,255		$	70,448		$	78,001		$	55,326		$	88,314		$	95,108

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.74	% ⁽³⁾		0.76	%		0.75	%		0.75	%		0.75	%		0.78	%

After Expense Reimbursement		0.70	%⁽³⁾		0.70	%		0.70	%		0.71	%		0.74	%		N/A

Ratio of Net Investment Income to Average Net Assets		2.06	% ⁽³⁾		1.91	%		1.86	%		2.53	%		2.28	%		1.84	%

Portfolio Turnover Rate		9.92	% ⁽²⁾		14.76	%		17.00	%		19.68	%		17.71	%		18.48	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	19.72		$	22.55		$	15.20		$	18.24		$	17.77		$	19.46

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.19			0.35			0.34			0.37			0.37			0.32
Net Realized and Unrealized Gain (Loss) on Investments		1.04			(0.80	)		7.35			(1.84	)		1.38			(0.93	)

Total from Investment Operations		1.23			(0.45	)		7.69			(1.47	)		1.75			(0.61	)

Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.36	)		(0.34	)		(0.38	)		(0.36	)		(0.36	)
Distributions from Net Realized Gain		(0.84	)		(2.02	)		—			(1.19	)		(0.92	)		(0.72	)

Total Distributions		(1.02	)		(2.38	)		(0.34	)		(1.57	)		(1.28	)		(1.08	)

Net Asset Value per Share, End of period	$	19.93		$	19.72		$	22.55		$	15.20		$	18.24		$	17.77

Total Return		6.47	% ⁽²⁾		(2.52	)%		50.90	%		(8.88	)%		11.02	%		(3.52	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	188,707		$	179,329		$	202,187		$	152,934		$	223,322		$	411,123

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.01	%⁽³⁾		1.05	%		1.04	%		1.02	%		1.04	%		1.05	%

After Expense Reimbursement		0.90	% ⁽³⁾		0.90	%		0.90	%		0.92	%		0.96	%		1.00	%

Ratio of Net Investment Income to Average Net Assets		1.86	% ⁽³⁾		1.71	%		1.66	%		2.32	%		2.10	%		1.62	%

Portfolio Turnover Rate		9.92	% ⁽²⁾		14.76	%		17.00	%		19.68	%		17.71	%		18.48	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	13.10		$	15.04		$	10.84		$	18.69		$	19.82		$	24.30

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.10			0.19			0.18			0.22			0.33			0.28
Net Realized and Unrealized Gain (Loss) on Investments		0.65			(0.90	)		5.07			(0.57	)		0.84			(1.18	)

Total from Investment Operations		0.75			(0.71	)		5.25			(0.35	)		1.17			(0.90	)

Less Distributions:
Distributions from Net Investment Income		(0.20	)		(0.19	)		(0.22	)		(0.49	)		(0.31	)		(0.47	)
Distributions from Net Realized Gain		(0.70	)		(1.04	)		(0.83	)		(7.01	)		(1.99	)		(3.11	)

Total Distributions		(0.90	)		(1.23	)		(1.05	)		(7.50	)		(2.30	)		(3.58	)

Net Asset Value per Share, End of period	$	12.95		$	13.10		$	15.04		$	10.84		$	18.69		$	19.82

Total Return		5.99	% ⁽²⁾		(5.56	)%		50.84	%		(7.02	)%		8.13	%		(5.11	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	105,202		$	101,088		$	117,205		$	83,765		$	136,917		$	402,035

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.82	% ⁽³⁾		0.83	%		0.80	%		0.80	%		0.78	%		0.77	%

After Expense Reimbursement		0.70	% ⁽³⁾		0.70	%		0.70	%		0.71	%		0.74	%		N/A

Ratio of Net Investment Income to Average Net Assets		1.58	% ⁽³⁾		1.43	%		1.31	%		1.88	%		1.79	%		1.28	%

Portfolio Turnover Rate		11.35	% ⁽²⁾		17.81	%		17.16	%		31.17	%		19.47	%		20.47	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	13.04		$	14.97		$	10.79		$	18.62		$	19.74		$	24.21

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.09			0.17			0.15			0.19			0.28			0.23
Net Realized and Unrealized Gain (Loss) on Investments		0.64			(0.91	)		5.05			(0.56	)		0.86			(1.18	)

Total from Investment Operations		0.73			(0.74	)		5.20			(0.37	)		1.14			(0.95	)

Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.15	)		(0.19	)		(0.45	)		(0.27	)		(0.41	)
Distributions from Net Realized Gain		(0.70	)		(1.04	)		(0.83	)		(7.01	)		(1.99	)		(3.11	)

Total Distributions		(0.87	)		(1.19	)		(1.02	)		(7.46	)		(2.26	)		(3.52	)

Net Asset Value per Share, End of period	$	12.90		$	13.04		$	14.97		$	10.79		$	18.62		$	19.74

Total Return		5.87	% ⁽²⁾		(5.72	)%		50.56	%		(7.17	)%		7.92	%		(5.35	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	9,120		$	9,007		$	10,506		$	9,277		$	11,535		$	13,003

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.30	% ⁽³⁾		1.34	%		1.30	%		1.32	%		1.24	%		1.21	%

After Expense Reimbursement		0.90	% ⁽³⁾		0.90	%		0.90	%		0.91	%		0.95	%		0.99	%

Ratio of Net Investment Income to Average Net Assets		1.38	% ⁽³⁾		1.23	%		1.11	%		1.67	%		1.52	%		1.05	%

Portfolio Turnover Rate		11.35	% ⁽²⁾		17.81	%		17.16	%		31.17	%		19.47	%		20.47	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020				2019			2018
Net Asset Value per Share, Beginning of period	$	23.57		$	29.62		$	18.90		$	21.06			$	22.44		$	25.96

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.10			0.19			0.17			0.17				0.18			0.12
Net Realized and Unrealized Gain (Loss) on Investments		0.56			(2.80	)		10.72			(1.78	)			0.21			(1.56	)

Total from Investment Operations		0.66			(2.61	)		10.89			(1.61	)			0.39			(1.44	)

Less Distributions:
Distributions from Net Investment Income		(0.20	)		(0.16	)		(0.17	)		(0.18	)			(0.15	)		(0.13	)
Distributions from Net Realized Gain		(0.39	)		(3.28	)		—			(0.37	)			(1.62	)		(1.95	)

Total Distributions		(0.59	)		(3.44	)		(0.17	)		(0.55	)			(1.77	)		(2.08	)

Net Asset Value per Share, End of period	$	23.64		$	23.57		$	29.62		$	18.90			$	21.06		$	22.44

Total Return		2.89	% ⁽²⁾		(10.35	)%		57.90	%		(8.07	)%			3.18	%		(6.48	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	62,202		$	62,726		$	72,545		$	51,021			$	63,957		$	72,527

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.96	% ⁽³⁾		1.01	%		0.97	%		0.97	%			0.95	%		0.92	%

After Expense Reimbursement		0.85	% ⁽³⁾		0.85	%		0.85	%		0.87	%	��		0.90	%		N/A

Ratio of Net Investment Income to Average Net Assets		0.87	% ⁽³⁾		0.75	%		0.63	%		0.90	%			0.86	%		0.48	%

Portfolio Turnover Rate		15.10	% ⁽²⁾		28.82	%		44.33	%		42.07	%			25.89	%		22.60	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	22.79		$	28.75		$	18.34		$	20.45		$	21.82		$	25.28

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.09			0.16			0.14			0.15			0.15			0.09
Net Realized and Unrealized Gain (Loss) on Investments		0.53			(2.71	)		10.42			(1.74	)		0.21			(1.52	)

Total from Investment Operations		0.62			(2.55	)		10.56			(1.59	)		0.36			(1.43	)

Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.13	)		(0.15	)		(0.15	)		(0.11	)		(0.08	)
Distributions from Net Realized Gain		(0.39	)		(3.28	)		—			(0.37	)		(1.62	)		(1.95	)

Total Distributions		(0.56	)		(3.41	)		(0.15	)		(0.52	)		(1.73	)		(2.03	)

Net Asset Value per Share, End of period	$	22.85		$	22.79		$	28.75		$	18.34		$	20.45		$	21.82

Total Return		2.80	% ⁽²⁾		(10.45	)%		57.78	%		(8.18	)%		3.12	%		(6.61	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	12,526		$	13,181		$	16,708		$	10,902		$	14,448		$	18,040

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.36	% ⁽³⁾		1.39	%		1.37	%		1.42	%		1.37	%		1.31	%

After Expense Reimbursement		0.95	% ⁽³⁾		0.95	%		0.95	%		0.97	%		1.00	%		1.04	%

Ratio of Net Investment Income to Average Net Assets		0.77	% ⁽³⁾		0.65	%		0.54	%		0.81	%		0.76	%		0.36	%

Portfolio Turnover Rate		15.10	% ⁽²⁾		28.82	%		44.33	%		42.07	%		25.89	%		22.60	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	25.79		$	44.70		$	34.13		$	27.64		$	27.13		$	30.42

Income (Loss) from Investment Operations:
Net Investment Loss ⁽¹⁾		(0.02	)		(0.12	)		(0.14	)		(0.08	)		(0.06	)		(0.08	)
Net Realized and Unrealized Gain (Loss) on Investments		2.51			(13.71	)		13.23			9.04			4.21			3.37

Total from Investment Operations		2.49			(13.83	)		13.09			8.96			4.15			3.29

Less Distributions:
Distributions from Net Realized Gain		(4.20	)		(5.08	)		(2.52	)		(2.47	)		(3.64	)		(6.58	)

Net Asset Value per Share, End of period	$	24.08		$	25.79		$	44.70		$	34.13		$	27.64		$	27.13

Total Return		12.57	% ⁽²⁾		(34.93	)%		40.32	%		34.59	%		18.98	%		12.59	%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	447,788		$	462,670		$	801,597		$	633,683		$	770,079		$	740,485

Ratio of Expenses to Average Net Assets		0.79	% ⁽³⁾		0.79	%		0.77	%		0.76	%		0.80	%		0.87	%

Ratio of Net Investment Loss to Average Net Assets		(0.15	)% ⁽³⁾		(0.38	)%		(0.37	)%		(0.28	)%		(0.25	)%		(0.29	)%

Portfolio Turnover Rate		5.42	% ⁽²⁾		12.12	%		8.17	%		4.09	%		6.41	%		15.43	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	21.89		$	38.76		$	29.95		$	24.59		$	24.61		$	28.23

Income (Loss) from Investment Operations:
Net Investment Loss ⁽¹⁾		(0.03	)		(0.15	)		(0.19	)		(0.13	)		(0.11	)		(0.13	)
Net Realized and Unrealized Gain (Loss) on Investments		2.03			(11.64	)		11.52			7.96			3.73			3.09

Total from Investment Operations		2.00			(11.79	)		11.33			7.83			3.62			2.96

Less Distributions:
Distributions from Net Realized Gain		(4.20	)		(5.08	)		(2.52	)		(2.47	)		(3.64	)		(6.58	)

Net Asset Value per Share, End of period	$	19.69		$	21.89		$	38.76		$	29.95		$	24.59		$	24.61

Total Return		12.56	% ⁽²⁾		(35.03	)%		40.06	%		34.26	%		18.74	%		12.36	%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	105,919		$	104,856		$	193,727		$	161,625		$	132,332		$	133,252

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.07	% ⁽³⁾		1.08	%		1.04	%		1.06	%		1.08	%		1.15	%

After Expense Reimbursement		0.93	% ⁽³⁾		0.94	%		0.96	%		0.99	%		1.01	%		1.08	%

Ratio of Net Investment Loss to Average Net Assets		(0.29	)% ⁽³⁾		(0.53	)%		(0.56	)%		(0.51	)%		(0.45	)%		(0.50	)%

Portfolio Turnover Rate		5.42	% ⁽²⁾		12.12	%		8.17	%		4.09	%		6.41	%		15.43	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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, 2022 to April 30, 2023 (181 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 1, 2022		Ending Account Value April 30, 2023		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2022 to April 30, 2023)
TCW Artificial Intelligence Equity Fund
I Class Shares
Actual	$	1,000.00	$	1,101.50		0.90	%	$	4.69
Hypothetical (5% return before expenses)		1,000.00		1,020.33		0.90	%		4.51

N Class Shares
Actual	$	1,000.00	$	1,101.20		1.00	%	$	5.21
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.00	%		5.01

TCW Conservative Allocation Fund
I Class Shares
Actual	$	1,000.00	$	1,081.30		0.44	% ⁽¹⁾	$	2.27	⁽¹⁾
Hypothetical (5% return before expenses)		1,000.00		1,022.61		0.44	% ⁽¹⁾		2.21	⁽¹⁾

N Class Shares
Actual	$	1,000.00	$	1,080.30		0.67	% ⁽¹⁾	$	3.46	⁽¹⁾
Hypothetical (5% return before expenses)		1,000.00		1,021.47		0.67	% ⁽¹⁾		3.36	⁽¹⁾

TCW Global Real Estate Fund
I Class Shares
Actual	$	1,000.00	$	1,088.00		0.90	%	$	4.66
Hypothetical (5% return before expenses)		1,000.00		1,020.33		0.90	%		4.51

N Class Shares
Actual	$	1,000.00	$	1,086.60		1.00	%	$	5.17
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.00	%		5.01

TCW Funds, Inc.


TCW Funds, Inc.	Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2022 to April 30, 2023)
TCW New America Premier Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,153.30		0.80	%	$	4.27
Hypothetical (5% return before expenses)		1,000.00		1,020.83		0.80	%		4.01

N Class Shares
Actual	$	1,000.00	$	1,151.90		1.04	%	$	5.55
Hypothetical (5% return before expenses)		1,000.00		1,019.64		1.04	%		5.21

TCW Relative Value Dividend Appreciation Fund
I Class Shares
Actual	$	1,000.00	$	1,066.60		0.70	%	$	3.59
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	%		3.51

N Class Shares
Actual	$	1,000.00	$	1,064.70		0.90	%	$	4.61
Hypothetical (5% return before expenses)		1,000.00		1,020.33		0.90	%		4.51

TCW Relative Value Large Cap Fund
I Class Shares
Actual	$	1,000.00	$	1,059.90		0.70	%	$	3.58
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	%		3.51

N Class Shares
Actual	$	1,000.00	$	1,058.70		0.90	%	$	4.59
Hypothetical (5% return before expenses)		1,000.00		1,020.33		0.90	%		4.51

TCW Relative Value Mid Cap Fund
I Class Shares
Actual	$	1,000.00	$	1,028.90		0.85	%	$	4.28
Hypothetical (5% return before expenses)		1,000.00		1,020.58		0.85	%		4.26

N Class Shares
Actual	$	1,000.00	$	1,028.00		0.95	%	$	4.78
Hypothetical (5% return before expenses)		1,000.00		1,020.08		0.95	%		4.76

TCW Select Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,125.70		0.79	%	$	4.16
Hypothetical (5% return before expenses)		1,000.00		1,020.88		0.79	%		3.96

N Class Shares
Actual	$	1,000.00	$	1,125.60		0.93	%	$	4.90
Hypothetical (5% return before expenses)		1,000.00		1,020.18		0.93	%		4.66

(1)

Does not include 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 calling 800-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 Form N-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 calling 800-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 Form N-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 Form N-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 Form NPORT-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 Congress Street, Suite 1

Boston, MA 02114-2016

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

Peter McMillan

Director

Victoria B. Rogers

Director

Marc I. Stern

Director

Andrew Tarica

Director

OFFICERS

Kathryn Koch

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

Gladys Xiques

Chief Compliance Officer and Anti-Money Laundering Officer

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

Peter Davidson

Vice President and Assistant Secretary

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

FUNDarFI1021

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

TCW Funds, Inc.

Table of Contents


Letter to Shareholders			1

Performance Summary (Unaudited)			3

Schedules of Investments (Unaudited)			4

TCW Core Fixed Income Fund			4

TCW Enhanced Commodity Strategy Fund (Consolidated)			20

TCW Global Bond Fund			34

TCW High Yield Bond Fund			49

TCW Short Term Bond Fund			58

TCW Total Return Bond Fund			67

Statements of Assets and Liabilities (Unaudited)			84

Statements of Operations (Unaudited)			86

Statements of Changes in Net Assets (Unaudited)			88

Notes to Financial Statements (Unaudited)			91

Financial Highlights (Unaudited)			122

Shareholder Expenses (Unaudited)			135

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule			137

To Our Valued Shareholders

LOGO

Kathryn Koch

President and Chief Executive Officer

Dear Valued Investors,

We are pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2023. Amidst the most aggressive rate-hiking regime in roughly four decades, fixed income markets have undergone considerable volatility, particularly for those more interest-rate sensitive segments. Reflective of this backdrop, asset growth in the complex stalled, ending the reporting period at $9.6 billion. These challenges notwithstanding, a higher yield environment does imply an improved return outlook going forward and the attendant volatility brings opportunity for our teams to apply their hallmark discipline to find value for client assets across the Fund complex.

This report contains information outlining performance and an inventory of holdings as of April 30, 2023 for the TCW Funds’ Fixed Income Funds.

Economic Review and Market Environment

While 2023 started with a notably strong rally in both rates and credit markets, sentiment subsequently turned as still-high inflation and stronger-than-expected employment data in February forced markets to reconsider a Fed pullback, driving rates higher. Though not all of the year-opening rally was forfeited, it was clear that the path forward was unlikely to be idyllic and volatility-free, with wide speculation that the Fed was on path to “break something.” This ultimately was borne out in March, as the first signs of fallout from 475 basis points of rate hikes came to light with the second and third largest bank failures in U.S. history (only Washington Mutual in 2008 was larger), igniting regional bank weakness and general concerns over financial stability. Decisive responses by authorities assuaged worries of a broader crisis and fueled a rebound into the end of March, followed by a more stable April, but not before rate volatility surged, capital market activity stalled, and markets shifted focus from systemic banking risks to the longer-term implications on growth, with recast expectations for Fed policy cuts in

2023. Thus, Treasury yields plunged across the curve from the end of October to April, with 2- and 5-Year yields down by 48 and 75 bps, respectively. While banking sector turmoil appears to be largely contained, at least for now, increased conservatism in the sector (i.e., tighter lending standards, especially at smaller banks), alongside increased regulatory oversight, together signal that overall credit conditions will be tighter going forward, thus having a significant impact on credit availability. That being said, central banks globally continue to reiterate their resolve in slowing inflation. In the U.S., the year-over-year pace of headline CPI has decelerated from 7.7% in October to 4.9% in April, though this is still far above the Fed’s target given the ‘sticky’ nature of the cost of services), and thus a “higher for longer” rate regime may be the ultimate outcome.

Notwithstanding the aforementioned market volatility, the S&P 500 Index gained 8.6% during the period. Meanwhile, declining yields across Treasuries with maturities of two-year and longer propelled fixed income total returns into positive territory, reflected in a 6.9% gain for the Bloomberg U.S. Aggregate Bond Index. Corporate credit outperformed, with a return of 9.2%, led by utilities (+10.7%). Metals & mining, transportation, and communications were other leading corporate sectors during the period, while financials were weighed down by banking credits given regional banking turmoil of the first quarter, but still posted a 7.7% return. High yield credit was largely insulated from broader market volatility, delivering a total return of 6.2%. Among securitized products, agency mortgage-backed securities (MBS) had a particularly difficult 2022 given headwinds of rate volatility, but subsequently recovered toward the end of the year and into January as the unrelenting sell-off in interest rates finally came to a pause, gaining 6.8% for the period. In fact, November excess returns (versus duration-matched Treasuries) for the sector were the highest on record (+135 bps). Among the other securitized sectors, commercial

Letter to Shareholders (Continued)

MBS (CMBS) returned 5.4%, led by strong performance from agency-backed collateral, while legacy non-agency MBS returned over 3.5% amid strong demand, with bonds backed by option-ARM loans leading. Finally, asset-backed securities (ABS) were up 4.1%, with solid performance across both traditional and non-traditional collateral.

A Disciplined Value Philosophy

Difficult economic and market conditions, no doubt, test the patience of investors and the discipline of asset managers. The upside, if we can cite one, is that cheaper prices create opportunities for better entry points, and a tendency for excessive risk aversion, that is, panic selling, which amplifies mispricing. This remains especially true in fixed income, as the size, structure and segmentation of the market continue to be a place where active strategy and disciplined implementation can generate outperformance and moderate risk under a value-oriented approach. The Funds and its management are unwavering in that commitment and have been for more than 25 years.

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

Sincerely,

LOGO

Kathryn Koch

President and Chief Executive Officer

TCW Funds, Inc.

Performance Summary (Unaudited)

April 30, 2023


	NAV		Six Months Return as of April 30, 2023			Total Return Annualized as of April 30, 2023 ⁽¹⁾
	NAV		Six Months Return as of April 30, 2023			1-Year		5-Year			10-Year			Since Inception			Inception Date
TCW Core Fixed Income Fund
I Class	$	9.97		7.61	%		(0.89)%		1.29	%		1.27	%		5.18	%⁽²⁾		01/01/90	⁽³⁾
N Class	$	9.95		7.54	%		(1.07)%		1.10	%		1.03	%		4.09	%		02/26/99
Plan Class	$	10.02		7.72	%		(0.83)%		N/A			N/A			(2.30	)%		02/28/20

TCW Enhanced Commodity Strategy Fund
I Class	$	6.08		(3.03	)%		(16.69)%		5.91	%		(0.20	)%		(1.51	)%		03/31/11
N Class	$	6.08		(3.06	)%		(16.73)%		5.87	%		(0.24	)%		(1.53	)%		03/31/11

TCW Global Bond Fund
I Class	$	8.44		10.42	%		(2.69)%		(0.22	)%		0.01	%		1.15	%		11/30/11
N Class	$	8.44		10.37	%		(2.67)%		(0.30	)%		(0.03	)%		1.12	%		11/30/11

TCW High Yield Bond Fund
I Class	$	5.93		5.51	%		1.81%		3.96	%		3.95	%		6.66	%⁽²⁾		02/01/89	⁽³⁾
N Class	$	5.97		5.36	%		1.57%		3.71	%		3.69	%		4.89	%		02/26/99

TCW Short Term Bond Fund
I Class	$	8.28		3.79	%		1.90%		1.50	%		1.07	%		3.55	%⁽²⁾		02/01/90	⁽³⁾

TCW Total Return Bond Fund
I Class	$	8.38		8.23	%		(3.31)%		0.56	%		1.19	%		5.29	%		06/17/93
N Class	$	8.65		8.07	%		(3.42)%		0.32	%		0.92	%		4.57	%		02/26/99
Plan Class	$	8.42		8.10	%		(3.34)%		N/A			N/A			(3.38	)%		02/28/20

(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 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.

(3)

Inception date of the predecessor entity.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited)


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES —108.0% of Net Assets

CORPORATE BONDS — 27.7%

Aerospace & Defense — 0.3%

Boeing Co. (The)

1.43%		02/04/24	$	2,650,000	$	2,570,102

4.88%		05/01/25		560,000		558,466


						3,128,568


Agriculture — 0.7%

BAT Capital Corp.

2.73%		03/25/31		695,000		564,458

4.39%		08/15/37		470,000		383,894

4.54%		08/15/47		1,270,000		949,636

4.76%		09/06/49		138,000		105,623

5.28%		04/02/50		1,285,000		1,068,403

5.65%		03/16/52		400,000		352,288

Imperial Brands Finance Netherlands BV

1.75% ⁽¹⁾		03/18/33		750,000		601,237

Imperial Brands Finance PLC (United Kingdom)

3.13% ⁽²⁾		07/26/24		2,300,000		2,225,894

3.88% ⁽²⁾		07/26/29		35,000		31,613

Reynolds American, Inc.

5.70%		08/15/35		260,000		248,823

5.85%		08/15/45		2,770,000		2,506,684


						9,038,553


Airlines — 0.2%

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

3.20%		10/25/25		1,500,000		1,463,640

US Airways Group, Inc. Pass-Through Certificates (12-1-A) (EETC)

5.90%		04/01/26		861,688		860,611

US Airways Group, Inc. Pass-Through Certificates (12-2-A) (EETC)

4.63%		12/03/26		395,014		373,876


						2,698,127


Banks — 10.9%

ABN AMRO Bank (Netherlands)

2.47% (U.S. 1-year Treasury Constant Maturity Rate + 1.100%)^(2),(3)		12/13/29		1,700,000		1,456,883

Bank of America Corp.

1.66% (SOFR + 0.910%)⁽³⁾		03/11/27		6,355,000		5,738,375

1.73% (SOFR + 0.960%)⁽³⁾		07/22/27		2,535,000		2,273,768

1.92% (SOFR + 1.370%)⁽³⁾		10/24/31		410,000		327,467

2.09% (SOFR + 1.060%)⁽³⁾		06/14/29		2,200,000		1,903,352

2.30% (SOFR + 1.220%)		07/21/32		1,315,000		1,062,178

2.50% (3 mo. USD LIBOR + 0.990%)⁽³⁾		02/13/31		930,000		785,728

2.69% (SOFR + 1.320%)⁽³⁾		04/22/32		2,280,000		1,910,572

3.97% (SOFR + 1.210%)⁽³⁾		02/07/30		1,125,000		1,053,388


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

Citigroup, Inc.

2.56% (SOFR + 1.167%)⁽³⁾		05/01/32	$	2,060,000	$	1,711,187

2.57% (SOFR + 2.107%)⁽³⁾		06/03/31		1,040,000		880,644

2.98% (SOFR + 1.422%)		11/05/30		1,395,000		1,224,936

3.06% (SOFR + 1.351%)		01/25/33		6,870,000		5,865,812

3.89% (SOFR + 1.825%)⁽³⁾		01/10/28		2,570,000		2,473,753

4.41% (SOFR + 3.914%)⁽³⁾		03/31/31		500,000		477,785

Credit Suisse Group AG (Switzerland)

0.63% ⁽¹⁾		01/18/33		515,000		376,209

1.31% (SOFR + 0.980%)^(2),(3)		02/02/27		3,860,000		3,293,062

2.13% (1 year EUR Swap + 1.600%)^(1),(3)		10/13/26		165,000		167,420

2.59% (SOFR + 1.560%)⁽²⁾		09/11/25		400,000		372,972

3.09% (SOFR + 1.730%)⁽²⁾		05/14/32		2,820,000		2,276,924

6.37% (SOFR + 3.340%)^(2),(3)		07/15/26		795,000		776,318

6.54% (SOFR + 3.920%)⁽²⁾		08/12/33		3,655,000		3,725,816

7.75% (1 year EURIBOR Swap + 4.950%)^(1),(3)		03/01/29		505,000		609,743

9.02% (SOFR + 5.020%)⁽²⁾		11/15/33		5,065,000		6,010,484

Goldman Sachs Group, Inc. (The)

1.22%		12/06/23		4,225,000		4,129,008

1.43% (SOFR + 0.798%)⁽³⁾		03/09/27		4,260,000		3,835,065

1.54% (SOFR + 0.818%)⁽³⁾		09/10/27		1,585,000		1,405,863

1.95% (SOFR + 0.913%)⁽³⁾		10/21/27		1,695,000		1,519,788

2.38% (SOFR + 1.248%)		07/21/32		2,215,000		1,811,294

2.65% (SOFR + 1.264%)⁽³⁾		10/21/32		465,000		387,157

HSBC Holdings PLC (United Kingdom)

1.59% (SOFR + 1.290%)⁽³⁾		05/24/27		4,240,000		3,780,464

2.01% (SOFR + 1.732%)⁽³⁾		09/22/28		1,900,000		1,654,672

2.21% (SOFR+ 1.285%)⁽³⁾		08/17/29		2,570,000		2,189,846

2.36% (SOFR + 1.947%)⁽³⁾		08/18/31		940,000		764,643

6.33% (SOFR + 2.650%)		03/09/44		450,000		474,723

JPMorgan Chase & Co.

0.97% (SOFR + 0.580%)⁽³⁾		06/23/25		6,625,000		6,285,336

1.56% (SOFR + 0.605%)⁽³⁾		12/10/25		2,080,000		1,953,994

1.58% (SOFR + 0.885%)⁽³⁾		04/22/27		3,110,000		2,819,557

1.95% (SOFR + 1.065%)⁽³⁾		02/04/32		3,330,000		2,685,790

2.55% (SOFR + 1.180%)		11/08/32		70,000		58,336

2.58% (SOFR + 1.250%)⁽³⁾		04/22/32		80,000		67,275

2.74% (SOFR + 1.510%)⁽³⁾		10/15/30		1,070,000		939,210

2.95% (SOFR + 1.170%)⁽³⁾		02/24/28		750,000		698,243

Lloyds Banking Group PLC (United Kingdom)

1.63% (U.S. 1-year Treasury Constant Maturity Rate + 0.850%)⁽³⁾		05/11/27		1,500,000		1,341,840

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

3.57% (3 mo. USD LIBOR + 1.205%)⁽³⁾		11/07/28	$	860,000	$	798,828

3.87% (U.S. 1-year Treasury Constant Maturity Rate + 3.500%)⁽³⁾		07/09/25		1,600,000		1,562,088

4.98% (U.S. 1-year Treasury Constant Maturity Rate + 2.300%)		08/11/33		465,000		450,927

Macquarie Group, Ltd. (Australia)

1.34% (SOFR + 1.069%)^(2),(3)		01/12/27		2,510,000		2,251,365

2.87% (SOFR + 1.532%)⁽²⁾		01/14/33		1,740,000		1,415,859

4.44% (SOFR + 2.405%)^(2),(3)		06/21/33		600,000		552,726

5.03% (3 mo. USD LIBOR + 1.750%)^(2),(3)		01/15/30		505,000		501,512

Morgan Stanley

1.51% (SOFR + 0.858%)⁽³⁾		07/20/27		3,985,000		3,546,291

1.79% (SOFR + 1.034%)⁽³⁾		02/13/32		860,000		679,414

1.93% (SOFR + 1.020%)⁽³⁾		04/28/32		2,510,000		1,999,482

2.24% (SOFR + 1.178%)		07/21/32		1,265,000		1,022,702

2.48% (SOFR + 1.000%)⁽³⁾		01/21/28		2,470,000		2,258,395

2.48% (SOFR + 1.360%)⁽³⁾		09/16/36		1,050,000		807,587

NatWest Group PLC (United Kingdom)

4.27% (3 mo. USD LIBOR + 1.762%)⁽³⁾		03/22/25		3,140,000		3,096,291

PNC Financial Services Group, Inc. (The)

5.07% (SOFR + 1.933%)⁽³⁾		01/24/34		2,785,000		2,745,230

Santander UK Group Holdings PLC (United Kingdom)

1.09% (SOFR + 0.787%)⁽³⁾		03/15/25		3,265,000		3,109,292

1.67% (SOFR + 0.989%)⁽³⁾		06/14/27		285,000		250,065

2.47% (SOFR + 1.220%)⁽³⁾		01/11/28		465,000		414,203

2.90% (SOFR + 1.475%)⁽³⁾		03/15/32		1,175,000		965,458

4.80% (3 mo. USD LIBOR +1.570%)		11/15/24		960,000		950,741

Santander UK PLC (United Kingdom)

5.00% ⁽²⁾		11/07/23		2,460,000		2,441,958

U.S. Bancorp

4.84% (SOFR + 1.600%)		02/01/34		2,815,000		2,698,403

5.85% (SOFR + 2.090%)⁽³⁾		10/21/33		545,000		561,802

UBS Group AG (Switzerland)

1.49% (U.S. 1 year Treasury Constant Maturity Rate + 0.850%)^(2),(3)		08/10/27		765,000		664,839

Wells Fargo & Co.

2.16% (3 mo. USD LIBOR + 0.750%)⁽³⁾		02/11/26		1,850,000		1,747,221

2.88% (SOFR + 1.432%)⁽³⁾		10/30/30		285,000		249,697

3.35% (SOFR + 1.500%)		03/02/33		4,915,000		4,295,464


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

3.53% (SOFR + 1.510%)⁽³⁾		03/24/28	$	3,760,000	$	3,558,953

3.58% (3 mo. USD LIBOR + 1.310%)⁽³⁾		05/22/28		1,320,000		1,249,977

5.01% (SOFR + 4.502%)⁽³⁾		04/04/51		625,000		592,450

5.39% (SOFR + 2.020%)		04/24/34		1,190,000		1,210,206


						134,206,306


Beverages — 0.2%

Bacardi, Ltd.

2.75% ⁽²⁾		07/15/26		750,000		701,085

4.45% ⁽²⁾		05/15/25		1,780,000		1,752,044


						2,453,129


Biotechnology — 0.3%

Amgen, Inc.

5.25%		03/02/33		1,165,000		1,198,913

5.60%		03/02/43		1,165,000		1,200,544

5.65%		03/02/53		1,430,000		1,481,223


						3,880,680


Chemicals — 0.2%

International Flavors & Fragrances, Inc.

2.30% ⁽²⁾		11/01/30		750,000		610,021

3.27% ⁽²⁾		11/15/40		235,000		168,042

5.00%		09/26/48		2,000,000		1,735,785


						2,513,848


Commercial Services — 0.1%

Global Payments, Inc.

5.40%		08/15/32		710,000		702,978

5.95%		08/15/52		899,000		873,909


						1,576,887


Diversified Financial Services — 1.0%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)

3.00%		10/29/28		2,845,000		2,475,520

3.30%		01/30/32		874,000		715,596

3.88%		01/23/28		430,000		399,000

Air Lease Corp.

3.25%		03/01/25		1,300,000		1,248,534

3.63%		12/01/27		640,000		593,127

4.63%		10/01/28		1,500,000		1,436,295

Avolon Holdings Funding, Ltd.

2.53% ⁽²⁾		11/18/27		884,000		743,646

2.88% ⁽²⁾		02/15/25		1,550,000		1,455,031

3.95% ⁽²⁾		07/01/24		405,000		393,381

Capital One Financial Corp.

1.34% (SOFR + 0.690%)⁽³⁾		12/06/24		2,535,000		2,452,131

Cboe Global Markets, Inc.

3.00%		03/16/32		595,000		525,611

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Commercial Services (Continued)

Park Aerospace Holdings, Ltd.

5.50% ⁽²⁾		02/15/24	$	108,000	$	106,953


						12,544,825


Electric — 1.2%

American Electric Power Co., Inc.

5.95%		11/01/32		450,000		481,716

Appalachian Power Co.

4.45%		06/01/45		690,000		597,798

Duke Energy Corp.

3.75%		09/01/46		790,000		621,345

3.85%		06/15/34		800,000		817,269

Duke Energy Progress LLC

3.70%		10/15/46		1,325,000		1,065,843

5.25%		03/15/33		505,000		529,129

Indiana Michigan Power Co.

4.55%		03/15/46		920,000		822,437

ITC Holdings Corp.

2.95% ⁽²⁾		05/14/30		2,000,000		1,773,741

Jersey Central Power & Light Co.

2.75% ⁽²⁾		03/01/32		2,575,000		2,184,862

MidAmerican Energy Co.

5.80%		10/15/36		1,655,000		1,825,197

Public Service Co. of Colorado

5.25%		04/01/53		1,215,000		1,251,426

TenneT Holding BV

2.75% ⁽¹⁾		05/17/42		775,000		751,764

4.50% ⁽¹⁾		10/28/34		100,000		118,301

4.75% ⁽¹⁾		10/28/42		785,000		963,058

Tucson Electric Power Co.

4.00%		06/15/50		1,500,000		1,225,815


						15,029,701


Engineering & Construction — 0.1%

Cellnex Finance Co. SA

2.00% ⁽¹⁾		09/15/32		900,000		792,297


Entertainment — 0.5%

WarnerMedia Holdings, Inc.

4.28% ⁽²⁾		03/15/32		200,000		177,988

5.05% ⁽²⁾		03/15/42		3,135,000		2,594,745

5.14% ⁽²⁾		03/15/52		4,334,000		3,469,324


						6,242,057


Food — 0.7%

JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.

3.00% ⁽²⁾		02/02/29		1,445,000		1,242,700

3.00% ⁽²⁾		05/15/32		1,875,000		1,485,335

6.50% ⁽²⁾		12/01/52		1,575,000		1,496,754


Issues	Maturity Date		Principal Amount		Value

Food (Continued)

Kraft Heinz Foods Co.

5.00%		06/04/42	$	2,133,000	$	2,046,547

Pilgrim’s Pride Corp.

6.25%		07/01/33		545,000		538,569

Smithfield Foods, Inc.

2.63% ⁽²⁾		09/13/31		2,565,000		1,944,450


						8,754,355


Gas — 0.2%

KeySpan Gas East Corp.

3.59% ⁽²⁾		01/18/52		1,150,000		826,562

5.82% ⁽²⁾		04/01/41		1,551,000		1,555,886

5.99% ⁽²⁾		03/06/33		530,000		550,209


						2,932,657


Health Care-Products — 0.1%

DENTSPLY SIRONA, Inc.

3.25%		06/01/30		1,400,000		1,243,529

Medtronic Global Holdings SCA

1.50%		07/02/39		500,000		388,047


						1,631,576


Health Care-Services — 1.3%

Centene Corp.

3.00%		10/15/30		3,888,000		3,317,494

CommonSpirit Health

2.78%		10/01/30		955,000		821,176

4.35%		11/01/42		600,000		524,472

Fresenius Finance Ireland PLC,

0.88% ⁽¹⁾		10/01/31		920,000		761,780

Fresenius Medical Care US Finance III, Inc.

1.88% ⁽²⁾		12/01/26		1,650,000		1,453,336

HCA, Inc.

3.13% ⁽²⁾		03/15/27		455,000		427,639

3.50%		07/15/51		746,000		523,819

3.63% ⁽²⁾		03/15/32		1,156,000		1,024,401

4.13%		06/15/29		3,946,000		3,743,728

4.63% ⁽²⁾		03/15/52		800,000		663,936

5.25%		06/15/49		600,000		544,034

5.38%		09/01/26		430,000		434,838

5.50%		06/15/47		1,315,000		1,238,072


						15,478,725


Insurance — 1.3%

Aon Corp. / Aon Global Holdings PLC

2.60%		12/02/31		940,000		795,842

3.90%		02/28/52		805,000		649,514

Athene Global Funding

1.99% ⁽²⁾		08/19/28		4,000,000		3,261,320

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

Insurance (Continued)

2.72% ⁽²⁾		01/07/29	$	240,000	$	201,619

3.21% ⁽²⁾		03/08/27		815,000		744,914

Farmers Exchange Capital

7.20% ⁽²⁾		07/15/48		1,495,000		1,597,004

Farmers Exchange Capital II

6.15% (3 mo. USD LIBOR + 3.744%) ⁽²⁾		11/01/53		2,065,000		2,061,392

Metropolitan Life Global Funding I

5.15% ⁽²⁾		03/28/33		780,000		793,027

Nationwide Mutual Insurance Co.

7.16% (3 mo. USD LIBOR + 2.290%) ^(2),(3)		12/15/24		4,000,000		3,989,308

New York Life Insurance Co.

3.75% ⁽²⁾		05/15/50		70,000		56,098

Teachers Insurance & Annuity Association of America

3.30% ⁽²⁾		05/15/50		430,000		308,009

4.27% ⁽²⁾		05/15/47		130,000		110,181

Willis North America, Inc.

4.50%		09/15/28		1,445,000		1,405,272


						15,973,500


Internet — 0.2%

Meta Platforms, Inc.

4.45%		08/15/52		670,000		590,645

Netflix, Inc.

4.63%		05/15/29		670,000		756,939

Tencent Holdings, Ltd.

3.68% ⁽²⁾		04/22/41		825,000		643,502

3.84% ⁽²⁾		04/22/51		30,000		22,447

3.98% ⁽²⁾		04/11/29		740,000		702,835


						2,716,368


Media — 0.6%

Charter Communications Operating LLC / Charter Communications Operating Capital

3.90%		06/01/52		1,000,000		654,110

4.80%		03/01/50		495,000		377,007

5.13%		07/01/49		1,080,000		840,721

5.25%		04/01/53		1,000,000		801,252

5.38%		04/01/38		1,475,000		1,281,937

5.38%		05/01/47		2,755,000		2,257,750

5.75%		04/01/48		1,028,000		877,994


						7,090,771


Miscellaneous Manufacturers — 0.2%

General Electric Co.

5.34% (3 mo. USD LIBOR + 0.480%)		08/15/36		3,045,000		2,664,139


Issues	Maturity Date		Principal Amount		Value

Miscellaneous Manufacturers (Continued)

Oil & Gas — 0.2%

Petroleos Mexicanos

6.75%		09/21/47	$	2,625,000	$	1,619,673

6.95%		01/28/60		510,000		312,120

7.69%		01/23/50		930,000		620,554


						2,552,347


Packaging & Containers — 0.3%

Berry Global, Inc.

1.57%		01/15/26		1,645,000		1,497,115

1.65%		01/15/27		1,670,000		1,467,484

4.88% ⁽²⁾		07/15/26		580,000		568,028


						3,532,627


Pharmaceuticals — 1.0%

Bayer US Finance II LLC

4.38% ⁽²⁾		12/15/28		4,023,000		3,904,889

4.63% ⁽²⁾		06/25/38		500,000		458,575

4.88% ⁽²⁾		06/25/48		2,430,000		2,193,547

Cigna Group (The)

5.40%		03/15/33		1,000,000		1,040,230

CVS Health Corp.

5.05%		03/25/48		3,275,000		3,058,555

5.25%		02/21/33		968,000		989,935


						11,645,731


Pipelines — 1.0%

Enbridge, Inc.

5.70%		03/08/33		350,000		363,930

Energy Transfer LP

5.00%		05/15/50		885,000		750,825

5.15%		03/15/45		1,870,000		1,633,615

5.40%		10/01/47		1,908,000		1,699,895

5.95%		10/01/43		630,000		609,131

Plains All American Pipeline LP / PAA Finance Corp.

3.80%		09/15/30		375,000		339,598

Rockies Express Pipeline LLC

4.95% ⁽²⁾		07/15/29		2,000,000		1,848,780

6.88% ⁽²⁾		04/15/40		350,000		305,428

Sabine Pass Liquefaction LLC

4.50%		05/15/30		415,000		402,075

Southern Natural Gas Co. LLC

7.35%		02/15/31		2,380,000		2,640,869

TC PipeLines LP

4.38%		03/13/25		710,000		697,588

TransCanada PipeLines, Ltd.

6.10%		06/01/40		375,000		393,360


						11,685,094

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Real Estate — 0.2%

Annington Funding PLC

2.31% ⁽¹⁾		10/06/32	$	720,000	$	659,604

Blackstone Property Partners Europe Holdings Sarl

1.00% ⁽¹⁾		05/04/28		425,000		352,974

1.63% ⁽¹⁾		04/20/30		325,000		253,144

1.75% ⁽¹⁾		03/12/29		450,000		369,983

Vonovia SE

1.00% ⁽¹⁾		06/16/33		300,000		223,554

1.50% ⁽¹⁾		06/14/41		300,000		186,884


						2,046,143


REIT — 2.3%

American Assets Trust LP

3.38%		02/01/31		1,655,000		1,318,406

American Homes 4 Rent LP

3.38%		07/15/51		730,000		484,194

3.63%		04/15/32		25,000		21,908

4.30%		04/15/52		595,000		463,731

American Tower Corp.

0.88%		05/21/29		725,000		656,083

1.00%		01/15/32		300,000		249,146

2.70%		04/15/31		310,000		262,140

5.65%		03/15/33		880,000		914,258

CapitaLand Ascendas

0.75% ⁽¹⁾		06/23/28		870,000		774,137

CubeSmart LP

3.00%		02/15/30		317,000		277,035

Digital Dutch Finco BV,

1.25% ⁽¹⁾		02/01/31		1,830,000		1,523,584

Digital Intrepid Holding BV

1.38% ⁽¹⁾		07/18/32		105,000		82,827

Extra Space Storage LP

2.35%		03/15/32		1,245,000		991,800

3.90%		04/01/29		250,000		233,067

GLP Capital LP / GLP Financing II, Inc.

3.25%		01/15/32		61,000		50,046

4.00%		01/15/30		475,000		424,080

4.00%		01/15/31		35,000		30,904

5.30%		01/15/29		1,280,000		1,235,200

5.75%		06/01/28		1,600,000		1,576,673

Healthcare Realty Holdings LP

2.00%		03/15/31		2,815,000		2,201,422

2.05%		03/15/31		164,000		125,399

3.10%		02/15/30		1,705,000		1,487,340

Hudson Pacific Properties LP

3.25%		01/15/30		640,000		401,203

4.65%		04/01/29		135,000		93,733

5.95%		02/15/28		1,240,000		974,776


Issues	Maturity Date		Principal Amount		Value

Real Estate (Continued)

Invitation Homes Operating Partnership LP

2.00%		08/15/31	$	275,000	$	212,201

4.15%		04/15/32		1,265,000		1,146,672

Kilroy Realty LP

2.65%		11/15/33		891,000		591,143

Lexington Realty Trust

2.38%		10/01/31		855,000		661,702

Life Storage LP

2.40%		10/15/31		2,000,000		1,627,082

Physicians Realty LP

2.63%		11/01/31		940,000		748,030

Prologis Euro Finance LLC

0.50%		02/16/32		400,000		325,071

0.63%		09/10/31		100,000		83,317

1.00%		02/08/29		750,000		691,976

1.00%		02/16/41		400,000		253,271

4.25%		01/31/43		450,000		454,831

SELP Finance Sarl

0.88% ⁽¹⁾		05/27/29		900,000		771,014

VICI Properties LP

5.13%		05/15/32		1,503,000		1,436,222

5.63%		05/15/52		810,000		739,724

VICI Properties LP / VICI Note Co., Inc.

3.75% ⁽²⁾		02/15/27		25,000		23,491

3.88% ⁽²⁾		02/15/29		835,000		751,108

4.13% ⁽²⁾		08/15/30		196,000		174,703

4.50% ⁽²⁾		09/01/26		380,000		364,583

4.50% ⁽²⁾		01/15/28		327,000		307,109

4.63% ⁽²⁾		06/15/25		180,000		175,223


						28,391,565


Retail — 0.1%

Alimentation Couche-Tard, Inc.

3.55% ⁽²⁾		07/26/27		1,390,000		1,316,784


Savings & Loans — 0.2%

Nationwide Building Society (United Kingdom)

2.97% (SOFR + 1.290%)^(2),(3)		02/16/28		1,630,000		1,492,167

4.36% (3 mo. USD LIBOR + 1.392%)^(2),(3)		08/01/24		400,000		398,218


						1,890,385


Semiconductors — 0.2%

Broadcom, Inc.

2.60% ⁽²⁾		02/15/33		1,465,000		1,156,251

3.42% ⁽²⁾		04/15/33		1,100,000		926,739


						2,082,990

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

Semiconductors (Continued)

Software — 0.6%

Oracle Corp.

3.60%		04/01/50	$	2,000,000	$	1,424,000

3.80%		11/15/37		905,000		757,463

3.95%		03/25/51		2,425,000		1,831,021

5.55%		02/06/53		315,000		302,611

6.90%		11/09/52		1,070,000		1,200,583

Take Two Interactive

4.00%		04/14/32		1,525,000		1,435,772


						6,951,450


Telecommunications — 1.3%

AT&T, Inc.

3.80%		12/01/57		661,000		488,421

4.85%		03/01/39		1,554,000		1,459,874

5.25%		03/01/37		1,340,000		1,341,394

Global Switch Finance BV

1.38% ⁽¹⁾		10/07/30		695,000		645,905

Qwest Corp.

7.25%		09/15/25		920,000		821,082

Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC

5.15% ⁽²⁾		09/20/29		2,505,000		2,491,992

4.74% ⁽²⁾		09/20/29		3,165,000		3,144,861

T-Mobile USA, Inc.

2.55%		02/15/31		1,882,000		1,601,733

3.88%		04/15/30		2,860,000		2,694,443

Vodafone Group PLC (United Kingdom)

4.88%		06/19/49		1,897,000		1,704,565


						16,394,270


Total Corporate Bonds

(Cost: $365,299,298)						339,836,455


MUNICIPAL BONDS — 0.6%

California Health Facilities Financing Authority, Revenue Bond

3.00%		08/15/51		955,000		723,629

City of New York NY

1.82%		08/01/30		1,325,000		1,112,873

City of New York NY, General Obligation Unlimited

3.00%		08/01/34		380,000		327,552

Metropolitan Transportation Authority, Revenue Bonds

5.18%		11/15/49		335,000		317,224

New York City Transitional Finance Authority Future Tax Secured Revenue

2.00%		08/01/35		1,000,000		752,210

2.40%		11/01/32		585,000		487,618

2.45%		11/01/34		2,485,000		1,987,399

Issues

Maturity
Date

Principal
Amount

Value

MUNICIPAL BONDS (Continued)

Regents of the University of California Medical Center Pooled Revenue

3.26%

05/15/60

3,060,000

2,242,649

Total Municipal Bonds

(Cost: $9,944,071)

7,951,154

ASSET-BACKED SECURITIES — 7.3%

321 Henderson Receivables I LLC (13-3A-A)

4.08% ⁽²⁾

01/17/73

1,082,001

997,833

AGL CLO, Ltd. (20-7A-BR)

6.96% (3 mo. USD LIBOR + 1.700%)^(2),(3)

07/15/34

4,235,000

4,080,846

AIG CLO, Ltd. (18-1A-A1R)

6.37% (3 mo. USD LIBOR + 1.120%)^(2),(3)

04/20/32

4,300,000

4,242,165

Aligned Data Centers Issuer LLC (21-1A-A2)

1.94% ⁽²⁾

08/15/46

3,372,000

3,002,597

AMMC CLO XIII, Ltd. (13-13A-A1R2)

6.32% (3 mo. USD LIBOR + 1.050%) ^(2),(3)

07/24/29

2,001,098

1,990,192

Ares LXII CLO, Ltd. (21-62A-B)

6.91% (3 mo. USD LIBOR + 1.650%) ^(2),(3)

01/25/34

4,000,000

3,900,900

Brazos Education Loan Authority, Inc. (12-1-A1)

5.72% (1 mo. USD LIBOR + 0.700%) ⁽³⁾

12/26/35

309,553

305,385

Brazos Higher Education Authority, Inc. (10-1-A2)

6.16% (3 mo. USD LIBOR + 1.200%) ⁽³⁾

02/25/35

531,462

527,031

CF Hippolyta Issuer LLC (20-1-B1)

2.28% ⁽²⁾

07/15/60

3,909,918

3,530,007

CIFC Funding, Ltd. (21-7A-A1)

6.40% (3 mo. USD LIBOR + 1.130%)^(2),(3)

01/23/35

4,300,000

4,222,475

Dryden XXVI Senior Loan Fund (13-26A-AR)

6.16% (3 mo. USD LIBOR + 0.900%)^(2),(3)

04/15/29

1,843,805

1,824,538

Educational Funding of the South, Inc. (11-1-A2)

5.91% (3 mo. USD LIBOR + 0.650%)⁽³⁾

04/25/35

202,658

202,201

Educational Services of America, Inc. (12-2-A)

5.75% (1 mo. USD LIBOR + 0.730%)^(2),(3)

04/25/39

173,141

171,145

Global SC Finance SRL (14-1A-A2)

3.09% ⁽²⁾

07/17/29

385,214

372,485

GoldenTree Loan Opportunities IX, Ltd. (14-9A-AR2)

6.41% (3 mo. USD LIBOR + 1.110%)^(2),(3)

10/29/29

2,504,042

2,490,646

Higher Education Funding I (14-1-A)

6.01% (3 mo. USD LIBOR + 1.050%)^(2),(3)

05/25/34

88,769

88,740

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

JGWPT XXX LLC (14-2A-A)

3.61% ⁽²⁾

01/17/73

1,226,146

1,085,629

Madison Park Funding XLVIII, Ltd. (21-48A-A)

6.42% (3 mo. USD LIBOR + 1.150%)^(2),(3)

04/19/33

4,320,000

4,268,449

Navient Private Education Refi Loan Trust (21-GA-A)

1.58% ⁽²⁾

04/15/70

3,009,989

2,630,872

Navient Student Loan Trust (14-3-A)

5.64% (1 mo. USD LIBOR + 0.620%)⁽³⁾

03/25/83

2,411,825

2,321,641

Navient Student Loan Trust (14-4-A)

5.64% (1 mo. USD LIBOR + 0.620%)⁽³⁾

03/25/83

1,204,978

1,177,305

Nelnet Student Loan Trust (14-4A-A2)

5.97% (1 mo. USD LIBOR + 0.950%)^(2),(3)

11/25/48

2,943,094

2,878,700

New Economy Assets Phase 1 Sponsor LLC (21-1-B1)

2.41% ⁽²⁾

10/20/61

3,904,000

3,301,368

OCP CLO 2020-19, Ltd. (20-19A-AR)

6.40% (3 mo. USD LIBOR + 1.150%)⁽²⁾

10/20/34

3,600,000

3,517,020

Octagon Investment Partners XIV, Ltd. (12-1A-AARR)

6.21% (3 mo. USD LIBOR + 0.950%)^(2),(3)

07/15/29

3,835,203

3,810,688

PHEAA Student Loan Trust (15-1A-A)

5.62% (1 mo. USD LIBOR + 0.600%)^(2),(3)

10/25/41

819,759

791,912

Skyline Trust (20-1-A)

3.23% ^(4),(5)

07/03/38

4,368,885

3,964,763

SLM Student Loan Trust (03-7A-A5A)

6.07% (3 mo. USD LIBOR + 1.200%)^(2),(3)

12/15/33

1,626,786

1,580,375

SLM Student Loan Trust (08-2-B)

6.46% (3 mo. USD LIBOR + 1.200%)⁽³⁾

01/25/83

710,000

654,045

SLM Student Loan Trust (08-3-B)

6.46% (3 mo. USD LIBOR + 1.200%)⁽³⁾

04/26/83

710,000

658,649

SLM Student Loan Trust (08-4-A4)

6.91% (3 mo. USD LIBOR + 1.650%)⁽³⁾

07/25/22

2,697,773

2,665,621

SLM Student Loan Trust (08-4-B)

7.11% (3 mo. USD LIBOR + 1.850%)⁽³⁾

04/25/73

710,000

675,574

SLM Student Loan Trust (08-5-B)

7.11% (3 mo. USD LIBOR + 1.850%)

07/25/73

710,000

664,898

SLM Student Loan Trust (08-6-A4)

6.36% (3 mo. USD LIBOR + 1.100%)⁽³⁾

07/25/23

2,387,463

2,330,857


Issues	Maturity Date		Principal Amount		Value

ASSET-BACKED SECURITIES (Continued)

SLM Student Loan Trust (08-6-B)

7.11% (3 mo. USD LIBOR + 1.850%)⁽³⁾		07/26/83	$	710,000	$	661,068

SLM Student Loan Trust (08-7-B)

7.11% (3 mo. USD LIBOR + 1.850%)⁽³⁾		07/26/83		710,000		660,146

SLM Student Loan Trust (11-2-A2)

6.22% (1 mo. USD LIBOR + 1.200%)⁽³⁾		10/25/34		1,348,909		1,348,963

SLM Student Loan Trust (12-7-A3)

5.67% (1 mo. USD LIBOR + 0.650%)⁽³⁾		05/26/26		1,380,338		1,318,905

Small Business Administration (22-25G-1)

3.93%		07/01/47		6,136,994		5,953,986

Store Master Funding LLC (21-1A-A1)

2.12% ⁽²⁾		06/20/51		1,833,042		1,572,486

United States Small Business Administration (22-25H-1)

3.80%		08/01/47		3,421,145		3,258,855

United States Small Business Administration (22-25J-1)

5.04%		10/01/47		3,455,146		3,582,833


Total Asset-backed Securities

(Cost: $91,878,486)						89,284,794


COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.6%

Fannie Mae, Pool #AN0245

3.42%		11/01/35		1,805,158		1,722,776

Fannie Mae, Pool #BL6060

2.46%		04/01/40		1,840,000		1,341,435

Freddie Mac Multifamily Structured Pass-Through Certificates (K155-A3)

3.75%		04/25/33		4,045,000		3,902,691


Total Commercial Mortgage-Backed Securities — Agency

(Cost: $7,800,745)						6,966,902


COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 3.1%

Arbor Realty Commercial Real Estate Note, Ltd. (21-FL3-A)

6.02% (1 mo. USD LIBOR + 1.070%)^(2),(3)		08/15/34		3,882,000		3,769,824

BAMLL Commercial Mortgage Securities Trust (18-PARK-A)

4.23% ^(2),(6)		08/10/38		1,930,000		1,741,433

BANK 2022-BNK42 (22-BNK42-A5)

4.49% ⁽⁶⁾		06/15/55		3,593,000		3,491,718

BPR Trust (22-OANA-A)

6.79% (SOFR + 1.898%)^(2),(3)		04/15/37		3,678,000		3,589,116

BX Commercial Mortgage Trust (20-VIV4-A)

2.84% ⁽²⁾		03/09/44		2,415,000		2,043,730

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

BX Trust (19-OC11-A)

3.20% ⁽²⁾		12/09/41	$	1,485,000	$	1,299,490

BXHPP Trust (21-FILM-A)

5.60% (1 mo. USD LIBOR + 0.650%)^(2),(3)		08/15/36		3,000,000		2,813,886

CALI Mortgage Trust (19-101C-A)

3.96% ⁽²⁾		03/10/39		1,285,000		1,137,129

CD 2017-CD3 Mortgage Trust (17-CD3-AS)

3.83%		02/10/50		4,645,000		4,082,918

COMM 2015-CCRE27 Mortgage Trust (15-CR27-A3)

3.35%		10/10/48		3,680,044		3,517,867

CSAIL Commercial Mortgage Trust (20-C19-A3)

2.56%		03/15/53		3,004,000		2,573,355

Hudson Yards Mortgage Trust (19-30HY-A)

3.23% ⁽²⁾		07/10/39		2,185,000		1,916,363

Hudson Yards Mortgage Trust (19-55HY-A)

3.04% ^(2),(6)		12/10/41		1,180,000		1,011,575

JPMorgan Chase Commercial Mortgage Securities Trust (19-OSB-A)

3.40% ⁽²⁾		06/05/39		1,160,000		1,035,204

Manhattan West Mortgage Trust (20-1MW-A)

2.13% ⁽²⁾		09/10/39		1,720,000		1,483,517

MKT Mortgage Trust (20-525M-A)

2.69% ⁽²⁾		02/12/40		850,000		667,033

One Bryant Park Trust (19-OBP-A)

2.52% ⁽²⁾		09/15/54		1,495,000		1,249,269

SFAVE Commercial Mortgage Securities Trust (15-5AVE-A1)

3.87% ^(2),(6)		01/05/43		1,710,000		1,235,671

SFAVE Commercial Mortgage Securities Trust (15-5AVE-A2B)

4.14% ^(2),(6)		01/05/43		70,000		49,758


Total Commercial Mortgage-Backed Securities — Non-Agency

(Cost: $42,463,126)						38,708,856


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 35.9%

Fannie Mae, Pool #BN7755

3.00%		09/01/49		2,817,943		2,570,124

Fannie Mae, Pool #FM2318

3.50%		09/01/49		275,383		259,278

Fannie Mae, Pool #MA4152

2.00%		10/01/40		5,226,730		4,495,794

Fannie Mae, Pool #MA4387

2.00%		07/01/41		2,867,944		2,479,391

Fannie Mae (19-79-FA)

5.52% (1 mo. USD LIBOR + 0.500%) ⁽³⁾		01/25/50		1,527,900		1,495,773


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae (01-14-SH) (I/F)

10.25% (-1 mo. USD LIBOR + 27.825%) ⁽³⁾		03/25/30	$	47,639	$	56,702

Fannie Mae (01-34-FV)

5.52% (1 mo. USD LIBOR + 0.500%) ⁽³⁾		08/25/31		64,788		64,679

Fannie Mae (04-W10-A6) (PAC)

5.75%		08/25/34		676,878		690,339

Fannie Mae (07-89-GF)

5.54% (1 mo. USD LIBOR + 0.520%)⁽³⁾		09/25/37		287,021		286,737

Fannie Mae (08-30-SA) (I/O) (I/F)

1.83% (-1 mo. USD LIBOR + 6.850%) ⁽³⁾		04/25/38		47,156		5,682

Fannie Mae (08-62-SN) (I/O) (I/F)

1.18% (-1 mo. USD LIBOR + 6.200%) ⁽³⁾		07/25/38		46,239		3,249

Fannie Mae (09-64-TB)

4.00%		08/25/29		528,077		522,706

Fannie Mae (09-68-SA) (I/O) (I/F) 1.73% (-1 mo. USD

LIBOR + 6.750%)⁽³⁾		09/25/39		37,112		4,776

Fannie Mae (10-26-AS) (I/O) (I/F) 1.31% (-1 mo. USD

LIBOR + 6.330%)⁽³⁾		03/25/40		545,079		36,457

Fannie Mae (11-111-DB)

4.00%		11/25/41		1,152,908		1,124,161

Fannie Mae (18-38-LA)

3.00%		06/25/48		878,047		798,340

Fannie Mae (18-43-CT)

3.00%		06/25/48		654,829		592,762

Fannie Mae, Pool #596686

6.50%		11/01/31		8,523		8,718

Fannie Mae, Pool #727575

5.00%		06/01/33		11,913		11,904

Fannie Mae, Pool #748751

5.50%		10/01/33		33,569		33,320

Fannie Mae, Pool #AB2127

3.50%		01/01/26		160,812		157,806

Fannie Mae, Pool #AL0209

4.50%		05/01/41		305,116		306,335

Fannie Mae, Pool #AL0851
6.00%		10/01/40		274,150		291,115

Fannie Mae, Pool #AS9830

4.00%		06/01/47		517,610		503,832

Fannie Mae, Pool #BQ6913

2.00%		12/01/51		8,882,202		7,390,156

Fannie Mae, Pool #BQ7006

2.00%		01/01/52		7,221,233		6,008,199

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)

Fannie Mae, Pool #BV8464

3.00%		04/01/52	$	4,072,256	$	3,659,141

Fannie Mae, Pool #CA1710

4.50%		05/01/48		1,314,728		1,305,310

Fannie Mae, Pool #CA1711

4.50%		05/01/48		936,018		929,313

Fannie Mae, Pool #CA2208

4.50%		08/01/48		753,044		747,650

Fannie Mae, Pool #CA2327

4.00%		09/01/48		455,859		446,215

Fannie Mae, Pool #CB2313

2.50%		12/01/51		7,787,595		6,750,684

Fannie Mae, Pool #CB3289

2.00%		04/01/52		9,876,705		8,245,379

Fannie Mae, Pool #FM2870

3.00%		03/01/50		1,836,632		1,673,965

Fannie Mae, Pool #FS1598

2.00%		04/01/52		8,088,377		6,723,423

Fannie Mae, Pool #MA1146

4.00%		08/01/42		604,760		591,328

Fannie Mae, Pool #MA1561

3.00%		09/01/33		1,218,338		1,164,846

Fannie Mae, Pool #MA1584

3.50%		09/01/33		1,796,220		1,746,898

Fannie Mae, Pool #MA3182

3.50%		11/01/47		311,454		293,474

Fannie Mae, Pool #MA4093

2.00%		08/01/40		4,188,837		3,604,162

Fannie Mae, Pool #MA4465

2.00%		11/01/51		2,203,814		1,835,029

Fannie Mae, Pool #MA4512

2.50%		01/01/52		8,139,088		7,055,774

Fannie Mae, Pool #MA4548

2.50%		02/01/52		7,479,045		6,472,090

Fannie Mae, Pool #MA4579

3.00%		04/01/52		7,380,317		6,634,089

Freddie Mac, Pool #SD0231

3.00%		01/01/50		4,243,051		3,867,252

Freddie Mac, Pool #ZM1779

3.00%		09/01/46		1,141,708		1,046,922

Freddie Mac (2439-KZ)

6.50%		04/15/32		56,994		59,515

Freddie Mac (2575-FD) (PAC)

5.40% (1 mo. USD LIBOR + 0.450%)⁽³⁾		02/15/33		153,977		153,581

Freddie Mac (2662-MT) (TAC)

4.50%		08/15/33		50,415		50,186


Issues	Maturity Date		Principal Amount			Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac (3315-S) (I/O) (I/F)

1.46% (-1 mo. USD LIBOR + 6.410%)⁽³⁾		05/15/37	$	7,553		$	665

Freddie Mac (3339-JS) (I/F)

10.67% (-1 mo. USD LIBOR + 42.835%)⁽³⁾		07/15/37		198,857			290,641

Freddie Mac (3351-ZC)

5.50%		07/15/37		148,070			149,985

Freddie Mac (3380-SM) (I/O) (I/F)

1.46% (-1 mo. USD LIBOR + 6.410%)⁽³⁾		10/15/37		239,410			26,391

Freddie Mac (3382-FL)

5.65% (1 mo. USD LIBOR + 0.700%)⁽³⁾		11/15/37		58,602			58,688

Freddie Mac (3439-SC) (I/O) (I/F)

0.95% (-1 mo. USD LIBOR + 5.900%)		04/15/38		920,593			62,136

Freddie Mac (3578-DI) (I/O) (I/F)

1.70% (-1 mo. USD LIBOR + 6.650%)⁽³⁾		04/15/36		336,267			24,767

Freddie Mac (4818-CA)

3.00%		04/15/48		455,530			412,907

Freddie Mac, Pool #A97179

4.50%		03/01/41		1,034,685			1,040,130

Freddie Mac, Pool #G06360

4.00%		03/01/41		1,170,978			1,161,842

Freddie Mac, Pool #G06498

4.00%		04/01/41		814,137			801,293

Freddie Mac, Pool #G06499

4.00%		03/01/41		536,993			527,619

Freddie Mac, Pool #G07849

3.50%		05/01/44		668,647	��		636,534

Freddie Mac, Pool #G07924

3.50%		01/01/45		994,989			948,136

Freddie Mac, Pool #G08710

3.00%		06/01/46		1,204,994			1,105,543

Freddie Mac, Pool #G08711

3.50%		06/01/46		1,950,937			1,841,461

Freddie Mac, Pool #G08715

3.00%		08/01/46		2,327,773			2,135,656

Freddie Mac, Pool #G08716

3.50%		08/01/46		1,322,002			1,247,818

Freddie Mac, Pool #G08721

3.00%		09/01/46		1,877,521			1,723,531

Freddie Mac, Pool #G08722

3.50%		09/01/46		533,726			503,776

Freddie Mac, Pool #G08726

3.00%		10/01/46		1,793,472			1,646,375

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac, Pool #G08732

3.00%		11/01/46	$	1,805,045	$	1,656,999

Freddie Mac, Pool #G08792

3.50%		12/01/47		1,443,092		1,361,151

Freddie Mac, Pool #G08816

3.50%		06/01/48		269,612		254,227

Freddie Mac, Pool #G08826

5.00%		06/01/48		235,141		237,468

Freddie Mac, Pool #G08843

4.50%		10/01/48		971,338		964,189

Freddie Mac, Pool #G16584

3.50%		08/01/33		1,089,640		1,062,580

Freddie Mac, Pool #G18592

3.00%		03/01/31		592,200		571,817

Freddie Mac, Pool #G18670

3.00%		12/01/32		399,615		384,711

Freddie Mac, Pool #G18713

3.50%		11/01/33		738,264		719,700

Freddie Mac, Pool #G60038

3.50%		01/01/44		946,200		900,565

Freddie Mac, Pool #G60344

4.00%		12/01/45		483,836		472,895

Freddie Mac, Pool #G67700

3.50%		08/01/46		782,449		741,973

Freddie Mac, Pool #G67706

3.50%		12/01/47		3,000,351		2,845,131

Freddie Mac, Pool #G67707

3.50%		01/01/48		6,201,414		5,904,098

Freddie Mac, Pool #G67711

4.00%		03/01/48		1,540,812		1,505,488

Freddie Mac, Pool #G67718

4.00%		01/01/49		1,429,533		1,391,926

Freddie Mac, Pool #Q05261

3.50%		12/01/41		1,034,569		988,768

Freddie Mac, Pool #Q20178

3.50%		07/01/43		2,018,438		1,941,889

Freddie Mac, Pool #QE0312

2.00%		04/01/52		5,379,955		4,471,988

Freddie Mac, Pool #SD7513

3.50%		04/01/50		540,070		512,760

Freddie Mac, Pool #SD8178

2.50%		11/01/51		5,480,323		4,747,273

Freddie Mac, Pool #SD8193

2.00%		02/01/52		8,049,102		6,691,535

Freddie Mac, Pool #SD8194

2.50%		02/01/52		7,443,148		6,441,021

Freddie Mac, Pool #SD8205

2.50%		04/01/52		2,176,294		1,883,054


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac, Pool #SD8212

2.50%		05/01/52	$	7,753,981	$	6,709,188

Freddie Mac, Pool #ZT1703

4.00%		01/01/49		973,299		950,871

Ginnie Mae (08-27-SI) (I/O) (I/F)

1.52% (-1 mo. USD LIBOR + 6.470%)⁽³⁾		03/20/38		150,820		18,816

Ginnie Mae (08-81-S) (I/O) (I/F)

1.25% (-1 mo. USD LIBOR + 6.200%)⁽³⁾		09/20/38		579,000		68,157

Ginnie Mae (10-1-S) (I/O) (I/F)

0.80% (-1 mo. USD LIBOR + 5.750%)⁽³⁾		01/20/40		854,064		76,930

Ginnie Mae (18-124-NW)

3.50%		09/20/48		785,445		743,166

Ginnie Mae, Pool #608259

4.50%		08/15/33		16,090		16,192

Ginnie Mae, Pool #782114

5.00%		09/15/36		58,592		60,937

Ginnie Mae, Pool #MA4127

3.50%		12/20/46		1,209,824		1,154,829

Ginnie Mae II, Pool #MA6030

3.50%		07/20/49		80,714		74,699

Ginnie Mae II, Pool #MA3521

3.50%		03/20/46		890,967		851,580

Ginnie Mae II, Pool #MA3597

3.50%		04/20/46		858,343		820,130

Ginnie Mae II, Pool #MA3662

3.00%		05/20/46		385,420		357,778

Ginnie Mae II, Pool #MA3663

3.50%		05/20/46		847,334		809,612

Ginnie Mae II, Pool #MA4126

3.00%		12/20/46		2,296,657		2,129,075

Ginnie Mae II, Pool #MA4196

3.50%		01/20/47		706,730		674,604

Ginnie Mae II, Pool #MA4454

5.00%		05/20/47		294,215		300,052

Ginnie Mae II, Pool #MA4510

3.50%		06/20/47		342,960		326,707

Ginnie Mae II, Pool #MA4589

5.00%		07/20/47		678,138		691,382

Ginnie Mae II, Pool #MA4722

5.00%		09/20/47		230,103		234,453

Ginnie Mae II, Pool #MA4777

3.00%		10/20/47		276,063		255,951

Ginnie Mae II, Pool #MA4836

3.00%		11/20/47		1,072,406		993,150

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)

Ginnie Mae II, Pool #MA4837

3.50%		11/20/47	$	2,222,624	$	2,118,812

Ginnie Mae II, Pool #MA4838

4.00%		11/20/47		640,992		625,562

Ginnie Mae II, Pool #MA4901

4.00%		12/20/47		1,083,248		1,057,171

Ginnie Mae II, Pool #MA5078

4.00%		03/20/48		777,254		758,298

Ginnie Mae II, Pool #MA5399

4.50%		08/20/48		1,550,443		1,542,652

Ginnie Mae II, Pool #MA5466

4.00%		09/20/48		53,124		51,729

Ginnie Mae II, Pool #MA5467

4.50%		09/20/48		93,833		93,360

Ginnie Mae II, Pool #MA6209

3.00%		10/20/49		583,481		520,302

Ginnie Mae II TBA, 30 Year

2.50% ⁽⁷⁾		01/01/52		18,600,000		16,468,429

4.50% ⁽⁷⁾		08/01/52		6,250,000		6,128,966

5.00% ⁽⁷⁾		10/01/52		2,975,000		2,962,181

Uniform Mortgage-Backed Securities TBA, 30-Year

2.00% ⁽⁷⁾		12/01/53		51,325,000		42,674,879

2.50% ⁽⁷⁾		01/01/52		37,700,000		32,629,048

3.00% ⁽⁷⁾		03/01/52		25,450,000		22,880,153

3.50% ⁽⁷⁾		04/01/52		13,875,000		12,899,110

4.00% ⁽⁷⁾		06/01/52		24,100,000		23,045,625

4.50% ⁽⁷⁾		07/01/52		35,825,000		35,023,135

5.00% ⁽⁷⁾		09/01/52		34,675,000		34,478,575

5.50% ⁽⁷⁾		10/01/52		26,100,000		26,321,157


Total Residential Mortgage-Backed Securities — Agency

(Cost: $451,718,153)						440,851,064


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—5.4%

Ajax Mortgage Loan Trust (19-F-A1)

2.86% ⁽²⁾		07/25/59		2,027,215		1,935,564

Bayview MSR Opportunity Master Fund Trust (21-5-A5)

2.50% ^(2),(6)		11/25/51		4,135,594		3,654,455

CIM Trust (21-J1-A1)

2.50% ^(2),(6)		03/25/51		9,684,399		7,901,108

Citigroup Mortgage Loan Trust (06-AMC1-A1)

5.31% (1 mo. USD LIBOR + 0.290%)^(2),(3)		09/25/36		6,846,178		6,548,873

Citigroup Mortgage Loan Trust, Inc. (05-5-2A2)

5.75% ⁽⁵⁾		08/25/35		193,059		136,684


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA)

5.75%		04/22/33	$	3,349	$	3,173

CSMC 2022-ATH2 (22-ATH2-A1)

4.55% ^(2),(6)		05/25/67		3,605,808		3,536,045

CSMC Trust (18-RPL9-A)

3.85% ^(2),(6)		09/25/57		2,324,379		2,226,363

Fremont Home Loan Trust (05-E-2A4)

5.68% (1 mo. USD LIBOR + 0.660%)⁽³⁾		01/25/36		5,097,909		4,736,716

GS Mortgage-Backed Securities Trust (18-RPL1-A1A)

3.75% ⁽²⁾		10/25/57		1,993,716		1,906,500

GSAA Home Equity Trust (05-11-2A2) 5.66% (1 mo. USD

LIBOR + 0.640%)⁽³⁾		10/25/35		808,971		781,189

IndyMac Index Mortgage Loan Trust (05-AR6-2A1) 5.50% (1 mo. USD

LIBOR + 0.480%)⁽³⁾		04/25/35		458,843		374,845

JPMorgan Mortgage Trust (21-14-A3)

2.50% ^(2),(6)		05/25/52		5,034,436		4,119,978

JPMorgan Mortgage Trust (22-1-A3)

2.50% ^(2),(6)		07/25/52		8,718,368		7,134,758

Morgan Stanley Capital, Inc. (04-WMC2-M1) 5.94% (1 mo. USD

LIBOR + 0.915%)⁽³⁾		07/25/34		595,802		560,888

Morgan Stanley Mortgage Loan Trust (04-3-4A)

5.65% ⁽⁶⁾		04/25/34		79,030		78,096

Option One Mortgage Loan Trust (05-2-M1) 5.68% (1 mo. USD

LIBOR + 0.660%)⁽³⁾		05/25/35		179,380		178,395

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates (05-WCW2-M3)

5.85% (1 mo. USD LIBOR + 0.825%)⁽³⁾		07/25/35		10,000,000		9,203,508

Starwood Mortgage Residential Trust (21-3-A1)

1.13% ^(2),(6)		06/25/56		2,417,456		1,987,911

Structured Asset Investment Loan Trust (04-6-A3)

5.82% (1 mo. USD LIBOR + 0.800%)⁽³⁾		07/25/34		1,821,997		1,767,166

Structured Asset Securities Corp. (03-34A-5A4)

5.25% ⁽⁶⁾		11/25/33		167,170		158,736

WaMu Mortgage Pass-Through Certificates (05-AR15-A1A1)

5.54% (1 mo. USD LIBOR + 0.520%)⁽³⁾		11/25/45		4,171,184		3,712,505

WaMu Mortgage Pass-Through Certificates (05-AR3-A2)

4.07% ⁽⁶⁾		03/25/35		486,957		468,663

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Wells Fargo Alternative Loan Trust (07-PA3-2A1)

6.00% ⁽⁵⁾		07/25/37	$	42,916	$	37,353

Wells Fargo Home Equity Asset-Backed Securities Trust (05-3-M6)

6.03% (1 mo. USD LIBOR + 1.005%)⁽³⁾		11/25/35		487,006		486,285

Wells Fargo Home Equity Trust (04-2-A33)

6.02% (1 mo. USD LIBOR + 1.000%)⁽³⁾		10/25/34		2,486,195		2,422,471


Total Residential Mortgage-Backed Securities — Non-Agency

(Cost: $70,914,021)						66,058,228


U.S. TREASURY SECURITIES — 25.2%

U.S. Treasury Bond

2.00%		11/15/41		56,727,000		42,973,851

3.63%		02/15/53		28,296,000		28,057,253

3.88%		02/15/43		17,505,000		17,693,726

U.S. Treasury Inflation Indexed Bond (TIPS)

1.13%		01/15/33		9,112,074		9,031,722

1.25%		04/15/28		7,932,993		7,926,795

U.S. Treasury Note

2.38%		02/15/42		25,805,000		20,833,505

3.50%		04/30/28		24,465,000		24,474,260

3.50%		02/15/33		960,000		965,775

3.63%		03/31/28		47,551,000		47,809,187

3.75%		04/15/26		38,695,000		38,710,116

3.88%		03/31/25		38,735,000		38,580,665

3.88%		04/30/25		31,225,000		31,131,263

4.00%		02/29/28		870,000		889,235


Total U.S. Treasury Securities

(Cost: $314,806,857)						309,077,353


U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.2%

Federal Home Loan Banks

5.30% ⁽⁸⁾		05/22/24		13,370,000		13,365,855

5.37% ⁽⁸⁾		05/21/24		13,200,000		13,200,076


Total U.S. Government Agency Obligations

(Cost: $26,570,000)						26,565,931


Total Fixed Income Securities

(Cost: $1,381,394,757)						1,325,300,737


			Shares

MONEY MARKET INVESTMENTS — 6.1%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76%, 0.01%⁽⁹⁾			$	75,036,267	$	75,036,267


Total Money Market Investments

(Cost: $75,036,267)						75,036,267



Issues	Maturity Date		Principal Amount		Value

SHORT TERM INVESTMENTS — 9.5%

U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.2%

Federal Home Loan Banks

3.12%		06/21/23	$	50,000,000	$	49,665,652

4.83%		07/24/23		15,000,000		14,832,511


Total U.S. Government Agency Obligations

(Cost: $64,485,258)						64,498,163


U.S. TREASURY SECURITIES — 4.3%

U.S. Treasury Bill

4.71% ⁽⁸⁾		08/03/23		2,112,000		2,084,220

5.05% ⁽⁸⁾		08/31/23		15,970,000		15,705,056

4.57% ⁽⁸⁾		07/20/23		35,000,000		34,618,112


Total U.S. Treasury Securities

(Cost: $52,437,529)						52,407,388


Total Short Term Investments

(Cost: $116,922,787)						116,905,551


Total Investments (123.6%)

(Cost: $1,573,353,811)						1,517,242,555


Liabilities In Excess Of Other Assets (-23.6%)						(289,831,535	)


Net Assets (100.0%)					$	1,227,411,020

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
1,931	2-Year U.S. Treasury Note Futures		06/30/23	$	396,083,663		$	398,102,803		$	2,019,140
308	5-Year U.S. Treasury Note Futures		06/30/23		33,114,491			33,800,594			686,103
3	U.S. Ultra Long Bond Futures		06/21/23		421,553			424,219			2,666

				$	429,619,707		$	432,327,616		$	2,707,909

Short Futures
161	10-Year U.S. Treasury Note Futures		06/21/23	$	(19,157,050	)	$	(19,553,953	)	$	(396,903	)
11	30 Year Euro-Buxl Future		06/8/23		(1,685,297	)		(1,694,088	)		(8,791	)
44	Euro-Bobl Futures		06/8/23		(5,658,700	)		(5,730,511	)		(71,811	)
34	Euro-Bund Futures		06/8/23		(4,914,002	)		(5,088,381	)		(174,379	)

				$	(31,415,049	)	$	(32,066,933	)	$	(651,884	)


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⁾*
Citibank N.A.		EUR		1,378,000		07/14/23	$	1,520,944	$	1,527,469	$	6,525
Goldman Sachs & Co.		GBP		29,000		07/14/23		36,134		36,503		369

							$	1,557,078	$	1,563,972	$	6,894

SELL *⁽¹¹⁾*
Citibank N.A.		EUR		875,063		05/02/23	$	963,856	$	966,070	$	(2,214	)
Citibank N.A.		EUR		14,867,000		07/14/23		16,333,562		16,479,596		(146,034	)
Goldman Sachs & Co.		GBP		544,000		07/14/23		677,906		684,745		(6,839	)

							$	17,975,324	$	18,130,411	$	(155,087	)


Centrally Cleared — Interest Rate Swap Agreements

Notional Amount	Expiration Date		Payment Made by Fund Frequency		Payment Made by Fund			Payment Received by Fund Frequency		Payment Received by Fund		Unrealized Appreciation (Depreciation)			Premium Paid		Value
$4,399,000⁽¹²⁾		09/20/53		Annual		3.000	%		Annual		12-Month SOFR	$	(63,296	)	$	—	$	(63,296	)
4,410,000⁽¹²⁾		09/20/53		Annual		3.000	%		Annual		12-Month SOFR		(63,455	)		—		(63,455	)

												$	(126,751	)	$	—	$	(126,751	)

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

April 30, 2023

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.

SOFR

Secured Overnight Financing Rate.

TAC

Target Amortization Class.

TBA

To Be Announced.

EUR

Euro Currency.

GBP

British Pound Sterling.

(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, 2023, the value of these securities amounted to $10,985,419 or 0.9% 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, 2023, the value of these securities amounted to $215,641,049 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.

(3)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2023.

(4)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(5)

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.

(6)

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.

(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)

Rate shown represents yield-to-maturity.

(9)

Rate disclosed is the 7-day net yield as of April 30, 2023.

(10)

Fund buys foreign currency, sells U.S. Dollar.

(11)

Fund sells foreign currency, buys U.S. Dollar.

(12)

This instrument has a forward starting effective date. See Note 2, Significant Accounting Policies in the Notes to Financial Statements for further information.

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities — Agency		35.9	%
Corporate Bonds		27.7
U.S. Treasury Securities		29.5
Asset-Backed Securities		7.3
Money Market Investments		6.1
Residential Mortgage-Backed Securities — Non-Agency		5.4
U.S. Government Agency Obligations		7.4
Commercial Mortgage-Backed Securities — Non-Agency		3.1
Municipal Bonds		0.6
Commercial Mortgage-Backed Securities — Agency		0.6
Other*		(23.6	)*

Total		100.0	%

*	Includes futures, swap agreements, pending trades, interest receivable, fund share transactions and accrued expenses payable.

See accompanying Notes to Financial Statements.

TCW Core Fixed Income Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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*	$	—		$	339,836,455		$	—	$	339,836,455
Municipal Bonds		—			7,951,154			—		7,951,154
Asset-Backed Securities		—			85,320,031			3,964,763		89,284,794
Commercial Mortgage-Backed Securities — Agency		—			6,966,902			—		6,966,902
Commercial Mortgage-Backed Securities — Non-Agency		—			38,708,856			—		38,708,856
Residential Mortgage-Backed Securities — Agency		—			440,851,064			—		440,851,064
Residential Mortgage-Backed Securities — Non-Agency		—			66,058,228			—		66,058,228
U.S. Treasury Securities		292,118,836			16,958,517			—		309,077,353
U.S. Government Agency Obligations		—			26,565,931			—		26,565,931

Total Fixed Income Securities		292,118,836			1,029,217,138			3,964,763		1,325,300,737

Money Market Investments		75,036,267			—			—		75,036,267
Short Term Investments		52,407,388			64,498,163			—		116,905,551

Total Investments	$	419,562,491		$	1,093,715,301		$	3,964,763	$	1,517,242,555

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			6,894			—		6,894
Futures Contracts
Interest Rate Risk		2,707,909			—			—		2,707,909

Total	$	422,270,400		$	1,093,722,195		$	3,964,763	$	1,519,957,358

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(651,884	)	$	—		$	—	$	(651,884	)
Forward Currency Contracts
Foreign Currency Risk		—			(155,087	)		—		(155,087	)
Swap Agreements
Interest Rate Risk		—			(126,751	)		—		(126,751	)

Total	$	(651,884	)	$	(281,838	)	$	—	$	(933,722	)

*	See Schedule of Investments for corresponding industries.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited)


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 76.7%

ASSET-BACKED SECURITIES — 19.9%

Aimco CLO, Ltd. (20-11A-AR)

6.39% (3 mo. USD LIBOR + 1.130%)^{(1), (2)}		10/17/34	$	5,000	$	4,908

Americredit Automobile Receivables Trust (19-1-D)

3.62%		03/18/25		355,000		351,887

AmeriCredit Automobile Receivables Trust (20-1-C)

1.59%		10/20/25		350,000		342,042

Brazos Higher Education Authority, Inc. (11-1-A2)

5.76% (3 mo. USD LIBOR + 0.800%) ⁽²⁾		02/25/30		159		159

Carvana Auto Receivables Trust (22-P3-A3)

4.61%		11/10/27		240,000		235,619

CF Hippolyta Issuer LLC (20-1-A1)

1.69% ⁽¹⁾		07/15/60		179,890		163,653

CF Hippolyta Issuer LLC (21-1A-A1)

1.53% ⁽¹⁾		03/15/61		273,310		240,723

Drive Auto Receivables Trust (21-1-D)

1.45%		01/16/29		427,000		403,628

Drive Auto Receivables Trust (21-2-C)

0.87%		10/15/27		300,000		290,873

Dryden 30 Senior Loan Fund (13-30A-AR)

5.68% (3 mo. USD LIBOR + 0.820%) ^{(1), (2)}		11/15/28		60,161		59,694

Educational Services of America, Inc. (12-2-A)

5.75% (1 mo. USD LIBOR + 0.730%) ^{(1), (2)}		04/25/39		1,731		1,711

Exeter Automobile Receivables Trust (21-1A-D)

1.08%		11/16/26		340,000		322,800

Exeter Automobile Receivables Trust (21-4A-C)

1.46%		10/15/27		515,000		491,859

Flagship Credit Auto Trust (19-4-D)

3.12% ⁽¹⁾		01/15/26		430,000		417,033

Global SC Finance II SRL (14-1A-A2)

3.09% ⁽¹⁾		07/17/29		10,988		10,625

LCM XXI LP (21A-AR)

6.13% (3 mo. USD LIBOR + 0.880%) ^{(1), (2)}		04/20/28		47,312		47,197

Navient Private Education Refi Loan Trust (20-BA-A2)

2.12% ⁽¹⁾		01/15/69		17,542		16,147

Navient Private Education Refi Loan Trust (21-BA-A)

0.94% ⁽¹⁾		07/15/69		212,714		189,260

Navient Private Education Refi Loan Trust (21-CA-A)

1.06% ⁽¹⁾		10/15/69		103,588		90,662

Nelnet Student Loan Trust (12-5A-A)

5.62% (1 mo. USD LIBOR + 0.600%) ^{(1), (2)}		10/27/36		1,719		1,662

NYACK Park CLO, Ltd. (21-1A-X)


Issues	Maturity Date		Principal Amount		Value

ASSET-BACKED SECURITIES (Continued)

5.90% (3 mo. USD LIBOR + 0.650%) ^{(1), (2)}		10/20/34	$	1,875	$	1,842

Oak Street Investment Grade Net Lease Fund (20-1A-A1)

1.85% ⁽¹⁾		11/20/50		124,521		111,620

Palmer Square Loan Funding, Ltd. (20-1A-A1)

5.72% (3 mo. USD LIBOR + 0.800%) ^{(1), (2)}		02/20/28		54,637		54,432

Palmer Square Loan Funding, Ltd. (21-2A-A1)

5.72% (3 mo. USD LIBOR + 0.800%) ^{(1), (2)}		05/20/29		88,897		88,164

PFS Financing Corp. (22-B-A)

5.35% (SOFR30A + 0.600%) ^{(1), (2)}		02/15/26		145,000		145,004

Progress Residential Trust (19-SFR3-A)

2.27% ⁽¹⁾		09/17/36		9,901		9,446

Progress Residential Trust (21-SFR1-C)

1.56% ⁽¹⁾		04/17/38		252,000		222,583

ReadyCap Commercial Mortgage Trust (18-4-A)

3.39% ⁽¹⁾		02/27/51		75,925		73,390

ReadyCap Commercial Mortgage Trust (19-6-A)

2.83% ⁽¹⁾		10/25/52		107,840		101,002

Santander Drive Auto Receivables Trust (21-1-D)

1.13%		11/16/26		330,000		314,838

SLC Student Loan Trust (08-1-A4A)

6.47% (3 mo. USD LIBOR + 1.600%) ⁽²⁾		12/15/32		92,298		92,761

SLM Student Loan Trust (05-7-A4)

5.41% (3 mo. USD LIBOR + 0.150%) ⁽²⁾		10/25/29		3,037		3,020

SLM Student Loan Trust (08-3-A3)

6.26% (3 mo. USD LIBOR + 1.000%) ⁽²⁾		10/25/21		5,956		5,758

SLM Student Loan Trust (08-3-B)

6.46% (3 mo. USD LIBOR + 1.200%) ⁽²⁾		04/26/83		10,000		9,277

SLM Student Loan Trust (13-4-A)

5.57% (1 mo. USD LIBOR + 0.550%) ⁽²⁾		06/25/43		5,808		5,648

SLM Student Loan Trust (13-6-A3)

5.67% (1 mo. USD LIBOR + 0.650%) ⁽²⁾		06/26/28		6,628		6,452

SoFi Professional Loan Program LLC (17-A-A1)

5.72% (1 mo. USD LIBOR + 0.700%) ^(1), (2)		03/26/40		4,333		4,325

SoFi Professional Loan Program LLC (17-F-A2FX)

2.84% ⁽¹⁾		01/25/41		119,178		116,134

Sofi Professional Loan Program LLC (19-A-A2FX)

3.69% ⁽¹⁾		06/15/48		125,714		121,386

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

ASSET-BACKED SECURITIES (Continued)

SoFi Professional Loan Program Trust (21-B-AFX)

1.14% ⁽¹⁾		02/15/47	$	180,829	$	153,964

Stack Infrastructure Issuer LLC (19-2A-A2)

3.08% ⁽¹⁾		10/25/44		84,000		80,231

Stack Infrastructure Issuer LLC (20-1A-A2)

1.89% ⁽¹⁾		08/25/45		200,000		182,598

Tricon American Homes Trust (17-SFR2-B)

3.28% ⁽¹⁾		01/17/36		5,000		4,899

United States Small Business Administration (09-20G-1)

4.30%		07/01/29		40,967		40,682

United States Small Business Administration (10-20E-1)

4.11%		05/01/30		23,594		22,855


Total Asset-Backed Securities

(Cost: $5,740,782)						5,654,453


COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 2.6%

Fannie Mae, Pool #AM1671

2.10%		12/01/27		20,403		19,094

Freddie Mac Multifamily Structured Pass-Through Certificates (KF57-A)

5.40% (1 mo. USD LIBOR + 0.540%) ⁽²⁾		12/25/28		53,805		53,693

Freddie Mac Multifamily Structured Pass-Through Certificates (KF66-A)

5.38% (1 mo. USD LIBOR + 0.520%) ⁽²⁾		07/25/29		43,313		43,212

Freddie Mac Multifamily Structured Pass-Through Certificates (K033-X1) (I/O)

0.41% ⁽³⁾		07/25/23		9,873,808		2,045

Freddie Mac Multifamily Structured Pass-Through Certificates (K726-X1) (I/O)

1.04% ⁽³⁾		04/25/24		9,217,871		52,699

Freddie Mac Multifamily Structured Pass-Through Certificates (KJ30-A1)

0.53%		01/25/25		8,864		8,815

Freddie Mac Multifamily Structured Pass-Through Certificates (KJ31-A1)

0.57%		05/25/26		8,434		8,081

Freddie Mac Multifamily Structured Pass-Through Certificates (KJ32-A1)

0.52%		06/25/25		15,447		14,720

Freddie Mac Multifamily Structured Pass-Through Certificates (KS07-X) (I/O)

0.75% ⁽³⁾		09/25/25		478,203		6,532

Freddie Mac Multifamily Structured Pass-Through Certificates (Q004-A2H)

3.84% ⁽³⁾		01/25/46		87,985		87,481


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac Multifamily Structured Pass-Through Certificates (Q004-AFL)

4.48% (12 mo. Monthly Treasury Average Index + 0.740%) ⁽²⁾		05/25/44	$	72,046	$	71,361

Freddie Mac Multifamily Structured Pass-Through Certificates (Q008-A)

5.25% (1 mo. USD LIBOR + 0.390%) ⁽²⁾		10/25/45		44,200		44,023

Freddie Mac Multifamily Structured Pass-Through Certificates (Q013-APT1)

1.68% ⁽³⁾		05/25/50		69,301		66,118

Ginnie Mae, Pool #776870

4.90%		12/15/52		38,826		38,826

Ginnie Mae, Pool #767414

5.55%		02/15/26		9,424		9,404

Ginnie Mae, Pool #669551

5.75%		10/15/32		34,926		35,193

Ginnie Mae, Pool #625835

6.00%		11/15/34		24,926		25,223

Ginnie Mae, Pool #669522

6.00%		07/15/43		25,862		26,056

Ginnie Mae, Pool #749547

6.00%		04/15/53		52,583		52,360

Ginnie Mae (12-123-IO) (I/O)

0.63% ⁽³⁾		12/16/51		86,440		1,351

Ginnie Mae (13-1-IO) (I/O)

0.58% ⁽³⁾		02/16/54		40,433		458

Ginnie Mae (14-157-C)

3.15% ⁽³⁾		10/16/54		75,150		73,178


Total Commercial Mortgage-Backed Securities — Agency

(Cost: $734,802)						739,923


COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 6.3%

AREIT 2019-CRE3 Trust (19-CRE3-A)

6.02% (SOFR + 1.345%) ^(1), (2)		09/14/36		12,504		12,232

BANK (18-BN14-A2)

4.13%		09/15/60		1,807		1,767

BB-UBS Trust (12-SHOW-XA) (I/O)

0.73% ^{(1), (3)}		11/05/36		6,396,000		51,925

BBCMS Trust (18-BXH-A)

5.95% (1 mo. USD LIBOR + 1.000%) ^{(1), (2)}		10/15/37		2,599		2,532

Benchmark Mortgage Trust (18-B6-A2)

4.20%		10/10/51		6,402		6,296

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

BX Commercial Mortgage Trust (21-CIP-A)

5.87% (1 mo. USD LIBOR + 0.921%) ^{(1), (2)}		12/15/38	$	110,000	$	106,587

BX Trust (21-MFM1-A)

5.70% (SOFR + 0.814%) ^{(1), (2)}		01/15/34		18,085		17,619

BXHPP Trust (21-FILM-A)

5.60% (1 mo. USD LIBOR + 0.650%) ^{(1), (2)}		08/15/36		100,000		93,796

BXMT, Ltd. (20-FL3-A)

6.40% (SOFR30A + 1.514%) ^{(1), (2)}		11/15/37		100,000		94,313

Citigroup Commercial Mortgage Trust (14-GC21-XA) (I/O)

1.29% ⁽³⁾		05/10/47		5,008,034		37,129

Citigroup Commercial Mortgage Trust (15-GC27-XA) (I/O)

1.45% ⁽³⁾		02/10/48		1,836,176		30,390

Cold Storage Trust (20-ICE5-A)

5.85% (1 mo. USD LIBOR + 0.900%)^{(1), (2)}		11/15/37		137,619		134,658

COMM Mortgage Trust (12-CR4-A3)

2.85%		10/15/45		134,940		128,158

COMM Mortgage Trust (12-CR4-XA) (I/O)

1.33% ⁽³⁾		10/15/45		161,624		15

COMM Mortgage Trust (13-CR11-XA) (I/O)

1.03% ⁽³⁾		08/10/50		439,429		233

COMM Mortgage Trust (14-CR14-A2)

3.15%		02/10/47		49,645		49,381

COMM Mortgage Trust (14-CR17-XA) (I/O)

1.11% ⁽³⁾		05/10/47		5,202,715		30,134

COMM Mortgage Trust (15-LC23-A2)

3.22%		10/10/48		1,350		1,294

COMM Mortgage Trust (15-PC1-A4)

3.62%		07/10/50		63,680		61,423

FS Rialto (19-FL1-A)

5.93% (1 mo. USD LIBOR + 1.200%)^{(1), (2)}		12/16/36		54,116		53,731

GS Mortgage Securities Trust (11-GC5-XA) (I/O)

0.09% ^{(1), (3)}		08/10/44		159,591		2

GS Mortgage Securities Trust (14-GC18-AAB)

3.65%		01/10/47		63,319		62,818

Houston Galleria Mall Trust (15-HGLR-A1A1)

3.09% ⁽¹⁾		03/05/37		250,000		232,401

JPMBB Commercial Mortgage Securities Trust (13-C17-XA) (I/O)

0.84% ⁽³⁾		01/15/47		110,246		186

JPMBB Commercial Mortgage Securities Trust (14-C21-ASB)

3.43%		08/15/47		7,599		7,470


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

JPMorgan Chase Commercial Mortgage Securities Trust (13-LC11-XA) (I/O)

1.34% ⁽³⁾		04/15/46	$	1,511,728	$	7,588

LB-UBS Commercial Mortgage Trust

(06-C6-XCL) (I/O) 0.43% ^{(1), (3), (4)}		09/15/39		289,760		45

MBRT (19-MBR-A)

6.15% (1 mo. USD LIBOR + 1.200%) ^{(1), (2)}		11/15/36		125,000		123,607

MF1, Ltd. (20-FL4-A)

6.70% (SOFR + 1.814) ^{(1), (2)}		11/15/35		81,560		81,609

Morgan Stanley Bank of America Merrill Lynch Trust (13-C10-A4)

4.19% ⁽³⁾		07/15/46		43,283		43,148

Morgan Stanley Bank of America Merrill Lynch Trust (14-C15-XA) (I/O)

1.03% ⁽³⁾		04/15/47		755,436		1,685

Morgan Stanley Capital I Trust (15-MS1-ASB)

3.46%		05/15/48		4,339		4,228

SREIT Trust (21-MFP2-A)

5.77% (1 mo. USD LIBOR + 0.822%) ^{(1), (2)}		11/15/36		100,000		96,785

Wells Fargo Commercial Mortgage Trust (17-SMP-A)

5.82% (1 mo. USD LIBOR + 0.875%) ^{(1), (2)}		12/15/34		100,000		94,900

Wells Fargo Commercial Mortgage Trust (20-C55-A1)

1.86%		02/15/53		83,280		80,591

WFRBS Commercial Mortgage Trust (13-C14-XA) (I/O)

0.74% ⁽³⁾		06/15/46		615,949		1,411

WFRBS Commercial Mortgage Trust (14-C20-A4)

3.72%		05/15/47		4,459		4,397

WFRBS Commercial Mortgage Trust (14-C20-XA) (I/O)

1.05% ⁽³⁾		05/15/47		942,918		5,696

WFRBS Commercial Mortgage Trust (14-C21-XA) (I/O)

1.15% ⁽³⁾		08/15/47		3,532,950		30,912


Total Commercial Mortgage-Backed Securities — Non-Agency

(Cost: $1,868,112)						1,793,092


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 5.2%

Fannie Mae (02-41-F)

5.57% (1 mo. USD LIBOR + 0.550%) ⁽²⁾		07/25/32		11,752		11,786

Fannie Mae (05-90-FC) (PAC)

5.27% (1 mo. USD LIBOR + 0.250%) ⁽²⁾		10/25/35		200,262		199,465

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae (05-W3-2AF)

5.24% (1 mo. USD LIBOR + 0.220%) ⁽²⁾		03/25/45	$	5,317	$	5,265

Fannie Mae (11-110-FE) (PAC)

5.42% (1 mo. USD LIBOR + 0.400%) ⁽²⁾		04/25/41		9,485		9,453

Fannie Mae (11-84-F) (PAC)

5.37% (1 mo. USD LIBOR + 0.350%) ⁽²⁾		01/25/40		414		414

Fannie Mae (18-94-KD) (PAC)

3.50%		12/25/48		46,157		43,929

Fannie Mae (13-130-BF)

5.27% (1 mo. USD LIBOR + 0.250%) ⁽²⁾		07/25/43		96,498		96,047

Freddie Mac (3016-GF)

5.30% (1 mo. USD LIBOR + 0.350%) ⁽²⁾		08/15/25		28,148		28,125

Freddie Mac (3153-FJ)

5.06% (1 mo. USD LIBOR + 0.380%) ⁽²⁾		05/15/36		239,001		237,817

Freddie Mac (3954-PF) (PAC)

5.45% (1 mo. USD LIBOR + 0.500%) ⁽²⁾		07/15/41		231,650		230,719

Freddie Mac (2631-DF)

5.35% (1mo. USD LIBOR + 0.400) ⁽²⁾		06/15/33		201,415		201,269

Freddie Mac (3055-MF)

5.35% (1 mo. USD LIBOR + 0.400%) ⁽²⁾		10/15/35		285,117		283,405

Freddie Mac (3320-FC)

5.12% (1 mo. USD LIBOR + 0.170%) ⁽²⁾		05/15/37		66,634		66,534

Ginnie Mae (02-72-FB) (PAC)

5.35% (1 mo. USD LIBOR + 0.400%) ⁽²⁾		10/20/32		13,876		13,865

Ginnie Mae (02-72-FC) (PAC)

5.35% (1 mo. USD LIBOR + 0.400%) ⁽²⁾		10/20/32		13,538		13,526

Ginnie Mae II, Pool #MA6081

3.50%		08/20/49		50,984		47,185


Total Residential Mortgage-backed Securities — Agency

(Cost: $1,491,814)						1,488,804


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 10.5%

Alternative Loan Trust (05-56-4A1)

5.64% (1 mo. USD LIBOR + 0.620%) ⁽²⁾		11/25/35		21,729		19,294

American Home Mortgage Investment Trust (04-3-4A)

3.79% (6 mo. USD LIBOR + 1.500%) ⁽²⁾		10/25/34		43,783		43,259

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

Angel Oak Mortgage Trust (22-2-A1)

3.35% ^{(1), (3)}

01/25/67

172,811

161,551

Asset Backed Securities Corp. Home Equity Loan Trust (05-HE6-M4)

5.98% (1 mo. USD LIBOR + 0.960%) ⁽²⁾

07/25/35

4,579

4,562

Bear Stearns Asset Backed Securities (04-AC1-A2)

5.52% (1 mo. USD LIBOR + 0.500%) ⁽²⁾

03/25/34

42,673

42,409

Bear Stearns Asset-Backed Securities Trust (06-HE9-3A)

5.30% (1 mo. USD LIBOR + 0.280%) ⁽²⁾

11/25/36

103,709

100,470

BNC Mortgage Loan Trust (06-2-A4)

5.34% (1 mo. USD LIBOR + 0.320%) ⁽²⁾

11/25/36

36,770

35,558

Centex Home Equity Loan Trust (05-A-M1)

5.74% (1 mo. USD LIBOR + 0.720%) ⁽²⁾

01/25/35

39,082

38,635

Centex Home Equity Loan Trust (05-B-M3)

5.71% (1 mo. USD LIBOR + 0.690%) ⁽²⁾

03/25/35

54,563

51,967

Centex Home Equity Loan Trust (05-D-M5)

5.98% (1 mo. USD LIBOR + 0.960%) ⁽²⁾

10/25/35

300,000

288,610

CHL Mortgage Pass-Through Trust (04-25-1A1)

5.68% (1 mo. USD LIBOR + 0.660%) ⁽²⁾

02/25/35

83,007

77,548

Citigroup Mortgage Loan Trust (04-OPT1-M3)

5.97% (1 mo. USD LIBOR + 0.945%) ⁽²⁾

10/25/34

70,008

66,183

Citigroup Mortgage Loan Trust, Inc. (06-WFH3-M2)

5.47% (1 mo. USD LIBOR + 0.450%) ⁽²⁾

10/25/36

19,721

19,600

COLT Mortgage Loan Trust (21-2-A1)

0.92% ^{(1), (3)}

08/25/66

534,438

432,599

CWABS Asset-Backed Certificates Trust (04-7-MV4)

4.23% (1 mo. USD LIBOR + 1.650%) ⁽²⁾

12/25/34

67,303

66,067

DSLA Mortgage Loan Trust (05-AR1-2A1A)

5.45% (1 mo. USD LIBOR + 0.500%) ⁽²⁾

02/19/45

70,376

67,937

Encore Credit Receivables Trust (05-3-M4)

5.92% (1 mo. USD LIBOR + 0.900%) ⁽²⁾

10/25/35

17,142

16,564

First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C)

6.02% (1 mo. USD LIBOR + 1.000%) ⁽²⁾

08/25/34

4,256

3,964

Impac CMB Trust (04-6-1A1)

5.82% (1 mo. USD LIBOR + 0.800%) ⁽²⁾

10/25/34

52,760

50,860

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

Impac CMB Trust (05-5-A1)

5.66% (1 mo. USD LIBOR + 0.320%) ⁽²⁾

08/25/35

125,069

111,593

JP Morgan Alternative Loan Trust (07-S1-A1)

5.58% (1 mo. USD LIBOR + 0.560%) ⁽²⁾

04/25/47

64,896

60,847

JPMorgan Mortgage Trust (05-A5-TA1)

4.16% ⁽³⁾

08/25/35

488

451

JPMorgan Mortgage Trust (05-A6-7A1)

4.01% ⁽³⁾

08/25/35

5,956

4,976

MASTR Adjustable Rate Mortgages Trust (04-13-3A1)

3.87% ⁽³⁾

11/21/34

11,092

10,429

MASTR Adjustable Rate Mortgages Trust (07-1-I2A1)

5.34% (1mo. USD LIBOR + 0.320%) ⁽²⁾

01/25/47

86,874

84,921

MASTR Seasoned Securitization Trust (05-1-4A1)

4.32% ⁽³⁾

10/25/32

9,084

8,502

Morgan Stanley ABS Capital I, Inc. (05-HE1-M1)

5.70% (1 mo. USD LIBOR + 0.675%) ⁽²⁾

12/25/34

31,020

29,155

MortgageIT Trust (05-3-A1)

5.62% (1 mo. USD LIBOR + 0.600%) ⁽²⁾

08/25/35

2,657

2,485

MortgageIT Trust (05-3-A2)

5.72% (1 mo. USD LIBOR + 0.700%) ⁽²⁾

08/25/35

13,286

12,423

MortgageIT Trust (05-5-A1)

5.54% (1 mo. USD LIBOR + 0.520%) ⁽²⁾

12/25/35

12,671

11,993

Nationstar Home Equity Loan Trust (07-A-M1)

5.29% (1 mo. USD LIBOR + 0.270%) ⁽²⁾

03/25/37

415,000

395,912

Nationstar Home Equity Loan Trust (07-C-1AV1)

5.20% (1 mo. USD LIBOR + 0.175%) ⁽²⁾

06/25/37

40,112

39,013

Nomura Home Equity Loan, Inc. Home Equity Loan Trust (06-HE1-M1)

5.64% (1 mo. USD LIBOR + 0.615%) ⁽²⁾

02/25/36

17,034

16,955

Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D)

5.56% (1 mo. USD LIBOR + 0.540%)

03/25/37

130,677

124,096

Park Place Securities, Inc. (05-WHQ2-M3)

5.74% (1 mo. USD LIBOR + 0.720%) ⁽²⁾

05/25/35

44,458

43,161

Park Place Securities, Inc. (05-WHQ3-M4)

5.97% (1 mo. USD LIBOR + 0.945%) ⁽²⁾

06/25/35

38,705

38,344


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

RASC Trust (05-AHL2-M1)

5.65% (1 mo. USD LIBOR + 0.630%) ⁽²⁾		10/25/35	$	11,415	$	11,360

Securitized Asset Backed Receivables LLC Trust (06-CB5-A3)

5.30% (1 mo. USD LIBOR + 0.280%) ⁽²⁾		06/25/36		68,578		43,344

Structured Adjustable Rate Mortgage Loan Trust (05-17-3A1)

4.14% ⁽³⁾		08/25/35		10,674		9,196

Structured Asset Investment Loan Trust (05-HE2-M2)

5.77% (1 mo. USD LIBOR + 0.750%) ⁽²⁾		07/25/35		116,331		109,369

Structured Asset Securities Corp. (07-BC1-A4)

5.15% (1 mo. USD LIBOR + 0.130%) ⁽²⁾		02/25/37		25,332		25,221

WaMu Mortgage Pass-Through Certificates (05-AR13-A1A1)

5.60% (1 mo. USD LIBOR + 0.580%) ⁽²⁾		10/25/45		43,996		41,069

WaMu Mortgage Pass-Through Certificates (05-AR2-2A1B)

5.76% (1 mo. USD LIBOR + 0.740%) ⁽²⁾		01/25/45		88,842		85,483

WaMu Mortgage Pass-Through Certificates (06-AR1-2A1A)

4.53% (12 mo. Monthly Treasury Average Index + 1.070%) ⁽²⁾		01/25/46		49,394		45,386

Wells Fargo Home Equity Asset-Backed Securities Trust (07-2-A3)

5.48% (1 mo. USD LIBOR + 0.460%) ⁽²⁾		04/25/37		39,562		38,312


Total Residential Mortgage-Backed Securities — Non-Agency

(Cost: $3,069,785)						2,991,633


CORPORATE BONDS — 32.1%

Aerospace & Defense — 0.4%

BAE Systems Holdings, Inc.

3.85% ⁽¹⁾		12/15/25		85,000		82,794

Boeing Co. (The) 1.43%		02/04/24		45,000		43,643


						126,437


Agriculture — 1.1%

BAT Capital Corp.

3.56%		08/15/27		220,000		206,001

Imperial Brands Finance PLC (United Kingdom)

3.13% ⁽¹⁾		07/26/24		120,000		116,134


						322,135

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

Airlines — 0.0%

US Airways Group, Inc. Pass-Through Certificates (12-1-A) (EETC)

5.90%		04/01/26	$	4,409	$	4,404

Banks — 13.3%

ABN AMRO Bank NV (Netherlands)

2.47% (U.S. 1-year Treasury Constant Maturity Rate + 1.100%) ^{(1), (2)}		12/13/29		75,000		64,274

Bank of America Corp.

1.73% (SOFR + 0.960%) ⁽²⁾		07/22/27		290,000		260,116

2.55% (SOFRRATE + 1.050%) ⁽²⁾		02/04/28		135,000		123,239

3.82% (3mo. USD LIBOR + 1.575%) ⁽²⁾		01/20/28		10,000		9,553

4.38% (U.S. 5 year Treasury Constant Maturity Rate + 2.760%) ^{(2), (5)}		01/27/27		10,000		8,541

Citigroup, Inc.

3.07% (SOFR + 1.280%) ⁽²⁾		02/24/28		370,000		345,983

Credit Suisse Group AG (Switzerland)

1.31% (SOFR + 0.980%) ^{(1), (2)}		02/02/27		215,000		183,422

2.59% (SOFR + 1.560%) ⁽¹⁾		09/11/25		10,000		9,324

3.09% (SOFR + 1.730%) ⁽¹⁾		05/14/32		260,000		209,929

Discover Bank

4.20%		08/08/23		10,000		9,963

DNB Bank ASA (Norway)

1.13% (U.S. 1-year Treasury Constant Maturity Rate + 0.850%) ^{(1), (2)}		09/16/26		150,000		135,549

Goldman Sachs Group, Inc. (The)

2.38% (SOFR + 1.248%)		07/21/32		5,000		4,089

3.81% (3.814% to 04/23/28 then 3 mo. USD LIBOR + 1.158%) ⁽²⁾		04/23/29		370,000		347,434

HSBC Holdings PLC (United Kingdom)

2.21% (SOFR + 1.285%) ⁽²⁾		08/17/29		75,000		63,906

2.80% (SOFR + 1.187%)		05/24/32		110,000		90,103

ING Groep NV (Netherlands)

3.87% (SOFR + 1.640%) ⁽²⁾		03/28/26		100,000		97,015

JPMorgan Chase & Co.

1.95% (SOFR + 1.065%) ⁽²⁾		02/04/32		35,000		28,229

2.55% (SOFR + 1.180%)		11/08/32		20,000		16,667

2.95% (SOFR + 1.170%) ⁽²⁾		02/24/28		405,000		377,051

Macquarie Group, Ltd. (Australia)

1.34% (SOFR + 1.069%) ^{(1), (2)}		01/12/27		100,000		89,696

2.87% (SOFR + 1.532%) ⁽¹⁾		01/14/33		5,000		4,069

Morgan Stanley

0.99% (SOFR + 0.720%) ⁽²⁾		12/10/26		225,000		201,555

1.51% (SOFR + 0.858%) ⁽²⁾		07/20/27		175,000		155,734


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

NatWest Group PLC (United Kingdom)

4.27% (3 mo. USD LIBOR + 1.762%) ⁽²⁾		03/22/25	$	135,000	$	133,121

4.52% (3 mo. USD LIBOR + 1.550%) ⁽²⁾		06/25/24		75,000		74,785

Santander UK Group Holdings PLC (United Kingdom)

1.09% (SOFR + 0.787%) ⁽²⁾		03/15/25		130,000		123,800

4.80% (3 mo. USD LIBOR +1.570%)		11/15/24		45,000		44,566

UBS Group AG (Switzerland)

1.36% (U.S. 1 year Treasury Constant Maturity Rate + 1.080%) ^{(1), (2)}		01/30/27		150,000		132,731

Wells Fargo & Co.

2.39% (SOFR + 2.100%) ⁽²⁾		06/02/28		100,000		90,212

3.53% (SOFR + 1.510%) ⁽²⁾		03/24/28		365,000		345,483

5.39% (SOFR + 2.0200%)		04/24/34		5,000		5,085


						3,785,224


Beverages — 0.1%

Bacardi, Ltd.

4.45% ⁽¹⁾		05/15/25		40,000		39,372


Biotechnology — 0.6%

Amgen, Inc.

5.15%		03/02/28		155,000		158,732


Chemicals — 0.4%

International Flavors & Fragrances, Inc.

1.23% ⁽¹⁾		10/01/25		125,000		112,378


Commercial Services — 0.2%

Global Payments, Inc.

4.45%		06/01/28		55,000		52,866


Diversified Financial Services — 1.3%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)

2.45%		10/29/26		155,000		139,123

Air Lease Corp.

2.88%		01/15/26		30,000		28,045

3.25%		03/01/25		95,000		91,239

Avolon Holdings Funding, Ltd.

2.53% ⁽¹⁾		11/18/27		25,000		21,031

Capital One Financial Corp.

3.27% (SOFR + 1.790%) ⁽²⁾		03/01/30		40,000		34,869

Cboe Global Markets, Inc.

3.00%		03/16/32		65,000		57,420

Intercontinental Exchange, Inc.

1.85%		09/15/32		15,000		11,954


						383,681

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Electric — 2.5%

Alliant Energy Finance LLC

1.40% ⁽¹⁾		03/15/26	$	225,000	$	201,372

American Electric Power

2.03%		03/15/24		130,000		126,212

Eversource Energy

2.90%		03/01/27		50,000		47,170

ITC Holdings Corp.

4.95% ⁽¹⁾		09/22/27		100,000		101,571

Jersey Central Power & Light Co.

4.30% ⁽¹⁾		01/15/26		125,000		123,283

4.70% ⁽¹⁾		04/01/24		100,000		99,240


						698,848


Entertainment — 0.5%

WarnerMedia Holdings, Inc.

3.76% ⁽¹⁾		03/15/27		100,000		94,392

4.28% ⁽¹⁾		03/15/32		10,000		8,900

5.05% ⁽¹⁾		03/15/42		45,000		37,245


						140,537


Food — 0.8%

JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.

3.00% ⁽¹⁾		05/15/32		95,000		75,257

5.13% ⁽¹⁾		02/01/28		75,000		73,492

Smithfield Foods, Inc.

4.25% ⁽¹⁾		02/01/27		95,000		90,203


						238,952


Health Care-Services — 1.9%

Centene Corp.

3.00%		10/15/30		28,000		23,891

Fresenius Medical Care US Finance III, Inc.

1.88% ⁽¹⁾		12/01/26		135,000		118,909

HCA, Inc.

3.13% ⁽¹⁾		03/15/27		135,000		126,882

5.00%		03/15/24		10,000		9,953

5.25%		06/15/26		65,000		65,229

Premier Health Partners

2.91%		11/15/26		125,000		116,196

Universal Health Services, Inc.

1.65%		09/01/26		85,000		75,203


						536,263


Insurance — 2.5%

Athene Global Funding

2.51% ⁽¹⁾		03/08/24		20,000		19,422

3.21% ⁽¹⁾		03/08/27		70,000		63,980

5.45% (SOFR + 0.700%) ^(1), (2)		05/24/24		95,000		94,038


Issues	Maturity Date		Principal Amount		Value

Insurance (Continued)

Metropolitan Life Global Funding I

3.45% ⁽¹⁾		12/18/26	$	331,000	$	315,593

Nationwide Mutual Insurance Co.

7.16% (3 mo. USD LIBOR + 2.290%)^{(1), (2)}		12/15/24		70,000		69,813

Willis North America, Inc.

2.95%		09/15/29		20,000		17,726

3.60%		05/15/24		40,000		39,298

4.65%		06/15/27		95,000		93,657


						713,527


Media — 0.5%

Charter Communications Operating LLC / Charter Communications Operating Capital

4.91%		07/23/25		50,000		49,520

6.95% (3 mo. USD LIBOR + 1.650%)⁽²⁾		02/01/24		94,000		94,395


						143,915


Miscellaneous Manufacturers — 0.0%

General Electric Co.

5.34% (3 mo. USD LIBOR + 0.480%)		08/15/36		10,000		8,749


Packaging & Containers — 1.2%

Amcor Flexibles North America, Inc.

4.00%		05/17/25		210,000		205,271

Berry Global, Inc.

4.88% ⁽¹⁾		07/15/26		130,000		127,316


						332,587


Pharmaceuticals — 0.7%

Bayer US Finance II LLC

2.85% ⁽¹⁾		04/15/25		50,000		47,479

4.25% ⁽¹⁾		12/15/25		25,000		24,520

4.38% ⁽¹⁾		12/15/28		145,000		140,743


						212,742


Pipelines — 1.0%

Energy Transfer LP

4.95%		06/15/28		135,000		134,470

Plains All American Pipeline LP / PAA Finance Corp.

4.50%		12/15/26		102,000		100,198

4.65%		10/15/25		50,000		49,527


						284,195


REIT — 1.3%

American Assets Trust LP

3.38%		02/01/31		10,000		7,966

CubeSmart LP

2.25%		12/15/28		10,000		8,682

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

REIT (Continued)

GLP Capital LP / GLP Financing II, Inc.

3.25%		01/15/32	$	26,000	$	21,331

5.25%		06/01/25		60,000		59,154

Hudson Pacific Properties LP

3.95%		11/01/27		30,000		21,798

5.95%		02/15/28		25,000		19,653

Life Storage LP

2.40%		10/15/31		5,000		4,068

Ventas Realty LP

2.65%		01/15/25		5,000		4,747

VICI Properties LP / VICI Note Co., Inc.

5.75% ⁽¹⁾		02/01/27		150,000		149,140

Weyerhaeuser Co.

3.38%		03/09/33		90,000		79,880


						376,419


Retail — 0.2%

Alimentation Couche-Tard, Inc.

3.55% ⁽¹⁾		07/26/27		55,000		52,103


Savings & Loans — 0.1%

Nationwide Building Society (United Kingdom)

4.36% (3 mo. USD LIBOR + 1.392%)^{(1), (2)}		08/01/24		5,000		4,978

TIAA FSB Holdings, Inc.

5.75%		07/02/25		10,000		9,469


						14,447


Software — 0.6%

Oracle Corp.

2.80%		04/01/27		170,000		158,433

Telecommunications — 0.9%

Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC

5.15% ⁽¹⁾		09/20/29		65,000		64,663

T-Mobile USA, Inc.

3.75%		04/15/27		195,000		187,966


						252,629


Total Corporate Bonds

(Cost: $9,437,515)						9,149,575


Issues	Maturity Date		Principal Amount		Value

MUNICIPAL BONDS — 0.1%

City of Baltimore MD, General Obligation Unlimited

5.00%		10/15/25	$	5,000	$	5,028

Massachusetts School Building Authority

2.50%		02/15/37		20,000		15,222

New York State Urban Development Corp., Revenue Bond

2.54%		03/15/34		15,000		12,388


Total Municipal Bonds

(Cost: $39,085)						32,638


Total Fixed Income Securities

(Cost: $22,381,895)						21,850,118



			Shares

MONEY MARKET INVESTMENTS — 3.1%

State Street Institutional U.S. Government Money Market Fund — Premier Class,

4.76%⁽⁶⁾				890,779		890,779

Total Money Market Investments

(Cost: $890,779)						890,779



			Principal Amount

SHORT TERM INVESTMENTS — 4.8%

U.S. Treasury Securities — 4.8%

U.S. Treasury Bill

4.94% ⁽⁷⁾		10/19/23	$	1,400,000		1,367,998


Total U.S. Treasury Securities

(Cost: $1,368,147)						1,367,998

Total Investments (84.6%)

(Cost: $24,640,821)						24,108,895


Excess Of Other Assets Over Liabilities (15.4%)						4,382,428


Net Assets (100.0%)					$	28,491,323

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional		Market Value		Net Unrealized Appreciation (Depreciation)
Long Futures
37	Bloomberg Commodity Index Future⁽⁸⁾		06/21/23	$	390,350	$	385,947	$	(4,403	)


*Total Return Swaps⁽⁸⁾***

Notional Amount		Expiration Date	Counterparty	Payment Made by Fund	Payment Received by Fund	Payment Frequency		Unrealized Appreciation (Depreciation)			Premium Paid		Value
	OTC Swaps
$	16,500,000	5/23/23	Citigroup	3-Month U.S. Treasury Bills	Citigroup Commodity Total Return Index⁽⁹⁾		Monthly	$	(189,194	)	$	—	$	(189,194	)
	7,000,000	5/23/23	Credit Suisse International	3-Month U.S. Treasury Bills	Credit Suisse Custom 66 Total Return Index⁽⁹⁾		Monthly		(72,284	)		—		(72,284	)
	4,900,000	5/25/23	Credit Suisse International	3-Month U.S. Treasury Bills	Credit Suisse Custom 24 Total Return Index⁽⁹⁾		Monthly		(55,607	)		—		(55,607	)

								$	(317,085	)	$	—	$	(317,085	)

Notes to the Schedule of Investments:

ABS

Asset-Backed Securities.

CLO

Collateralized Loan Obligation.

EETC

Enhanced Equipment Trust Certificate.

I/O

Interest Only Security.

PAC

Planned Amortization Class.

REIT

Real Estate Investment Trust.

SOFR

Secured Overnight Financing Rate.

(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, 2023, the value of these securities amounted to $8,030,424 or 28.2% 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, 2023.

(3)

(4)

Restricted security (Note 11).

(5)

Perpetual maturity.

(6)

Rate disclosed is the 7-day net yield as of April 30, 2023.

(7)

Rate shown represents yield-to-maturity.

(8)

All or a portion of this security is owned by TCW Cayman Enhanced Commodity Fund, Ltd.

(9)

Custom Index has exposure to the following commodities as shown on the three pages.

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited)

April 30, 2023

Components of Total Return Swap


Description⁽¹⁾	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	2,701,050		16.37	%	$	12,031
WTI Crude Oil		1,300,200		7.88	%		(18,413	)
Brent Crude Oil		1,192,950		7.23	%		(18,382	)
Soybeans		948,750		5.75	%		(19,643	)
Copper High Grade		899,250		5.45	%		(21,923	)
Natural Gas		884,400		5.36	%		(6,470	)
Corn		876,150		5.31	%		(44,755	)
Silver		825,000		5.00	%		(1,733	)
Aluminium Primary		716,100		4.34	%		(12,884	)
Sugar #11		615,450		3.73	%		46,439
Live Cattle		600,600		3.64	%		817
Coffee ‘C’ Arabica		559,350		3.39	%		(16,347	)
Soybean Meal		554,400		3.36	%		(14,182	)
Soybean Oil		447,150		2.71	%		(16,245	)
Zinc High Grade		438,900		2.66	%		(12,065	)
RBOB Gasoline		419,100		2.54	%		(13,750	)
Nickel Primary		417,450		2.53	%		(4,170	)
SRW Wheat		399,300		2.42	%		(24,444	)
Gasoil		379,500		2.30	%		(8,175	)
Lean Hogs		338,250		2.05	%		17,384
Heating Oil		293,700		1.78	%		(11,624	)
HRW Wheat		285,450		1.73	%		(17,913	)
Cotton		252,450		1.53	%		2,012
Lead Standard		155,100		0.94	%		(1,016	)
United States Treasury Bill		—		—			16,257

	$	16,500,000		100.00	%	$	(189,194	)

(1)

Commodity Exposures of the Citigroup Commodity Total Return Index.

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited)

Components of Total Return Swap


Description⁽¹⁾	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	1,144,500		16.35	%	$	4,660
WTI Crude Oil		574,000		8.20	%		(7,959	)
Brent Crude Oil		521,500		7.45	%		(7,995	)
Natural Gas		430,500		6.15	%		1,776
Soybeans		392,700		5.61	%		(8,095	)
Copper High Grade		371,000		5.30	%		(8,677	)
Corn		352,100		5.03	%		(16,840	)
Silver		344,400		4.92	%		(779	)
Aluminium Primary		300,300		4.29	%		(5,336	)
Sugar #11		253,400		3.62	%		18,167
Live Cattle		247,100		3.53	%		214
Coffee ‘C’ Arabica		239,400		3.42	%		(6,709	)
Soybean Meal		228,200		3.26	%		(5,565	)
Soybean Oil		190,400		2.72	%		(6,804	)
Zinc High Grade		181,300		2.59	%		(4,930	)
RBOB Gasoline		172,900		2.47	%		(3,862	)
Nickel Primary		171,500		2.45	%		(1,887	)
SRW Wheat		170,100		2.43	%		(9,980	)
Gasoil		161,000		2.30	%		(4,827	)
Lean Hogs		144,900		2.07	%		6,515
Heating Oil		121,800		1.74	%		(3,735	)
HRW Wheat		116,900		1.67	%		(6,956	)
Cotton		105,000		1.50	%		909
Lead Standard		65,100		0.93	%		(465	)
United States Treasury Bill		—		—			6,876

	$	7,000,000		100.00	%	$	(72,284	)

(1)

Commodity Exposures of the Credit Suisse Custom 66 Total Return Index.

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited)

April 30, 2023

Components of Total Return Swap


Description⁽¹⁾	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	801,150		16.35	%	$	3,530
WTI Crude Oil		401,800		8.20	%		(5,696	)
Brent Crude Oil		365,050		7.45	%		(5,571	)
Natural Gas		301,350		6.15	%		(2,191	)
Soybeans		274,890		5.61	%		(5,691	)
Copper High Grade		259,700		5.30	%		(6,335	)
Corn		246,470		5.03	%		(12,583	)
Silver		241,080		4.92	%		(510	)
Aluminium Primary		210,210		4.29	%		(3,778	)
Sugar #11		177,380		3.62	%		13,373
Live Cattle		172,970		3.53	%		294
Coffee ‘C’ Arabica		167,580		3.42	%		(4,899	)
Soybean Meal		159,740		3.26	%		(4,084	)
Soybean Oil		133,280		2.72	%		(4,846	)
Zinc High Grade		126,910		2.59	%		(3,481	)
RBOB Gasoline		121,030		2.47	%		(2,363	)
Nickel Primary		120,050		2.45	%		(1,204	)
SRW Wheat		119,070		2.43	%		(7,279	)
Gasoil		112,700		2.30	%		(4,082	)
Lean Hogs		101,430		2.07	%		5,197
Heating Oil		85,260		1.74	%		(3,377	)
HRW Wheat		81,830		1.67	%		(5,124	)
Cotton		73,500		1.50	%		583
Lead Standard		45,570		0.93	%		(299	)
United States Treasury Bill		—		—			4,809

	$	4,900,000		100.00	%	$	(55,607	)

(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)


Sector	Percentage of Net Assets
Corporate Bonds		32.1	%
Asset-Backed Securities		19.9
Residential Mortgage-Backed Securities — Non-Agency		10.5
Commercial Mortgage-Backed Securities — Non-Agency		6.3
Residential Mortgage-Backed Securities — Agency		5.2
U.S. Treasury Securities		4.8
Money Market Investments		3.1
Commercial Mortgage-Backed Securities — Agency		2.6
Municipal Bonds		0.1
Other*		15.4

Total		100.0	%

*	Includes futures, swaps, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

TCW Enhanced Commodity Strategy Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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	$	—		$	5,654,453		$	—	$	5,654,453
Commercial Mortgage-Backed Securities — Agency		—			739,923			—		739,923
Commercial Mortgage-Backed Securities — Non-Agency		—			1,793,092			—		1,793,092
Residential Mortgage-Backed Securities — Agency		—			1,488,804			—		1,488,804
Residential Mortgage-Backed Securities — Non-Agency		—			2,991,633			—		2,991,633
Corporate Bonds*		—			9,149,575			—		9,149,575
Municipal Bonds		—			32,638			—		32,638

Total Fixed Income Securities		—			21,850,118			—		21,850,118

Money Market Investments	$	890,779		$	—		$	—	$	890,779
Short Term Investments		1,367,998			—			—		1,367,998

Total Investments	$	2,258,777		$	21,850,118		$	—	$	24,108,895

Liability Derivatives
Futures Contracts
Commodity Risk	$	(4,403	)	$	—		$	—	$	(4,403	)
Swap Agreements
Commodity Risk		—			(317,085	)		—		(317,085	)

Total	$	(4,403	)	$	(317,085	)	$	—	$	(321,488	)

*	See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited)


Issues	Maturity Date			Principal Amount		Value

FIXED INCOME SECURITIES —106.8% of Net Assets

CORPORATE BONDS—29.8%
Aerospace/Defense — 0.1%

TransDigm, Inc.

6.75% ⁽¹⁾		08/15/28		$	18,000	$	18,290


Agriculture — 1.0%

BAT Capital Corp.

4.54%		08/15/47			25,000		18,693

BAT International Finance PLC (United Kingdom)

2.25% ⁽²⁾		01/16/30			100,000		92,068

Imperial Brands Finance PLC (United Kingdom)

3.88% ⁽¹⁾		07/26/29		$	13,000		11,742

8.13% ⁽²⁾		03/15/24	GBP		50,000		64,032


							186,535


Airlines — 0.5%

Delta Air Lines, Inc. Pass-Through Certificates (20-1-AA)

2.00%		12/10/29			76,546		67,774

US Airways Group, Inc. Pass-Through Certificates (12-1-A) (EETC)

5.90%		04/01/26			22,047		22,020

							89,794

Banks — 8.7%

Bank of America Corp.

2.30% (SOFR + 1.220%)⁽³⁾		07/21/32			155,000		125,200

China Development Bank

3.09%		06/18/30	CNY		1,290,000		188,077

3.48%		01/08/29	CNY		200,000		29,774

Citigroup, Inc.

2.98% (SOFR + 1.422%)⁽³⁾		11/05/30		$	25,000		21,952

3.06% (SOFR + 1.350%)⁽³⁾		01/25/33			80,000		68,306

Credit Suisse Group AG (Switzerland)

2.59% (SOFR + 1.560%)^(1),(2)		09/11/25			25,000		23,311

2.88% (1 year EUR Swap + 1.950%)^(2),(3)		04/02/32	EUR		100,000		93,769

3.09% (SOFR + 1.730%)^(1),(3)		05/14/32		$	20,000		16,148

6.54% (SOFR + 3.920%)^(1),(3)		08/12/33			95,000		96,841

9.02% (SOFR + 5.020%)^(1),(3)		11/15/33			35,000		41,534

Goldman Sachs Group, Inc. (The)

2.38% (SOFR + 1.248%)⁽³⁾		07/21/32			110,000		89,951

HSBC Holdings PLC (United Kingdom)

1.75% (SONIO/N + 1.307%)⁽³⁾		07/24/27	GBP		100,000		110,642

2.80% (SOFR + 1.187%)⁽³⁾		05/24/32		$	15,000		12,287


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

JPMorgan Chase & Co.

2.55% (SOFR + 1.180%)⁽³⁾		11/08/32	$	150,000	$	125,006

Kreditanstalt fuer Wiederaufbau (Germany)

0.63%		01/07/28		181,000		180,608

Lloyds Banking Group PLC (United Kingdom)

4.98% (1-year Treasury Constant Maturity Rate + 2.300%)⁽³⁾		08/11/33		10,000		9,697

Macquarie Group, Ltd. (Australia)

2.87% (SOFR + 1.532%)^(1),(3)		01/14/33		50,000		40,686

Morgan Stanley

2.24% (SOFR + 1.178%)⁽³⁾		07/21/32		115,000		92,973

Santander UK Group Holdings PLC (United Kingdom)

4.80% (3 mo. USD LIBOR + 1.570%)⁽³⁾		11/15/24		90,000		89,132

Santander UK PLC (United Kingdom)

5.00% ⁽¹⁾		11/07/23		20,000		19,853

U.S. Bancorp

4.84% (SOFR + 1.600%)⁽³⁾		02/01/34		35,000		33,550

Wells Fargo & Co.

3.35% (SOFR + 1.500%)⁽³⁾		03/02/33		110,000		96,135

5.39% (SOFR + 2.0200%)⁽³⁾		04/24/34		5,000		5,085

						1,610,517


Beverages — 0.1%

Bacardi, Ltd.

4.45% ⁽¹⁾		05/15/25		25,000		24,607


Biotechnology — 0.2%

Amgen, Inc.

4.88%		03/01/53		10,000		9,410

5.65%		03/02/53		20,000		20,717


						30,127


Building Materials — 1.1%

Cemex SAB de CV

9.13% (U.S. 5-year Treasury Constant Maturity Rate + 4.907%)^(1),(3),(4)		03/14/28		200,000		199,520

Chemicals — 1.7%

International Flavors & Fragrances, Inc.

1.75%		03/14/24		100,000		108,585

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

Chemicals (Continued)

Sasol Financing USA LLC

8.75% ⁽¹⁾		05/03/29	$	200,000	$	201,000

Valvoline, Inc.

3.63% ⁽¹⁾		06/15/31		10,000		8,324


						317,909


Computers — 0.1%

NCR Corp.

5.13% ⁽¹⁾		04/15/29		18,000		15,591


Diversified Financial Services — 0.9%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)

2.45%		10/29/26		20,000		17,951

3.30%		01/30/32		35,000		28,657

3.88%		01/23/28		10,000		9,279

Air Lease Corp.

3.25%		03/01/25		20,000		19,208

5.85%		12/15/27		20,000		20,251

Avolon Holdings Funding, Ltd.

2.53% ⁽¹⁾		11/18/27		24,000		20,189

2.88% ⁽¹⁾		02/15/25		30,000		28,162
ORIX Corp.

4.00%		04/13/32		25,000		23,361


						167,058


Engineering & Construction — 0.1%

Artera Services LLC

9.03% ⁽¹⁾		12/04/25		16,000		13,810


Entertainment — 0.4%

WarnerMedia Holdings, Inc.

5.05% ⁽¹⁾		03/15/42		10,000		8,277

5.14% ⁽¹⁾		03/15/52		85,000		68,041


						76,318


Environmental Control — 0.0%

GFL Environmental, Inc. (Canada)

3.75% ⁽¹⁾		08/01/25		7,000		6,776


Food — 0.4%

JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.

4.38% ⁽¹⁾		02/02/52		20,000		14,179

Pilgrim’s Pride Corp.

4.25%		04/15/31		37,000		32,317

5.88% ⁽¹⁾		09/30/27		16,000		15,954

Post Holdings, Inc.

4.63% ⁽¹⁾		04/15/30		12,000		10,849


						73,299


Health Care-Products — 0.1%

DENTSPLY SIRONA, Inc.

3.25%		06/01/30		20,000		17,765


Issues	Maturity Date		Principal Amount		Value

Health Care-Services — 1.2%

Catalent Pharma Solutions, Inc.

3.50% ⁽¹⁾		04/01/30	$	10,000	$	8,488

Centene Corp.

4.25%		12/15/27		65,000		62,174

CommonSpirit Health

2.78%		10/01/30		25,000		21,497

HCA, Inc.

3.50%		09/01/30		21,000		18,913

3.63% ⁽¹⁾		03/15/32		9,000		7,975

4.13%		06/15/29		24,000		22,770

5.25%		06/15/49		34,000		30,829

Molina Healthcare, Inc.

3.88% ⁽¹⁾		11/15/30		63,000		55,125


						227,771


Household Products/Wares — 0.1%

Central Garden & Pet Co.

4.13%		10/15/30		6,000		5,150

Spectrum Brands, Inc.

5.50% ⁽¹⁾		07/15/30		10,000		9,244


						14,394


Insurance — 0.6%

Acrisure LLC / Acrisure Finance, Inc.

4.25% ⁽¹⁾		02/15/29		9,000		7,568

Athene Global Funding

1.99% ⁽¹⁾		08/19/28		70,000		57,073

Farmers Exchange Capital II

6.15% (3 mo. USD LIBOR + 3.744%)^(1),(3)		11/01/53		55,000		54,904


						119,545


Internet — 0.4%

Alibaba Group Holding, Ltd. (China)

2.13%		02/09/31		50,000		41,405

Tencent Holdings, Ltd. (China)

3.60% ⁽¹⁾		01/19/28		40,000		37,981


						79,386


Media — 0.7%

CCO Holdings LLC / CCO Holdings Capital Corp.

4.50% ⁽¹⁾		06/01/33		22,000		17,623

Charter Communications Operating LLC / Charter Communications Operating Capital

5.38%		05/01/47		81,000		66,380

CSC Holdings LLC

6.50% ⁽¹⁾		02/01/29		30,000		25,082

Sirius XM Radio, Inc.

3.88% ⁽¹⁾		09/01/31		7,000		5,298

VZ Secured Financing BV

5.00% ⁽¹⁾		01/15/32		10,000		8,364


						122,747

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Miscellaneous Manufacturers — 0.7%

General Electric Co.

5.34% (3 mo. USD LIBOR + 0.480%)⁽³⁾		08/15/36	$	150,000	$	131,238


Oil & Gas — 2.3%

Empresa Nacional del Petroleo

6.15% ⁽¹⁾		05/10/33		200,000		201,000

KazMunayGas National Co. JSC

4.75% ⁽²⁾		04/19/27		200,000		191,070

Petroleos Mexicanos

5.95%		01/28/31		30,000		22,251

Transocean Poseidon, Ltd.

6.88% ⁽¹⁾		02/01/27		5,688		5,554


						419,875


Packaging & Containers — 0.8%

Ball Corp.

6.88%		03/15/28		8,000		8,315

Berry Global, Inc.

1.00% ⁽²⁾		01/15/25		100,000		104,584

Graphic Packaging International LLC

4.13%		08/15/24		27,000		26,629

Trivium Packaging Finance BV

8.50% ⁽¹⁾		08/15/27		2,000		1,938


						141,466


Pharmaceuticals — 0.6%

Bayer US Finance II LLC

4.63% ⁽¹⁾		06/25/38		51,000		46,775

4.88% ⁽¹⁾		06/25/48		20,000		18,054

CVS Health Corp.

5.05%		03/25/48		10,000		9,339

Kevlar SpA

6.50% ⁽¹⁾		09/01/29		26,000		21,654

Prestige Brands, Inc.

3.75% ⁽¹⁾		04/01/31		22,000		18,666


						114,488


Pipelines — 1.6%

Energy Transfer LP

5.15%		03/15/45		100,000		87,359

Greensaif Pipelines Bidco Sarl

6.13% ⁽¹⁾		02/23/38		200,000		210,475


						297,834


Real Estate — 0.4%

Blackstone Property Partners Europe Holdings Sarl

1.75% ⁽²⁾		03/12/29		100,000		82,218


REIT — 1.6%

American Assets Trust LP

3.38%		02/01/31		40,000		31,865


Issues	Maturity Date		Principal Amount		Value

REIT (Continued)

American Homes 4 Rent LP

3.38%		07/15/51	$	35,000	$	23,215

4.30%		04/15/52		10,000		7,794

American Tower Corp.

2.70%		04/15/31		20,000		16,912

5.65%		03/15/33		15,000		15,584

GLP Capital LP / GLP Financing II, Inc.

3.35%		09/01/24		15,000		14,580

5.38%		04/15/26		20,000		19,824

5.75%		06/01/28		5,000		4,927

Healthcare Realty Holdings LP

3.10%		02/15/30		75,000		65,425

Hudson Pacific Properties LP

3.25%		01/15/30		30,000		18,806

4.65%		04/01/29		5,000		3,472

Kilroy Realty LP

2.65%		11/15/33		15,000		9,952

LXP Industrial Trust

2.70%		09/15/30		20,000		16,235

VICI Properties LP / VICI Note Co., Inc.

5.75% ⁽¹⁾		02/01/27		55,000		54,685


						303,276


Retail — 0.5%

Alimentation Couche-Tard, Inc.

3.06%		07/26/24		95,000		68,575

Michaels Cos, Inc. (The)

5.25% ⁽¹⁾		05/01/28		20,000		16,496


						85,071


Semiconductors — 1.1%

SK Hynix, Inc.

6.38% ⁽²⁾		01/17/28		200,000		201,124

Software — 0.2%

Open Text Corp.

6.90% ⁽¹⁾		12/01/27		5,000		5,163

Oracle Corp.

3.95%		03/25/51		44,000		33,223


						38,386


Telecommunications — 1.6%

Frontier Communications Holdings LLC

5.00% ⁽¹⁾		05/01/28		11,000		9,667

8.63% ⁽¹⁾		03/15/31		10,000		9,767

Intelsat Jackson Holding S. A. (Escrow)

8.50% ^(1),(5)		10/15/24		21,000		—

9.75% ^(1),(5)		07/15/25		15,000		—

Intelsat Jackson Holdings S. A.

6.50% ^(1),(6)		03/15/30		39,000		36,266

Level 3 Financing, Inc.

3.63% ⁽¹⁾		01/15/29		15,000		8,414

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2023


Issues	Maturity Date			Principal Amount		Value

Telecommunications (Continued)

4.63% ⁽¹⁾		09/15/27		$	3,000	$	1,856
Qwest Corp.

7.25%		09/15/25			33,000		29,452

Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC (21-3A-SUB)

4.74% ⁽¹⁾		03/20/25			105,000		104,332

T-Mobile USA, Inc.

2.63%		04/15/26			55,000		51,667

Vodafone Group PLC (United Kingdom)

4.88%		06/19/49			48,000		43,131


							294,552


Total Corporate Bonds

(Cost: $5,821,723)							5,521,287


MUNICIPAL BONDS—0.4%

Alabama Economic Settlement Authority, Revenue Bond

4.26%		09/15/32			40,000		38,534

County of Miami-Dade FL Aviation Revenue, Revenue Bond

2.86%		10/01/35			50,000		40,987


Total Municipal Bonds

(Cost: $90,987)							79,521


FOREIGN GOVERNMENT BONDS—39.7%

Australia Government Bond

1.25%		05/21/32	AUD		184,000		102,021

1.75% ⁽²⁾		06/21/51	AUD		104,000		44,522

2.75% ⁽²⁾		05/21/41	AUD		189,000		108,118

Brazil Notas do Tesouro Nacional Serie F

10.00%		01/01/33	BRL		240,000		43,617

Bundesrepublik Deutschland Bundesanleihe

0.00% ^(2),(7)		08/15/52	EUR		67,000		37,596

Canadian Government Bond

1.25%		03/01/27	CAD		280,000		192,680

2.00%		06/01/32	CAD		149,000		102,591

2.00%		12/01/51	CAD		91,000		54,874

China Government Bond

2.85%		06/04/27	CNY		810,000		118,156

3.13%		11/21/29	CNY		2,530,000		374,951

3.72%		04/12/51	CNY		980,000		156,151

Colombian TES (Treasury) Bond, Series B

7.00%		06/30/32	COP		105,300,000		16,693

Czech Republic Government Bond

2.00%		10/13/33	CZK		500,000		18,589

European Union

0.00% ^(2),(7)		06/02/28	EUR		129,000		123,129

0.00% ^(2),(7)		07/04/29	EUR		150,000		138,685

0.20% ⁽²⁾		06/04/36	EUR		223,000		167,524

2.75% ⁽²⁾		02/04/33	EUR		102,000		110,035

French Republic Government Bond OAT

0.00% ^(2),(7)		02/25/27	EUR		277,000		276,790


Issues	Maturity Date			Principal Amount		Value

FOREIGN GOVERNMENT BONDS (Continued)

0.00% ^(2),(7)		11/25/29	EUR		56,000	$	52,002

0.00% ^(2),(7)		11/25/31	EUR		163,000		142,698

0.50% ⁽²⁾		06/25/44	EUR		55,000		35,880

0.75% ⁽²⁾		05/25/52	EUR		85,000		50,499

0.75% ⁽²⁾		05/25/53	EUR		53,000		30,672

1.00% ⁽²⁾		05/25/27	EUR		373,000		385,948

Hungary Government Bond

3.00%		08/21/30	HUF		2,250,000		4,910

6.75%		10/22/28	HUF		17,740,000		48,225

Indonesia Treasury Bond

6.38%		08/15/28	IDR		680,000,000		46,611

6.63%		05/15/33	IDR		1,520,000,000		104,018

International Bank for Reconstruction & Development

1.75% ⁽²⁾		03/13/25	NOK		650,000		58,690

Ireland Government Bond

0.55% ⁽²⁾		04/22/41	EUR		76,000		54,300

1.30% ⁽²⁾		05/15/33	EUR		65,000		62,714

1.50% ⁽²⁾		05/15/50	EUR		40,000		30,759

2.00% ⁽²⁾		02/18/45	EUR		47,000		42,131

Israel Government Bond

1.30%		04/30/32	ILS		116,000		25,763

Italy Buoni Poliennali Del Tesoro

1.10% ⁽²⁾		04/01/27	EUR		20,000		20,175

4.40% ⁽²⁾		05/01/33	EUR		165,000		186,180

Japan Government Thirty Year Bond

0.40%		03/20/50	JPY		1,100,000		301,053

Korea Treasury Bond

1.88%		03/10/51	KRW		31,160,000		16,830

2.00%		06/10/31	KRW		322,380,000		218,007

2.38%		03/10/27	KRW		63,350,000		45,895

Magyar Export-Import Bank Zrt

6.13% ⁽¹⁾		12/04/27	$		200,000		201,000

Malaysia Government Bond

4.64%		11/07/33	MYR		562,000		135,067

Mexican Bonos

8.00%		07/31/53	MXN		400,000		19,611

Mexico Government Bond (BONOS)

7.50%		05/26/33	MXN		1,400,000		71,013

8.50%		11/18/38	MXN		1,100,000		57,901

Netherlands Government Bond

0.50% ⁽²⁾		07/15/32	EUR		386,000		353,214

0.50% ⁽²⁾		01/15/40	EUR		46,000		35,659

New Zealand Government Bond

1.75%		05/15/41	NZD		180,000		75,640

2.00%		05/15/32	NZD		71,000		37,033

4.50% ⁽²⁾		04/15/27	NZD		580,000		363,424

Norway Government Bond

1.38% ⁽²⁾		08/19/30	NOK		1,490,000		123,676

1.50% ⁽²⁾		02/19/26	NOK		2,265,000		202,135

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)

2.13% ⁽²⁾		05/18/32	NOK		497,000	$	42,822

Portugal Obrigacoes do Tesouro OT

1.65% ⁽²⁾		07/16/32	EUR		95,000		92,546

Province of Ontario Canada

1.85%		02/01/27	CAD		155,000		107,657

2.05%		06/02/30	CAD		70,000		47,131

2.15%		06/02/31	CAD		35,000		23,350

Republic of Poland Government Bond

1.75%		04/25/32	PLN		165,000		28,710

Romania Government Bond

6.70%		02/25/32	RON		300,000		64,531

Singapore Government Bond

1.63%		07/01/31	SGD		75,000		51,432

2.38%		07/01/39	SGD		89,000		64,859

South Africa Government Bond

8.88%		02/28/35	ZAR		570,000		26,179

Spain Government Bond

0.70% ⁽²⁾		04/30/32	EUR		24,000		21,307

0.80% ⁽²⁾		07/30/27	EUR		42,000		42,448

1.00% ⁽²⁾		07/30/42	EUR		32,000		22,054

1.85% ⁽²⁾		07/30/35	EUR		98,000		90,563

1.90% ⁽²⁾		10/31/52	EUR		26,000		18,751

Sweden Government Bond

0.75% ⁽²⁾		05/12/28	SEK		690,000		62,010

Thailand Government Bond

1.59%		12/17/35	THB		1,298,000		33,716

United Kingdom Gilt

0.88% ⁽²⁾		07/31/33	GBP		259,000		246,829

1.25% ⁽²⁾		07/22/27	GBP		97,000		110,572

1.25% ⁽²⁾		10/22/41	GBP		99,000		79,471

1.25% ⁽²⁾		07/31/51	GBP		80,000		53,532

1.75% ⁽²⁾		09/07/37	GBP		95,000		90,718

4.25% ⁽²⁾		06/07/32	GBP		80,000		105,430


Total Foreign Government Bonds

(Cost: $7,860,325)							7,352,673


ASSET-BACKED SECURITIES — 4.2%

Dryden Senior Loan Fund (19-72A-BR)

6.51% (3 mo. USD LIBOR + 1.650%)^(1),(3)		05/15/32			185,000		178,677

OCP CLO 2020-19, Ltd. (20-19A-AR)

6.40% (3 mo. USD LIBOR + 1.150%)^(1),(3)		10/20/34			100,000		97,695

Rockford Tower CLO, Ltd. (21-1A-B)

6.90% (3 mo. USD LIBOR + 1.650%)^(1),(3)		07/20/34			180,000		173,173

Sixth Street CLO XVII, Ltd. (21-17A-A)

6.49% (3 mo. USD LIBOR + 1.240%)^(1),(3)		01/20/34			150,000		147,370

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

SLM Student Loan Trust (08-5-B)

7.11% (3 mo. USD LIBOR + 1.850%)⁽³⁾

07/25/73

50,000

46,824

Student Loan Consolidation Center (02-2-B2)

1.65% (28-Day Auction Rate)^(1),(2)

07/01/42

50,000

46,191

Textainer Marine Containers VII, Ltd. (21-2A-A)

2.23% ⁽¹⁾

04/20/46

96,600

84,701

Total Asset-backed Securities

(Cost: $789,377)

774,631

COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 0.1%

Fannie Mae (16-M2-X3) (I/O)

2.04% ⁽⁸⁾

04/25/36

132,732

1,184

Fannie Mae (16-M4-X2) (I/O)

2.70% ⁽⁸⁾

01/25/39

455,068

6,564

Ginnie Mae (11-147-IO) (I/O)

0.00% ^(8),(7)

10/16/44

119,950

Ginnie Mae (12-144-IO) (I/O)

0.32% ⁽⁸⁾

01/16/53

1,490,042

9,974

Total Commercial Mortgage-Backed Securities — Agency

(Cost: $50,182)

17,723

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 0.8%

COMM Mortgage Trust (12-CR4-XA) (I/O)

1.33% ⁽⁸⁾

10/15/45

192,111

GS Mortgage Securities Trust (10-C1-X) (I/O)

0.57% ^(1),(8)

08/10/43

971,086

495

GS Mortgage Securities Trust (11-GC3-X) (I/O)

0.29% ^(1),(8)

03/10/44

162,414

GS Mortgage Securities Trust (13-GC12-XA) (I/O)

1.19% ⁽⁸⁾

06/10/46

357,538

GS Mortgage Securities Trust (14-GC20-XA) (I/O)

1.17% ⁽⁸⁾

04/10/47

985,694

5,039

JPMorgan Chase Commercial Mortgage Securities Trust (11-C3-XB) (I/O)

0.50% ^(1),(8)

02/15/46

6,137,562

19,654

JPMorgan Chase Commercial Mortgage Securities Trust (14-C19-XA) (I/O)

0.77% ⁽⁸⁾

04/15/47

1,956,731

7,718

Taurus CMBS (21-UK4A-B)

5.58% (SONIO/N + 1.500%)^(1),(3)

08/17/31

94,050

112,918

Total Commercial Mortgage-Backed
Securities — Non-Agency

(Cost: $130,438)

145,858

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 20.8%

Fannie Mae, Pool #MA4152

2.00%		10/01/40	$	69,320	$	59,626

Fannie Mae (07-52-LS) (I/O) (I/F)

1.03% (-1 mo. USD LIBOR + 6.050%)⁽³⁾		06/25/37		38,845		2,110

Fannie Mae (08-18-SM) (I/O) (I/F)

1.98% (-1 mo. USD LIBOR + 7.000%)⁽³⁾		03/25/38		40,204		2,169

Fannie Mae (09-115-SB) (I/O) (I/F)

1.23% (-1 mo. USD LIBOR + 6.250%)⁽³⁾		01/25/40		22,126		1,928

Fannie Mae (10-116-SE) (I/O) (I/F)

1.58% (-1 mo. USD LIBOR + 6.600%)⁽³⁾		10/25/40		42,938		4,381

Fannie Mae, Pool #AB3679

3.50%		10/01/41		44,096		42,099

Fannie Mae, Pool #AB4045

3.50%		12/01/41		64,279		61,833

Fannie Mae, Pool #AT5914

3.50%		06/01/43		20,860		19,803

Fannie Mae, Pool #BD7081

4.00%		03/01/47		15,844		15,410

Fannie Mae, Pool #BV2994

2.50%		04/01/52		94,901		82,215

Fannie Mae, Pool #CA0996

3.50%		01/01/48		49,347		46,712

Fannie Mae, Pool #CA2208

4.50%		08/01/48		1,462		1,452

Fannie Mae, Pool #CB2610

2.00%		01/01/52		69,380		57,862

Fannie Mae, Pool #CB3347

2.00%		01/01/52		186,672		155,388

Fannie Mae, Pool #FM2870

3.00%		03/01/50		126,121		114,950

Fannie Mae, Pool #MA1527

3.00%		08/01/33		11,661		11,149

Fannie Mae, Pool #MA1652

3.50%		11/01/33		18,795		18,279

Fannie Mae, Pool #MA2705

3.00%		08/01/46		59,148		54,213

Fannie Mae, Pool #MA4204

2.00%		12/01/40		56,655		48,707

Fannie Mae, Pool #MA4563

2.50%		03/01/52		93,575		80,964

Freddie Mac, Pool #SD0231

3.00%		01/01/50		94,290		85,939


Issues	Maturity Date			Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac (3439-SC) (I/O) (I/F)

0.95% (-1 mo. USD LIBOR + 5.900%)⁽³⁾		04/15/38		$	35,154	$	2,373

Freddie Mac, Pool #G08681

3.50%		12/01/45			16,634		15,757

Freddie Mac, Pool #G08698

3.50%		03/01/46			15,535		14,716

Freddie Mac, Pool #G08716

3.50%		08/01/46			15,909		15,016

Freddie Mac, Pool #G08721

3.00%		09/01/46	��		3,226		2,961

Freddie Mac, Pool #G08722

3.50%		09/01/46			1,642		1,550

Freddie Mac, Pool #G08732

3.00%		11/01/46			4,538		4,166

Freddie Mac, Pool #G08762

4.00%		05/01/47			14,310		13,943

Freddie Mac, Pool #G08833

5.00%		07/01/48			2,110		2,131

Freddie Mac, Pool #G18592

3.00%		03/01/31			2,684		2,591

Freddie Mac, Pool #ZT1703

4.00%		01/01/49			38,932		38,035

Freddie Mac., Pool #SD8189

2.50%		01/01/52			45,851		39,750

Ginnie Mae (11-146-EI) (I/O) (PAC)

5.00%		11/16/41			35,188		6,344

Ginnie Mae II, Pool #MA3597

3.50%		04/20/46			10,098		9,649

Ginnie Mae II, Pool #MA3662

3.00%		05/20/46			27,814		25,819

Ginnie Mae II, Pool #MA3663

3.50%		05/20/46			1,466		1,401

Ginnie Mae II, Pool #MA3803

3.50%		07/20/46			6,771		6,467

Ginnie Mae II, Pool #MA4454

5.00%		05/20/47			7,250		7,393

Ginnie Mae II, Pool #MA4900

3.50%		12/20/47			30,935		29,471

Ginnie Mae II, Pool #MA5399

4.50%		08/20/48			12,938		12,873

Ginnie Mae II TBA, 30 Year

2.50% ⁽⁹⁾		01/01/52			150,000		132,810

5.00% ⁽⁹⁾		10/01/52			50,000		49,785

4.50% ⁽⁹⁾		08/01/52			100,000		98,063

Uniform Mortgage-Backed Securities TBA, 30-Year

2.00% ⁽⁹⁾		12/01/51			300,000		249,439

2.50% ⁽⁹⁾		01/01/52			200,000		173,098

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)

3.00% ⁽⁹⁾		03/01/52	$	325,000	$	292,183

3.50% ⁽⁹⁾		04/01/52		50,000		46,483

4.00% ⁽⁹⁾		06/01/52		250,000		239,063

4.50% ⁽⁹⁾		07/01/52		675,000		659,892

5.00% ⁽⁹⁾		09/01/52		500,000		497,168

5.50% ⁽⁹⁾		10/01/52		200,000		201,695


Total Residential Mortgage-Backed Securities — Agency

(Cost: $3,974,737)						3,859,274


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 8.2%

Banc of America Funding Trust (05-C-A3)

5.25% (1 mo. USD LIBOR + 0.300%)⁽³⁾		05/20/35		7,125		7,070

BCMSC Trust (00-A-A4)

8.29% ⁽⁸⁾		06/15/30		189,525		27,818

Bear Stearns ALT-A Trust (04-8-M2)

6.75% (1 mo. USD LIBOR + 1.725%)⁽³⁾		09/25/34		102,093		94,451

Bear Stearns ALT-A Trust (05-8-11A1)

5.56% (1 mo. USD LIBOR + 0.540%)⁽³⁾		10/25/35		25,634		22,805

Deephaven Residential Mortgage Trust (21-3-A1)

1.19% ^(1),(8)		08/25/66		99,835		86,621

DSLA Mortgage Loan Trust (04-AR1-A1A)

5.79% (1 mo. USD LIBOR + 0.840%)⁽³⁾		09/19/44		60,448		55,950

First Horizon Mortgage Pass-Through Trust (05-AR4-2A1)

3.98% ^(8),(10)		10/25/35		14,478		13,583

GS Mortgage-Backed Securities Corp Trust (21-PJ5-A1)

2.00% ^(1),(8)		10/25/51		85,046		68,078

GS Mortgage-Backed Securities Corp. Trust (22-PJ2-A4)

2.50% ^(1),(8)		06/25/52		91,371		75,117

HSI Asset Securitization Corp. (06-WMC1-A3)

5.32% (1 mo. USD LIBOR + 0.300%)⁽³⁾		07/25/36		272,567		120,579

IndyMac INDX Mortgage Loan Trust (05-AR15-A2)

3.50% ⁽⁸⁾		09/25/35		43,853		33,469

JP Morgan Mortgage Trust (21-8-A3)

2.50% ^(1),(8)		12/25/51		105,005		86,775

JPMorgan Mortgage Acquisition Trust (06-CH2-AF3)

5.46%		09/25/29		172,672		107,505

JPMorgan Mortgage Trust (05-A6-7A1)

4.01% ⁽⁸⁾		08/25/35		10,560		8,823

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

Lehman XS Trust (06-9-A1B)

5.34% (1 mo. USD LIBOR + 0.320%)^(3),(5)

05/25/46

130

—

Merrill Lynch Alternative Note Asset Trust (07-A1-A2B)

5.32% (1 mo. USD LIBOR + 0.300%)⁽³⁾

01/25/37

280,882

89,232

Merrill Lynch Alternative Note Asset Trust (07-A3-A2D)

5.68% (1 mo. USD LIBOR + 0.660%)^(3),(5)

04/25/37

1,251,739

55,865

MFA Trust (21-RPL1-A2)

2.07% ^(1),(8)

07/25/60

100,000

82,051

Morgan Stanley ABS Capital I, Inc. Trust (06-HE4-A4)

5.50% (1 mo. USD LIBOR + 0.480%)⁽³⁾

06/25/36

236,752

125,984

Morgan Stanley Capital, Inc. (07-HE2-A2B)

5.11% (1 mo. USD LIBOR + 0.090%)⁽³⁾

01/25/37

147,000

69,417

MortgageIT Trust (05-1-1A1)

5.66% (1 mo. USD LIBOR + 0.640%)⁽³⁾

02/25/35

12,469

11,927

Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D)

5.56% (1 mo. USD LIBOR + 0.540%)⁽³⁾

03/25/37

58,338

55,400

RESIMAC Premier Series (21-1A-A1)

5.59% (1 mo. USD LIBOR + 0.700%)^(1),(3)

07/10/52

110,398

109,807

Structured Adjustable Rate Mortgage Loan Trust (04-18-4A1)

4.68% ⁽⁸⁾

12/25/34

13,905

13,460

Structured Asset Mortgage Investments II Trust (05-AR6-2A1)

5.64% (1 mo. USD LIBOR + 0.620%)⁽³⁾

09/25/45

22,341

19,612

Structured Asset Mortgage Investments, Inc. (06-AR3-22A1)

3.68% ⁽⁸⁾

05/25/36

130,936

72,470

Total Residential Mortgage-Backed Securities —
Non-Agency

(Cost: $2,003,132)

1,513,869

U.S. TREASURY SECURITIES — 2.8%

U.S. Treasury Bond

3.63%

02/15/53

271,000

268,713

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

U.S. TREASURY SECURITIES (Continued)

U.S. Treasury Inflation Indexed Bond (TIPS)

1.13%		01/15/33	$	138,337	$	137,117

1.25%		04/15/28		121,336		121,242


Total U.S. Treasury Securities

(Cost: $516,217)						527,072


Total Fixed Income Securities

(Cost: $21,237,118)						19,791,908


Issues	Shares		Value

MONEY MARKET INVESTMENTS — 6.5%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76%⁽¹¹⁾		1,205,178	$	1,205,178


Total Money Market Investments

(Cost: $1,205,178)				1,205,178


INVESTMENT COMPANIES — 3.1%

TCW Emerging Markets Income Fund — I

Class⁽¹²⁾		94,523		577,537


Total Investment Companies

(Cost: $722,910)				577,537


COMMON STOCK — 0.0%

TELECOMMUNICATIONS — 0.0%

Intelsat S.A.^(5),(13)		344	$	9,052


Total Common Stock

(Cost: $32,008)				9,052


RIGHTS — 0.0%

Intelsat S.A.^(5),(13)		35		—

Intelsat S.A.^(5),(13)		35		—


Total Rights

(Cost: $—)				—


Total Investments (116.4%) (Cost: $23,197,214)				21,583,675


Liabilities In Excess Of Other Assets (-16.4%)				(3,041,516	)


Net Assets (100.0%)			$	18,542,159

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)


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 *⁽¹⁴⁾*
Citibank N.A.		AUD		43,701		07/14/23	$	29,480	$	28,970	$	(510	)
Goldman Sachs & Co.		CHF		82,000		07/14/23		91,533		92,886		1,353
Goldman Sachs & Co.		CLP		23,357,000		07/14/23		28,763		28,838		75
Goldman Sachs & Co.		CNH		4,669,234		07/14/23		683,765		678,231		(5,534	)
Citibank N.A.		CZK		569,000		07/14/23		26,628		26,664		36
Citibank N.A.		EUR		20,157		05/02/23		22,171		22,253		82
Goldman Sachs & Co.		EUR		707,324		07/14/23		776,838		784,046		7,208
State Street Bank & Trust Co.		EUR		19,000		07/14/23		20,846		21,061		215
Citibank N.A.		GBP		18,499		05/02/23		23,139		23,251		112
Goldman Sachs & Co.		GBP		33,000		07/14/23		41,137		41,539		402
Goldman Sachs & Co.		IDR		529,570,339		07/14/23		35,658		36,038		380
State Street Bank & Trust Co.		JPY		261,733,000		07/14/23		2,014,648		1,943,588		(71,060	)
Goldman Sachs & Co.		KRW		14,221,000		07/14/23		10,650		10,671		21
Citibank N.A.		NOK		199,000		07/14/23		19,339		18,678		(661	)
Goldman Sachs & Co.		PEN		35,516		07/14/23		9,360		9,535		175
Goldman Sachs & Co.		PLN		52,000		07/14/23		12,183		12,482		299
Citibank N.A.		PLN		87,605		07/14/23		20,296		21,028		732
Goldman Sachs & Co.		SGD		20,000		07/14/23		15,187		15,032		(155	)
Citibank N.A.		THB		1,320,551		07/14/23		38,730		38,947		217
Citibank N.A.		ZAR		337,103		07/14/23		18,283		18,316		33

							$	3,938,634	$	3,872,054	$	(66,580	)

SELL *⁽¹⁵⁾*
Citibank N.A.		AUD		36,000		07/14/23	$	24,430	$	23,866	$	564
Goldman Sachs & Co.		BRL		1,558		07/14/23		303		307		(4	)
Goldman Sachs & Co.		CAD		161,768		07/14/23		120,406		119,445		961
Goldman Sachs & Co.		CHF		41,000		07/14/23		45,577		46,443		(866	)
Goldman Sachs & Co.		COP		4,853,486		07/14/23		1,042		1,025		17
Citibank N.A.		CZK		595,516		07/14/23		27,656		27,908		(252	)
Citibank N.A.		EUR		20,000		07/14/23		22,089		22,169		(80	)
Goldman Sachs & Co.		GBP		275,242		07/14/23		342,993		346,453		(3,460	)
Citibank N.A.		GBP		18,000		07/14/23		22,549		22,657		(108	)
Goldman Sachs & Co.		ILS		13,674		07/14/23		3,783		3,770		13
State Street Bank & Trust Co.		JPY		5,783,000		07/14/23		44,315		42,944		1,371
Goldman Sachs & Co.		KRW		177,774,687		07/14/23		136,046		133,399		2,647
Goldman Sachs & Co.		MXN		1,695,934		07/14/23		91,251		92,650		(1,399	)
Goldman Sachs & Co.		MYR		232,804		07/14/23		53,216		52,448		768
Citibank N.A.		NOK		4,370,000		07/14/23		420,454		410,150		10,304
Citibank N.A.		NZD		828,000		07/17/23		517,094		511,227		5,867
Goldman Sachs & Co.		PLN		119,331		07/14/23		27,739		28,644		(905	)
Goldman Sachs & Co.		RON		384,539		07/14/23		84,706		85,989		(1,283	)
Goldman Sachs & Co.		SEK		424,000		07/14/23		40,832		41,489		(657	)
Goldman Sachs & Co.		SGD		98,107		07/14/23		73,807		73,734		73
Citibank N.A.		THB		464,732		07/14/23		13,742		13,706		36
Citibank N.A.		ZAR		889,604		07/14/23		48,379		48,335		44

							$	2,162,409	$	2,148,758	$	13,651

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2023


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
9	2 Year Euro SCHWATZ Futures		06/8/23	$	1,050,957		$	1,049,987		$	(970	)
12	2-Year U.S. Treasury Note Futures		06/30/23		2,457,615			2,473,969			16,354
4	5-Year Canadian Bond Futures		06/21/23		329,257			335,855			6,598
7	5-Year U.S. Treasury Note Futures		06/30/23		754,316			768,195			13,879
1	Euro-Bobl Futures		06/8/23		130,837			130,239			(598	)
1	U.S. Ultra Long Bond Futures		06/21/23		135,430			141,407			5,977

				$	4,858,412		$	4,899,652		$	41,240

Short Futures
12	10-Year U.S. Treasury Note Futures		06/21/23	$	(1,422,196	)	$	(1,457,437	)	$	(35,241	)
1	2-Year Canadian Bond Futures		06/21/23		(76,858	)		(76,421	)		437
2	Euro-Bund Futures		06/8/23		(298,077	)		(299,317	)		(1,240	)
1	Long Gilt Futures		06/28/23		(127,096	)		(127,525	)		(429	)

				$	(1,924,227	)	$	(1,960,700	)	$	(36,473	)


Centrally Cleared — Interest Rate Swap Agreements

Notional Amount			Expiration Date		Payment Made by Fund Frequency	Payment Made by Fund	Payment Received by Fund Frequency		Payment Received by Fund	Unrealized Appreciation (Depreciation)			Premium Paid		Value
$	500,000	⁽¹⁶⁾		06/16/25	Annual	12 Month Sterling Overnight Index Average		Annual	4.08%	$	(4,674	)	$	—	$	(4,674	)
	EUR 600,000	⁽¹⁶⁾		06/16/25	Annual	12 Month Euro Short-Term Rate		Annual	3.50%		2,943			1,198		4,141
	EUR 180,000	⁽¹⁶⁾		06/16/28	Annual	12 Month Euro Short-Term Rate		Annual	2.75%		(372	)		—		(372	)

										$	(2,103	)	$	1,198	$	(905	)

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

ABS

Asset-Backed Securities.

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.

SOFR

Secured Overnight Financing Rate.

TBA

To Be Announced.

AUD

Australian Dollar.

BRL

Brazilian Real.

CAD

Canadian Dollar.

CHF

Swiss Franc.

CLP

Chilean Peso.

CNH

Chinese Yuan Renminbi.

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.

KRW

South Korean Won.

MXN

Mexican Peso.

MYR

Malaysian Ringgit.

NOK

Norwegian Krona.

NZD

New Zealand Dollar.

PEN

Peruvian Nuevo Sol.

PLN

Polish Zloty.

RON

Romanian New Leu.

SEK

Swedish Krona.

SGD

Singapore Dollar.

THB

Thai Baht.

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, 2023, the value of these securities amounted to $3,539,496 or 19.1% 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)

(3)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2023.

(4)

Perpetual maturity.

(5)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(6)

Restricted security (Note 11).

(7)

Security is not accruing interest.

(8)

(9)

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.

(10)

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.

(11)

Rate disclosed is the 7-day net yield as of April 30, 2023.

(12)

Affiliated issuer.

(13)

Non-income producing security.

(14)

Fund buys foreign currency, sells U.S. Dollar.

(15)

Fund sells foreign currency, buys U.S. Dollar.

(16)

This instrument has a forward starting effective date. See Note 2, Significant Accounting Policies in the Notes to Financial Statements for further information.

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

April 30, 2023

The summary of the TCW Global Bond Fund transactions in the affiliated fund for the period ended April 30, 2023 is as follows:


Name of Affiliated Fund	Value at October 31, 2022		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2023		Value at April 30, 2023		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
	$	561,009	$	17,698	$	45,214		94,523	$	577,537	$	15,382	$	—	$	(16,515	)	$	60,559

Total									$	577,537	$	15,382	$	—	$	(16,515	)	$	60,559

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Foreign Government Bonds		39.7	%
Corporate Bonds		29.8
Residential Mortgage-Backed Securities — Agency		20.8
Residential Mortgage-Backed Securities — Non-Agency		8.2
Money Market Investments		6.5
Asset-Backed Securities		4.2
Investment Companies		3.1
U.S. Treasury Securities		2.8
Commercial Mortgage-Backed Securities — Non-Agency		0.8
Municipal Bonds		0.4
Commercial Mortgage-Backed Securities — Agency		0.1
Common Stock		0.0	**
Rights		0.0	**
Other *		(16.4	)

Total		100.0	%

*	Includes capstock, futures, pending trades, swap agreements, interest receivable and accrued expenses payable.

**	Amount rounds to less than 0.1%.

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Investments by Country (Unaudited)


Country	Percentage of Net Assets
Australia		2.2	%
Bermuda		0.6
Brazil		0.2
Canada		3.3
Cayman Islands		3.9
Chile		1.1
China		4.7
Colombia		0.1
Czech Republic		0.1
France		5.3
Germany		1.2
Great Britain		6.1
Hungary		1.4
Indonesia		0.8
Ireland		1.9
Israel		0.1
Italy		1.2
Japan		1.7
Kazakhstan		1.0
Luxembourg		0.7
Malaysia		0.7
Mexico		2.0
Netherlands		2.2
New Zealand		2.6
Norway		2.0
Panama		0.0
Poland		0.2
Portugal		0.5
Romania		0.3
Saudi Arabia		1.1
Singapore		0.6
South Africa		1.2
South Korea		2.6
Spain		1.1
Supranational		2.0
Sweden		0.3
Switzerland		1.5
Thailand		0.2
United States		57.7

Total		116.4	%

See accompanying Notes to Financial Statements.

TCW Global Bond Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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 *	$	—		$	5,521,287		$	—	$	5,521,287
Municipal Bonds		—			79,521			—		79,521
Foreign Government Bonds		—			7,352,673			—		7,352,673
Asset-Backed Securities		—			774,631			—		774,631
Commercial Mortgage-Backed Securities — Agency		—			17,723			—		17,723
Commercial Mortgage-Backed Securities — Non-Agency		—			145,858			—		145,858
Residential Mortgage-Backed Securities — Agency		—			3,859,274			—		3,859,274
Residential Mortgage-Backed Securities — Non-Agency		—			1,458,004			55,865		1,513,869
U.S. Treasury Securities		268,713			258,359			—		527,072

Total Fixed Income Securities		268,713			19,467,330			55,865		19,791,908

Money Market Investments		1,205,178			—			—		1,205,178
Investment Companies		577,537			—			—		577,537
Common Stock		—			—			9,052		9,052
Rights		—			—			—		—

Total Investments	$	2,051,428		$	19,467,330		$	64,917	$	21,583,675

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			34,005			—		34,005
Futures Contracts
Interest Rate Risk		43,245			—			—		43,245
Swap Agreements
Interest Rate Risk		—			4,141			—		4,141

Total	$	2,094,673		$	19,505,476		$	64,917	$	21,665,066

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—		$	(86,934	)	$	—	$	(86,934	)
Futures Contracts
Interest Rate Risk		(38,478	)		—			—		(38,478	)
Swap Agreements
Interest Rate Risk		—			(5,046	)		—		(5,046	)

Total	$	(38,478	)	$	(91,980	)	$	—	$	(130,458	)

*	See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited)

April 30, 2023

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 92.7% of Net Assets

BANK LOANS — 8.0%

Airlines — 0.1%

American Airlines, Inc. 2021 Term Loan

10.00% (3 mo. USD LIBOR + 4.750%)⁽¹⁾

04/20/28

70,000

70,573

Apparel — 0.2%

Hanesbrands, Inc. 2023 Term Loan B

8.73% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

03/08/30

90,000

89,747

Chemicals — 0.5%

IRIS Holdings, Inc. Term Loan

9.80%-9.90% (3 mo. USD Term SOFR + 4.75%)⁽¹⁾

06/28/28

100,495

90,433

Zep, Inc. 2017 1st Lien Term Loan

9.16% (3 mo. USD LIBOR + 4.000%)⁽¹⁾

08/12/24

257,087

220,838

311,271

Commercial Services — 0.8%

Neptune Bidco US, Inc. 2022 USD Term Loan B

10.00% (3 mo. USD Term SOFR + 5.000%)⁽¹⁾

04/11/29

157,000

140,790

Spin Holdco, Inc. 2021 Term Loan

8.99% (3 mo. USD LIBOR + 4.000%)⁽¹⁾

03/04/28

416,500

344,880

485,670

Computers — 0.3%

TierPoint LLC 2021 Term Loan

8.77% (1 mo. USD LIBOR + 3.750%)⁽¹⁾

05/05/26

191,095

186,049

Entertainment — 0.7%

Crown Finance US, Inc. 2022 DIP Term Loan

14.80%- 14.96% (1 mo. USD Term SOFR + 10.000%)⁽¹⁾

09/07/23

399,212

407,199

Health Care-Products — 0.0%

Auris Luxembourg III Sarl 2019 USD Term Loan B2

8.91% — 9.12% (3 mo. USD LIBOR +3.7505)⁽¹⁾

02/27/26

15,840

14,870

Health Care-Services — 0.6%

ADMI Corp. 2021 Term Loan B2

8.40% (1 mo. USD LIBOR + 3.375%)⁽¹⁾

12/23/27

269,500

254,762

eResearchTechnology, Inc. 2020 1st Lien Term Loan

9.60% (1 mo. USD Term SOFR + 4.500%)⁽¹⁾

02/04/27

127,060

120,549

375,311

Issues

Maturity
Date

Principal
Amount

Value

Internet — 0.2%

MH Sub I LLC 2023 Term Loan

0.00% ⁽¹⁾⁽²⁾

04/20/28

89,358

86,045

Machinery-Diversified — 1.1%

ASP Blade Holdings, Inc. Initial Term Loan

9.16% (3 mo. USD LIBOR + 4.000%)⁽¹⁾

10/13/28

553,412

472,398

Titan Acquisition Ltd. 2018 Term Loan B

8.15% (3 mo. USD LIBOR + 3.000%)⁽¹⁾

03/28/25

195,515

187,671

660,069

Media — 0.2%

DirecTV Financing LLC Term Loan

10.02% (1 mo. USD LIBOR + 5.000%)⁽¹⁾

08/02/27

144,455

139,038

Packaging & Containers — 1.4%

Clydesdale Acquisition Holdings, Inc. Term Loan B

9.26% (1 mo. USD Term SOFR + 4.175%)⁽¹⁾

04/13/29

297,750

291,423

Plaze, Inc. 2020 Incremental Term Loan

10.75% (3 mo. USD LIBOR + 2.750%)⁽¹⁾

08/03/26

209,637

193,740

Proampac PG Borrower LLC 2020 Term Loan

8.93%-9.01% (3 mo. USD LIBOR + 3.750%)⁽¹⁾

11/03/25

372,429

367,697

852,860

Pharmaceuticals — 0.4%

Elanco Animal Health, Inc. Term Loan B

6.65% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

08/01/27

259,817

252,786

Retail — 0.1%

1011778 B.C. Unlimited Liability Co. Term Loan B4

6.77% (1 mo. USD LIBOR + 1.750%)⁽¹⁾

11/19/26

78,009

77,381

Software — 0.9%

CDK Global, Inc. 2022 USD Term Loan B

9.15% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

07/06/29

174,563

174,609

CT Technologies Intermediate Holdings, Inc. 2021 Term Loan B

9.27% (1 mo. USD LIBOR + 4.250%)⁽¹⁾

12/16/25

142,100

135,240

Open Text Corp. 2022 Term Loan B

8.58% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

01/31/30

212,966

213,099

522,948

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Telecommunications — 0.5%

SBA Senior Finance II LLC 2018 Term Loan B

6.78% (1 mo. USD LIBOR + 1.750%)⁽¹⁾		04/11/25	$	259,393	$	259,467


Total Bank Loans

(Cost: $5,003,490)						4,791,284


CORPORATE BONDS — 84.7%

Aerospace & Defense — 1.4%

TransDigm, Inc.

4.63%		01/15/29		135,000		122,344

6.25% ⁽³⁾		03/15/26		418,000		420,830

6.75% ⁽³⁾		08/15/28		305,000		309,904


						853,078


Agriculture — 0.6%

BAT Capital Corp.

5.28%		04/02/50		401,000		333,408


Auto Manufacturers — 2.0%

Allison Transmission, Inc.

3.75% ⁽³⁾		01/30/31		100,000		85,625

Ford Motor Credit Co. LLC

3.37%		11/17/23		1,100,000		1,086,250


						1,171,875


Banks — 2.7%

Bank of America Corp.

4.38% (U.S. 5-year Treasury Constant Maturity Rate + 2.760%)⁽¹⁾⁽⁴⁾		01/27/27		225,000		192,170

Bank of New York Mellon Corp. (The)

3.75% (U.S. 5-year Treasury Constant Maturity Rate + 2.630%)⁽¹⁾⁽⁴⁾		12/20/26		285,000		236,984

Credit Suisse Group AG (Switzerland)

6.37% (SOFR + 3.340%)⁽³⁾⁽¹⁾		07/15/26		85,000		83,003

6.54% (SOFR + 3.920%)⁽³⁾		08/12/33		405,000		412,847

9.02% (SOFR + 5.020%)⁽³⁾		11/15/33		250,000		296,667

JPMorgan Chase & Co.

3.65% (U.S. 5-year Treasury Constant Maturity Rate + 2.850%)⁽¹⁾⁽⁴⁾		06/01/26		95,000		83,524

US Bancorp

3.70% (U.S. 5-year Treasury Constant Maturity Rate + 2.541%)⁽¹⁾⁽⁴⁾		01/15/27		400,000		308,212


						1,613,407


Issues	Maturity Date		Principal Amount		Value

Beverages — 0.4%

Primo Water Holdings, Inc.

4.38% ⁽³⁾		04/30/29	$	300,000	$	264,848


Biotechnology — 0.6%

Amgen, Inc.

5.25%		03/02/33		150,000		154,367

Grifols Escrow Issuer SA

4.75% ⁽³⁾		10/15/28		250,000		201,072


						355,439


Chemicals — 3.2%

ASP Unifrax Holdings, Inc.

5.25% ⁽³⁾		09/30/28		412,000		340,028

Axalta Coating Systems LLC

3.38% ⁽³⁾		02/15/29		250,000		217,600

Cheever Escrow Issuer LLC

7.13% ⁽³⁾		10/01/27		200,000		191,260

Herens Holdco Sarl

4.75% ⁽³⁾		05/15/28		400,000		331,952

International Flavors & Fragrances, Inc.

2.30% ⁽³⁾		11/01/30		185,000		150,472

SCIH Salt Holdings, Inc.

4.88% ⁽³⁾		05/01/28		70,000		63,158

SCIL IV LLC / SCIL USA Holdings LLC

5.38% ⁽³⁾		11/01/26		64,000		58,989

SK Invictus Intermediate II Sarl

5.00% ⁽³⁾		10/30/29		487,000		415,080

Valvoline, Inc.

3.63% ⁽³⁾		06/15/31		150,000		124,860


						1,893,399


Commercial Services — 3.3%

ADT Security Corp. (The)

4.13%		06/15/23		525,000		524,228

Adtalem Global Education, Inc.

5.50% ⁽³⁾		03/01/28		158,000		150,753

Block, Inc.

3.50%		06/01/31		125,000		102,187

Carriage Services, Inc.

4.25% ⁽³⁾		05/15/29		277,000		233,187

Gartner, Inc.

3.75% ⁽³⁾		10/01/30		80,000		70,100

4.50% ⁽³⁾		07/01/28		296,000		278,679

Prime Security Services Borrower LLC / Prime Finance, Inc.

3.38% ⁽³⁾		08/31/27		100,000		89,688

Upbound Group, Inc.

6.38% ⁽³⁾		02/15/29		500,000		440,000

WASH Multifamily Acquisition, Inc.

5.75% ⁽³⁾		04/15/26		80,000		75,276


						1,964,098

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

Computers — 2.5%

Booz Allen Hamilton, Inc.

3.88% ⁽³⁾		09/01/28	$	468,000	$	429,305

NCR Corp.

5.13% ⁽³⁾		04/15/29		330,000		285,839

5.25% ⁽³⁾		10/01/30		616,000		518,525

Science Applications International Corp.

4.88% ⁽³⁾		04/01/28		275,000		259,969


						1,493,638


Diversified Financial Services — 1.5%

American Express Co.

3.55% (U.S. 5-year Treasury Constant Maturity Rate + 2.854%)⁽¹⁾⁽⁴⁾		09/15/26		230,000		195,733

Charles Schwab Corp. (The)

5.00% (U.S. 5-year Treasury Constant Maturity Rate + 3.256%)⁽¹⁾⁽⁴⁾		06/01/27		265,000		229,225

Jane Street Group / JSG Finance, Inc.

4.50% ⁽³⁾		11/15/29		540,000		485,779


						910,737


Electric — 0.7%

FirstEnergy Corp.

2.65%		03/01/30		395,000		341,580

5.10%		07/15/47		96,000		88,837


						430,417


Electronics — 0.1%

Coherent Corp.

5.00% ⁽³⁾		12/15/29		65,000		58,551


Engineering & Construction — 0.3%

Artera Services LLC

9.03% ⁽³⁾		12/04/25		195,000		168,312


Entertainment — 4.1%

Banijay Entertainment SASU

5.38% ⁽³⁾		03/01/25		225,000		219,654

Caesars Resort Collection LLC / CRC Finco, Inc.

5.75% ⁽³⁾		07/01/25		600,000		605,826

CDI Escrow Issuer, Inc.

5.75% ⁽³⁾		04/01/30		92,000		88,904

Churchill Downs, Inc.

4.75% ⁽³⁾		01/15/28		70,000		66,370

Cinemark USA, Inc.

5.25% ⁽³⁾		07/15/28		70,000		63,234

Everi Holdings, Inc.

5.00% ⁽³⁾		07/15/29		225,000		201,026

Live Nation Entertainment, Inc.

4.75% ⁽³⁾		10/15/27		115,000		106,806


Issues	Maturity Date		Principal Amount		Value

Entertainment (Continued)

Penn Entertainment, Inc.

4.13% ⁽³⁾		07/01/29	$	410,000	$	346,450

5.63% ⁽³⁾		01/15/27		65,000		61,860

WarnerMedia Holdings, Inc.

5.14% ⁽³⁾		03/15/52		850,000		680,417


						2,440,547


Food — 6.1%

Chobani LLC / Chobani Finance Corp, Inc.

4.63% ⁽³⁾		11/15/28		75,000		68,892

JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.

3.75% ⁽³⁾		12/01/31		130,000		108,756

5.75% ⁽³⁾		04/01/33		1,010,000		970,832

Nathan’s Famous, Inc.

6.63% ⁽³⁾		11/01/25		8,000		8,040

Pilgrim’s Pride Corp.

3.50%		03/01/32		1,475,000		1,190,428

5.88% ⁽³⁾		09/30/27		170,000		169,511

6.25%		07/01/33		150,000		148,230

Post Holdings, Inc.

5.75% ⁽³⁾		03/01/27		300,000		297,000

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed

4.63% ⁽³⁾		03/01/29		580,000		479,573

Smithfield Foods, Inc.

5.20% ⁽³⁾		04/01/29		217,000		201,953


						3,643,215


Health Care-Products — 2.1%

Embecta Corp.

6.75% ⁽³⁾		02/15/30		500,000		454,920

Hologic, Inc.

3.25% ⁽³⁾		02/15/29		55,000		49,508

Medline Borrower LP

3.88% ⁽³⁾		04/01/29		135,000		118,800

Teleflex, Inc.

4.25% ⁽³⁾		06/01/28		687,000		644,949


						1,268,177


Health Care-Services — 10.5%

Catalent Pharma Solutions, Inc.

3.50% ⁽³⁾		04/01/30		325,000		275,876

5.00% ⁽³⁾		07/15/27		350,000		336,541

Centene Corp.

2.45%		07/15/28		855,000		746,492

2.63%		08/01/31		250,000		204,715

3.00%		10/15/30		75,000		63,995

4.25%		12/15/27		1,020,000		975,650

HealthEquity, Inc.

4.50% ⁽³⁾		10/01/29		245,000		219,300

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Health Care-Services (Continued)

IQVIA, Inc.

5.00% ⁽³⁾		05/15/27	$	228,000	$	223,538

ModivCare Escrow Issuer, Inc.

5.00% ⁽³⁾		10/01/29		375,000		302,820

ModivCare, Inc.

5.88% ⁽³⁾		11/15/25		80,000		76,521

Molina Healthcare, Inc.

3.88% ⁽³⁾		11/15/30		650,000		568,750

3.88% ⁽³⁾		05/15/32		200,000		171,906

Prime Healthcare Services, Inc.

7.25% ⁽³⁾		11/01/25		420,000		375,900

Tenet Healthcare Corp.

4.63%		07/15/24		930,000		923,409

4.88%		01/01/26		810,000		798,757


						6,264,170


Household Products/Wares — 0.4%

Central Garden & Pet Co.

4.13%		10/15/30		240,000		206,004

Spectrum Brands, Inc.

5.00% ⁽³⁾		10/01/29		65,000		59,475


						265,479


Housewares — 0.8%

Newell Brands, Inc.

4.88%		06/01/25		349,000		340,546

6.00%		04/01/46		145,000		113,100


						453,646


Insurance — 0.5%

Acrisure LLC / Acrisure Finance, Inc.

4.25% ⁽³⁾		02/15/29		335,000		281,678


Internet — 1.0%

Cogent Communications Group, Inc.

7.00% ⁽³⁾		06/15/27		225,000		223,850

Gen Digital, Inc.

6.75% ⁽³⁾		09/30/27		53,000		53,486

Netflix, Inc.

4.63%		05/15/29		100,000		112,976

Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.

4.75% ⁽³⁾		04/30/27		200,000		175,000


						565,312


Iron & Steel — 0.2%

ATI, Inc.

5.13%		10/01/31		130,000		117,650


Lodging — 1.1%

Hilton Domestic Operating Co., Inc.

3.63% ⁽³⁾		02/15/32		325,000		277,651


Issues	Maturity Date		Principal Amount		Value

Lodging (Continued)

Wyndham Hotels & Resorts, Inc.

4.38% ⁽³⁾		08/15/28	$	387,000	$	360,765


						638,416


Machinery-Construction & Mining — 0.5%

BWX Technologies, Inc.

4.13% ⁽³⁾		06/30/28		330,000		307,534


Media — 9.4%

Block Communications, Inc.

4.88% ⁽³⁾		03/01/28		355,000		308,850

Cable One, Inc.

4.00% ⁽³⁾		11/15/30		640,000		521,600

CCO Holdings LLC / CCO Holdings Capital Corp.

4.50%		05/01/32		160,000		128,400

4.75% ⁽³⁾		03/01/30		100,000		86,177

5.50% ⁽³⁾		05/01/26		1,525,000		1,501,332

CSC Holdings LLC

6.50% ⁽³⁾		02/01/29		870,000		727,379

7.50% ⁽³⁾		04/01/28		385,000		241,095

Diamond Sports Group LLC / Diamond Sports Finance Co.

5.38% ⁽³⁾		08/15/26		540,000		36,787

DISH DBS Corp.

5.25% ⁽³⁾		12/01/26		550,000		421,139

7.38%		07/01/28		607,000		304,180

7.75%		07/01/26		30,000		17,475

DISH Network Corp.

11.75% ⁽³⁾		11/15/27		115,000		108,869

Gray Escrow II, Inc.

5.38% ⁽³⁾		11/15/31		400,000		257,208

Nexstar Media, Inc.

4.75% ⁽³⁾		11/01/28		75,000		66,069

Sirius XM Radio, Inc.

3.88% ⁽³⁾		09/01/31		520,000		393,531

Tele Columbus AG

3.88% ⁽⁵⁾		05/02/25		100,000		73,692

VZ Secured Financing BV

3.50% ⁽⁵⁾		01/15/32		190,000		164,185

5.00% ⁽³⁾		01/15/32		255,000		213,285


						5,571,253


Miscellaneous Manufacturers — 0.4%

General Electric Co.

5.34% (3 mo. USD LIBOR + 0.480%)		08/15/36		52,000		45,496

8.20% (3 mo. USD LIBOR + 3.330%)⁽¹⁾⁽⁴⁾		06/15/23		214,000		214,368


						259,864

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

Oil & Gas — 1.3%

Petroleos Mexicanos

7.69%		01/23/50	$	65,000	$	43,372

SM Energy Co.

6.50%		07/15/28		330,000		313,068

Transocean Titan Financing, Ltd.

8.38% ⁽³⁾		02/01/28		400,000		407,500

Valaris, Ltd.

8.25%		04/30/28		5,000		5,200


						769,140


Oil & Gas Services — 0.3%

Archrock Partners LP / Archrock Partners Finance Corp.

6.25% ⁽³⁾		04/01/28		200,000		192,132


Packaging & Containers — 4.9%

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.

5.25% ⁽³⁾		08/15/27		500,000		429,375

5.25% ⁽³⁾		08/15/27		50,000		42,818

Ball Corp.

6.88%		03/15/28		600,000		623,652

Clearwater Paper Corp.

4.75% ⁽³⁾		08/15/28		364,000		328,044

Graphic Packaging International LLC

4.13%		08/15/24		725,000		715,031

Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.

4.38% ⁽³⁾		10/15/28		280,000		247,971

Sealed Air Corp.

4.00% ⁽³⁾		12/01/27		362,000		338,470

Silgan Holdings, Inc.

4.13%		02/01/28		125,000		117,008

Trivium Packaging Finance BV (Netherlands)

5.50% ⁽³⁾		08/15/26		55,000		53,447


						2,895,816


Pharmaceuticals — 1.2%

180 Medical, Inc.

3.88% ⁽³⁾		10/15/29		138,000		123,165

Bausch Health Cos, Inc. (Canada)

5.75% ⁽³⁾		08/15/27		18,000		12,465

Kevlar SpA

6.50% ⁽³⁾		09/01/29		250,000		208,213

Prestige Brands, Inc.

3.75% ⁽³⁾		04/01/31		215,000		182,419

Teva Pharmaceutical Finance Netherlands III BV

8.13%		09/15/31		170,000		179,683


						705,945


Issues	Maturity Date		Principal Amount		Value

Pipelines — 6.4%

DCP Midstream Operating LP

5.60%		04/01/44	$	136,000	$	131,169

Energy Transfer LP

6.63% (3 mo. USD LIBOR + 4.155%)⁽¹⁾⁽⁴⁾		02/15/28		897,000		688,715

Global Partners LP / GLP Finance Corp.

6.88%		01/15/29		540,000		506,601

NGL Energy Operating LLC / NGL Energy Finance Corp.

7.50% ⁽³⁾		02/01/26		260,000		250,583

Rockies Express Pipeline LLC

4.80% ⁽³⁾		05/15/30		30,000		26,775

6.88% ⁽³⁾		04/15/40		541,000		472,104

TransMontaigne Partners LP / TLP Finance Corp.

6.13%		02/15/26		712,000		619,653

Venture Global Calcasieu Pass LLC

3.88% ⁽³⁾		11/01/33		65,000		54,938

4.13% ⁽³⁾		08/15/31		600,000		532,290

6.25% ⁽³⁾		01/15/30		500,000		505,000


						3,787,828


REIT — 3.7%

American Assets Trust LP

3.38%		02/01/31		475,000		378,394

GLP Capital LP / GLP Financing II, Inc.

5.75%		06/01/28		473,000		466,104

Hudson Pacific Properties LP

3.25%		01/15/30		132,000		82,748

4.65%		04/01/29		80,000		55,545

VICI Properties LP / VICI Note Co., Inc.

3.88% ⁽³⁾		02/15/29		34,000		30,584

4.50% ⁽³⁾		01/15/28		40,000		37,567

4.63% ⁽³⁾		06/15/25		512,000		498,412

5.63% ⁽³⁾		05/01/24		106,000		105,582

5.75% ⁽³⁾		02/01/27		554,000		550,826


						2,205,762


Retail — 3.6%

Fertitta Entertainment

4.63% ⁽³⁾		01/15/29		325,000		284,511

FirstCash, Inc.

5.63% ⁽³⁾		01/01/30		165,000		153,463

Michaels Cos, Inc. (The)

5.25% ⁽³⁾		05/01/28		480,000		395,904

7.88% ⁽³⁾		05/01/29		125,000		83,908

Papa John’s International, Inc.

3.88% ⁽³⁾		09/15/29		270,000		233,777

Yum! Brands, Inc.

3.88%		11/01/23		1,000,000		992,500


						2,144,063

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Software — 0.7%

Alteryx, Inc.

8.75% ⁽³⁾		03/15/28	$	85,000	$	82,875

Open Text Corp.

6.90% ⁽³⁾		12/01/27		150,000		154,902

Oracle Corp.

6.25%		11/09/32		150,000		162,019


						399,796


Telecommunications — 6.2%

Altice France SA

5.13% ⁽³⁾		01/15/29		200,000		149,000

5.50% ⁽³⁾		10/15/29		450,000		338,071

8.13% ⁽³⁾		02/01/27		250,000		223,978

CommScope, Inc.

4.75% ⁽³⁾		09/01/29		455,000		371,981

Consolidated Communications, Inc.

6.50% ⁽³⁾		10/01/28		195,000		152,588

Frontier Communications Holdings LLC

5.00% ⁽³⁾		05/01/28		362,000		318,118

8.63% ⁽³⁾		03/15/31		175,000		170,917

Global Switch Finance BV

1.38% ⁽⁵⁾		10/07/30		115,000		106,876

Intelsat Jackson Holdings S. A.

6.50% ⁽³⁾⁽⁶⁾		03/15/30		373,000		346,856

Level 3 Financing, Inc.

10.50% ⁽³⁾		05/15/30		184,000		176,725

SES GLOBAL Americas Holdings, Inc.

5.30% ⁽³⁾		03/25/44		559,000		416,781

Sprint Corp.

7.88%		09/15/23		435,000		438,913

Vmed O2 UK Financing I PLC

4.75% ⁽³⁾		07/15/31		70,000		59,720

Zayo Group Holdings, Inc.

4.00% ⁽³⁾		03/01/27		525,000		398,069


						3,668,593


Total Corporate Bonds

(Cost: $54,137,298)						50,357,223


Total Fixed Income Securities

(Cost: $59,140,788)						55,148,507



			Shares

COMMON STOCK — 0.0%

Electric — 0.0%

Homer City Holdings LLC — Series A⁽⁷⁾⁽⁸⁾				5,610		—


Total Common Stock

(Cost: $327,224)						—

Issues

Shares

Value

WARRANTS — 0.0%

Entertainment — 0.0%

Cineworld Group PLC⁽⁸⁾

42,717

1,175

Total Warrants

(Cost: $0)

1,175

MONEY MARKET INVESTMENTS — 3.4%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76%⁽⁹⁾

2,000,403

Total Money Market Investments

(Cost: $2,000,403)

2,000,403

Maturity
Date

Principal
Amount

SHORT TERM INVESTMENTS — 3.0%

U.S. GOVERNMENT AGENCY OBLIGATION — 2.5%

(Cost: $1,479,750)

Federal Home Loan Banks

5.00% ⁽¹⁰⁾

08/09/23

1,500,000

1,479,671

U.S. TREASURY SECURITIES — 0.5% (Cost: $293,117)

U.S. Treasury Bill

4.98% ⁽¹⁰⁾

10/19/23

300,000

293,142

Total Short Term Investments

(Cost: $1,772,867)

1,772,813

Total Investments (99.1%)

(Cost: $63,241,282)

58,922,898

Excess Of Other Assets Over Liabilities (0.9%)

556,566

Net Assets (100.0%)

59,479,464

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

April 30, 2023


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
63	5-Year U.S. Treasury Note Futures		06/30/23	$	6,805,734		$	6,913,758		$	108,024

				$	6,805,734		$	6,913,758		$	108,024

Short Futures
14	10-Year U.S. Treasury Note Futures		06/21/23	$	(1,654,186	)	$	(1,700,344	)	$	(46,158	)
3	Euro-Bobl Futures		06/8/23		(380,855	)		(390,717	)		(9,862	)
4	U.S. Ultra Long Bond Futures		06/21/23		(537,157	)		(565,625	)		(28,468	)

				$	(2,572,198	)	$	(2,656,686	)	$	(84,488	)


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 *⁽¹¹⁾*
Citibank N.A.		EUR		67,386		05/03/23	$	74,337	$	74,394	$	57

SELL *⁽¹²⁾*
Citibank N.A.		EUR		422,000		07/14/23	$	464,179	$	467,774	$	(3,595	)

Notes to the Schedule of Investments:

EETC

Enhanced Equipment Trust Certificate.

REIT

Real Estate Investment Trust.

EUR

Euro Currency.

(1)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2023.

(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)

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, 2023, the value of these securities amounted to $32,842,175 or 55.2% 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.

(4)

Perpetual maturity.

(5)

(6)

Restricted security (Note 11).

(7)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(8)

Non-income producing security.

(9)

Rate disclosed is the 7-day net yield as of April 30, 2023.

(10)

Rate shown represents yield-to-maturity.

(11)

Fund sells foreign currency, buys U.S. Dollar.

(12)

Fund buys foreign currency, sells U.S. Dollar.

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Corporate Bonds		84.7	%
Bank Loans		8.0
Money Market Investments		3.4
U.S. Government Agency Obligations		2.5
U.S. Treasury Securities		0.5
Warrants		0.0	**
Common Stock		0.0	**
Other*		0.9

Total		100.0	%

*	Includes capstock, futures, pending trades, interest receivable and accrued expenses payable.

**	Amount rounds to less than 0.1%.

See accompanying Notes to Financial Statements.

TCW High Yield Bond Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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*	$	—		$	4,791,284		$	—	$	4,791,284
Corporate Bonds*		—			50,357,223			—		50,357,223

Total Fixed Income Securities		—			55,148,507			—		55,148,507

Common Stock*		—			—			—		—
Warrants*		—			1,175			—		1,175

Money Market Investments		2,000,403			—			—		2,000,403
Short-Term Investments		293,142			1,479,671			—		1,772,813
								��
Total Investments	$	2,293,545		$	56,629,353		$	—	$	58,922,898

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			57			—		57
Futures Contracts
Interest Rate Risk		108,024			—			—		108,024

Total Investments	$	2,401,569		$	56,629,410		$	—	$	59,030,979

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(84,488	)	$	—		$	—	$	(84,488	)
Forward Currency Contracts
Foreign Currency Risk		—			(3,595	)		—		(3,595	)

Total	$	(84,488	)	$	(3,595	)	$	—	$	(88,083	)

*	See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited)


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 94.4% of Net Assets

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 2.0%

Fannie Mae (14-M11-1A)

3.19% ⁽¹⁾		08/25/24	$	15,501	$	15,073

Freddie Mac Multifamily Structured Pass Through Certificates (KF68-A)

5.35% (1 mo. USD LIBOR + 0.490%) ⁽²⁾		07/25/26		45,623		45,554

Freddie Mac Multifamily Structured Pass Through Certificates (KJ34-A1)

0.68%		06/25/26		10,950		10,154

Freddie Mac Multifamily Structured Pass Through Certificates (KL05-X1HG) (I/O)

1.37% ⁽¹⁾		12/25/27		500,000		21,082

Freddie Mac Multifamily Structured Pass Through Certificates (KS06-X) (I/O)

1.17% ⁽¹⁾		08/25/26		551,933		12,654

Freddie Mac Multifamily Structured Pass Through Certificates (KJ29-A1)

0.74%		01/25/26		18,462		17,787

Freddie Mac Multifamily Structured Pass-Through Certificates (K723-X1) (I/O)

1.03% ⁽¹⁾		08/25/23		1,265,142		1,314

Freddie Mac Multifamily Structured Pass-Through Certificates (KJ31-A1)

0.57%		05/25/26		10,046		9,626

Freddie Mac Multifamily Structured Pass-Through Certificates (KJ32-A1)

0.52%		06/25/25		18,536		17,664

Freddie Mac Multifamily Structured Pass-Through Certificates (KS07-X) (I/O)

0.75% ⁽¹⁾		09/25/25		239,102		3,266

FRESB Mortgage Trust (15-SB3-A3)

5.41% (1 mo. USD LIBOR + 0.550%)⁽²⁾		01/25/43		2,001		1,989

Ginnie Mae (08-92-E)

5.56% ⁽¹⁾		03/16/44		4,807		4,747

Ginnie Mae (10-159-D)

4.56% ⁽¹⁾		09/16/44		6,339		6,210

Ginnie Mae (11-165-IO) (I/O)

0.01% ⁽¹⁾		10/16/51		211,688		2


Total Commercial Mortgage-Backed Securities — Agency

(Cost: $207,896)						167,122


COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 6.4%

BBCMS Trust (15-SRCH-XB) (I/O)

0.30% ⁽¹⁾⁽³⁾		08/10/35		2,000,000		16,128

BFLD Trust (20-OBRK-A)

7.05% (SOFR + 2.164%)⁽²⁾⁽³⁾		11/15/28		100,000		99,402


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Citigroup Commercial Mortgage Trust (14-GC23-XB) (I/O)

0.30% ⁽¹⁾		07/10/47	$	3,784,000	$	8,627

COMM Mortgage Trust (12-CR3-XA) (I/O)

1.38% ⁽¹⁾		10/15/45		185,070		412

COMM Mortgage Trust (12-CR4-XA) (I/O)

1.33% ⁽¹⁾		10/15/45		230,048		22

COMM Mortgage Trust (14-CR14-A2)

3.15%		02/10/47		61,639		61,311

COMM Mortgage Trust (14-CR19-XA) (I/O)

1.08% ⁽¹⁾		08/10/47		76,116		633

COMM Mortgage Trust (14-CR20-A3)

3.33%		11/10/47		14,698		14,208

COMM Mortgage Trust (15-LC23-A2)

3.22%		10/10/48		17,099		16,393

COMM Mortgage Trust (16-DC2-XA) (I/O)

1.08% ⁽¹⁾		02/10/49		719,816		14,309

FS Rialto (19-FL1-A)

5.93% (1 mo. USD LIBOR + 1.200%)⁽²⁾⁽³⁾		12/16/36		95,744		95,062

GS Mortgage Securities Trust (13-GC14-A4)

3.96%		08/10/46		4,589		4,580

JPMBB Commercial Mortgage Securities Trust (14-C18-XA) (I/O)

0.82% ⁽¹⁾		02/15/47		898,005		2,195

LoanCore Issuer, Ltd. (19-CRE3-AS)

6.32% (1 mo. USD LIBOR + 1.370%)⁽²⁾⁽³⁾		04/15/34		34,215		34,160

MF1, Ltd. (20-FL4-A)

6.70% (SOFR + 1.814)⁽²⁾⁽³⁾		11/15/35		11,839		11,846

Morgan Stanley Bank of America Merrill Lynch Trust (13-C12-XA) (I/O)

0.79% ⁽¹⁾		10/15/46		221,810		140

Morgan Stanley Bank of America Merrill Lynch Trust (14-C15-A3)

3.77%		04/15/47		3,927		3,914

SREIT Trust (21-MFP-A)

5.68% (1 mo. USD LIBOR + 0.731%)⁽²⁾⁽³⁾		11/15/38		100,000		96,607

Wells Fargo Commercial Mortgage Trust (15-NXS2-XA) (I/O)

0.74% ⁽¹⁾		07/15/58		1,404,141		14,198

WFRBS Commercial Mortgage Trust (14-C21-XA) (I/O)

1.15% ⁽¹⁾		08/15/47		1,421,934		12,441

WFRBS Commercial Mortgage Trust (14-C24-A3)

3.43%		11/15/47		37,918		36,709


Total Commercial Mortgage-Backed Securities — Non-Agency

(Cost: $656,553)						543,297

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 27.9%

Fannie Mae (03-11-FA)

6.02% (1 mo. USD LIBOR + 1.000%)⁽²⁾		09/25/32	$	6,274	$	6,375

Fannie Mae (06-23-FP) (PAC)

5.32% (1 mo. USD LIBOR + 0.300%)⁽²⁾		04/25/36		9,316		9,209

Fannie Mae (07-64-FA)

5.49% (1 mo. USD LIBOR + 0.470%)⁽²⁾		07/25/37		12,419		12,352

Fannie Mae (08-24-PF) (PAC)

5.67% (1 mo. USD LIBOR + 0.650%)⁽²⁾		02/25/38		5,432		5,469

Fannie Mae (10-118-GF) (PAC)

5.57% (1 mo. USD LIBOR + 0.550%)⁽²⁾		10/25/39		2,096		2,096

Fannie Mae (11-75-HP) (PAC)

2.50%		07/25/40		487		484

Fannie Mae (20-10-FA)

5.52% (1 mo. USD LIBOR + 0.500%)⁽²⁾		03/25/50		15,424		15,123

Fannie Mae (17-10-FA)

5.42% (1 mo. USD LIBOR + 0.400%) ⁽²⁾		03/25/47		34,454		33,829

Fannie Mae, Pool #254548

5.50%		12/01/32		5,032		5,216

Fannie Mae, Pool #600187

7.00%		07/01/31		11,809		12,062

Fannie Mae, Pool #995364

6.00%		10/01/38		4,202		4,372

Fannie Mae, Pool #AL0851

6.00%		10/01/40		3,109		3,302

Fannie Mae, Pool #MA4492

2.00%		12/01/51		46,267		38,555

Freddie Mac (3071-TF) (PAC)

5.25% (1 mo. USD LIBOR + 0.300%) ⁽²⁾		04/15/35		7,066		7,052

Freddie Mac (3300-FA)

5.25% (1 mo. USD LIBOR + 0.300%) ⁽²⁾		08/15/35		15,651		15,509

Freddie Mac (3318-F)

5.20% (1 mo. USD LIBOR + 0.250%) ⁽²⁾		05/15/37		18,561		18,212

Freddie Mac (4231-FD)

5.30% (1 mo. USD LIBOR + 0.350%) ⁽²⁾		10/15/32		20,621		20,555

Freddie Mac, Pool #SD8194

2.50%		02/01/52		46,375		40,131

Freddie Mac, Pool #SD8199

2.00%		03/01/52		47,212		39,244

Freddie Mac (263-F5)

5.45% (1 mo. USD LIBOR + 0.500%) ⁽²⁾		06/15/42		14,958		14,729


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac., Pool #SD8189

2.50%		01/01/52	$	45,851	$	39,750

Ginnie Mae II, Pool #80022

2.75% (U.S. 1-year Treasury Constant Maturity Rate + 1.500%) ⁽²⁾		12/20/26		4,184		4,088

Ginnie Mae II, Pool #80636

2.63% (U.S. 1-year Treasury Constant Maturity Rate + 1.500%) ⁽²⁾		09/20/32		2,978		2,901

Ginnie Mae II, Pool #80757

2.63% (U.S. 1-year Treasury Constant Maturity Rate + 1.500%) ⁽²⁾		10/20/33		1,251		1,208

Ginnie Mae II, Pool #80797

2.63% (U.S. 1-year Treasury Constant Maturity Rate + 1.500%) ⁽²⁾		01/20/34		13,687		13,315

Ginnie Mae II, Pool #80937

2.88% (U.S. 1-year Treasury Constant Maturity Rate + 1.500%) ⁽²⁾		06/20/34		6,722		6,635

Ginnie Mae II TBA, 30 Year

2.50% ⁽⁴⁾		01/01/52		300,000		265,620

5.00% ⁽⁴⁾		10/01/52		25,000		24,892

4.50% ⁽⁴⁾		08/01/52		50,000		49,032

Uniform Mortgage-Backed Securities TBA, 30-Year

2.00% ⁽⁴⁾		12/01/51		100,000		83,146

2.50% ⁽⁴⁾		01/01/52		275,000		238,010

3.00% ⁽⁴⁾		03/01/52		200,000		179,805

3.50% ⁽⁴⁾		04/01/52		125,000		116,208

4.00% ⁽⁴⁾		06/01/52		200,000		191,250

4.50% ⁽⁴⁾		07/01/52		225,000		219,964

5.00% ⁽⁴⁾		09/01/52		425,000		422,592

5.50% ⁽⁴⁾		10/01/52		225,000		226,907


Total Residential Mortgage-Backed Securities — Agency

(Cost: $2,389,999)						2,389,199


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 8.6%

ABFC Trust (02-WF2-A2)

6.15% (1 mo. USD LIBOR + 1.125%) ⁽²⁾		05/25/32		15,671		15,489

BNC Mortgage Loan Trust (06-2-A4)

5.34% (1 mo. USD LIBOR + 0.320%) ⁽²⁾		11/25/36		25,972		25,116

CIT Mortgage Loan Trust (07-1-1A)

6.37% (1 mo. USD LIBOR + 1.350%) ⁽²⁾⁽³⁾		10/25/37		23,041		22,966

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

Credit Suisse First Boston Mortgage Securities Corp. (02-AR31-6A1)

4.25% ⁽¹⁾

11/25/32

7,221

6,845

First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C)

6.02% (1 mo. USD LIBOR + 1.000%) ⁽²⁾

08/25/34

8,513

7,928

JPMorgan Mortgage Acquisition Trust (07-CH4-A5)

5.26% (1 mo. USD LIBOR + 0.240%) ⁽²⁾

05/25/37

46,161

45,707

JPMorgan Mortgage Trust (18-8-A3)

4.00% ⁽¹⁾⁽³⁾

01/25/49

43,208

41,014

Morgan Stanley Capital I, Inc. Trust (06-NC2-A2D)

5.60% (1 mo. USD LIBOR + 0.580%) ⁽²⁾

02/25/36

27,151

26,416

New Century Home Equity Loan Trust (05-1-M1)

5.70% (1 mo. USD LIBOR + 0.675%) ⁽²⁾

03/25/35

42,108

41,392

NovaStar Mortgage Funding Trust Series (05-1-M5)

6.10% (1 mo. USD LIBOR + 1.080%) ⁽²⁾

06/25/35

20,221

20,149

Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates (05-2-M5)

6.00% (1 mo. USD LIBOR + 0.975%) ⁽²⁾

04/25/35

51,716

51,282

Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D)

5.56% (1 mo. USD LIBOR + 0.540%)

03/25/37

36,169

34,348

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates (04-WHQ2-M4)

6.60% (1 mo. USD LIBOR + 1.575%) ⁽²⁾

02/25/35

30,862

29,886

PRPM LLC (21-6-A1)

1.79% ⁽³⁾

07/25/26

32,955

30,803

RASC Series Trust (05-EMX1-M1)

5.67% (1 mo. USD LIBOR + 0.645%) ⁽²⁾

03/25/35

20,247

20,076

RASC Series Trust (06-KS3-M1)

5.52% (1 mo. USD LIBOR + 0.330%) ⁽²⁾

04/25/36

28,805

28,099

Residential Accredit Loans, Inc. (02-QS16-A2)

5.57% (1 mo. USD LIBOR + 0.550%) ⁽²⁾⁽⁵⁾

10/25/17

Soundview Home Loan Trust (05-OPT1-M2)

5.70% (1 mo. USD LIBOR + 0.675%) ⁽²⁾

06/25/35

18,033

17,368

Structured Asset Investment Loan Trust (05-11-A3)

5.62% (1 mo. USD LIBOR + 0.600%) ⁽²⁾

01/25/36

13,294

12,758

Structured Asset Investment Loan Trust (05-HE3-M1)

5.74% (1 mo. USD
LIBOR + 0.720%)⁽²⁾

09/25/35

46,518

45,483


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

VOLT XCIV LLC (21-NPL3-A1)

2.24% ⁽³⁾		02/27/51	$	122,173	$	114,284

Wells Fargo Home Equity Asset-Backed Securities Trust (05-4-M3)

5.77% (1 mo. USD LIBOR + 0.750%)⁽²⁾		12/25/35		100,000		97,734


Total Residential Mortgage-Backed Securities — Non-Agency

(Cost: $746,982)						735,179


CORPORATE BONDS — 16.7%

Aerospace & Defense — 0.4%

BAE Systems Holdings, Inc.

3.85% ⁽³⁾		12/15/25		20,000		19,481

Boeing Co. (The)

1.43%		02/04/24		15,000		14,548


						34,029


Agriculture — 0.2%

Imperial Brands Finance PLC

4.25% ⁽³⁾		07/21/25		20,000		19,489


Banks — 9.3%

Bank of America Corp.

1.73% (SOFR + 0.960%)⁽²⁾		07/22/27		100,000		89,695

2.55% (SOFR + 1.050%)⁽²⁾		02/04/28		45,000		41,079

Citigroup, Inc.

1.46% (SOFR + 0.770%)⁽²⁾		06/09/27		40,000		35,923

3.52% (SOFR + 1.413%)⁽²⁾		10/27/28		10,000		9,395

3.67% (SOFR + 1.652%)⁽²⁾		07/24/28		25,000		23,615

Credit Suisse Group AG (Switzerland)

1.31% (SOFR + 0.980%)⁽²⁾⁽³⁾		02/02/27		65,000		55,453

2.59% (SOFR + 1.560%)⁽³⁾		09/11/25		10,000		9,324

3.09% (SOFR + 1.730%)⁽³⁾		05/14/32		10,000		8,074

3.80%		06/09/23		20,000		19,764

DNB Bank ASA (Norway)

0.86% (U.S. 1-year Treasury Constant Maturity Rate + 0.330%)⁽²⁾⁽³⁾		09/30/25		30,000		28,140

Goldman Sachs Group, Inc. (The)

0.93% (SOFR + 0.486%)⁽²⁾		10/21/24		10,000		9,761

1.22%		12/06/23		95,000		92,841

JPMorgan Chase & Co.

0.56% (SOFR + 0.420%)⁽²⁾		02/16/25		55,000		52,827

1.04% (SOFR + 0.695%)⁽²⁾		02/04/27		55,000		49,378

2.07% (SOFR + 1.015%)⁽²⁾		06/01/29		5,000		4,360

Lloyds Banking Group PLC (United Kingdom)

4.72% (U.S. 1 year Treasury Constant Maturity Rate + 1.750%)⁽²⁾		08/11/26		40,000		39,473

Macquarie Group, Ltd. (Australia)

1.20% (SOFR + 0.694%)⁽²⁾⁽³⁾		10/14/25		15,000		14,081

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

April 30, 2023


Issues	Maturity Date			Principal Amount		Value

Banks (Continued)

Morgan Stanley

0.79% (SOFR + 0.525%)⁽²⁾		05/30/25		$	75,000	$	71,022

1.51% (SOFR + 0.858%)⁽²⁾		07/20/27			25,000		22,248

NatWest Group PLC (United Kingdom)

4.52% (3 mo. USD LIBOR + 1.550%)⁽²⁾		06/25/24			25,000		24,928

US Bancorp

4.65% (SOFR + 1.230%)⁽²⁾		02/01/29			20,000		19,458

Wells Fargo & Co.

2.16% (3 mo. USD LIBOR + 0.750%)⁽²⁾		02/11/26			65,000		61,389

3.53% (SOFR + 1.510%)⁽²⁾		03/24/28			15,000		14,198


							796,426


Biotechnology — 0.5%

Amgen, Inc.

5.15%		03/02/28	��		30,000		30,722

Royalty Pharma PLC

0.75%		09/02/23			10,000		9,823


							40,545


Chemicals — 0.2%

International Flavors & Fragrances, Inc.

1.83% ⁽³⁾		10/15/27			20,000		17,072


Commercial Services — 0.3%

Global Payments, Inc.

4.45%		06/01/28			30,000		28,836


Diversified Financial Services — 0.6%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)

4.88%		01/16/24			10,000		9,928

American Express Co.

2.25%		03/04/25			20,000		19,051

Capital One Financial Corp.

1.34% (SOFR + 0.690%)⁽²⁾		12/06/24			20,000		19,346


							48,325


Electric — 0.7%

American Electric Power

2.03%		03/15/24			30,000		29,126

Metropolitan Edison Co.

4.00% ⁽³⁾		04/15/25			30,000		28,956


							58,082


Health Care-Products — 0.6%

Baxter International, Inc.

0.87%		12/01/23			25,000		24,351

Thermo Fisher Scientific, Inc.

1.22%		10/18/24			25,000		23,816


							48,167


Issues	Maturity Date		Principal Amount		Value

Health Care-Services — 0.6%

HCA, Inc.

5.25%		04/15/25	$	10,000	$	10,027

5.25%		06/15/26		40,000		40,141


						50,168


Insurance — 0.7%

Athene Global Funding

5.45% (SOFR + 0.700%)⁽²⁾⁽³⁾		05/24/24		30,000		29,696

Trinity Acquisition PLC

4.63%		08/15/23		35,000		34,895


						64,591


Miscellaneous Manufacturers — 0.1%

General Electric Co.

5.19% (3 mo. USD LIBOR + 0.380%)⁽²⁾		05/05/26		5,000		4,950


Oil & Gas — 0.1%

Petroleos Mexicanos

6.70%		02/16/32		13,000		10,017


Packaging & Containers — 0.3%

Amcor Flexibles North America, Inc.

4.00%		05/17/25		25,000		24,437


Pharmaceuticals — 0.7%

Bayer US Finance II LLC

4.25% ⁽³⁾		12/15/25		30,000		29,424

Bayer US Finance LLC

3.38% ⁽³⁾		07/15/24		10,000		9,779

Becton Dickinson and Co.

3.73%		12/15/24		20,000		19,615


						58,818


REIT — 1.1%

Extra Space Storage LP

5.70%		04/01/28		15,000		15,359

Kilroy Realty LP

3.45%		12/15/24		40,000		38,387

Life Storage LP

3.88%		12/15/27		15,000		14,296

VICI Properties LP / VICI Note Co., Inc.

4.63% ⁽³⁾		06/15/25		10,000		9,735

5.75% ⁽³⁾		02/01/27		20,000		19,885


						97,662


Software — 0.3%

Take-Two Interactive Software, Inc.

3.30%		03/28/24		25,000		24,528


Total Corporate Bonds

(Cost: $1,435,839)						1,426,142

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

MUNICIPAL BONDS — 1.0%
City and County of Denver Co. Airport System Revenue, Revenue Bond

1.12%		11/15/24	$	10,000	$	9,459

City of Baltimore MD, General Obligation Unlimited

5.00%		10/15/25		40,000		40,230

New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bond

2.31%		11/01/26		25,000		23,383
New York State Dormitory Authority, Revenue Bond

5.00%		03/15/24		15,000		14,974


Total Municipal Bonds

(Cost: $96,196)						88,046


U.S. TREASURY SECURITIES — 20.2%

U.S. Treasury Inflation Indexed Bond (TIPS)

1.25%		04/15/28		48,133		48,096

U.S. Treasury Note

3.50%		04/30/28		2,000		2,001

3.63%		03/31/28		11,000		11,060

3.75%		04/15/26		537,000		537,210

3.88%		03/31/25		415,000		413,346

3.88%		04/30/25		717,000		714,847


Total U.S. Treasury Securities

(Cost: $1,726,710)						1,726,560


ASSET-BACKED SECURITIES — 8.1%

AMMC CLO XI, Ltd. (12-11A-A1R2)

6.31% (3 mo. USD LIBOR + 1.010%)⁽²⁾⁽³⁾		04/30/31		45,000		44,491

Apidos CLO XXII (15-22A-A1R)

6.31% (3 mo. USD LIBOR + 1.060%)⁽²⁾⁽³⁾		04/20/31		45,000		44,610

Carvana Auto Receivables Trust (22-P3-A3)

4.61%		11/10/27		50,000		49,087

CoreVest American Finance Trust (19-1-XA) (I/O)

2.46% ⁽¹⁾⁽³⁾		03/15/52		48,680		1,399

Exeter Automobile Receivables Trust (21-1A-D)

1.08%		11/16/26		40,000		37,977

Flatiron CLO 17, Ltd. (17-1A-AR)

5.84% (3 mo. USD LIBOR + 0.980%)⁽²⁾⁽³⁾		05/15/30		22,084		21,908

LCM XXIV, Ltd. (24A-AR)

6.23% (3 mo. USD LIBOR + 0.980%)⁽²⁾⁽³⁾		03/20/30		26,191		25,915

Madison Park Funding XVII, Ltd. (15-17A-AR2)

6.26% (3 mo. USD LIBOR + 1.000%)⁽²⁾⁽³⁾		07/21/30		29,164		28,932

Magnetite XVIII, Ltd. (16-18A-AR2)

5.74% (3 mo. USD LIBOR + 0.880%)⁽²⁾⁽³⁾		11/15/28		86,686		86,009


Issues	Maturity Date		Principal Amount		Value

ASSET-BACKED SECURITIES (Continued)

Navient Private Education Refi Loan Trust (20-BA-A2)

2.12% ⁽³⁾		01/15/69	$	115,276	$	106,106

Navient Private Education Refi Loan Trust (21-BA-A)

0.94% ⁽³⁾		07/15/69		60,775		54,074

Navient Private Education Refi Loan Trust (21-CA-A)

1.06% ⁽³⁾		10/15/69		67,027		58,663

Sofi Professional Loan Program LLC (19-A-A2FX)

3.69% ⁽³⁾		06/15/48		48,980		47,293

Tricon American Homes Trust (17-SFR2-A)

2.93% ⁽³⁾		01/17/36		33,807		33,090

Tricon American Homes Trust (17-SFR2-B)

3.28% ⁽³⁾		01/17/36		39,000		38,209

United States Small Business Administration (05-20B-1)

4.63%		02/01/25		13,176		12,974


Total Asset-backed Securities

(Cost: $713,015)						690,737


U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.5%

Federal Home Loan Banks

5.30%		05/22/24		70,000		69,978

5.37%		05/21/24		100,000		100,001

United States International Development Finance Corp.

1.49%		08/15/31		147,027		132,148


Total U.S. Government Agency Obligations

(Cost: $317,918)						302,127


Total Fixed Income Securities

(Cost: $8,291,108)						8,068,409



			Shares

MONEY MARKET INVESTMENTS — 7.0%

State Street Institutional U.S. Government Money Market Fund — Premier Class,

4.76% ⁽⁶⁾				603,110		603,110


Total Money Market Investments

(Cost: $603,110)						603,110



	Maturity Date		Principal Amount
SHORT TERM INVESTMENTS — 27.4%

U.S. Treasury Securities — 21.0%

U.S. Treasury Bill

4.69% ⁽⁷⁾		07/27/23	$	350,000		345,822

4.66% ⁽⁷⁾		07/20/23		311,000		307,607

4.71% ⁽⁷⁾		08/03/23		60,000		59,211

5.04% ⁽⁷⁾		08/31/23		300,000		295,023

4.66% ⁽⁷⁾		07/20/23		150,000		148,363

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

U.S. Treasury Securities (Continued)

4.75% ⁽⁷⁾		07/18/23	$	400,000	$	395,735

4.75% ⁽⁷⁾		07/18/23		250,000		247,334


Total U.S. Treasury Securities

(Cost: $1,800,011)						1,799,095


U.S. Government Agency Obligations — 6.4%

Federal Home Loan Banks

4.90% ⁽⁷⁾		07/24/23		300,000		296,650

5.05% ⁽⁷⁾		06/21/23		250,000		248,328


Total U.S. Government Agency Obligations

(Cost: $544,922)						544,978


Total Short Term Investments

(Cost: $2,344,933)						2,344,073


Total Investments (128.8%)

(Cost: $11,239,151)						11,015,592

Liabilities In Excess Of Other Assets (-28.8%)						(2,463,142	)


Net Assets (100.0%)					$	8,552,450

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Long Futures
14	2-Year U.S. Treasury Note Futures		06/30/23		2,861,234		$	2,886,297		$	25,063

Short Futures
5	10-Year U.S. Treasury Note Futures		06/21/23		(592,049	)	$	(607,266	)	$	(15,217	)
13	5-Year U.S. Treasury Note Futures		06/30/23		(1,402,193	)		(1,426,648	)		(24,455	)
1	U.S. Ultra Long Bond Futures		06/21/23		(134,372	)		(141,406	)		(7,034	)

				$	(2,128,614	)	$	(2,175,320	)	$	(46,706	)

Notes to the Schedule of Investments:

ABS

Asset-Backed Securities.

CLO

Collateralized Loan Obligation.

I/O

Interest Only Security.

PAC

Planned Amortization Class.

REIT

Real Estate Investment Trust.

SOFR

Secured Overnight Financing Rate.

TBA

To Be Announced.

(1)

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2023.

(3)

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, 2023, the value of these securities amounted to $1,451,560 or 17.0% 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.

(4)

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.

(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, 2023.

(6)

Rate disclosed is the 7-day net yield as of April 30, 2023.

(7)

Rate shown represents yield-to-maturity.

See accompanying Notes to Financial Statements.

TCW Short Term Bond Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
U.S. Treasury Securities		41.2	%
Residential Mortgage-Backed Securities — Agency		27.9
Corporate Bonds		16.7
U.S. Government Agency Obligations		9.9
Residential Mortgage-Backed Securities — Non-Agency		8.6
Asset-Backed Securities		8.1
Money Market Investments		7.0
Commercial Mortgage-Backed Securities — Non-Agency		6.4
Commercial Mortgage-Backed Securities — Agency		2.0
Municipal Bonds		1.0
Other*		(28.8	)

Total		100.0	%

*	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, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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	$	—		$	167,122	$	—	$	167,122
Commercial Mortgage-Backed Securities — Non-Agency		—			543,297		—		543,297
Residential Mortgage-Backed Securities — Agency		—			2,389,199		—		2,389,199
Residential Mortgage-Backed Securities — Non-Agency		—			735,179		—		735,179
Corporate Bonds*		—			1,426,142		—		1,426,142
Municipal Bonds		—			88,046		—		88,046
U.S. Treasury Securities		1,678,464			48,096		—		1,726,560
Asset-Backed Securities		—			690,737		—		690,737
U.S. Government Agency Obligations		—			302,127		—		302,127

Total Fixed Income Securities		1,678,464			6,389,945		—		8,068,409

Money Market Investments		603,110			—		—		603,110
Short-Term Investments		1,799,095			544,978		—		2,344,073

Total Investments	$	4,080,669		$	6,934,923	$	—	$	11,015,592

Asset Derivatives
Futures Contracts
Interest Rate Risk		25,063			—		—		25,063

Total Investments	$	4,105,732		$	6,934,923	$	—	$	11,040,655

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(46,706	)	$	—	$	—	$	(46,706	)

Total	$	(46,706	)	$	—	$	—	$	(46,706	)

*	See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited)

April 30, 2023

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES —121.6% of Net Assets

ASSET-BACKED SECURITIES — 10.0%

321 Henderson Receivables I LLC (13-3A-A)

4.08% ⁽¹⁾

01/17/73

5,275,689

4,865,298

AGL CLO, Ltd. (21-13A-B)

6.90% (3 mo. USD LIBOR + 1.650%)^(1),(2)

10/20/34

9,000,000

8,654,400

Allegro CLO XII, Ltd. (20-1A-A1)

6.51% (3 mo. USD LIBOR + 1.250%)^(1),(2)

01/21/32

10,000,000

9,907,250

Amsr Trust (20-SFR2-E2)

4.28% ⁽¹⁾

07/17/37

7,713,000

7,300,169

Amsr Trust (20-SFR3-F)

3.55% ⁽¹⁾

09/17/37

2,682,000

2,430,432

Amsr Trust (20-SFR3-G)

4.99% ⁽¹⁾

09/17/37

11,402,000

10,657,070

Apidos CLO XXXVII (21-37A-B)

6.87% (3 mo. USD LIBOR + 1.600%) ^(1),(2)

10/22/34

13,795,000

13,223,197

Barings CLO, Ltd. (20-4A-A)

6.47% (3 mo. USD LIBOR + 1.220%) ^(1),(2)

01/20/32

8,500,000

8,418,298

Carvana Auto Receivables Trust (21-N2-R)

0.00% ^(1),(3)

03/10/28

14,800

3,534,108

Carvana Auto Receivables Trust (21-N3-R)

0.00% ^(1),(3)

06/12/28

25,650

5,759,954

CIFC Funding, Ltd. (22-2A-INCB)

1.00% ^(1),(4)

04/19/35

3,300,000

2,523,546

Cologix Data Centers US Issuer LLC (21-1A-A2)

3.30% ⁽¹⁾

12/26/51

12,065,000

10,938,198

CoreVest American Finance Trust (20-1-XA) (I/O)

2.75% ^(1),(4)

03/15/50

34,778,430

2,323,895

CoreVest American Finance Trust (20-1-XB) (I/O)

2.22% ^(1),(4)

03/15/50

38,948,500

3,916,669

CoreVest American Finance Trust (20-4-XA) (I/O)

4.02% ^(1),(4)

12/15/52

46,963,114

3,893,421

CoreVest American Finance Trust (20-4-XB) (I/O)

2.98% ^(1),(4)

12/15/52

27,500,000

2,367,896

CoreVest American Finance Trust (21-1-XA) (I/O)

3.09% ^(1),(4)

04/15/53

69,272,452

5,304,732

Dryden CLO, Ltd. (20-83A-A)

6.48% (3 mo. USD LIBOR + 1.220%) ^(1),(2)

01/18/32

8,000,000

7,924,176

EFS Volunteer No 2 LLC (12-1-A2)

6.37% (1 mo. USD LIBOR + 1.350%) ^(1),(2)

03/25/36

2,651,713

2,651,661

FirstKey Homes Trust (21-SFR3-E1)

2.99% ⁽¹⁾

12/17/38

5,500,000

4,844,661

Flexential Issuer 2021-1 (21-1A-A2)

3.25% ⁽¹⁾

11/27/51

10,950,000

9,862,876

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

GCI Funding I LLC (21-1-A)

2.38% ⁽¹⁾

06/18/46

23,103,471

20,052,768

Global SC Finance II SRL (14-1A-A2)

3.09% ⁽¹⁾

07/17/29

2,043,443

1,975,920

Higher Education Funding I (14-1-A)

6.01% (3 mo. USD LIBOR + 1.050%) ^(1),(2)

05/25/34

599

HOA Funding LLC (21-1A-A2)

4.72% ⁽¹⁾

08/20/51

12,090,875

9,809,739

HPS Loan Management, Ltd. (0A-16-A2RR)

6.90% (3 mo. USD LIBOR + 1.650%) ^(1),(2)

04/20/34

20,000,000

19,202,760

Lucali CLO, Ltd. (20-1A-A)

6.47% (3 mo. USD LIBOR + 1.210%) ^(1),(2)

01/15/33

8,000,000

7,917,896

Madison Park Funding XXXVIII, Ltd. (21-38A-B)

6.91% (3 mo. USD LIBOR + 1.650%) ^(1),(2)

07/17/34

10,000,000

9,694,000

Neuberger Berman Loan Advisers CLO, Ltd. (20-36A-A1R)

6.50% (3 mo. USD LIBOR + 1.250%) ^(1),(2)

04/20/33

9,750,000

9,639,435

OHA Credit Funding 3, Ltd. (19-3A-BR)

6.90% (3 mo. USD LIBOR + 1.650%) ^(1),(2)

07/02/35

13,000,000

12,582,700

OHA Credit Funding, Ltd. (21-9A-B)

6.97% (3 mo. USD LIBOR + 1.700%) ^(1),(2)

07/19/35

17,500,000

16,976,750

Park Avenue Institutional Advisers CLO, Ltd. (21-1A-A1A)

6.64% (3 mo. USD LIBOR + 1.390%) ^(1),(2)

01/20/34

11,000,000

10,843,250

Progress Residential Trust (19-SFR3-E)

3.37% ⁽¹⁾

09/17/36

8,681,000

8,296,028

Progress Residential Trust (20-SFR2-F)

6.15% ⁽¹⁾

06/17/37

9,332,000

9,050,792

Progress Residential Trust (20-SFR3-F)

2.80% ⁽¹⁾

10/17/27

3,299,000

2,976,629

Progress Residential Trust (21-SFR1-H)

5.00% ⁽¹⁾

04/17/38

4,890,000

4,239,374

Progress Residential Trust (21-SFR11-F)

4.42% ⁽¹⁾

01/17/39

2,874,000

2,429,387

Progress Residential Trust (21-SFR2-G)

4.25% ⁽¹⁾

04/19/38

8,369,000

7,333,092

Progress Residential Trust (21-SFR7-F)

3.83% ⁽¹⁾

08/17/40

7,500,000

6,254,634

Sixth Street CLO XVII, Ltd. (21-17A-A)

6.49% (3 mo. USD LIBOR + 1.240%)⁽¹⁾

01/20/34

8,000,000

7,859,760

Total Asset-backed Securities

(Cost: $327,394,670)

298,437,420

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 —
AGENCY — 0.4%

Freddie Mac Multifamily Structured Pass-Through Certificates (K038-X3) (I/O)

2.57% ⁽⁴⁾

06/25/42

78,039,937

1,675,240

Freddie Mac Multifamily Structured Pass-Through Certificates (K040-X3) (I/O)

2.11% ⁽⁴⁾

11/25/42

77,991,835

2,111,356

Freddie Mac Multifamily Structured Pass-Through Certificates (K042-X3) (I/O)

1.66% ⁽⁴⁾

01/25/43

76,625,000

1,812,768

Freddie Mac Multifamily Structured Pass-Through Certificates (K045-X3) (I/O)

1.56% ⁽⁴⁾

04/25/43

126,630,757

3,157,952

Freddie Mac Multifamily Structured Pass-Through Certificates (K046-X3) (I/O)

1.56% ⁽⁴⁾

04/25/43

94,964,072

2,581,152

Total Commercial Mortgage-Backed Securities — Agency

(Cost: $35,285,763)

11,338,468

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 8.8%

1345 Avenue of the Americas & Park Avenue Plaza Trust (05-1-A3)

5.28% ⁽¹⁾

08/10/35

9,834,081

9,534,022

Arbor Realty Commercial Real Estate Note, Ltd. (21-FL4-AS)

6.65% (1 mo. USD LIBOR + 1.700%) ^(1),(2)

11/15/36

11,800,000

11,561,692

BAMLL Commercial Mortgage Securities Trust (20-BOC-A)

2.63% ⁽¹⁾

01/15/32

14,275,000

12,549,428

BDS, Ltd. (20-FL5-A)

6.16% (SOFR + 1.264%) ^(1),(2)

02/16/37

5,794,606

5,702,864

Benchmark Mortgage Trust (19-B14-225C)

3.40% ^(1),(4)

12/15/62

8,734,000

6,651,827

Benchmark Mortgage Trust (19-B14-225D)

3.40% ^(1),(4)

12/15/62

20,303,000

14,209,668

BFLD Trust (20-OBRK-A)

7.05% (SOFR + 2.164%) ^(1),(2)

11/15/28

17,940,000

17,832,664

BPR Trust (21-WILL-A)

6.70% (1 mo. USD LIBOR + 1.750%) ^(1),(2)

06/15/38

4,721,277

4,561,553

BX Commercial Mortgage Trust (20-VIV4-A)

2.84% ⁽¹⁾

03/09/44

15,285,000

12,935,164

BX Trust (19-OC11-A)

3.20% ⁽¹⁾

12/09/41

8,270,000

7,236,891

CAMB Commercial Mortgage Trust (19-LIFE-D)

6.70% (1 mo. USD LIBOR + 1.750%) ^(1),(2)

12/15/37

14,425,000

14,086,017


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Capital Funding Multifamily Mortgage Trust (22-PM01-A)

7.11% (SOFR + 2.310%) ^(1),(2)		02/27/25	$	10,000,000	$	9,924,921

Credit Suisse Mortgage Trust (21-BPNY-A)

8.66% (1 mo. USD LIBOR + 3.714%) ^(1),(2)		08/15/23		19,780,000		18,446,458

DBGS Mortgage Trust (18-BIOD-E)

6.65% (1 mo. USD LIBOR + 1.700%) ^(1),(2)		05/15/35		9,137,627		8,839,271

DBWF Mortgage Trust (16-85T-A)

3.79% ⁽¹⁾		12/10/36		6,385,000		5,801,189

European Loan Conduit Euro (36A-E)

6.03% (3 mo. EURIBOR + 3.350%) ^(1),(2)		02/17/30		9,134,012		9,441,351

Grace Trust (20-GRCE-A)

2.35% ⁽¹⁾		12/10/40		10,000,000		7,881,797

Houston Galleria Mall Trust (15-HGLR-D)

3.98% ⁽¹⁾		03/05/37		9,500,000		8,496,551

JPMorgan Chase Commercial Mortgage Securities Trust (19-OSB-A)

3.40% ⁽¹⁾		06/05/39		6,865,000		6,126,443

Life Mortgage Trust (21-BMR-G)

7.95% (SOFR + 3.064%) ^(1),(2)		03/15/38		21,126,977		19,708,037

MFT Trust (20-ABC-D)

3.59% ^(1),(4)		02/10/42		1,973,000		1,240,607

Morgan Stanley Capital I Trust (18-MP-A)

4.42% ^(1),(4)		07/11/40		4,635,000		3,856,316

Morgan Stanley Capital I Trust (20-CNP-A)

2.51% ^(1),(4)		04/05/42		18,000,000		14,151,357

One Bryant Park Trust (19-OBP-A)

2.52% ⁽¹⁾		09/15/54		6,870,000		5,740,787

SFAVE Commercial Mortgage Securities Trust (15-5AVE-A2A)

3.66% ^(1),(4)		01/05/43		20,935,000		15,248,648

SLG Office Trust (21-OVA-G)

2.85% ⁽¹⁾		07/15/41		16,460,000		9,981,810


Total Commercial Mortgage-Backed Securities — Non-Agency

(Cost: $305,789,746)						261,747,333


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 63.8%

Fannie Mae, Pool #MA4152

2.00%		10/01/40		49,633,617		42,692,571

Fannie Mae , Pool #BM5979

3.50%		09/01/45		6,146,207		5,843,250

Fannie Mae , Pool #FM2342

3.50%		12/01/46		3,718,670		3,536,854

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae (01-40-Z)

6.00%		08/25/31	$	53,534	$	54,441

Fannie Mae (03-117-TG) (PAC)

4.75%		08/25/33		88,505		88,193

Fannie Mae (04-52-SW) (I/O) (I/F)

2.08% (-1 x 1 mo. USD LIBOR + 7.100%) ⁽²⁾		07/25/34		300,829		8,599

Fannie Mae (04-65-LT)

4.50%		08/25/24		87,071		86,051

Fannie Mae (04-68-LC)

5.00%		09/25/29		593,307		594,743

Fannie Mae (05-74-CP) (I/F) (PAC)

6.34% (-1 x 1 mo. USD LIBOR + 24.750%) ⁽²⁾		05/25/35		46,660		47,414

Fannie Mae (07-103-AI) (I/O) (I/F)

1.48% (-1 x 1 mo. USD LIBOR + 6.500%) ⁽²⁾		03/25/37		2,409,736		171,541

Fannie Mae (07-20-SI) (I/O) (I/F)

1.43% (-1 x 1 mo. USD LIBOR + 6.450%) ⁽²⁾		03/25/37		592,462		49,830

Fannie Mae (07-21-SE) (I/O) (I/F)

1.42% (-1 x 1 mo. USD LIBOR + 6.440%) ⁽²⁾		03/25/37		365,610		29,196

Fannie Mae (07-56-SG) (I/O) (I/F)

1.39% (-1 x 1 mo. USD LIBOR + 6.410%) ⁽²⁾		06/25/37		509,606		18,303

Fannie Mae (07-58-SV) (I/O) (I/F)

1.73% (-1 x 1 mo. USD LIBOR + 6.750%) ⁽²⁾		06/25/37		2,651,119		205,004

Fannie Mae (07-65-S) (I/O) (I/F)

1.58% (-1 x 1 mo. USD LIBOR + 6.600%) ⁽²⁾		07/25/37		296,935		19,439

Fannie Mae (07-88-FY)

5.48% (1 mo. USD LIBOR + 0.460%) ⁽²⁾		09/25/37		308,332		302,424

Fannie Mae (07-B2-ZA)

5.50%		06/25/37		5,097,603		5,257,653

Fannie Mae (08-1-AI) (I/O) (I/F)

1.23% (-1 x 1 mo. USD LIBOR + 6.250%) ⁽²⁾		05/25/37		2,045,632		108,931

Fannie Mae (08-13-SB) (I/O) (I/F)

1.22% (-1 x 1 mo. USD LIBOR + 6.240%) ⁽²⁾		03/25/38		2,253,146		254,568

Fannie Mae (08-23-SB) (I/O) (I/F)

1.83% (-1 x 1 mo. USD LIBOR + 6.850%) ⁽²⁾		04/25/38		2,800,801		162,641

Fannie Mae (08-35-SD) (I/O) (I/F)

1.43% (-1 x 1 mo. USD LIBOR + 6.450%) ⁽²⁾		05/25/38		221,559		2,638


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae (08-66-SG) (I/O) (I/F)

1.05% (-1 x 1 mo. USD LIBOR + 6.070%) ⁽²⁾		08/25/38	$	4,825,928	$	482,040

Fannie Mae (08-68-SA) (I/O) (I/F)

0.95% (-1 x 1 mo. USD LIBOR + 5.970%) ⁽²⁾		08/25/38		1,619,677		60,547

Fannie Mae (09-3-SH) (I/O) (I/F)

0.43% (-1 x 1 mo. USD LIBOR + 5.450%) ⁽²⁾		06/25/37		528,793		32,268

Fannie Mae (09-47-SV) (I/O) (I/F)

1.73% (-1 x 1 mo. USD LIBOR + 6.750%) ⁽²⁾		07/25/39		320,924		14,688

Fannie Mae (09-51-SA) (I/O) (I/F)

1.73% (-1 x 1 mo. USD LIBOR + 6.750%) ⁽²⁾		07/25/39		1,809,874		121,039

Fannie Mae (09-6-SD) (I/O) (I/F)

0.53% (-1 x 1 mo. USD LIBOR + 5.550%) ⁽²⁾		02/25/39		474,738		21,125

Fannie Mae (09-68-KB)

4.00%		09/25/24		362,287		358,645

Fannie Mae (09-71-LB)

4.00%		09/25/29		3,960,846		3,921,146

Fannie Mae (09-72-AC)

4.00%		09/25/29		5,150,738		5,080,532

Fannie Mae (09-72-JS) (I/O) (I/F)

2.23% (-1 x 1 mo. USD LIBOR + 7.250%) ⁽²⁾		09/25/39		334,445		44,706

Fannie Mae (10-136-CX) (PAC)

4.00%		08/25/39		1,234,743		1,226,317

Fannie Mae (11-111-DB)

4.00%		11/25/41		7,205,676		7,026,003

Fannie Mae (12-128-UY) (PAC)

2.50%		11/25/42		11,738,000		10,262,098

Fannie Mae (12-133-GC) (PAC)

2.50%		08/25/41		4,587,494		4,395,215

Fannie Mae (12-153-PC) (PAC)

2.00%		05/25/42		1,237,115		1,169,271

Fannie Mae (13-101-BO) (P/O)

0.00% ⁽⁵⁾		10/25/43		3,128,143		2,391,486

Fannie Mae (13-101-CO) (P/O)

0.00% ⁽⁵⁾		10/25/43		6,790,793		5,302,247

Fannie Mae (13-95-PN) (PAC)

3.00%		01/25/43		17,188,707		16,163,675

Fannie Mae (16-106-EF)

5.52% (1 mo. USD LIBOR + 0.500%) ⁽²⁾		01/25/47		11,266,932		11,042,003

Fannie Mae (16-63-AF)

5.52% (1 mo. USD LIBOR + 0.500%) ⁽²⁾		09/25/46		7,014,881		6,874,001

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 — AGENCY (Continued)

Fannie Mae (18-25-FA)

5.32% (1 mo. USD LIBOR + 0.300%) ⁽²⁾		04/25/48	$	13,141,748	$	12,731,835

Fannie Mae (18-52-PZ) (PAC)

4.00%		07/25/48		1,719,690		1,683,750

Fannie Mae (18-55-PA) (PAC)

3.50%		01/25/47		2,012,164		1,950,052

Fannie Mae (19-57-LT)

2.50%		10/25/49		7,593,934		6,731,703

Fannie Mae (20-10-FA)

5.52% (1 mo. USD LIBOR + 0.500%) ⁽²⁾		03/25/50		6,185,257		6,064,693

Fannie Mae (20-12-FL)

5.47% (1 mo. USD LIBOR + 0.450%) ⁽²⁾		03/25/50		15,627,177		15,230,117

Fannie Mae (93-202-SZ) (I/F) (PAC)

10.00% (-U.S. (Fed) Prime Rate + 44.286%) ⁽²⁾		11/25/23		1,885		1,883

Fannie Mae (95-21-C) (P/O)

0.00% ⁽⁵⁾		05/25/24		22,437		21,956

Fannie Mae, Pool #257536

5.00%		01/01/29		476,177		483,085

Fannie Mae, Pool #310033

6.00%		07/01/47		369,025		387,838

Fannie Mae, Pool #555424

5.50%		05/01/33		1,295,332		1,339,738

Fannie Mae, Pool #661856

3.87% (12 mo. USD LIBOR + 1.623%) ⁽²⁾		10/01/32		19,381		19,152

Fannie Mae, Pool #671133

3.66% (6 mo. USD LIBOR + 1.413%) ⁽²⁾		02/01/33		55,803		55,670

Fannie Mae, Pool #687847

4.18% (12 mo. USD LIBOR + 1.558%) ⁽²⁾		02/01/33		9,713		9,557

Fannie Mae, Pool #692104

3.79% (6 mo. USD LIBOR + 1.413%) ⁽²⁾		02/01/33		306,164		305,212

Fannie Mae, Pool #699866

3.53% (12 mo. USD LIBOR + 1.565%) ⁽²⁾		04/01/33		117,444		115,740

Fannie Mae, Pool #704454

3.08% (12 mo. USD LIBOR + 1.681%) ⁽²⁾		05/01/33		17,569		17,412

Fannie Mae, Pool #728824

3.87% (12 mo. USD LIBOR + 1.621%) ⁽²⁾		07/01/33		44,703		43,837

Fannie Mae, Pool #734384

5.50%		07/01/33		168,541		170,465


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae, Pool #888593

7.00%		06/01/37	$	163,824	$	179,542

Fannie Mae, Pool #934103

5.00%		07/01/38		132,229		130,664

Fannie Mae, Pool #979563

5.00%		04/01/28		228,471		228,437

Fannie Mae, Pool #995040

5.00%		06/01/23		1,164		1,169

Fannie Mae, Pool #995425

6.00%		01/01/24		18,882		18,839

Fannie Mae, Pool #995573

6.00%		01/01/49		962,019		986,242

Fannie Mae, Pool #995953

6.00%		11/01/28		1,197,207		1,220,314

Fannie Mae, Pool #995954

6.00%		03/01/29		671,009		683,960

Fannie Mae, Pool #AA3303

5.50%		06/01/38		1,799,026		1,872,193

Fannie Mae, Pool #AB6210

3.00%		09/01/42		18,392,577		16,949,976

Fannie Mae, Pool #AE0588

6.00%		08/01/37		3,071,136		3,190,050

Fannie Mae, Pool #AL0851

6.00%		10/01/40		1,960,506		2,081,832

Fannie Mae, Pool #AL1594

6.00%		07/01/40		1,575,894		1,673,418

Fannie Mae, Pool #AL9106

4.50%		02/01/46		7,641,927		7,643,397

Fannie Mae, Pool #AS7241

3.50%		05/01/46		6,137,246		5,834,366

Fannie Mae, Pool #AS9454

4.00%		04/01/47		766,260		744,056

Fannie Mae, Pool #BN4316

4.00%		01/01/49		128,781		126,340

Fannie Mae, Pool #BN6264

4.00%		04/01/49		2,637,654		2,582,636

Fannie Mae, Pool #BQ6913

2.00%		12/01/51		21,377,897		17,786,805

Fannie Mae, Pool #BQ7056

2.00%		01/01/52		46,193,650		38,419,534

Fannie Mae, Pool #BU7102

2.50%		12/01/51		11,535,699		10,005,640

Fannie Mae, Pool #BV4119

2.50%		03/01/52		16,201,532		14,051,052

Fannie Mae, Pool #BV7761

2.50%		03/01/52		13,611,136		11,809,398

Fannie Mae, Pool #BV8459

3.00%		04/01/52		19,061,623		17,129,245

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Fannie Mae, Pool #BV8463

2.50%		04/01/52	$	25,815,986	$	22,380,697

Fannie Mae, Pool #BV8464

3.00%		04/01/52		19,738,462		17,736,070

Fannie Mae, Pool #BV8515

3.00%		05/01/52		28,444,851		25,557,006

Fannie Mae, Pool #BW1194

4.00%		09/01/52		1,581,067		1,510,662

Fannie Mae, Pool #CA1540

4.00%		04/01/48		11,870,348		11,582,308

Fannie Mae, Pool #CA1710

4.50%		05/01/48		5,422,385		5,383,543

Fannie Mae, Pool #CA1711

4.50%		05/01/48		5,100,097		5,063,564

Fannie Mae, Pool #CA2208

4.50%		08/01/48		5,311,521		5,273,473

Fannie Mae, Pool #CB2852

2.00%		11/01/51		18,760,045		15,608,704

Fannie Mae, Pool #CB3151

2.00%		03/01/52		43,190,289		35,921,620

Fannie Mae, Pool #FM9515

2.50%		11/01/51		20,991,284		18,183,500

Fannie Mae, Pool #FS0139

2.50%		01/01/52		28,570,680		24,871,643

Fannie Mae, Pool #FS1598

2.00%		04/01/52		31,248,277		25,974,976

Fannie Mae, Pool #MA1561

3.00%		09/01/33		16,757,230		16,021,489

Fannie Mae, Pool #MA1584

3.50%		09/01/33		10,776,308		10,480,405

Fannie Mae, Pool #MA2995

4.00%		05/01/47		3,217,505		3,127,364

Fannie Mae, Pool #MA4579

3.00%		04/01/52		35,769,780		32,153,077

Freddie Mac (4896-DA)

3.00%		01/15/49		1,459,246		1,362,856

Freddie Mac (4648-FA)

5.45% (1 mo. USD LIBOR + 0.500%)⁽²⁾		01/15/47		6,304,593		6,178,074

Freddie Mac (4929-FB)

5.47% (1 mo. USD LIBOR + 0.450%)⁽²⁾		09/25/49		13,373,775		13,062,458

Freddie Mac (1829-ZB)

6.50%		03/15/26		5,295		5,307

Freddie Mac (2367-ZK)

6.00%		10/15/31		44,941		46,300

Freddie Mac (2514-PZ) (PAC)

5.50%		10/15/32		881,486		911,122


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac (2571-PZ) (PAC)

5.50%		02/15/33	$	2,071,516	$	2,137,909

Freddie Mac (2642-AR)

4.50%		07/15/23		5,540		5,530

Freddie Mac (2647-OV) (P/O)

0.00%⁽⁵⁾		07/15/33		479,818		372,613

Freddie Mac (2662-MT) (TAC)

4.50%		08/15/33		556,152		553,631

Freddie Mac (2666-BD)

4.50%		08/15/23		19,450		19,404

Freddie Mac (2700-B)

4.50%		11/15/23		39,139		38,904

Freddie Mac (277-30)

3.00%		09/15/42		9,177,857		8,514,103

Freddie Mac (2903-PO) (P/O)

0.00%⁽⁵⁾		11/15/23		10,524		10,438

Freddie Mac (3045-HZ)

4.50%		10/15/35		612,168		585,017

Freddie Mac (3063-YG) (PAC)

5.50%		11/15/35		9,183,575		9,394,138

Freddie Mac (3114-KZ)

5.00%		02/15/36		6,874,002		6,979,200

Freddie Mac (3146-GE)

5.50%		04/15/26		932,414		928,901

Freddie Mac (3149-OD) (P/O) (PAC)

0.00%⁽⁵⁾		05/15/36		2,336,351		1,931,371

Freddie Mac (3315-S) (I/O) (I/F)

1.46% (-1 x 1 mo. USD LIBOR + 6.410%)⁽²⁾		05/15/37		370,775		32,655

Freddie Mac (3376-SX) (I/O) (I/F)

1.09% (-1 x 1 mo. USD LIBOR + 6.040%)⁽²⁾		10/15/37		1,411,401		86,711

Freddie Mac (3410-IS) (I/O) (I/F)

1.32% (-1 x 1 mo. USD LIBOR + 6.270%)⁽²⁾		02/15/38		1,869,994		119,488

Freddie Mac (3424-BI) (I/O) (I/F)

1.85% (-1 x 1 mo. USD LIBOR + 6.800%)⁽²⁾		04/15/38		2,276,242		286,793

Freddie Mac (3519-SH) (I/O) (I/F)

0.55% (-1 x 1 mo. USD LIBOR + 5.500%)⁽²⁾		07/15/37		144,160		12,392

Freddie Mac (3531-SC) (I/O) (I/F)

1.35% (-1 x 1 mo. USD LIBOR + 6.300%)⁽²⁾		05/15/39		2,876,840		68,884

Freddie Mac (3541-SA) (I/O) (I/F)

1.80% (-1 x 1 mo. USD LIBOR + 6.750%)⁽²⁾		06/15/39		1,032,317		119,564

Freddie Mac (3550-GS) (I/O) (I/F)

1.80% (-1 x 1 mo. USD LIBOR + 6.750%)⁽²⁾		07/15/39		2,661,273		313,509

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 (3551-VZ)

5.50%		12/15/32	$	1,027,332	$	1,045,105

Freddie Mac (3557-KB)

4.50%		07/15/29		1,783,943		1,774,485

Freddie Mac (3557-NB)

4.50%		07/15/29		4,108,953		4,116,492

Freddie Mac (3558-KB)

4.00%		08/15/29		1,892,237		1,875,360

Freddie Mac (3565-XB)

4.00%		08/15/24		753,663		746,522

Freddie Mac (3575-D)

4.50%		03/15/37		236,383		235,862

Freddie Mac (3788-SB) (I/O) (I/F)

1.53% (-1 x 1 mo. USD LIBOR + 6.480%) ⁽²⁾		01/15/41		3,796,838		504,390

Freddie Mac (3885-PO) (P/O) (PAC)

0.00% ⁽⁵⁾		11/15/33		839,815		711,947

Freddie Mac (3930-KE) (PAC)

4.00%		09/15/41		10,470,000		10,286,080

Freddie Mac (4030-HS) (I/O) (I/F)

1.66% (-1 x 1 mo. USD LIBOR + 6.610%) ⁽²⁾		04/15/42		1,418,516		156,876

Freddie Mac (4604-PB) (PAC)

3.00%		01/15/46		2,201,517		2,025,365

Freddie Mac (4846-PA)

4.00%		06/15/47		613,273		604,723

Freddie Mac (5210-LB)

3.00%		08/25/50		16,601,979		13,401,036

Freddie Mac (R002-ZA)

5.50%		06/15/35		1,984,139		2,054,699

Freddie Mac, Pool #A91162

5.00%		02/01/40		9,821,554		10,066,739

Freddie Mac, Pool #A92195

5.00%		05/01/40		2,429,307		2,479,972

Freddie Mac, Pool #G01959

5.00%		12/01/35		48,934		49,916

Freddie Mac, Pool #G06173

4.00%		11/01/40		11,647,366		11,538,572

Freddie Mac, Pool #G07556

4.00%		11/01/43		3,589,883		3,547,421

Freddie Mac, Pool #G07786

4.00%		08/01/44		11,996,356		11,792,558

Freddie Mac, Pool #G07848

3.50%		04/01/44		31,772,598		30,326,104

Freddie Mac, Pool #G08710

3.00%		06/01/46		988,593		907,002

Freddie Mac, Pool #G08833

5.00%		07/01/48		2,359,139		2,382,480


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Freddie Mac, Pool #G08840

5.00%		08/01/48	$	384,606	$	388,990

Freddie Mac, Pool #G08843

4.50%		10/01/48		3,340,483		3,315,894

Freddie Mac, Pool #G08848

4.50%		11/01/48		1,585,615		1,578,888

Freddie Mac, Pool #G08849

5.00%		11/01/48		2,938,450		2,970,538

Freddie Mac, Pool #G13390

6.00%		01/01/24		1,174		1,171

Freddie Mac, Pool #G16085

2.50%		02/01/32		2,915,553		2,757,915

Freddie Mac, Pool #G16598

2.50%		12/01/31		2,615,148		2,476,420

Freddie Mac, Pool #G30450

6.00%		01/01/29		478,982		488,645

Freddie Mac, Pool #G30452

6.00%		10/01/28		451,583		460,692

Freddie Mac, Pool #G30454

5.00%		05/01/29		500,120		507,891

Freddie Mac, Pool #G60238

3.50%		10/01/45		3,355,650		3,182,079

Freddie Mac, Pool #G60440

3.50%		03/01/46		23,894,932		22,658,939

Freddie Mac, Pool #G67707

3.50%		01/01/48		13,082,271		12,455,063

Freddie Mac, Pool #G67709

3.50%		03/01/48		19,259,156		18,298,096

Freddie Mac, Pool #G67717

4.00%		11/01/48		27,563,730		26,923,194

Freddie Mac, Pool #N70081

5.50%		07/01/38		1,484,776		1,489,331

Freddie Mac, Pool #P51350

5.00%		03/01/36		1,362,309		1,385,415

Freddie Mac, Pool #QE0312

2.00%		04/01/52		11,926,360		9,913,567

Freddie Mac, Pool #SD7513

3.50%		04/01/50		14,520,250		13,785,985

Freddie Mac, Pool #SD8194

2.50%		02/01/52		18,735,401		16,212,912

Freddie Mac, Pool #SD8199

2.00%		03/01/52		7,601,171		6,318,333

Freddie Mac, Pool #ZT1491

3.50%		11/01/48		7,989,033		7,562,310

Ginnie Mae (11-70-BO) (P/O)

0.00% ⁽⁵⁾		05/20/41		3,653,559		2,899,776

Ginnie Mae (15-42-ZB)

3.00%		03/20/45		20,326,711		18,342,877

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Ginnie Mae (15-43-DM)

2.50%		03/20/45	$	18,146,100	$	16,294,184

Ginnie Mae (15-44-Z)

3.00%		03/20/45		13,755,266		12,196,905

Ginnie Mae II, Pool #80963

2.63% (U.S. 1-year Treasury Constant Maturity Rate + 1.500%) ⁽²⁾		07/20/34		58,654		57,136

Ginnie Mae II, Pool #MA2374

5.00%		11/20/44		198,111		204,368

Ginnie Mae II, Pool #MA2828

4.50%		05/20/45		143,999		145,099

Ginnie Mae II, Pool #MA3456

4.50%		02/20/46		753,789		759,550

Ginnie Mae II, Pool #MA3521

3.50%		03/20/46		18,659,486		17,834,613

Ginnie Mae II, Pool #MA3662

3.00%		05/20/46		5,507,443		5,112,462

Ginnie Mae II, Pool #MA3663

3.50%		05/20/46		8,947,588		8,549,249

Ginnie Mae II, Pool #MA3665

4.50%		05/20/46		1,221,566		1,224,953

Ginnie Mae II, Pool #MA3735

3.00%		06/20/46		69,724		64,832

Ginnie Mae II, Pool #MA3739

5.00%		06/20/46		2,468,941		2,541,674

Ginnie Mae II, Pool #MA3876

4.50%		08/20/46		76,541		76,753

Ginnie Mae II, Pool #MA3877

5.00%		08/20/46		1,042,545		1,074,498

Ginnie Mae II, Pool #MA4006

4.50%		10/20/46		35,982		36,082

Ginnie Mae II, Pool #MA4007

5.00%		10/20/46		2,153,958		2,217,490

Ginnie Mae II, Pool #MA4071

4.50%		11/20/46		154,074		155,043

Ginnie Mae II, Pool #MA4129

4.50%		12/20/46		55,025		55,285

Ginnie Mae II, Pool #MA4199

5.00%		01/20/47		2,215,324		2,280,760

Ginnie Mae II, Pool #MA4264

4.50%		02/20/47		5,545,800		5,555,153

Ginnie Mae II, Pool #MA4265

5.00%		02/20/47		1,851,143		1,897,809

Ginnie Mae II, Pool #MA4324

5.00%		03/20/47		2,097,539		2,150,720

Ginnie Mae II, Pool #MA4385

5.00%		04/20/47		422,634		431,152


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Ginnie Mae II, Pool #MA4454

5.00%		05/20/47	$	327,937	$	334,444

Ginnie Mae II, Pool #MA4513

5.00%		06/20/47		1,209,796		1,224,229

Ginnie Mae II, Pool #MA4781

5.00%		10/20/47		1,296,831		1,322,157

Ginnie Mae II, Pool #MA4836

3.00%		11/20/47		7,226,629		6,692,544

Ginnie Mae II, Pool #MA4838

4.00%		11/20/47		6,901,405		6,735,271

Ginnie Mae II, Pool #MA4900

3.50%		12/20/47		5,155,796		4,911,764

Ginnie Mae II, Pool #MA4901

4.00%		12/20/47		471,092		459,752

Ginnie Mae II, Pool #MA5467

4.50%		09/20/48		437,683		435,477

Ginnie Mae II, Pool #MA6080

3.00%		08/20/49		193,372		172,433

Ginnie Mae II, Pool #MA6209

3.00%		10/20/49		2,875,834		2,564,438

Ginnie Mae II TBA, 30 Year

2.50% ⁽⁶⁾		01/01/52		110,825,000		98,124,388

5.00% ⁽⁶⁾		10/01/52		7,425,000		7,393,006

4.50% ⁽⁶⁾		08/01/52		15,675,000		15,371,447

Uniform Mortgage-Backed Securities TBA, 30-Year

2.00% ⁽⁶⁾		12/01/51		125,875,000		104,660,505

2.50% ⁽⁶⁾		01/01/52		139,725,000		120,930,870

3.00% ⁽⁶⁾		03/01/52		43,675,000		39,264,860

3.50% ⁽⁶⁾		04/01/52		18,000,000		16,733,981

4.00% ⁽⁶⁾		06/01/52		120,225,000		114,965,156

4.50% ⁽⁶⁾		07/01/52		119,475,000		116,800,813

5.00% ⁽⁶⁾		09/01/52		134,750,000		133,986,675

5.50% ⁽⁶⁾		10/01/52		64,600,000		65,147,384


Total Residential Mortgage-Backed Securities — Agency

(Cost: $1,957,989,883)						1,897,295,500


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 35.0%

ACE Securities Corp. (07-ASP1-A2C)

5.54% (1 mo. USD LIBOR + 0.520%) ⁽²⁾		03/25/37		10,816,784		4,720,878

ACE Securities Corp. (07-ASP1-A2D)

5.78% (1 mo. USD LIBOR + 0.760%) ⁽²⁾		03/25/37		5,813,906		2,537,148

ACE Securities Corp. (07-HE1-A1)

5.32% (1 mo. USD LIBOR + 0.300%) ⁽²⁾		01/25/37		27,174,732		14,817,937

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)

Argent Securities Trust (06-M1-A2C)

5.32% (1 mo. USD LIBOR + 0.300%) ⁽²⁾		07/25/36	$	45,962,809	$	12,510,111

Argent Securities Trust (06-W4-A2C)

5.34% (1 mo. USD LIBOR + 0.320%) ⁽²⁾		05/25/36		17,054,360		4,270,760

Argent Securities, Inc. Asset-Backed Pass-Through Certificates (05-W3-M2)

5.71% (1 mo. USD LIBOR + 0.690%) ⁽²⁾		11/25/35		29,183,398		24,480,207

Asset-Backed Funding Certificates (07-WMC1-A2A)

5.77% (1 mo. USD LIBOR + 0.750%) ⁽²⁾		06/25/37		9,489,675		7,367,819

Banc of America Funding Corp. (04-B-3A1)

3.43% ^(4),(7)		12/20/34		144,703		117,630

Banc of America Funding Corp. (06-D-2A1)

3.50% ^(4),(7)		05/20/36		46,764		40,469

Banc of America Funding Corp. (06-D-3A1)

3.69% ^(4),(7)		05/20/36		1,353,131		1,194,737

Banc of America Funding Trust (06-3-4A14)

6.00%		03/25/36		262,365		213,048

Banc of America Funding Trust (06-3-5A3)

5.50% ⁽⁷⁾		03/25/36		1,141,040		1,000,180

Bear Stearns Alt-A Trust (05-2-2A4)

3.57% ⁽⁴⁾		04/25/35		1,293		1,162

Bear Stearns Alt-A Trust (05-4-23A1)

4.10% ⁽⁴⁾		05/25/35		2,134,125		1,983,473

Bear Stearns Alt-A Trust (06-4-32A1)

3.66% ⁽⁴⁾		07/25/36		313,554		160,486

Bear Stearns ARM Trust (04-12-1A1)

4.26% ⁽⁴⁾		02/25/35		210,551		195,235

Bear Stearns ARM Trust (05-10-A3)

4.28% ⁽⁴⁾		10/25/35		1,356,579		1,271,982

Bear Stearns ARM Trust (06-2-2A1)

3.60% ^(4),(7)		07/25/36		699,991		603,329

Bear Stearns ARM Trust (07-1-1A1)

3.85% ⁽⁴⁾		02/25/47		7,045,317		6,161,832

Bear Stearns ARM Trust (07-1-2A1)

4.35% ^(4),(7)		02/25/47		108,253		94,223

Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A3)

5.50% ⁽⁴⁾		09/25/35		834,178		757,293

Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A4)

5.40% ⁽⁴⁾		09/25/35		1,783,615		1,610,520

Bear Stearns Mortgage Funding Trust (06-AR1-2A1)

5.46% (1 mo. USD LIBOR + 0.440%) ⁽²⁾		08/25/36		8,832,995		7,826,415


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Bear Stearns Mortgage Funding Trust (06-AR3-1A1)

5.20% (1 mo. USD LIBOR + 0.180%) ⁽²⁾		10/25/36	$	272,185	$	230,351

C-BASS Mortgage Loan Trust (07-CB2-A2B)

3.54% ⁽⁷⁾		02/25/37		2,358,805		1,457,808

C-BASS Mortgage Loan Trust (07-CB2-A2C)

3.54% ⁽⁷⁾		02/25/37		8,113,833		5,115,797

Chase Mortgage Finance Corp. (06-A1-2A1)

4.01% ^(4),(7)		09/25/36		347,973		299,199

Chase Mortgage Finance Corp. (07-A1-8A1)

4.12% ⁽⁴⁾		02/25/37		1,221,230		1,165,133

Chaseflex Trust (05-1-1A5)

6.50%		02/25/35		2,129,439		1,814,778

CIM Trust (19-R3-A)

2.63% ^(1),(4)		06/25/58		11,017,800		10,124,023

CIM Trust (20-R1-A1)

2.85% ^(1),(4)		10/27/59		19,895,196		16,684,666

CIM Trust (20-R3-A1A)

4.00% ^(1),(4)		01/26/60		14,060,060		13,257,925

CIM Trust (20-R6-A1A)

2.25% ^(1),(4)		12/25/60		11,721,607		10,111,458

CIM Trust (20-R7-A1A)

2.25% ^(1),(4)		12/27/61		18,820,208		16,509,745

CIM Trust (21-NR2-A1)

2.57% ⁽¹⁾		07/25/59		14,366,964		13,788,849

CIM Trust (21-NR3-A1)

2.57% ⁽¹⁾		06/25/57		7,255,300		6,907,892

CIM Trust (21-R3-A1A)

1.95% ^(1),(4)		06/25/57		20,505,074		17,985,872

CIM Trust (23-NR1-A1)

6.00% ⁽¹⁾		06/25/62		15,613,089		15,122,462

CIM Trust (23-NR2 A1)

6.00% ^(1),(4)		06/25/62		9,400,000		8,914,020

CIM Trust (23-R1-A1A)

5.40% ^(1),(4)		04/25/62		14,157,845		13,908,889

CIM Trust (23-R1-A1B)

5.40% ^(1),(4)		04/25/62		13,400,000		10,666,241

CIM Trust (23-R3-A1A)

4.50% ^(1),(4)		01/25/63		11,900,000		10,908,730

Citigroup Mortgage Loan Trust, Inc. (06-AR5-1A1A)

4.05% ^(4),(7)		07/25/36		1,608,239		1,178,648

Citigroup Mortgage Loan Trust, Inc. (07-12-2A1)

6.50% ^(1),(4),(7)		10/25/36		2,232,610		1,218,816

CitiMortgage Alternative Loan Trust (07-A5-1A6)

6.00% ⁽⁷⁾		05/25/37		8,228,945		7,608,456

Connecticut Avenue Securities Trust (19-R01-2B1)

9.37% (1 mo. USD LIBOR + 4.350%) ^(1),(2)		07/25/31		4,000,000		4,175,084

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Connecticut Avenue Securities Trust (19-R02-1B1)

9.17% (1 mo. USD LIBOR + 4.150%) ^(1),(2)		08/25/31	$	2,000,000	$	2,073,570

Connecticut Avenue Securities Trust (19-R06-2B1)

8.77% (1 mo. USD LIBOR + 3.750%) ^(1),(2)		09/25/39		9,055,710		9,047,478

Connecticut Avenue Securities Trust (21-R01-1B2)

10.82% (SOFR30A + 6.000%) ^(1),(2)		10/25/41		10,500,000		9,779,268

Connecticut Avenue Securities Trust (21-R03-1M2)

6.47% (SOFR30A + 1.650%) ^(1),(2)		12/25/41		14,450,000		13,930,283

Connecticut Avenue Securities Trust 2022-R01 (22-R01-1B1)

7.97% (SOFR30A + 3.150%) ^(1),(2)		12/25/41		4,305,000		4,155,936

Conseco Finance Securitizations Corp. (00-4-A5)

7.97%		05/01/32		45,277,023		9,015,538

Conseco Financial Corp. (99-2-A7)

6.44%		12/01/30		1,056,783		1,070,591

Countrywide Alternative Loan Trust (05-84-1A1)

3.38% ^(4),(7)		02/25/36		87,758		79,140

Countrywide Alternative Loan Trust (05-J1-2A1)

5.50%		02/25/25		107,575		105,577

Countrywide Alternative Loan Trust (07-19-1A34)

6.00%		08/25/37		11,297,855		5,864,972

Countrywide Home Loans Mortgage Pass-Through Trust (04-13-1A3)

5.50%		08/25/34		2,712,978		2,545,897

Countrywide Home Loans Mortgage Pass-Through Trust (05-9-1A1)

5.62% (1 mo. USD LIBOR + 0.600%) ⁽²⁾		05/25/35		5,669,854		4,647,094

Countrywide Home Loans Mortgage Pass-Through Trust (05-HYB5-4A1)

3.85% ⁽⁴⁾		09/20/35		10,749		8,953

Countrywide Home Loans Mortgage Pass-Through Trust (07-HY5-1A1)

4.02% ^(4),(7)		09/25/47		3,384		2,489

Countrywide Home Loans Mortgage Pass-Through Trust (07-HYB1-1A1)

3.58% (4)		03/25/37		30,413		23,268

Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA)

5.75%		04/22/33		13,395		12,692

Credit Suisse First Boston Mortgage Securities Corp. (05-11-1A1)

6.50% (7)		12/25/35		1,475,512		782,598

Credit Suisse First Boston Mortgage Securities Corp. (05-12-1A1)

6.50%		01/25/36		6,020,968		1,553,184


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Credit Suisse Mortgage Trust (21-RP11-PT)

3.78% ^(1),(4),(7)		10/25/61	$	13,466,341	$	9,984,477

Credit-Based Asset Servicing and Securitization LLC (06-CB7-A4)

5.34% (1 mo. USD LIBOR + 0.320%) ⁽²⁾		10/25/36		16,970,723		11,223,082

Credit-Based Asset Servicing and Securitization LLC (06-CB9-A4)

5.48% (1 mo. USD LIBOR + 0.230%) ⁽²⁾		11/25/36		11,768,498		5,525,602

CSMC Mortgage-Backed Trust (06-8-3A1)

6.00%		10/25/21		756,851		374,569

CSMC Mortgage-Backed Trust (06-9-5A1)

5.50%		11/25/36		300,674		246,177

CSMC Mortgage-Backed Trust (07-2-3A4)

5.50%		03/25/37		4,137,672		2,334,105

CSMC Mortgage-Backed Trust (22-RPL1-PT)

4.47% ^(1),(4),(7)		04/25/61		13,174,695		11,467,312

CSMCM Trust Certificates (21-RP11-CERT)

3.78% ⁽¹⁾		10/27/61		569,865		437,695

CSMCM Trust Certificates (22-RPL1-CERT)

4.23% ⁽¹⁾		04/25/61		556,424		483,040

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (05-1-1A3)

5.52% (1 mo. USD LIBOR + 0.500%) ⁽²⁾		02/25/35		3,375,277		3,229,714

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (06-AR6-A6)

5.40% (1 mo. USD LIBOR + 0.380%) ⁽²⁾		02/25/37		163,541		140,552

DSLA Mortgage Loan Trust (05-AR6-2A1A)

5.53% (1 mo. USD LIBOR + 0.580%) ⁽²⁾		10/19/45		1,662,367		1,424,773

DSLA Mortgage Loan Trust (06-AR2-2A1A)

5.15% (1 mo. USD LIBOR + 0.200%) ⁽²⁾		10/19/36		19,429,524		13,392,795

DSLA Mortgage Loan Trust (07-AR1-2A1A)

5.09% (1 mo. USD LIBOR + 0.140%) ⁽²⁾		03/19/37		4,150,663		3,338,081

Fieldstone Mortgage Investment Corp. (07-1-2A2)

5.39% (1 mo. USD LIBOR + 0.270%) ⁽²⁾		04/25/47		2,626,861		1,841,012

First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2C)

5.18% (1 mo. USD LIBOR + 0.160%) ⁽²⁾		12/25/37		9,828,674		8,592,467

First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2C)

5.30% (1 mo. USD LIBOR + 0.280%) ⁽²⁾		01/25/38		3,197,213		1,710,263

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)

5.46% (1 mo. USD LIBOR + 0.440%) ⁽²⁾		01/25/38	$	15,649,060	$	8,416,476

First Franklin Mortgage Loan Trust (06-FF12-A1)

5.13% (1 mo. USD LIBOR + 0.105%) ⁽²⁾		09/25/36		5,361,917		4,817,210

First Franklin Mortgage Loan Trust (06-FF9-2A4)

5.52% (1 mo. USD LIBOR + 0.500%) ⁽²⁾		06/25/36		9,068,000		7,942,842

First Franklin Mortgage Loan Trust (07-FF2-A1)

5.16% (1 mo. USD LIBOR + 0.140%) ⁽²⁾		03/25/37		33,185,505		18,684,025

First Franklin Mortgage Loan Trust (07-FF2-A2C)

5.17% (1 mo. USD LIBOR + 0.150%)⁽²⁾		03/25/37		36,014,670		18,028,767

First Horizon Alternative Mortgage Securities Trust (05-AA3-3A1)

5.77% ^(4),(7)		05/25/35		1,108,378		997,988

First Horizon Alternative Mortgage Securities Trust (05-AA7-1A1)

4.31% ^(4),(7)		09/25/35		1,456,126		1,285,226

First Horizon Alternative Mortgage Securities Trust (05-AA7-2A1)

5.06% ^(4),(7)		09/25/35		827,805		714,729

First Horizon Alternative Mortgage Securities Trust (06-AA7-A1)

4.27% ^(4),(7)		01/25/37		4,255,488		3,171,651

Freddie Mac (21-DNA7-B1)

8.47% (SOFR30A + 3.650%)^(1),(2)		11/25/41		14,650,000		14,128,563

Freddie Mac (21-HQA2-B1)

7.97% (SOFR30A + 3.150%)^(1),(2)		12/25/33		6,000,000		5,447,510

Freddie Mac (22-DNA1-M2)

7.32% (SOFR30A + 2.500%)^(1),(2)		01/25/42		13,850,000		13,046,051

GMACM Mortgage Loan Trust (05-AR5-2A1)

4.15% ⁽⁴⁾		09/19/35		1,702,015		1,192,536

GreenPoint Mortgage Funding Trust (05-AR3-1A1)

5.50% (1 mo. USD LIBOR + 0.480%)⁽²⁾		08/25/45		216,131		166,080

GS Mortgage-Backed Securities Trust (22-PJ6-A3)

2.50% ^(1),(4)		01/25/53		5,879,736		4,833,786

GSAA Home Equity Trust (05-7-AF5)

5.11%		05/25/35		64,121		61,231

GSR Mortgage Loan Trust (04-9-3A1)

3.50% ⁽⁴⁾		08/25/34		1,134,330		1,030,831

GSR Mortgage Loan Trust (06-OA1-2A2)

5.54% (1 mo. USD LIBOR + 0.520%)⁽²⁾		08/25/46		42,649,434		11,185,906


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

GSR Mortgage Loan Trust (07-3F-3A7)

6.00% ⁽⁷⁾		05/25/37	$	4,534,824	$	3,443,499

GSR Mortgage Loan Trust (07-AR2-2A1)

3.93% ⁽⁴⁾		05/25/37		1,526,837		914,945

GSR Mortgage Loan Trust (07-AR2-5A1A)

4.31% ⁽⁴⁾		05/25/37		598,795		519,674

HarborView Mortgage Loan Trust (06-1-1A1A)

5.47% (1 mo. USD LIBOR + 0.520%)⁽²⁾		03/19/36		22,185,916		14,457,719

HarborView Mortgage Loan Trust (07-3-1A1A)

5.35% (1 mo. USD LIBOR + 0.400%)⁽²⁾		05/19/47		9,163,822		7,684,577

HSI Asset Loan Obligation Trust (07-2-2A12)

6.00%		09/25/37		555,388		429,476

HSI Asset Securitization Corp. (06-HE2-1A)

5.28% (1 mo. USD LIBOR + 0.260%)⁽²⁾		12/25/36		35,177,234		14,694,931

HSI Asset Securitization Corp. (06-WMC1-A3)

5.32% (1 mo. USD LIBOR + 0.300%)		07/25/36		23,969,961		10,603,868

Impac CMB Trust (05-1-1A1)

5.54% (1 mo. USD LIBOR + 0.520%)⁽²⁾		04/25/35		415,112		382,113

Impac CMB Trust (05-5-A2)

5.46% (1 mo. USD LIBOR + 0.220%)⁽²⁾		08/25/35		2,055,119		1,877,959

Impac Secured Assets Trust (06-3-A1)

5.36% (1 mo. USD LIBOR + 0.340%)^(2),(7)		11/25/36		3,593,446		3,146,104

IndyMac Index Mortgage Loan Trust (04-AR4-2A)

4.08% ⁽⁴⁾		08/25/34		2,332,926		2,191,233

IndyMac Index Mortgage Loan Trust (04-AR9-4A)

4.19% ⁽⁴⁾		11/25/34		176,014		161,460

IndyMac Index Mortgage Loan Trust (05-AR17-3A1)

3.56% ⁽⁴⁾		09/25/35		2,485,025		1,715,861

IndyMac Index Mortgage Loan Trust (05-AR23-2A1)

3.73% ⁽⁴⁾		11/25/35		1,574,599		1,287,169

IndyMac Index Mortgage Loan Trust (05-AR23-6A1)

3.48% ⁽⁴⁾		11/25/35		2,321,297		1,958,229

IndyMac Index Mortgage Loan Trust (05-AR25-2A1)

3.35% ⁽⁴⁾		12/25/35		1,230,453		1,093,737

IndyMac Index Mortgage Loan Trust (05-AR7-2A1)

2.91% ⁽⁴⁾		06/25/35		770,764		609,704

IndyMac Index Mortgage Loan Trust (06-AR39-A1)

5.38% (1 mo. USD LIBOR + 0.360%)⁽²⁾		02/25/37		4,275,119		3,613,152

IndyMac Index Mortgage Loan Trust (07-AR11-1A1)

2.92% ⁽⁴⁾		06/25/37		11,450		9,205

IndyMac Index Mortgage Loan Trust (07-AR5-2A1)

3.30% ⁽⁴⁾		05/25/37		8,375,907		6,819,130

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

IndyMac Index Mortgage Loan Trust (07-AR7-1A1)

3.06% ⁽⁴⁾		11/25/37	$	1,544,728	$	1,243,565

IndyMac INDX Mortgage Loan Trust (06-AR6-2A1A)

5.42% (1 mo. USD LIBOR + 0.400%)⁽²⁾		06/25/46		7,020,604		6,424,346

JPMorgan Alternative Loan Trust (06-A2-5A1)

3.98% ^(4),(7)		05/25/36		3,126,656		1,866,645

JPMorgan Alternative Loan Trust (06-A4-A8)

3.54% ^(4),(7)		09/25/36		231,029		246,580

JPMorgan Mortgage Acquisition Corp. (06-CH2-AF4)

5.76%		10/25/36		3,836,224		2,387,567

JPMorgan Mortgage Acquisition Trust (06-WMC4-A3)

5.14% (1 mo. USD LIBOR + 0.120%)⁽²⁾		12/25/36		25,770,361		13,506,111

JPMorgan Mortgage Trust (05-A6-7A1)

4.01% ⁽⁴⁾		08/25/35		104,337		87,178

JPMorgan Mortgage Trust (06-A2-5A3)

4.18% ⁽⁴⁾		11/25/33		426,909		413,129

JPMorgan Mortgage Trust (06-A4-1A4)

3.79% ⁽⁴⁾		06/25/36		200,848		151,435

JPMorgan Mortgage Trust (06-A7-2A4R)

3.87% ^(4),(7)		01/25/37		7,753		5,743

Lehman Mortgage Trust (06-4-4A1)

6.00%		08/25/21		520,369		382,804

Lehman XS Trust (06-10N-1A3A)

5.44% (1 mo. USD LIBOR + 0.420%)⁽²⁾		07/25/46		6,412,470		5,891,767

Lehman XS Trust (06-12N-A31A)

5.42% (1 mo. USD LIBOR + 0.400%)⁽²⁾		08/25/46		1,950,215		1,893,981

Lehman XS Trust (06-9-A1B)

5.34% (1 mo. USD LIBOR + 0.320%)⁽⁸⁾		05/25/46		14,945		—

Lehman XS Trust (06-GP2-3A1)

5.42% (1 mo. USD LIBOR + 0.400%)⁽²⁾		06/25/46		9,871,324		8,694,127

Lehman XS Trust (06-GP4-3A5)

5.47% (1 mo. USD LIBOR + 0.450%)⁽²⁾		08/25/46		7,101,349		6,761,466

LHOME Mortgage Trust (21-RTL3-A1)

2.36% ⁽¹⁾		09/25/26		21,225,000		20,438,845

MASTR Alternative Loans Trust (05-4-1A1)

6.50%		05/25/35		4,132,616		3,513,291

MASTR Alternative Loans Trust (06-2-2A1)

5.42% (1 mo. USD LIBOR + 0.400%)^(2),(7),(8)		03/25/36		65,540		6,845

MASTR Asset Securitization Trust (06-3-2A1)

5.47% (1 mo. USD LIBOR + 0.450%)⁽²⁾		10/25/36		28,197		4,378


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

MASTR Asset-Backed Securities Trust (06-AB1-A4)

6.22%		02/25/36	$	204,416	$	167,034

MASTR Asset-Backed Securities Trust (06-HE5-A3)

5.34% (1 mo. USD LIBOR + 0.320%)⁽²⁾		11/25/36		14,221,567		8,460,577

MASTR Seasoned Securitization Trust (04-1-4A1)

4.22% ⁽⁴⁾		10/25/32		3,392		3,257

Merrill Lynch Alternative Note Asset Trust (07-A1-A2C)

5.48% (1 mo. USD LIBOR + 0.460%)⁽²⁾		01/25/37		1,510,152		481,335

Merrill Lynch Alternative Note Asset Trust (07-A1-A3)

5.34% (1 mo. USD LIBOR + 0.320%)⁽²⁾		01/25/37		776,822		252,264

Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2B)

5.36% (1 mo. USD LIBOR + 0.340%)⁽²⁾		04/25/37		34,310,030		14,062,443

Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2C)

5.52% (1 mo. USD LIBOR + 0.500%)⁽²⁾		04/25/37		19,146,632		7,932,840

Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2D)

5.70% (1 mo. USD LIBOR + 0.680%)⁽²⁾		04/25/37		4,888,588		2,049,753

Merrill Lynch First Franklin Mortgage Loan Trust (07-2-A2C)

5.50% (1 mo. USD LIBOR + 0.480%)⁽²⁾		05/25/37		4,316,460		3,404,566

Merrill Lynch First Franklin Mortgage Loan Trust (07-3-A2B)

5.28% (1 mo. USD LIBOR + 0.260%)⁽²⁾		06/25/37		1,816,875		1,636,811

Merrill Lynch First Franklin Mortgage Loan Trust (07-4-2A3)

5.18% (1 mo. USD LIBOR + 0.160%)⁽²⁾		07/25/37		24,530,561		21,140,373

Merrill Lynch Mortgage-Backed Securities Trust (07-2-1A1)

7.03% (U.S. 1-year Treasury Constant Maturity Rate + 2.400%)^(2),(7)		08/25/36		511,544		449,085

Mid-State Trust (05-1-A)

5.75%		01/15/40		1,152,303		1,132,784

Morgan Stanley ABS Capital I, Inc. Trust (04-NC8-M2)

5.98% (1 mo. USD LIBOR + 0.960%)⁽²⁾		09/25/34		392,013		380,889

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 Home Equity Loan Trust (06-2-A4)

5.58% (1 mo. USD LIBOR + 0.560%)⁽²⁾		02/25/36	$	545,169	$	535,138

Morgan Stanley Mortgage Loan Trust (07-3XS-2A6)

6.26%		01/25/47		2,119,269		679,097

Morgan Stanley Mortgage Loan Trust (07-7AX-2A1)

5.26% (1 mo. USD LIBOR + 0.240%)⁽²⁾		04/25/37		2,691,529		795,852

MortgageIT Trust (05-4-A1)

5.58% (1 mo. USD LIBOR + 0.560%)⁽²⁾		10/25/35		554,270		542,962

New Century Home Equity Loan Trust (06-1-A2B)

5.38% (1 mo. USD LIBOR + 0.360%)⁽²⁾		05/25/36		10,886,974		10,595,927

Oakwood Mortgage Investors, Inc. (02-A-A4)

6.97% ⁽⁴⁾		03/15/32		154,052		153,061

Oakwood Mortgage Investors, Inc. (99-E-A1)

7.61% ⁽⁴⁾		03/15/30		5,700,878		3,591,970

Ownit Mortgage Loan Asset-Backed Certificates (06-6-A2C)

5.34% (1 mo. USD LIBOR + 0.320%)⁽²⁾		09/25/37		15,100,362		7,263,313

PRET LLC (22-RN1-A1)

3.72% ⁽¹⁾		07/25/51		16,979,737		16,044,128

Pretium Mortgage Credit Partners LLC (22-RN3-A2)

6.50% ^(1),(4)		08/25/52		17,115,000		15,848,702

PRPM LLC (21-10-A1)

2.49% ⁽¹⁾		10/25/26		14,205,675		13,356,033

PRPM LLC (21-9-A1)

2.36% ⁽¹⁾		10/25/26		7,602,571		7,130,168

PRPM LLC (22-1-A1)

3.72% ⁽¹⁾		02/25/27		13,143,867		12,584,172

PRPM LLC (22-2-A1)

5.00% ⁽¹⁾		03/25/27		12,550,820		12,333,567

PRPM LLC (22-3-A1)

5.56% ⁽¹⁾		06/25/27		16,551,318		16,352,610

RAAC Series Trust (05-SP1-4A1)

7.00%		09/25/34		839,671		667,917

RALI Trust (05-QA13-2A1)

4.68% ^(4),(7)		12/25/35		380,859		307,059

RALI Trust (05-QA7-A21)

4.02% ^(4),(7)		07/25/35		996,020		914,251

Residential Accredit Loans, Inc. (05-QA8-CB21)

4.39% ^(4),(7)		07/25/35		2,660,234		1,494,259

Residential Accredit Loans, Inc. (06-QA1-A21)

4.93% ^(4),(7)		01/25/36		9,285		7,214

Residential Accredit Loans, Inc. (06-QA10-A2)

5.38% (1 mo. USD LIBOR + 0.360%)⁽²⁾		12/25/36		7,250,442		5,861,556


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Residential Accredit Loans, Inc. (06-QA2-1A1)

5.27% (1 mo. USD LIBOR + 0.250%)^(2),(7)		02/25/36	$	11,340	$	7,254

Residential Accredit Loans, Inc. (06-QS10-AV) (I/O)

0.57% ^(4),(8)		08/25/36		18,885,670		353,068

Residential Accredit Loans, Inc. (06-QS5-A5)

6.00% ⁽⁷⁾		05/25/36		2,216,789		1,805,935

Residential Accredit Loans, Inc. (06-QS6-1AV) (I/O)

0.78% ^(4),(8)		06/25/36		25,243,933		551,115

Residential Accredit Loans, Inc. (06-QS7-AV) (I/O)

0.71% ^(4),(8)		06/25/36		5,208,415		89,085

Residential Accredit Loans, Inc. (07-QS1-2AV) (I/O)

0.17% ^(4),(8)		01/25/37		1,342,522		7,663

Residential Accredit Loans, Inc. (07-QS2-AV) (I/O)

0.33% ^(4),(8)		01/25/37		9,262,511		98,512

Residential Accredit Loans, Inc. (07-QS3-AV) (I/O)

0.36% ^(4),(8)		02/25/37		41,389,494		487,895

Residential Accredit Loans, Inc. (07-QS4-3AV) (I/O)

0.36% ^(4),(8)		03/25/37		4,897,967		55,736

Residential Accredit Loans, Inc. (07-QS5-AV) (I/O)

0.29% ^(4),(8)		03/25/37		6,157,797		53,753

Residential Accredit Loans, Inc. (07-QS6-A45)

5.75% ⁽⁷⁾		04/25/37		1,402,961		1,101,592

Residential Accredit Loans, Inc. (07-QS8-AV) (I/O)

0.43% ^(4),(8)		06/25/37		9,943,124		151,298

Residential Asset Securitization Trust (07-A3-1A4)

5.75%		04/25/37		2,302,712		1,228,205

Residential Funding Mortgage Securities I (05-SA5-2A)

4.37% ^(4),(7)		11/25/35		8,334		7,106

Residential Funding Mortgage Securities I (06-S9-A3) (PAC)

5.75% ⁽⁷⁾		09/25/36		305,990		243,381

Residential Funding Mortgage Securities I (07-S2-A9)

6.00% ⁽⁷⁾		02/25/37		2,978,700		2,395,994

Residential Funding Mortgage Securities I (07-SA2-2A2)

4.51% ^(4),(7)		04/25/37		8,702		6,442

Roc Mortgage Trust (21-RTL1-A1)

2.49% ^(1),(4)		08/25/26		16,300,000		15,638,008

Saxon Asset Securities Trust (06-3-A3)

5.36% (1 mo. USD LIBOR + 0.340%)⁽²⁾		10/25/46		3,056,698		2,978,594

Saxon Asset Securities Trust (07-2-A2C)

5.26% (1 mo. USD LIBOR + 0.240%)⁽²⁾		05/25/47		10,524,422		7,576,714

Saxon Asset Securities Trust (07-2-A2D)

5.32% (1 mo. USD LIBOR + 0.300%)⁽²⁾		05/25/47		12,242,445		8,816,500

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Securitized Asset Backed Receivables LLC Trust (06-WM4-A1)

5.40% (1 mo. USD LIBOR + 0.380%)^(1),(2)		11/25/36	$	26,780,157	$	12,904,021

Securitized Asset Backed Receivables LLC Trust (07-BR2-A1)

5.20% (1 mo. USD LIBOR + 0.180%)^(1),(2)		02/25/37		20,045,192		16,913,846

Securitized Asset-Backed Receivables LLC Trust (06-CB1-AF2)

2.86%		01/25/36		2,798,443		2,227,480

Securitized Asset-Backed Receivables LLC Trust (07-BR1-A2C)

5.70% (1 mo. USD LIBOR + 0.680%)⁽²⁾		02/25/37		7,588,229		3,362,752

Securitized Asset-Backed Receivables LLC Trust (07-BR2-A2)

5.25% (1 mo. USD LIBOR + 0.230%)⁽²⁾		02/25/37		26,156,576		11,489,404

Securitized Asset-Backed Receivables LLC Trust (07-NC2-A2B)

5.16% (1 mo. USD LIBOR + 0.140%)⁽²⁾		01/25/37		11,935,525		9,952,617

Sequoia Mortgage Trust (03-8-A1)

5.59% (1 mo. USD LIBOR + 0.640%)⁽²⁾		01/20/34		324,292		306,077

SG Mortgage Securities Trust (07-NC1-A2)

5.26% (1 mo. USD LIBOR + 0.240%)^(1),(2)		12/25/36		15,434,721		9,457,344

Soundview Home Equity Loan Trust (07-OPT3-2A4)

5.27% (1 mo. USD LIBOR + 0.250%)⁽²⁾		08/25/37		4,000,000		3,622,706

Structured Adjustable Rate Mortgage Loan Trust (04-12-2A)

4.88% ⁽⁴⁾		09/25/34		432,355		417,124

Structured Adjustable Rate Mortgage Loan Trust (04-14-2A)

5.55% ⁽⁴⁾		10/25/34		922,044		885,887

Structured Adjustable Rate Mortgage Loan Trust (06-2-3A1)

4.69% ^(4),(7)		03/25/36		7,123,354		6,833,960

Structured Adjustable Rate Mortgage Loan Trust (06-2-5A1)

4.38% ^(4),(7)		03/25/36		213,779		158,271

Structured Adjustable Rate Mortgage Loan Trust (06-4-5A1)

4.26% ^(4),(7)		05/25/36		1,264,045		937,754

Structured Adjustable Rate Mortgage Loan Trust (06-5-1A1)

4.24% ^(4),(7)		06/25/36		1,482,882		1,310,987


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Structured Adjustable Rate Mortgage Loan Trust (07-1-1A1)

4.17% ⁽⁴⁾		02/25/37	$	1,513,606	$	824,856

Structured Asset Mortgage Investments II Trust (07-AR4-A5)

5.24% (1 mo. USD LIBOR + 0.220%)⁽²⁾		09/25/47		12,763,495		11,138,047

Structured Asset Securities Corp. (05-2XS-1A5B)

4.90%		02/25/35		1		1

SunTrust Adjustable Rate Mortgage Loan Trust (07-2-2A1)

4.10% ⁽⁴⁾		04/25/37		92,107		55,322

SunTrust Adjustable Rate Mortgage Loan Trust (07-3-1A1)

3.65% ⁽⁴⁾		06/25/37		2,530		1,730

SunTrust Adjustable Rate Mortgage Loan Trust (07-S1-2A1)

4.40% ⁽⁴⁾		01/25/37		219,321		211,563

Wachovia Mortgage Loan Trust LLC (06-AMN1-A3)

1.73% (1 mo. USD LIBOR + 0.480%)⁽²⁾		08/25/36		5,623,317		2,199,049

WaMu Mortgage Pass-Through Certificates (04-AR14-A1)

4.12% ⁽⁴⁾		01/25/35		2,237,791		2,026,963

WaMu Mortgage Pass-Through Certificates (05-AR14-2A1)

3.77% ⁽⁴⁾		12/25/35		557,525		506,913

WaMu Mortgage Pass-Through Certificates (05-AR18-1A1)

3.98% ⁽⁴⁾		01/25/36		842,016		743,381

WaMu Mortgage Pass-Through Certificates (06-AR11-1A)

4.42% (12 mo. Monthly Treasury Average Index + 0.960%)^(2),(7)		09/25/46		1,982,587		1,613,754

WaMu Mortgage Pass-Through Certificates (06-AR17-1A1A)

3.77% (12 mo. Monthly Treasury Average Index + 0.810%)⁽²⁾		12/25/46		2,047,073		1,797,473

Washington Mutual Alternative Mortgage Pass-Through Certificates (02-AR1-1A1)

4.40% ⁽⁴⁾		11/25/30		22,977		22,639

Washington Mutual Alternative Mortgage Pass-Through Certificates (06-1-3A2)

5.75% ⁽⁷⁾		02/25/36		469,657		428,341

Washington Mutual Alternative Mortgage Pass-Through Certificates (06-5-1A1)

5.62% (1 mo. USD LIBOR + 0.600%)^(2),(7)		07/25/36		1,107,149		717,130

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)

Washington Mutual Alternative Mortgage Pass-Through Certificates (06-AR10-A2A)

5.36% (1 mo. USD LIBOR + 0.340%)⁽²⁾		12/25/36	$	1,668,270	$	1,322,463

Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA3-5A)

4.71% (12 mo. Monthly Treasury Average Index + 1.250%)^(2),(7)		04/25/47		918,502		687,526

Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OC2-A3)

5.64% (1 mo. USD LIBOR + 0.620%)⁽²⁾		06/25/37		2,451,866		2,097,218

Washington Mutual Asset-Backed Certificates (06-HE1-2A4)

5.58% (1 mo. USD LIBOR + 0.560%)⁽²⁾		04/25/36		1,451,191		1,432,431

Washington Mutual Asset-Backed Certificates (07-HE2-2A1)

5.12% (1 mo. USD LIBOR + 0.100%)⁽²⁾		02/25/37		15,586,099		4,752,573

Wells Fargo Home Equity Asset-Backed Securities (07-1-A3)

5.66% (1 mo. USD LIBOR + 0.640%)⁽²⁾		03/25/37		5,521,000		4,797,713

Wells Fargo Mortgage-Backed Securities Trust (06-AR11-A6)

4.06%^(4),(7)		08/25/36		969,981		866,712


Total Residential Mortgage-Backed Securities — Non-Agency

(Cost: $1,125,701,990)						1,041,511,761


U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.1%

Fannie Mae

1.55%		08/24/35		43,500,000		31,365,370


Total U.S. Government Agency Obligations

(Cost: $31,358,786)						31,365,370


U.S. TREASURY SECURITIES — 2.5%

U.S. Treasury Bond

3.63%		02/15/53		5,386,000		5,340,556

3.88%		02/15/43		320,000		323,450

U.S. Treasury Inflation Indexed Bond (TIPS)

1.25%		04/15/28		19,879,111		19,863,580

U.S. Treasury Note

2.38%		02/15/42		490,000		395,599

3.50%		04/30/28		9,370,000		9,373,546

3.50%		02/15/33		4,890,000		4,919,416

3.63%		03/31/28		20,564,000		20,675,656


Issues	Maturity Date		Principal Amount		Value

U.S. TREASURY SECURITIES (Continued)

3.88%		03/31/25	$	9,455,000	$	9,417,328

3.88%		04/30/25		3,455,000		3,444,628


Total U.S. Treasury Securities

(Cost: $73,404,312)						73,753,759


Total Fixed Income Securities

(Cost: $3,856,925,150)						3,615,449,611



			Shares

MONEY MARKET INVESTMENTS — 2.2%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76%⁽⁹⁾				66,085,801		66,085,801


Total Money Market Investments

(Cost: $66,085,801)						66,085,801



	Maturity Date		Principal Amount

SHORT TERM INVESTMENTS — 3.0%

U.S. Government Agency Obligations — 3.0%

Federal Home Loan Banks

3.12%⁽¹⁰⁾		06/21/23	$	40,000,000		39,732,522

4.95%⁽¹⁰⁾		08/09/23		50,000,000		49,322,367


Total U.S. Government Agency Obligations

(Cost: $89,046,767)						89,054,889


Total Short Term Investments

(Cost: $89,046,767)						89,054,889


Total Investments (126.8%)

(Cost: $4,012,057,718)						3,770,590,301

Liabilities In Excess Of Other Assets (-26.8%)						(797,691,239	)


Net Assets (100.0%)					$	2,972,899,062

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

April 30, 2023


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional		Market Value		Net Unrealized Appreciation (Depreciation)
Long Futures
33	10-Year U.S. Treasury Note Futures		06/21/23	$	3,856,431	$	4,007,953	$	151,522
2,146	5-Year U.S. Treasury Note Futures		06/30/23		230,244,893		235,506,735		5,261,842
2,495	2-Year U.S. Treasury Note Futures		06/30/23		511,201,220		514,379,335		3,178,115
2,106	U.S. Ultra Long Bond Futures		06/21/23		285,268,503		297,801,563		12,533,060

				$	1,030,571,047	$	1,051,695,586	$	21,124,539


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⁽¹¹⁾
Citibank N.A.	EUR		8,569,000		07/14/23	$	9,413,047	$	9,498,464	$	(85,417	)

						$	9,413,047	$	9,498,464	$	(85,417	)

Notes to the Schedule of Investments:

ABS

Asset-Backed 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.

SOFR

Secured Overnight Financing Rate.

TAC

Target Amortization Class.

TBA

To Be Announced.

EUR

Euro Currency.

(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, 2023, the value of these securities amounted to $998,285,838 or 33.6% 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)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2023.

(3)

This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses.

(4)

(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, 2023.

(10)

Rate shown represents yield-to-maturity.

(11)

Fund sells foreign currency, buys U.S. Dollar.

See accompanying Notes to Financial Statements.

TCW Total Return Bond Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities — Agency		63.8	%
Residential Mortgage-Backed Securities — Non-Agency		35.0
Asset-Backed Securities		10.0
Commercial Mortgage-Backed Securities — Non-Agency		8.8
U.S. Government Agency Obligations		4.1
U.S. Treasury Securities		2.5
Money Market Investments		2.2
Commercial Mortgage-Backed Securities — Agency		0.4
Other*		(26.8	)

Total		100.0	%

*	Includes 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, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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	$	—	$	298,437,420		$	—	$	298,437,420
Commercial Mortgage-Backed Securities — Agency		—		11,338,468			—		11,338,468
Commercial Mortgage-Backed Securities — Non-Agency		—		261,747,333			—		261,747,333
Residential Mortgage-Backed Securities — Agency		—		1,897,295,500			—		1,897,295,500
Residential Mortgage-Backed Securities — Non-Agency		—		1,039,656,791			1,854,970		1,041,511,761
U.S. Government Agency Obligations		—		31,365,370			—		31,365,370
U.S. Treasury Securities		53,890,179		19,863,580			—		73,753,759

Total Fixed Income Securities		53,890,179		3,559,704,462			1,854,970		3,615,449,611

Money Market Investments		66,085,801		—			—		66,085,801
Short-Term Investments		—		89,054,889			—		89,054,889

Total Investments	$	119,975,980	$	3,648,759,351		$	1,854,970	$	3,770,590,301

Asset Derivatives
Futures Contracts
Interest Rate Risk		21,124,539		—			—		21,124,539

Total Investments	$	141,100,519	$	3,648,759,351		$	1,854,970	$	3,791,714,840

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(85,417	)	$	—	$	(85,417	)

Total	$	—	$	(85,417	)	$	—	$	(85,417	)

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2023


	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund ⁽¹⁾			TCW Global Bond Fund
ASSETS
Investments, at Value⁽²⁾	$	1,517,242,555		$	24,108,895		$	21,006,138
Investment in Affiliated Issuers, at Value		—			—			577,537	⁽³⁾
Foreign Currency, at Value		—			—			475	⁽⁴⁾
Cash		30,733			—			—
Receivable for Securities Sold		6,041,538			102,883			17,346
Receivable for Fund Shares Sold		3,778,212			8,385			15
Interest Receivable		6,197,793			147,144			149,299
Receivable from Investment Advisor		41,006			25,898			19,137
Unrealized Appreciation on Open Forward Foreign Currency Contracts		6,894			—			34,005
Receivable for Daily Variation Margin on Open Financial Futures Contracts		—			3,607			—
Cash Collateral Held for Brokers		10,647,952			—			201,207
Receivable for Daily Variation Margin on Open Centrally Cleared Swap Contracts		—			—			2,316
Cash Collateral on Deposit		—			4,615,000			—
Prepaid Expenses		51,790			9,486			18,306

Total Assets		1,544,038,473			29,021,298			22,025,781

LIABILITIES
Distributions Payable		139,261			—			996
Payable for Securities Purchased		55,577,117			—			665,222
Payable for Purchase of When-Issued Securities		254,467,227			—			2,634,258
Payable for Fund Shares Redeemed		3,385,324			10,546			957
Accrued Capital Gain Withholding Taxes		—			—			51
Accrued Directors’ Fees and Expenses		10,491			10,643			10,646
Deferred Accrued Directors’ Fees and Expenses		1,987			1,986			1,986
Accrued Management Fees		400,969			11,946			7,594
Accrued Distribution Fees		38,828			1,743			1,790
Interest Payable on Swap Agreements		—			39,993			—
Payable for Daily Variation Margin on Open Financial Futures Contracts		4,668			—			4,042
Payable for Daily Variation Margin on Open Centrally Cleared Swap Contracts		140,748			—			—
Open Swap Agreements, at Value		—			317,085			—
Collateral Pledged by Brokers		1,632,400			—			—
Unrealized Depreciation on Open Forward Foreign Currency Contracts		155,087			—			86,934
Transfer Agent Fees Payable		377,225			10,497			3,358
Administration Fee Payable		64,025			28,023			1,363
Audit Fees Payable		52,387			20,663			34,597
Accounting Fees Payable		62,785			21,354			992
Custodian Fees Payable		62,084			42,583			18,762
Legal Fees Payable		3,801			8			142
Other Accrued Expenses		51,039			12,905			9,932

Total Liabilities		316,627,453			529,975			3,483,622

NET ASSETS	$	1,227,411,020		$	28,491,323		$	18,542,159

NET ASSETS CONSIST OF:
Paid-in Capital	$	1,436,766,760		$	33,174,868		$	22,061,171
Accumulated Earnings (Loss)		(209,355,740	)		(4,683,545	)		(3,519,012	)

NET ASSETS	$	1,227,411,020		$	28,491,323		$	18,542,159

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	933,048,364		$	20,297,282		$	9,807,608

N Class Share	$	190,663,549		$	8,194,041		$	8,734,551

Plan Class Share	$	103,699,107		$	—		$	—

CAPITAL SHARES OUTSTANDING:⁽⁵⁾
I Class Share		93,595,643			3,340,103			1,161,723

N Class Share		19,159,121			1,348,516			1,034,824

Plan Class Share		10,350,618			—			—

NET ASSET VALUE PER SHARE:⁽⁶⁾
I Class Share	$	9.97		$	6.08		$	8.44

N Class Share	$	9.95		$	6.08		$	8.44

Plan Class Share	$	10.02		$	—		$	—

(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, 2023 was $1,573,353,811, $24,640,821 and $22,474,304, respectively.

(3)

The identified cost for the TCW Global Bond Fund at April 30, 2023 was $722,910.

(4)

The identified cost for the TCW Global Bond Fund at April 30, 2023 was $475.

(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, 2023


	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
ASSETS
Investments, at Value ⁽¹⁾	$	58,922,898		$	11,015,592		$	3,770,590,301
Cash		—			—			2,777
Receivable for Securities Sold		9,297			—			4,279,621
Receivable for Fund Shares Sold		13,618			252,939			5,467,457
Interest Receivable		791,984			30,343			9,875,109
Receivable from Investment Advisor		23,865			16,715			42,900
Unrealized Appreciation on Open Forward Foreign Currency Contracts		57			—			—
Receivable for Daily Variation Margin on Open Financial Futures Contracts		—			—			4,770,787
Cash Collateral Held for Brokers		289,000			68,000			38,287,795
Prepaid Expenses		22,487			8,826			62,198

Total Assets		60,073,206			11,392,415			3,833,378,945

LIABILITIES
Distributions Payable		10,157			758			4,167,577
Payable for Securities Purchased		371,518			717,127			12,795,804
Payable for Purchase of When-Issued Securities		—			2,008,928			830,032,245
Payable for Fund Shares Redeemed		67,877			1,932			4,592,302
Accrued Directors’ Fees and Expenses		10,641			10,648			10,244
Deferred Accrued Directors’ Fees and Expenses		1,987			1,987			1,987
Accrued Management Fees		22,033			2,435			975,269
Accrued Distribution Fees		1,554			—			97,879
Payable for Daily Variation Margin on Open Financial Futures Contracts		3,912			7,682			—
Collateral Pledged by Brokers		—			—			5,339,000
Unrealized Depreciation on Open Forward Foreign Currency Contracts		3,595			—			85,417
Transfer Agent Fees Payable		21,849			3,476			1,201,682
Administration Fee Payable		4,056			1,128			219,448
Audit Fees Payable		40,056			69,466			158,340
Accounting Fees Payable		7,174			588			190,269
Custodian Fees Payable		17,195			7,565			135,087
Legal Fees Payable		327			130			12,841
Other Accrued Expenses		9,811			6,115			464,492

Total Liabilities		593,742			2,839,965			860,479,883

NET ASSETS	$	59,479,464		$	8,552,450		$	2,972,899,062

NET ASSETS CONSIST OF:
Paid-in Capital	$	69,016,483		$	9,287,492		$	3,642,374,708
Accumulated Earnings (Loss)		(9,537,019	)		(735,042	)		(669,475,646	)

NET ASSETS	$	59,479,464		$	8,552,450		$	2,972,899,062

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	51,990,265		$	8,552,450		$	2,495,769,466

N Class Share	$	7,489,199		$	—		$	473,989,183

Plan Class Share	$	—		$	—		$	3,140,413

CAPITAL SHARES OUTSTANDING: ⁽²⁾
I Class Share		8,762,673			1,032,692			297,765,336

N Class Share		1,254,386			—			54,805,389

Plan Class Share		—			—			372,764

NET ASSET VALUE PER SHARE:⁽³⁾
I Class Share	$	5.93		$	8.28		$	8.38

N Class Share	$	5.97		$	—		$	8.65

Plan Class Share	$	—		$	—		$	8.42

(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, 2023 was $63,241,282, $11,239,151 and $4,012,057,718, 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, 2023


	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund ⁽¹⁾			TCW Global Bond Fund
INVESTMENT INCOME
Income:
Dividends from Investment in Affiliated Issuers	$	—		$	—		$	15,382
Interest		23,471,942			701,767			413,896	⁽²⁾

Total		23,471,942			701,767			429,278

Expenses:
Management Fees		2,363,110			151,182			43,223
Accounting Services Fees		53,789			18,244			808
Administration Fees		52,942			4,729			599
Transfer Agent Fees:
I Class		329,994			15,466			3,250
N Class		85,150			10,407			3,645
Plan Class		5,018			—			—
Custodian Fees		52,330			35,449			12,919
Professional Fees		62,867			22,430			31,126
Directors’ Fees and Expenses		23,047			23,048			23,047
Registration Fees:
I Class		20,062			8,415			8,065
N Class		8,976			9,667			8,055
Plan Class		7,357			—			—
Distribution Fees:
N Class		223,179			12,018			10,522
Compliance Expense		3,139			3,139			11,499
Shareholder Reporting Expense		5,036			3,318			2,245
Other		58,576			7,959			1,037

Total		3,354,572			325,471			160,040

Less Expenses Borne by Investment Advisor:
I Class		180,438			129,163			49,883
N Class		149,582			68,506			52,349
Plan Class		20,063			—			—

Net Expenses		3,004,489			127,802			57,808

Net Investment Income		20,467,453			573,965			371,470

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(7,333,367	)		(218,963	)		(251,402	)
Investments in Affiliated Issuers		—			—			(16,515	)
Foreign Currency		(20,869	)		—			(755	)
Foreign Currency Forward Contracts		(983,669	)		—			85,879
Futures Contracts		(5,985,761	)		29,259			29,637
Swap Agreements		(7,066,155	)		(1,128,566	)		(55,616	)
Change in Unrealized Appreciation (Depreciation) on:
Investments		77,810,424			942,235			1,481,500	⁽³⁾
Foreign Currency		28,833			—			4,200
Foreign Currency Forward Contracts		(100,069	)		—			22,669
Futures Contracts		3,527,590			(4,403	)		(66,007	)
Investments in Affiliated Issuers		—			—			60,559
Swap Agreements		7,584,190			(1,055,563	)		56,988

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		67,461,147			(1,436,001	)		1,351,137

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	87,928,600		$	(862,036	)	$	1,722,607

(1)

Consolidated Statement of Operations (See Note 2).

(2)

Net of foreign taxes withheld of $557 for the TCW Global Bond Fund.

(3)

Net of capital gain withholding taxes of $51 for the TCW Global Bond Fund.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2023


	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
INVESTMENT INCOME
Income:
Interest	$	1,865,617		$	62,372		$	84,641,405

Total		1,865,617			62,372			84,641,405

Expenses:
Management Fees		134,242			13,680			5,955,208
Accounting Services Fees		5,525			427			137,037
Administration Fees		2,453			277			117,733
Transfer Agent Fees:
I Class		25,091			6,086			853,525
N Class		6,740			—			211,653
Plan Class		—			—			3,108
Custodian Fees		7,025			5,058			114,900
Professional Fees		38,027			46,744			164,714
Directors’ Fees and Expenses		23,048			23,047			23,047
Registration Fees:
I Class		9,369			9,872			26,645
N Class		8,004			—			11,608
Plan Class		—			—			7,440
Distribution Fees:
N Class		10,407			—			616,229
Compliance Expense		3,139			7,359			3,139
Shareholder Reporting Expense		5,536			—			12,455
Other		8,939			1,644			208,639

Total		287,545			114,194			8,467,080

Less Expenses Borne by Investment Advisor:
I Class		90,008			96,996			410,009
N Class		23,060			—			234,463
Plan Class		—			—			10,668

Net Expenses		174,477			17,198			7,811,940

Net Investment Income		1,691,140			45,174			76,829,465

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(1,979,319	)		19,034			19,083,291
Foreign Currency		723			—			1,599
Foreign Currency Forward Contracts		(21,906	)		—			(823,765	)
Futures Contracts		(97,454	)		52,540			(53,032,694	)
Change in Unrealized Appreciation (Depreciation) on:
Investments		3,663,099			303,718			107,165,404
Foreign Currency		615			—			2,980
Foreign Currency Forward Contracts		(2,698	)		—			(50,993	)
Futures Contracts		33,459			(117,555	)		90,229,093

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		1,596,519			257,737			162,574,915

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,287,659		$	302,911		$	239,404,380

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)


	TCW Core Fixed Income Fund						TCW Enhanced Commodity Strategy Fund ⁽¹⁾
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net Investment Income	$	20,467,453		$	28,819,936		$	573,965		$	510,695
Net Realized Loss on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(21,389,821	)		(137,199,165	)		(1,318,270	)		(3,089,264	)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		88,850,968			(173,407,321	)		(117,731	)		(739,894	)

Increase (Decrease) in Net Assets Resulting from Operations		87,928,600			(281,786,550	)		(862,036	)		(3,318,463	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(17,155,769	)		(23,342,013	)		(374,362	)		(1,055,936	)
Return of Capital		—			(4,452,370	)		—			—

Total Distributions to Shareholders		(17,155,769	)		(27,794,383	)		(374,362	)		(1,055,936	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(33,012,422	)		(301,442,390	)		(8,314,262	)		30,246,122
N Class		9,638,428			(12,158,536	)		(2,649,741	)		11,926,112
Plan Class		16,894,457			90,797,662			—			—

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(6,479,537	)		(222,803,264	)		(10,964,003	)		42,172,234

Increase (Decrease) in Net Assets		64,293,294			(532,384,197	)		(12,200,401	)		37,797,835
NET ASSETS
Beginning of period		1,163,117,726			1,695,501,923			40,691,724			2,893,889

End of period	$	1,227,411,020		$	1,163,117,726		$	28,491,323		$	40,691,724

(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 (Unaudited)


	TCW Global Bond Fund						TCW High Yield Bond Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net Investment Income	$	371,470		$	618,614		$	1,691,140		$	3,656,278
Net Realized Loss on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(208,772	)		(2,973,985	)		(2,097,956	)		(2,858,840	)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		1,559,909			(3,038,103	)		3,694,475			(9,465,871	)

Increase (Decrease) in Net Assets Resulting from Operations		1,722,607			(5,393,474	)		3,287,659			(8,668,433	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(246,708	)		(98,875	)		(1,868,976	)		(5,890,701	)
Return of Capital		—			(298,881	)		—			—

Total Distributions to Shareholders		(246,708	)		(397,756	)		(1,868,976	)		(5,890,701	)

NET CAPITAL SHARE TRANSACTIONS
I Class		380,151			(12,356,627	)		(210,217	)		(32,767,878	)
N Class		306,102			(546,364	)		(1,764,205	)		(3,908,789	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		686,253			(12,902,991	)		(1,974,422	)		(36,676,667	)

Increase (Decrease) in Net Assets		2,162,152			(18,694,221	)		(555,739	)		(51,235,801	)
NET ASSETS
Beginning of period		16,380,007			35,074,228			60,035,203			111,271,004

End of period	$	18,542,159		$	16,380,007		$	59,479,464		$	60,035,203

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)


	TCW Short Term Bond Fund						TCW Total Return Bond Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net Investment Income	$	45,174		$	153,950		$	76,829,465		$	146,557,170
Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions		71,574			(362,997	)		(34,771,569	)		(428,291,873	)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Foreign Currency Transactions		186,163			(201,283	)		197,346,484			(571,666,479	)

Increase (Decrease) in Net Assets Resulting from Operations		302,911			(410,330	)		239,404,380			(853,401,182	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(101,118	)		(252,893	)		(77,897,358	)		(98,490,713	)
Return of Capital		—			(80,452	)		—			—

Total Distributions to Shareholders		(101,118	)		(333,345	)		(77,897,358	)		(98,490,713	)

NET CAPITAL SHARE TRANSACTIONS
I Class		81,156			(9,048,272	)		(234,958,239	)		(873,138,545	)
N Class		—			—			(59,434,061	)		(155,694,602	)
Plan Class		—			—			1,530,065			1,217,353

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		81,156			(9,048,272	)		(292,862,235	)		(1,027,615,794	)

Increase (Decrease) in Net Assets		282,949			(9,791,947	)		(131,355,213	)		(1,979,507,689	)
NET ASSETS
Beginning of period		8,269,501			18,061,448			3,104,254,275			5,083,761,964

End of period	$	8,552,450		$	8,269,501		$	2,972,899,062		$	3,104,254,275

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

April 30, 2023

Note 1 — Organization

TCW Funds, Inc. (the “Company”), a Maryland corporation, 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 its own investment objective 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, plus any borrowings for investment purposes, in debt securities. The Fund may also invest up to 5% of its net assets in below investment grade bonds (commonly known as “junk bonds”).

TCW Enhanced Commodity Strategy Fund		Seeks total return which exceeds that of its commodity benchmark by investing primarily in commodity-linked derivative instruments backed by a portfolio of Fixed Income Instruments. The average duration of the Fixed Income Instruments held by the Fund is not expected to exceed 3 years, under normal market conditions. The Fund may invest up to 5% of its net assets in below investment grade bonds (commonly known as “junk bonds”). The Fund may invest up to 15% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 5% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 5% of its assets in emerging market securities.

TCW Global Bond Fund		Seeks total return by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities. Under normal market conditions, the Fund invests in securities of issuers located in at least three different countries (one of which may be the United States) and invests at least 30% of its net assets in securities of issuers located outside the United States. The Fund does not limit its investments to a particular credit or ratings category and may invest up to 35% of its net assets in below investment grade bonds (commonly known as “junk bonds”).

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 1 — Organization (Continued)


TCW Fund		Investment Objectives and Principal Investment Strategies

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, plus any borrowings for investment purposes, in high yield/below investment grade bonds (commonly known as “junk bonds”). The Fund may invest up to 20% of its net assets in equity securities (including common stock and convertible and non-convertible preferred stocks) and bank loans of companies in the high yield universe.

TCW Short Term Bond Fund		Seeks to maximize current income by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, 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. The Fund may invest up to 10% of its net assets in below investment grade bonds (commonly known as “junk bonds”). Under normal market conditions, the portfolio managers seek to construct an investment portfolio with a dollar-weighted average duration of no more than two years.

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, plus any borrowings for investment purposes, in debt securities. At least 50% of the Fund’s net assets will be invested 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 Investors Service, Inc., AA- or higher by S&P Global Ratings 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. Under normal market conditions, the portfolio managers seek to construct an investment portfolio with a weighted average duration of no more than eight years.

TCW Funds, Inc.

April 30, 2023

Note 1 — Organization (Continued)

All of the Funds currently offer two classes of shares: I Class and N Class, except for the TCW Short Term Bond Fund, which only offers I Class shares, and the TCW Core Fixed Income Fund and TCW Total Return Bond Fund, which also 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 7).

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.

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’s investment in the Subsidiary will normally not exceed 25% of the value of the Parent’s total assets tested at the time of making an investment. The net assets of the Subsidiary at April 30, 2023 were $4,621,435 or 16.22% of the Parent’s consolidated net assets. Intercompany balances and transactions have been eliminated in consolidation.

Security Valuations: Securities listed or traded on the NYSE and other stock exchanges were valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) were valued during the period using official closing prices as reported by NASDAQ, which may not have been the last sale price. Investments in open-end mutual funds including money market funds were valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter (“OTC”) market quotations were readily available, including short-term securities, swap agreements and forward currency contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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:

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

TCW Funds, Inc.

April 30, 2023

Note 2 — Significant Accounting Policies (Continued)

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 as Level 2 of the fair value hierarchy; otherwise, they would be categorized as 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 as Level 2 of the fair value hierarchy.

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 as 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 as Level 3 of the 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 as 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 as 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 as Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

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 as 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, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds are categorized as Level 2; otherwise, the fair values are categorized as Level 3.

Options and Swaptions contracts. Exchange-listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange-listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. Options and swaptions contracts traded over-the-counter (“OTC”) are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options and swaptions contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

Short-term investments. Short-term investments are valued using market price quotations, and are categorized as Level 1 or Level 2 of the fair value hierarchy.

Total return swaps. 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 as Level 3.

Warrants. Warrants 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 as Level 1 of the fair value hierarchy.

The summary of the inputs used as of April 30, 2023 in valuing the Funds’ investments 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	ASSET-BACKED SECURITIES			CORPORATE BONDS			TOTAL
Balance as of October 31, 2022	$	3,965,873		$	1,160,224		$	5,126,097
Accrued Discounts (Premiums)		—			—			—
Realized Gain (Loss)		(24,138	)		(2,726	)		(26,864	)
Change in Unrealized Appreciation (Depreciation)*		166,887			339,436			506,323
Purchases		—			—			—
Sales		(143,859	)		(1,496,934	)		(1,640,793	)
Transfers in to Level 3		—			—			—
Transfers out of Level 3		—			—			—

Balance as of April 30, 2023	$	3,964,763		$	—		$	3,964,763

*	The change in unrealized appreciation (depreciation) on securities still held at April 30, 2023 was $166,887 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.


TCW GLOBAL BOND FUND	COMMON STOCK			RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY			TOTAL
Balance as of October 31, 2022	$	9,150		$	54,941		$	64,091
Accrued Discounts (Premiums)		—			13,160			13,160
Realized Gain (Loss)		—			—			—
Change in Unrealized Appreciation (Depreciation)*		(98	)		(12,236	)		(12,334	)
Purchases		—			—			—
Sales		—			—			—
Transfers in to Level 3		—			—			—
Transfers out of Level 3		—			—			—

Balance as of April 30, 2023	$	9,052		$	55,865		$	64,917

* The change in unrealized appreciation (depreciation) on securities still held at April 30, 2023 was $(12,334) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

TCW Funds, Inc.

April 30, 2023

Note 2 — Significant Accounting Policies (Continued)


TCW HIGH YIELD BOND FUND	CORPORATE BONDS			TOTAL
Balance as of October 31, 2022	$	180,205		$	180,205
Accrued Discounts (Premiums)		—			—
Realized Gain (Loss)		38,731			38,731
Change in Unrealized Appreciation (Depreciation)*		13,566			13,566
Purchases		—			—
Sales		(232,502	)		(232,502	)
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—

Balance as of April 30, 2023		—			—

*	The change in unrealized appreciation (depreciation) on securities still held at April 30, 2023 was $0 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.


TCW TOTAL RETURN BOND FUND	MORTGAGE-BACKED SECURITIES			TOTAL
Balance as of October 31, 2022	$	1,907,386		$	1,907,386
Accrued Discounts (Premiums)		(118,856	)		(118,856	)
Realized Gain (Loss)		50			50
Change in Unrealized Appreciation (Depreciation)*		57,156			57,156
Purchases		27,014			27,014
Sales		(17,780	)		(17,780	)
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—

Balance as of April 30, 2023	$	1,854,970		$	1,854,970

*	The change in unrealized appreciation (depreciation) on securities still held at April 30, 2023 was $68,593 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

Significant unobservable valuation inputs for Level 3 investments as of April 30, 2023 are as follows:

Description

Fair Value at
4/30/2023

Valuation
Techniques

Unobservable
Input

Price or Price
Range

Average Weighted
Price

Input to
Valuation
If Input
Increases

TCW Core Fixed Income Fund

Asset-Backed Securities

3,964,763

Third-party Vendor

Vendor Prices

90.750

$90.750

Increase

TCW Global Bond Fund

Common Stock

9,052

Third-party Vendor

Vendor Prices

$26.313

Increase

Residential Mortgage-Backed Securities — Non-Agency

55,865

Third-party Vendor

Vendor Prices

$4.463

$ 4.463

Increase

Rights

Third-party Vendor

Vendor Prices

$ 0

Increase

TCW High Yield Bond Fund

Common Stock

Third-party Vendor

Vendor Prices

$ 0

Increase

TCW Total Return Bond Fund

Residential Mortgage-Backed Securities — Non- Agency

1,854,970

Third-party Vendor

Vendor Prices

$0.571–10.444

$1.516

Increase

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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 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. Capital gains realized by a Fund will be distributed at least annually.

Foreign Currency Translation: The books and records of each Fund are maintained in U.S. dollars as follows: (1) 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.

TCW Funds, Inc.

April 30, 2023

Note 2 — Significant Accounting Policies (Continued)

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, 2023, 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
Futures Contracts ⁽¹⁾	$	—	$	—	$	—		$	2,707,909		$	2,707,909
Forward Contracts		—		—		6,894			—			6,894

Total Value	$	—	$	—	$	6,894		$	2,707,909		$	2,714,803

Liability Derivatives
Forward Contracts	$	—	$	—	$	(155,087	)	$	—		$	(155,087	)
Swap Agreements ⁽²⁾		—		—		—			(126,751	)		(126,751	)
Futures Contracts ⁽¹⁾		—		—		—			(651,884	)		(651,884	)

Total Value	$	—	$	—	$	(155,087	)	$	(778,635	)	$	(933,722	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	—	$	(983,669	)	$	—		$	(983,669	)
Futures Contracts		—		—		—			(5,985,761	)		(5,985,761	)
Swap Agreements		—		—		—			(7,066,155	)		(7,066,155	)

Net Realized Gain (Loss)	$	—	$	—	$	(983,669	)	$	(13,051,916	)	$	(14,035,585	)

Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	—	$	(100,069	)	$	—		$	(100,069	)
Futures Contracts		—		—		—			3,527,590			3,527,590
Swap Agreements		—		—		—			7,584,190			7,584,190

Net Change in Appreciation (Depreciation)	$	—	$	—	$	(100,069	)	$	11,111,780		$	11,011,711

Number of Contracts or Notional Amounts⁽³⁾
Forward Currency Contracts		$ —		$ —		$13,233,050			$ —			$13,233,050
Futures Contracts		—		—		—			1,867			1,867
Swap Agreements		$ —		$ —		$ —			$124,406,333			$124,406,333

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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	$	—	$	(317,085	)	$	—	$	—	$	(317,085	)
Futures Contracts ⁽¹⁾		—		(4,403	)		—		—		(4,403	)

Total Value	$	—	$	(321,488	)	$	—	$	—	$	(321,488	)

Statement of Operations:
Net Realized Gain (Loss)
Futures Contracts ⁽¹⁾	$	—	$	29,259		$	—	$	—	$	29,259
Swap Agreements		—		(1,128,566	)		—		—		(1,128,566	)

Net Realized Gain (Loss)	$	—	$	(1,099,307	)	$	—	$	—	$	(1,099,307	)

Net Change in Appreciation (Depreciation)
Futures Contracts	$	—	$	(4,403	)	$	—	$	—	$	(4,403	)
Swap Agreements		—		(1,055,563	)		—		—		(1,055,563	)

Net Change in Appreciation (Depreciation)	$	—	$	(1,059,966	)	$	—	$	—	$	(1,059,966	)

Number of Contracts or Notional Amounts⁽³⁾
Futures Contracts		—		70			—		—		70
Swap Agreements		$ —		$ 35,161,060			$ —		$ —		$35,161,060

TCW Global Bond Fund


	Credit Risk		Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Swap Agreements ⁽²⁾	$	—	$	—	$	—		$	4,141		$	4,141
Futures Contracts ⁽¹⁾		—		—		—			43,245			43,245
Forward Contracts		—		—		34,005			—			34,005

Total Value	$	—	$	—	$	34,005		$	47,386		$	81,391

Liability Derivatives
Forward Contracts	$	—	$	—	$	(86,934	)	$	—		$	(86,934	)
Swap Agreements ⁽²⁾		—		—		—			(5,046	)		(5,046	)
Futures Contracts ⁽¹⁾		—		—		—			(38,478	)		(38,478	)

Total Value	$	—	$	—	$	(86,934	)	$	(43,524	)	$	(130,458	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	—	$	85,879		$	—		$	85,879
Futures Contracts		—		—		—			29,637			29,637
Swap Agreements		—		—		—			(55,616	)		(55,616	)

Net Realized Gain (Loss)	$	—	$	—	$	85,879		$	(25,979	)	$	59,900

Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	—	$	22,669		$	—		$	22,669
Futures Contracts		—		—		—			(66,007	)		(66,007	)
Swap Agreements		—		—		—			56,988			56,988

Net Change in Appreciation (Depreciation)	$	—	$	—	$	22,669		$	(9,019	)	$	13,650

Number of Contracts or Notional Amounts ⁽³⁾
Forward Currency Contracts		$ —		$ —		$8,086,532			$ —			$8,086,532
Futures Contracts		—		—		—			43			43
Swap Agreements		$ —		$ —		$ —			$933,333			$933,333

100

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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⁾	$	—		$	—	$	—		$	108,024		$	108,024
Forward Contracts		—			—		57			—			57

Total Value	$	—		$	—	$	57		$	108,024		$	108,081

Liability Derivatives
Forward Contracts	$	—		$	—	$	(3,595	)	$	—		$	(3,595	)
Futures Contracts ⁽¹⁾		—			—		—			(84,488	)		(84,488	)

Total Value	$	—		$	—	$	(3,595	)	$	(84,488	)	$	(88,083	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—		$	—	$	(21,906	)	$	—		$	(21,906	)
Futures Contracts		—			—		—			(97,454	)		(97,454	)

Net Realized Gain (Loss)	$	—		$	—	$	(21,906	)	$	(97,454	)	$	(119,360	)

Net Change in Appreciation (Depreciation)
Forward Contracts	$	—		$	—	$	(2,698	)	$	—		$	(2,698	)
Futures Contracts		—			—		—			33,459			33,459

Net Change in Appreciation (Depreciation)	$	—		$	—	$	(2,698	)	$	33,459		$	30,761

Number of Contracts or Notional Amounts⁽³⁾
Forward Currency Contracts		$ —			$ —		$325,648			$ —			$ 325,648
Futures Contracts		—	��		—		—			100			100

TCW Short Term Bond Fund


	Credit Risk		Commodity Risk		Foreign Currency Risk		Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts⁽¹⁾	$	—	$	—	$	—	$	25,063		$	25,063

Total Value	$	—	$	—	$	—	$	25,063		$	25,063

Liability Derivatives
Futures Contracts⁽¹⁾	$	—	$	—	$	—	$	(46,706	)	$	(46,706	)

Total Value	$	—	$	—	$	—	$	(46,706	)	$	(46,706	)

Statement of Operations:
Net Realized Gain (Loss)
Futures Contracts	$	—	$	—	$	—	$	52,540		$	52,540

Net Realized Gain (Loss)	$	—	$	—	$	—	$	52,540		$	52,540

Net Change in Appreciation (Depreciation)
Futures Contracts	$	—	$	—	$	—	$	(117,555	)	$	(117,555	)

Net Change in Appreciation (Depreciation)	$	—	$	—	$	—	$	(117,555	)	$	(117,555	)

Number of Contracts or Notional Amounts⁽³⁾
Futures Contracts		—		—		—		31			31

101

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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⁾	$	—	$	—	$	—		$	21,124,539		$	21,124,539

Total Value	$	—	$	—	$	—		$	21,124,539		$	21,124,539

Liability Derivatives
Forward Contracts	$	—	$	—	$	(85,417	)	$	—		$	(85,417	)

Total Value	$	—	$	—	$	(85,417	)	$	—		$	(85,417	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	—	$	(823,765	)	$	—		$	(823,765	)
Futures Contracts		—		—		—			(53,032,694	)		(53,032,694	)

Net Realized Gain (Loss)	$	—	$	—	$	(823,765	)	$	(53,032,694	)	$	(53,856,459	)

Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	—	$	(50,993	)	$	—		$	(50,993	)
Futures Contracts		—		—		—			90,229,093			90,229,093

Net Change in Appreciation (Depreciation)	$	—	$	—	$	(50,993	)	$	90,229,093		$	90,178,100

Number of Contracts or Notional Amounts ⁽³⁾
Forward Currency Contracts		$ —		$ —		$ 9,030,310			$ —			$ 9,030,310
Futures Contracts		—		—		—			7,238			7,238

(1)

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2023 is reported within the Statement of Assets and Liabilities.

(2)

Includes cumulative appreciation (depreciation) of swap agreements as reported in the Schedule of Investments. Only variation margin on April 30, 2023 is reported within the Statement of Assets and Liabilities.

(3)

Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2023.

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.

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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, 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 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 Accounting Standards Update (“ASU”) No. 2011-11, 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.

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Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

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, 2023:

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.		6,525		(148,248	)	$	(141,723	) ⁽²⁾	$	141,723	$	—
Goldman Sachs & Co.		369		(6,839	)		(6,470	)		—		(6,470	)

Total	$	6,894	$	(155,087	)	$	(148,193	)	$	141,723	$	(6,470	)

⁽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 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⁾
Citigroup		—		(189,194	)		(189,194	)		189,194		—
Credit Suisse International	$	—	$	(127,891	)	$	(127,891	)	$	127,891	$	—

Total	$	—	$	(317,085	)	$	(317,085	)	$	317,085	$	—

⁽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.

104

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Note 2 — Significant Accounting Policies (Continued)

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.		18,027		(1,611	)	$	16,416		$	—	$	16,416
Goldman Sachs & Co.		14,392		(14,263	)		129			—		129
State Street Bank & Trust Co.		1,586		(71,060	)		(69,474	)		—		(69,474	)

Total	$	34,005	$	(86,934	)	$	(52,929	)	$	—	$	(52,929	)

⁽¹⁾

Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

TCW High Yield 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.		57		(3,595	)	$	(3,538	)	$	—	$	(3,538	)

Total	$	57	$	(3,595	)	$	(3,538	)	$	—	$	(3,538	)

⁽¹⁾

Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

TCW Total Return 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.		—		(85,417	)	$	(85,417	)	$	85,417⁽²	⁾	$	—

Total	$	—	$	(85,417	)	$	(85,417	)	$	85,417⁽²	⁾	$	—

⁽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.

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. 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

105

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Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

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 each Fund’s existing portfolio. In when-issued, delayed-delivery, TBA 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 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 the Fund may have missed an opportunity to make an alternative investment.

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Note 3 — Portfolio Investments (Continued)

Prior to settlement of these transactions, the value of the subject securities will fluctuate with market conditions. In addition, because the 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 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.

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, 2023.

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, 2023.

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Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

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, 2023.

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 High Yield Bond Fund and the TCW Total Return Bond Fund entered into forward foreign currency contracts during the period April 30, 2023 to hedge against the foreign currency exposure within the Funds. Outstanding foreign currency forward contracts at April 30, 2023 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, 2023 to help manage interest rate duration of those Funds. Futures contracts outstanding at April 30, 2023 are listed on the Schedule of Investments.

108

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April 30, 2023

Note 3 — Portfolio Investments (Continued)

109

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Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

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 (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 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.

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. See “Swap Agreements” below. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. During the period ended April 30, 2023, none of the Funds held written swaptions.

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

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Note 3 — Portfolio Investments (Continued)

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 (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, 2023, the TCW Core Fixed Income Fund and the TCW Global Bond 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); the TCW Enhanced Commodity Strategy Fund used total return swap agreements to gain exposure to the commodity market.

Note 4 — Risk Considerations

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Note 4 — Risk Considerations (Continued)

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, 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,

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Note 4 — Risk Considerations (Continued)

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 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.

LIBOR Risk: The London Interbank Offer Rate (“LIBOR”) historically has been and currently 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 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. However, the ICE Benchmark Administration, in its capacity as administrator of USD LIBOR, announced it would extend publication of 1-month, 3-month, and 6-month USD LIBOR by 19 months to June 2023. It is expected that market participants will transition to the use of different alternative reference or benchmark rates. However, although regulators have encouraged the development and adoption of alternative rates such as the Secured Overnight Financing Rate (“SOFR”), 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

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Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

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.

Bank Loan Risk: There is a risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. A Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. Bank loans are not registered and otherwise may not be treated as securities under the federal securities laws, meaning investors in loans have less protection against improper practices than investors in securities that are registered under or are otherwise subject to the protections of the securities laws.

Note 5 — Federal Income Taxes

At April 30, 2023, 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 Core Fixed Income Fund	$	9,173,249	$	(72,080,729	)	$	(62,907,480	)	$	1,580,150,035
TCW Enhanced Commodity Strategy Fund		70,012		(608,273	)		(538,261	)		24,647,156
TCW Global Bond Fund		323,966		(2,138,082	)		(1,814,116	)		23,397,791
TCW High Yield Bond Fund		653,288		(4,907,246	)		(4,253,958	)		63,176,856
TCW Short Term Bond Fund		247,310		(293,798	)		(46,488	)		11,062,080
TCW Total Return Bond Fund		160,937,445		(329,641,605	)		(168,704,160	)		3,939,294,461

At October 31, 2022, the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Enhanced Commodity Strategy Fund	$	30,589	$	—	$	30,589
TCW High Yield Bond Fund		537,060		—		537,060
TCW Total Return Bond Fund		26,232,316		—		26,232,316

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Note 5 — Federal Income Taxes (Continued)

During the year ended October 31, 2022, the tax character of distributions paid was as follows:


	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
TCW Core Fixed Income Fund	$	23,342,013	$	—	$	4,452,370	$	27,794,383
TCW Enhanced Commodity Strategy Fund		1,055,936		—		—		1,055,936
TCW Global Bond Fund		98,875		—		298,881		397,756
TCW High Yield Bond Fund		5,483,927		406,774		—		5,890,701
TCW Short Term Bond Fund		252,893		—		80,452		333,345
TCW Total Return Bond Fund		98,490,713		—		—		98,490,713

At October 31, 2022, the following Funds had net realized losses that will be carried forward indefinitely for federal income tax purposes


	No Expiration
	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Core Fixed Income Fund	$	123,663,890	$	6,444,868	$	130,108,758
TCW Enhanced Commodity Strategy Fund		102,334		1,606		103,940
TCW Global Bond Fund		953,859		617,424		1,571,283
TCW High Yield Bond Fund		1,845,863		1,481,646		3,327,509
TCW Short Term Bond Fund		528,906		14,274		543,180
TCW Total Return Bond Fund		419,221,210		140,860,057		560,081,267

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 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	%

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⁾

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Notes to Financial Statements (Unaudited) (Continued)

Note 6 — Fund Management Fees and Other Expenses (Continued)


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	0.70	%⁽¹⁾
P Class	0.44	%⁽¹⁾

(1)

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

Any advisory fee reduced or withheld, or expense reimbursement paid, pursuant to the Expense Limitation Agreement will be reimbursed by the appropriate Fund to the Advisor in the first, second or third fiscal year after the fiscal year of the reduction or reimbursement. The Advisory may not receive reimbursement for previous reductions or reimbursements before payment of a Fund’s operating expenses for the current year, and cannot cause a Fund to exceed the expense limitation in effect for that Fund (i) at the time the fees and expenses would have been incurred or (ii) at the time the Advisor would recoup that reduction or reimbursement. In addition, any recoupment may not exceed any more restrictive limitation to which the Advisor has agreed.

Note 7 — Distribution Plan

Note 8 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2023 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	$	69,878,778	$	13,727,431	$	2,561,132,826	$	2,602,049,347
TCW Enhanced Commodity Strategy Fund		2,210,963		10,768,378		—		428,922
TCW Global Bond Fund		6,153,668		6,070,720		17,672,007		17,065,849
TCW High Yield Bond Fund		21,532,321		24,304,278		—		—
TCW Short Term Bond Fund		886,015		1,355,7645		23,474,850		24,993,455
TCW Total Return Bond Fund		69,915,418		340,749,689		5,600,062,681		5,776,906,365

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Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:


TCW Core Fixed Income Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		17,674,088		$	173,838,735			41,973,338		$	439,381,120
Shares Issued upon Reinvestment of Dividends		1,532,663			14,984,824			2,085,134			22,123,909
Shares Redeemed		(22,602,192	)		(221,835,981	)		(74,327,281	)		(762,947,419	)

Net Decrease		(3,395,441	)	$	(33,012,422	)		(30,268,809	)	$	(301,442,390	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		3,252,524		$	32,013,926			4,859,021		$	52,088,741
Shares Issued upon Reinvestment of Dividends		229,293			2,238,732			240,584			2,540,892
Shares Redeemed		(2,503,484	)		(24,614,230	)		(6,301,496	)		(66,788,169	)

Net Increase (Decrease)		978,333		$	9,638,428			(1,201,891	)	$	(12,158,536	)


Plan Class	Shares			Amount			Shares			Amount
Shares Sold		2,236,390		$	21,930,530			9,236,640		$	97,872,378
Shares Issued upon Reinvestment of Dividends		166,347			1,636,403			85,060			872,216
Shares Redeemed		(675,000	)		(6,672,476	)		(773,500	)		(7,946,932	)

Net Increase		1,727,737		$	16,894,457			8,548,200		$	90,797,662


TCW Enhanced Commodity Strategy Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		889,593		$	5,562,054			4,919,117		$	34,467,759
Shares Issued upon Reinvestment of Dividends		42,468			268,000			141,890			865,371
Shares Redeemed		(2,244,102	)		(14,144,316	)		(722,809	)		(5,087,008	)

Net Increase (Decrease)		(1,312,041	)	$	(8,314,262	)		4,338,198		$	30,246,122


N Class	Shares			Amount			Shares			Amount
Shares Sold		212,041		$	1,333,397			3,032,140		$	21,739,302
Shares Issued upon Reinvestment of Dividends		16,453			103,703			30,109			189,179
Shares Redeemed		(643,278	)		(4,086,841	)		(1,443,330	)		(10,002,369	)

Net Increase (Decrease)		(414,784	)	$	(2,649,741	)		1,618,919		$	11,926,112


TCW Global Bond Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		40,129		$	330,822			137,846		$	1,244,126
Shares Issued upon Reinvestment of Dividends		17,276			142,815			27,221			256,389
Shares Redeemed		(11,423	)		(93,486	)		(1,440,495	)		(13,857,142	)

Net Increase (Decrease)		45,982		$	380,151			(1,275,428	)	$	(12,356,627	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		50,759		$	419,311			52,009		$	479,155
Shares Issued upon Reinvestment of Dividends		15,319			126,595			17,714			162,796
Shares Redeemed		(28,557	)		(239,804	)		(128,525	)		(1,188,315	)

Net Increase (Decrease)		37,521		$	306,102			(58,802	)	$	(546,364	)

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Note 9 — Capital Share Transactions (Continued)


TCW High Yield Bond Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		1,692,674		$	10,036,453			4,268,413		$	27,306,196
Shares Issued upon Reinvestment of Dividends		302,822			1,785,933			742,643			4,814,705
Shares Redeemed		(2,025,153	)		(12,032,603	)		(10,179,417	)		(64,888,779	)

Net Decrease		(29,657	)	$	(210,217	)		(5,168,361	)	$	(32,767,878	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		235,020		$	1,402,247			286,375		$	1,838,132
Shares Issued upon Reinvestment of Dividends		46,961			278,535			116,794			759,914
Shares Redeemed		(577,181	)		(3,444,987	)		(1,023,537	)		(6,506,835	)

Net Decrease		(295,200	)	$	(1,764,205	)		(620,368	)	$	(3,908,789	)


TCW Short Term Bond Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		347,217		$	2,859,092			508,442		$	4,271,112
Shares Issued upon Reinvestment of Dividends		13,538			111,104			38,685			326,721
Shares Redeemed		(351,174	)		(2,889,040	)		(1,624,862	)		(13,646,105	)

Net Increase (Decrease)		9,581		$	81,156			(1,077,735	)	$	(9,048,272	)


TCW Total Return Bond Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		59,266,291		$	494,437,547			113,029,676		$	1,040,830,995
Shares Issued upon Reinvestment of Dividends		5,656,183			46,736,311			6,016,012			55,983,910
Shares Redeemed		(93,431,534	)		(776,132,097	)		(213,416,239	)		(1,969,953,450	)

Net Decrease		(28,509,060	)	$	(234,958,239	)		(94,370,551	)	$	(873,138,545	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		3,893,987		$	33,369,013			11,733,040		$	110,570,624
Shares Issued upon Reinvestment of Dividends		1,507,086			12,852,107			1,442,633			13,819,002
Shares Redeemed		(12,339,238	)		(105,655,181	)		(29,721,329	)		(280,084,228	)

Net Decrease		(6,938,165	)	$	(59,434,061	)		(16,545,656	)	$	(155,694,602	)


Plan Class	Shares			Amount			Shares			Amount
Shares Sold		223,674		$	1,872,722			177,262		$	1,617,758
Shares Issued upon Reinvestment of Dividends		6,526			54,398			1,414			12,941
Shares Redeemed		(47,687	)		(397,055	)		(44,422	)		(413,346	)

Net Increase		182,513		$	1,530,065			134,254		$	1,217,353

Note 10 — Affiliate Ownership

As of April 30, 2023, affiliates of the Funds and Advisor owned 19.98% and 85.40% of the net assets of the TCW Enhanced Commodity Strategy Fund and the TCW Global Bond Fund, respectively.

Note 11 — Restricted Securities

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Note 11 — Restricted Securities (Continued)

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, 2023 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) (I/O), 0.43%, due 09/15/39	7/15/16	$	543	$	45		0.00	%


TCW Global Bond Fund
Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
Intelsat Jackson Holdings S. A., 6.50%, due 03/15/30	1/27/22	$	38,143	$	36,266		0.20	%


TCW High Yield Bond Fund
Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
Intelsat Jackson Holdings S. A., 6.50%, due 03/15/30	1/27/22	$	354,803	$	346,856		0.58	%

Note 12 — Committed Line Of Credit

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 whether to specify highly liquid investment minimum (and, if so, at what level), 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”).

119

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 13 — Liquidity Risk Management Program (Continued)

Note 14 — Indemnifications

Note 15 — New Accounting Pronouncements

120

TCW Funds, Inc.

April 30, 2023

Note 15 — New Accounting Pronouncements (Continued)

reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

121

TCW Core Fixed Income Fund

Financial Highlights — I Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	9.39		$	11.56		$	11.98		$	11.41		$	10.52		$	10.99

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.17			0.20			0.11			0.20			0.30			0.25
Net Realized and Unrealized Gain (Loss) on Investments		0.55			(2.17	)		(0.09	)		0.61			0.89			(0.45	)

Total from Investment Operations		0.72			(1.97	)		0.02			0.81			1.19			(0.20	)

Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.17	)		(0.14	)		(0.24	)		(0.30	)		(0.27	)
Distributions from Return of Capital		—			(0.03	)		(0.04	)		—			—			—
Distributions from Net Realized Gain		—			(0.00	)⁽²⁾		(0.26	)		—			—			—

Total Distributions		(0.14	)		(0.20	)		(0.44	)		(0.24	)		(0.30	)		(0.27	)

Net Asset Value per Share, End of period	$	9.97		$	9.39		$	11.56		$	11.98		$	11.41		$	10.52

Total Return		7.61	% ⁽³⁾		(17.10	%)		0.19	%		7.14	%		11.48	%		(1.87	%)

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	933,048		$	911,213		$	1,471,072		$	1,344,787		$	946,896		$	975,741

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.53	%⁽⁴⁾		0.53	%		0.51	%		0.51	%		0.51	%		0.51	%

After Expense Reimbursement		0.49	%⁽⁴⁾		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%

Ratio of Net Investment Income to Average Net Assets		3.48	%⁽⁴⁾		1.90	%		0.94	%		1.66	%		2.69	%		2.34	%

Portfolio Turnover Rate		199.92	%⁽³⁾		473.72	%		469.87	%		371.22	%		214.76	%		267.96	%

(1)

Computed using average shares outstanding throughout the period.

(2)

Amount rounds to less than $0.01 per share.

(3)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying Notes to Financial Statements.

122

TCW Core Fixed Income Fund

Financial Highlights — N Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	9.38		$	11.53		$	11.95		$	11.38		$	10.49		$	10.96

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.16			0.19			0.09			0.18			0.27			0.23
Net Realized and Unrealized Gain (Loss) on Investments		0.54			(2.16	)		(0.09	)		0.60			0.90			(0.46	)

Total from Investment Operations		0.70			(1.97	)					0.78			1.17			(0.23	)

Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.15	)		(0.12	)		(0.21	)		(0.28	)		(0.24	)
Distributions from Net Realized Gain		—			(0.00	)⁽²⁾		(0.26	)		—			—			—
Distributions from Return of Capital		—			(0.03	)		(0.04	)		—			—			—

Total Distributions		(0.13	)		(0.18	)		(0.42	)		(0.21	)		(0.28	)		(0.24	)

Net Asset Value per Share, End of period	$	9.95		$	9.38		$	11.53		$	11.95		$	11.38		$	10.49

Total Return		7.54	%⁽³⁾		(17.22	)%		0.00	%		6.92	%		11.27	%		(2.10	)%
Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	190,664		$	170,497		$	223,562		$	241,938		$	240,107		$	270,477

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.81	%⁽⁴⁾		0.82	%		0.80	%		0.80	%		0.81	%		0.81	%

After Expense Reimbursement		0.64	%⁽⁴⁾		0.64	%		0.65	%		0.67	%		0.70	%		0.72	%

Ratio of Net Investment Income to Average Net Assets		3.34	%⁽⁴⁾		1.77	%		0.78	%		1.53	%		2.48	%		2.12	%

Portfolio Turnover Rate		199.92	%⁽³⁾		473.72	%		469.87	%		371.22	%		214.76	%		267.96	%

(1)

Computed using average shares outstanding throughout the period.

(2)

Amount rounds to less than $0.01 per share.

(3)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying Notes to Financial Statements.

123

TCW Core Fixed Income Fund

Financial Highlights — Plan Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,						February 28, 2020 (Commencement of Operations) through October 31, 2020
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021
Net Asset Value per Share, Beginning of period	$	9.44		$	11.61		$	12.06		$	11.72

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.17			0.25			0.11			0.18
Net Realized and Unrealized Gain (Loss) on Investments		0.56			(2.21	)		(0.11	)		0.29

Total from Investment Operations		0.73			(1.96	)		0.00			0.47

Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.18	)		(0.14	)		(0.13	)
Distributions from Net Realized Gain		—			(0.00	)⁽²⁾		(0.26	)		—
Return of capital		—			(0.03	)		(0.05	)		—

Total distributions		(0.15	)		(0.21	)		(0.45	)		(0.13	)

Net Asset Value per Share, End of period	$	10.02		$	9.44		$	11.61		$	12.06

Total Return		7.72	%⁽⁴⁾		(17.07	%)		(0.01	%)		3.98	%⁽³⁾

Ratios/Supplemental Data:

Net assets, end of period (in thousands)	$	103,699		$	81,408		$	867		$	0.00	⁽⁵⁾

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.48	%⁽⁶⁾		0.51	%		7.54	%		14,703.31	%⁽⁶⁾

After Expense Reimbursement		0.44	%⁽⁶⁾		0.44	%		0.44	%		0.44	%⁽⁶⁾

Ratio of Net Investment Income to Average Net Assets		3.54	%⁽⁶⁾		2.46	%		0.97	%		2.20	%⁽⁶⁾

Portfolio Turnover Rate		199.92	%⁽⁴⁾		473.72	%		469.87	%		371.22	%⁽³⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

Amount rounds to less than $0.01 per share.

(3)

For the period February 28, 2020 (Commencement of Operations) through October 31, 2020.

(4)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(5)

Amount Rounds to less than $1,000.

(6)

Annualized.

See accompanying Notes to Financial Statements.

124

TCW Enhanced Commodity Strategy Fund

Consolidated Financial Highlights — I Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	6.34		$	6.32		$	4.36		$	4.84		$	5.01		$	5.20

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.10			0.12			0.05			0.10			0.17			0.11
Net Realized and Unrealized Gain (Loss) on Investments		(0.29	)		0.28			2.02			(0.41	)		(0.20	)		(0.20	)

Total from Investment Operations		(0.19	)		0.40			2.07			(0.31	)		(0.03	)		(0.09	)

Less Distributions:
Distributions from Net Investment Income		(0.07	)		(0.38	)		(0.09	)		(0.15	)		(0.14	)		(0.10	)
Distributions from Net Realized Gain		—			—			(0.02	)		(0.02	)		—			—

Total Distributions		(0.07	)		(0.38	)		(0.11	)		(0.17	)		(0.14	)		(0.10	)

Net Asset Value per Share, End of period	$	6.08		$	6.34		$	6.32		$	4.36		$	4.84		$	5.01

Total Return		(3.03	%)⁽²⁾		6.82	%		48.18	%		(5.82	%)		(0.96	%)		(1.96	%)

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	20,297		$	29,511		$	1,983		$	693		$	740		$	1,208

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.69	%⁽³⁾		1.73	%		15.84	%		16.92	%		17.82	%		11.53	%

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		3.22	%⁽³⁾		1.70	%		0.84	%		2.29	%		3.45	%		2.06	%

Portfolio Turnover Rate		8.36	%⁽²⁾		53.15	%		32.09	%		54.50	%		122.23	%		75.52	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

125

TCW Enhanced Commodity Strategy Fund

Consolidated Financial Highlights — N Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	6.34		$	6.31		$	4.35		$	4.84		$	5.01		$	5.21

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.10			0.12			0.04			0.10			0.17			0.11
Net Realized and Unrealized Gain (Loss) on Investments		(0.29	)		0.29			2.03			(0.42	)		(0.20	)		(0.21	)

Total from Investment Operations		(0.19	)		0.41			2.07			(0.32	)		(0.03	)		(0.10	)

Less Distributions:
Distributions from Net Investment Income		(0.07	)		(0.38	)		(0.09	)		(0.15	)		(0.14	)		(0.10	)
Distributions from Net Realized Gain		—			—			(0.02	)		(0.02	)		—			—

Total Distributions		(0.07	)		(0.38	)		(0.11	)		(0.17	)		(0.14	)		(0.10	)

Net Asset Value per Share, End of period	$	6.08		$	6.34		$	6.31		$	4.35		$	4.84		$	5.01

Total Return		(3.06	)%⁽²⁾		6.93	%		48.21	%		(5.90	)%		(1.16	)%		(1.96	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	8,194		$	11,181		$	911		$	472		$	504		$	507

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		2.18	%⁽³⁾		2.26	%		16.76	%		17.60	%		19.14	%		12.59	%

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		3.17	%⁽³⁾		1.79	%		0.82	%		2.24	%		3.57	%		2.02	%

Portfolio Turnover Rate		8.36	%⁽²⁾		53.15	%		32.09	%		54.50	%		122.23	%		75.52	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

126

TCW Global Bond Fund

Financial Highlights — I Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	7.75		$	10.18		$	10.66		$	10.26		$	9.45		$	9.75

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.17			0.24			0.20			0.25			0.24			0.19
Net Realized and Unrealized Gain (Loss) on Investments		0.64			(2.50	)		(0.20	)		0.54			0.73			(0.43	)

Total from Investment Operations		0.81			(2.26	)		0.00			0.79			0.97			(0.24	)

Less Distributions:
Distributions from Net Investment Income		(0.12	)		(0.03	)		(0.20	)		(0.15	)		(0.16	)		(0.05	)
Distributions from Return of Capital		—			(0.13	)		(0.06	)		—			—			—
Distributions from Net Realized Gain		—			(0.01	)		(0.22	)		(0.24	)		—			(0.01	)

Total Distributions		(0.12	)		(0.17	)		(0.48	)		(0.39	)		(0.16	)		(0.06	)

Net Asset Value per Share, End of period	$	8.44		$	7.75		$	10.18		$	10.66		$	10.26		$	9.45

Total Return		10.42	%⁽²⁾		(22.45	%)		(0.18	%)		7.99	%		10.42	%		(2.54	%)

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	9,808		$	8,650		$	24,332		$	10,822		$	9,384		$	8,505

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.66	%⁽³⁾		1.67	%		1.15	%		1.66	%		1.79	%		1.63	%

After Expense Reimbursement		0.60	%⁽³⁾		0.60	%		0.60	%		0.60	%		0.66	%		1.00	%

Ratio of Net Investment Income to Average Net Assets		4.21	%⁽³⁾		2.59	%		1.87	%		2.40	%		2.48	%		1.99	%

Portfolio Turnover Rate		117.83	%⁽²⁾		208.60	%		245.94	%		228.14	%		83.18	%		102.42	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

127

TCW Global Bond Fund

Financial Highlights — N Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	7.75		$	10.17		$	10.66		$	10.26		$	9.45		$	9.75

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.17			0.26			0.19			0.24			0.24			0.19
Net Realized and Unrealized Gain (Loss) on Investments		0.63			(2.52	)		(0.21	)		0.55			0.72			(0.43	)

Total from Investment Operations		0.80			(2.26	)		(0.02	)		0.79			0.96			(0.24	)

Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.03	)		(0.19	)		(0.15	)		(0.15	)		(0.05	)
Distributions from Net Realized Gain		—			(0.01	)		(0.22	)		(0.24	)		—			(0.01	)
Distributions from Return of Capital		—			(0.12	)		(0.06	)		—			—			—

Total Distributions		(0.11	)		(0.16	)		(0.47	)		(0.39	)		(0.15	)		(0.06	)

Net Asset Value per Share, End of period	$	8.44		$	7.75		$	10.17		$	10.66		$	10.26		$	9.45

Total Return		10.37	%⁽²⁾		(22.45	)%		(0.38	)%		7.93	%		10.32	%		(2.54	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	8,735		$	7,730		$	10,742		$	10,972		$	8,282		$	7,476

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.94	%⁽³⁾		2.15	%		1.53	%		1.94	%		2.09	%		1.92	%

After Expense Reimbursement		0.70	%⁽³⁾		0.70	%		0.70	%		0.70	%		0.74	%		1.00	%

Ratio of Net Investment Income to Average Net Assets		4.10	%⁽³⁾		2.80	%		1.77	%		2.29	%		2.39	%		1.99	%

Portfolio Turnover Rate		117.83	%⁽²⁾		208.60	%		245.94	%		228.14	%		83.18	%		102.42	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

128

TCW High Yield Bond Fund

Financial Highlights — I Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	5.80		$	6.89		$	6.66		$	6.49		$	6.15		$	6.37

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.17			0.28			0.23			0.24			0.27			0.26
Net Realized and Unrealized Gain (Loss) on Investments		0.15			(0.94	)		0.24			0.19			0.36			(0.17	)

Total from Investment Operations		0.32			(0.66	)		0.47			0.43			0.63			0.09

Less Distributions:
Distributions from Net Investment Income		(0.19	)		(0.30	)		(0.24	)		(0.26	)		(0.29	)		(0.31	)
Distributions from Net Realized Gain		—			(0.13	)		—			—			—			—

Total Distributions		(0.19	)		(0.43	)		(0.24	)		(0.26	)		(0.29	)		(0.31	)

Net Asset Value per Share, End of period	$	5.93		$	5.80		$	6.89		$	6.66		$	6.49		$	6.15

Total Return		5.51	%⁽²⁾		(9.97	%)		7.18	%		6.88	%		10.44	%		1.40	%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	51,990		$	50,992		$	96,223		$	85,990		$	19,563		$	7,749

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.90	%⁽³⁾		0.84	%		0.76	%		0.97	%		1.68	%		1.50	%

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		5.71	%⁽³⁾		4.46	%		3.36	%		3.67	%		4.18	%		4.13	%

Portfolio Turnover Rate		40.07	%⁽²⁾		94.04	%		82.13	%		111.34	%		121.56	%		104.21	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

129

TCW High Yield Bond Fund

Financial Highlights — N Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021		��	2020			2019			2018
Net Asset Value per Share, Beginning of period	$	5.84		$	6.93		$	6.70		$	6.54		$	6.19		$	6.42

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.16			0.27			0.22			0.23			0.25			0.25
Net Realized and Unrealized Gain (Loss) on Investments		0.15			(0.94	)		0.23			0.18			0.38			(0.18	)

Total from Investment Operations		0.31			(0.67	)		0.45			0.41			0.63			0.07

Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.29	)		(0.22	)		(0.25	)		(0.28	)		(0.30	)
Distributions from Net Realized Gain		—			(0.13	)		—			—			—			—

Total Distributions		(0.18	)		(0.42	)		(0.22	)		(0.25	)		(0.28	)		(0.30	)

Net Asset Value per Share, End of period	$	5.97		$	5.84		$	6.93		$	6.70		$	6.54		$	6.19

Total Return		5.36	%⁽²⁾		(10.24	)%		7.05	%		6.61	%		10.16	%		1.04	%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	7,489		$	9,043		$	15,048		$	17,805		$	9,923		$	5,041

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.35	%⁽³⁾		1.27	%		1.14	%		1.47	%		2.05	%		1.98	%

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		5.43	%⁽³⁾		4.25	%		3.11	%		3.46	%		3.96	%		3.90	%

Portfolio Turnover Rate		40.07	%⁽²⁾		94.04	%		82.13	%		111.34	%		121.56	%		104.21	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

130

TCW Short Term Bond Fund

Financial Highlights — I Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	8.08		$	8.60		$	8.60		$	8.59		$	8.54		$	8.62

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.05			0.10			0.29			0.16			0.25			0.15
Net Realized and Unrealized Gain (Loss) on Investments		0.26			(0.41	)		(0.19	)		(0.01	)		0.07			(0.04	)

Total from Investment Operations		0.31			(0.31	)		0.10			0.15			0.32			0.11

Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.15	)		(0.10	)		(0.11	)		(0.27	)		(0.19	)
Distributions from Return of Capital		—			(0.06	)		—			(0.03	)		—			—

Total Distributions		(0.11	)		(0.21	)		(0.10	)		(0.14	)		(0.27	)		(0.19	)

Net Asset Value per Share, End of period	$	8.28		$	8.08		$	8.60		$	8.60		$	8.59		$	8.54

Total Return		3.79	%⁽²⁾		(3.61	%)		1.16	%		1.70	%		3.83	%		1.26	%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	8,552		$	8,270		$	18,061		$	7,698		$	5,644		$	7,280

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		2.92	%⁽³⁾		2.40	%		2.77	%		2.77	%		3.37	%		2.28	%

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		1.16	%⁽³⁾		1.21	%		3.35	%		1.83	%		2.94	%		1.70	%

Portfolio Turnover Rate		284.24	%⁽²⁾		542.69	%		369.54	%		191.22	%		248.19	%		199.55	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

131

TCW Total Return Bond Fund

Financial Highlights — I Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	7.96		$	10.14		$	10.46		$	10.07		$	9.46		$	9.98

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.21			0.33			0.21			0.26			0.34			0.31
Net Realized and Unrealized Gain (Loss) on Investments		0.43			(2.28	)		(0.25	)		0.44			0.68			(0.48	)

Total from Investment Operations		0.64			(1.95	)		(0.04	)		0.70			1.02			(0.17	)

Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.23	)		(0.20	)		(0.31	)		(0.41	)		(0.35	)
Distributions from Return of Capital		—			—			(0.01	)		—			—			—
Distributions from Net Realized Gain		—			—			(0.07	)		—			—			—

Total Distributions		(0.22	)		(0.23	)		(0.28	)		(0.31	)		(0.41	)		(0.35	)

Net Asset Value per Share, End of period	$	8.38		$	7.96		$	10.14		$	10.46		$	10.07		$	9.46

Total Return		8.23	%⁽²⁾		(19.58	%)		(0.40	%)		7.08	%		10.82	%		(1.67	%)

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	2,495,769		$	2,595,866		$	4,264,583		$	5,737,736		$	4,898,103		$	5,587,668

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.52	%⁽³⁾		0.55	%		0.52	%		0.55	%		0.62	%		0.62	%

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		5.20	%⁽³⁾		3.59	%		2.07	%		2.50	%		3.47	%		3.20	%

Portfolio Turnover Rate		152.17	%⁽²⁾		386.85	%		493.39	%		269.04	%		177.80	%		241.76	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

132

TCW Total Return Bond Fund

Financial Highlights — N Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	8.21		$	10.46		$	10.78		$	10.37		$	9.76		$	10.29

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.21			0.33			0.19			0.23			0.32			0.29
Net Realized and Unrealized Gain (Loss) on Investments		0.45			(2.37	)		(0.25	)		0.47			0.69			(0.49	)

Total from Investment Operations		0.66			(2.04	)		(0.06	)		0.70			1.01			(0.20	)

Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.21	)		(0.18	)		(0.29	)		(0.40	)		(0.33	)
Distributions from Net Realized Gain		—			—			(0.07	)		—			—			—
Distributions from Return of Capital		—			—			(0.01	)		—			—			—

Total Distributions		(0.22	)		(0.21	)		(0.26	)		(0.29	)		(0.40	)		(0.33	)

Net Asset Value per Share, End of period	$	8.65		$	8.21		$	10.46		$	10.78		$	10.37		$	9.76

Total Return		8.07	%⁽²⁾		(19.70	)%		(0.58	)%		6.86	%		10.46	%		(1.96	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	473,989		$	506,866		$	818,608		$	1,844,170		$	963,512		$	1,121,741

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.80	%⁽³⁾		0.79	%		0.81	%		0.79	%		0.88	%		0.88	%

After Expense Reimbursement		0.70	%⁽³⁾		0.70	%		0.70	%		0.73	%		0.79	%		0.79	%

Ratio of Net Investment Income to Average Net Assets		4.98	%⁽³⁾		3.40	%		1.83	%		2.21	%		3.16	%		2.89	%

Portfolio Turnover Rate		152.17	%⁽²⁾		386.85	%		493.39	%		269.04	%		177.80	%		241.76	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

133

TCW Total Return Bond Fund

Financial Highlights — Plan Class (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,						February 28, 2020 (Commencement of Operations) through October 31, 2020
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021
Net Asset Value per Share, Beginning of period	$	8.00		$	10.19		$	10.50		$	10.33

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.22			0.36			0.22			0.20
Net Realized and Unrealized Gain (Loss) on Investments		0.42			(2.31	)		(0.24	)		0.13

Total from Investment Operations		0.64			(1.95	)		(0.02	)		0.33

Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.24	)		(0.21	)		(0.16	)
Distributions from Net Realized Gain		—			—			(0.07	)		—
Return of capital		—			—			(0.01	)		—

Total distributions		(0.22	)		(0.24	)		(0.29	)		(0.16	)

Net Asset Value per Share, End of period	$	8.42		$	8.00		$	10.19		$	10.50

Total Return		8.10	%⁽³⁾		(19.43	%)		(0.25	%)		3.22	%⁽²⁾

Ratios/Supplemental Data:

Net assets, end of period (in thousands)	$	3,140		$	1,522		$	571		$	0.00	⁽⁴⁾

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.19	%⁽⁵⁾		2.98	%		6.69	%		14,761.71	%⁽⁵⁾

After Expense Reimbursement		0.44	%⁽⁵⁾		0.44	%		0.44	%		0.44	%⁽⁵⁾

Ratio of Net Investment Income to Average Net Assets		5.28	%⁽⁵⁾		3.88	%		2.13	%		2.84	%⁽⁵⁾

Portfolio Turnover Rate		152.17	%⁽³⁾		386.85	%		493.39	%		269.04	%⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period February 28, 2020 (Commencement of Operations) through October 31, 2020.

(3)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(4)

Amount Rounds to less than $1,000.

(5)

Annualized.

See accompanying Notes to Financial Statements.

134

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, 2022 to April 30, 2023 (181 days).


TCW Funds, Inc.	Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2022 to April 30, 2023)
TCW Core Fixed Income Fund
I Class Shares
Actual	$	1,000.00	$	1,076.10		0.49	%	$	2.52
Hypothetical (5% return before expenses)		1,000.00		1,022.37		0.49	%		2.46

N Class Shares
Actual	$	1,000.00	$	1,075.40		0.64	%	$	3.29
Hypothetical (5% return before expenses)		1,000.00		1,021.62		0.64	%		3.21

Plan Class Shares
Actual	$	1,000.00	$	1,077.20		0.44	%	$	2.27
Hypothetical (5% return before expenses)		1,000.00		1,022.60		0.44	%		2.21

TCW Enhanced Commodity Strategy Fund
I Class Shares
Actual	$	1,000.00	$	969.70		0.70	%	$	3.42
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	%	$	3.51

N Class Shares
Actual	$	1,000.00	$	969.40		0.75	%	$	3.66
Hypothetical (5% return before expenses)		1,000.00		1,021.08		0.75	%	$	3.76

135

TCW Funds, Inc.

Shareholder Expenses (Unaudited) (Continued)


TCW Funds, Inc.	Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2022 to April 30, 2023)

TCW Global Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,104.20		0.60	%⁽¹⁾	$	3.13	⁽¹⁾
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60	%⁽¹⁾		3.01	⁽¹⁾
N Class Shares
Actual	$	1,000.00	$	1,103.70		0.70	%⁽¹⁾	$	3.65	⁽¹⁾
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	%⁽¹⁾		3.51	⁽¹⁾

TCW High Yield Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,055.10		0.55	%	$	2.80
Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.55	%		2.76

N Class Shares
Actual	$	1,000.00	$	1,053.60		0.80	%	$	4.07
Hypothetical (5% return before expenses)		1,000.00		1,020.83		0.80	%		4.01

TCW Short Term Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,037.90		0.44	%	$	2.22
Hypothetical (5% return before expenses)		1,000.00		1,022.61		0.44	%		2.21

TCW Total Return Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,082.30		0.49	%	$	2.53
Hypothetical (5% return before expenses)		1,000.00		1,022.37		0.49	%		2.46

N Class Shares
Actual	$	1,000.00	$	1,080.70		0.70	%	$	3.61
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	%		3.51

Plan Class Shares
Actual	$	1,000.00	$	1,081.00		0.44	%	$	2.27
Hypothetical (5% return before expenses)		1,000.00		1,022.60		0.44	%		2.21

(1)

Does not include expenses of the underlying affiliated investments.

136

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

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

By calling 800-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 Form N-PX is filed with the SEC.

Availability of Quarterly Portfolio Schedule

137

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 Congress Street, Suite 1

Boston, MA 02114-2016

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

Peter McMillan

Director

Victoria B. Rogers

Director

Marc I. Stern

Director

Andrew Tarica

Director

OFFICERS

Kathryn Koch

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

Gladys Xiques

Chief Compliance Officer and Anti-Money Laundering Officer

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

Peter Davidson

Vice President and Assistant Secretary

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

TO COME

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

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			7

TCW Emerging Markets Local Currency Income Fund			15

TCW Emerging Markets Multi-Asset Opportunities Fund			21

Statements of Assets and Liabilities (Unaudited)			30

Statements of Operations (Unaudited)			32

Statements of Changes in Net Assets (Unaudited)			34

Notes to Financial Statements (Unaudited)			36

Financial Highlights (Unaudited)			59

Shareholder Expenses (Unaudited)			68

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule			70

To Our Valued Shareholders

LOGO

Kathryn Koch

President and Chief Executive Officer

Dear Valued Investors,

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2023. 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, 2023, the TCW Funds held total assets of approximately $9.6 billion.

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2023 for the TCW Funds’ International fixed income and equity funds.

The International Markets

Emerging Markets (EM) assets have been resilient in 2023, posting positive returns after a challenging 2022. This turn has been driven by a number of factors, including expectations that the Fed is approaching the end of its tightening cycle, a stronger-than-expected economic recovery in China, the normalization of global supply chains, and the diminishing economic and inflationary impact of the Russia-Ukraine war.

We believe that the global growth slowdown will continue in 2023, but continue to see opportunity in Emerging Markets on the back of the widening spread between EM and Developing Markets (DM) growth. Over the next several years, our constructive outlook on Emerging Markets is based upon a number of factors, including looser monetary policy, a weaker U.S. dollar and large EM economies – particularly China – returning to potential growth and inflation targets.

The inflation outlook is improving in most EM countries, thanks in part to an earlier and more decisive monetary policy reaction than in a number of DM countries. Headline inflation has already peaked in most EM countries and the deceleration trend has firmed on the back of declining commodity prices (in particular oil and food), and well-behaved exchange rates. Core inflation is exhibiting a relatively more gradual deceleration as demand-pull factors

remain fueled by still tight labor markets, particularly in the crucial services/non-tradable sector. Overall, we believe EM inflation is poised to keep decelerating due to rapid policy normalization and incipient economic slowdown.

We see differentiated opportunities in Emerging Markets. In hard currency fixed income, we view investment grade exposure as an important and defensive core holding of a standalone EM portfolio in the context of the uncertain market environment. We also see value in EM high yield (HY) sovereign spreads, which are at post-GFC¹ wides versus U.S. HY. EM corporates have deleveraged at a much quicker pace than U.S. peers since COVID, pushing relative spreads per turn of leverage to attractive levels.

EM local currency has been the weakest performer within EM fixed income over the past decade, but has outperformed in 2023 as the U.S. growth exceptionalism story has started to unwind. We see potential for continued outperformance of EM local currency over the medium term, as less fear around the Fed and lower market volatility enable Emerging Markets currency (EMFX) to perform well vis-à-vis the USD. That said, the dollar tends to be a safe haven during risk-off periods, and we are monitoring U.S. economic data for signs of a more severe recession (not our base case).

In the near term, risk sentiment may remain subdued given continued uncertainty around U.S. economic data, the extent of the banking crisis and volatility around debt ceiling discussions. Geopolitical risks related to Russia/Ukraine and U.S./China loom as well and will likely keep risk premiums higher than long-term averages. We believe that over the coming months, as we get clarity on these issues, better entry points will emerge to add exposure to Emerging Markets.

¹	Global Financial Crisis (GFC): period of extreme stress in global financial markets and banking systems between mid-2007 and early 2009.

Letter to Shareholders (Continued)

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

Sincerely,

LOGO

Kathryn Koch

President and Chief Executive Officer

TCW Funds, Inc.

Performance Summary (Unaudited)


	NAV		Six Months Return as of April 30, 2023			Total Return Annualized as of April 30, 2023⁽¹⁾												Inception Date
	NAV		Six Months Return as of April 30, 2023			1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Developing Markets Equity Fund
I Class	$	7.62		5.76	%		(17.31	)%		(5.99	)%		N/A			(1.85	)%		06/30/15
N Class	$	7.67		5.66	%		(16.85	)%		(5.92	)%		N/A			(1.81	)%		06/30/15
TCW Emerging Markets Income Fund
I Class	$	6.11		10.67	%		(2.85	)%		(1.17	)%		0.69	%		7.29	%⁽²⁾		09/04/96	⁽³⁾
N Class	$	7.89		10.64	%		(2.87	)%		(1.29	)%		0.49	%		5.38	%		02/27/04
Plan Class	$	6.11		10.71	%		(2.63	)%		N/A			N/A			(5.03	)%		02/28/20
TCW Emerging Markets Local Currency Income Fund
I Class	$	7.41		15.43	%		5.67	%		(2.38	)%		(1.83	)%		0.12	%		12/14/10
N Class	$	7.39		15.45	%		5.48	%		(2.44	)%		(1.87	)%		0.09	%		12/14/10
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class	$	8.79		10.86	%		(7.23	)%		(2.58	)%		N/A			1.46	%		06/28/13
N Class	$	8.71		10.82	%		(7.71	)%		(2.84	)%		N/A			1.29	%		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 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.

(3)

Inception date of the predecessor entity.

TCW Developing Markets Equity Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value

COMMON STOCK — 94.6% of Net Assets

China — 54.4%

Beijing Shougang Co., Ltd.		155,000	$	82,777

China Green Electricity Investment of Tianjin Co., Ltd.		48,000		80,939

Chinese Universe Publishing and Media Group Co., Ltd.		31,386		80,909

Daqin Railway Co., Ltd.		72,000		80,093

FAW Jiefang Group Co., Ltd.		68,000		79,894

Jardine Matheson Holdings, Ltd.		1,700		81,940

Jiangsu Pacific Quartz Co., Ltd.		7,100		121,797

Jizhong Energy Resources Co., Ltd. — Class A		77,000		82,414

Kingsoft Corp., Ltd.		19,000		83,516

Perfect World Co., Ltd.		27,500		87,007

Shan Xi Hua Yang Group New Energy Co., Ltd.		40,000		80,829

Sinotrans, Ltd.		224,000		77,505

Sinotruk Hong Kong, Ltd.		54,000		82,136

Swire Pacific, Ltd.		10,000		79,379

TangShan Port Group Co., Ltd.		144,940		82,635

Xinte Energy Co., Ltd.		33,000		81,219

Youngy Co., Ltd. ⁽¹⁾		7,700		78,354

Zhuhai Huafa Properties Co., Ltd.		50,000		76,684


Total China

(Cost: $1,480,077)				1,500,027


India — 5.9%

Aurobindo Pharma, Ltd.		10,600		79,659

Hindustan Aeronautics, Ltd.		2,300		82,010


Total India

(Cost: $161,569)				161,669


Russia — 0.0%

Magnitogorsk Iron & Steel Works PJSC ⁽¹⁾⁽²⁾		79,000		90

Yandex N.V. ⁽¹⁾⁽²⁾		3,100		140


Total Russia

(Cost: $225,147)				230


Singapore — 2.9% (Cost: $82,906)

Yangzijiang Shipbuilding Holdings, Ltd.		86,000		80,210


South Africa — 2.9% (Cost: $80,241)

Aspen Pharmacare Holdings, Ltd.		8,000		79,984


South Korea — 5.5%

CJ Corp.		1,170		80,111

Hanwha Aerospace Co., Ltd.		940		72,334


Total South Korea

(Cost: $159,533)				152,445


Switzerland — 2.9% (Cost: $79,562)

Cie Financiere Richemont S.A.		480		79,163


Issues	Shares		Value

Taiwan — 8.8%

Novatek Microelectronics Corp.		6,000	$	82,027

Pou Chen Corp.		77,000		79,523

Teco Electric & Machinery Co., Ltd.		56,000		80,423


Total Taiwan

(Cost: $244,592)				241,973


Thailand — 2.9% (Cost: $80,923)

Charoen Pokphand Foods PCL (NVDR)		135,000		80,255


Turkey — 8.4%

Koza Altin Isletmeleri A.S.		79,000		76,842

Turk Telekomunikasyon A.S.		92,000		77,066

Turkcell Iletisim Hizmetleri A.S.		45,000		76,672


Total Turkey

(Cost: $252,090)				230,580


Total Common Stock

(Cost: $2,846,640)				2,606,536


PREFERRED STOCK — 2.9%

South Korea — 2.9%

Hyundai Motor Co.		950		78,804

Total Preferred Stock

(Cost: $67,702)				78,804

MONEY MARKET INVESTMENTS — 19.3%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76% ⁽³⁾		532,151		532,151


Total Money Market Investments

(Cost: $532,151)				532,151


Total Investments (116.8%)

(Cost: $3,446,493)				3,217,491


Liabilities In Excess Of Other Assets (-16.8%)				(463,071	)


Total Net Assets (100.0%)			$	2,754,420

Notes to the Schedule of Investments:

NVDR

Non-Voting Depository Receipt.

PJSC

Private Joint-Stock Company.

(1)

Non-income producing security.

(2)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(3)

Rate disclosed is the 7-day net yield as of April 30, 2023.

See accompanying Notes to Financial Statements.

TCW Developing Markets Equity Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets

Aerospace & Defense		5.6	%

Air Freight & Logistics		2.8

Automobiles		2.9

Construction & Engineering		3.0

Diversified Telecommunication Services		2.8

Electrical Equipment		2.9

Entertainment		6.2

Food Products		2.9

Ground Transportation		2.9

Industrial Conglomerates		5.8

Interactive Media & Services		0.0

Machinery		8.8

Media		2.9

Metals & Mining		8.7

Oil, Gas & Consumable Fuels		5.9

Pharmaceuticals		5.8

Real Estate Management & Development		8.6

Semiconductors & Semiconductor Equipment		7.4

Textiles, Apparel & Luxury Goods		5.8

Transportation Infrastructure		3.0

Wireless Telecommunication Services		2.8

Money Market Investments		19.3


Total		116.8	%

See accompanying Notes to Financial Statements.

TCW Developing Markets Equity Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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	$	82,010	$	72,334		$	—	$	154,344
Air Freight & Logistics		77,505		—	��		—		77,505
Construction & Engineering		81,219		—			—		81,219
Diversified Telecommunication Services		—		77,066			—		77,066
Electrical Equipment		80,423		—			—		80,423
Entertainment		87,007		83,516			—		170,523
Food Products		80,255		—			—		80,255
Ground Transportation		—		80,093			—		80,093
Industrial Conglomerates		81,940		80,111			—		162,051
Interactive Media & Services		—		—			140		140
Machinery		162,030		80,210			—		242,240
Media		80,909		—			—		80,909
Metals & Mining		161,132		76,842			90		238,064
Oil, Gas & Consumable Fuels		80,829		82,414			—		163,243
Pharmaceuticals		159,643		—			—		159,643
Real Estate Management & Development		—		237,002			—		237,002
Semiconductors & Semiconductor Equipment		—		203,823			—		203,823
Textiles, Apparel & Luxury Goods		158,686		—			—		158,686
Transportation Infrastructure		82,635		—			—		82,635
Wireless Telecommunication Services		—		76,672			—		76,672

Total Common Stock		1,456,223		1,150,083			230		2,606,536

Preferred Stock
Automobiles		—		78,804			—		78,804

Total Preferred Stock		—		78,804			—		78,804

Money Market Investments		532,151		—			—		532,151

Total Investments	$	1,988,374	$	1,228,887		$	230	$	3,217,491

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited)

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 97.1% of Net Assets

Angola — 1.6%

Angolan Government International Bond

8.25% ⁽¹⁾		05/09/28	$	32,105,000	$	28,287,715

8.75% ⁽¹⁾		04/14/32		41,535,000		34,575,915


Total Angola

(Cost: $65,177,939)						62,863,630


Argentina — 1.1%

Argentine Republic Government International Bond

3.50%		07/09/41		81,565,456		20,627,904

3.88%		01/09/38		86,382,818		23,947,800


Total Argentina

(Cost: $62,220,863)						44,575,704


Bahrain — 3.2%

Bahrain Government International Bond

5.25% ⁽¹⁾		01/25/33		27,286,000		23,684,248

5.63% ⁽²⁾		05/18/34		30,422,000		26,747,022

7.75% ⁽¹⁾		04/18/35		39,700,000		39,997,750

CBB International Sukuk Programme Co. WLL

6.25% ⁽¹⁾		10/18/30		8,350,000		8,488,510

Oil and Gas Holding Co. BSCC (The)

7.50% ⁽²⁾		10/25/27		20,835,000		21,397,024

7.50% ⁽¹⁾		10/25/27		3,000,000		3,080,925


Total Bahrain

(Cost: $122,208,181)						123,395,479


Brazil — 3.3%

Acu Petroleo Luxembourg Sarl

7.50% ⁽¹⁾		07/13/35		16,464,615		14,383,035

Banco do Brasil SA

6.25% ⁽¹⁾		04/18/30		11,465,000		11,403,089

Brazil Notas do Tesouro Nacional, Series F

10.00%		01/01/29	BRL	30,046,000		5,711,993

Brazilian Government International Bond

6.00%		10/20/33	$	40,000,000		39,365,600

CSN Resources S.A.

4.63% ⁽¹⁾		06/10/31		13,360,000		10,318,701

Globo Communicacoes Part

5.50% ⁽¹⁾		01/14/32		19,607,000		15,708,019

MC Brazil Downstream Trading Sarl

7.25% ⁽¹⁾		06/30/31		17,298,802		13,339,106

MV24 Capital B.V.

6.75% ⁽¹⁾		06/01/34		22,264,718		19,934,242


Total Brazil

(Cost: $135,070,227)						130,163,785


Issues	Maturity Date		Principal Amount		Value

Chile — 3.6%

AES Andes S.A.

7.13% (USD 5-year Swap rate + 4.644%)^(1),(3)		03/26/79	$	19,856,000	$	18,816,042

Chile Government International Bond

2.55%		07/27/33		21,772,000		18,314,606

3.50%		01/31/34		42,210,000		38,347,785

3.86%		06/21/47		30,785,000		25,743,264

Corp Nacional del Cobre de Chile

3.00% ⁽²⁾		09/30/29		19,610,000		17,661,134

5.13% ⁽²⁾		02/02/33		19,740,000		20,023,763


Total Chile

(Cost: $140,302,034)						138,906,594


China — 0.6%

CK Hutchison International 23, Ltd.

4.75% ⁽¹⁾		04/21/28		13,265,000		13,384,916

4.88% ⁽¹⁾		04/21/33		10,900,000		11,029,982


Total China

(Cost: $24,087,084)						24,414,898


Colombia — 3.4%

Colombia Government International Bond

3.88%		04/25/27		35,415,000		31,942,471

7.38%		09/18/37		5,600,000		5,229,840

7.50%		02/02/34		56,040,000		53,770,380

Colombian TES

7.50%		08/26/26	COP	18,027,800,000		3,479,931

Ecopetrol S.A.

8.88%		01/13/33	$	17,801,000		17,266,970

Gran Tierra Energy International Holdings, Ltd.

6.25% ⁽²⁾		02/15/25		14,397,000		12,403,627

Gran Tierra Energy, Inc.

7.75% ⁽²⁾		05/23/27		8,343,000		6,359,869


Total Colombia

(Cost: $134,130,576)						130,453,088


Costa Rica — 1.2% (Cost: $46,825,859)

Costa Rica Government International Bond

6.55% ⁽¹⁾		04/03/34		46,474,000		47,490,619


Dominican Republic — 3.3%

Dominican Republic International Bond

4.50% ⁽¹⁾		01/30/30		15,336,000		13,613,312

4.88% ⁽¹⁾		09/23/32		45,469,000		39,339,779

5.50% ⁽¹⁾		02/22/29		51,200,000		48,912,091

6.00% ⁽²⁾		07/19/28		17,795,000		17,631,363

7.05% ⁽¹⁾		02/03/31		8,115,000		8,262,084


Total Dominican Republic

(Cost: $121,436,884)						127,758,629

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Ecuador — 1.2%

Ecuador Government International Bond

2.50% ⁽¹⁾		07/31/35	$	35,159,699	$	13,021,940

5.50% ⁽²⁾		07/31/30		63,833,094		33,994,492


Total Ecuador

(Cost: $69,324,820)						47,016,432


Egypt — 1.4%

Egypt Government International Bond

7.05% ⁽¹⁾		01/15/32		42,087,000		23,417,207

7.30% ⁽²⁾		09/30/33		60,416,000		32,793,805


Total Egypt

(Cost: $79,882,129)						56,211,012


El Salvador — 1.3%

El Salvador Government International Bond

6.38% ⁽²⁾		01/18/27		38,314,000		24,325,559

7.12% ⁽²⁾		01/20/50		30,650,000		15,057,235

8.25% ⁽²⁾		04/10/32		18,820,000		10,750,926


Total El Salvador

(Cost: $68,115,383)						50,133,720


Gabon — 0.4% (Cost: $22,890,800)

Gabon Government International Bond

6.63% ⁽²⁾		02/06/31		23,613,000		17,545,227


Guatemala — 0.2% (Cost: $8,256,675)

Banco Industrial S.A.

4.88% (U.S. 5-year Treasury Constant Maturity Rate + 4.442%)^(1),(3)		01/29/31		8,400,000		7,858,200


Hungary — 4.1%

Hungary Government Bond

4.75%		11/24/32	HUF	2,575,400,000		6,111,911

Hungary Government International Bond

5.25% ⁽¹⁾		06/16/29	$	36,225,000		35,958,529

5.50% ⁽²⁾		06/16/34		34,548,000		33,981,413

6.13% ⁽¹⁾		05/22/28		20,970,000		21,775,248

6.75% ⁽¹⁾		09/25/52		30,840,000		32,131,348

Magyar Export-Import Bank Zrt

6.13% ⁽¹⁾		12/04/27		12,565,000		12,627,825

OTP Bank Nyrt

8.75% (U.S. 5 year Treasury Constant Maturity Rate + 5.060%)^(2),(3)		05/15/33		15,395,000		15,014,743


Total Hungary

(Cost: $150,745,861)						157,601,017


Issues	Maturity Date		Principal Amount		Value

India — 0.8%

Greenko Power II, Ltd.

4.30% ⁽²⁾		12/13/28	$	10,791,500	$	9,379,792

India Airport Infra

6.25% ⁽²⁾		10/25/25		10,950,000		10,515,285

India Green Power Holdings

4.00% ⁽²⁾		02/22/27		13,970,000		12,258,675


Total India

(Cost: $29,697,836)						32,153,752


Indonesia — 5.5%

Freeport Indonesia PT

5.32% ⁽¹⁾		04/14/32		39,270,000		37,989,798

6.20% ⁽²⁾		04/14/52		23,075,000		21,422,830

Indonesia Asahan Aluminium Persero PT

4.75% ⁽¹⁾		05/15/25		39,540,000		39,231,588

5.45% ⁽¹⁾		05/15/30		49,136,000		49,253,927

Indonesia Government International Bond

5.25% ⁽²⁾		01/17/42		21,511,000		21,885,883

5.65%		01/11/53		8,100,000		8,609,490

Indonesia Treasury Bond

7.00%		02/15/33	IDR	54,942,000,000		3,875,302

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

4.88% ⁽²⁾		07/17/49	$	17,900,000		14,903,540

5.25% ⁽²⁾		05/15/47		19,477,000		17,178,714


Total Indonesia

(Cost: $221,616,983)						214,351,072


Israel — 1.9%

Bank Leumi Le-Israel BM

7.13% (U.S. 5 year Treasury Constant Maturity Rate + 3.466%)⁽²⁾		07/18/33		17,555,000		17,117,442

Energean Israel Finance, Ltd.

4.88% ⁽²⁾		03/30/26		21,490,700		19,905,761

5.38% ⁽²⁾		03/30/28		10,230,000		9,173,957

5.88% ⁽²⁾		03/30/31		19,007,000		16,615,919

Leviathan Bond, Ltd.

6.75% ⁽²⁾		06/30/30		11,104,000		10,321,634


Total Israel

(Cost: $74,601,458)						73,134,713


Ivory Coast — 0.5% (Cost: $19,201,356)

Ivory Coast Government International Bond

4.88% ⁽¹⁾		01/30/32	EUR	24,535,000		20,596,060

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

Jordan — 1.3%

Jordan Government International Bond

4.95% ⁽²⁾		07/07/25	$	11,235,000	$	10,844,527

7.50% ⁽¹⁾		01/13/29		13,050,000		13,092,315

7.75% ⁽¹⁾		01/15/28		25,720,000		26,266,550


Total Jordan

(Cost: $48,708,874)						50,203,392


Kazakhstan — 3.1%

KazMunayGas National Co. JSC

4.75% ⁽¹⁾		04/19/27		55,100,000		52,639,785

5.75% ⁽²⁾		04/19/47		54,300,000		43,060,850

Tengizchevroil Finance Co. International, Ltd.

3.25% ⁽²⁾		08/15/30		13,875,000		10,536,675

4.00% ⁽²⁾		08/15/26		15,204,000		13,570,064


Total Kazakhstan

(Cost: $117,695,862)						119,807,374


Mexico — 8.2%

Banco Mercantil del Norte S.A.

7.50% (U.S. 10-year Treasury Constant Maturity Rate + 5.470%)^(1),(3),(4)		06/27/29		11,244,000		9,979,837

BBVA Bancomer S.A.

5.13% (U.S. 5-year Treasury Constant Maturity Rate + 2.650%)^(2),(3)		01/18/33		11,061,000		9,807,388

Cemex SAB de CV

5.13% (U.S. 5-year Treasury Constant Maturity Rate + 4.534%)^(1),(3),(4)		06/08/26		21,993,000		19,501,193

Comision Federal de Electricidad

4.69% ⁽¹⁾		05/15/29		39,140,000		35,535,206

Electricidad Firme de Mexico Holdings SA de CV

4.90% ⁽¹⁾		11/20/26		17,998,000		15,917,431

Mexico Government International Bond

6.34%		05/04/53		19,325,000		19,958,988

6.35%		02/09/35		40,675,000		43,653,122

Petroleos Mexicanos

5.35%		02/12/28		51,174,000		42,611,694

6.49%		01/23/27		63,868,000		57,441,282

6.88%		08/04/26		38,102,000		36,072,070

United Mexican States

3.50%		02/12/34		32,703,000		28,168,091


Total Mexico

(Cost: $317,664,162)						318,646,302


Issues	Maturity Date		Principal Amount		Value

Morocco — 0.6%

Morocco Government International Bond

5.95% ⁽¹⁾		03/08/28	$	11,125,000	$	11,440,449

6.50% ⁽¹⁾		09/08/33		11,925,000		12,369,475


Total Morocco

(Cost: $22,831,512)						23,809,924


Mozambique — 0.2% (Cost: $6,792,050)

Mozambique International Bond

5.00% ⁽²⁾		09/15/31		9,930,000		6,984,762


Nigeria — 1.8%

Nigeria Government International Bond

6.13% ⁽¹⁾		09/28/28		41,001,000		31,390,365

7.38% ⁽²⁾		09/28/33		14,190,000		9,906,039

7.70% ⁽¹⁾		02/23/38		31,954,000		21,184,304

8.38% ⁽²⁾		03/24/29		9,150,000		7,507,575


Total Nigeria

(Cost: $84,780,234)						69,988,283


Oman — 3.2%

Oman Government International Bond

4.75% ⁽²⁾		06/15/26		20,900,000		20,555,673

5.38% ⁽²⁾		03/08/27		15,400,000		15,381,328

6.00% ⁽²⁾		08/01/29		38,010,000		38,930,982

6.50% ⁽²⁾		03/08/47		26,200,000		24,669,985

6.75% ⁽²⁾		01/17/48		25,650,000		24,893,389


Total Oman

(Cost: $122,399,865)						124,431,357


Pakistan — 0.6%

Pakistan Government International Bond

6.00% ⁽¹⁾		04/08/26		35,615,000		13,124,128

6.88% ⁽²⁾		12/05/27		33,193,000		11,909,648


Total Pakistan

(Cost: $57,476,644)						25,033,776


Panama — 3.6%

Multibank, Inc.

7.75% ⁽¹⁾		02/03/28		3,583,000		3,599,124

Panama Government International Bond

3.16%		01/23/30		12,628,000		11,203,562

4.50%		04/16/50		70,330,000		55,253,006

6.40%		02/14/35		66,451,000		70,492,305


Total Panama

(Cost: $138,332,375)						140,547,997


Paraguay — 0.3% (Cost: $12,009,559)

Paraguay Government International Bond

3.85% ⁽²⁾		06/28/33		14,315,000		12,544,664

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Peru — 1.7%

Peruvian Government International Bond

2.78%		01/23/31	$	44,520,000	$	38,667,289

3.00%		01/15/34		33,634,000		28,236,500


Total Peru

(Cost: $65,826,885)						66,903,789


Philippines — 2.7%

Philippine Government International Bond

3.20%		07/06/46		26,324,000		20,032,564

3.56%		09/29/32		37,245,000		34,920,912

4.20%		03/29/47		13,000,000		11,563,500

5.00%		07/17/33		23,785,000		24,638,882

5.95%		10/13/47		11,585,000		12,778,220


Total Philippines

(Cost: $103,519,196)						103,934,078


Poland — 2.0%

Republic of Poland Government Bond

1.75%		04/25/32	PLN	33,996,000		5,915,197

Republic of Poland Government International Bond

4.88%		10/04/33	$	39,315,000		40,026,602

5.50%		04/04/53		30,448,000		31,650,696


Total Poland

(Cost: $75,736,485)						77,592,495


Qatar — 3.0%

Qatar Energy

2.25% ⁽²⁾		07/12/31		23,620,000		20,447,834

3.13% ⁽¹⁾		07/12/41		71,641,000		56,642,957

3.30% ⁽²⁾		07/12/51		17,810,000		13,507,104

Qatar Government International Bond

4.40% ⁽²⁾		04/16/50		17,436,000		16,424,712

5.75% ⁽²⁾		01/20/42		7,700,000		8,624,962


Total Qatar

(Cost: $114,232,627)						115,647,569


Romania — 3.4%

Romanian Government International Bond

6.00% ⁽¹⁾		05/25/34		24,060,000		23,948,362

6.63% ⁽¹⁾		02/17/28		38,318,000		39,917,585

7.13% ⁽¹⁾		01/17/33		32,690,000		35,063,294

7.63% ⁽¹⁾		01/17/53		29,028,000		31,387,976


Total Romania

(Cost: $122,964,378)						130,317,217


Saudi Arabia — 5.9%

Gaci First Investment Co.

4.88% ⁽²⁾		02/14/35		27,371,000		27,165,718

5.13% ⁽²⁾		02/14/53		8,100,000		7,585,184

5.38% ⁽²⁾		10/13/22		84,490,000		79,944,649


Issues	Maturity Date		Principal Amount		Value

Saudi Arabia (Continued)

Greensaif Pipelines Bidco Sarl

6.13% ⁽¹⁾		02/23/38	$	45,010,000	$	47,367,371

6.51% ⁽¹⁾		02/23/42		46,475,000		49,701,381

Saudi Government International Bond

5.00% ⁽²⁾		01/18/53		16,950,000		16,141,485


Total Saudi Arabia

(Cost: $226,234,104)						227,905,788


Senegal — 0.2% (Cost: $7,777,987)

Senegal Government International Bond

5.38% ⁽¹⁾		06/08/37	EUR	12,919,000		9,098,098


South Africa — 2.9%

Eskom Holdings SOC, Ltd.

6.35% ⁽²⁾		08/10/28	$	43,290,000		40,952,340

8.45% ⁽²⁾		08/10/28		18,222,000		17,571,475

Republic of South Africa Government International Bond

4.85%		09/30/29		23,645,000		21,301,603

Sasol Financing USA LLC

8.75% ⁽¹⁾		05/03/29		11,210,000		11,266,050

South Africa Government Bond

8.88%		02/28/35	ZAR	81,125,014		3,725,971

Transnet SOC, Ltd.

8.25% ⁽¹⁾		02/06/28	$	16,690,000		16,581,515


Total South Africa

(Cost: $110,674,431)						111,398,954


South Korea — 2.3%

Hyundai Capital America

5.50% ⁽¹⁾		03/30/26		23,056,000		23,162,058

5.60% ⁽¹⁾		03/30/28		34,424,000		34,775,639

POSCO

5.75% ⁽¹⁾		01/17/28		17,270,000		17,940,877

SK Hynix, Inc.

6.38% ⁽¹⁾		01/17/28		14,370,000		14,450,759


Total South Korea

(Cost: $88,932,143)						90,329,333


Sri Lanka — 0.3% (Cost: $28,247,537)

Sri Lanka Government International Bond

6.75% ^(2),(5)		04/18/28		36,568,000		12,246,623


Tunisia — 0.4% (Cost: $20,077,824)

Tunisian Republic

5.75% ⁽²⁾		01/30/25		27,574,000		14,363,297


Turkey — 5.4%

Turkey Government International Bond

5.88%		06/26/31		27,125,000		22,690,063

9.13%		07/13/30		17,150,000		17,187,730

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

Turkey (Continued)

9.38%		03/14/29	$	19,925,000	$	20,153,365

9.38%		01/19/33		69,550,000		70,523,700

9.88%		01/15/28		76,165,000		78,929,790


Total Turkey

(Cost: $210,188,396)						209,484,648


United Arab Emirates — 3.4%

Abu Dhabi Government International Bond

3.00% ⁽²⁾		09/15/51		29,250,000		21,558,639

Finance Department Government of Sharjah

6.50% ⁽¹⁾		11/23/32		32,035,000		33,332,418

Galaxy Pipeline Assets Bidco, Ltd.

2.63% ⁽¹⁾		03/31/36		44,326,000		36,663,227

2.94% ⁽¹⁾		09/30/40		23,689,259		19,482,534

UAE International Government Bond

4.95% ⁽²⁾		07/07/52		19,250,000		19,514,206


Total United Arab Emirates

(Cost: $133,540,679)						130,551,024


Uruguay — 1.5% (Cost: $55,512,441)

Uruguay Government International Bond

5.10%		06/18/50		55,672,000		57,125,039


Venezuela — 0.5%

Venezuela Government International Bond

8.25% ^(2),(5),(6)		10/13/24		60,057,200		6,306,006


Issues	Maturity Date		Principal Amount		Value

Venezuela (Continued)

9.25% ^(5),(6)		09/15/27	$	60,955,000	$	6,400,275

9.25% ^(2),(5),(6)		05/07/28		49,048,000		5,150,040


Total Venezuela

(Cost: $55,533,009)						17,856,321


Total Fixed Income Securities

(Cost: $3,943,482,207)						3,773,375,735



			Shares

MONEY MARKET INVESTMENTS (2.9% )

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76%⁽⁷⁾				110,658,902		110,658,902


Total Money Market Investments

(Cost: $110,658,902)						110,658,902




Total Investments (100.0%)

(Cost: $4,054,141,109)						3,884,034,637

Excess Of Other Assets Over Liabilities (0.0%)						545,103


Total Net Assets (100.0%)					$	3,884,579,740


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 ⁽⁸⁾
Barclays Capital		EUR		21,080,000		06/20/23	$	22,799,960	$	23,336,081	$	536,121
Citibank N.A.		THB		130,901,127		07/18/23		3,863,088		3,862,199		(889	)
Citibank N.A.		ZAR		343,672,640		05/17/23		18,812,823		18,772,782		(40,041	)
Goldman Sachs & Co.		EUR		48,755,000		06/20/23		54,071,245		53,972,988		(98,257	)
Goldman Sachs & Co.		MXN		105,767,214		07/18/23		5,751,727		5,773,573		21,846
JP Morgan Chase Bank		EUR		2,650,000		06/20/23		2,908,685		2,933,615		24,930
Standard Chartered Bank		EUR		2,450,000		06/20/23		2,684,827		2,712,210		27,383

							$	110,892,355	$	111,363,448	$	471,093

SELL ⁽⁹⁾
Goldman Sachs & Co.		EUR		74,935,000		06/20/23	$	79,898,694	$	82,954,894	$	(3,056,200	)
JP Morgan Chase Bank		ZAR		343,672,640		05/17/23		18,880,000		18,772,782		107,218

							$	98,778,694	$	101,727,676	$	(2,948,982	)

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.

COP

Colombian Peso.

EUR

Euro Currency.

IDR

Indonesian Rupiah.

MXN

Mexican Peso.

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, 2023, the value of these securities amounted to $1,484,734,013 or 38.2% 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, 2023.

(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)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(7)

Rate disclosed is the 7-day net yield as of April 30, 2023.

(8)

Fund buys foreign currency, sells U.S. Dollar.

(9)

Fund sells foreign currency, buys U.S. Dollar.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Auto Manufacturers		1.5	%
Banks		1.9
Building Materials		0.5
Chemicals		0.3
Electric		4.1
Energy-Alternate Sources		0.6
Engineering & Construction		0.3
Foreign Government Bonds		60.6
Investment Companies		3.0
Iron & Steel		0.7
Media		0.4
Mining		4.8
Oil & Gas		12.3
Pipelines		4.3
Retail		0.6
Semiconductors		0.4
Transportation		0.9
Money Market Investments		2.8

Total		100.0	%

See accompanying Notes to Financial Statements.

TCW Emerging Markets Income Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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
Auto Manufacturers	$	—	$	57,937,696		$	—	$	57,937,696
Banks		—		74,779,822			—		74,779,822
Building Materials		—		19,501,193			—		19,501,193
Chemicals		—		11,266,050			—		11,266,050
Electric		—		160,874,748			—		160,874,748
Energy-Alternate Sources		—		21,638,467			—		21,638,467
Engineering & Construction		—		10,515,285			—		10,515,285
Foreign Government Bonds		—		2,335,385,893			17,856,321		2,353,242,214
Investment Companies		—		114,695,551			—		114,695,551
Iron & Steel		—		28,259,579			—		28,259,579
Media		—		15,708,019			—		15,708,019
Mining		—		185,583,039			—		185,583,039
Oil & Gas		—		476,395,110			—		476,395,110
Pipelines		—		167,597,548			—		167,597,548
Retail		—		24,414,898			—		24,414,898
Semiconductors		—		14,450,759			—		14,450,759
Transportation		—		36,515,757			—		36,515,757

Total Fixed Income Securities		—		3,755,519,414			17,856,321		3,773,375,735

Money Market Investments		110,658,902		—			—		110,658,902

Total Investments	$	110,658,902	$	3,755,519,414		$	17,856,321	$	3,884,034,637

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		717,498			—		717,498

Total	$	110,658,902	$	3,756,236,912		$	17,856,321	$	3,884,752,135

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(3,195,387	)	$	—	$	(3,195,387	)

Total	$	—	$	(3,195,387	)	$	—	$	(3,195,387	)

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited)

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 97.1% of Net Assets

Brazil — 10.1%

Brazil Letras do Tesouro Nacional

0.00% ⁽¹⁾		01/01/24	BRL	5,710,000	$	1,050,230

Brazil Notas do Tesouro Nacional, Series F

10.00%		01/01/25	BRL	29,567,000		5,730,805

10.00%		01/01/27	BRL	22,147,000		4,200,653

10.00%		01/01/29	BRL	22,853,000		4,198,902

10.00%		01/01/31	BRL	2,262,000		419,799


Total Brazil

(Cost: $14,916,743)						15,600,389


Chile — 2.2%

Bonos de la Tesoreria de la Republica en pesos

2.50%		03/01/25	CLP	120,000,000		137,735

4.50%		03/01/26	CLP	655,000,000		775,020

4.70% ⁽²⁾		09/01/30	CLP	1,295,000,000		1,540,977

5.00% ⁽²⁾		10/01/28	CLP	370,000,000		445,522

5.00%		03/01/35	CLP	435,000,000		524,385


Total Chile

(Cost: $3,162,751)						3,423,639


China — 4.3%

Agricultural Development Bank of China

2.25%		04/22/25	CNY	8,620,000		1,236,841

China Government Bond

2.75%		06/15/29	CNY	11,460,000		1,656,561

3.27%		11/19/30	CNY	24,600,000		3,698,974


Total China

(Cost: $6,646,515)						6,592,376


Colombia — 3.6%

Colombian TES

5.75%		11/03/27	COP	5,810,100,000		1,010,214

Colombian TES (Treasury) Bond, Series B

6.00%		04/28/28	COP	4,960,700,000		856,992

7.00%		06/30/32	COP	7,418,400,000		1,176,051

7.50%		08/26/26	COP	6,743,300,000		1,301,669

7.75%		09/18/30	COP	6,485,300,000		1,134,569


Total Colombia

(Cost: $6,839,064)						5,479,495


Czech Republic — 5.5%

Czech Republic Government Bond

0.95% ⁽²⁾		05/15/30	CZK	19,490,000		715,712

1.00% ⁽²⁾		06/26/26	CZK	24,630,000		1,024,023

1.25%		02/14/25	CZK	6,440,000		281,968

1.75%		06/23/32	CZK	61,430,000		2,288,156

2.00%		10/13/33	CZK	30,900,000		1,148,797

2.40% ⁽²⁾		09/17/25	CZK	12,100,000		532,344

3.50%		05/30/35	CZK	10,820,000		459,241


Issues	Maturity Date		Principal Amount		Value

Czech Republic (Continued)

5.50%		12/12/28	CZK	41,720,000	$	2,041,064


Total Czech Republic

(Cost: $8,387,208)						8,491,305


Hungary — 7.2%

Hungary Government Bond

1.00%		11/26/25	HUF	166,480,000		391,032

2.50%		10/24/24	HUF	1,201,010,000		3,089,803

2.75%		12/22/26	HUF	183,000,000		430,357

3.00%		06/26/24	HUF	1,181,580,000		3,129,665

3.00%		10/27/27	HUF	139,470,000		322,643

3.25%		10/22/31	HUF	217,910,000		466,993

4.75%		11/24/32	HUF	1,358,650,000		3,224,333


Total Hungary

(Cost: $10,347,265)						11,054,826


Indonesia — 10.4%

Indonesia Treasury Bond

6.13%		05/15/28	IDR	56,324,000,000		3,818,552

6.38%		04/15/32	IDR	22,066,000,000		1,489,117

7.00%		09/15/30	IDR	36,103,000,000		2,532,267

7.00%		02/15/33	IDR	11,511,000,000		811,922

7.50%		08/15/32	IDR	29,589,000,000		2,134,714

7.50%		06/15/35	IDR	5,097,000,000		367,224

8.38%		09/15/26	IDR	21,483,000,000		1,560,629

8.38%		03/15/34	IDR	10,669,000,000		820,066

9.00%		03/15/29	IDR	31,593,000,000		2,423,024


Total Indonesia

(Cost: $15,097,302)						15,957,515


Malaysia — 9.7%

Malaysia Government Bond

3.58%		07/15/32	MYR	16,851,000		3,741,183

3.73%		06/15/28	MYR	7,552,000		1,711,538

3.76%		05/22/40	MYR	3,750,000		806,328

3.89%		08/15/29	MYR	10,965,000		2,490,202

3.90%		11/16/27	MYR	9,010,000		2,059,342

3.90%		11/30/26	MYR	4,400,000		1,004,291

3.96%		09/15/25	MYR	6,482,000		1,478,777

4.76%		04/07/37	MYR	3,313,000		806,618

Malaysia Government Investment Issue

3.47%		10/15/30	MYR	3,583,000		787,609


Total Malaysia

(Cost: $14,718,828)						14,885,888


Mexico — 11.0%

Mexico Government Bond (BONOS)

5.00%		03/06/25	MXN	45,938,600		2,318,856

5.75%		03/05/26	MXN	54,645,000		2,743,383

7.75%		05/29/31	MXN	54,000,000		2,811,344

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Mexico (Continued)

8.50%		05/31/29	MXN	63,899,500	$	3,489,340

8.50%		11/18/38	MXN	48,784,800		2,567,902

10.00%		12/05/24	MXN	33,760,500		1,850,641

10.00%		11/20/36	MXN	18,340,500		1,112,666


Total Mexico

(Cost: $16,239,378)						16,894,132


Peru — 1.5%

Peruvian Government International Bond

6.15%		08/12/32	PEN	3,954,000		977,437

6.90% ⁽²⁾		08/12/37	PEN	3,176,000		808,737

6.95% ⁽²⁾		08/12/31	PEN	2,136,000		561,811


Total Peru

(Cost: $2,471,295)						2,347,985


Poland — 6.3%

Republic of Poland Government Bond

0.75%		04/25/25	PLN	6,749,000		1,476,176

1.25%		10/25/30	PLN	8,633,000		1,516,137

2.25%		10/25/24	PLN	10,914,000		2,501,974

2.50%		07/25/26	PLN	11,554,000		2,511,001

2.50%		07/25/27	PLN	3,942,000		832,005

2.75%		10/25/29	PLN	4,301,000		867,694


Total Poland

(Cost: $9,222,130)						9,704,987


Romania — 3.8%

Romania Government Bond

3.25%		06/24/26	RON	7,680,000		1,546,715

3.25%		04/29/24	RON	4,165,000		906,061

4.15%		01/26/28	RON	7,895,000		1,566,500

4.25%		06/28/23	RON	485,000		108,285

4.75%		02/24/25	RON	2,275,000		493,978

6.70%		02/25/32	RON	5,745,000		1,235,767


Total Romania

(Cost: $6,002,627)						5,857,306


South Africa — 10.6%

Republic of South Africa Government International Bond

11.63%		03/31/53	ZAR	41,150,749		2,193,172

South Africa Government Bond

6.25%		03/31/36	ZAR	62,402,550		2,238,932

7.00%		02/28/31	ZAR	53,010,519		2,350,192

8.00%		01/31/30	ZAR	39,949,289		1,957,404

8.25%		03/31/32	ZAR	48,856,308		2,276,109

8.50%		01/31/37	ZAR	50,791,852		2,184,880

8.88%		02/28/35	ZAR	46,511,363		2,136,209

10.50%		12/21/26	ZAR	16,160,000		929,186


Total South Africa

(Cost: $19,417,224)						16,266,084


Issues	Maturity Date		Principal Amount		Value

Thailand — 8.9%

Thailand Government Bond

0.75%		06/17/24	THB	13,248,000	$	383,585

1.59%		12/17/35	THB	74,606,000		1,937,931

1.60%		12/17/29	THB	51,440,000		1,442,861

2.00%		12/17/31	THB	130,130,000		3,688,493

2.13%		12/17/26	THB	47,859,000		1,406,136

2.88%		12/17/28	THB	104,423,000		3,165,506

3.30%		06/17/38	THB	12,905,000		397,755

3.35%		06/17/33	THB	28,130,000		883,246

3.78%		06/25/32	THB	9,857,000		318,969


Total Thailand

(Cost: $13,630,693)						13,624,482


Turkey — 2.0% (Cost: $3,058,206)

Turkey Government International Bond

9.38%		03/14/29	$	3,000,000		3,034,384


Total Fixed Income Securities

(Cost: $150,157,229)						149,214,793



			Shares

MONEY MARKET INVESTMENTS — 0.1%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76%⁽³⁾				101,119		101,119


Total Money Market Investments

(Cost: $101,119)						101,119


Total Investments (97.2%)

(Cost: $150,258,348)						149,315,912

Excess Of Other Assets Over Liabilities (2.8%)						4,227,129


Total Net Assets (100.0%)					$	153,543,041

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

April 30, 2023


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		CLP		588,552,250		06/05/23	$	715,000	$	730,372	$	15,372
Bank of America		IDR		32,777,189,764		06/06/23		2,096,801		2,232,423		135,622
Bank of America		KRW		3,028,750,980		07/10/23		2,311,199		2,272,101		(39,098	)
Bank of America		PEN		4,206,400		05/30/23		1,100,000		1,132,306		32,306
Barclays Capital		CNH		30,167,584		07/12/23		4,415,357		4,381,293		(34,064	)
Barclays Capital		IDR		9,317,516,118		06/06/23		594,571		634,607		40,036
BNP Paribas S.A.		CLP		181,154,380		06/05/23		220,000		224,806		4,806
BNP Paribas S.A.		CNH		2,529,931		07/12/23		369,700		367,427		(2,273	)
BNP Paribas S.A.		CZK		44,796,707		05/09/23		2,035,132		2,105,653		70,521
BNP Paribas S.A.		PLN		7,131,586		06/06/23		1,600,445		1,715,415		114,970
Citibank N.A.		KRW		2,004,383,800		07/10/23		1,545,400		1,503,644		(41,756	)
JP Morgan Chase Bank		CNH		26,347,451		07/12/23		3,854,602		3,826,488		(28,114	)
JP Morgan Chase Bank		IDR		7,689,375,600		06/06/23		486,300		523,716		37,416
JP Morgan Chase Bank		THB		80,373,931		07/07/23		2,365,679		2,368,867		3,188

							$	23,710,186	$	24,019,118	$	308,932

SELL ⁽⁵⁾
Barclays Capital		THB		21,105,568		07/07/23	$	616,900	$	622,046	$	(5,146	)
BNP Paribas S.A.		CZK		7,870,005		05/09/23		350,854		369,927		(19,073	)
Goldman Sachs & Co.		CNH		26,481,287		07/12/23		3,836,700		3,845,925		(9,225	)
Goldman Sachs & Co.		CZK		8,014,718		05/09/23		352,652		376,729		(24,077	)
ING Baring (U.S.) Capital Markets		CZK		14,463,684		05/09/23		641,810		679,860		(38,050	)
JP Morgan Chase Bank		CZK		14,448,300		05/09/23		635,481		679,137		(43,656	)
JP Morgan Chase Bank		IDR		11,611,628,573		06/06/23		768,371		790,857		(22,486	)
Standard Chartered Bank		IDR		38,172,452,909		06/06/23		2,554,196		2,599,889		(45,693	)

							$	9,756,964	$	9,964,370	$	(207,406	)

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

BRL

Brazilian Real.

CLP

Chilean Peso.

CNH

Chinese Yuan Renminbi.

CNY

Chinese Yuan.

COP

Colombian Peso.

CZK

Czech Koruna.

HUF

Hungarian Forint.

IDR

Indonesian Rupiah.

KRW

South Korean Won.

MXN

Mexican Peso.

MYR

Malaysian Ringgit.

PEN

Peruvian Nuevo Sol.

PLN

Polish Zloty.

RON

Romanian New Leu.

THB

Thai Baht.

TWD

Taiwan Dollar.

ZAR

South African Rand.

(1)

Security is not accruing interest.

(2)

(3)

Rate disclosed is the 7-day net yield as of April 30, 2023.

(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, 2023


Sector	Percentage of Net Assets
Banks		0.8	%
Foreign Government Bonds		96.3
Money Market Investments		0.1

Total		97.2	%

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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	$	—	$	1,236,841		$	—	$	1,236,841
Foreign Government Bonds		—		147,977,952			—		147,977,952

Total Fixed Income Securities		—		149,214,793			—		149,214,793

Money Market Fund		101,119		—			—		101,119

Total Investments	$	101,119	$	149,214,793		$	—	$	149,315,912

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		454,238			—		454,238

Total	$	101,119	$	149,669,031		$	—	$	149,770,150

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(352,712	)	$	—	$	(352,712	)

Total	$	—	$	(352,712	)	$	—	$	(352,712	)

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited)

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 44.4% of Net Assets

Angola — 0.7% (Cost: $301,675)

Angolan Government International Bond

8.75% ⁽¹⁾		04/14/32	$	300,000	$	249,736


Argentina — 0.6%

Argentine Republic Government International Bond

3.50%		07/09/41		421,094		106,495

3.88%		01/09/38		346,364		96,022


Total Argentina

(Cost: $290,348)						202,517


Bahrain — 1.0%

Bahrain Government International Bond

5.25% ⁽¹⁾		01/25/33		200,000		173,600

7.75% ⁽¹⁾		04/18/35		200,000		201,500


Total Bahrain

(Cost: $376,300)						375,100


Brazil — 1.0%

Brazilian Government International Bond

6.00%		10/20/33		200,000		196,828

Globo Communicacoes Part

5.50% ⁽¹⁾		01/14/32		200,000		160,229


Total Brazil

(Cost: $393,865)						357,057


Chile — 1.7%

Chile Government International Bond

3.50%		01/31/34		450,000		408,825

Corp Nacional del Cobre de Chile

5.13% ⁽²⁾		02/02/33		200,000		202,875


Total Chile

(Cost: $585,183)						611,700


Colombia — 1.5%

Colombia Government International Bond

7.38%		09/18/37		300,000		280,170

Ecopetrol S.A.

8.88%		01/13/33	$	95,000		92,150

Gran Tierra Energy, Inc.

7.75% ⁽²⁾		05/23/27		200,000		152,460


Total Colombia

(Cost: $557,876)						524,780


Costa Rica — 0.6% (Cost: $201,393)

Costa Rica Government International Bond

6.55% ⁽¹⁾		04/03/34		200,000		204,375


Dominican Republic — 1.1%

Dominican Republic International Bond

4.50% ⁽¹⁾		01/30/30		150,000		133,151

Issues

Maturity
Date

Principal
Amount

Value

Dominican Republic (Continued)

4.88% ⁽¹⁾

09/23/32

150,000

129,780

5.50% ⁽¹⁾

02/22/29

150,000

143,297

Total Dominican Republic

(Cost: $388,971)

406,228

Ecuador — 0.6%

Ecuador Government International Bond

2.50% ⁽¹⁾

07/31/35

145,458

53,873

5.50% ⁽²⁾

07/31/30

308,233

164,150

Total Ecuador

(Cost: $360,156)

218,023

Egypt — 0.7% (Cost: $346,561)

Egypt Government International Bond

7.30% ⁽²⁾

09/30/33

475,000

257,830

El Salvador — 0.8%

El Salvador Government International Bond

6.38% ⁽²⁾

01/18/27

135,000

85,711

7.12% ⁽²⁾

01/20/50

300,000

147,379

8.25% ⁽²⁾

04/10/32

95,000

54,269

Total El Salvador

(Cost: $347,639)

287,359

Gabon — 0.4% (Cost: $185,517)

Gabon Government International Bond

6.63% ⁽²⁾

02/06/31

200,000

148,607

Hungary — 1.1%

Hungary Government International Bond

5.25% ⁽¹⁾

06/16/29

200,000

198,529

6.13% ⁽¹⁾

05/22/28

200,000

207,680

Total Hungary

(Cost: $396,140)

406,209

India — 1.1%

Greenko Power II, Ltd.

4.30% ⁽²⁾

12/13/28

191,000

166,014

India Airport Infra

6.25% ⁽²⁾

10/25/25

250,000

240,075

Total India

(Cost: $382,808)

406,089

Indonesia — 2.6%

Freeport Indonesia PT

6.20% ⁽²⁾

04/14/52

200,000

185,680

Indonesia Asahan Aluminium Persero PT

5.45% ⁽¹⁾

05/15/30

200,000

200,480

Perusahaan Penerbit SBSN Indonesia III

2.55% ⁽²⁾

06/09/31

200,000

175,819

4.40% ⁽¹⁾

06/06/27

200,000

200,806

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Indonesia (Continued)

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

4.88% ⁽²⁾

07/17/49

200,000

166,520

Total Indonesia

(Cost: $951,892)

929,305

Israel — 1.1%

Bank Leumi Le-Israel BM

7.13% (U.S. 5-year Treasury Constant Maturity Rate + 3.466%)^(2),(3)

07/18/33

200,000

195,015

Energean Israel Finance, Ltd.

4.88% ⁽²⁾

03/30/26

189,300

175,339

5.38% ⁽²⁾

03/30/28

45,000

40,355

Total Israel

(Cost: $415,571)

410,709

Ivory Coast — 0.2% (Cost: $78,866)

Ivory Coast Government International Bond

4.88% ⁽¹⁾

01/30/32

EUR

100,000

83,946

Jordan — 0.6% (Cost: $194,767)

Jordan Government International Bond

7.75% ⁽¹⁾

01/15/28

200,000

204,250

Kazakhstan — 1.4%

KazMunayGas National Co. JSC

4.75% ⁽¹⁾

04/19/27

200,000

191,070

5.75% ⁽²⁾

04/19/47

200,000

158,603

Tengizchevroil Finance Co. International, Ltd.

3.25% ⁽²⁾

08/15/30

200,000

151,880

Total Kazakhstan

(Cost: $502,294)

501,553

Mexico — 4.4%

Banco Mercantil del Norte S.A.

7.50% (U.S. 10-year Treasury Constant Maturity Rate + 5.470%)^(1),(3),(4)

06/27/29

200,000

177,514

Cemex SAB de CV

5.13% (U.S. 5-year Treasury Constant Maturity Rate + 4.534%)^(1),(3),(4)

06/08/26

200,000

177,340

Comision Federal de Electricidad

4.69% ⁽¹⁾

05/15/29

200,000

181,580

Electricidad Firme de Mexico Holdings SA de CV

4.90% ⁽¹⁾

11/20/26

200,000

176,880

Mexico Government International Bond

6.34%

05/04/53

200,000

206,561

Petroleos Mexicanos

5.35%

02/12/28

207,000

172,365


Issues	Maturity Date		Principal Amount		Value

Mexico (Continued)

6.49%		01/23/27	$	335,000	$	301,291

6.88%		08/04/26		210,000		198,812


Total Mexico

(Cost: $1,690,211)						1,592,343


Morocco — 0.6% (Cost: $197,710)

Morocco Government International Bond

5.95% ⁽¹⁾		03/08/28		200,000		205,671


Nigeria — 0.9% (Cost: $392,400)

Nigeria Government International Bond

6.13% ⁽¹⁾		09/28/28		400,000		306,240


Oman — 1.6%

Oman Government International Bond

6.00% ⁽²⁾		08/01/29		200,000		204,846

6.50% ⁽²⁾		03/08/47		200,000		188,321

6.75% ⁽²⁾		01/17/48		200,000		194,100


Total Oman

(Cost: $568,140)						587,267


Pakistan — 0.2% (Cost: $240,450)

Pakistan Government International Bond

6.88% ⁽²⁾		12/05/27		235,000		84,318


Panama — 2.1%

Panama Government International Bond

2.25%		09/29/32		200,000		155,101

4.50%		04/16/50		200,000		157,125

6.40%		02/14/35		400,000		424,327


Total Panama

(Cost: $707,383)						736,553


Peru — 0.8%

Peruvian Government International Bond

2.78%		01/23/31		45,000		39,084

3.00%		01/15/34		280,000		235,066


Total Peru

(Cost: $270,388)						274,150


Philippines — 1.6%

Philippine Government International Bond

3.20%		07/06/46		200,000		152,200

3.56%		09/29/32		200,000		187,520

5.95%		10/13/47		200,000		220,599


Total Philippines

(Cost: $529,244)						560,319

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2023


Issues	Maturity Date		Principal Amount		Value

Poland — 0.4%

Republic of Poland Government International Bond

4.88%		10/04/33	$	130,000	$	132,353

5.50%		04/04/53		25,000		25,988


Total Poland

(Cost: $154,932)						158,341


Qatar — 1.5%

Qatar Energy

2.25% ⁽²⁾		07/12/31		430,000		372,251

3.13% ⁽¹⁾		07/12/41		200,000		158,130


Total Qatar

(Cost: $503,629)						530,381


Romania — 1.5%

Romanian Government International Bond

6.00% ⁽¹⁾		05/25/34		70,000		69,675

6.63% ⁽¹⁾		02/17/28		124,000		129,176

7.13% ⁽¹⁾		01/17/33		200,000		214,520

7.63% ⁽¹⁾		01/17/53		116,000		125,431


Total Romania

(Cost: $507,728)						538,802


Saudi Arabia — 2.2%

Gaci First Investment Co.

5.13% ⁽²⁾		02/14/53		200,000		187,289

5.38% ⁽²⁾		10/13/22		200,000		189,240

Greensaif Pipelines Bidco Sarl

6.13% ⁽¹⁾		02/23/38		400,000		420,950


Total Saudi Arabia

(Cost: $772,864)						797,479


Senegal — 0.2% (Cost: $60,230)

Senegal Government International Bond

5.38% ⁽¹⁾		06/08/37	EUR	100,000		70,424


South Africa — 1.7%

Eskom Holdings SOC, Ltd.

8.45% ⁽²⁾		08/10/28	$	200,000		192,860

Sasol Financing USA LLC

8.75% ⁽¹⁾		05/03/29		200,000		201,000

Transnet SOC, Ltd.

8.25% ⁽¹⁾		02/06/28		200,000		198,700


Total South Africa

(Cost: $567,265)						592,560


South Korea — 1.4%

Hyundai Capital America

5.50% ⁽¹⁾		03/30/26		120,000		120,552

5.60% ⁽¹⁾		03/30/28		180,000		181,839


Issues	Maturity Date		Principal Amount		Value

South Korea (Continued)

POSCO

5.75% ⁽¹⁾		01/17/28	$	200,000	$	207,769


Total South Korea

(Cost: $501,733)						510,160


Tunisia — 0.3% (Cost: $153,767)

Tunisian Republic

5.75% ⁽²⁾		01/30/25		200,000		104,180


Turkey — 2.4%

Turkey Government International Bond

9.38%		03/14/29		200,000		202,292

9.38%		01/19/33		250,000		253,500

9.88%		01/15/28		400,000		414,520


Total Turkey

(Cost: $847,759)						870,312


United Arab Emirates — 1.0%

Finance Department Government of Sharjah

6.50% ⁽¹⁾		11/23/32		200,000		208,100

Galaxy Pipeline Assets Bidco, Ltd.

2.63% ⁽¹⁾		03/31/36		200,000		165,425


Total United Arab Emirates

(Cost: $350,668)						373,525


Uruguay — 0.4% (Cost: $153,737)

Uruguay Government International Bond

5.10%		06/18/50		155,000		159,045


Venezuela — 0.4%

Venezuela Government International Bond

9.25% ^(5),(6)		09/15/27		550,000		57,750

9.25% ^(2),(5),(6)		05/07/28		787,000		82,635


Total Venezuela

(Cost: $413,469)						140,385


Total Fixed Income Securities

(Cost: $16,841,529)						15,977,828



			Shares

COMMON STOCK — 52.4%

Argentina — 2.2% (Cost: $443,017)

MercadoLibre, Inc.⁽⁷⁾				620		792,044


Brazil — 1.0% (Cost: $332,126)

Tres Tentos Agroindustrial S.A.				165,500		358,931


China — 22.9%

Beijing Shougang Co., Ltd.				520,000		277,705

BYD Co., Ltd. — Class H				6,505		197,266

China Green Electricity Investment of Tianjin Co., Ltd.				160,000		269,797

Chinese Universe Publishing and Media Group Co., Ltd.				106,314		274,064

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value

China (Continued)

Contemporary Amperex Technology Co., Ltd. — Class A		17,611	$	589,310

Daqin Railway Co., Ltd.		260,000		289,224

FAW Jiefang Group Co., Ltd.		230,000		270,229

Galaxy Entertainment Group, Ltd.⁽⁷⁾		119,500		850,489

Jardine Matheson Holdings, Ltd.		5,700		274,740

Jiangsu Pacific Quartz Co., Ltd.		23,000		394,553

Jizhong Energy Resources Co., Ltd. — Class A		280,000		299,688

Kingsoft Corp., Ltd.		56,000		246,153

Perfect World Co., Ltd.		95,000		300,569

Ping An Insurance Group Co. of China, Ltd. — Class H		141,200		1,030,095

Shan Xi Hua Yang Group New Energy Co., Ltd.		140,000		282,902

Sinotrans, Ltd.		800,000		276,182

Sinotruk Hong Kong, Ltd.		180,000		273,787

Swire Pacific, Ltd.		35,000		277,825

TangShan Port Group Co., Ltd.		509,970		290,751

Xinte Energy Co., Ltd.		115,000		283,035

Yifeng Pharmacy Chain Co., Ltd.		63,507		457,524

Youngy Co., Ltd.⁽⁷⁾		26,000		264,571

Zhuhai Huafa Properties Co., Ltd.		170,000		260,726


Total China

(Cost: $8,011,839)				8,231,185


France — 1.9% (Cost: $198,360)

Hermes International		310		674,316


India — 5.7%

Apollo Hospitals Enterprise, Ltd.		4,600		254,989

Aurobindo Pharma, Ltd.		36,000		270,540

Avenue Supermarts, Ltd.⁽⁷⁾		9,505		409,621

Hindustan Aeronautics, Ltd.		8,000		285,253

KPIT Technologies, Ltd.		38,000		427,108

Persistent Systems, Ltd.		7,100		412,733


Total India

(Cost: $1,843,385)				2,060,244


Poland — 0.6% (Cost: $140,806)

Dino Polska S.A.⁽⁷⁾		2,240		229,136


Russia — 0.0%

Magnitogorsk Iron & Steel Works PJSC^(6),(7)		580,000		660

Yandex NV^(6),(7)		24,400		1,100


Total Russia

(Cost: $1,370,247)				1,760


Singapore — 0.8% (Cost: $290,701)

Yangzijiang Shipbuilding Holdings, Ltd.		300,000		279,803


South Africa — 2.2%

Aspen Pharmacare Holdings, Ltd.		28,000		279,942


Issues	Shares		Value

South Africa (Continued)

Clicks Group, Ltd.		34,500	$	504,450


Total South Africa

(Cost: $959,153)				784,392


South Korea — 2.6%

CJ Corp.		4,000		273,883

Hanwha Aerospace Co., Ltd.		3,800		292,415

Samsung SDI Co., Ltd.		700		363,280


Total South Korea

(Cost: $955,254)				929,578


Switzerland — 0.8% (Cost: $281,782)

Cie Financiere Richemont S.A.		1,700		280,367


Taiwan — 8.9%

Alchip Technologies, Ltd.		9,900		384,465

E Ink Holdings, Inc.		108,000		672,852

eMemory Technology, Inc.		5,700		340,813

Novatek Microelectronics Corp.		19,000		259,751

Pou Chen Corp.		260,000		268,521

Taiwan Semiconductor Manufacturing Co., Ltd.		60,190		985,647

Teco Electric & Machinery Co., Ltd.		190,000		272,863


Total Taiwan

(Cost: $2,426,109)				3,184,912


Thailand — 0.8% (Cost: $275,736)

Charoen Pokphand Foods PCL (NVDR)		460,000		273,461


Turkey — 2.0%

Koza Altin Isletmeleri A.S.		240,000		233,446

Turk Telekomunikasyon A.S.⁽⁷⁾		280,000		234,548

Turkcell Iletisim Hizmetleri A.S.		160,000		272,612


Total Turkey

(Cost: $795,964)				740,606


Total Common Stock

(Cost: $18,324,479)				18,820,735


PREFERRED STOCK — 0.8%

South Korea — 0.8% (Cost: $235,177)

Hyundai Motor Co.		3,300		273,741


Total Preferred Stock

(Cost: $235,177)				273,741


MONEY MARKET INVESTMENTS — 5.9%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.76%⁽⁸⁾		2,125,729		2,125,729


Total Money Market Investments

(Cost: $2,125,729)				2,125,729


Total Investments (103.5%)

(Cost: $37,526,914)				37,198,033

Liabilities In Excess Of Other Assets (-3.5%)				(1,255,078	)


Total Net Assets (100.0%)			$	35,942,955

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2023


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 ⁽⁹⁾
Barclays Capital		EUR		150,000		06/20/23	$	160,980	$	166,054	$	5,074
Goldman Sachs & Co.		EUR		215,000		06/20/23		238,443		238,010		(433	)
JP Morgan Chase Bank		EUR		72,000		06/20/23		79,029		79,706		677
Standard Chartered Bank		EUR		58,000		06/20/23		63,559		64,207		648

							$	542,011	$	547,977	$	5,966

SELL ⁽¹⁰⁾
Goldman Sachs & Co.		EUR		495,000		06/20/23	$	527,788	$	547,977	$	(20,189	)

Notes to the Schedule of Investments:

PJSC

Private Joint-Stock Company.

EUR

Euro Currency.

(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, 2023, the value of these securities amounted to $6,433,218 or 17.9% 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, 2023.

(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)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(7)

Non-income producing security.

(8)

Rate disclosed is the 7-day net yield as of April 30, 2023.

(9)

Fund buys foreign currency, sells U.S. Dollar.

(10)

Fund sells foreign currency, buys U.S. Dollar.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Sector (Unaudited)

April 30, 2023


Sector	Percentage of Net Assets
Aerospace & Defense		1.6	%
Agriculture		1.0
Apparel		2.6
Auto Manufacturers		3.7
Auto Parts & Equipment		2.8
Banks		1.0
Building Materials		0.5
Chemicals		1.7
Coal		1.6
Commercial Services		0.8
Computers		1.1
Electric		2.0
Electronics		1.9
Energy-Alternate Sources		1.3
Engineering & Construction		0.7
Food		2.5
Foreign Government Bonds		26.5
Health Care-Services		0.7
Holding Companies—Diversified		1.5
Insurance		2.9
Internet		2.2
Investment Companies		1.0
Iron & Steel		1.4
Lodging		2.4
Machinery-Diversified		0.8
Media		1.2
Mining		3.0
Oil & Gas		6.0
Pharmaceuticals		1.5
Pipelines		1.6
Real Estate		1.5
Retail		3.5
Semiconductors		5.5
Shipbuilding		0.8
Software		1.5
Telecommunications		2.4
Transportation		2.9
Money Market Investments		5.9

Total		103.5	%

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Country (Unaudited)

April 30, 2023


Country	Percentage of Net Assets
Angola		0.7	%
Argentina		2.8
Bahrain		1.0
Brazil		2.0
Chile		1.7
China		22.9
Colombia		1.5
Costa Rica		0.6
Dominican Republic		1.1
Ecuador		0.6
Egypt		0.7
El Salvador		0.8
France		1.9
Gabon		0.4
Hungary		1.1
India		6.8
Indonesia		2.6
Israel		1.1
Ivory Coast		0.2
Jordan		0.6
Kazakhstan		1.4
Mexico		4.4
Morocco		0.6
Nigeria		0.9
Oman		1.6
Pakistan		0.2
Panama		2.1
Peru		0.8
Philippines		1.6
Poland		1.0
Qatar		1.5
Romania		1.5
Russia		0.0
Saudi Arabia		2.2
Senegal		0.2
Singapore		0.8
South Africa		3.9
South Korea		4.8
Switzerland		0.8
Taiwan		8.9
Thailand		0.8
Tunisia		0.3
Turkey		4.4
United Arab Emirates		1.0
United States		5.9
Uruguay		0.4
Venezuela		0.4

Total		103.5	%

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Fair Valuation Summary (Unaudited)

April 30, 2023

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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
Auto Manufacturers	$	—	$	302,391	$	—	$	302,391
Banks		—		372,529		—		372,529
Building Materials		—		177,340		—		177,340
Chemicals		—		201,000		—		201,000
Electric		—		717,840		—		717,840
Energy-Alternate Sources		—		166,014		—		166,014
Engineering & Construction		—		240,075		—		240,075
Foreign Government Bonds		—		9,376,911		140,385		9,517,296
Investment Companies		—		376,529		—		376,529
Iron & Steel		—		207,769		—		207,769
Media		—		160,229		—		160,229
Mining		—		589,035		—		589,035
Oil & Gas		—		2,164,706		—		2,164,706
Pipelines		—		586,375		—		586,375
Transportation		—		198,700		—		198,700

Total Fixed Income Securities		—		15,837,443		140,385		15,977,828

Total Preferred Stock
Auto Manufacturers		—		273,741		—		273,741

Total Preferred Stock		—		273,741		—		273,741

Common Stock
Aerospace & Defense		285,253		292,415		—		577,668
Agriculture		358,930		—		—		358,930
Apparel		268,521		674,316		—		942,837
Auto Manufacturers		544,016		197,266		—		741,282
Auto Parts & Equipment		—		1,016,418		—		1,016,418
Chemicals		—		394,553		—		394,553
Coal		282,902		299,688		—		582,590
Commercial Services		290,751		—		—		290,751
Computers		—		412,733		—		412,733
Electronics		—		672,852		—		672,852
Energy-Alternate Sources		283,035		—		—		283,035
Food		273,461		638,757		—		912,218
Health Care-Services		—		254,989		—		254,989
Holding Companies—Diversified		274,740		277,826		—		552,566
Insurance		—		1,030,095		—		1,030,095
Internet		792,044		—		1,100		793,144
Iron & Steel		277,706		—		659		278,365
Lodging		—		850,489		—		850,489
Machinery-Diversified		272,863		—		—		272,863
Media		274,064		—		—		274,064
Mining		264,571		233,446		—		498,017
Pharmaceuticals		550,483		—		—		550,483
Real Estate		—		530,523		—		530,523
Retail		784,817		457,524		—		1,242,341

See accompanying Notes to Financial Statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Fair Valuation Summary (Unaudited) (Continued)

April 30, 2023


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Semiconductors	$	—	$	1,970,676		$	—	$	1,970,676
Shipbuilding		—		279,803			—		279,803
Software		300,569		246,152			—		546,721
Telecommunications		—		870,440			—		870,440
Transportation		276,182		563,107			—		839,289

Total Common Stock		6,654,908		12,164,068			1,759		18,820,735

Money Market Investments		2,125,729		—			—		2,125,729

Total Investments	$	8,780,637	$	28,275,252		$	142,144	$	37,198,033

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		6,399			—		6,399

Total	$	8,780,637	$	28,281,651		$	142,144	$	37,204,432

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(20,622	)	$	—	$	(20,622	)

Total	$	—	$	(20,622	)	$	—	$	(20,622	)

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2023


	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⁾	$	3,217,491		$	3,884,034,637		$	149,315,912		$	37,198,033
Foreign Currency, at Value ⁽²⁾		2,176			3			1,055,172			8,189
Receivable for Securities Sold		1,090,641			19,140,952			—			4,119,294
Receivable for Fund Shares Sold		—			9,788,996			85,260			100
Interest and Dividends Receivable		9,262			55,259,676			3,060,445			271,539
Foreign Tax Reclaims Receivable		256			—			—			3,524
Receivable from Investment Advisor		17,430			139,383			21,215			17,277
Unrealized Appreciation on Open Forward Foreign Currency Contracts		—			717,498			454,238			6,399
Cash Collateral Held for Brokers		—			3,489,997			270,000			23
Prepaid Expenses		10,816			98,857			47,229			9,604

Total Assets		4,348,072			3,972,669,999			154,309,471			41,633,982

LIABILITIES
Distributions Payable		—			4,310,298			1,072			—
Payable for Securities Purchased		1,545,013			69,285,139			—			5,457,691
Payable for Fund Shares Redeemed		—			6,148,520			147,628			65,831
Accrued Capital Gain Withholding Taxes		—			2,575			21,061			12,618
Accrued Directors’ Fees and Expenses		10,648			10,132			10,630			10,643
Deferred Accrued Directors’ Fees and Expenses		1,987			1,987			1,987			1,987
Accrued Management Fees		1,830			2,382,763			94,979			27,045
Accrued Distribution Fees		102			92,268			9,006			687
Collateral Pledged by Brokers		—			330,000			—			—
Unrealized Depreciation on Open Forward Foreign Currency Contracts		—			3,195,387			352,712			20,622
Transfer Agent Fees Payable		2,066			1,155,874			34,458			15,995
Administration Fee Payable		844			232,385			8,678			3,152
Audit Fees Payable		16,120			42,718			25,291			23,409
Accounting Fees Payable		289			228,167			7,758			2,674
Custodian Fees Payable		11,966			196,993			35,638			39,875
Legal Fees Payable		89			17,410			560			299
Other Accrued Expenses		2,698			457,643			14,972			8,499

Total Liabilities		1,593,652			88,090,259			766,430			5,691,027

NET ASSETS	$	2,754,420		$	3,884,579,740		$	153,543,041		$	35,942,955

NET ASSETS CONSIST OF:
Paid-in Capital	$	4,162,685		$	6,374,156,355		$	211,710,021		$	45,476,546
Accumulated Earnings (Loss)		(1,408,265	)		(2,489,576,615	)		(58,166,980	)		(9,533,591	)

NET ASSETS	$	2,754,420		$	3,884,579,740		$	153,543,041		$	35,942,955

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	2,263,717		$	2,414,575,218		$	110,673,104		$	32,614,451

N Class Share	$	490,703		$	450,481,189		$	42,869,937		$	3,328,504

Plan Class Share	$	—		$	1,019,523,333		$	—		$	—

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) (Continued)

April 30, 2023


	TCW Developing Markets Equity Fund		TCW Emerging Markets Income Fund		TCW Emerging Markets Local Currency Income Fund		TCW Emerging Markets Multi-Asset Opportunities Fund
CAPITAL SHARES OUTSTANDING: ⁽³⁾
I Class Share		297,005		394,942,783		14,944,058		3,710,342

N Class Share		63,993		57,072,287		5,802,923		382,310

Plan Class Share		—		166,873,009		—		—

NET ASSET VALUE PER SHARE: ⁽⁴⁾
I Class Share	$	7.62	$	6.11	$	7.41	$	8.79

N Class Share	$	7.67	$	7.89	$	7.39	$	8.71

Plan Class Share	$	—	$	6.11	$	—	$	—

(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, 2023 was $3,446,493, $4,054,141,109, $150,258,348 and $37,526,914, 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, 2023


	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	$	52,709	⁽¹⁾	$	—		$	—		$	213,782	⁽¹⁾
Interest		—			146,242,874	⁽²⁾		4,653,139	⁽²⁾		691,858	⁽²⁾

Total		52,709			146,242,874			4,653,139			905,640

Expenses:
Management Fees		16,776			14,603,906			551,570			172,282
Accounting Services Fees		174			194,644			6,600			2,031
Administration Fees		123			180,293			6,050			1,536
Transfer Agent Fees:
I Class		3,057			864,606			23,426			6,899
N Class		3,021			210,124			20,902			4,531
Plan Class		—			73,767			—			—
Custodian Fees		12,164			165,381			18,196			28,779
Professional Fees		15,750			97,690			24,401			23,704
Directors’ Fees and Expenses		23,047			23,048			23,047			23,047
Registration Fees:
I Class		7,979			29,976			9,478			8,089
N Class		7,979			13,339			10,240			8,067
Plan Class		—			18,576			—			—
Distribution Fees:
N Class		1,508			539,668			52,986			4,565
Compliance Expense		9,203			3,139			3,139			3,139
Shareholder Reporting Expense		2,022			14,170			2,164			1,202
Other		2,351			254,837			15,772			9,998

Total		105,154			17,287,164			767,971			297,869

Less Expenses Borne by Investment Advisor:
I Class		55,714			279,880			51,898			82,169
N Class		28,326			429,660			80,377			20,628
Plan Class		—			269,165			—			—

Net Expenses		21,114			16,308,459			635,696			195,072

Net Investment Income		31,595			129,934,415			4,017,443			710,568

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Operations (Unaudited) (Continued)

Six Months Ended April 30, 2023


	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 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments	$	71,731	⁽³⁾	$	(224,655,022	)	$	(3,771,788	) ⁽³⁾	$	(1,333,621	)
Foreign Currency		(26,006	)		362,843			(72,343	)		(88,776	)
Foreign Currency Forward Contracts		—			(7,438,639	)		(82,925	)		(44,441	)
Futures Contracts		—			(875	)		—			—
Options Written		—			982,694			—			5,146
Change in Unrealized Appreciation (Depreciation) on:
Investments		145,468			506,435,049	⁽⁴⁾		20,800,637	⁽⁴⁾		4,929,297	⁽⁴⁾
Foreign Currency		2,610			303,826			156,814			10,051
Foreign Currency Forward Contracts		—			(2,385,383	)		46,179			(13,346	)
Options Written		—			(576,693	)		—			(3,020	)

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		193,803			273,027,800			17,076,574			3,461,290

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	225,398		$	402,962,215		$	21,094,017		$	4,171,858

(1)

Net of foreign taxes withheld. Total amounts withheld for the TCW Developing Markets Equity Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund were $6,061 and $27,733, respectively.

(2)

Net of foreign taxes withheld of $92,134, $46,680 and $90 for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund, respectively.

(3)

Net of capital gain withholding taxes of $229 and $516 for the TCW Developing Markets Equity Fund and the TCW Emerging Markets Local Currency Income Fund, respectively.

(4)

Net of capital gain withholding taxes of $2,575, $21,061 and $12,618 for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund, respectively.

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)


	TCW Developing Markets Equity Fund						TCW Emerging Markets Income Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net Investment Income	$	31,595		$	140,680		$	129,934,415		$	263,031,375
Net Realized Gain (Loss) on Investments, Futures Contracts, Options Written and Foreign Currency Transactions		45,725			(1,166,179	)		(230,748,999	)		(1,236,883,602	)
Change in Unrealized Appreciation (Depreciation) on Investments, Options Written and Foreign Currency Transactions		148,078			(2,162,482	)		503,776,799			(547,198,195	)

Increase (Decrease) in Net Assets Resulting from Operations		225,398			(3,187,981	)		402,962,215			(1,521,050,422	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(127,370	)		(449,659	)		(104,283,504	)		(228,258,436	)
Return of Capital		—			—			—			(22,694,796	)

Total Distributions to Shareholders		(127,370	)		(449,659	)		(104,283,504	)		(250,953,232	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(701,251	)		301,064			(277,516,828	)		(1,075,983,840	)
N Class		(785,826	)		53,381			30,136,569			(289,669	)
Plan Class		—			—			(93,533,757	)		(488,386,713	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(1,487,077	)		354,445			(340,914,016	)		(1,564,660,222	)

Decrease in Net Assets		(1,389,049	)		(3,283,195	)		(42,235,305	)		(3,336,663,876	)
NET ASSETS
Beginning of period		4,143,469			7,426,664			3,926,815,045			7,263,478,921

End of period	$	2,754,420		$	4,143,469		$	3,884,579,740		$	3,926,815,045

See accompanying Notes to Financial Statements.

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)


	TCW Emerging Markets Local Currency Income Fund						TCW Emerging Markets Multi-Asset Opportunities Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net Investment Income	$	4,017,443		$	8,658,590		$	710,568		$	2,035,218
Net Realized Loss on Investments, Options Written and Foreign Currency Transactions		(3,927,056	)		(39,003,843	)		(1,461,692	)		(7,211,360	)
Change in Unrealized Appreciation (Depreciation) on Investments, Options Written and Foreign Currency Transactions		21,003,630			(12,774,182	)		4,922,982			(20,343,770	)

Increase (Decrease) in Net Assets Resulting from Operations		21,094,017			(43,119,435	)		4,171,858			(25,519,912	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(1,848,255	)		(2,830,965	)		(1,777,078	)		(3,961,910	)
Return of Capital		—			(3,893,084	)		—			—

Total Distributions to Shareholders		(1,848,255	)		(6,724,049	)		(1,777,078	)		(3,961,910	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(4,628,164	)		(58,769,672	)		(4,306,231	)		(14,247,647	)
N Class		(2,313,420	)		10,286,694			(701,223	)		(1,070,744	)

Decrease in Net Assets Resulting from Net Capital Shares Transactions		(6,941,584	)		(48,482,978	)		(5,007,454	)		(15,318,391	)

Increase (Decrease) in Net Assets		12,304,178			(98,326,462	)		(2,612,674	)		(44,800,213	)
NET ASSETS
Beginning of period		141,238,863			239,565,325			38,555,629			83,355,842

End of period	$	153,543,041		$	141,238,863		$	35,942,955		$	38,555,629

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 its own investment objective 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 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, plus any borrowings for investment purposes, in debt securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries. The Fund generally invests in at least four 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, plus any borrowings for investment purposes, in debt securities issued or guaranteed by non-financial companies, financial institutions and government entities in emerging market countries denominated in the local currencies of an 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, plus any borrowings for investment purposes, in equity securities of companies or 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, a developing market country. The Fund may invest up to 20% of its net assets, plus any borrowings for investment purposes, in derivative instruments.
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, plus any borrowings for investment purposes, in debt and equity securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries.

TCW Funds, Inc.

April 30, 2023

Note 1 — Organization (Continued)

All of the Funds currently offer two classes of shares: I Class and N Class, except for the TCW Emerging Markets Income Fund, which also offers Plan Class shares. The three classes of a Fund are substantially the same except that the Class N shares are subject to a distribution fee (see Note 7).

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 were valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) were valued during the period using official closing prices as reported by NASDAQ, which may not have been the last sale price. Investments in open-end mutual funds including money market funds were valued based on the NAV per share as reported by the investment companies. All other securities for which over the-counter (“OTC”) market quotations were readily available, including short-term securities, swap agreements and forward currency contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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).

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:

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 as Level 3.

TCW Funds, Inc.

April 30, 2023

Note 2 — Significant Accounting Policies (Continued)

Options and Swaptions contracts. Exchange-listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange-listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. Options and swaptions contracts traded over-the-counter (“OTC”) are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options and swaptions contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Short-term investments. Short-term investments are valued using market price quotations, and are categorized as Level 1 or 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 as Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

The summary of the inputs used as of April 30, 2023 in valuing the Funds’ investments 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 DEVELOPING MARKETS EQUITY FUND	COMMON STOCK			TOTAL
Balance as of October 31, 2022	$	257		$	257
Accrued Discounts (Premiums)		—			—
Realized Gain (Loss)		—			—
Change in Unrealized Appreciation (Depreciation)*		(27	)		(27	)
Purchases		—			—
Sales		—			—
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—

Balance as of April 30, 2023	$	230		$	230

*	The change in unrealized appreciation (depreciation) on securities still held at April 30, 2023 was $(27) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.


TCW EMERGING MARKETS INCOME FUND	FOREIGN GOVERNMENT BONDS		TOTAL
Balance as of October 31, 2022	$	13,179,666	$	13,179,666
Accrued Discounts (Premiums)		—		—
Realized Gain (Loss)		—		—
Change in Unrealized Appreciation (Depreciation)*		4,676,655		4,676,655
Purchases		—		—
Sales		—		—
Transfers in to Level 3		—		—
Transfers out of Level 3		—		—

Balance as of April 30, 2023	$	17,856,321	$	17,856,321

*	The change in unrealized appreciation (depreciation) on securities still held at April 30, 2023 was $4,676,655 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.


TCW EMERGING MARKETS MULTI-ASSET OPPORTUNITIES FUND	COMMON STOCK			FOREIGN GOVERNMENT BONDS		TOTAL
Balance as of October 31, 2022	$	1,958		$	103,618	$	105,576
Accrued Discounts (Premiums)		—			—		—
Realized Gain (Loss)		—			—		—
Change in Unrealized Appreciation (Depreciation)*		(199	)		36,767		36,568
Purchases		—			—		—
Sales		—			—		—
Transfers in to Level 3		—			—		—
Transfers out of Level 3		—			—		—

Balance as of April 30, 2023	$	1,759		$	140,385	$	142,144

*	The change in unrealized appreciation (depreciation) on securities still held at April 30, 2023 was $36,568 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

TCW Funds, Inc.

April 30, 2023

Note 2 — Significant Accounting Policies (Continued)

Significant unobservable valuation inputs for Level 3 investments as of April 30, 2023 are as follows:

Description

Fair Value at
4/30/2023

Valuation
Techniques

Unobservable

Input

Price or Price
Range

Average Weighted
Price

Input to
Valuation
If Input
Increases

TCW Developing Markets Equity

Common Stock

230

Third-party Vendor

Fair Valuation

$0.001–$0.045

$0.003

Increase

TCW Emerging Markets Income Fund

Government Issues

17,856,321

Third-party Vendor

Vendor Prices

$10.500

Increase

TCW Emerging Markets Multi-Asset Opportunities Fund

Common Stock

1,759

Third-party Vendor

Fair Valuation

$0.001–$0.045

$0.003

Increase

Government Issues

140,385

Third-party Vendor

Vendor Prices

$10.500

Increase

Dividends and Distributions: Dividends and distributions to shareholders are recorded on the ex-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.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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 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. 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.

For the period ended April 30, 2023, 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	$	—	$	717,498		$	—		$	717,498

Total Value	$	—	$	717,498		$	—		$	717,498

Liability Derivatives
Forward Contracts	$	—	$	(3,195,387	)	$	—		$	(3,195,387	)

Total Value	$	—	$	(3,195,387	)	$	—		$	(3,195,387	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	(7,438,639	)	$	—		$	(7,438,639	)
Investments ⁽¹⁾		—		(5,012,706	)		(2,311,334	)		(7,324,040	)
Futures		—		—			875			875
Options Written		—		982,694			—			982,694

Net Realized Gain (Loss)	$	—	$	(11,468,651	)	$	(2,310,459	)	$	(13,779,110	)

Net Change in Appreciation (Depreciation)
Forward Contracts	$	—		(2,385,383	)		—			(2,385,383	)
Investments ⁽²⁾		—		2,176,734			1,217,584			3,394,318
Options Written		—		(576,693	)		—			(576,693	)

Net Change in Appreciation (Depreciation)	$	—	$	(785,342	)	$	1,217,584		$	432,242

Notional Amounts ⁽³⁾
Forward Currency Contracts		$ —		$191,858,338			$ —			$191,858,338
Options Purchased		$ —		$248,250,000			$8,750,000			$257,000,000
Options Written		$ —		$248,250,000			$ —			$248,250,000

TCW Funds, Inc.

April 30, 2023

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	$	—	$	454,238		$	—	$	454,238

Total Value	$	—	$	454,238		$	—	$	454,238

Liability Derivatives
Forward Contracts	$	—	$	(352,712	)	$	—	$	(352,712	)

Total Value	$	—	$	(352,712	)	$	—	$	(352,712	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	(82,925	)	$	—	$	(82,925	)
Investments ⁽¹⁾		—		(49,404	)		—		(49,404	)

Net Realized Gain (Loss)	$	—	$	(132,329	)	$	—	$	(132,329	)

Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	46,179		$	—	$	46,179

Net Change in Appreciation (Depreciation)	$	—	$	46,179		$	—	$	46,179

Number of Contracts or Notional Amounts ⁽³⁾
Forward Currency Contracts		$ —		$34,039,536			$ —		$34,039,536
Options Purchased		$ —		$6,164,500			$ —		$6,164,500

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	$	—	$	6,399		$	—		$	6,399

Total Value	$	—	$	6,399		$	—		$	6,399

Liability Derivatives
Forward Contracts	$	—	$	(20,622	)	$	—		$	(20,622	)

Total Value	$	—	$	(20,622	)	$	—		$	(20,622	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	(44,441	)	$	—		$	(44,441	)
Investments ⁽¹⁾		—		(26,250	)		(11,887	)		(38,137	)
Options Written		—		5,146			—			5,146

Net Realized Gain (Loss)	$	—	$	(65,545	)	$	(11,887	)	$	(77,432	)

Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	(13,346	)	$	—		$	(13,346	)
Investments ⁽²⁾		—		11,399			6,262			17,661
Options Written		—		(3,020	)		—			(3,020	)

Net Change in Appreciation (Depreciation)	$	—	$	(4,967	)	$	6,262		$	1,295

Number of Contracts or Notional Amounts ⁽³⁾
Forward Currency Contracts		$ —		$1,056,968			$ —			$1,056,968
Options Purchased		$ —		$1,300,000			$45,000			$1,345,000
Options Written		$ —		$1,300,000			$ —			$1,300,000

(1)

Represents realized gain (loss) for purchased options.

(2)

Represents change in unrealized appreciation (depreciation) for purchased options during the year.

(3)

Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2023.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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.

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, 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.

TCW Funds, Inc.

April 30, 2023

Note 2 — Significant Accounting Policies (Continued)

Master Agreements and Netting Arrangements. Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit-related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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⁾
Barclays Capital	$	536,121	$	—		$	536,121		$	(330,000	)	$	206,121
Citibank N.A.		—		(40,930	)		(40,930	)		—			(40,930	)
Goldman Sachs & Co.		21,846		(3,154,457	)		(3,132,611	)		3,132,611	⁽²⁾		—
JP Morgan Chase Bank		132,148		—			132,148			—			132,148
Standard Chartered Bank		27,383		—			27,383			—			27,383

Total	$	717,498	$	(3,195,387)		$	(2,477,889)		$	2,802,611		$	324,722

(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	$	183,300	$	(39,098	)	$	144,202		$	—		$	144,202
Barclays Capital		40,037		(39,210	)		827			—			827
BNP Paribas S.A.		190,297		(21,346	)		168,951			—			168,951
Citibank N.A.		—		(41,756	)		(41,756	)		—			(41,756	)
Goldman Sachs & Co.		—		(33,302	)		(33,302	)		—			(33,302	)
ING Baring (U.S.) Capital Markets		—		(38,050	)		(38,050	)		—			(38,050	)
JP Morgan Chase Bank		40,604		(94,257	)		(53,653	)		53,653	⁽²⁾		—
Standard Chartered Bank		—		(45,693	)		(45,693	)		—			(45,693	)

Total	$	454,238	$	(352,712)		$	101,526		$	53,653		$	155,179

(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⁾
Barclays Capital	$	5,074	$	—		$	5,074		$	—	$	5,074
Goldman Sachs & Co.		—		(20,622	)		(20,622	)		—		(20,622	)
JP Morgan Chase Bank		677		—			677			—		677
Standard Chartered Bank		648		—			648			—		648

Total	$	6,399	$	(20,622	)	$	(14,223	)	$	—	$	(14,223	)

(1)

Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

TCW Funds, Inc.

April 30, 2023

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 or sell particular 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 the Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value 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”). 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 the 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, 2023.

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, 2023.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended April 30, 2023.

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. Outstanding foreign currency forward contracts at April 30, 2023 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.

TCW Funds, Inc.

April 30, 2023

Note 3 — Portfolio Investments (Continued)

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 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.

During the period ended April 30, 2023, the TCW Emerging Markets Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund entered into options to hedge the currency exposure of the Funds.

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).

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

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.

TCW Funds, Inc.

April 30, 2023

Note 3 — Portfolio Investments (Continued)

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.

Note 4 — Risk Considerations

LIBOR Risk: The London Interbank Offer Rate (“LIBOR”) historically has been and currently 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 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. Most LIBOR settings were published for the final time on December 31, 2021, although the publication of 1-month, 3-month, and 6-month USD LIBOR was extended until June 2023. It is expected that market participants will transition to the use of different alternative reference or benchmark rates. However, although regulators have encouraged the development and adoption of alternative rates such as the Secured Overnight Financing Rate (“SOFR”), there is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement reference rate. Abandonment of or

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

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.

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, particularly in deteriorating economic conditions.

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.

Foreign and Developing/Emerging Markets 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. The Funds are also subject to risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, and political changes or diplomatic developments, which can all negatively impact the securities markets and cause a Fund to lose value. As one current example, Russia’s recent military incursions in Ukraine have led to sanctions being levied against Russia by the United States, European Union and other countries, which has adversely affected European and global energy and financial markets and thus could affect the value of a Fund’s investments.

China Investing Risk: The risks of investing in companies located or operating in China, including Hong Kong, such as nationalization, expropriation, or confiscation of property; difficulty in obtaining and/or enforcing judgments; alteration or discontinuation of economic reforms; military conflicts; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of China; and China’s dependency on the economies of other Asian countries, many of which are developing countries. Health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy. Certain securities issued by companies located or operating in China are subject to trading restrictions, quota limitations, and clearing and

TCW Funds, Inc.

April 30, 2023

Note 4 — Risk Considerations (Continued)

settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, or as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

Note 5 — Federal Income Taxes

At April 30, 2023, 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	$	54,810	$	(283,812	)	$	(229,002	)	$	3,446,493
TCW Emerging Markets Income Fund		95,631,168		(291,756,815	)		(196,125,647	)		4,080,160,284
TCW Emerging Markets Local Currency Income Fund		6,474,824		(11,906,343	)		(5,431,519	)		154,747,431
TCW Emerging Markets Multi-Asset Opportunities Fund		2,912,623		(3,292,820	)		(380,197	)		37,578,230

At October 31, 2022, 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	$	76,614	$	—	$	76,614
TCW Emerging Markets Multi-Asset Opportunities Fund		1,376,707		—		1,376,707

During the year ended October 31, 2022, the tax character of distributions paid was as follows:


	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
TCW Developing Markets Equity Fund	$	276,623	$	173,036		—	$	449,659
TCW Emerging Markets Income Fund		228,258,436		—		22,694,796		250,953,232
TCW Emerging Markets Local Currency Income Fund		2,830,965		—		3,893,084		6,724,049
TCW Emerging Markets Multi-Asset Opportunities Fund		3,961,910		—		—		3,961,910

At October 31, 2022, 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	$	1,147,951		—	$	1,147,951
TCW Emerging Markets Income Fund		1,336,151,864		717,620,745		2,053,772,609
TCW Emerging Markets Local Currency Income Fund		31,685,369		19,265,687		50,951,056
TCW Emerging Markets Multi-Asset Opportunities Fund		7,708,926		—		7,708,926

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 5 — Federal Income Taxes (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 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	%

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	0.95	% ⁽¹⁾
N Class	1.15	% ⁽¹⁾
TCW Emerging Markets 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.

Note 7 — Distribution Plan

TCW Funds, Inc.

April 30, 2023

Note 7 — Distribution Plan (Continued)

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 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2023 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	$	12,383,877	$	13,698,153	$	—	$	—
TCW Emerging Markets Income Fund		3,413,574,362		3,665,825,532		—		—
TCW Emerging Markets Local Currency Income Fund		85,391,980		88,121,140		—		—
TCW Emerging Markets Multi-Asset Opportunities Fund		51,761,181		57,191,262		—		—

Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:


TCW Developing Markets Equity Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		1,007		$	7,907			72		$	549
Shares Issued upon Reinvestment of Dividends		11,661			90,842			25,395			313,375
Shares Redeemed		(106,383	)		(800,000	)		(951	)		(12,860	)

Net Increase (Decrease)		(93,715	)	$	(701,251	)		24,516		$	301,064


N Class	Shares			Amount			Shares			Amount
Shares Sold		—		$	—			180		$	1,944
Shares Issued upon Reinvestment of Dividends		4,653			36,527			11,044			136,285
Shares Redeemed		(108,602	)		(822,353	)		(7,152	)		(84,848	)

Net Increase (Decrease)		(103,949	)	$	(785,826	)		4,072		$	53,381


TCW Emerging Markets Income Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		87,149,859		$	531,182,837			216,629,505		$	1,474,180,966
Shares Issued upon Reinvestment of Dividends		9,672,824			58,611,571			19,244,065			132,388,695
Shares Redeemed		(142,839,236	)		(867,311,236	)		(394,714,567	)		(2,682,553,501	)

Net Decrease		(46,016,553	)	$	(277,516,828	)		(158,840,997	)	$	(1,075,983,840	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		7,963,257		$	63,336,657			21,222,788		$	186,846,363
Shares Issued upon Reinvestment of Dividends		1,646,147			12,888,245			2,509,111			22,043,204
Shares Redeemed		(5,825,661	)		(46,088,333	)		(24,289,272	)		(209,179,236	)

Net Increase (Decrease)		3,783,743		$	30,136,569			(557,373	)	$	(289,669	)


Plan Class	Shares			Amount			Shares			Amount
Shares Sold		18,522,141		$	112,555,481			51,708,975		$	353,620,135
Shares Issued upon Reinvestment of Dividends		3,122,764			18,914,772			4,639,507			31,452,790
Shares Redeemed		(37,572,898	)		(225,004,010	)		(127,362,071	)		(873,459,638	)

Net Decrease		(15,927,993	)	$	(93,533,757	)		(71,013,589	)	$	(488,386,713	)

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Capital Share Transactions (Continued)



TCW Emerging Markets Local Currency Income Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		1,837,060		$	12,962,382			4,953,513		$	38,450,053
Shares Issued upon Reinvestment of Dividends		216,160			1,530,347			709,095			5,526,890
Shares Redeemed		(2,738,500	)		(19,120,893	)		(13,661,596	)		(102,746,615	)

Net Decrease		(685,280	)	$	(4,628,164	)		(7,998,988	)	$	(58,769,672	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		698,360		$	4,993,918			5,205,699		$	37,181,265
Shares Issued upon Reinvestment of Dividends		85,476			603,594			175,441			1,344,419
Shares Redeemed		(1,108,640	)		(7,910,932	)		(3,936,505	)		(28,238,990	)

Net Increase (Decrease)		(324,804	)	$	(2,313,420	)		1,444,635		$	10,286,694


TCW Emerging Markets Multi-Asset Opportunities Fund	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
I Class	Shares			Amount			Shares			Amount
Shares Sold		70,350		$	622,737			59,544		$	714,288
Shares Issued upon Reinvestment of Dividends		188,115			1,604,621			297,095			3,618,611
Shares Redeemed		(735,145	)		(6,533,589	)		(1,831,153	)		(18,580,546	)

Net Decrease		(476,680	)	$	(4,306,231	)		(1,474,514	)	$	(14,247,647	)


N Class	Shares			Amount			Shares			Amount
Shares Sold		7,627		$	66,981			22,044		$	235,131
Shares Issued upon Reinvestment of Dividends		20,402			172,394			28,325			343,298
Shares Redeemed		(108,119	)		(940,598	)		(156,631	)		(1,649,173	)

Net Decrease		(80,090	)	$	(701,223	)		(106,262	)	$	(1,070,744	)

Note 10 — Affiliate Ownership

As of April 30, 2023, affiliates of the Funds and Advisor owned 98.92% and 15.07% 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

Note 12 — Committed Line of Credit

TCW Funds, Inc.

April 30, 2023

Note 12 — Committed Line of Credit (Continued)

Bank Funding rate plus 0.10% plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2023. 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 13 — Liquidity Risk Management Program

Note 14 — Indemnifications

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 14 — Indemnifications (Continued)

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 Pronouncements

In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update No. 2021- 01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848).” ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR; regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

TCW Developing Markets Equity Fund

Financial Highlights — I Class (Unaudited)



	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	7.40		$	14.02		$	11.86		$	10.14		$	9.39		$	11.17

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.06			0.26			0.08			0.02			0.10			0.06
Net Realized and Unrealized Gain (Loss) on Investments		0.39			(6.02	)		2.10			1.79			0.69			(1.78	)

Total from Investment Operations		0.45			(5.76	)		2.18			1.81			0.79			(1.72	)

Less Distributions:
Distributions from Net Investment Income		(0.23	)		(0.53	)		(0.02	)		(0.09	)		(0.04	)		(0.06	)
Distributions from Net Realized Gain		—			(0.33	)		—			—			—			—

Total Distributions		(0.23	)		(0.86	)		(0.02	)		(0.09	)		(0.04	)		(0.06	)

Net Asset Value per Share, End of period	$	7.62		$	7.40		$	14.02		$	11.86		$	10.14		$	9.39

Total Return		5.76	% ⁽²⁾		(43.40	%)		18.36	%		17.90	%		8.46	%		(15.51	%)

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	2,264		$	2,893		$	5,133		$	4,314		$	4,071		$	3,750

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		4.68	% ⁽³⁾		4.39	%		3.57	%		4.06	%		4.88	%		3.45	%

After Expense Reimbursement		0.95	% ⁽³⁾		0.95	%		1.04	%		1.25	%		1.25	%		1.25	%

Ratio of Net Investment Income to Average Net Assets		1.61	% ⁽³⁾		2.56	%		0.57	%		0.15	%		1.03	%		0.49	%

Portfolio Turnover Rate		327.58	% ⁽²⁾		333.47	%		175.10	%		148.22	%		207.48	%		163.33	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying Notes to Financial Statements.

TCW Developing Markets Equity Fund

Financial Highlights — N Class (Unaudited)



	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	7.45		$	14.00		$	11.85		$	10.14		$	9.39		$	11.17

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.05			0.24			0.06			0.02			0.10			0.06
Net Realized and Unrealized Gain (Loss) on Investments		0.39			(5.95	)		2.11			1.78			0.69			(1.78	)

Total from Investment Operations		0.44			(5.71	)		2.17			1.80			0.79			(1.72	)

Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.51	)		(0.02	)		(0.09	)		(0.04	)		(0.06	)
Distributions from Net Realized Gain		—			(0.33	)		—			—			—			—

Total Distributions		(0.22	)		(0.84	)		(0.02	)		(0.09	)		(0.04	)		(0.06	)

Net Asset Value per Share, End of period	$	7.67		$	7.45		$	14.00		$	11.85		$	10.14		$	9.39

Total Return		5.66	% ⁽²⁾		(43.10	)%		18.29	%		17.80	%		8.46	%		(15.51	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	491		$	1,250		$	2,293		$	1,861		$	1,575		$	1,468

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		5.84	% ⁽³⁾		5.41	%		4.39	%		5.17	%		6.11	%		4.51	%

After Expense Reimbursement		1.15	% ⁽³⁾		1.15	%		1.18	%		1.25	%		1.25	%		1.25	%

Ratio of Net Investment Income to Average Net Assets		1.26	% ⁽³⁾		2.35	%		0.45	%		0.16	%		1.03	%		0.49	%

Portfolio Turnover Rate		327.58	% ⁽²⁾		333.47	%		175.10	%		148.22	%		207.48	%		163.33	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 — I Class (Unaudited)



	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	5.67		$	7.87		$	7.93		$	8.33		$	7.77		$	8.54

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.20			0.33			0.35			0.39			0.46			0.43
Net Realized and Unrealized Gain (Loss) on Investments		0.40			(2.22	)		(0.02	)		(0.46	)		0.54			(0.83	)

Total from Investment Operations		0.60			(1.89	)		0.33			(0.07	)		1.00			(0.40	)

Less Distributions:
Distributions from Net Investment Income		(0.16	)		(0.28	)		(0.37	)		(0.33	)		(0.44	)		(0.37	)
Distributions from Return of Capital		—			(0.03	)		(0.02	)		—			—			—

Total Distributions		(0.16	)		(0.31	)		(0.39	)		(0.33	)		(0.44	)		(0.37	)

Net Asset Value per Share, End of period	$	6.11		$	5.67		$	7.87		$	7.93		$	8.33		$	7.77

Total Return		10.67	% ⁽²⁾		(24.47	%)		4.04	%		(0.69	%)		13.13	%		(4.85	%)

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	2,414,575		$	2,500,689		$	4,720,489		$	5,877,348		$	5,668,552		$	4,365,456

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.87	% ⁽³⁾		0.90	%		0.85	%		0.85	%		0.84	%		0.86	%

After Expense Reimbursement		0.85	% ⁽³⁾		N/A			N/A			N/A			N/A			N/A

Ratio of Net Investment Income to Average Net Assets		6.66	% ⁽³⁾		4.79	%		4.23	%		4.95	%		5.62	%		5.33	%

Portfolio Turnover Rate		90.52	% ⁽²⁾		119.10	%		150.31	%		135.46	%		136.47	%		149.50	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)



	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	7.32		$	10.16		$	10.23		$	10.72		$	10.00		$	11.00

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.26			0.41			0.44			0.49			0.57			0.53
Net Realized and Unrealized Gain (Loss) on Investments		0.52			(2.86	)		(0.03	)		(0.57	)		0.69			(1.08	)

Total from Investment Operations		0.78			(2.45	)		0.41			(0.08	)		1.26			(0.55	)

Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.36	)		(0.46	)		(0.41	)		(0.54	)		(0.45	)
Distributions from Return of Capital		—			(0.03	)		(0.02	)		—			—			—

Total Distributions		(0.21	)		(0.39	)		(0.48	)		(0.41	)		(0.54	)		(0.45	)

Net Asset Value per Share, End of period	$	7.89		$	7.32		$	10.16		$	10.23		$	10.72		$	10.00

Total Return		10.64	% ⁽²⁾		(24.57	)%		3.97	%		(0.69	)%		12.85	%		(5.16	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	450,481		$	390,155		$	546,887		$	261,520		$	320,492		$	342,660

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.15	% ⁽³⁾		1.17	%		1.13	%		1.14	%		1.14	%		1.16	%

After Expense Reimbursement		0.95	% ⁽³⁾		0.95	%		0.95	%		0.98	%		1.05	%		1.10	%

Ratio of Net Investment Income to Average Net Assets		6.58	% ⁽³⁾		4.72	%		4.20	%		4.82	%		5.41	%		5.03	%

Portfolio Turnover Rate		90.52	% ⁽²⁾		119.10	%		150.31	%		135.46	%		136.47	%		149.50	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,						March 2, 2020 (Commencement of Operations) through October 31, 2020
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021
Net Asset Value per Share, Beginning of period	$	5.67		$	7.86		$	7.93		$	8.34

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.20			0.33			0.36			0.26
Net Realized and Unrealized Gain (Loss) on Investments		0.41			(2.20	)		(0.04	)		(0.48	)

Total from Investment Operations		0.61			(1.87	)		0.32			(0.22	)

Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.29	)		(0.37	)		(0.19	)
Distributions from Return of Capital		—			(0.03	)		(0.02	)		—

Total distributions		(0.17	)		(0.32	)		(0.39	)		(0.19	)

Net Asset Value per Share, End of period	$	6.11		$	5.67		$	7.86		$	7.93

Total Return		10.71	% ⁽²⁾		(24.41	%)		4.12	%		(2.59	%) ⁽³⁾

Ratios/Supplemental Data:

Net assets, end of period (in thousands)	$	1,019,523		$	1,035,971		$	1,996,103		$	489,106

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.82	% ⁽⁴⁾		0.81	%		0.80	%		0.79	% ⁽⁴⁾

After Expense Reimbursement		0.77	% ⁽⁴⁾		0.77	%		0.77	%		0.77	% ⁽⁴⁾

Ratio of Net Investment Income to Average Net Assets		6.75	% ⁽⁴⁾		4.86	%		4.43	%		4.96	% ⁽⁴⁾

Portfolio Turnover Rate		90.52	% ⁽²⁾		119.10	%		150.31	%		135.46	% ⁽³⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 and is not indicative of a full year’s operating results.

(3)

For the period March 2, 2020 (Commencement of Operations) through October 31, 2020.

(4)

Annualized.

See accompanying Notes to Financial Statements.

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — I Class (Unaudited)



	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	6.50		$	8.47		$	8.57		$	9.17		$	8.14		$	9.30

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.19			0.35			0.37			0.42			0.58			0.53
Net Realized and Unrealized Gain (Loss) on Investments		0.81			(2.06	)		(0.25	)		(0.89	)		0.57			(1.19	)

Total from Investment Operations		1.00			(1.71	)		0.12			(0.47	)		1.15			(0.66	)

Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.10	)		(0.22	)		(0.09	)		(0.12	)		(0.23	)
Distributions from Return of Capital		—			(0.16	)		—			(0.04	)		—			(0.27	)

Total Distributions		(0.09	)		(0.26	)		(0.22	)		(0.13	)		(0.12	)		(0.50	)

Net Asset Value per Share, End of period	$	7.41		$	6.50		$	8.47		$	8.57		$	9.17		$	8.14

Total Return		15.43	% ⁽²⁾		(20.57	%)		1.34	%		(5.26	%)		14.26	%		(7.74	%)

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	110,673		$	101,530		$	200,019		$	192,679		$	220,968		$	264,754

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.95	% ⁽³⁾		1.02	%		0.96	%		0.97	%		1.03	%		0.95	%

After Expense Reimbursement		0.85	% ⁽³⁾		0.85	%		0.85	%		0.85	%		0.88	%		0.00	%

Ratio of Net Investment Income to Average Net Assets		5.47	% ⁽³⁾		4.65	%		4.14	%		4.90	%		6.66	%		5.90	%

Portfolio Turnover Rate		60.29	%⁽²⁾		122.49	%		117.18	%		135.99	%		127.74	%		185.72	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)



	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	6.48		$	8.44		$	8.55		$	9.15		$	8.13		$	9.29

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.19			0.34			0.36			0.42			0.57			0.51
Net Realized and Unrealized Gain (Loss) on Investments		0.81			(2.04	)		(0.25	)		(0.89	)		0.57			(1.17	)

Total from Investment Operations		1.00			(1.70	)		0.11			(0.47	)		1.14			(0.66	)

Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.10	)		(0.22	)		(0.09	)		(0.12	)		(0.23	)
Distributions from Return of Capital		—			(0.16	)		—			(0.04	)		—			(0.27	)

Total Distributions		(0.09	)		(0.26	)		(0.22	)		(0.13	)		(0.12	)		(0.50	)

Net Asset Value per Share, End of period	$	7.39		$	6.48		$	8.44		$	8.55		$	9.15		$	8.13

Total Return		15.45	% ⁽²⁾		(20.66	)%		1.30	%		(5.28	)%		14.14	%		(7.75	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	42,870		$	39,709		$	39,546		$	25,329		$	28,011		$	47,664

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.28	% ⁽³⁾		1.38	%		1.32	%		1.35	%		1.40	%		1.32	%

After Expense Reimbursement		0.90	% ⁽³⁾		0.90	%		0.90	%		0.90	%		0.92	%		0.99	%

Ratio of Net Investment Income to Average Net Assets		5.44	% ⁽³⁾		4.64	%		4.05	%		4.84	%		6.63	%		5.78	%

Portfolio Turnover Rate		60.29	% ⁽²⁾		122.49	%		117.18	%		135.99	%		127.74	%		185.72	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)



	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	8.30		$	13.39		$	12.09		$	11.31		$	10.39		$	11.70

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.16			0.36			0.22			0.22			0.38			0.25
Net Realized and Unrealized Gain (Loss) on Investments		0.74			(4.80	)		1.26			0.93			0.69			(1.30	)

Total from Investment Operations		0.90			(4.44	)		1.48			1.15			1.07			(1.05	)

Less Distributions:
Distributions from Net Investment Income		(0.41	)		(0.65	)		(0.18	)		(0.37	)		(0.15	)		(0.26	)

Net Asset Value per Share, End of period	$	8.79		$	8.30		$	13.39		$	12.09		$	11.31		$	10.39

Total Return		10.86	% ⁽²⁾		(34.64	%)		12.30	%		10.34	%		10.50	%		(9.23	%)

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	32,614		$	34,758		$	75,793		$	84,387		$	87,430		$	43,338

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		1.47	% ⁽³⁾		1.47	%		1.29	%		1.28	%		1.31	%		1.34	%

After Expense Reimbursement		1.00	% ⁽³⁾		1.00	%		1.00	%		1.00	%		1.02	%		1.23	%

Ratio of Net Investment Income to Average Net Assets		3.73	% ⁽³⁾		3.43	%		1.67	%		2.01	%		3.51	%		2.13	%

Portfolio Turnover Rate		139.45	% ⁽²⁾		234.29	%		165.68	%		164.55	%		188.64	%		160.85	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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 (Unaudited)



	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	8.21		$	13.30		$	12.01		$	11.24		$	10.35		$	11.66

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.15			0.34			0.20			0.20			0.28			0.26
Net Realized and Unrealized Gain (Loss) on Investments		0.74			(4.81	)		1.25			0.92			0.76			(1.31	)

Total from Investment Operations		0.89			(4.47	)		1.45			1.12			1.04			(1.05	)

Less Distributions:
Distributions from Net Investment Income		(0.39	)		(0.62	)		(0.16	)		(0.35	)		(0.15	)		(0.26	)

Net Asset Value per Share, End of period	$	8.71		$	8.21		$	13.30		$	12.01		$	11.24		$	10.35

Total Return		10.82	% ⁽²⁾		(35.05	)%		12.06	%		10.08	%		10.25	%		(9.26	)%

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	3,329		$	3,798		$	7,562		$	8,803		$	11,784		$	74,677

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		2.33	% ⁽³⁾		2.19	%		1.83	%		1.80	%		1.65	%		1.67	%

After Expense Reimbursement		1.20	% ⁽³⁾		1.20	%		1.20	%		1.20	%		1.21	%		1.23	%

Ratio of Net Investment Income to Average Net Assets		3.53	% ⁽³⁾		3.27	%		1.47	%		1.80	%		2.64	%		2.25	%

Portfolio Turnover Rate		139.45	% ⁽²⁾		234.29	%		165.68	%		164.55	%		188.64	%		160.85	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2023 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, 2022 to April 30, 2023 (181 days).


TCW Funds, Inc.	Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2022 to April 30, 2023)
TCW Developing Markets Equity Fund
I Class Shares
Actual	$	1,000.00	$	1,057.60		0.95	%	$	4.85
Hypothetical (5% return before expenses)		1,000.00		1,020.08		0.95	%		4.76

N Class Shares
Actual	$	1,000.00	$	1,056.60		1.15	%	$	5.86
Hypothetical (5% return before expenses)		1,000.00		1,019.09		1.15	%		5.76

TCW Emerging Markets Income Fund
I Class Shares
Actual	$	1,000.00	$	1,106.70		0.85	%	$	4.44
Hypothetical (5% return before expenses)		1,000.00		1,020.58		0.85	%		4.26

N Class Shares
Actual	$	1,000.00	$	1,106.40		0.95	%	$	4.96
Hypothetical (5% return before expenses)		1,000.00		1,020.08		0.95	%		4.76

Plan Class Shares
Actual	$	1,000.00	$	1,107.10		0.77	%	$	4.02
Hypothetical (5% return before expenses)		1,000.00		1,021.00		0.77	%		3.86

TCW Funds, Inc.


TCW Funds, Inc.	Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2022 to April 30, 2023)
TCW Emerging Markets Local Currency Income Fund
I Class Shares
Actual	$	1,000.00	$	1,154.30		0.85	%	$	4.54
Hypothetical (5% return before expenses)		1,000.00		1,020.58		0.85	%		4.26
N Class Shares
Actual	$	1,000.00	$	1,154.50		0.90	%	$	4.81
Hypothetical (5% return before expenses)		1,000.00		1,020.33		0.90	%		4.51

TCW Emerging Markets Multi-Asset Opportunities Fund
I Class Shares
Actual	$	1,000.00	$	1,108.60		1.00	%	$	5.23
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.00	%		5.01

N Class Shares
Actual	$	1,000.00	$	1,108.20		1.20	%	$	6.27
Hypothetical (5% return before expenses)		1,000.00		1,018.84		1.20	%		6.01

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

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

By calling 800-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 Form N-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 Congress Street, Suite 1

Boston, MA 02114-2016

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

Peter McMillan

Director

Victoria B. Rogers

Director

Marc I. Stern

Director

Andrew Tarica

Director

OFFICERS

Kathryn Koch

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

Gladys Xiques

Chief Compliance Officer and Anti-Money Laundering Officer

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

Peter Davidson

Vice President and Assistant Secretary

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

TO COME

(b)	Not applicable.

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 Form N-CSR.

(b)	Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-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, as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, as of such date, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-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 Rule 30a-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 for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

Not required for this filing.

(a)(2)

EX-99.CERT – The certifications required by Rule 30a-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)	EX-99.906CERT – The certifications required by Rule 30a-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/ Kathryn Koch
		Kathryn Koch
		President and Chief Executive Officer

Date		June 30, 2023

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/ Kathryn Koch
		Kathryn Koch
		President and Chief Executive Officer

Date		June 30, 2023

By (Signature and Title)

		/s/ Richard M. Villa
		Richard M. Villa
		Treasurer and Principal Financial and Accounting Officer

Date		June 30, 2023

TCW Funds N-CSRSCertified semi-annual shareholder report (management investment company)