N-Q 1 d883983dnq.htm N-Q N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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) (Zip code)

Patrick W. Dennis, Esq.

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, 2015

Date of reporting period: January 31, 2015


Item 1. Schedule of Investments.—The Schedule of Investments are filed herewith.


TCW Concentrated Value Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Aerospace & Defense (5.5% of Net Assets)   
3,281    Honeywell International, Inc.    $ 320,750   
2,147    TransDigm Group, Inc.      441,273   
     

 

 

 
   Total Aerospace & Defense      762,023   
     

 

 

 
   Airlines (4.4%)   
8,531    American Airlines Group, Inc.      418,701   
4,132    Delta Air Lines, Inc.      195,485   
     

 

 

 
   Total Airlines      614,186   
     

 

 

 
   Banks (9.4%)   
5,297    JPMorgan Chase & Co.      288,051   
4,023    M&T Bank Corp.      455,243   
10,855    Wells Fargo & Co.      563,591   
     

 

 

 
   Total Banks      1,306,885   
     

 

 

 
   Beverages (3.2%)   
3,614    Anheuser-Busch InBev N.V. (Belgium) (SP ADR)      441,161   
     

 

 

 
   Biotechnology (3.0%)   
2,720    Amgen, Inc.      414,147   
     

 

 

 
   Capital Markets (2.9%)   
2,323    Goldman Sachs Group, Inc. (The)      400,508   
     

 

 

 
   Chemicals (5.0%)   
2,215    Air Products & Chemicals, Inc.      322,526   
3,559    Ecolab, Inc.      369,318   
     

 

 

 
   Total Chemicals      691,844   
     

 

 

 
   Containers & Packaging (3.1%)   
10,553    Sealed Air Corp.      427,396   
     

 

 

 
   Energy Equipment & Services (1.0%)   
1,680    Schlumberger, Ltd.      138,415   
     

 

 

 
   Food & Staples Retailing (3.3%)   
4,606    CVS Health Corp.      452,125   
     

 

 

 
   Food Products (6.6%)   
3,871    Hershey Co. (The)      395,655   
5,290    Mead Johnson Nutrition Co.      521,012   
     

 

 

 
   Total Food Products      916,667   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Concentrated Value Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Health Care Providers & Services (2.0%)   
1,321    McKesson Corp.    $ 280,911   
     

 

 

 
   Hotels, Restaurants & Leisure (1.6%)   
1,507    Wynn Resorts, Ltd.      222,961   
     

 

 

 
   Household Products (2.8%)   
4,637    Procter & Gamble Co. (The)      390,853   
     

 

 

 
   Industrial Conglomerates (2.2%)   
2,005    Roper Industries, Inc.      309,452   
     

 

 

 
   Insurance (4.4%)   
1,618    ACE, Ltd.      174,679   
2    Berkshire Hathaway, Inc. (1)      431,730   
     

 

 

 
   Total Insurance      606,409   
     

 

 

 
   Life Sciences Tools & Services (2.9%)   
3,194    Thermo Fisher Scientific, Inc.      399,921   
     

 

 

 
   Machinery (4.3%)   
8,240    Allison Transmission Holdings, Inc.      258,077   
4,637    IDEX Corp.      335,487   
     

 

 

 
   Total Machinery      593,564   
     

 

 

 
   Multiline Retail (3.1%)   
6,008    Dollar Tree, Inc. (1)      427,169   
     

 

 

 
   Oil, Gas & Consumable Fuels (3.3%)   
10,435    Williams Companies, Inc. (The)      457,679   
     

 

 

 
   Pharmaceuticals (8.8%)   
6,469    AbbVie, Inc.      390,404   
1,446    Allergan, Inc.      317,050   
5,060    Johnson & Johnson      506,709   
     

 

 

 
   Total Pharmaceuticals      1,214,163   
     

 

 

 
   Road & Rail (2.3%)   
2,676    Union Pacific Corp.      313,654   
     

 

 

 
   Technology Hardware, Storage & Peripherals (5.3%)   
3,912    Apple, Inc.      458,330   

 

See accompanying notes to Schedule of Investments.


TCW Concentrated Value Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Technology Hardware, Storage & Peripherals (Continued)   
2,814    Western Digital Corp.    $ 273,605   
     

 

 

 
   Total Technology Hardware, Storage & Peripherals      731,935   
     

 

 

 
   Textiles, Apparel & Luxury Goods (2.2%)   
2,761    PVH Corp.      304,428   
     

 

 

 
   Total Common Stock (Cost: $10,905,756) (92.6%)      12,818,456   
     

 

 

 
     

Master Limited Partnership

      
   Oil, Gas & Consumable Fuels (6.6%)   
5,819    EQT Midstream Partners LP      493,742   
5,341    Magellan Midstream Partners LP      414,034   
     

 

 

 
   Total Master Limited Partnership (Cost: $892,920) (6.6%)      907,776   
     

 

 

 

Principal
Amount

  

Short-Term Investments

      
   Repurchase Agreement (Cost: $5,889) (0.0%)   
$5,889   

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $10,000 U.S. Treasury
Note, 1%, due 05/31/18 valued at $10,038) (Total Amount to be Received Upon Repurchase $5,889)

     5,889   
     

 

 

 
   Total Investments (Cost: $11,804,565) (99.2%)      13,732,121   
   Excess of Other Assets over Liabilities (0.8%)      113,599   
     

 

 

 
   Net Assets (100.0%)    $ 13,845,720   
     

 

 

 

 

Notes to the Schedule of Investments:
SP ADR     -    Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights.

(1)    

       Non-income producing security.

 

See accompanying notes to Schedule of Investments.


TCW Concentrated Value Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Aerospace & Defense

     5.5

Airlines

     4.4   

Banks

     9.4   

Beverages

     3.2   

Biotechnology

     3.0   

Capital Markets

     2.9   

Chemicals

     5.0   

Containers & Packaging

     3.1   

Energy Equipment & Services

     1.0   

Food & Staples Retailing

     3.3   

Food Products

     6.6   

Health Care Providers & Services

     2.0   

Hotels, Restaurants & Leisure

     1.6   

Household Products

     2.8   

Industrial Conglomerates

     2.2   

Insurance

     4.4   

Life Sciences Tools & Services

     2.9   

Machinery

     4.3   

Multiline Retail

     3.1   

Oil, Gas & Consumable Fuels

     9.9   

Pharmaceuticals

     8.8   

Road & Rail

     2.3   

Technology Hardware, Storage & Peripherals

     5.3   

Textiles, Apparel & Luxury Goods

     2.2   

Short-Term Investments

     0.0
  

 

 

 

Total

     99.2
  

 

 

 

 

* Value rounds to less than 0.1% of net assets.

 

See accompanying notes to Schedule of Investments.


TCW Conservative Allocation Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Investment Companies

   Value  
   Diversified U.S. Equity Funds (47.5% of Net Assets)   
126,881    TCW Growth Equities Fund — I Class (1)(2)    $ 1,485,778   
223,654    TCW Relative Value Large Cap Fund — I Class (1)      4,808,561   
67,704    TCW Relative Value Mid Cap Fund — I Class (1)      1,557,873   
274,469    TCW Select Equities Fund — I Class (1)      7,056,593   
     

 

 

 
   Total Diversified U.S. Equity Funds      14,908,805   
     

 

 

 
   Diversified U.S. Fixed Income Funds (46.5%)   
552,379    Metropolitan West Total Return Bond Fund — I Class (1)      6,125,882   
814,429    TCW Total Return Bond Fund — I Class (1)      8,494,495   
     

 

 

 
   Total Diversified U.S. Fixed Income Funds      14,620,377   
     

 

 

 
   Exchange-Traded Fund (1.2%)   
19,030    ProShares UltraShort MSCI Emerging Markets (2)      375,652   
     

 

 

 
   Money Market Investments (0.2%)   
67,033    Fidelity Institutional Prime Money Market Portfolio — Institutional Class, 0.01% (3)      67,033   
     

 

 

 
   Total Investment Companies (Cost: $26,674,569) (95.4%)      29,971,867   
     

 

 

 
   Total Investments (Cost: $26,674,569) (95.4%)      29,971,867   
   Excess of Other Assets over Liabilities (4.6%)      1,436,927   
     

 

 

 
   Net Assets (100.0%)    $ 31,408,794   
     

 

 

 

Notes to the Schedule of Investments:

(1)    Affiliated issuer.

(2)    

   Non-income producing security.

(3)    

   Rate disclosed is the 7-day net yield as of January 31, 2015.

 

See accompanying notes to Schedule of Investments.


TCW Conservative Allocation Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Diversified U.S. Equity Funds

     47.5

Diversified U.S. Fixed Income Funds

     46.5   

Exchange-Traded Fund

     1.2   

Money Market Investments

     0.2   
  

 

 

 

Total

     95.4
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

  

Fixed Income Securities

   Value  
   Argentina (0.8% of Net Assets)   

$70,102

   Argentine Republic Government International Bond, 8.28%, due 12/31/33 (1)    $ 65,020   

363,000

   Argentine Republic Government International Bond, 8.75%, due 06/02/17 (1)      340,312   
     

 

 

 
   Total Argentina (Cost: $395,456)      405,332   
     

 

 

 
   Bahrain (Cost: $200,000) (0.4%)   

200,000

   Bahrain Government International Bond, (144A), 6%, due 09/19/44 (2)      195,000   
     

 

 

 
   Belarus (Cost: $98,591) (0.2%)   

100,000

   Republic of Belarus, (Reg. S), 8.75%, due 08/03/15 (3)      94,908   
     

 

 

 
   Brazil (3.4%)   

400,000

   Brazil Minas SPE via State of Minas Gerais, (Reg. S), 5.333%, due 02/15/28 (3)      396,000   

BRL 200,000

   Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/18      70,936   

BRL 880,000

   Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/17      315,452   

BRL 200,000

   Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/21      68,803   

$250,000

   Brazilian Government International Bond, 4.25%, due 01/07/25      249,687   

250,000

   Brazilian Government International Bond, 5%, due 01/27/45      242,500   

300,000

   Petrobras Global Finance BV, 6.25%, due 03/17/24      271,749   

200,000

   Petrobras International Finance Co., 6.75%, due 01/27/41      164,500   
     

 

 

 
   Total Brazil (Cost: $1,896,444)      1,779,627   
     

 

 

 
   Chile (2.0%)   

200,000

   Corpbanca S.A., (144A), 3.875%, due 09/22/19 (2)      200,380   

250,000

   Empresa Electrica Angamos S.A., (144A), 4.875%, due 05/25/29 (2)      251,975   

200,000

   GeoPark Latin America, Ltd. Agencia en Chile, (144A), 7.5%, due 02/11/20 (2)      146,726   

200,000

   GNL Quintero S.A., (144A), 4.634%, due 07/31/29 (2)      207,486   

250,000

   Guanay Finance, Ltd., (144A), 6%, due 12/15/20 (2)      260,625   
     

 

 

 
   Total Chile (Cost: $1,103,913)      1,067,192   
     

 

 

 
   China (2.6%)   

400,000

   Alibaba Group Holding, Ltd., (144A), 3.6%, due 11/28/24 (2)      407,483   

200,000

   Bank of China, Ltd., (144A), 5%, due 11/13/24 (2)      212,747   

200,000

   China Cinda Finance, Ltd., (144A), 5.625%, due 05/14/24 (2)      215,260   

250,000

   Country Garden Holdings Co. Ltd., (Reg. S), 11.125%, due 02/23/18 (3)      263,750   

250,000

   Industrial & Commercial Bank of China, Ltd., (144A), 6%, due 12/29/49 (2)(4)(5)      259,375   
     

 

 

 
   Total China (Cost: $1,315,793)      1,358,615   
     

 

 

 
   Colombia (2.2%)   

200,000

   Avianca Holdings S.A., (144A), 8.375%, due 05/10/20 (2)      203,880   

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

  

Fixed Income Securities

   Value  
   Colombia (Continued)   

$350,000

   Bancolombia S.A., 5.125%, due 09/11/22 (6)    $ 353,115   

250,000

   Colombia Government International Bond, 4%, due 02/26/24 (6)      260,000   

200,000

   Colombia Government International Bond, 5%, due 06/15/45      212,500   

COP 220,000,000

   Colombian TES (Treasury) Bond, 10%, due 07/24/24      111,716   
     

 

 

 
   Total Colombia (Cost: $1,131,197)      1,141,211   
     

 

 

 
   Costa Rica (Cost: $206,648) (0.4%)   

$200,000

   Costa Rica Government International Bond, (144A), 7%, due 04/04/44 (2)      197,700   
     

 

 

 
   Dominican Republic (1.2%)   

200,000

   Dominican Republic International Bond, 5.5%, due 01/27/25      202,750   

200,000

   Dominican Republic International Bond, (144A), 6.85%, due 01/27/45 (2)      206,250   

200,000

   Dominican Republic International Bond, (Reg. S), 5.875%, due 04/18/24 (3)      212,000   
     

 

 

 
   Total Dominican Republic (Cost: $610,673)      621,000   
     

 

 

 
   El Salvador (Cost: $200,000) (0.4%)   

200,000

   El Salvador Government International Bond, (144A), 6.375%, due 01/18/27 (2)      206,000   
     

 

 

 
   Guatemala (1.0%)   

100,000

   Agromercantil Senior Trust, (144A), 6.25%, due 04/10/19 (2)      101,950   

250,000

   Comcel Trust via Comunicaciones Celulares S.A., (Reg. S), 6.875%, due 02/06/24 (3)      260,375   

180,000

   Industrial Senior Trust, (144A), 5.5%, due 11/01/22 (2)      177,750   
     

 

 

 
   Total Guatemala (Cost: $538,476)      540,075   
     

 

 

 
   Honduras (Cost: $224,000) (0.4%)   

200,000

   Republic of Honduras, (Reg. S), 8.75%, due 12/16/20 (3)      223,018   
     

 

 

 
   Hungary (1.5%)   

300,000

   Hungary Government International Bond, 5.375%, due 03/25/24 (6)      342,600   

200,000

   Hungary Government International Bond, 5.75%, due 11/22/23 (6)      232,906   

200,000

   Magyar Export-Import Bank Zrt, (144A), 4%, due 01/30/20 (2)      203,000   
     

 

 

 
   Total Hungary (Cost: $709,828)      778,506   
     

 

 

 
   India (2.0%)   

INR 15,000,000

   Export-Import Bank of India, 8.87%, due 10/30/29      252,402   

$200,000

   ICICI Bank, Ltd., (Reg. S), 6.375%, due 04/30/22 (3)(4)      207,280   

INR 9,500,000

   India Government Bond, 7.28%, due 06/03/19      151,988   

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

  

Fixed Income Securities

   Value  
   India (Continued)   

INR 13,000,000

   Power Finance Corp., Ltd., 8.98%, due 10/08/24    $ 217,206   

$200,000

   Reliance Industries, Ltd., (144A), 4.125%, due 01/28/25 (2)      203,400   
     

 

 

 
   Total India (Cost: $1,016,680)      1,032,276   
     

 

 

 
   Indonesia (3.0%)   

200,000

   Indonesia Government International Bond, (144A), 5.125%, due 01/15/45 (2)      212,400   

200,000

   Indonesia Government International Bond, (Reg. S), 5.25%, due 01/17/42 (3)      212,260   

IDR 1,500,000,000

   Indonesia Treasury Bond, 5.625%, due 05/15/23      108,822   

$200,000

   Pelabuhan Indonesia III PT, (144A), 4.875%, due 10/01/24 (2)(6)      209,088   

200,000

   Pertamina Persero PT, (Reg. S), 5.625%, due 05/20/43 (3)      197,512   

200,000

   Pertamina Persero PT, (Reg. S), 6%, due 05/03/42 (3)      205,589   

200,000

   Perusahaan Gas Negara Persero Tbk PT, (144A), 5.125%, due 05/16/24 (2)      210,760   

200,000

   Perusahaan Penerbit SBSN Indonesia III, (144A), 4.35%, due 09/10/24 (2)      205,100   
     

 

 

 
   Total Indonesia (Cost: $1,493,090)      1,561,531   
     

 

 

 
   Israel (1.7%)   

250,000

   Delek & Avner Tamar Bond, Ltd., (144A), 5.412%, due 12/30/25 (2)      250,312   

400,000

   Israel Electric Corp., Ltd., (144A), 5%, due 11/12/24 (2)      406,000   

200,000

   Israel Electric Corp., Ltd., (144A), 6.875%, due 06/21/23 (2)      229,000   
     

 

 

 
   Total Israel (Cost: $869,016)      885,312   
     

 

 

 
   Mexico (5.7%)   

250,000

   BBVA Bancomer S.A., (144A), 4.375%, due 04/10/24 (2)      257,975   

168,000

   BBVA Bancomer S.A., (144A), 6.75%, due 09/30/22 (2)      189,840   

200,000

   Cemex S.A.B. de C.V., (144A), 6.5%, due 12/10/19 (2)      202,500   

200,000

   Cemex S.A.B. de C.V., (Reg. S), 7.25%, due 01/15/21 (3)      207,380   

250,000

   Gruma S.A.B. de C.V., (144A), 4.875%, due 12/01/24 (2)      263,275   

MXN 2,750,000

   Mexican BONOS Government Bond, 8%, due 12/07/23      220,052   

$200,000

   Mexichem S.A.B. de C.V., (144A), 5.875%, due 09/17/44 (2)      195,700   

700,000

   Mexico Government International Bond, 3.6%, due 01/30/25 (6)      722,750   

650,000

   Mexico Government International Bond, 4.6%, due 01/23/46      697,125   
     

 

 

 
   Total Mexico (Cost: $2,884,018)      2,956,597   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

  

Fixed Income Securities

   Value  
   Pakistan (Cost: $199,000) (0.4%)   
$200,000    Pakistan Government International Bond, (144A), 8.25%, due 04/15/24 (2)    $ 207,000   
     

 

 

 
   Panama (1.4%)   
200,000    Global Bank Corp., (144A), 4.75%, due 10/05/17 (2)      204,800   
250,000    Global Bank Corp., (144A), 5.125%, due 10/30/19 (2)      256,575   
250,000    Panama Government International Bond, 4%, due 09/22/24 (6)      264,375   
     

 

 

 
   Total Panama (Cost: $702,030)      725,750   
     

 

 

 
   Paraguay (1.0%)   
150,000    Banco Continental SAECA, (144A), 8.875%, due 10/15/17 (2)      154,500   
150,000    Banco Regional SAECA, (144A), 8.125%, due 01/24/19 (2)      158,807   
200,000    Republic of Paraguay, (Reg. S), 6.1%, due 08/11/44 (3)      221,500   
     

 

 

 
   Total Paraguay (Cost: $518,614)      534,807   
     

 

 

 
   Peru (1.5%)   
200,000    BBVA Banco Continental S.A., (144A), 5.25%, due 09/22/29 (2)(4)      204,500   
250,000    Corp. Financiera de Desarrollo S.A., (144A), 5.25%, due 07/15/29 (2)(4)      258,450   
200,000    Fondo MIVIVIENDA S.A., (Reg. S), 3.5%, due 01/31/23 (3)      196,156   
PEN 420,000    Peruvian Government International Bond, (144A), 5.7%, due 08/12/24 (2)      140,561   
     

 

 

 
   Total Peru (Cost: $787,459)      799,667   
     

 

 

 
   Philippines (Cost: $483,793) (1.0%)   
$475,000    Philippine Government International Bond, 3.95%, due 01/20/40      524,281   
     

 

 

 
   Romania (Cost: $225,236) (0.4%)   
200,000    Romanian Government International Bond, (Reg. S), 4.875%, due 01/22/24 (3)      226,125   
     

 

 

 
   Russia (Cost: $394,000) (0.7%)   
400,000    Russian Foreign Bond — Eurobond, (Reg. S), 4.875%, due 09/16/23 (3)      339,200   
     

 

 

 
   Serbia (Cost: $191,088) (0.4%)   
200,000    Republic of Serbia, (Reg. S), 4.875%, due 02/25/20 (3)(6)      205,500   
     

 

 

 
   South Africa (0.8%)   
ZAR 2,000,000    South Africa Government Bond, 10.5%, due 12/21/26      217,918   
$200,000    South Africa Government International Bond, 4.665%, due 01/17/24      214,250   
     

 

 

 
   Total South Africa (Cost: $433,960)      432,168   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

  

Fixed Income Securities

   Value  
   Sri Lanka (Cost: $260,446) (0.5%)   
$250,000    Sri Lanka Government International Bond, (Reg. S), 5.875%, due 07/25/22 (3)    $ 262,188   
     

 

 

 
   Tunisia (Cost: $198,130) (0.4%)   
200,000    Banque Centrale de Tunisie S.A., (144A), 5.75%, due 01/30/25 (2)      204,000   
     

 

 

 
   Turkey (3.4%)   
700,000    Hazine Mustesarligi Varlik Kiralama AS, (144A), 4.489%, due 11/25/24 (2)      728,000   
450,000    Turkey Government International Bond, 3.25%, due 03/23/23      436,500   
200,000    Turkey Government International Bond, 4.875%, due 04/16/43      210,230   
350,000    Turkey Government International Bond, 5.125%, due 03/25/22      381,500   
     

 

 

 
   Total Turkey (Cost: $1,716,564)      1,756,230   
     

 

 

 
   Ukraine (Cost: $528,104) (0.7%)   
575,000    Ukraine Government International Bond, (Reg. S), 6.875%, due 09/23/15 (3)      342,125   
     

 

 

 
   Venezuela (1.1%)   
900,000    Petroleos de Venezuela S.A., (Reg. S), 6%, due 11/15/26 (3)(6)      282,420   
450,000    Venezuela Government International Bond, (Reg. S), 6%, due 12/09/20 (3)      145,125   
100,000    Venezuela Government International Bond, (Reg. S), 7.75%, due 10/13/19 (3)      33,000   
350,000    Venezuela Government International Bond, (Reg. S), 8.25%, due 10/13/24 (3)      115,500   
     

 

 

 
   Total Venezuela (Cost: $1,191,542)      576,045   
     

 

 

 
   Vietnam (Cost: $727,500) (1.4%)   
700,000    Vietnam Government International Bond, (144A), 4.8%, due 11/19/24 (2)      740,250   
     

 

 

 
   Total Fixed Income Securities (Cost: $23,451,289) (44.0%)      22,919,236   
     

 

 

 

Number of
Shares

  

Preferred Stock

      
   Brazil (Cost: $449,711) (0.9%)   
81,250    Lojas Americanas S.A., 0.55%      470,694   
     

 

 

 
   India (Cost: $33,301) (0.1%)   
2,702,700    Zee Entertainment Enterprises, Ltd., 6%      38,401   
     

 

 

 
   Total Preferred Stock (Cost: $483,012) (1.0%)      509,095   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Brazil (1.6%)   
30,200    CCR S.A.    $ 171,916   
4,600    Embraer S.A. (SP ADR)      162,196   
19,100    Qualicorp S.A. (7)      188,922   
33,350    Raia Drogasil S.A.      321,175   
     

 

 

 
   Total Brazil (Cost: $938,720)      844,209   
     

 

 

 
   China (14.0%)   
102,900    AIA Group, Ltd.      596,587   
6,115    Alibaba Group Holding, Ltd. (SP ADR) (7)      544,724   
2,985    Baidu, Inc. (SP ADR) (7)      650,491   
318,976    China Animal Healthcare, Ltd.      214,943   
845,000    China Construction Bank Corp. — Class H      677,400   
184,500    China Everbright International, Ltd.      271,231   
122,000    China Minsheng Banking Corp., Ltd.      147,915   
78,320    China Mobile, Ltd.      1,022,511   
106,500    China Railway Construction Corp., Ltd. — Class H      121,780   
436,000    CT Environmental Group, Ltd. (7)      434,973   
330,916    HKT Trust & HKT, Ltd.      433,633   
976,000    Industrial & Commercial Bank of China, Ltd. — Class H      697,165   
719,400    Sihuan Pharmaceutical Holdings Group, Ltd.      463,054   
62,025    Tencent Holdings, Ltd.      1,045,214   
     

 

 

 
   Total China (Cost: $6,365,252)      7,321,621   
     

 

 

 
   Egypt (2.2%)   
98,760    Commercial International Bank Egypt SAE      715,362   
8,350    Eastern Tobacco      243,128   
24,500    ElSwedy Electric Co. (7)      165,145   
     

 

 

 
   Total Egypt (Cost: $835,326)      1,123,635   
     

 

 

 
   India (8.8%)   
40,800    Axis Bank, Ltd.      386,265   
99,675    Bharti Infratel, Ltd.      600,287   
7,370    Cognizant Technology Solutions Corp. (7)      398,938   
17,500    Divi’s Laboratories, Ltd.      493,902   
4,450    Infosys, Ltd. (SP ADR)      151,656   
85,000    ITC, Ltd.      504,390   

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   India (Continued)   
17,000    Lupin, Ltd.    $ 433,541   
8,400    Maruti Suzuki India, Ltd.      492,117   
80,200    State Bank of India      399,309   
14,000    Torrent Pharmaceuticals, Ltd.      245,906   
83,700    Zee Entertainment Enterprises, Ltd.      508,937   
     

 

 

 
   Total India (Cost: $3,570,077)      4,615,248   
     

 

 

 
   Indonesia (Cost: $307,798) (0.6%)   
4,630,000    Multipolar Tbk PT      307,254   
     

 

 

 
   Japan (Cost: $229,828) (0.4%)   
1,345    FANUC Corp.      225,811   
     

 

 

 
   Kenya (Cost: $361,886) (0.9%)   
2,973,000    Safari.com, Ltd.      462,250   
     

 

 

 
   Malaysia (Cost: $431,173) (0.8%)   
110,500    Tenaga Nasional BHD      440,732   
     

 

 

 
   Mexico (2.2%)   
156,600    Corp. Inmobiliaria Vesta S.A.B. de C.V.      303,306   
2,800    Fomento Economico Mexicano S.A.B. de C.V. (SP ADR) (7)      233,968   
46,700    Grupo Financiero Banorte S.A.B. de C.V.      238,069   
11,200    Grupo Televisa S.A.B. de C.V. (SP ADR)      365,232   
     

 

 

 
   Total Mexico (Cost: $1,278,650)      1,140,575   
     

 

 

 
   Panama (Cost: $240,880) (0.3%)   
1,550    Copa Holdings S.A.      166,640   
     

 

 

 
   Peru (Cost: $227,487) (0.5%)   
1,740    Credicorp, Ltd.      250,769   
     

 

 

 
   Philippines (Cost: $534,791) (1.2%)   
29,660    SM Investments Corp.      623,597   
     

 

 

 
   Russia (1.0%)   
4,000    Magnit PJSC (GDR)      152,800   
9,750    MMC Norilsk Nickel OJSC (ADR)      160,875   
125,352    Sberbank of Russia      109,885   
6,665    Yandex N.V. (7)      99,242   
     

 

 

 
   Total Russia (Cost: $892,924)      522,802   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   South Africa (3.5%)   
19,360    Aspen Pharmacare Holdings, Ltd. (7)    $ 725,796   
13,369    Brait SE (7)      88,413   
4,100    Naspers, Ltd. — N Shares      592,186   
25,300    Shoprite Holdings, Ltd.      400,415   
     

 

 

 
   Total South Africa (Cost: $1,344,061)      1,806,810   
     

 

 

 
   South Korea (5.6%)   
1,860    Hyundai Mobis      420,486   
12,580    KB Financial Group, Inc.      422,603   
952    Samsung Electronics Co., Ltd.      1,181,811   
8,830    Shinhan Financial Group Co., Ltd.      360,515   
6,000    SK Telecom Co., Ltd. (SP ADR)      172,500   
31,000    Wonik IPS Co., Ltd. (7)      378,797   
     

 

 

 
   Total South Korea (Cost: $2,955,249)      2,936,712   
     

 

 

 
   Taiwan (5.0%)   
31,223    Advantech Co., Ltd.      233,138   
342,170    Cathay Financial Holding Co., Ltd.      489,998   
118,000    Chailease Holding Co., Ltd.      278,518   
7,417    Hermes Microvision, Inc.      350,212   
12,500    Taiwan Semiconductor Manufacturing Co., Ltd. (SP ADR)      283,875   
216,000    Taiwan Semiconductor Manufacturing Co., Ltd.      949,888   
     

 

 

 
   Total Taiwan (Cost: $2,333,400)      2,585,629   
     

 

 

 
   Turkey (2.1%)   
74,500    Akbank TAS      272,203   
151,500    Turkiye Garanti Bankasi A.S.      638,893   
30,000    Turkiye Halk Bankasi A.S.      193,198   
     

 

 

 
   Total Turkey (Cost: $1,063,202)      1,104,294   
     

 

 

 
   United Arab Emirates (Cost: $181,196) (0.4%)   
430,500    Air Arabia PJSC      194,316   
     

 

 

 
   Total Common Stocks (Cost: $24,091,900) (51.1%)      26,672,904   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Participation Notes

   Value  
   Saudi Arabia (0.7%)   
10,250    Al Mouwasat Medical Services (HSBC) (expires 4/13/15)    $ 341,207   
     

 

 

 
   Total Participation Notes (Cost: $284,555) (0.7%)      341,207   
     

 

 

 

Principal
Amount

  

Short-Term Investments

      
   Repurchase Agreement (Cost: $909,440) (1.7%)   
$909,440   

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $925,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $928,469) (Total Amount to be Received Upon Repurchase $909,440)

     909,440   
     

 

 

 
   Total Investments (Cost: $49,220,196) (98.5%)      51,351,882   
   Excess of Other Assets over Liabilities (1.5%)      797,860   
     

 

 

 
   Total Net Assets (100.0%)    $ 52,149,742   
     

 

 

 

 

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 (8)

                 

Bank of America

   TRY      449,000         02/27/15       $ 192,621       $ 183,059       $ (9,562
           

 

 

    

 

 

    

 

 

 
            $ 192,621       $ 183,059       $ (9,562
           

 

 

    

 

 

    

 

 

 

SELL (9)

                 

Bank of America

   BRL      645,250         02/25/15       $ 250,000       $ 238,927       $ 11,073   

Bank of America

   EUR      169,242         03/09/15         210,000         191,037         18,963   

Bank of America

   EUR      170,708         03/11/15         212,000         192,695         19,305   

Bank of America

   EUR      177,369         04/28/15         200,000         200,306         (306

Bank of America

   HUF      52,565,100         03/10/15         210,000         190,587         19,413   

Bank of America

   HUF      28,150,720         04/14/15         104,000         101,964         2,036   

Bank of America

   JPY      25,205,082         03/11/15         212,000         214,659         (2,659

Bank of America

   JPY      24,529,155         04/16/15         210,000         209,001         999   

Bank of America

   SGD      296,530         03/03/15         227,000         218,998         8,002   

Bank of America

   TRY      449,000         02/27/15         200,000         183,059         16,941   

Bank of America

   TRY      576,455         04/30/15         235,000         232,215         2,785   
           

 

 

    

 

 

    

 

 

 
            $ 2,270,000       $ 2,173,448       $ 96,552   
           

 

 

    

 

 

    

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Cross Currency Forwards

                                    

Counterparty

   Contracts to Deliver/
Units of Currency
   Settlement
Date
     Contracts to Receive/
Units of Currency
     Unrealized Appreciation  

Bank of America

   INR 26,405,650      04/20/15         EUR 427,047       $ 7,389   
              

 

 

 
   $ 7,389   
              

 

 

 

Notes to the Schedule of Investments:

 

BRL   -    Brazilian Real.
COP   -    Colombian Peso.
EUR   -    Euro Currency.
HUF   -    Hungarian Forint.
IDR   -    Indonesian Rupiah.
INR   -    Indian Rupee.
JPY   -    Japanese Yen.
MXN   -    Mexican Peso.
PEN   -    Peruvian Nouveau Sol.
TRY   -    New Turkish Lira.
ZAR   -    South African Rand.
ADR   -    American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks entitling the shareholder to all dividends and capital gains.
GDR   -    Global Depositary Receipt. A negotiable certificate held in the bank of one country representing a specific number of shares of a stock traded on an exchange of another country.
OJSC   -    Open Joint-Stock Company.
PJSC   -    Private Joint-Stock Company.
SP ADR   -    Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights.
(1)      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.
(2)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $9,946,380 or 19.1% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.
(3)      Investments issued under Regulation S of the Securities Act of 1933, may not be offered, sold, or delivered within the United States except under special exemptions. At January 31, 2015, the value of these securities amounted to $4,848,911 or 9.3% of net assets.
(4)      Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2015.
(5)      Perpetual Maturity.
(6)      All or a portion of this security is segregated to cover when-issued, delayed-delivery or forward commitments.
(7)      Non-income producing security.
(8)      Fund buys foreign currency, sells U.S. Dollar.
(9)      Fund sells foreign currency, buys U.S. Dollar.

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Aerospace/Defense

     0.3

Agriculture

     1.5   

Airlines

     1.1   

Auto Manufacturers

     0.9   

Auto Parts & Equipment

     0.8   

Banks

     15.7   

Beverages

     0.4   

Building Materials

     0.8   

Chemicals

     0.4   

Commercial Services

     0.7   

Computers

     1.6   

Diversified Financial Services

     4.4   

Electric

     2.5   

Electrical Compo&Equip

     1.0   

Engineering & Construction

     0.2   

Environmental Control

     1.3   

Food

     1.6   

Foreign Government Bonds

     24.4   

Gas

     0.8   

Government Regional/Local

     0.8   

Healthcare-Products

     1.4   

Healthcare-Services

     0.7   

Insurance

     2.0   

Internet

     5.4   

Machinery-Diversified

     0.4   

Media

     2.9   

Mining

     0.3   

Oil & Gas

     3.2   

Pharmaceuticals

     3.5   

Real Estate

     1.1   

Retail

     3.3   

Semiconductors

     5.4   

Telecommunications

     5.6   

Transportation

     0.4   

Short-Term Investments

     1.7   
  

 

 

 

Total

     98.5
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Multi-Asset Opportunities Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Country

   Percentage of
Net Assets
 

Argentina

     0.8

Bahrain

     0.4   

Belarus

     0.2   

Brazil

     5.9   

Chile

     2.0   

China

     16.6   

Colombia

     2.2   

Costa Rica

     0.4   

Dominican Republic

     1.2   

Egypt

     2.2   

El Salvador

     0.4   

Guatemala

     1.0   

Honduras

     0.4   

Hungary

     1.5   

India

     10.9   

Indonesia

     3.6   

Israel

     1.7   

Japan

     0.4   

Kenya

     0.9   

Malaysia

     0.8   

Mexico

     7.9   

Pakistan

     0.4   

Panama

     1.7   

Paraguay

     1.0   

Peru

     2.0   

Philippines

     2.2   

Romania

     0.4   

Russia

     1.7   

Saudi Arabia

     0.7   

Serbia

     0.4   

South Africa

     4.3   

South Korea

     5.6   

Sri Lanka

     0.5   

Taiwan

     5.0   

Tunisia

     0.4   

Turkey

     5.5   

Ukraine

     0.7   

United Arab Emirates

     0.4   

United States

     1.7   

Venezuela

     1.1   

Vietnam

     1.4   
  

 

 

 

Total

     98.5
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Global Real Estate Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
  

Australia (5.3% of Net Assets)

  
10,303   

Scentre Group

   $ 30,283   
3,983   

Westfield Corp.

     30,393   
     

 

 

 
  

Total Australia (Cost: $58,713)

     60,676   
     

 

 

 
  

China (3.4%)

  
4,000   

China Overseas Land & Investment, Ltd.

     11,609   
4,000   

Link REIT (The)

     27,184   
     

 

 

 
  

Total China (Cost: $37,359)

     38,793   
     

 

 

 
  

France (5.8%)

  
590   

Klepierre

     27,726   
135   

Unibail — Rodamco SE

     37,972   
     

 

 

 
  

Total France (Cost: $62,353)

     65,698   
     

 

 

 
  

Germany (Cost: $17,664) (1.7%)

  
738   

Deutsche Wohnen AG

     19,144   
     

 

 

 
  

Japan (12.9%)

  
2,000   

Mitsubishi Estate Co., Ltd.

     40,230   
2,000   

Mitsui Fudosan Co., Ltd.

     50,548   
18   

Mori Hills REIT Investment Corp.

     25,440   
13   

Nippon Prologis REIT, Inc.

     30,599   
     

 

 

 
  

Total Japan (Cost: $152,379)

     146,817   
     

 

 

 
  

Singapore (Cost: $25,953) (2.1%)

  
13,068   

Global Logistic Properties, Ltd.

     24,377   
     

 

 

 
  

United Kingdom (Cost: $21,455) (1.9%)

  
1,758   

British Land Co. PLC (The)

     21,845   
     

 

 

 
  

United States (49.4%)

  
863   

American Capital Agency Corp.

     18,598   
136   

AvalonBay Communities, Inc.

     23,527   
145   

Boston Properties, Inc.

     20,126   
9,165   

Chimera Investment Corp.

     28,778   
1,126   

Colony Financial, Inc.

     28,206   
363   

Digital Realty Trust, Inc.

     26,477   
308   

Equity Residential

     23,904   
734   

First Industrial Realty Trust, Inc.

     15,950   
905   

Gaming and Leisure Properties, Inc.

     29,530   
831   

General Growth Properties, Inc.

     25,080   
540   

HCP, Inc.

     25,537   

 

See accompanying notes to Schedule of Investments.


TCW Global Real Estate Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   United States (Continued)   
138   

Health Care REIT, Inc.

   $ 11,309   
708   

Hospitality Properties Trust

     23,074   
812   

Host Hotels & Resorts, Inc.

     18,587   
263   

Lennar Corp.

     11,811   
366   

Macerich Co. (The)

     31,480   
1,270   

MDC Holdings, Inc.

     31,750   
2,637   

MFA Financial, Inc.

     20,674   
508   

Prologis, Inc.

     22,931   
8   

Public Storage

     1,607   
78   

Simon Property Group, Inc.

     15,495   
922   

Toll Brothers, Inc. (1)

     31,920   
2,120   

Two Harbors Investment Corp.

     21,878   
121   

Urban Edge Properties (1)

     2,872   
313   

Ventas, Inc.

     24,980   
242   

Vornado Realty Trust

     26,726   
     

 

 

 
  

Total United States (Cost: $544,689)

     562,807   
     

 

 

 
  

Total Common Stock (Cost: $920,565) (82.5%)

     940,157   
     

 

 

 
     

Preferred Stock

      
   United States (4.0%)   
876   

NorthStar Realty Finance Corp., 8.75%

     22,960   
866   

Public Storage, 6%

     22,369   
     

 

 

 
  

Total United States (Cost: $44,435)

     45,329   
     

 

 

 
  

Total Preferred Stock (Cost: $44,435) (4.0%)

     45,329   
     

 

 

 

Contracts

  

Purchased Options

      
  

United States (0.0%)

  
600   

SPDR Dow Jones REIT ETF, Put, Strike Price 86, Expires 04/17/15

     390   
     

 

 

 
  

Total Purchased Options (Cost: $1,206)

     390   
     

 

 

 

Principal
Amount

  

Short-Term Investments

      
  

Repurchase Agreement (Cost: $104,207) (9.1%)

  

$104,207

  

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $110,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $110,413 (Total Amount to be Received Upon Repurchase $104,207)

     104,207   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Global Real Estate Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

  

Total Investments (Cost: $1,070,413) (95.6%)

     1,090,083   
  

Excess of Other Assets over Liabilities (4.4%)

     50,280   
     

 

 

 
  

Total Net Assets (100.0%)

   $ 1,140,363   
     

 

 

 

Written Options — Exchange Traded

  

Number of
Contracts

  

Description

   Premiums
(Received)
    Value  
100   

Avalonbay Communities, Inc., Call, Strike Price 175, Expires 02/20/15

   $ (186   $ (250
100   

Boston Properties, Inc., Call, Strike Price 140.50, Expires 02/20/15

     (139     (318
100   

Equity Residential, Call, Strike Price 75, Expires 02/20/15

     (186     (345
400   

General Growth Properties, Inc., Call, Strike Price 30, Expires 02/20/15

     (238     (332
200   

HCP, Inc., Call, Strike Price 47.5, Expires 02/20/15

     (129     (120
100   

Vornado Realty Trust, Call, Strike Price 120, Expires 02/20/15

     (364     (410
     

 

 

   

 

 

 
  

Total Written Options

   $ (1,242   $ (1,775
     

 

 

   

 

 

 

Notes to the Schedule of Investments:

 

ETF     -      Exchange Traded Fund.
REIT     -      Real Estate Investment Trust.

(1)    

    Non-income producing security.

 

See accompanying notes to Schedule of Investments.


TCW Global Real Estate Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Household Durables

     6.6

REIT

     67.1   

Real Estate

     5.2   

Real Estate Management & Development

     7.6   

Short-Term Investments

     9.1   
  

 

 

 

Total

     95.6
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Growth Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Aerospace & Defense (4.6% of Net Assets)   
10,336    BE Aerospace, Inc. (1)    $ 602,898   
7,948    HEICO Corp.      482,285   
     

 

 

 
   Total Aerospace & Defense      1,085,183   
     

 

 

 
   Airlines (1.9%)   
6,115    Spirit Airlines, Inc. (1)      453,366   
     

 

 

 
   Auto Components (2.0%)   
8,787    BorgWarner, Inc.      474,586   
     

 

 

 
   Beverages (8.7%)   
2,238    Boston Beer Co., Inc. (1)      703,896   
5,551    Constellation Brands, Inc. (1)      613,108   
6,300    Monster Beverage Corp. (1)      736,785   
     

 

 

 
   Total Beverages      2,053,789   
     

 

 

 
   Biotechnology (1.9%)   
4,500    BioMarin Pharmaceutical, Inc. (1)      437,220   
     

 

 

 
   Capital Markets (2.1%)   
28,400    WisdomTree Investments, Inc.      494,728   
     

 

 

 
   Diversified Consumer Services (1.9%)   
6,000    MarketAxess Holdings, Inc.      455,820   
     

 

 

 
   Electrical Equipment (1.9%)   
4,047    Rockwell Automation, Inc.      440,799   
     

 

 

 
   Energy Equipment & Services (2.2%)   
5,727    Core Laboratories N.V. (Netherlands)      531,179   
     

 

 

 
   Food & Staples Retailing (1.9%)   
5,566    Pricesmart, Inc.      455,188   
     

 

 

 
   Food Products (5.2%)   
14,164    Hain Celestial Group, Inc. (The) (1)      747,434   
14,549    WhiteWave Foods Co. (The) (1)      479,681   
     

 

 

 
   Total Food Products      1,227,115   
     

 

 

 
   Health Care Equipment & Supplies (3.5%)   
1,700    Intuitive Surgical, Inc. (1)      840,616   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Growth Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Health Care Providers & Services (0.2%)   
1,372    Premier, Inc. (1)    $ 44,590   
     

 

 

 
   Health Care Technology (4.8%)   
3,354    athenahealth, Inc. (1)      468,587   
10,200    Cerner Corp. (1)      676,770   
     

 

 

 
   Total Health Care Technology      1,145,357   
     

 

 

 
   Hotels, Restaurants & Leisure (4.1%)   
18,263    Hilton Worldwide Holdings, Inc. (1)      474,290   
3,400    Wynn Resorts, Ltd.      503,030   
     

 

 

 
   Total Hotels, Restaurants & Leisure      977,320   
     

 

 

 
   Internet & Catalog Retail (1.8%)   
6,500    TripAdvisor, Inc. (1)      435,565   
     

 

 

 
   Internet Software & Services (6.6%)   
14,300    Cornerstone OnDemand, Inc. (1)      471,185   
2,105    LinkedIn Corp. (1)      473,078   
16,379    Twitter, Inc. (1)      614,704   
     

 

 

 
   Total Internet Software & Services      1,558,967   
     

 

 

 
   Leisure Products (1.6%)   
2,602    Polaris Industries, Inc.      376,223   
     

 

 

 
   Life Sciences Tools & Services (1.6%)   
1,941    Illumina, Inc. (1)      378,864   
     

 

 

 
   Machinery (8.1%)   
3,399    Cummins, Inc.      474,025   
6,508    Graco, Inc.      463,630   
5,551    Middleby Corp. (The) (1)      527,456   
5,523    Wabtec Corp.      460,894   
     

 

 

 
   Total Machinery      1,926,005   
     

 

 

 
   Pharmaceuticals (2.4%)   
4,269    Salix Pharmaceuticals, Ltd. (1)      574,906   
     

 

 

 
   Road & Rail (1.9%)   
4,156    Kansas City Southern      457,534   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Growth Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Semiconductors & Semiconductor Equipment (3.0%)   
7,283    ARM Holdings PLC (United Kingdom) (SP ADR)    $ 341,136   
19,400    NVIDIA Corp.      372,577   
     

 

 

 
   Total Semiconductors & Semiconductor Equipment      713,713   
     

 

 

 
   Software (14.1%)   
6,500    ANSYS, Inc. (1)      524,355   
20,344    FireEye, Inc. (1)      687,831   
10,995    Mobileye N.V. (Netherlands) (1)      433,093   
10,008    ServiceNow, Inc. (1)      729,583   
8,485    Splunk, Inc. (1)      438,250   
6,781    Workday, Inc. (1)      538,818   
     

 

 

 
   Total Software      3,351,930   
     

 

 

 
   Specialty Retail (4.6%)   
4,357    CarMax, Inc. (1)      270,570   
15,887    Dick’s Sporting Goods, Inc.      820,563   
     

 

 

 
   Total Specialty Retail      1,091,133   
     

 

 

 
   Textiles, Apparel & Luxury Goods (5.3%)   
17,258    Kate Spade & Co. (1)      544,145   
8,285    Under Armour, Inc. (1)      597,183   
4,714    Vince Holding Corp. (1)      110,543   
     

 

 

 
   Total Textiles, Apparel & Luxury Goods      1,251,871   
     

 

 

 
   Total Common Stock (Cost: $16,561,124) (97.9%)      23,233,567   
     

 

 

 

Principal
Amount

  

Short-Term Investments

      
   Repurchase Agreement (Cost: $601,422) (2.5%)   
$601,422   

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $615,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $617,306) (Total Amount to be Received Upon Repurchase $601,422)

     601,422   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Growth Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

  Total Investments (Cost: $17,162,546) (100.4%)      23,834,989   
  Liabilities in Excess of Other Assets (-0.4%)      (104,403
    

 

 

 
  Net Assets (100.0%)    $ 23,730,586   
    

 

 

 

Notes to the Schedule of Investments:

SP ADR   -    Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights.
(1)      Non-income producing security.

 

See accompanying notes to Schedule of Investments.


TCW Growth Equities Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Aerospace & Defense

     4.6

Airlines

     1.9   

Auto Components

     2.0   

Beverages

     8.7   

Biotechnology

     1.9   

Capital Markets

     2.1   

Diversified Consumer Services

     1.9   

Electrical Equipment

     1.9   

Energy Equipment & Services

     2.2   

Food & Staples Retailing

     1.9   

Food Products

     5.2   

Health Care Equipment & Supplies

     3.5   

Health Care Providers & Services

     0.2   

Health Care Technology

     4.8   

Hotels, Restaurants & Leisure

     4.1   

Internet & Catalog Retail

     1.8   

Internet Software & Services

     6.6   

Leisure Products

     1.6   

Life Sciences Tools & Services

     1.6   

Machinery

     8.1   

Pharmaceuticals

     2.4   

Road & Rail

     1.9   

Semiconductors & Semiconductor Equipment

     3.0   

Software

     14.1   

Specialty Retail

     4.6   

Textiles, Apparel & Luxury Goods

     5.3   

Short-Term Investments

     2.5   
  

 

 

 

Total

     100.4
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW High Dividend Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Airlines (1.0% of Net Assets)   
155   

Copa Holdings S.A. (Panama)

   $ 16,664   
     

 

 

 
   Banks (7.9%)   
670   

M&T Bank Corp.

     75,817   
1,140   

Wells Fargo & Co.

     59,189   
     

 

 

 
   Total Banks      135,006   
     

 

 

 
   Beverages (3.9%)   
1,625   

Coca-Cola Co. (The)

     66,901   
     

 

 

 
   Capital Markets (7.7%)   
5,380   

Ares Capital Corp.

     89,577   
2,435   

TPG Specialty Lending, Inc.

     42,564   
     

 

 

 
   Total Capital Markets      132,141   
     

 

 

 
   Chemicals (1.2%)   
970   

Tronox, Ltd.

     20,506   
     

 

 

 
   Commercial Services & Supplies (2.0%)   
655   

Waste Management, Inc.

     33,687   
     

 

 

 
   Communications Equipment (2.2%)   
615   

QUALCOMM, Inc.

     38,413   
     

 

 

 
   Diversified Telecommunication Services (4.1%)   
445   

Cogent Communications Group, Inc.

     16,492   
1,170   

Verizon Communications, Inc.

     53,480   
     

 

 

 
   Total Diversified Telecommunication Services      69,972   
     

 

 

 
   Energy Equipment & Services (1.5%)   
915   

Ensco PLC (United Kingdom)

     25,657   
     

 

 

 
   Food & Staples Retailing (1.0%)   
200   

Wal-Mart Stores, Inc.

     16,996   
     

 

 

 
   Hotels, Restaurants & Leisure (1.1%)   
210   

McDonald’s Corp.

     19,412   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW High Dividend Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Household Durables (5.5%)   
3,755   

MDC Holdings, Inc.

   $ 93,875   
     

 

 

 
   Independent Power and Renewable Electricity Producers (2.0%)   
1,140   

Pattern Energy Group, Inc.

     33,311   
     

 

 

 
   IT Services (3.4%)   
380   

International Business Machines Corp.

     58,258   
     

 

 

 
   Media (2.1%)   
2,450   

National CineMedia, Inc.

     35,280   
     

 

 

 
   Multiline Retail (1.4%)   
335   

Target Corp.

     24,659   
     

 

 

 
   Oil, Gas & Consumable Fuels (9.8%)   
460   

Chevron Corp.

     47,164   
680   

Exxon Mobil Corp.

     59,445   
1,400   

Williams Companies, Inc. (The)

     61,404   
     

 

 

 
   Total Oil, Gas & Consumable Fuels      168,013   
     

 

 

 
   Pharmaceuticals (5.9%)   
260   

AbbVie, Inc.

     15,691   
315   

Merck & Co., Inc.

     18,988   
590   

Teva Pharmaceutical Industries, Ltd. (Israel) (SP ADR)

     33,547   
2,825   

Theravance, Inc.

     31,838   
     

 

 

 
   Total Pharmaceuticals      100,064   
     

 

 

 
   REIT (14.8%)   
2,720   

Colony Financial, Inc.

     68,136   
2,195   

Gaming and Leisure Properties, Inc.

     71,623   
610   

Lamar Advertising Co.

     34,172   
7,620   

Two Harbors Investment Corp.

     78,639   
     

 

 

 
   Total REIT      252,570   
     

 

 

 
   Road & Rail (0.8%)   
115   

Union Pacific Corp.

     13,479   
     

 

 

 
   Software (1.3%)   
545   

Microsoft Corp.

     22,018   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW High Dividend Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Technology Hardware, Storage & Peripherals (2.6%)   
380    Apple, Inc.    $ 44,521   
     

 

 

 
   Tobacco (1.3%)   
420    Altria Group, Inc.      22,302   
     

 

 

 
   Total Common Stock (Cost: $1,482,019) (84.5%)      1,443,705   
     

 

 

 
    

Preferred Stock

      
   Banks (3.6%)   
2,060    Wells Fargo & Co., 8%      60,441   
     

 

 

 
   REIT (5.7%)   
1,325    NorthStar Realty Finance Corp., 8.75%      34,728   
2,480    Public Storage, 5.75%      63,240   
     

 

 

 
  

Total REIT

     97,968   
     

 

 

 
  

Total Preferred Stock (Cost: $154,959) (9.3%)

     158,409   
     

 

 

 

Principal
Amount

  

Short-Term Investments

      
   Repurchase Agreement (Cost: $57,943) (3.4%)   

$57,943

  

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $60,000 U.S. Treasury Note, 1%, due 5/31/18 valued at $60,225) (Total Amount to be Received Upon Repurchase $57,943)

     57,943   
     

 

 

 
  

Total Investments (Cost: $1,694,921) (97.2%)

     1,660,057   
  

Excess of Other Assets over Liabilities (2.8%)

     48,557   
     

 

 

 
  

Net Assets (100.0%)

   $ 1,708,614   
     

 

 

 

 

Written Options- Exchange Traded              
Number of
Contracts
     Description   

Premiums

(Received)

    Value  
  300       Altria Group, Inc., Call, Strike Price 54.5, Expires 02/20/15    $ (205   $ (102
  100       Copa Holdings S.A., Call, Strike Price 115, Expires 03/20/15      (497     (255
  300       Apple, Inc., Call, Strike Price 125, Expires 03/20/15      (669     (552
  100       Union Pacific Corp., Call, Strike Price 120, Expires 03/20/15      (159     (269
     

 

 

   

 

 

 
   Total Written Options    $ (1,530   $ (1,178
     

 

 

   

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW High Dividend Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Notes to the Schedule of Investments:

REIT

    -       Real Estate Investment Trust.

SP ADR

    -       Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights.

 

See accompanying notes to Schedule of Investments.


TCW High Dividend Equities Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Airlines

     1.0

Banks

     11.5   

Beverages

     3.9   

Capital Markets

     7.7   

Chemicals

     1.2   

Commercial Services & Supplies

     2.0   

Communications Equipment

     2.2   

Diversified Telecommunication Services

     4.1   

Energy Equipment & Services

     1.5   

Food & Staples Retailing

     1.0   

Hotels, Restaurants & Leisure

     1.1   

Household Durables

     5.5   

Independent Power and Renewable Electricity Producers

     2.0   

IT Services

     3.4   

Media

     2.1   

Multiline Retail

     1.4   

Oil, Gas & Consumable Fuels

     9.8   

Pharmaceuticals

     5.9   

REIT

     20.5   

Road & Rail

     0.8   

Software

     1.3   

Technology Hardware, Storage & Peripherals

     2.6   

Tobacco

     1.3   

Short-Term Investments

     3.4   
  

 

 

 

Total

     97.2
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW International Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Burkina Faso (Cost: $24,553) (1.1% of Net Assets)   
8,000    SEMAFO, Inc. (1)    $ 28,077   
     

 

 

 
   Canada (11.7%)   
800    Agnico Eagle Mines, Ltd.      26,976   
1,200    Alaris Royalty Corp.      31,515   
800    Amaya, Inc. (1)      20,771   
14,000    B2Gold Corp. (1)      27,604   
5,000    Centerra Gold, Inc.      30,048   
1,000    Franco-Nevada Corp.      57,600   
1,200    Goldcorp, Inc.      28,836   
6,500    Nevsun Resources, Ltd.      22,505   
700    Potash Corp. of Saskatchewan, Inc.      25,578   
1,500    Silver Wheaton Corp.      34,455   
     

 

 

 
   Total Canada (Cost: $288,303)      305,888   
     

 

 

 
   China (17.8%)   
150    Baidu, Inc. (SP ADR) (1)      32,688   
40,000    China Animal Healthcare, Ltd.      26,954   
16,000    China Gas Holdings, Ltd.      24,808   
7,000    China Life Insurance Co., Ltd. — Class H      27,166   
17,000    China Medical System Holdings, Ltd.      29,356   
12,000    China Merchants Bank Co., Ltd. — Class H      26,811   
55,000    Chongqing Rural Commercial Bank Co., Ltd.      33,732   
20,000    Chow Tai Fook Jewellery Group, Ltd.      26,460   
600    Ctrip.com International, Ltd. (ADR) (1)      28,533   
20,000    Fosun International, Ltd.      28,031   
1,500    Hong Kong Exchanges & Clearing, Ltd.      34,518   
12,000    PICC Property & Casualty Co., Ltd.      23,401   
3,000    Ping An Insurance Group Co. of China, Ltd. — Class H      31,735   
8,000    Shanghai Fosun Pharmaceutical Group Co., Ltd.      29,129   
25,000    Travelsky Technology, Ltd. — Class H      26,438   
500    YY, Inc. (ADR) (1)      35,990   
     

 

 

 
   Total China (Cost: $460,582)      465,750   
     

 

 

 
   Egypt (Cost: $28,215) (1.4%)   
5,000    Commercial International Bank Egypt SAE      36,217   
     

 

 

 
   India (24.0%)   
6,000    Adani Ports and Special Economic Zone, Ltd.      32,771   
3,000    Asian Paints, Ltd.      41,509   
4,000    Axis Bank, Ltd.      37,869   

 

See accompanying notes to Schedule of Investments.


TCW International Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   India (Continued)   
600    Bajaj Finance, Ltd.    $ 39,177   
1,500    Britannia Industries, Ltd.      45,814   
1,000    Cadila Healthcare, Ltd.      26,479   
800    Container Corp. of India      18,123   
2,000    Cummins India, Ltd.      28,715   
500    Hero MotoCorp, Ltd.      23,115   
1,500    Housing Development Finance Corp.      30,807   
3,000    ICICI Bank, Ltd. (SP ADR)      36,030   
4,000    Indiabulls Housing Finance, Ltd.      37,960   
2,000    Kotak Mahindra Bank, Ltd.      42,436   
2,000    Motherson Sumi Systems, Ltd.      14,551   
2,000    National Buildings Construction Corp., Ltd.      28,317   
12,000    Power Grid Corp. of India, Ltd.      28,607   
5,500    Rural Electrification Corp., Ltd.      29,401   
280    Shree Cement, Ltd.      49,647   
6,000    Zee Entertainment Enterprises, Ltd.      36,483   
     

 

 

 
   Total India (Cost: $458,955)      627,811   
     

 

 

 
   Indonesia (2.2%)   
30,000    Bank Central Asia Tbk PT      31,498   
21,000    Matahari Department Store Tbk PT      25,648   
     

 

 

 
   Total Indonesia (Cost: $54,377)      57,146   
     

 

 

 
   Israel (1.9%)   
3,000    Plus500, Ltd.      25,538   
150    Taro Pharmaceutical Industries, Ltd. (1)      24,975   
     

 

 

 
   Total Israel (Cost: $49,627)      50,513   
     

 

 

 
   Japan (11.5%)   
3,000    F@N Communications, Inc.      33,754   
200    FANUC Corp.      33,578   
2,000    Financial Products Group Co., Ltd.      28,217   
1,400    GMO Payment Gateway, Inc.      24,269   
15,000    Ichigo Group Holdings Co., Ltd.      30,843   
3,000    Infomart Corp.      25,595   
1,000    Japan Exchange Group, Inc.      23,263   
2,000    M3, Inc.      40,219   
2,000    Rakuten, Inc. (1)      27,680   

 

See accompanying notes to Schedule of Investments.


TCW International Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Japan (Continued)   
3,000    SBI Holdings, Inc.    $ 32,047   
     

 

 

 
   Total Japan (Cost: $321,539)      299,465   
     

 

 

 
   Malaysia (Cost: $28,529) (1.1%)   
7,000    Tenaga Nasional BHD      27,920   
     

 

 

 
   Mexico (Cost: $35,611) (1.6%)   
3,000    Fresnillo PLC      40,407   
     

 

 

 
   Norway (2.2%)   
2,000    Opera Software ASA      26,410   
500    Schibsted ASA      32,107   
     

 

 

 
   Total Norway (Cost: $60,058)      58,517   
     

 

 

 
   Philippines (2.5%)   
2,000    Ayala Corp.      32,863   
1,500    SM Investments Corp.      31,537   
     

 

 

 
   Total Philippines (Cost: $54,489)      64,400   
     

 

 

 
   South Africa (Cost: $24,577) (0.9%)   
2,600    Coronation Fund Managers, Ltd.      23,038   
     

 

 

 
   South Korea (4.0%)   
200    Daum Kakao Corp.      27,787   
40    NAVER Corp.      25,927   
20    Samsung Electronics Co., Ltd.      24,828   
600    SK Hynix, Inc. (1)      25,917   
     

 

 

 
   Total South Korea (Cost: $104,113)      104,459   
     

 

 

 
   Sweden (Cost: $31,423) (1.2%)   
1,000    Net Entertainment NE AB (1)      31,692   
     

 

 

 
   Thailand (Cost: $29,477) (1.0%)   
4,000    Kasikornbank PCL Class C      27,063   
     

 

 

 
   Turkey (2.4%)   
7,000    Turkiye Garanti Bankasi A.S.      29,520   
4,000    Ulker Biskuvi Sanayi AS      31,736   
     

 

 

 
   Total Turkey (Cost: $60,775)      61,256   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW International Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   United Kingdom (4.8%)   
30,000    Centamin PLC    $ 30,221   
6,000    Optimal Payments PLC (1)      30,963   
3,000    Playtech, Ltd.      30,447   
400    Randgold Resources, Ltd. (ADR)      34,104   
     

 

 

 
   Total United Kingdom (Cost: $96,710)      125,735   
     

 

 

 
   United States (2.4%)   
500    Royal Gold, Inc.      36,230   
2,000    Tahoe Resources, Inc. (1)      27,351   
     

 

 

 
   Total United States (Cost: $66,977)      63,581   
     

 

 

 
   Total Common Stock (Cost: $2,278,890) (95.7%)      2,498,935   
     

 

 

 
     

Exchange-Traded Funds

      
   China (Cost: $30,094) (1.2%)   
20,000    iShares Asia Trust — iShares FTSE A50 China Index ETF      31,367   
     

 

 

 
   Total Exchange-Traded Funds (Cost: $30,094) (1.2%)      31,367   
     

 

 

 
     

Preferred Stock

      
   India (Cost: $1,532) (0.1%)   
168,000    Zee Entertainment Enterprises, Ltd., 6%      2,387   
     

 

 

 
   Total Preferred Stock (Cost: $1,532) (0.1%)      2,387   
     

 

 

 
     

Warrants

      
   Sri Lanka (0.0%)   
769    John Keells Holdings PLC, Strike Price LKR 185, Expires 11/12/15 (1)      305   
769    John Keells Holdings PLC, Strike Price LKR 195, Expires 11/11/16 (1)      336   
     

 

 

 
   Total Sri Lanka (Cost: $0)      641   
     

 

 

 
   Total Warrants (Cost: $0) (0.0%)      641   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW International Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

   Total Investments (Cost: $2,310,516) (97.0%)      2,533,330   
   Excess of Other Assets over Liabilities (3.0%)      77,880   
     

 

 

 
   Total Net Assets (100.0%)    $ 2,611,210   
     

 

 

 

 

Forward Currency Contracts                                                  

Counterparty

   Contracts
to Deliver
   Units of
Currency
     Settlement
Date
     In Exchange
for U.S.
Dollars
     Contracts at
Value
     Unrealized
Appreciation
 

BUY (2)

                 

Bank of America

   JPY      14,100,000         09/24/15       $ 119,709       $ 120,435       $ 726   
           

 

 

    

 

 

    

 

 

 
            $ 119,709       $ 120,435       $ 726   
           

 

 

    

 

 

    

 

 

 

SELL (3)

                 

Bank of America

   CAD      498,480         12/09/15       $ 420,000       $ 392,152       $ 27,848   

Bank of America

   JPY      68,044,515         09/24/15         630,000         581,201         48,799   

Bank of America

   JPY      5,069,034         11/07/16         45,000         43,921         1,079   
           

 

 

    

 

 

    

 

 

 
            $ 1,095,000       $ 1,017,274       $ 77,726   
           

 

 

    

 

 

    

 

 

 

Notes to the Schedule of Investments:

 

CAD  

-

   Canadian Dollar.
JPY  

-

   Japanese Yen.
LKR  

-

   Sri Lankan Rupee.
ADR  

-

   American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks entitling the shareholder to all dividends and capital gains.
ETF  

-

   Exchange Traded Fund.
SP ADR  

-

   Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights.
(1)      Non-income producing security.
(2)      Fund buys foreign currency, sells U.S. Dollar.
(3)      Fund sells foreign currency, buys U.S. Dollar.

 

See accompanying notes to Schedule of Investments.


TCW International Growth Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Auto Components

     0.6

Automobiles

     0.9   

Banks

     9.9   

Capital Markets

     4.5   

Chemicals

     2.6   

Construction & Engineering

     1.1   

Construction Materials

     1.9   

Consumer Finance

     1.5   

Diversified Financial Services

     8.3   

Electric Utilities

     2.2   

Exchange-Traded Fund (ETF)

     1.2   

Food Products

     2.9   

Gas Utilities

     1.0   

Health Care Technology

     1.5   

Hotels, Restaurants & Leisure

     1.9   

Industrial Conglomerates

     1.2   

Insurance

     3.1   

Internet & Catalog Retail

     1.1   

Internet Software & Services

     9.3   

IT Services

     3.1   

Machinery

     2.4   

Media

     2.7   

Metals & Mining

     17.3   

Multiline Retail

     1.0   

Pharmaceuticals

     5.1   

Road & Rail

     0.7   

Semiconductors & Semiconductor Equipment

     1.0   

Software

     1.2   

Specialty Retail

     1.0   

Technology Hardware, Storage & Peripherals

     0.9   

Thrifts & Mortgage Finance

     2.6   

Transportation Infrastructure

     1.3   
  

 

 

 

Total

     97.0
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW International Small Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Australia (4.0% of Net Assets)   
800,000    Lucapa Diamond Co., Ltd. (1)    $ 159,073   
400,000    Northern Star Resources, Ltd.      578,894   
300,000    TFS Corp., Ltd.      341,899   
     

 

 

 
   Total Australia (Cost: $1,106,128)      1,079,866   
     

 

 

 
   Burkina Faso (Cost: $598,415) (2.6%)   
200,000    SEMAFO, Inc. (1)      701,920   
     

 

 

 
   Canada (15.2%)   
50,000    Alamos Gold, Inc.      267,361   
17,000    Alaris Royalty Corp.      446,469   
15,000    Amaya, Inc. (1)      389,447   
100,000    AuRico Gold, Inc.      394,000   
300,000    B2Gold Corp. (1)      591,506   
75,000    Centerra Gold, Inc.      450,728   
110,000    Nevsun Resources, Ltd.      380,851   
200,000    Rio Alto Mining, Ltd. (1)      572,578   
1,100,000    Teranga Gold Corp. (1)      546,551   
     

 

 

 
   Total Canada (Cost: $4,441,445)      4,039,491   
     

 

 

 
   China (5.7%)   
450,000    Boer Power Holdings, Ltd.      490,178   
475,000    China Animal Healthcare, Ltd.      320,080   
400,000    Travelsky Technology, Ltd. — Class H      423,016   
4,000    YY, Inc. (ADR) (1)      287,920   
     

 

 

 
   Total China (Cost: $1,680,690)      1,521,194   
     

 

 

 
   Germany (Cost: $374,447) (1.8%)   
4,000    XING AG      487,715   
     

 

 

 
   India (27.2%)   
25,000    Bata India, Ltd.      572,292   
30,000    BEML, Ltd.      435,682   
20,000    Britannia Industries, Ltd.      610,851   
80,000    Capital First, Ltd.      517,630   
400,000    City Union Bank, Ltd.      600,993   
15,000    CRISIL, Ltd.      507,871   
450,000    DCB Bank, Ltd. (1)      856,534   

 

See accompanying notes to Schedule of Investments.


TCW International Small Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   India (Continued)   
200,000    Federal Bank, Ltd.    $ 455,645   
70,000    Indiabulls Housing Finance, Ltd.      664,302   
35,000    Kajaria Ceramics, Ltd.      413,660   
40,000    National Buildings Construction Corp., Ltd.      566,345   
300,000    PTC India, Ltd.      481,529   
75,000    Tree House Education and Accessories, Ltd.      564,301   
     

 

 

 
   Total India (Cost: $5,819,858)      7,247,635   
     

 

 

 
   Indonesia (Cost: $566,202) (2.4%)   
5,000,000    Summarecon Agung Tbk PT      646,398   
     

 

 

 
   Israel (Cost: $501,709) (1.9%)   
60,000    Plus500, Ltd.      510,763   
     

 

 

 
   Japan (17.7%)   
65,000    Benefit One, Inc.      689,159   
40,000    F@N Communications, Inc.      450,049   
40,000    Financial Products Group Co., Ltd.      564,344   
28,000    GMO Payment Gateway, Inc.      485,374   
500,000    Ichigo Group Holdings Co., Ltd.      1,028,084   
70,000    Infomart Corp.      597,209   
55,000    Sun Frontier Fudousan Co., Ltd.      427,314   
70,000    Tokai Tokyo Financial Holdings, Inc.      464,086   
     

 

 

 
   Total Japan (Cost: $4,909,077)      4,705,619   
     

 

 

 
   Norway (2.9%)   
45,000    Nordic Semiconductor ASA (1)      309,785   
35,000    Opera Software ASA      462,186   
     

 

 

 
   Total Norway (Cost: $730,434)      771,971   
     

 

 

 
   South Africa (Cost: $129,990) (0.5%)   
13,538    Famous Brands, Ltd.      129,025   
     

 

 

 
   South Korea (Cost: $448,322) (1.8%)   
3,000    Com2uSCorp (1)      483,724   
     

 

 

 
   Sweden (2.9%)   
13,000    Net Entertainment NE AB (1)      411,992   

 

See accompanying notes to Schedule of Investments.


TCW International Small Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
  

Sweden (Continued)

  
3,413,918   

TrustBuddy International AB (1)

   $ 350,782   
     

 

 

 
  

Total Sweden (Cost: $1,333,410)

     762,774   
     

 

 

 
  

United Kingdom (4.0%)

  
600,000   

Centamin PLC (1)

     604,412   
90,000   

Optimal Payments PLC (1)

     464,450   
     

 

 

 
  

Total United Kingdom (Cost: $739,516)

     1,068,862   
     

 

 

 
  

United States (4.0%)

  
8,000   

Royal Gold, Inc.

     579,680   
35,000   

Tahoe Resources, Inc. (1)

     478,647   
     

 

 

 
  

Total United States (Cost: $1,139,599)

     1,058,327   
     

 

 

 
  

Total Common Stock (Cost: $24,519,242) (94.6%)

     25,215,284   
     

 

 

 
     

Exchange-Traded Funds

      
  

China (Cost: $526,647) (2.1%)

  
350,000   

iShares Asia Trust — iShares FTSE A50 China Index ETF

     548,924   
     

 

 

 
  

Total Exchange-Traded Funds (Cost: $526,647) (2.1%)

     548,924   
     

 

 

 
    

Warrants

      
   British Virgin Islands (Cost: $0.0) (0.0%)   
625,000   

Petro-Victory Energy Corp., Strike Price CAD 0.50, Expires 07/22/16 (1)

       
     

 

 

 
  

Sri Lanka (0.0%)

  
12,820   

John Keells Holdings PLC, Strike Price LKR 185, Expires 11/12/15 (1)

     5,081   
12,820   

John Keells Holdings PLC, Strike Price LKR 195, Expires 11/11/16 (1)

     5,594   
     

 

 

 
  

Total Sri Lanka (Cost: $0)

     10,675   
     

 

 

 
  

Total Warrants (Cost: $0) (0.0%)

     10,675   
     

 

 

 

Principal
Amount

  

Short-Term Investments

      
   Repurchase Agreement (Cost: $164,647) (0.6%)   

$164,647

  

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $170,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $170,638) (Total Amount to be Received Upon Repurchase $164,647)

   $ 164,647   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW International Small Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

  

Total Investments (Cost: $25,210,536) (97.3%)

     25,939,530   
  

Excess of Other Assets over Liabilities (2.7%)

     708,585   
     

 

 

 
  

Total Net Assets (100.0%)

   $ 26,648,115   
     

 

 

 

 

Forward Currency Contracts   

Counterparty

   Contracts to
Deliver
   Units of
Currency
     Settlement
Date
     In Exchange
for U.S.
Dollars
     Contracts at
Value
     Unrealized
Appreciation
 

BUY (2)

                 

Bank of America

   JPY      58,900,000         09/24/15       $ 500,062       $ 503,148       $ 3,086   
           

 

 

    

 

 

    

 

 

 
            $ 500,062       $ 503,148       $ 3,086   
           

 

 

    

 

 

    

 

 

 

SELL (3)

                 

Bank of America

   CAD      7,923,867         12/09/15       $ 6,770,000       $ 6,233,615       $ 536,385   

Bank of America

   JPY      209,701,800         11/07/16         1,865,000         1,817,597         47,403   

Bank of America

   JPY      533,638,290         09/24/15         4,950,000         4,558,552         391,448   
           

 

 

    

 

 

    

 

 

 
            $ 13,585,000       $ 12,609,764       $ 975,236   
           

 

 

    

 

 

    

 

 

 

Notes to the Schedule of Investments:

 

CAD   -    Canadian Dollar.
JPY   -    Japanese Yen.
LKR   -    Sri Lankan Rupee.
ADR   -    American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks entitling the shareholder to all dividends and capital gains.
ETF   -    Exchange Traded Fund.

(1)    

     Non-income producing security.

(2)    

     Fund buys foreign currency, sells U.S. Dollar.

(3)    

     Fund sells foreign currency, buys U.S. Dollar.

 

See accompanying notes to Schedule of Investments.


TCW International Small Cap Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Banks

     7.2

Building Products

     1.6   

Capital Markets

     7.4   

Construction & Engineering

     2.1   

Consumer Finance

     3.2   

Diversified Consumer Services

     2.1   

Diversified Financial Services

     5.9   

Electrical Equipment

     1.8   

Exchange-Traded Fund (ETF)

     2.1   

Food Products

     2.3   

Hotels, Restaurants & Leisure

     2.0   

Independent Power and Renewable Electricity Producers

     1.8   

Industrial Conglomerates

     0.0

Internet Software & Services

     10.1   

IT Services

     5.1   

Machinery

     1.6   

Metals & Mining

     23.6   

Oil, Gas & Consumable Fuels

     0.0

Paper & Forest Products

     1.3   

Pharmaceuticals

     1.2   

Professional Services

     2.6   

Real Estate Management & Development

     4.0   

Semiconductors & Semiconductor Equipment

     1.2   

Software

     1.8   

Textiles, Apparel & Luxury Goods

     2.2   

Thrifts & Mortgage Finance

     2.5   

Short-Term Investments

     0.6   
  

 

 

 

Total

     97.3
  

 

 

 

 

* Value rounds to less than 0.1% of net assets.

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Dividend Appreciation Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Aerospace & Defense (2.6% of Net Assets)   
688,085    Textron, Inc.    $ 29,284,898   
     

 

 

 
   Air Freight & Logistics (2.3%)   
152,480    FedEx Corp.      25,785,893   
     

 

 

 
   Banks (5.8%)   
681,000    Citigroup, Inc.      31,972,950   
610,004    JPMorgan Chase & Co.      33,172,017   
     

 

 

 
   Total Banks      65,144,967   
     

 

 

 
   Beverages (2.7%)   
319,745    PepsiCo, Inc.      29,985,686   
     

 

 

 
   Capital Markets (6.6%)   
297,271    Ameriprise Financial, Inc.      37,141,039   
514,800    State Street Corp.      36,813,348   
     

 

 

 
   Total Capital Markets      73,954,387   
     

 

 

 
   Chemicals (2.0%)   
312,265    Du Pont (E.I.) de Nemours & Co.      22,236,391   
     

 

 

 
   Commercial Services & Supplies (2.8%)   
370,414    ADT Corp. (The)      12,742,242   
466,505    Tyco International PLC      19,038,069   
     

 

 

 
   Total Commercial Services & Supplies      31,780,311   
     

 

 

 
   Communications Equipment (2.7%)   
1,174,485    Cisco Systems, Inc.      30,965,297   
     

 

 

 
   Consumer Finance (2.8%)   
917,267    Navient Corp.      18,106,851   
1,483,367    SLM Corp.      13,513,473   
     

 

 

 
   Total Consumer Finance      31,620,324   
     

 

 

 
   Containers & Packaging (1.7%)   
210,600    Avery Dennison Corp.      11,008,062   
107,229    Packaging Corp. of America      8,133,320   
     

 

 

 
   Total Containers & Packaging      19,141,382   
     

 

 

 
   Diversified Telecommunication Services (4.0%)   
525,360    AT&T, Inc.      17,294,851   
1,607,000    Deutsche Telekom AG (Germany) (SP ADR)      27,640,400   
     

 

 

 
   Total Diversified Telecommunication Services      44,935,251   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Dividend Appreciation Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Electric Utilities (2.1%)   
375,300    American Electric Power Co., Inc.    $ 23,572,593   
     

 

 

 
   Electronic Equipment, Instruments & Components (1.6%)   
745,595    Corning, Inc.      17,722,793   
     

 

 

 
   Energy Equipment & Services (3.2%)   
241,800    Baker Hughes, Inc.      14,021,982   
323,820    Ensco PLC (United Kingdom)      9,079,913   
740,092    Nabors Industries, Ltd.      8,518,459   
48,800    Schlumberger, Ltd.      4,020,632   
     

 

 

 
   Total Energy Equipment & Services      35,640,986   
     

 

 

 
   Food & Staples Retailing (1.3%)   
373,800    Sysco Corp.      14,641,746   
     

 

 

 
   Food Products (3.4%)   
391,700    Campbell Soup Co.      17,916,358   
574,490    Mondelez International, Inc.      20,245,027   
     

 

 

 
   Total Food Products      38,161,385   
     

 

 

 
   Health Care Providers & Services (2.0%)   
319,050    Quest Diagnostics, Inc      22,674,883   
     

 

 

 
   Household Durables (1.3%)   
322,371    Lennar Corp.      14,477,682   
     

 

 

 
   Independent Power and Renewable Electricity Producers (0.5%)   
474,100    AES Corp.      5,793,502   
     

 

 

 
   Industrial Conglomerates (5.9%)   
1,584,250    General Electric Co.      37,847,732   
1,057,845    Koninklijke Philips Electronics N.V. (Netherlands) (NYRS)      29,185,944   
     

 

 

 
   Total Industrial Conglomerates      67,033,676   
     

 

 

 
   Insurance (6.8%)   
349,200    Allstate Corp. (The)      24,370,668   
437,780    MetLife, Inc.      20,356,770   
311,000    Travelers Cos., Inc. (The)      31,977,020   
     

 

 

 
   Total Insurance      76,704,458   
     

 

 

 
   Machinery (1.2%)   
214,532    Pentair PLC (United Kingdom)      13,260,223   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Dividend Appreciation Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Media (5.3%)   
548,450    Comcast Corp.    $ 29,147,375   
878,500    Regal Entertainment Group      18,589,060   
490,936    Time, Inc. (1)      12,293,038   
     

 

 

 
   Total Media      60,029,473   
     

 

 

 
   Oil, Gas & Consumable Fuels (2.7%)   
301,060    Chevron Corp.      30,867,682   
     

 

 

 
   Personal Products (0.7%)   
1,000,459    Avon Products, Inc.      7,743,553   
     

 

 

 
   Pharmaceuticals (7.2%)   
237,600    Johnson & Johnson      23,793,264   
441,170    Merck & Co., Inc.      26,593,727   
977,100    Pfizer, Inc.      30,534,375   
     

 

 

 
   Total Pharmaceuticals      80,921,366   
     

 

 

 
   REIT (1.4%)   
561,100    Kimco Realty Corp.      15,514,415   
     

 

 

 
   Semiconductors & Semiconductor Equipment (5.7%)   
137,700    Broadcom Corp.      5,843,300   
827,036    Intel Corp.      27,325,269   
565,960    Maxim Integrated Products, Inc.      18,727,616   
261,800    Microchip Technology, Inc.      11,807,180   
     

 

 

 
   Total Semiconductors & Semiconductor Equipment      63,703,365   
     

 

 

 
   Software (2.3%)   
654,775    Microsoft Corp.      26,452,910   
     

 

 

 
   Specialty Retail (4.3%)   
517,065    Gap, Inc. (The)      21,297,907   
265,514    Home Depot, Inc. (The)      27,724,972   
     

 

 

 
   Total Specialty Retail      49,022,879   
     

 

 

 
   Technology Hardware, Storage & Peripherals (2.7%)   
545,065    Seagate Technology PLC (Netherlands)      30,763,468   
     

 

 

 
   Thrifts & Mortgage Finance (1.3%)   
965,400    New York Community Bancorp, Inc.      14,915,430   
     

 

 

 
   Total Common Stock (Cost: $865,442,450) (98.9%)      1,114,453,255   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Dividend Appreciation Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

  

Short-Term Investments

   Value  
   Repurchase Agreement (Cost: $13,193,126) (1.2%)   
$13,193,126   

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $13,410,000 U.S. Treasury Note, 1%, due 5/31/18, valued at $13,460,288) (Total Amount to be Received Upon Repurchase $13,193,126)

   $ 13,193,126   
     

 

 

 
   Total Investments (Cost: $878,635,576) (100.1%)      1,127,646,381   
   Liabilities in Excess of Other Assets (-0.1%)      (1,404,372
     

 

 

 
   Net Assets (100.0%)    $ 1,126,242,009   
     

 

 

 

Notes to the Schedule of Investments:

 

NYRS  

-

   New York Registry Shares.
REIT  

-

   Real Estate Investment Trust.
SP ADR  

-

   Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights.
(1)      Non-income producing security.

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Dividend Appreciation Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Aerospace & Defense

     2.6

Air Freight & Logistics

     2.3   

Banks

     5.8   

Beverages

     2.7   

Capital Markets

     6.6   

Chemicals

     2.0   

Commercial Services & Supplies

     2.8   

Communications Equipment

     2.7   

Consumer Finance

     2.8   

Containers & Packaging

     1.7   

Diversified Telecommunication Services

     4.0   

Electric Utilities

     2.1   

Electronic Equipment, Instruments & Components

     1.6   

Energy Equipment & Services

     3.2   

Food & Staples Retailing

     1.3   

Food Products

     3.4   

Health Care Providers & Services

     2.0   

Household Durables

     1.3   

Independent Power and Renewable Electricity Producers

     0.5   

Industrial Conglomerates

     5.9   

Insurance

     6.8   

Machinery

     1.2   

Media

     5.3   

Oil, Gas & Consumable Fuels

     2.7   

Personal Products

     0.7   

Pharmaceuticals

     7.2   

REIT

     1.4   

Semiconductors & Semiconductor Equipment

     5.7   

Software

     2.3   

Specialty Retail

     4.3   

Technology Hardware, Storage & Peripherals

     2.7   

Thrifts & Mortgage Finance

     1.3   

Short-Term Investments

     1.2   
  

 

 

 

Total

     100.1
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Large Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Aerospace & Defense (3.6% of Net Assets)   

579,810

   Textron, Inc.    $ 24,676,714   
     

 

 

 
   Auto Components (2.3%)   

764,470

   Dana Holding Corp.      15,954,489   
     

 

 

 
   Banks (6.0%)   

448,500

   Citigroup, Inc.      21,057,075   

372,558

   JPMorgan Chase & Co.      20,259,704   
     

 

 

 
  

Total Banks

     41,316,779   
     

 

 

 
   Beverages (2.6%)   

191,300

   PepsiCo, Inc.      17,940,114   
     

 

 

 
   Capital Markets (6.2%)   

176,626

   Ameriprise Financial, Inc.      22,067,652   

282,600

   State Street Corp.      20,208,726   
     

 

 

 
  

Total Capital Markets

     42,276,378   
     

 

 

 
   Commercial Services & Supplies (3.0%)   

241,605

   ADT Corp. (The)      8,311,212   

298,815

   Tyco International PLC      12,194,640   
     

 

 

 
  

Total Commercial Services & Supplies

     20,505,852   
     

 

 

 
   Communications Equipment (2.8%)   

733,190

   Cisco Systems, Inc.      19,330,554   
     

 

 

 
   Consumer Finance (2.9%)   

574,076

   Navient Corp.      11,332,260   

918,620

   SLM Corp.      8,368,628   
     

 

 

 
  

Total Consumer Finance

     19,700,888   
     

 

 

 
   Containers & Packaging (2.5%)   

427,581

   Sealed Air Corp.      17,317,031   
     

 

 

 
   Diversified Financial Services (0.1%)   

4,200

   Intercontinental Exchange, Inc.      864,066   
     

 

 

 
   Diversified Telecommunication Services (1.3%)   

270,400

   AT&T, Inc.      8,901,568   
     

 

 

 
   Electric Utilities (1.9%)   

211,850

   American Electric Power Co., Inc.      13,306,299   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Large Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
  

Electronic Equipment, Instruments & Components (1.8%)

  

524,590

   Corning, Inc.    $ 12,469,504   
     

 

 

 
  

Energy Equipment & Services (3.7%)

  

219,250

   Baker Hughes, Inc.      12,714,307   

247,800

   Ensco PLC (United Kingdom)      6,948,312   

463,325

   Nabors Industries, Ltd.      5,332,871   
     

 

 

 
  

Total Energy Equipment & Services

     24,995,490   
     

 

 

 
  

Food & Staples Retailing (1.3%)

  

233,600

   Sysco Corp.      9,150,112   
     

 

 

 
  

Food Products (2.2%)

  

432,155

   Mondelez International, Inc.      15,229,142   
     

 

 

 
  

Health Care Providers & Services (7.0%)

  

136,384

   Anthem, Inc.      18,406,385   

251,100

   Catamaran Corp. (1)      12,532,401   

155,506

   Cigna Corp.      16,612,706   
     

 

 

 
  

Total Health Care Providers & Services

     47,551,492   
     

 

 

 
  

Household Durables (2.3%)

  

348,163

   Lennar Corp.      15,636,000   
     

 

 

 
  

Independent Power and Renewable Electricity Producers (1.7%)

  

946,900

   AES Corporation (The)      11,571,118   
     

 

 

 
  

Industrial Conglomerates (3.5%)

  

993,950

   General Electric Co.      23,745,465   
     

 

 

 
  

Insurance (4.8%)

  

355,685

   Hartford Financial Services Group, Inc.      13,836,147   

181,470

   Travelers Cos., Inc. (The)      18,658,745   
     

 

 

 
  

Total Insurance

     32,494,892   
     

 

 

 
  

Machinery (2.5%)

  

131,867

   Pentair PLC (United Kingdom)      8,150,699   

404,030

   Terex Corp.      9,082,595   
     

 

 

 
  

Total Machinery

     17,233,294   
     

 

 

 
  

Media (3.7%)

  

475,900

   Comcast Corp.      25,291,705   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Large Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number
of Shares

  

Common Stock

   Value  
   Metals & Mining (1.4%)   
338,190    Allegheny Technologies, Inc.    $ 9,648,561   
     

 

 

 
   Multiline Retail (1.0%)   
892,000    J.C. Penney Co., Inc. (1)      6,484,840   
     

 

 

 
   Oil, Gas & Consumable Fuels (4.2%)   
308,700    Chesapeake Energy Corp.      5,920,866   
151,600    Chevron Corp.      15,543,548   
133,200    Valero Energy Corp.      7,043,616   
     

 

 

 
   Total Oil, Gas & Consumable Fuels      28,508,030   
     

 

 

 
   Pharmaceuticals (8.3%)   
113,650    Johnson & Johnson      11,380,911   
265,750    Merck & Co., Inc.      16,019,410   
217,290    Mylan, Inc. (1)      11,548,964   
563,850    Pfizer, Inc.      17,620,312   
     

 

 

 
   Total Pharmaceuticals      56,569,597   
     

 

 

 
   Semiconductors & Semiconductor Equipment (4.4%)   
552,875    Applied Materials, Inc.      12,627,665   
92,200    Broadcom Corp.      3,912,507   
419,439    Intel Corp.      13,858,265   
     

 

 

 
   Total Semiconductors & Semiconductor Equipment      30,398,437   
     

 

 

 
   Software (2.3%)   
390,090    Microsoft Corp.      15,759,636   
     

 

 

 
   Specialty Retail (5.5%)   
393,420    Gap, Inc. (The)      16,204,970   
207,500    Home Depot, Inc. (The)      21,667,150   
     

 

 

 
   Total Specialty Retail      37,872,120   
     

 

 

 
   Technology Hardware, Storage & Peripherals (3.1%)   
140,500    NetApp, Inc.      5,310,900   
161,240    Western Digital Corp.      15,677,365   
     

 

 

 
   Total Technology Hardware, Storage & Peripherals      20,988,265   
     

 

 

 
   Total Common Stock (Cost: $461,242,295) (99.9%)      683,688,432   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Large Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

   Total Investments (Cost: $461,242,295) (99.9%)      683,688,432   
   Excess of Other Assets over Liabilities (0.1%)      442,120   
     

 

 

 
   Net Assets (100.0%)    $ 684,130,552   
     

 

 

 

Notes to the Schedule of Investments:

 

(1)

    

Non-incomeproducing security.

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Large Cap Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Aerospace & Defense

     3.6

Auto Components

     2.3   

Banks

     6.0   

Beverages

     2.6   

Capital Markets

     6.2   

Commercial Services & Supplies

     3.0   

Communications Equipment

     2.8   

Consumer Finance

     2.9   

Containers & Packaging

     2.5   

Diversified Financial Services

     0.1   

Diversified Telecommunication Services

     1.3   

Electric Utilities

     1.9   

Electronic Equipment, Instruments & Components

     1.8   

Energy Equipment & Services

     3.7   

Food & Staples Retailing

     1.3   

Food Products

     2.2   

Health Care Providers & Services

     7.0   

Household Durables

     2.3   

Independent Power and Renewable Electricity Producers

     1.7   

Industrial Conglomerates

     3.5   

Insurance

     4.8   

Machinery

     2.5   

Media

     3.7   

Metals & Mining

     1.4   

Multiline Retail

     1.0   

Oil, Gas & Consumable Fuels

     4.2   

Pharmaceuticals

     8.3   

Semiconductors & Semiconductor Equipment

     4.4   

Software

     2.3   

Specialty Retail

     5.5   

Technology Hardware, Storage & Peripherals

     3.1   
  

 

 

 

Total

     99.9
  

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Mid Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Aerospace & Defense (2.4% of Net Assets)   
75,545    Textron, Inc.    $ 3,215,195   
     

 

 

 
   Auto Components (3.3%)   
155,650    Dana Holding Corp.      3,248,416   
24,015    Tenneco, Inc. (1)      1,234,851   
     

 

 

 
   Total Auto Components      4,483,267   
     

 

 

 
   Banks (7.2%)   
35,166    Comerica, Inc.      1,459,389   
200,493    KeyCorp      2,604,404   
80,765    Popular, Inc. (1)      2,489,985   
88,329    Synovus Financial Corp.      2,276,238   
55,400    Umpqua Holdings Corp.      859,254   
     

 

 

 
   Total Banks      9,689,270   
     

 

 

 
   Capital Markets (4.3%)   
75,000    E*TRADE Financial Corp. (1)      1,728,750   
13,600    Evercore Partners, Inc.      651,032   
74,788    Invesco, Ltd.      2,746,963   
71,500    RCS Capital Corp.      674,245   
     

 

 

 
   Total Capital Markets      5,800,990   
     

 

 

 
   Chemicals (2.6%)   
25,500    Axiall Corp.      1,128,375   
21,338    Celanese Corp. — Series A      1,147,131   
26,008    Cytec Industries, Inc.      1,248,124   
     

 

 

 
   Total Chemicals      3,523,630   
     

 

 

 
   Communications Equipment (2.3%)   
147,000    Brocade Communications Systems, Inc.      1,634,640   
110,160    Polycom, Inc. (1)      1,465,128   
     

 

 

 
   Total Communications Equipment      3,099,768   
     

 

 

 
   Construction & Engineering (1.4%)   
48,633    Jacobs Engineering Group, Inc. (1)      1,852,917   
     

 

 

 
   Construction Materials (1.3%)   
25,644    Vulcan Materials Co.      1,808,158   
     

 

 

 
   Consumer Finance (2.6%)   
91,047    Navient Corp.      1,797,268   

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Mid Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Consumer Finance (Continued)   
181,447    SLM Corp.    $ 1,652,982   
     

 

 

 
   Total Consumer Finance      3,450,250   
     

 

 

 
   Containers & Packaging (2.1%)   
70,609    Sealed Air Corp.      2,859,665   
     

 

 

 
   Diversified Telecommunication Services (0.4%)   
63,774    Windstream Holdings, Inc.      507,003   
     

 

 

 
   Energy Equipment & Services (2.6%)   
32,720    Atwood Oceanics, Inc. (1)      935,138   
107,199    Nabors Industries, Ltd.      1,233,860   
159,050    Newpark Resources, Inc. (1)      1,374,192   
     

 

 

 
   Total Energy Equipment & Services      3,543,190   
     

 

 

 
   Food & Staples Retailing (0.7%)   
25,500    Sysco Corp.      998,835   
     

 

 

 
   Food Products (1.4%)   
41,000    Campbell Soup Co.      1,875,340   
     

 

 

 
   Health Care Equipment & Supplies (2.5%)   
53,200    Alere, Inc. (1)      2,164,708   
39,642    Hologic, Inc. (1)      1,203,729   
     

 

 

 
   Total Health Care Equipment & Supplies      3,368,437   
     

 

 

 
   Health Care Providers & Services (4.5%)   
32,055    Cigna Corp.      3,424,436   
37,600    Quest Diagnostics, Inc.      2,672,232   
     

 

 

 
   Total Health Care Providers & Services      6,096,668   
     

 

 

 
   Hotels, Restaurants & Leisure (1.4%)   
63,136    International Speedway Corp.      1,836,626   
     

 

 

 
   Household Durables (5.6%)   
76,255    Beazer Homes USA, Inc. (1)      1,204,829   
103,360    KB Home      1,287,866   
43,120    Lennar Corp.      1,936,519   
89,415    Toll Brothers, Inc. (1)      3,095,547   
     

 

 

 
   Total Household Durables      7,524,761   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Mid Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Independent Power and Renewable Electricity Producers (1.6%)   
180,400    AES Corporation (The)    $ 2,204,488   
     

 

 

 
   Insurance (4.4%)   
35,386    Arch Capital Group, Ltd. (1)      2,051,326   
68,005    Assured Guaranty, Ltd.      1,660,682   
13,568    PartnerRe, Ltd.      1,552,179   
8,345    Reinsurance Group of America, Inc.      691,050   
     

 

 

 
  

Total Insurance

     5,955,237   
     

 

 

 
   Machinery (5.6%)   
20,909    Dover Corp.      1,464,467   
15,600    Joy Global, Inc.      654,264   
51,100    Kennametal, Inc.      1,605,562   
28,755    SPX Corp.      2,403,055   
65,398    Terex Corp.      1,470,147   
     

 

 

 
  

Total Machinery

     7,597,495   
     

 

 

 
   Metals & Mining (3.9%)   
70,271    Allegheny Technologies, Inc.      2,004,832   
136,807    Commercial Metals Co.      1,835,950   
47,640    Worthington Industries, Inc.      1,425,865   
     

 

 

 
  

Total Metals & Mining

     5,266,647   
     

 

 

 
   Multi-Utilities (1.5%)   
54,100    Avista Corp.      2,008,733   
     

 

 

 
   Multiline Retail (1.9%)   
351,540    J.C. Penney Co., Inc. (1)      2,555,696   
     

 

 

 
   Oil, Gas & Consumable Fuels (2.4%)   
60,800    Chesapeake Energy Corp.      1,166,144   
20,498    Murphy Oil Corp.      920,565   
39,800    Newfield Exploration Co. (1)      1,185,244   
     

 

 

 
  

Total Oil, Gas & Consumable Fuels

     3,271,953   
     

 

 

 
   Personal Products (0.6%)   
104,860    Avon Products, Inc.      811,616   
     

 

 

 
   Pharmaceuticals (1.1%)   
27,470    Mylan, Inc. (1)      1,460,031   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Mid Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Real Estate Management & Development (1.4%)   
12,675    Jones Lang LaSalle, Inc.    $ 1,864,239   
     

 

 

 
   REIT (5.5%)   
101,260    DiamondRock Hospitality Co.      1,471,308   
38,090    Geo Group, Inc. (The)      1,657,677   
15,275    Health Care REIT, Inc.      1,251,786   
67,645    Kimco Realty Corp.      1,870,384   
29,265    Liberty Property Trust      1,179,380   
     

 

 

 
  

Total REIT

     7,430,535   
     

 

 

 
   Semiconductors & Semiconductor Equipment (8.1%)   
50,282    Broadcom Corp.      2,133,717   
92,400    Freescale Semiconductor, Ltd. (1)      2,965,116   
28,910    Lam Research Corp.      2,209,880   
64,846    Maxim Integrated Products, Inc.      2,145,754   
79,300    Teradyne, Inc.      1,435,330   
     

 

 

 
  

Total Semiconductors & Semiconductor Equipment

     10,889,797   
     

 

 

 
   Specialty Retail (3.2%)   
12,735    Asbury Automotive Group, Inc. (1)      945,064   
23,210    Children’s Place Retail Stores, Inc. (The)      1,391,440   
48,200    Gap, Inc. (The)      1,985,358   
     

 

 

 
  

Total Specialty Retail

     4,321,862   
     

 

 

 
   Technology Hardware, Storage & Peripherals (6.2%)   
25,000    NetApp, Inc.      945,000   
52,155    Seagate Technology PLC (Netherlands)      2,943,628   
45,180    Western Digital Corp.      4,392,852   
     

 

 

 
  

Total Technology Hardware, Storage & Peripherals

     8,281,480   
     

 

 

 
   Textiles, Apparel & Luxury Goods (1.0%)   
36,943    Coach, Inc.      1,373,910   
     

 

 

 
   Thrifts & Mortgage Finance (3.0%)   
109,007    EverBank Financial Corp.      1,902,172   
262,225    First Niagara Financial Group, Inc.      2,129,267   
     

 

 

 
   Total Thrifts & Mortgage Finance      4,031,439   
     

 

 

 
   Total Common Stock (Cost: $106,065,987) (100.0%)      134,859,128   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Mid Cap Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

  

Short-Term Investments

   Value  
   Repurchase Agreement (Cost: $351,920) (0.3%)   
$351,920   

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $360,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $361,350) (Total Amount to be Received Upon Repurchase $351,920)

   $ 351,920   
     

 

 

 
   Total Investments (Cost: $106,417,907) (100.3%)      135,211,048   
   Liabilities in Excess of Other Assets (-0.3%)      (398,326
     

 

 

 
   Net Assets (100.0%)    $ 134,812,722   
     

 

 

 

 

Notes to the Schedule of Investments:

REIT

    -       Real Estate Investment Trust.

(1)

     Non-income producing security.

 

See accompanying notes to Schedule of Investments.


TCW Relative Value Mid Cap Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Aerospace & Defense

     2.4

Auto Components

     3.3   

Banks

     7.2   

Capital Markets

     4.3   

Chemicals

     2.6   

Communications Equipment

     2.3   

Construction & Engineering

     1.4   

Construction Materials

     1.3   

Consumer Finance

     2.6   

Containers & Packaging

     2.1   

Diversified Telecommunication Services

     0.4   

Energy Equipment & Services

     2.6   

Food & Staples Retailing

     0.7   

Food Products

     1.4   

Health Care Equipment & Supplies

     2.5   

Health Care Providers & Services

     4.5   

Hotels, Restaurants & Leisure

     1.4   

Household Durables

     5.6   

Independent Power and Renewable Electricity Producers

     1.6   

Insurance

     4.4   

Machinery

     5.6   

Metals & Mining

     3.9   

Multi-Utilities

     1.5   

Multiline Retail

     1.9   

Oil, Gas & Consumable Fuels

     2.4   

Personal Products

     0.6   

Pharmaceuticals

     1.1   

Real Estate Management & Development

     1.4   

REIT

     5.5   

Semiconductors & Semiconductor Equipment

     8.1   

Specialty Retail

     3.2   

Technology Hardware, Storage & Peripherals

     6.2   

Textiles, Apparel & Luxury Goods

     1.0   

Thrifts & Mortgage Finance

     3.0   

Short-Term Investments

     0.3   
  

 

 

 

Total

     100.3
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Select Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Biotechnology (10.0% of Net Assets)   
264,772    Alexion Pharmaceuticals, Inc. (1)    $ 48,516,821   
522,235    BioMarin Pharmaceutical, Inc. (1)      50,740,353   
635,680    Celgene Corp. (1)      75,747,629   
     

 

 

 
   Total Biotechnology      175,004,803   
     

 

 

 
   Capital Markets (1.9%)   
1,288,370    Charles Schwab Corp. (The)      33,471,853   
     

 

 

 
   Communications Equipment (2.2%)   
608,363    QUALCOMM, Inc.      37,998,353   
     

 

 

 
   Energy Equipment & Services (3.1%)   
342,850    Oceaneering International, Inc.      17,951,626   
429,611    Schlumberger, Ltd.      35,395,650   
     

 

 

 
   Total Energy Equipment & Services      53,347,276   
     

 

 

 
   Food & Staples Retailing (2.7%)   
334,144    Costco Wholesale Corp.      47,779,251   
     

 

 

 
   Food Products (3.0%)   
533,395    Mead Johnson Nutrition Co.      52,534,074   
     

 

 

 
   Health Care Technology (7.9%)   
402,662    athenahealth, Inc. (1)      56,255,908   
1,236,967    Cerner Corp. (1)      82,072,760   
     

 

 

 
   Total Health Care Technology      138,328,668   
     

 

 

 
   Hotels, Restaurants & Leisure (7.5%)   
70,530    Chipotle Mexican Grill, Inc. (1)      50,065,015   
923,965    Starbucks Corp.      80,874,657   
     

 

 

 
   Total Hotels, Restaurants & Leisure      130,939,672   
     

 

 

 
   Insurance (3.9%)   
629,890    ACE, Ltd.      68,002,924   
   Internet & Catalog Retail (5.7%)   
90,175    Amazon.com, Inc. (1)      31,969,743   
66,963    Priceline Group, Inc. (The) (1)      67,597,809   
     

 

 

 
   Total Internet & Catalog Retail      99,567,552   
     

 

 

 
   Internet Software & Services (15.0%)   
244,976    Equinix, Inc.      53,125,495   

 

See accompanying notes to Schedule of Investments.


TCW Select Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
  

Internet Software & Services (Continued)

  
798,655   

Facebook, Inc. (1)

   $ 60,625,901   
170,713   

Google, Inc. — Class C (1)

     91,249,513   
248,215   

LinkedIn Corp. (1)

     55,783,839   
     

 

 

 
  

Total Internet Software & Services

     260,784,748   
     

 

 

 
  

IT Services (4.8%)

  
324,776   

Visa, Inc.

     82,788,650   
     

 

 

 
  

Life Sciences Tools & Services (3.7%)

  
328,335   

Illumina, Inc. (1)

     64,087,709   
     

 

 

 
  

Pharmaceuticals (2.9%)

  
226,820   

Allergan, Inc.

     49,732,553   
     

 

 

 
  

REIT (4.9%)

  
877,972   

American Tower Corp.

     85,119,385   
     

 

 

 
  

Semiconductors & Semiconductor Equipment (3.0%)

  
1,105,345   

ARM Holdings PLC (United Kingdom) (SP ADR)

     51,774,360   
     

 

 

 
  

Software (12.0%)

  
495,530   

Mobileye NV (Netherlands) (1)

     19,518,927   
1,657,498   

Salesforce.com, Inc. (1)

     93,565,762   
833,105   

ServiceNow, Inc. (1)

     60,733,354   
680,705   

Splunk, Inc. (1)

     35,158,413   
     

 

 

 
  

Total Software

     208,976,456   
     

 

 

 
  

Specialty Retail (2.1%)

  
427,795   

Tiffany & Co.

     37,064,159   
     

 

 

 
  

Textiles, Apparel & Luxury Goods (1.3%)

  
313,200   

Under Armour, Inc. (1)

     22,575,456   
     

 

 

 
  

Trading Companies & Distributors (1.5%)

  
606,687   

Fastenal Co.

     26,936,903   
     

 

 

 
  

Total Common Stock (Cost: $1,104,383,068) (99.1%)

     1,726,814,805   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Select Equities Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

  

Short-Term Investments

   Value  
  

Repurchase Agreement (Cost: $29,613,839) (1.7%)

  
$29,613,839   

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $30,095,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $30,207,856) (Total Amount to be Received Upon Repurchase $29,613,839)

   $ 29,613,839   
     

 

 

 
  

Total Short-Term Investments (Cost: $29,613,839) (1.7%)

     29,613,839   
     

 

 

 
  

Total Investments (Cost: $1,133,996,907) (100.8%)

     1,756,428,644   
  

Liabilities in Excess of Other Assets (-0.8%)

     (14,712,786
     

 

 

 
  

Net Assets (100.0%)

   $ 1,741,715,858   
     

 

 

 

Notes to the Schedule of Investments:

 

REIT     -      Real Estate Investment Trust.
SP ADR     -      Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights.

(1)    

    Non-income producing security.

 

See accompanying notes to Schedule of Investments.


TCW Select Equities Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Biotechnology

     10.0

Capital Markets

     1.9   

Communications Equipment

     2.2   

Energy Equipment & Services

     3.1   

Food & Staples Retailing

     2.7   

Food Products

     3.0   

Health Care Technology

     7.9   

Hotels, Restaurants & Leisure

     7.5   

Insurance

     3.9   

Internet & Catalog Retail

     5.7   

Internet Software & Services

     15.0   

IT Services

     4.8   

Life Sciences Tools & Services

     3.7   

Pharmaceuticals

     2.9   

REIT

     4.9   

Semiconductors & Semiconductor Equipment

     3.0   

Software

     12.0   

Specialty Retail

     2.1   

Textiles, Apparel & Luxury Goods

     1.3   

Trading Companies & Distributors

     1.5   

Short-Term Investments

     1.7   
  

 

 

 

Total

     100.8
  

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Small Cap Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Aerospace & Defense (2.5% of Net Assets)   
21,100    Curtiss-Wright Corp.    $ 1,403,783   
39,112    HEICO Corp.      2,373,316   
     

 

 

 
   Total Aerospace & Defense      3,777,099   
     

 

 

 
   Airlines (1.5%)   
31,300    Spirit Airlines, Inc. (1)      2,320,582   
     

 

 

 
   Auto Components (1.3%)   
44,700    Dorman Products, Inc. (1)      2,044,131   
     

 

 

 
   Banks (1.2%)   
6,001    Green Bancorp, Inc. (1)      63,611   
9,050    ServisFirst Bancshares, Inc.      275,120   
64,400    Square 1 Financial, Inc. (1)      1,497,944   
     

 

 

 
   Total Banks      1,836,675   
     

 

 

 
   Beverages (2.1%)   
10,300    Boston Beer Co., Inc. (1)      3,239,556   
     

 

 

 
   Biotechnology (4.3%)   
6,700    Agios Pharmaceuticals, Inc. (1)      776,664   
42,940    Cepheid, Inc. (1)      2,426,539   
33,665    Karyopharm Therapeutics, Inc. (1)      893,132   
26,900    Ophthotech Corp. (1)      1,513,125   
16,275    Ultragenyx Pharmaceutical, Inc. (1)      945,578   
     

 

 

 
   Total Biotechnology      6,555,038   
     

 

 

 
   Building Products (1.0%)   
35,600    Trex Co., Inc. (1)      1,514,068   
     

 

 

 
   Capital Markets (4.0%)   
74,700    Financial Engines, Inc. (1)      2,681,730   
200,300    WisdomTree Investments, Inc. (1)      3,489,226   
     

 

 

 
   Total Capital Markets      6,170,956   
     

 

 

 
   Communications Equipment (2.4%)   
32,400    Arista Networks, Inc. (1)      2,045,088   
96,687    Aruba Networks, Inc. (1)      1,603,071   
     

 

 

 
   Total Communications Equipment      3,648,159   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Small Cap Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Diversified Consumer Services (2.9%)   
33,464    MarketAxess Holdings, Inc.    $ 2,542,260   
95,000    Nord Anglia Education, Inc. (1)      1,903,800   
     

 

 

 
   Total Diversified Consumer Services      4,446,060   
     

 

 

 
   Electrical Equipment (1.0%)   
34,120    Power Solutions International, Inc. (1)      1,508,786   
     

 

 

 
   Electronic Equipment, Instruments & Components (4.2%)   
76,798    Cognex Corp. (1)      2,822,327   
39,089    FARO Technologies, Inc. (1)      2,163,576   
17,800    FEI Co.      1,463,516   
     

 

 

 
   Total Electronic Equipment, Instruments & Components      6,449,419   
     

 

 

 
   Energy Equipment & Services (1.2%)   
19,700    Core Laboratories N.V. (Netherlands)      1,827,175   
     

 

 

 
   Food & Staples Retailing (0.9%)   
17,137    Pricesmart, Inc.      1,401,464   
     

 

 

 
   Food Products (3.4%)   
94,000    Freshpet, Inc. (1)      1,437,260   
202,891    Lifeway Foods, Inc. (1)      3,712,905   
     

 

 

 
   Total Food Products      5,150,165   
     

 

 

 
   Health Care Equipment & Supplies (7.6%)   
78,600    AtriCure, Inc. (1)      1,559,424   
4,400    Atrion Corp.      1,474,000   
51,200    Cardiovascular Systems, Inc. (1)      1,745,408   
27,131    DexCom, Inc. (1)      1,621,891   
155,704    Endologix, Inc. (1)      2,168,957   
48,200    LDR Holding Corp. (1)      1,613,254   
104,385    Novadaq Technologies, Inc. (Canada) (1)      1,485,398   
     

 

 

 
   Total Health Care Equipment & Supplies      11,668,332   
     

 

 

 
   Health Care Providers & Services (1.5%)   
41,000    Health Net, Inc. (1)      2,220,970   
     

 

 

 
   Health Care Technology (3.6%)   
22,200    athenahealth, Inc. (1)      3,101,562   

 

See accompanying notes to Schedule of Investments.


TCW Small Cap Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Health Care Technology (Continued)   
82,400    Veeva Systems, Inc. (1)    $ 2,369,824   
     

 

 

 
   Total Health Care Technology      5,471,386   
     

 

 

 
   Hotels, Restaurants & Leisure (4.7%)   
49,000    BJ’s Restaurants, Inc. (1)      2,170,210   
108,700    El Pollo Loco Holdings, Inc. (1)      2,796,851   
106,800    La Quinta Holdings, Inc. (1)      2,171,244   
     

 

 

 
   Total Hotels, Restaurants & Leisure      7,138,305   
     

 

 

 
   Insurance (1.1%)   
87,100    Heritage Insurance Holdings, Inc. (1)      1,655,771   
     

 

 

 
   Internet & Catalog Retail (1.3%)   
124,300    Travelport Worldwide, Ltd. (1)      1,937,837   
     

 

 

 
   Internet Software & Services (9.2%)   
42,750    Benefitfocus, Inc. (1)      1,034,122   
62,400    Box, Inc. (1)      1,173,744   
105,140    Cornerstone OnDemand, Inc. (1)      3,464,363   
42,700    Envestnet, Inc. (1)      2,197,769   
44,600    Marketo, Inc. (1)      1,535,578   
29,392    SPS Commerce, Inc. (1)      1,742,946   
55,300    Yelp, Inc. (1)      2,901,591   
     

 

 

 
   Total Internet Software & Services      14,050,113   
     

 

 

 
   IT Services (1.5%)   
47,800    EPAM Systems, Inc. (1)      2,338,854   
     

 

 

 
   Machinery (4.6%)   
30,000    Altra Holdings, Inc.      766,500   
51,469    Chart Industries, Inc. (1)      1,466,867   
47,800    John Bean Technologies Corp.      1,443,082   
30,100    Proto Labs, Inc. (1)      1,938,139   
24,500    RBC Bearings, Inc. (1)      1,421,980   
     

 

 

 
   Total Machinery      7,036,568   
     

 

 

 
   Oil, Gas & Consumable Fuels (0.8%)   
43,100    RSP Permian, Inc. (1)      1,155,080   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Small Cap Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Professional Services (3.2%)   
86,000    Barrett Business Services, Inc.    $ 2,635,900   
68,600    TriNet Group, Inc. (1)      2,275,462   
     

 

 

 
   Total Professional Services      4,911,362   
     

 

 

 
   Real Estate Management & Development (0.9%)   
39,675    RE/MAX Holdings, Inc. (1)      1,320,384   
     

 

 

 
   Semiconductors & Semiconductor Equipment (2.3%)   
141,807    Exar Corp. (1)      1,279,099   
51,188    Mellanox Technologies, Ltd. (1)      2,253,296   
     

 

 

 
   Total Semiconductors & Semiconductor Equipment      3,532,395   
     

 

 

 
   Software (9.0%)   
104,300    FireEye, Inc. (1)      3,526,383   
30,200    Imperva, Inc. (1)      1,261,152   
31,200    Proofpoint, Inc. (1)      1,560,000   
61,847    Qualys, Inc. (1)      2,351,423   
51,848    Splunk, Inc. (1)      2,677,949   
15,518    Ultimate Software Group, Inc. (The) (1)      2,296,819   
     

 

 

 
   Total Software      13,673,726   
     

 

 

 
   Specialty Retail (4.5%)   
28,846    Asbury Automotive Group, Inc. (1)      2,140,662   
64,400    Dick’s Sporting Goods, Inc.      3,326,260   
42,327    Five Below, Inc. (1)      1,410,335   
     

 

 

 
   Total Specialty Retail      6,877,257   
     

 

 

 
   Technology Hardware, Storage & Peripherals (1.2%)   
80,013    Nimble Storage, Inc. (1)      1,794,692   
     

 

 

 
   Textiles, Apparel & Luxury Goods (4.7%)   
107,200    Kate Spade & Co. (1)      3,380,016   
47,122    Steven Madden, Ltd. (1)      1,618,169   
92,424    Vince Holding Corp. (1)      2,167,343   
     

 

 

 
   Total Textiles, Apparel & Luxury Goods      7,165,528   
     

 

 

 
   Trading Companies & Distributors (0.5%)   
41,300    H&E Equipment Services, Inc. (1)      724,402   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Small Cap Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

   Total Common Stock (Cost: $112,388,002) (96.1%)      146,562,295   
     

 

 

 

Principal
Amount

  

Short-Term Investments

  

 

 
   Repurchase Agreement (Cost: $3,417,707) (2.2%)   
$3,417,707   

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $3,475,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $3,488,031) (Total Amount to be Received Upon Repurchase $3,417,707)

   $ 3,417,707   
     

 

 

 
   Total Investments (Cost: $115,805,709) (98.3%)      149,980,002   
   Excess of Other Assets over Liabilities (1.7%)      2,615,156   
     

 

 

 
   Net Assets (100.0%)    $ 152,595,158   
     

 

 

 

Notes to the Schedule of Investments:

 

(1)

    

Non-incomeproducing security.

 

See accompanying notes to Schedule of Investments.


TCW Small Cap Growth Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Aerospace & Defense

     2.5

Airlines

     1.5   

Auto Components

     1.3   

Banks

     1.2   

Beverages

     2.1   

Biotechnology

     4.3   

Building Products

     1.0   

Capital Markets

     4.0   

Communications Equipment

     2.4   

Diversified Consumer Services

     2.9   

Electrical Equipment

     1.0   

Electronic Equipment, Instruments & Components

     4.2   

Energy Equipment & Services

     1.2   

Food & Staples Retailing

     0.9   

Food Products

     3.4   

Health Care Equipment & Supplies

     7.6   

Health Care Providers & Services

     1.5   

Health Care Technology

     3.6   

Hotels, Restaurants & Leisure

     4.7   

Insurance

     1.1   

Internet & Catalog Retail

     1.3   

Internet Software & Services

     9.2   

IT Services

     1.5   

Machinery

     4.6   

Oil, Gas & Consumable Fuels

     0.8   

Professional Services

     3.2   

Real Estate Management & Development

     0.9   

Semiconductors & Semiconductor Equipment

     2.3   

Software

     9.0   

Specialty Retail

     4.5   

Technology Hardware, Storage & Peripherals

     1.2   

Textiles, Apparel & Luxury Goods

     4.7   

Trading Companies & Distributors

     0.5   

Short-Term Investments

     2.2   
  

 

 

 

Total

     98.3
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW SMID Cap Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Aerospace & Defense (3.6% of Net Assets)   
15,850    BE Aerospace, Inc. (1)    $ 924,531   
11,837    HEICO Corp.      718,269   
     

 

 

 
   Total Aerospace & Defense      1,642,800   
     

 

 

 
   Auto Components (1.4%)   
14,091    Dorman Products, Inc. (1)      644,381   
     

 

 

 
   Banks (1.4%)   
5,670    SVB Financial Group (1)      640,143   
     

 

 

 
   Beverages (2.8%)   
4,000    Boston Beer Co., Inc. (1)      1,258,080   
     

 

 

 
   Biotechnology (4.1%)   
13,065    Cepheid, Inc. (1)      738,303   
10,050    Karyopharm Therapeutics, Inc. (1)      266,627   
5,100    Pharmacyclics, Inc. (1)      860,625   
     

 

 

 
   Total Biotechnology      1,865,555   
     

 

 

 
   Capital Markets (4.7%)   
18,900    Financial Engines, Inc.      678,510   
9,562    Stifel Financial Corp. (1)      450,848   
58,150    WisdomTree Investments, Inc. (1)      1,012,973   
     

 

 

 
   Total Capital Markets      2,142,331   
     

 

 

 
   Communications Equipment (1.1%)   
30,990    Aruba Networks, Inc. (1)      513,814   
     

 

 

 
   Diversified Consumer Services (1.1%)   
6,500    MarketAxess Holdings, Inc.      493,805   
     

 

 

 
   Electronic Equipment, Instruments & Components (4.8%)   
23,040    Cognex Corp. (1)      846,720   
12,172    FARO Technologies, Inc. (1)      673,720   
7,600    FEI Co.      624,872   
     

 

 

 
   Total Electronic Equipment, Instruments & Components      2,145,312   
     

 

 

 
   Energy Equipment & Services (1.5%)   
7,403    Core Laboratories N.V. (Netherlands)      686,628   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW SMID Cap Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Food & Staples Retailing (2.6%)   
8,169    Pricesmart, Inc.    $ 668,061   
6,755    United Natural Foods, Inc. (1)      522,026   
     

 

 

 
   Total Food & Staples Retailing      1,190,087   
     

 

 

 
   Food Products (1.5%)   
20,550    WhiteWave Foods Co. (The) (1)      677,534   
     

 

 

 
   Health Care Equipment & Supplies (5.8%)   
16,337    AtriCure, Inc. (1)      324,126   
15,400    Cardiovascular Systems, Inc. (1)      524,986   
31,341    Endologix, Inc. (1)      436,580   
1,750    Intuitive Surgical, Inc. (1)      865,340   
31,550    Novadaq Technologies, Inc. (Canada) (1)      448,957   
     

 

 

 
   Total Health Care Equipment & Supplies      2,599,989   
     

 

 

 
   Health Care Providers & Services (1.7%)   
12,350    Health Net, Inc. (1)      669,000   
2,592    Premier, Inc. (1)      84,240   
     

 

 

 
   Total Health Care Providers & Services      753,240   
     

 

 

 
   Health Care Technology (2.1%)   
6,650    athenahealth, Inc. (1)      929,072   
     

 

 

 
   Hotels, Restaurants & Leisure (4.4%)   
15,800    Aramark      494,856   
32,850    El Pollo Loco Holdings, Inc. (1)      845,230   
32,250    La Quinta Holdings, Inc. (1)      655,643   
     

 

 

 
   Total Hotels, Restaurants & Leisure      1,995,729   
     

 

 

 
   Internet & Catalog Retail (1.4%)   
9,300    TripAdvisor, Inc. (1)      623,193   
     

 

 

 
   Internet Software & Services (6.1%)   
34,050    Cornerstone OnDemand, Inc. (1)      1,121,947   
14,250    Envestnet, Inc. (1)      733,448   
16,700    Yelp, Inc. (1)      876,249   
     

 

 

 
   Total Internet Software & Services      2,731,644   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW SMID Cap Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Leisure Products (1.7%)   
5,150    Polaris Industries, Inc.    $ 744,639   
     

 

 

 
   Life Sciences Tools & Services (1.1%)   
2,500    Illumina, Inc. (1)      487,975   
     

 

 

 
   Machinery (8.9%)   
23,292    Chart Industries, Inc. (1)      663,822   
5,900    Graco, Inc.      420,316   
9,700    Middleby Corp. (The) (1)      921,694   
10,800    Proto Labs, Inc. (1)      695,412   
6,550    WABCO Holdings, Inc. (1)      623,363   
8,100    Wabtec Corp.      675,945   
     

 

 

 
   Total Machinery      4,000,552   
     

 

 

 
   Media (1.1%)   
7,100    AMC Networks, Inc. (1)      473,570   
     

 

 

 
   Pharmaceuticals (2.4%)   
8,100    Salix Pharmaceuticals, Ltd. (1)      1,090,827   
     

 

 

 
   Road & Rail (1.4%)   
5,855    Kansas City Southern      644,577   
     

 

 

 
   Semiconductors & Semiconductor Equipment (1.7%)   
41,050    NVIDIA Corp.      788,365   
     

 

 

 
   Software (15.8%)   
11,590    ANSYS, Inc. (1)      934,965   
38,850    FireEye, Inc. (1)      1,313,519   
13,277    Mobileye NV (Netherlands) (1)      522,981   
4,100    NetSuite, Inc. (1)      403,563   
14,000    ServiceNow, Inc. (1)      1,020,600   
20,065    Splunk, Inc. (1)      1,036,357   
6,650    Tyler Technologies, Inc. (1)      705,432   
2,791    Ultimate Software Group, Inc. (The) (1)      413,096   
9,820    Workday, Inc. (1)      780,297   
     

 

 

 
   Total Software      7,130,810   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW SMID Cap Growth Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

  

Common Stock

   Value  
   Specialty Retail (4.5%)   
5,010    Asbury Automotive Group, Inc. (1)    $ 371,792   
16,600    Dick’s Sporting Goods, Inc.      857,390   
22,500    DSW, Inc.      800,100   
     

 

 

 
   Total Specialty Retail      2,029,282   
     

 

 

 
   Textiles, Apparel & Luxury Goods (5.1%)   
29,150    Kate Spade & Co. (1)      919,099   
9,510    Under Armour, Inc. (1)      685,481   
30,415    Vince Holding Corp. (1)      713,232   
     

 

 

 
   Total Textiles, Apparel & Luxury Goods      2,317,812   
     

 

 

 
   Total Common Stock (Cost: $34,450,275) (95.8%)      43,241,746   
     

 

 

 

Principal
Amount

  

Short-Term Investments

      
   Repurchase Agreement (Cost: $2,180,489) (4.8%)   
$2,180,489   

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $2,220,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $2,228,325) (Total Amount to be Received Upon Repurchase $2,180,489)

     2,180,489   
     

 

 

 
   Total Investments (Cost: $36,630,764) (100.6%)      45,422,235   
   Liabilities in Excess of Other Assets (-0.6%)      (282,220
     

 

 

 
   Net Assets (100.0%)    $ 45,140,015   
     

 

 

 

Notes to the Schedule of Investments:

 

(1)

    

Non-incomeproducing security.

 

See accompanying notes to Schedule of Investments.


TCW SMID Cap Growth Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Aerospace & Defense

     3.6

Auto Components

     1.4   

Banks

     1.4   

Beverages

     2.8   

Biotechnology

     4.1   

Capital Markets

     4.7   

Communications Equipment

     1.1   

Diversified Consumer Services

     1.1   

Electronic Equipment, Instruments & Components

     4.8   

Energy Equipment & Services

     1.5   

Food & Staples Retailing

     2.6   

Food Products

     1.5   

Health Care Equipment & Supplies

     5.8   

Health Care Providers & Services

     1.7   

Health Care Technology

     2.1   

Hotels, Restaurants & Leisure

     4.4   

Internet & Catalog Retail

     1.4   

Internet Software & Services

     6.1   

Leisure Products

     1.7   

Life Sciences Tools & Services

     1.1   

Machinery

     8.9   

Media

     1.1   

Pharmaceuticals

     2.4   

Road & Rail

     1.4   

Semiconductors & Semiconductor Equipment

     1.7   

Software

     15.8   

Specialty Retail

     4.5   

Textiles, Apparel & Luxury Goods

     5.1   

Short-Term Investments

     4.8   
  

 

 

 

Total

     100.6
  

 

 

 

 

See accompanying notes to Schedule of Investments.


Note 1 – Security Valuations

Securities listed or traded on the New York and other stock exchanges are valued at the latest sale price on that exchange. Securities traded on the NASDAQ stock market are valued using official closing prices as reported by NASDAQ. All other securities for which over-the-counter (“OTC”) market quotations are readily available including short-term securities are valued with prices furnished by independent pricing services or by broker dealers. Repurchase agreements are priced at cost which approximates market value. Exchange traded derivatives are valued at the last sale price, or if no sales are reported, the last bid price for purchased options and the last ask price for written options, swaps and futures. Over the counter options are valued using dealer quotations. Open-end mutual funds held in the TCW Conservative Allocation Fund are valued based on the net asset value per share of the mutual fund.

The TCW Funds, Inc. (the “Company”) has adopted, after the approval by the Company’s Board of Directors, 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 a foreign exchange that has been closed for a period of time due to time zone difference. The utilization of the fair value model may result in the adjustment of prices taking into account fluctuations in the U.S. market. The fair value model is utilized each trading day and not dependent on certain thresholds or triggers.

Securities for which market quotations are not readily available, including circumstances under which the prices received are not reflective of a security’s market value, are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Company’s Board of Directors.

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 the accounting principles generally accepted in the United States of America (“GAAP”), the Funds disclose investments in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements for disclosure purposes. 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 assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.


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 in its entirety.

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

Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

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

Exchange-traded funds. Exchange-traded funds are generally valued based on quoted prices from the applicable exchange. They are categorized in Level 1 of the fair value hierarchy.

Foreign currency contracts. The fair value of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as indices and exchange rates. Foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

Master Limited Partnerships. Master Limited Partnerships are generally valued based on quoted prices from the applicable exchange. They are categorized in Level 1 of the fair value hierarchy.

Mutual Funds. Open-end mutual funds are valued based upon the net asset value as reported by the fund companies. As such, they are categorized in Level 1.

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

Participation Notes. Participation Notes are fair valued based on underlying equity security valuations. Valuation of underlying equity securities is derived from the market exchange or quotations from dealers. Participation Notes are generally categorized in Level 2 of the fair value hierarchy; in instances where key inputs are unobservable, they are categorized in Level 3.

Restricted securities. Restricted securities, including illiquid Rule 144A securities, held in non-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently, and therefore, the inputs are


unobservable. Any other restricted securities valued similar to publicly traded securities may be categorized as Level 2 or 3 of the fair value hierarchy depending on whether a discount is applied and significant to the fair value.

Short-term investments. Short-term investments are valued using market price quotations, and are reflected in Level 2 of the fair value hierarchy. Repurchase agreements are valued at cost, which approximates fair value, and are categorized as Level 2.

As of January 31, 2015, the Funds with the exception of the TCW Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund, categorized their investments at Level 1, with the corresponding industries as represented in the Schedule of Investments, and all short-term investments at Level 2.

The following is a summary of the inputs used as of January 31, 2015 in valuing the TCW Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund investments:

TCW Emerging Markets Multi-Asset Opportunities Fund

 

Description

   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
     Total  

Fixed Income Securities

           

Airlines

   $ —         $ 203,880       $ —         $ 203,880   

Banks

     —           3,395,997         —           3,395,997   

Building Materials

     —           409,880         —           409,880   

Chemicals

     —           195,700         —           195,700   

Diversified Financial Services

     —           1,147,696         —           1,147,696   

Electric

     —           886,975         —           886,975   

Food

     —           263,275         —           263,275   

Foreign Government Bonds

     —           12,738,682         —           12,738,682   

Gas

     —           418,246         —           418,246   

Government Regional/Local

     —           396,000         —           396,000   

Internet

     —           407,483         —           407,483   

Oil & Gas

     —           1,722,209         —           1,722,209   

Real Estate

     —           263,750         —           263,750   

Telecommunications

     —           260,375         —           260,375   

Transportation

     —           209,088         —           209,088   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Fixed Income Securities

     —           22,919,236         —           22,919,236   
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred Stock

           

Media

     38,401         —           —           38,401   

Retail

     470,694         —           —           470,694   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Preferred Stock

     509,095         —           —           509,095   
  

 

 

    

 

 

    

 

 

    

 

 

 

Common Stocks

           

Aerospace/Defense

     162,196         —           —           162,196   

Agriculture

     243,127         504,390         —           747,517   

Airlines

     166,640         194,316         —           360,956   

Auto Manufacturers

     —           492,117         —           492,117   

Auto Parts & Equipment

     —           420,486         —           420,486   

Banks

     488,838         4,237,595         —           4,726,433   

Beverages

     233,968         —           —           233,968   

Commercial Services

     360,838         —           —           360,838   

Computers

     550,594         233,138         —           783,732   

Diversified Financial Services

     —           1,150,048         —           1,150,048   

Electric

     —           440,732         —           440,732   

Electrical Compo&Equip

     —           515,357         —           515,357   

Engineering & Construction

     —           121,780         —           121,780   

Environmental Control

     —           706,204         —           706,204   


Food

     152,800         400,415        —           553,215   

Healthcare-Products

     —           725,796        —           725,796   

Insurance

     —           1,086,585        —           1,086,585   

Internet

     1,294,457         1,045,214        —           2,339,671   

Machinery-Diversified

     —           225,811        —           225,811   

Media

     365,232         1,101,122        —           1,466,354   

Mining

     160,875         —          —           160,875   

Pharmaceuticals

     —           1,851,347        —           1,851,347   

Real Estate

     303,306         —          —           303,306   

Retail

     321,175         930,851        —           1,252,026   

Semiconductors

     283,875         2,510,497        —           2,794,372   

Telecommunications

     1,668,670         1,022,512        —           2,691,182   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Common Stocks

     6,756,591         19,916,313        —           26,672,904   
  

 

 

    

 

 

   

 

 

    

 

 

 

Participation Notes

          

Healthcare-Services

     —           341,207        —           341,207   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Participation Notes

     —           341,207        —           341,207   
  

 

 

    

 

 

   

 

 

    

 

 

 

Short-Term Investments

     —           909,440        —           909,440   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments

   $ 7,265,686       $ 44,086,196      $ —         $ 51,351,882   
  

 

 

    

 

 

   

 

 

    

 

 

 

Asset Derivatives

          

Forward Currency Contracts

          

Foreign Currency Risk

     —           106,906        —           106,906   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 7,265,686       $ 44,193,102      $ —         $ 51,458,788   
  

 

 

    

 

 

   

 

 

    

 

 

 

Liability Derivatives

          

Forward Currency Contracts

          

Foreign Currency Risk

   $ —         $ (12,527   $ —         $ (12,527
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ —         $ (12,527   $ —         $ (12,527
  

 

 

    

 

 

   

 

 

    

 

 

 


TCW International Growth Fund

 

Description

   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
     Total  

Common Stock

        

Auto Components

   $ —         $ 14,551       $ —         $ 14,551   

Automobiles

     —           23,115         —           23,115   

Banks

     36,030         222,711         —           258,741   

Capital Markets

     31,515         85,928         —           117,443   

Chemicals

     25,578         41,509         —           67,087   

Construction & Engineering

     —           28,317         —           28,317   

Construction Materials

     —           49,647         —           49,647   

Consumer Finance

     39,177         —           —           39,177   

Diversified Financial Services

     —           216,238         —           216,238   

Electric Utilities

     —           56,527         —           56,527   

Food Products

     —           77,550         —           77,550   

Gas Utilities

     —           24,808         —           24,808   

Health Care Technology

     —           40,219         —           40,219   

Hotels, Restaurants & Leisure

     49,304         —           —           49,304   

Industrial Conglomerates

     —           31,537         —           31,537   

Insurance

     —           82,302         —           82,302   

Internet & Catalog Retail

     —           27,680         —           27,680   

Internet Software & Services

     68,678         171,164         —           239,842   

IT Services

     —           81,670         —           81,670   

Machinery

     —           62,292         —           62,292   

Media

     —           68,590         —           68,590   

Metals & Mining

     353,786         98,658         —           452,444   

Multiline Retail

     —           25,648         —           25,648   

Pharmaceuticals

     51,454         85,439         —           136,893   

Road & Rail

     —           18,123         —           18,123   

Semiconductors & Semiconductor Equipment

     —           25,917         —           25,917   

Software

     —           30,447         —           30,447   

Specialty Retail

     —           26,460         —           26,460   

Technology Hardware, Storage & Peripherals

     —           24,828         —           24,828   

Thrifts & Mortgage Finance

     —           68,767         —           68,767   

Transportation Infrastructure

     —           32,771         —           32,771   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     655,522         1,843,413         —           2,498,935   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Exchange-Traded Fund

     31,367         —           —           31,367   
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred Stock

           

Media

     2,387         —           —           2,387   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Preferred Stock

     2,387         —           —           2,387   
  

 

 

    

 

 

    

 

 

    

 

 

 

Warrants

           

Industrial Conglomerates

     641         —           —           641   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Warrants

     641         —           —           641   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

     689,917         1,843,413         —           2,533,330   
  

 

 

    

 

 

    

 

 

    

 

 

 

Asset Derivatives

           

Forward Currency Contracts

           

Foreign Currency Risk

     —           78,452         —           78,452   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 689,917       $ 1,921,865       $ —         $ 2,611,782   
  

 

 

    

 

 

    

 

 

    

 

 

 


TCW International Small Cap Fund

 

Description

   Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)
    Significant
Other
Observable
Inputs

(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
     Total  

Common Stock

       

Banks

   $ —        $ 1,913,171       $ —         $ 1,913,171   

Building Products

     413,660        —           —           413,660   

Capital Markets

     446,469        1,492,170         —           1,938,639   

Construction & Engineering

     —          566,345         —           566,345   

Consumer Finance

     350,783        517,630         —           868,413   

Diversified Consumer Services

     564,301        —           —           564,301   

Diversified Financial Services

     507,871        1,075,108         —           1,582,979   

Electrical Equipment

     —          490,178         —           490,178   

Food Products

     —          610,851         —           610,851   

Hotels, Restaurants & Leisure

     518,472        —           —           518,472   

Independent Power and Renewable Electricity Producers

     —          481,529         —           481,529   

Internet Software & Services

     287,920        2,409,150         —           2,697,070   

IT Services

     —          1,372,840         —           1,372,840   

Machinery

     —          435,682         —           435,682   

Metals & Mining

     4,963,822        1,342,378         —           6,306,200   

Paper & Forest Products

     —          341,899         —           341,899   

Pharmaceuticals

     —          320,081         —           320,081   

Professional Services

     —          689,159         —           689,159   

Real Estate Management & Development

     —          1,073,712         —           1,073,712   

Semiconductors & Semiconductor Equipment

     —          309,785         —           309,785   

Software

     —          483,724         —           483,724   

Textiles, Apparel & Luxury Goods

     —          572,292         —           572,292   

Thrifts & Mortgage Finance

     —          664,302         —           664,302   
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Common Stock

     8,053,298        17,161,986         —           25,215,284   
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Exchange-Traded Fund

     548,924        —           —           548,924   
  

 

 

   

 

 

    

 

 

    

 

 

 

Warrants

    

Industrial Conglomerates

     10,675        —           —           10,675   

Oil, Gas & Consumable Fuels

     —       —           —           —  
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Warrants

     10,675        —           —           10,675   
  

 

 

   

 

 

    

 

 

    

 

 

 

Short-Term Investments

     —          164,647         —           164,647   
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

     8,612,897        17,326,633         —           25,939,530   
  

 

 

   

 

 

    

 

 

    

 

 

 

Asset Derivatives

    

Forward Currency Contracts

    

Foreign Currency Risk

     —          978,322         —           978,322   
  

 

 

   

 

 

    

 

 

    

 

 

 

Total

   $ 8,612,897      $ 18,304,955       $ —         $ 26,917,852   
  

 

 

   

 

 

    

 

 

    

 

 

 
* Amount rounds to less than $1.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

 

Fund

   Transfer out of Level 1*
and Transfer into Level  2
     Transfer out of Level 2*
and Transfer into Level  1
 

TCW Emerging Markets Multi-Asset Opportunities Fund

   $ 632,171       $ 1,282,300   

TCW International Growth Fund

     37,869         —     

TCW International Small Cap Fund

     159,073         507,871   
* The Funds recognize transfer between the Levels as of the beginning of the year.


The transfers between Level 1 and Level 2 of the fair value hierarchy during the period ended January 31, 2015, were due to changes in valuation to/from the exchange closing price from/to the fair value price as described under the “Fair Value Measurements — Equity Securities”.

The Funds held no investments or other financial instruments at January 31, 2015 whose fair value was calculated using Level 3 inputs.

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

For the period ended January 31, 2015, the TCW Emerging Markets Multi-Asset Opportunities Fund, TCW Global Real Estate Fund, the TCW High Dividend Equities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund had the following derivatives and transactions in derivatives, grouped in the following risk categories (Amounts in Thousands except Notional Amounts or Shares/Units):


     Equity
Risk
    Foreign
Currency Risk
     Total  

TCW Emerging Markets Multi-Asset Opportunities Fund

       

Asset Derivatives

       

Forward Currency Contracts

   $ —        $ 107       $ 107   
  

 

 

   

 

 

    

 

 

 

Total Value

   $ —        $ 107       $ 107   
  

 

 

   

 

 

    

 

 

 

Liability Derivatives

       

Forward Currency Contracts

   $ —        $ (13    $ (13
  

 

 

   

 

 

    

 

 

 

Total Value

   $ —        $ (13    $ (13
  

 

 

   

 

 

    

 

 

 

Notional Amounts or Shares/Units (3)

       

Forward Currency Contracts

   $ —          3,062,88       $ —     

TCW Global Real Estate Fund

       

Asset Derivatives

       

Investments (1)

   $ —   (2)   $ —         $ —   (2)
  

 

 

   

 

 

    

 

 

 

Total Value

   $ —   (2)    $ —         $ —   (2) 
  

 

 

   

 

 

    

 

 

 

Liability Derivatives

       

Written Options

   $ (2   $ —         $ (2
  

 

 

   

 

 

    

 

 

 

Total Value

   $ (2   $ —         $ (2
  

 

 

   

 

 

    

 

 

 

Notional Amounts or Shares/Units (3)

       

Purchased Options

     600        —           600   

Written Options

     1,000        —           1,000   

TCW High Dividend Equities Fund

       

Liability Derivatives

       

Written Options

   $ (1   $ —         $ (1
  

 

 

   

 

 

    

 

 

 

Total Value

   $ (1   $ —         $ (1
  

 

 

   

 

 

    

 

 

 

Notional Amounts or Shares/Units (3)

       

Written Options

     800        —           800   

TCW International Growth Fund

       

Asset Derivatives

       

Forward Currency Contracts

   $ —        $ 78       $ 78   
  

 

 

   

 

 

    

 

 

 

Total Value

   $ —        $ 78       $ 78   
  

 

 

   

 

 

    

 

 

 

Notional Amounts or Shares/Units (3)

       

Forward Currency Contracts

   $ —        $ 1,217,709       $ 1,217,709   

TCW International Small Cap Fund

       

Asset Derivatives

       

Forward Currency Contracts

   $ —        $ 978       $ 978   
  

 

 

   

 

 

    

 

 

 

Total Value

   $ —        $ 978       $ 978   
  

 

 

   

 

 

    

 

 

 

Notional Amounts or Shares/Units (3)

       

Forward Currency Contracts

   $ —        $ 14,085,062       $ 14,085,062   

 

(1) Represents purchased options, at value.
(2) Amount less than $1
(3) Amount represents the number of contracts or notional value outstanding at the end of the period.


Forward Foreign Currency Contracts: The Funds, with the exception of the TCW Conservative Allocation Fund, may 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. When the contract is closed or delivery is taken, each 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 Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund, and the TCW International Small Cap Fund had forward foreign currency contracts outstanding as of January 31, 2015.

Options: The Funds, with the exception of the TCW Conservative Allocation Fund, may purchase and sell put and call options on an index of securities to enhance investment performance and to protect against changes in market prices. The Funds may also enter into currency options to hedge against currency fluctuations.

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 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.

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. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. 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 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. Option contracts purchased and written by the Funds and outstanding at the end of the period are listed in the Funds’ Schedule of Investments.

Transactions in written option contracts for the period ended January 31, 2015, were as follows:


     TCW Global Real
Estate Fund
    TCW High
Dividend
Equities Fund
 
     Call
Contracts
    Call
Premiums
    Call
Contracts
    Call
Premiums
 

Options outstanding at December 1, 2014

     —          —          —          —     

Options written

     1,500      $ 1,960        1,400      $ 2,226   

Options terminated in closing purchase transactions

     —          —          —          —     

Options exercised

     (500     (718     —          —     

Options expired

     —          —          (600     (696

Options outstanding at January 31, 2015

     1,000      $ 1,242        800      $ 1,530   
  

 

 

   

 

 

   

 

 

   

 

 

 

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 in order to adjust the interest rate exposure of the 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 the Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value of the subject securities will fluctuate, reflecting interest rate changes. In addition, because a Fund is not required to pay for when-issued, delayed-delivery or forward commitment securities until the delivery date, they may result in a form of leverage to the extent a Fund does not maintain liquid assets equal to the face amount of the contract. To guard against the deemed leverage, the Funds segregate cash and/or securities in the amount or value at least equal to the amount of these transactions.

Participation Notes: The Funds may invest in participation notes of equity-linked instruments (collectively, participation notes), through which 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 the possible failure of 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. The TCW Emerging Markets Multi-Asset Opportunities Fund held participation notes as of January 31, 2015, which are listed on the Schedule of Investments.

Repurchase Agreements: The Funds may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”). The MRA permits a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Funds receive securities as collateral with a market value in excess of the repurchase price to be received by the Funds upon the maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Funds recognize a liability with respect to such excess collateral to reflect the Funds obligation under bankruptcy law to


return the excess to the counterparty. Repurchase agreements outstanding at the end of the period are listed in the Funds’ Schedule of Investments.

Note 2 – Federal Income Taxes

At January 31, 2015, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows (amounts in thousands):

 

     Unrealized
Appreciation
     Unrealized
(Depreciation)
    Net Unrealized
Appreciation
(Depreciation)
    Cost of
Investments for
Federal Income
Tax Purposes
 

TCW Concentrated Value Fund

   $ 2,067       $ (140   $ 1,927      $ 11,805   

TCW Conservative Allocation Fund

     3,731         (471     3,260        26,712   

TCW Emerging Markets Multi-Asset Opportunities Fund

     4,060         (2,038     2,022        49,330   

TCW Global Real Estate Fund

     36         (18     18        1,072   

TCW Growth Equities Fund

     6,763         (214     6,549        17,286   

TCW High Dividend Equities Fund

     26         (61     (35     1,695   

TCW International Growth Fund

     247         (73     174        2,359   

TCW International Small Cap Fund

     2,324         (2,444     (120     26,060   

TCW Relative Value Dividend Appreciation Fund

     284,699         (33,831     250,868        876,778   

TCW Relative Value Large Cap Fund

     231,084         (10,945     220,139        463,549   

TCW Relative Value Mid Cap Fund

     34,026         (6,362     27,664        107,547   

TCW Select Equities Fund

     621,688         (381     621,307        1,135,122   

TCW Small Cap Growth Fund

     36,257         (3,121     33,136        116,844   

TCW SMID Cap Growth Fund

     10,031         (1,393     8,638        36,784   

Note 3 – Transactions with Affiliates

The summary of the TCW Conservative Allocation Fund’s transactions in the affiliated funds for the period ended January 31, 2015 is as follows:


Name of Affiliated Fund

   Number of
Shares
Held
Beginning
of Period
     Gross
Additions
     Gross
Reductions
    Number of
Shares
Held
End of
Period
     Value
at End
of Period
(In Thousands)
 

Metropolitan West Total Return Bond Fund — I Class

     554,686         3,851         (6,158     552,379       $ 6,126   

TCW Growth Equities Fund — I Class

     115,248         12,891         (1,258     126,881         1,486   

TCW Relative Value Large Cap Fund — I Class

     223,994         2,131         (2,471     223,654         4,808   

TCW Relative Value Mid Cap Fund — I Class

     60,457         7,917         (670     67,704         1,558   

TCW Select Equities Fund — I Class

     268,965         8,466         (2,962     274,469         7,057   

TCW Total Return Bond Fund — I Class

     814,503         8,976         (9,050     814,429         8,494   
             

 

 

 

Total

              $ 29,529   
             

 

 

 

Note 4 – Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. 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 at January 31, 2015.

Note 5 – Recently Issued Accounting Pronouncements

In June 2014, FASB issued Accounting Standards Update No. 2014-11, Transfers & Servicing (Topic 860): “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” (“ASU 2014-11”) to improve the financial reporting of repurchase agreements and other similar transactions. ASU 2014-11 includes expanded disclosure requirements for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings. ASU 2014-11 is effective for annual reporting periods beginning after December 15, 2014 and interim periods beginning after December 15, 2015. Management is currently evaluating the implications of these changes and their impact on the financial statements.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Corporate Bonds (16.3% of Net Assets)   
   Airlines (0.5%)   
$ 60,520       Continental Airlines, Inc. Pass-Through Certificates, (00-2-A1), 7.707%, due 10/02/22 (EETC)    $ 67,858   
  774,652       Continental Airlines, Inc. Pass-Through Certificates, (09-2-A1), 7.25%, due 05/10/21 (EETC)      895,207   
  986,341       Continental Airlines, Inc. Pass-Through Certificates, (09-2-A1), 9%, due 01/08/18 (EETC)      1,084,975   
  857,164       Continental Airlines, Inc. Pass-Through Certificates, (99-1-A), 6.545%, due 08/02/20 (EETC)      950,916   
  516,474       Northwest Airlines LLC Pass-Through Certificates, (01-1-A1), 7.041%, due 10/01/23 (EETC)      608,147   
  580,533       US Airways Group, Inc. Pass-Through Certificates, (10-1A), 6.25%, due 10/22/24 (EETC)      662,534   
  2,280,501       US Airways Group, Inc. Pass-Through Certificates, (12-1A), 5.9%, due 04/01/26 (EETC)      2,615,449   
  905,683       US Airways Group, Inc. Pass-Through Certificates, (12-2-A), 4.625%, due 12/03/26 (EETC)      966,251   
     

 

 

 
   Total Airlines      7,851,337   
     

 

 

 
   Auto Manufacturers (0.4%)   
  3,000,000       Ford Motor Credit Co. LLC, 1.192%, due 01/09/18 (1)      3,006,507   
  3,000,000       Ford Motor Credit Co. LLC, 1.7%, due 05/09/16      3,013,201   
     

 

 

 
   Total Auto Manufacturers      6,019,708   
     

 

 

 
   Banks (4.9%)   
  1,500,000       Bank of America Corp., 1.125%, due 04/01/19 (1)      1,503,038   
  3,000,000       Bank of America Corp., 1.5%, due 10/09/15      3,011,918   
  1,100,000       Bank of America Corp., 5.65%, due 05/01/18      1,231,418   
  2,550,000       Bank of America N.A., 0.521%, due 06/15/16 (1)      2,532,844   
  1,000,000       Bank of America N.A., 0.541%, due 06/15/17 (1)      987,089   
  1,250,000       Bank of America N.A., 5.3%, due 03/15/17      1,345,053   
  2,300,000       Bank of America N.A., 6.1%, due 06/15/17      2,542,131   
  250,000       Barclays Bank PLC (United Kingdom), 5%, due 09/22/16      266,480   
  1,000,000       Chase Capital VI, 0.88%, due 08/01/28 (1)      850,000   
  1,930,000       Citigroup, Inc., 1.216%, due 07/25/16 (1)      1,943,151   
  1,062,000       Citigroup, Inc., 4.7%, due 05/29/15      1,076,171   
  4,717,000       Citigroup, Inc., 5.3%, due 01/07/16      4,910,035   
  1,110,000       Citigroup, Inc., 5.375%, due 08/09/20      1,283,543   
  425,000       Citigroup, Inc., 6%, due 08/15/17      470,800   
  275,000       Citigroup, Inc., 6.125%, due 05/15/18      312,125   
  725,000       Citigroup, Inc., 8.5%, due 05/22/19      914,570   
  3,500,000       Commonwealth Bank of Australia/New York, 1.95%, due 03/16/15      3,506,863   
  1,495,000       Discover Bank/Greenwood DE, 7%, due 04/15/20      1,804,327   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Banks (Continued)   
$ 475,000       First Chicago NBD Institutional Capital I, 0.8%, due 02/01/27 (1)    $ 397,813   
  1,000,000       Goldman Sachs Group, Inc. (The), 1.417%, due 04/23/20 (1)      1,006,886   
  2,000,000       Goldman Sachs Group, Inc. (The), 1.6%, due 11/23/15      2,013,232   
  1,500,000       Goldman Sachs Group, Inc. (The), 1.836%, due 11/29/23 (1)      1,550,950   
  1,000,000       Goldman Sachs Group, Inc. (The), 5.25%, due 07/27/21      1,146,215   
  2,000,000       Goldman Sachs Group, Inc. (The), 5.95%, due 01/18/18      2,241,362   
  50,000       Goldman Sachs Group, Inc. (The), 6%, due 06/15/20      59,105   
  1,550,000       Goldman Sachs Group, Inc. (The), 6.15%, due 04/01/18      1,752,356   
  4,000,000       HBOS PLC (United Kingdom), (144A), 6.75%, due 05/21/18 (2)      4,503,177   
  1,500,000       JPMorgan Chase & Co., 3.15%, due 07/05/16      1,545,718   
  475,000       JPMorgan Chase & Co., 7.25%, due 02/01/18      550,481   
  500,000       JPMorgan Chase Bank N.A., 5.875%, due 06/13/16      532,550   
  3,875,000       JPMorgan Chase Bank N.A., 6%, due 10/01/17      4,311,003   
  730,000       JPMorgan Chase Capital XIII, 1.207%, due 09/30/34 (1)      620,500   
  5,750,000       JPMorgan Chase Capital XXI, 1.182%, due 01/15/87 (1)      4,693,438   
  2,000,000       JPMorgan Chase Capital XXIII, 1.232%, due 05/15/77 (1)      1,565,000   
  850,000       Lloyds TSB Bank PLC (United Kingdom), (144A), 5.8%, due 01/13/20 (2)      1,002,287   
  2,750,000       Macquarie Bank, Ltd. (Australia), (144A), 6.625%, due 04/07/21 (2)      3,260,873   
  1,290,000       Morgan Stanley, 0.707%, due 10/18/16 (1)      1,286,846   
  400,000       Morgan Stanley, 0.733%, due 10/15/15 (1)      400,730   
  1,500,000       Morgan Stanley, 4.75%, due 03/22/17      1,602,768   
  575,000       Morgan Stanley, 5.45%, due 01/09/17      619,001   
  600,000       Morgan Stanley, 5.5%, due 07/24/20      691,310   
  1,750,000       Morgan Stanley, 5.625%, due 09/23/19      2,004,026   
  975,000       Morgan Stanley, 6.625%, due 04/01/18      1,114,971   
  375,000       Morgan Stanley, 7.3%, due 05/13/19      451,988   
  3,000,000       Royal Bank of Scotland PLC (The) (United Kingdom), 2.55%, due 09/18/15      3,028,814   
  2,000,000       Royal Bank of Scotland PLC (The) (United Kingdom), 4.875%, due 03/16/15      2,010,213   
  875,000       Royal Bank of Scotland PLC (The) (United Kingdom), 6.1%, due 06/10/23      983,841   
  1,000,000       Wells Fargo & Co., 5.375%, due 11/02/43      1,224,800   
     

 

 

 
   Total Banks      78,663,810   
     

 

 

 
   Chemicals (0.0%)   
  101,000       Rohm and Haas Co., 6%, due 09/15/17      112,311   
     

 

 

 
   Commercial Services (0.4%)   
  1,250,000       Autopistas Metropolitanas de Puerto Rico LLC, (144A), 6.75%, due 06/30/35 (2)      1,048,165   
  4,185,000       Catholic Health Initiatives, 4.2%, due 08/01/23      4,613,591   
     

 

 

 
   Total Commercial Services      5,661,756   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Diversified Financial Services (0.7%)   
$ 565,000       General Electric Capital Corp., 0.612%, due 05/05/26 (1)    $ 529,461   
  3,315,000       General Electric Capital Corp., 0.712%, due 08/15/36 (1)      2,908,888   
  2,000,000       General Electric Capital Corp., 3.1%, due 01/09/23      2,073,474   
  1,000,000       General Electric Capital Corp., 3.15%, due 09/07/22      1,051,700   
  1,250,000       General Electric Capital Corp., 4.375%, due 09/16/20      1,400,630   
  1,000,000       General Electric Capital Corp., 4.65%, due 10/17/21      1,141,196   
  250,000       General Electric Capital Corp., 5.5%, due 01/08/20      292,790   
  1,000,000       International Lease Finance Corp., (144A), 6.75%, due 09/01/16 (2)      1,068,750   
     

 

 

 
   Total Diversified Financial Services      10,466,889   
     

 

 

 
   Electric (1.2%)   
  2,205,000       Berkshire Hathaway Energy Co., 4.5%, due 02/01/45      2,487,851   
  2,250,000       El Paso Electric Co., 3.3%, due 12/15/22      2,312,359   
  3,000,000       Entergy Mississippi, Inc., 3.1%, due 07/01/23      3,086,375   
  900,000       FirstEnergy Corp., 7.375%, due 11/15/31      1,182,136   
  3,300,000       Metropolitan Edison Co., (144A), 3.5%, due 03/15/23 (2)      3,411,322   
  1,000,000       Niagara Mohawk Power Corp., (144A), 2.721%, due 11/28/22 (2)      1,015,975   
  400,000       NiSource Finance Corp., 6.8%, due 01/15/19      476,159   
  150,000       Oncor Electric Delivery Co. LLC, 5.25%, due 09/30/40      194,507   
  2,545,000       Public Service Co. of New Mexico, 7.95%, due 05/15/18      3,027,400   
  250,000       Southern Power Co., 4.875%, due 07/15/15      254,594   
  1,000,000       Tucson Electric Power Co., 5.15%, due 11/15/21      1,149,933   
     

 

 

 
   Total Electric      18,598,611   
     

 

 

 
   Energy-Alternate Sources (0.1%)   
  1,274,157       Alta Wind Holdings LLC, (144A), 7%, due 06/30/35 (2)      1,544,687   
     

 

 

 
   Engineering & Construction (0.2%)   
  2,000,000       Sydney Airport Finance Co. Pty, Ltd. (Australia), (144A), 3.9%, due 03/22/23 (2)      2,115,624   
  1,000,000       Sydney Airport Finance Co. Pty, Ltd. (Australia), (144A), 5.125%, due 02/22/21 (2)      1,135,919   
     

 

 

 
   Total Engineering & Construction      3,251,543   
     

 

 

 
   Environmental Control (0.0%)   
  50,000       Waste Management, Inc., 7%, due 07/15/28      67,327   
     

 

 

 
   Food (0.0%)   
  143,000       Kraft Foods Group, Inc., 5.375%, due 02/10/20      161,913   
     

 

 

 
   Gas (0.3%)   
  460,000       CenterPoint Energy Resources Corp., 6.15%, due 05/01/16      490,178   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Gas (Continued)   
$ 1,750,000       CenterPoint Energy Resources Corp., 6.25%, due 02/01/37    $ 2,248,179   
  2,000,000       KeySpan Gas East Corp., (144A), 5.819%, due 04/01/41 (2)      2,773,022   
     

 

 

 
   Total Gas      5,511,379   
     

 

 

 
   Healthcare-Products (0.0%)   
  250,000       Covidien International Finance S.A. (Ireland), 6%, due 10/15/17      281,128   
     

 

 

 
   Healthcare-Services (1.4%)   
  175,000       Anthem, Inc., 5.875%, due 06/15/17      192,648   
  2,545,000       Hartford HealthCare Corp., 5.746%, due 04/01/44      3,133,352   
  3,000,000       North Shore Long Island Jewish Health Care, Inc., 4.8%, due 11/01/42      3,346,716   
  1,305,000       North Shore Long Island Jewish Health Care, Inc., 6.15%, due 11/01/43      1,793,148   
  3,000,000       NYU Hospitals Center, 4.428%, due 07/01/42      3,224,048   
  60,000       NYU Hospitals Center, 5.75%, due 07/01/43      77,340   
  3,860,000       Providence Health & Services Obligated Group, 1.205%, due 10/01/17 (1)      3,885,700   
  3,290,000       Saint Barnabas Health Care System, 4%, due 07/01/28      3,543,572   
  2,270,000       Sutter Health, 2.286%, due 08/15/53      2,616,738   
     

 

 

 
   Total Healthcare-Services      21,813,262   
     

 

 

 
   Insurance (1.3%)   
  1,625,000       Farmers Exchange Capital, (144A), 7.2%, due 07/15/48 (2)      2,345,194   
  2,250,000       Farmers Exchange Capital II, (144A), 6.151%, due 11/01/53 (1)(2)      2,591,404   
  800,000       MetLife, Inc., 4.368%, due 09/15/23      899,981   
  300,000       MetLife, Inc., 5.7%, due 06/15/35      399,830   
  2,300,000       Metropolitan Life Global Funding I, (144A), 0.783%, due 07/15/16 (1)(2)      2,310,184   
  3,460,000       Metropolitan Life Global Funding I, (144A), 3.875%, due 04/11/22 (2)      3,774,742   
  4,000,000       Pricoa Global Funding I, (144A), 1.6%, due 05/29/18 (2)      4,005,438   
  1,000,000       Prudential Financial, Inc., 4.5%, due 11/15/20      1,116,141   
  3,700,000       ZFS Finance USA Trust II, (144A), 6.45%, due 12/15/65 (1)(2)      3,885,000   
     

 

 

 
   Total Insurance      21,327,914   
     

 

 

 
   Iron & Steel (0.0%)   
  380,000       ArcelorMittal (Luxembourg), 5%, due 02/25/17      398,050   
     

 

 

 
   Media (0.0%)   
  200,000       NBCUniversal Media LLC, 5.15%, due 04/30/20      231,293   
     

 

 

 
   Mining (0.2%)   
  2,400,000       Barrick Gold Corp. (Canada), 4.1%, due 05/01/23      2,387,316   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Mining (Continued)   
$ 300,000       Southern Copper Corp. (Peru), 7.5%, due 07/27/35    $ 340,884   
     

 

 

 
   Total Mining      2,728,200   
     

 

 

 
   Oil & Gas (0.0%)   
  250,000       Anadarko Petroleum Corp., 5.95%, due 09/15/16      267,431   
     

 

 

 
   Pharmaceuticals (0.0%)   
  250,000       Eli Lilly & Co., 5.2%, due 03/15/17      273,219   
     

 

 

 
   Pipelines (1.5%)   
  1,000,000       El Paso Pipeline Partners Operating Co. LLC, 5%, due 10/01/21      1,077,028   
  3,500,000       Energy Transfer Partners LP, 5.95%, due 10/01/43      4,010,807   
  1,050,000       Enterprise Products Operating LLC, 3.35%, due 03/15/23      1,075,165   
  2,000,000       Florida Gas Transmission Co. LLC, (144A), 3.875%, due 07/15/22 (2)      2,081,526   
  500,000       Florida Gas Transmission Co. LLC, (144A), 4%, due 07/15/15 (2)      506,463   
  250,000       Florida Gas Transmission Co. LLC, (144A), 7.9%, due 05/15/19 (2)      305,609   
  675,000       Panhandle Eastern Pipe Line Co. LP, 7%, due 06/15/18      776,787   
  825,000       Panhandle Eastern Pipe Line Co. LP, 8.125%, due 06/01/19      1,004,073   
  2,500,000       Plains All American Pipeline LP/PAA Finance Corp., 2.85%, due 01/31/23      2,446,392   
  3,350,000       Ruby Pipeline LLC, (144A), 6%, due 04/01/22 (2)      3,690,004   
  2,590,000       Southern Natural Gas Co. LLC, 7.35%, due 02/15/31      3,234,575   
  1,005,000       Tennessee Gas Pipeline Co., 8%, due 02/01/16      1,067,730   
  2,090,000       Tennessee Gas Pipeline Co., 8.375%, due 06/15/32      2,768,717   
  375,000       TransCanada PipeLines, Ltd. (Canada), 6.1%, due 06/01/40      477,603   
     

 

 

 
   Total Pipelines      24,522,479   
     

 

 

 
   Real Estate (0.1%)   
  850,000       Post Apartment Homes, LP, 4.75%, due 10/15/17      918,252   
     

 

 

 
   REIT (2.4%)   
  2,250,000       Alexandria Real Estate Equities, Inc., 4.6%, due 04/01/22      2,459,960   
  3,000,000       ARC Properties Operating Partnership LP/Clark Acquisition LLC, 2%, due 02/06/17      2,895,000   
  3,000,000       AvalonBay Communities, Inc., 2.95%, due 09/15/22      3,042,858   
  1,000,000       AvalonBay Communities, Inc., 3.95%, due 01/15/21      1,086,598   
  2,200,000       Boston Properties LP, 5.875%, due 10/15/19      2,586,109   
  960,000       ERP Operating LP, 6.584%, due 04/13/15      972,480   
  2,295,000       HCP, Inc., 3.875%, due 08/15/24      2,412,789   
  3,000,000       HCP, Inc., 6%, due 01/30/17      3,278,739   
  715,000       HCP, Inc., 6.3%, due 09/15/16      772,799   
  605,000       Health Care REIT, Inc., 3.75%, due 03/15/23      630,776   
  545,000       Health Care REIT, Inc., 4.95%, due 01/15/21      612,919   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   REIT (Continued)   
$ 3,400,000       Health Care REIT, Inc., 6.125%, due 04/15/20    $ 3,994,986   
  710,000       Health Care REIT, Inc., 6.5%, due 03/15/41      984,599   
  2,900,000       Healthcare Realty Trust, Inc., 5.75%, due 01/15/21      3,312,785   
  350,000       Healthcare Realty Trust, Inc., 6.5%, due 01/17/17      382,803   
  1,459,000       Highwoods Realty LP, 7.5%, due 04/15/18      1,700,457   
  300,000       Liberty Property LP, 5.125%, due 03/02/15      300,953   
  1,925,000       Nationwide Health Properties, Inc., 6%, due 05/20/15      1,955,001   
  2,440,000       SL Green Realty Corp., 5%, due 08/15/18      2,648,639   
  1,000,000       SL Green Realty Corp., 7.75%, due 03/15/20      1,218,316   
  1,500,000       Ventas Realty LP / Ventas Capital Corp., 2.7%, due 04/01/20      1,524,459   
     

 

 

 
   Total REIT      38,774,025   
     

 

 

 
   Retail (0.2%)   
  3,000,000       Walgreens Boots Alliance, Inc., 0.682%, due 05/18/16 (1)      3,001,317   
     

 

 

 
   Telecommunications (0.5%)   
  1,625,000       AT&T, Inc., 2.625%, due 12/01/22      1,610,244   
  739,000       AT&T, Inc., 6.5%, due 09/01/37      949,548   
  1,500,000       Qwest Corp., 7.25%, due 09/15/25      1,788,304   
  2,000,000       Verizon Communications, Inc., 1.991%, due 09/14/18 (1)      2,089,765   
  125,000       Verizon Communications, Inc., 6.25%, due 04/01/37      161,101   
  2,000,000       Verizon Communications, Inc., (144A), 4.862%, due 08/21/46 (2)      2,175,270   
     

 

 

 
   Total Telecommunications      8,774,232   
     

 

 

 
   Total Corporate Bonds (Cost: $245,885,106)      261,222,073   
     

 

 

 
   Municipal Bonds (1.0%)   
  1,465,000       City of Chicago, Illinois, General Obligation Unlimited, 6.05%, due 01/01/29      1,570,978   
  2,640,000       City of Houston, Texas, General Obligation, 6.29%, due 03/01/32      3,444,936   
  1,500,000       City of New York, General Obligation Unlimited, 5.047%, due 10/01/24      1,753,260   
  1,250,000       City of New York, General Obligation Unlimited, 5.517%, due 10/01/37      1,558,412   
  875,000      

Fiscal Year 2005 Securitization Corp., Special Obligation Bond for the City of New York, 4.93%, due 04/01/20

     963,489   
  1,500,000       Illinois State, General Obligation Bond, 4.35%, due 06/01/18      1,569,150   
  1,505,000       Illinois State, General Obligation Unlimited, 4.95%, due 06/01/23      1,609,658   
  3,000,000       Illinois State, General Obligation Unlimited, 6.2%, due 07/01/21      3,388,140   
  730,000       New York State, Build America Bonds, General Obligation Unlimited, 5.817%, due 10/01/31      846,778   
     

 

 

 
   Total Municipal Bonds (Cost: $15,516,020)      16,704,801   
     

 

 

 
   Foreign Government Bonds (Cost: $199,033) (0.0%)   
  200,000       Province of Manitoba (Canada), 4.9%, due 12/06/16      215,660   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Asset-Backed Securities (9.1%)   
$ 2,045,832       321 Henderson Receivables I LLC (13-3A-A), (144A), 4.08%, due 01/17/73 (2)    $ 2,274,031   
  2,353,976       321 Henderson Receivables I LLC (14-2A-A), (144A), 3.61%, due 01/17/73 (2)      2,463,819   
  2,800,000       Academic Loan Funding Trust (12-1A-A2), (144A), 1.268%, due 12/27/44 (1)(2)      2,808,655   
  2,500,000       ALM Loan Funding (12-7A-A1), (144A), 1.677%, due 10/19/24 (1)(2)      2,496,390   
  2,350,000       AMMC CDO (14-14A-A1L), (144A), 1.706%, due 07/27/26 (1)(2)      2,332,636   
  1,000,000       Babson CLO, Ltd. (14-IIA-A), (144A), 1.656%, due 10/17/26 (1)(2)      993,223   
  1,600,000       Ballyrock CLO, Ltd. (14-1A-A1), (144A), 1.711%, due 10/20/26 (1)(2)      1,599,294   
  2,247,647       Bayview Commercial Asset Trust (06-4A-A1), (144A), 0.398%, due 12/25/36 (1)(2)      1,969,601   
  1,534,901       Beacon Container Finance LLC (12-1A-A), (144A), 3.72%, due 09/20/27 (2)      1,581,728   
  1,816,391       Brazos Education Loan Authority, Inc. (12-1-A1), 0.868%, due 12/26/35 (1)      1,809,145   
  661,675       Brazos Higher Education Authority, Inc. (06-2-A9), 0.264%, due 12/26/24 (1)      651,617   
  675,000       Brazos Higher Education Authority, Inc. (10-1-A2), 1.433%, due 02/25/35 (1)      692,921   
  1,695,000       Brazos Higher Education Authority, Inc. (11-1-A3), 1.283%, due 11/25/33 (1)      1,722,401   
  1,910,375       CAL Funding II, Ltd. (12-1A-A), (144A), 3.47%, due 10/25/27 (2)      1,913,730   
  1,056,665       College Loan Corp. Trust (05-2-A3), 0.383%, due 04/15/25 (1)      1,054,163   
  1,150,000       Cronos Containers Program, Ltd. (12-2A-A), (144A), 3.81%, due 09/18/27 (2)      1,150,239   
  3,960,000       Dryden Senior Loan Fund (15-37A-A), (144A), 1.753%, due 04/15/27 (2)(3)      3,960,023   
  3,329,511       Educational Funding of the South, Inc. (11-1-A2), 0.906%, due 04/25/35 (1)      3,340,562   
  1,624,928       Educational Services of America, Inc. (12-2-A), (144A), 0.898%, due 04/25/39 (1)(2)      1,628,190   
  2,500,000       Flatiron CLO, Ltd. (14-1A-A1), (144A), 1.637%, due 07/17/26 (1)(2)      2,477,035   
  3,266,364       GCO Education Loan Funding Trust (06-2AR-A1RN), (144A), 0.818%, due 08/27/46 (1)(2)      3,130,604   
  237,284       GE Business Loan Trust (03-1-A), (144A), 0.597%, due 04/15/31 (1)(2)      228,378   
  206,111       GE Business Loan Trust (04-1-A), (144A), 0.457%, due 05/15/32 (1)(2)      199,922   
  892,844       GE Business Loan Trust (04-2A-A), (144A), 0.387%, due 12/15/32 (1)(2)      871,422   
  3,272,750       Global SC Finance SRL (14-1A-A2), (144A), 3.09%, due 07/17/29 (2)      3,288,269   
  2,865,439       Higher Education Funding I (14-1-A), (144A), 1.283%, due 05/25/34 (1)(2)      2,844,542   
  1,932,751       Iowa Student Loan Liquidity Corp. (11-1-A), 1.505%, due 06/25/42 (1)      1,957,046   
  3,600,000       Limerock CLO II, Ltd. (14-2A-A), (144A), 1.757%, due 04/18/26 (1)(2)      3,584,059   
  3,400,000       Magnetite XI, Ltd. (14-11A-A1), (144A), 1.685%, due 01/18/27 (1)(2)      3,401,873   
  2,400,000       Montana Higher Education Student Assistance Corp. (12-1-A3), 1.218%, due 07/20/43 (1)      2,378,828   
  5,770,987       Navient Student Loan Trust (14-2-A), 0.808%, due 03/25/43 (1)      5,732,509   
  5,762,096       Navient Student Loan Trust (14-3-A), 0.788%, due 03/25/43 (1)      5,718,572   
  2,877,170       Navient Student Loan Trust (14-4-A), 0.788%, due 03/25/43 (1)      2,854,574   
  5,073,762       Nelnet Student Loan Trust (11-1A-A), (144A), 1.018%, due 02/25/43 (1)(2)      5,152,908   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 2,965,000       Nelnet Student Loan Trust (14-4A-A2), (144A), 1.118%, due 11/25/43 (1)(2)    $ 2,988,851   
  3,000,000       Nomad CLO, Ltd. (13-1A-A1), (144A), 1.453%, due 01/15/25 (1)(2)      2,960,877   
  2,600,000       Oak Hill Credit Partners (12-7A-A), (144A), 1.652%, due 11/20/23 (1)(2)      2,583,287   
  2,242,837       Octagon Investment Partners XI, Ltd. (07-1A-A1B), (144A), 0.493%, due 08/25/21 (1)(2)      2,212,223   
  2,459,489       SLC Student Loan Trust (05-3-B), 0.491%, due 06/15/40 (1)      2,229,349   
  6,434,092       SLM Student Loan Trust (04-10-A5B), (144A), 0.656%, due 04/25/23 (1)(2)      6,438,522   
  1,194,679       SLM Student Loan Trust (05-6-B), 0.546%, due 01/25/44 (1)      1,074,410   
  1,221,618       SLM Student Loan Trust (06-10-B), 0.476%, due 03/25/44 (1)      1,072,180   
  3,400,000       SLM Student Loan Trust (06-2-A6), 0.426%, due 01/25/41 (1)      3,231,057   
  3,400,000       SLM Student Loan Trust (06-8-A6), 0.416%, due 01/25/41 (1)      3,176,771   
  1,215,537       SLM Student Loan Trust (07-1-B), 0.476%, due 01/27/42 (1)      1,063,304   
  648,646       SLM Student Loan Trust (07-6-B), 1.106%, due 04/27/43 (1)      598,777   
  710,000       SLM Student Loan Trust (08-2-B), 1.456%, due 01/25/29 (1)      662,434   
  710,000       SLM Student Loan Trust (08-3-B), 1.456%, due 04/25/29 (1)      663,181   
  8,380,000       SLM Student Loan Trust (08-4-A4), 1.906%, due 07/25/22 (1)      8,810,828   
  710,000       SLM Student Loan Trust (08-4-B), 2.106%, due 04/25/29 (1)      706,989   
  710,000       SLM Student Loan Trust (08-5-B), 2.106%, due 07/25/29 (1)      713,647   
  7,450,000       SLM Student Loan Trust (08-6-A3), 1.006%, due 01/25/19 (1)      7,486,908   
  710,000       SLM Student Loan Trust (08-6-B), 2.106%, due 07/25/29 (1)      712,115   
  710,000       SLM Student Loan Trust (08-7-B), 2.106%, due 07/25/29 (1)      715,224   
  710,000       SLM Student Loan Trust (08-8-B), 2.506%, due 10/25/29 (1)      744,066   
  6,565,955       SLM Student Loan Trust (08-9-A), 1.756%, due 04/25/23 (1)      6,744,489   
  710,000       SLM Student Loan Trust (08-9-B), 2.506%, due 10/25/29 (1)      747,362   
  2,000,000       SLM Student Loan Trust (11-2-A2), 1.368%, due 10/25/34 (1)      2,051,478   
  2,600,000       SLM Student Loan Trust (12-7-A3), 0.818%, due 05/26/26 (1)(4)      2,591,967   
  2,513,570       SLM Student Loan Trust (13-4-A), 0.72%, due 06/25/27 (1)      2,509,949   
  587,500       TAL Advantage I LLC (06-1A-NOTE), (144A), 0.358%, due 04/20/21 (1)(2)      583,481   
     

 

 

 
   Total Asset-Backed Securities (Cost: $144,038,338)      146,336,635   
     

 

 

 
   Commercial Mortgage-Backed Securities — Agency (5.7%)   
  3,425,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(K004-A2), 4.186%, due 08/25/19

     3,805,728   
  2,915,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(K009-A2), 3.808%, due 08/25/20

     3,227,064   
  2,755,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(K013-A2), 3.974%, due 01/25/21
(1)

     3,075,778   
  7,095,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(K041-A2), 3.171%, due 10/25/24

     7,664,594   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 4,759,328      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(KF02-A3), 0.798%, due 07/25/20
(1)

   $ 4,775,097   
  7,918,286      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(KF05-A), 0.504%, due 09/25/21
(1)

     7,927,983   
  2,100,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(KSCT-A2), 4.285%, due 01/25/20

     2,339,400   
  5,633,750      

Federal National Mortgage Association, (12-M12-1A), 2.84%, due 08/25/22 (ACES) (1)

     5,954,402   
  5,075,814       Federal National Mortgage Association, (12-M15-A), 2.656%, due 10/25/22 (ACES) (1)      5,287,958   
  6,205,062       Federal National Mortgage Association, (14-M12-FA), 0.468%, due 10/25/21 (ACES) (1)(4)      6,241,960   
  5,680,623       Federal National Mortgage Association, Pool #462237, 5.525%, due 07/01/16      5,997,351   
  1,198,507       Federal National Mortgage Association, Pool #464959, 4.12%, due 04/01/20      1,335,968   
  1,826,829       Federal National Mortgage Association, Pool #468048, 4.41%, due 05/01/21      2,097,898   
  4,291,107       Federal National Mortgage Association, Pool #745935, 5.683%, due 08/01/16 (4)      4,515,386   
  2,305,000       Federal National Mortgage Association, Pool #AE0134, 4.399%, due 02/01/20 (4)      2,589,217   
  3,941,326       Federal National Mortgage Association, Pool #AE0918, 3.665%, due 10/01/20 (4)      4,342,272   
  2,147,549       Federal National Mortgage Association, Pool #Al0151, 4.378%, due 04/01/21      2,437,387   
  6,605,060       Federal National Mortgage Association, Pool #AL3382, 2.354%, due 03/01/23      6,760,022   
  2,473,574       Federal National Mortgage Association, Pool #FN0000, 3.584%, due 09/01/20      2,706,293   
  3,375,707       Federal National Mortgage Association, Pool #FN0001, 3.763%, due 12/01/20      3,724,537   
  2,687,587       Federal National Mortgage Association, Pool #FN0003, 4.297%, due 01/01/21 (4)      3,044,374   
  1,852,421       NCUA Guaranteed Notes (11-C1-2A), 0.698%, due 03/09/21 (1)      1,858,179   
     

 

 

 
   Total Commercial Mortgage-Backed Securities — Agency (Cost: $90,499,594)      91,708,848   
     

 

 

 
   Commercial Mortgage-Backed Securities — Non-Agency (3.2%)   
  3,275,627      

Bear Stearns Commercial Mortgage Securities Trust (05-T20-A4A), 5.14%, due 10/12/42 (1)

     3,335,167   
  606,180      

DBRR Trust (13-EZ2-A), (144A), 0.853%, due 02/25/45 (1)(2)

     606,076   
  951,272      

GE Capital Commercial Mortgage Corp. (05-C4-A3A), 5.313%, due 11/10/45 (1)

     952,179   
  3,400,000      

GE Capital Commercial Mortgage Corp. (05-C4-A4), 5.313%, due 11/10/45 (1)

     3,450,932   
  4,053,093      

JPMorgan Chase Commercial Mortgage Securities Trust (06-LDP8-A1A), 5.397%, due 05/15/45

     4,251,786   
  4,570,000      

JPMorgan Chase Commercial Mortgage Securities Trust (11-C3-A3), (144A), 4.388%, due 02/15/46 (2)

     4,964,332   
  7,508,682      

LB-UBS Commercial Mortgage Trust (06-C7-A2), 5.3%, due 11/15/38

     7,615,745   
  5,897,320      

Merrill Lynch/Countrywide Commercial Mortgage Trust (06-4-A1A), 5.166%, due 12/12/49

     6,233,998   
  926,199      

Morgan Stanley Capital I Trust (07-HQ12-A2FX), 5.607%, due 04/12/49 (1)

     926,791   
  1,109,532      

Morgan Stanley Capital I Trust (11-C3-A2), 3.224%, due 07/15/49

     1,145,190   
  4,010,304      

Wachovia Bank Commercial Mortgage Trust (05-C20-A7), 5.118%, due 07/15/42 (1)

     4,029,495   
  3,600,000      

WF-RBS Commercial Mortgage Trust (11-C5-A4), 3.667%, due 11/15/44

     3,908,956   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 2,800,000       WF-RBS Commercial Mortgage Trust (12-C7-A2), 3.431%, due 06/15/45    $ 3,000,654   
  2,275,000       WF-RBS Commercial Mortgage Trust (12-C8-A3), 3.001%, due 08/15/45      2,375,706   
  4,300,000       WFRBS Commercial Mortgage Trust (11-C4-A3), (144A), 4.394%, due 06/15/44 (2)      4,687,766   
     

 

 

 
   Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $52,048,643)      51,484,773   
     

 

 

 
   Residential Mortgage-Backed Securities — Agency (22.6%)   
  339,506       Federal Home Loan Mortgage Corp. (2439-KZ), 6.5%, due 04/15/32      386,822   
  811,107       Federal Home Loan Mortgage Corp. (2575-FD), 0.617%, due 02/15/33 (PAC) (1)      818,261   
  536,278       Federal Home Loan Mortgage Corp. (2662-MT), 4.5%, due 08/15/33 (TAC)      577,386   
  8,138,989       Federal Home Loan Mortgage Corp. (277-30), 3%, due 09/15/42 (4)      8,446,488   
  233,299       Federal Home Loan Mortgage Corp. (3315-S), 6.244%, due 05/15/37 (I/O) (I/F) (1)      24,049   
  1,097,755       Federal Home Loan Mortgage Corp. (3339-JS), 41.753%, due 07/15/37 (I/F) (1)      2,163,169   
  1,057,280       Federal Home Loan Mortgage Corp. (3351-ZC), 5.5%, due 07/15/37      1,178,941   
  1,530,811       Federal Home Loan Mortgage Corp. (3380-SM), 6.244%, due 10/15/37 (I/O) (I/F) (1)      254,520   
  1,185,159       Federal Home Loan Mortgage Corp. (3382-FL), 0.867%, due 11/15/37 (1)      1,196,971   
  5,128,647       Federal Home Loan Mortgage Corp. (3439-SC), 5.734%, due 04/15/38 (I/O) (I/F) (1)      762,141   
  2,067,412       Federal Home Loan Mortgage Corp. (3578-DI), 6.484%, due 04/15/36 (I/O) (I/F) (1)      360,590   
  5,438,292       Federal Home Loan Mortgage Corp. (4139-PA), 2.5%, due 11/15/41 (PAC) (4)      5,587,636   
  57,257       Federal Home Loan Mortgage Corp., Pool #1A1127, 2.515%, due 01/01/37 (1)      58,725   
  3,973,329       Federal Home Loan Mortgage Corp., Pool #A97179, 4.5%, due 03/01/41      4,457,884   
  32,550       Federal Home Loan Mortgage Corp., Pool #B15026, 5%, due 06/01/19      34,391   
  15,979       Federal Home Loan Mortgage Corp., Pool #B15591, 5%, due 07/01/19      17,025   
  31,027       Federal Home Loan Mortgage Corp., Pool #C90526, 5.5%, due 02/01/22      34,591   
  4,485,200       Federal Home Loan Mortgage Corp., Pool #G06360, 4%, due 03/01/41 (4)      4,912,950   
  3,565,402       Federal Home Loan Mortgage Corp., Pool #G06498, 4%, due 04/01/41      3,894,290   
  2,477,018       Federal Home Loan Mortgage Corp., Pool #G06499, 4%, due 03/01/41 (4)      2,693,757   
  1,367,228       Federal Home Loan Mortgage Corp., Pool #G06620, 4.5%, due 07/01/41      1,502,455   
  15,180,000       Federal Home Loan Mortgage Corp., Pool #G08623, 3.5%, due 01/01/45      16,022,544   
  3,733,852       Federal Home Loan Mortgage Corp., Pool #Q05261, 3.5%, due 12/01/41      3,989,971   
  5,823,761       Federal Home Loan Mortgage Corp., Pool #Q20178, 3.5%, due 07/01/43 (4)      6,230,108   
  357,809       Federal National Mortgage Association (01-14-SH), 10.797%, due 03/25/30 (I/F) (1)      598,989   
  455,224       Federal National Mortgage Association (01-34-FV), 0.668%, due 08/25/31 (1)      460,687   
  2,993       Federal National Mortgage Association (03-62-MA), 3.5%, due 07/25/33      3,040   
  2,000,000       Federal National Mortgage Association (04-W10-A6), 5.75%, due 08/25/34 (PAC)      2,409,308   
  47,581       Federal National Mortgage Association (05-54-VM), 4.5%, due 11/25/25      47,579   
  1,832,967       Federal National Mortgage Association (07-89-GF), 0.688%, due 09/25/37 (1)      1,853,064   
  381,446       Federal National Mortgage Association (08-30-SA), 6.682%, due 04/25/38 (I/O) (I/F) (1)      46,513   
  500,725       Federal National Mortgage Association (08-62-SN), 6.032%, due 07/25/38 (I/O) (I/F) (1)      63,954   
  4,000,000       Federal National Mortgage Association (09-64-TB), 4%, due 08/25/29      4,260,786   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 242,480       Federal National Mortgage Association (09-68-SA), 6.582%, due 09/25/39 (I/O) (I/F) (1)    $ 40,376   
  3,790,270       Federal National Mortgage Association (10-26-AS), 6.162%, due 03/25/40 (I/O) (I/F) (1)      520,942   
  4,000,000       Federal National Mortgage Association (11-111-DB), 4%, due 11/25/41      4,587,091   
  36,308       Federal National Mortgage Association, Pool #254634, 5.5%, due 02/01/23      40,741   
  26,286       Federal National Mortgage Association, Pool #596686, 6.5%, due 11/01/31      30,553   
  116,205       Federal National Mortgage Association, Pool #725275, 4%, due 03/01/19      123,046   
  99,879       Federal National Mortgage Association, Pool #727575, 5%, due 06/01/33      108,408   
  132,705       Federal National Mortgage Association, Pool #748751, 5.5%, due 10/01/33      140,207   
  2,234,254       Federal National Mortgage Association, Pool #AB2127, 3.5%, due 01/01/26 (4)      2,395,510   
  2,133,260       Federal National Mortgage Association, Pool #AB3679, 3.5%, due 10/01/41 (4)      2,268,299   
  3,840,853       Federal National Mortgage Association, Pool #AB3685, 4%, due 10/01/41 (4)      4,189,127   
  2,871,620       Federal National Mortgage Association, Pool #AB3864, 3.5%, due 11/01/41 (4)      3,060,756   
  5,784,163       Federal National Mortgage Association, Pool #AB4045, 3.5%, due 12/01/41 (4)      6,191,765   
  4,247,996       Federal National Mortgage Association, Pool #AC1604, 4%, due 08/01/39      4,643,756   
  1,265,301       Federal National Mortgage Association, Pool #AL0209, 4.5%, due 05/01/41      1,415,683   
  2,045,375       Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40      2,318,586   
  5,440,000       Federal National Mortgage Association, Pool #AL6307, 4.5%, due 01/01/45      5,918,676   
  11,137,825       Federal National Mortgage Association, Pool #AT5914, 3.5%, due 06/01/43      11,896,588   
  5,467,265       Federal National Mortgage Association, Pool #MA1561, 3%, due 09/01/33      5,727,606   
  10,029,467       Federal National Mortgage Association, Pool #MA1584, 3.5%, due 09/01/33      10,655,166   
  10,868,184       Federal National Mortgage Association, Pool #MA1608, 3.5%, due 10/01/33      11,561,030   
  5,660,000       Federal National Mortgage Association TBA, 3% (5)      5,940,566   
  48,870,000       Federal National Mortgage Association TBA, 3% (5)      50,423,914   
  2,780,000       Federal National Mortgage Association TBA, 3.5% (5)      2,951,578   
  23,795,000       Federal National Mortgage Association TBA, 3.5% (5)      25,137,187   
  21,730,000       Federal National Mortgage Association TBA, 3.5% (5)      22,905,627   
  42,795,000       Federal National Mortgage Association TBA, 4% (5)      45,834,114   
  17,245,000       Federal National Mortgage Association TBA, 4.5% (5)      18,696,678   
  1,533,920       Government National Mortgage Association (04-30-UC), 5.5%, due 02/20/34 (PAC)      1,647,910   
  839,745       Government National Mortgage Association (08-27-SI), 6.302%, due 03/20/38 (I/O) (I/F) (1)      134,296   
  3,330,484       Government National Mortgage Association (08-81-S), 6.032%, due 09/20/38 (I/O) (I/F) (1)      529,023   
  1,430,500       Government National Mortgage Association (09-66-UF), 1.168%, due 08/16/39 (1)      1,457,239   
  5,517,341       Government National Mortgage Association (10-1-S), 5.582%, due 01/20/40 (I/O) (I/F) (1)(4)      810,496   
  131,352       Government National Mortgage Association, Pool #608259, 4.5%, due 08/15/33      144,358   
  329,982       Government National Mortgage Association, Pool #782114, 5%, due 09/15/36      365,725   
  2,875,000       Government National Mortgage Association II TBA, 3% (5)      2,983,486   
  6,550,000       Government National Mortgage Association II TBA, 3.5% (5)      6,917,414   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 1,515,000       Government National Mortgage Association II TBA, 4% (5)    $ 1,615,961   
  10,735,000       Government National Mortgage Association II TBA, 4.5% (5)      11,654,184   
  2,338,406       NCUA Guaranteed Notes (10-R1-1A), 0.618%, due 10/07/20 (1)(6)      2,352,291   
  1,347,594       NCUA Guaranteed Notes (10-R2-1A), 0.538%, due 11/06/17 (1)      1,351,174   
  1,112,853       NCUA Guaranteed Notes (10-R3-1A), 0.728%, due 12/08/20 (1)      1,122,765   
  936,954       NCUA Guaranteed Notes (10-R3-2A), 0.728%, due 12/08/20 (1)      945,794   
  1,340,405       NCUA Guaranteed Notes (11-R1-1A), 0.618%, due 01/08/20 (1)      1,348,077   
  1,308,097       NCUA Guaranteed Notes (11-R2-1A), 0.568%, due 02/06/20 (1)      1,313,795   
     

 

 

 
   Total Residential Mortgage-Backed Securities — Agency (Cost: $350,235,799)      361,767,149   
     

 

 

 
   Residential Mortgage-Backed Securities — Non-Agency (7.3%)   
  533,158       Argent Securities, Inc. (05-W2-A2B1), 0.368%, due 10/25/35 (1)      531,953   
  981,997       Asset-Backed Funding Certificates (05-WMC1-M1), 0.828%, due 06/25/35 (1)      971,651   
  2,595,953       Asset-Backed Securities Corp. Home Equity (05-HE6-M2), 0.678%, due 07/25/35 (1)      2,581,239   
  170,394       Banc of America Funding Corp. (06-G-2A3), 0.338%, due 07/20/36 (1)      170,672   
  3,970,000       Bear Stearns Asset-Backed Securities Trust (06-HE1-1M1), 0.58%, due 12/25/35 (1)      3,818,942   
  1,112,603       Carrington Mortgage Loan Trust (05-NC5-A2), 0.488%, due 10/25/35 (1)      1,110,303   
  840,226       Centex Home Equity (02-C-AF6), 4.5%, due 09/25/32 (1)      847,471   
  1,461,230       Centex Home Equity (03-B-AF6), 3.173%, due 06/25/33 (1)      1,468,991   
  659,264       Citigroup Mortgage Loan Trust, Inc. (05-5-2A2), 5.75%, due 08/25/35 (6)      547,375   
  1,884,132       Conseco Financial Corp. (98-6-A8), 6.66%, due 06/01/30      2,016,496   
  3,539,644       Countrywide Asset-Backed Certificates (05-11-MV1), 0.64%, due 02/25/36 (1)      3,531,810   
  21,843       Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA), 5.75%, due 04/22/33      23,427   
  215,254       First Franklin Mortgage Loan Asset-Backed Certificates (05-FF8-A2D), 0.548%, due 09/25/35 (1)      215,276   
  1,054,135       GSAA Trust (05-3-M1), 0.845%, due 12/25/34 (1)      1,046,086   
  845,000       GSAMP Trust (05-HE5-M1), 0.588%, due 11/25/35 (1)      810,626   
  1,862,654       HSBC Home Equity Loan Trust USA (07-1-AM), 0.408%, due 03/20/36 (1)      1,851,869   
  430,185       HSBC Home Equity Loan Trust USA (07-2-AM), 0.408%, due 07/20/36 (1)      419,452   
  2,366,435       HSBC Home Equity Loan Trust USA (07-3-APT), 1.368%, due 11/20/36 (1)      2,363,773   
  1,821,944       HSI Asset Securitization Corp. Trust (06-OPT1-2A3), 0.358%, due 12/25/35 (1)      1,791,188   
  1,572,934       Indymac Index Mortgage Loan Trust (05-AR6-2A1), 0.408%, due 04/25/35 (1)      1,409,382   
  5,235,081       JPMorgan Mortgage Acquisition Corp. (05-OPT1-M1), 0.618%, due 06/25/35 (1)      5,207,691   
  172,004       MASTR Asset-Backed Securities Trust (05-WF1-A2D), 0.538%, due 06/25/35 (1)      171,917   
  1,965,626       Mid-State Trust (04-1-B), 8.9%, due 08/15/37      2,360,744   
  2,610,812       Morgan Stanley ABS Capital I, Inc. Trust (05-WMC6-M2), 0.918%, due 07/25/35 (1)      2,627,508   
  2,172,909       Morgan Stanley Capital, Inc. (04-WMC2-M1), 1.083%, due 07/25/34 (1)      2,095,189   
  6,239,000       Morgan Stanley Home Equity Loan Trust (05-1-M3), 0.948%, due 12/25/34 (1)      6,057,651   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

   

Fixed Income Securities

  Value  
$ 458,277      Morgan Stanley Mortgage Loan Trust (04-3-4A), 5.685%, due 04/25/34 (1)   $ 466,312   
  2,248,995      New Century Home Equity Loan Trust (05-1-A2C), 0.868%, due 03/25/35 (1)     2,254,275   
  3,999,585      New Century Home Equity Loan Trust (05-2-M1), 0.598%, due 06/25/35 (1)     3,977,759   
  3,444,112      New Century Home Equity Loan Trust (05-3-M1), 0.648%, due 07/25/35 (1)     3,437,520   
  7,107,984      New Century Home Equity Loan Trust (05-3-M2), 0.658%, due 07/25/35 (1)     6,831,078   
  3,253,078      New Century Home Equity Loan Trust (05-4-A2C), 0.538%, due 09/25/35 (1)     3,252,519   
  4,611,401      Nomura Resecuritization Trust (14-5R-3A1), (144A), 0.41%, due 01/26/47 (1)(2)     4,478,395   
  7,109,000      Nomura Resecuritization Trust (15-1R-6A1), (144A), 1%, due 05/21/47 (2)     6,909,237   
  1,412,742      Park Place Securities, Inc. (04-WWF1-M2), 1.188%, due 12/25/34 (1)     1,406,536   
  2,717,955      Park Place Securities, Inc. (05-WCH1-M2), 0.688%, due 01/25/36 (1)     2,711,818   
  5,182,852      Park Place Securities, Inc. (05-WCW2-A2D), 0.538%, due 07/25/35 (1)     5,185,013   
  5,728,294      Park Place Securities, Inc. (05-WHQ2-A1B), 0.438%, due 05/25/35 (1)     5,722,570   
  5,568,187      Park Place Securities, Inc. (05-WHQ4-A2D), 0.538%, due 09/25/35 (1)     5,531,560   
  2,025,517      RASC Trust (06-KS4-A3), 0.318%, due 06/25/36 (1)     2,029,015   
  1,037,566      Structured Asset Securities Corp. (03-34A-5A4), 2.617%, due 11/25/33 (1)     1,042,669   
  1,664,110      Structured Asset Securities Corp. (05-GEL4-M1), 0.69%, due 08/25/35 (1)     1,642,753   
  530,741      Structured Asset Securities Corp. (05-WF4-A4), 0.528%, due 11/25/35 (1)     531,251   
  3,961,265      WaMu Mortgage Pass-Through Certificates (05-AR3-A2), 2.397%, due 03/25/35 (1)     3,971,168   
  356,032      Wells Fargo Alternative Loan Trust (07-PA3-2A1), 6%, due 07/25/37 (6)     336,764   
  8,215,342      Wells Fargo Home Equity Trust (04-2-A33), 0.668%, due 10/25/34 (1)     7,996,731   
  997,882      Wells Fargo Home Equity Trust (05-2-M1), 0.568%, due 08/25/35 (1)     999,324   
   

 

 

 
  Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $113,172,585)     116,762,949   
   

 

 

 
  U.S. Government Agency Obligations (1.1%)  
  5,860,000      Federal Farm Credit Bank Funding Corp., 0.187%, due 09/14/16 (1)     5,861,172   
  6,065,000      Federal Farm Credit Bank Funding Corp., 0.198%, due 04/26/17 (1)     6,069,718   
  6,050,000      Federal Home Loan Bank, 0.75%, due 05/26/28     6,062,334   
   

 

 

 
  Total U.S. Government Agency Obligations (Cost: $17,964,691)     17,993,224   
   

 

 

 
  U.S. Treasury Securities (33.6%)  
  51,035,000      U.S. Treasury Bond, 3%, due 11/15/44     59,290,710   
  2,887,415      U.S. Treasury Inflation Indexed Bond, 0.25%, due 01/15/25 (7)     2,952,832   
  19,338,030      U.S. Treasury Inflation Indexed Bond, 1.375%, due 02/15/44 (7)     23,793,633   
  12,682,344      U.S. Treasury Inflation Indexed Note, 0.125%, due 04/15/16 (7)     12,736,840   
  5,424,017      U.S. Treasury Inflation Indexed Note, 0.125%, due 04/15/17 (7)     5,496,054   
  13,480,760      U.S. Treasury Inflation Indexed Note, 0.125%, due 07/15/24 (7)     13,669,332   
  1,934,892      U.S. Treasury Inflation Indexed Note, 0.5%, due 04/15/15 (7)     1,915,468   

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 3,195,768       U.S. Treasury Inflation Indexed Note, 2%, due 01/15/16 (7)    $ 3,254,439   
  8,000,000       U.S. Treasury Note, 0.375%, due 01/15/16 (4)      8,016,248   
  36,885,000       U.S. Treasury Note, 0.5%, due 07/31/16 (4)      36,991,492   
  65,660,000       U.S. Treasury Note, 0.5%, due 08/31/16 (4)      65,813,907   
  87,300,000       U.S. Treasury Note, 0.5%, due 09/30/16 (4)      87,484,116   
  7,690,000       U.S. Treasury Note, 0.875%, due 09/15/16 (4)      7,753,103   
  16,905,000       U.S. Treasury Note, 0.875%, due 05/15/17 (4)      17,030,469   
  6,925,000       U.S. Treasury Note, 0.875%, due 07/15/17 (4)      6,969,996   
  29,945,000       U.S. Treasury Note, 1.625%, due 12/31/19      30,578,995   
  8,700,000       U.S. Treasury Note, 2.125%, due 01/31/21 (4)      9,068,393   
  138,800,000       U.S. Treasury Note, 2.25%, due 11/15/24      145,935,153   
     

 

 

 
   Total U.S. Treasury Securities (Cost: $524,478,282)      538,751,180   
     

 

 

 
   Total Fixed Income Securities (Cost: $1,554,038,091) (99.9%)      1,602,947,292   
     

 

 

 

Number of
Shares

    

Money Market Investments

      
  10,826,000       Dreyfus Institutional Cash Advantage Fund, 0.06% (8)      10,826,000   
  14,966,000       Morgan Stanley Liquidity Fund - Government Portfolio, 0.04% (8)      14,966,000   
     

 

 

 
   Total Money Market Investments (Cost: $25,792,000) (1.6%)      25,792,000   
     

 

 

 

Principal
Amount

    

Short-Term Investments

      
   Certificate of Deposit (0.4%)   
   Banks (Cost: $6,000,000) (0.4%)   
$ 6,000,000       Credit Suisse/New York (Switzerland), 0.553%, due 08/24/15 (1)      6,001,746   
     

 

 

 
   Commercial Paper (0.9%)   
   Electric (Cost: $13,999,487) (0.9%)   
  14,000,000       National Rural Utilities Cooperative Finance Corp., 0%,due 02/11/15 (8)      13,999,394   
     

 

 

 
   Discount Notes (6.3%)   
  13,000,000       Federal Agricultural Mortgage Corp., 0.06%, due 02/11/15 (9)      12,999,961   
  15,000,000       Federal Home Loan Bank Discount Note, 0.01%, due 02/12/15 (9)      14,999,955   
  16,000,000       Federal Home Loan Bank Discount Note, 0.01%, due 02/26/15 (9)      15,999,888   
  15,000,000       Federal Home Loan Bank Discount Note, 0.01%, due 03/11/15 (9)      14,999,745   
  15,500,000       Federal Home Loan Bank Discount Note, 0.06%, due 02/20/15 (9)      15,499,922   
  15,000,000       Federal Home Loan Bank Discount Note, 0.07%, due 02/04/15 (4)(9)      14,999,985   
  12,000,000       Federal Home Loan Bank Discount Note, 0.1%, due 03/04/15 (9)      11,999,832   
     

 

 

 
   Total Discount Notes (Cost: $101,495,385)      101,499,288   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Short-Term Investments

   Value  
   Repurchase Agreement (4.6%)   
$ 50,000,000      

RBS Securities Inc., 0.06%, due 02/02/15 (collateralized by $31,192,050 Federal Home Loan Bank, 2.25% to 5.365%, maturity dates ranging from 04/18/17 - 06/29/32, valued at $34,156,427; $14,441,400 Federal Home Loan Mortgage Corp., 0.45% to 6.75%, maturity dates ranging from 01/15/16 - 09/15/29, valued at $16,848,033) (Total Amount to be Received Upon Repurchase $50,000,250)

   $ 50,000,000   
  23,692,009      

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $24,080,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $24,170,300) (Total Amount to be Received Upon Repurchase $23,692,009)

     23,692,009   
     

 

 

 
   Total Repurchase Agreement (Cost: $73,692,009)      73,692,009   
     

 

 

 
   Total Short-Term Investments (Cost: $195,186,881) (12.2%)      195,192,437   
     

 

 

 
   Total Investments (Cost: $1,775,016,972) (113.7%)      1,823,931,729   
   Liabilities in Excess of Other Assets (-13.7%)      (219,677,420
     

 

 

 
   Net Assets (100.0%)    $ 1,604,254,309   
     

 

 

 

Notes to the Schedule of Investments:

 

ABS

   -    Asset-Backed Securities.

ACES

   -    Alternative Credit Enhancement Securities.

CDO

   -    Collateralized Debt Obligation.

CLO

   -    Collateralized Loan Obligation.

EETC

   -    Enhanced Equipment Trust Certificate.

I/F

   -    Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.

I/O

   -    Interest Only Security.

PAC

   -    Planned Amortization Class.

REIT

   -    Real Estate Investment Trust.

TAC

   -    Target Amortization Class.

TBA

   -    To be Announced.

 

(1) Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2015.

 

(2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $142,314,253 or 8.9% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

 

(3) This security is purchased on a when-issued, delayed delivery or forward commitment basis.

 

(4) All or a portion of this security is segregated to cover open futures contracts, when-issued, delayed-delivery or forward commitments. (Note 1)

 

(5) Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.

 

(6) A portion of the principal balance has been written-off during the period due to defaults in the underlying loans.

 

(7) Interest rate for this security is a stated rate. Interest payments are determined based on the inflation-adjusted principal.

 

(8) Rate disclosed is the 7-day net yield as of January 31, 2015.

 

(9) Rate shown represents yield-to-maturity.

 

See accompanying notes to Schedule of Investments.


TCW Core Fixed Income Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

    Percentage of 
Net Assets
 

Airlines

     0.5

Asset-Backed Securities

     9.1   

Auto Manufacturers

     0.4   

Banks

     4.9   

Chemicals

     0.0

Commercial Mortgage-Backed Securities — Agency

     5.7   

Commercial Mortgage-Backed Securities — Non-Agency

     3.2   

Commercial Services

     0.4   

Diversified Financial Services

     0.7   

Electric

     1.2   

Energy-Alternate Sources

     0.1   

Engineering & Construction

     0.2   

Environmental Control

     0.0

Food

     0.0

Foreign Government Bonds

     0.0

Gas

     0.3   

Healthcare-Products

     0.0

Healthcare-Services

     1.4   

Insurance

     1.3   

Iron & Steel

     0.0

Media

     0.0

Mining

     0.2   

Municipal Bonds

     1.0   

Oil & Gas

     0.0

Pharmaceuticals

     0.0

Pipelines

     1.5   

REIT

     2.4   

Real Estate

     0.1   

Residential Mortgage-Backed Securities — Agency

     22.6   

Residential Mortgage-Backed Securities — Non-Agency

     7.3   

Retail

     0.2   

Telecommunications

     0.5   

U.S. Government Agency Obligations

     1.1   

U.S. Treasury Securities

     33.6   

Money Market Investments

     1.6   

Short-Term Investments

     12.2   
  

 

 

 

Total

     113.7
  

 

 

 

 

* Value rounds to less than 0.1% of net assets.

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Argentina (2.2% of Net Assets)   
$ 40,659,102       Argentine Republic Government International Bond, 8.28%, due 12/31/33 (1)    $ 37,711,317   
  65,860,000       Argentine Republic Government International Bond, 8.75%, due 06/02/17 (1)      61,743,750   
     

 

 

 
   Total Argentina (Cost: $93,485,705)      99,455,067   
     

 

 

 
   Bahrain (Cost: $56,461,391) (1.2%)   
  56,000,000       Bahrain Government International Bond, (144A), 6%, due 09/19/44 (2)      54,600,000   
     

 

 

 
   Belarus (Cost: $18,056,560) (0.4%)   
  18,100,000       Republic of Belarus, (Reg. S), 8.75%, due 08/03/15 (3)(4)      17,178,348   
     

 

 

 
   Brazil (9.0%)   
  80,400,000       Brazil Minas SPE via State of Minas Gerais, (Reg. S), 5.333%, due 02/15/28 (4)      79,596,000   
BRL  197,400,000       Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/17 (3)      70,761,486   
BRL  30,000,000       Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/18      10,640,203   
BRL  31,000,000       Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/21      10,664,331   
$ 41,450,000       Brazilian Government International Bond, 4.25%, due 01/07/25      41,398,187   
  65,000,000       Brazilian Government International Bond, 5%, due 01/27/45 (3)      63,050,000   
  49,900,000       CIMPOR Financial Operations BV, (144A), 5.75%, due 07/17/24 (2)      37,425,000   
  20,000,000       Petrobras Global Finance BV, 6.25%, due 03/17/24      18,116,600   
  69,400,000       Petrobras International Finance Co., 6.75%, due 01/27/41      57,081,500   
  26,000,000       Petrobras International Finance Co., 6.875%, due 01/20/40      21,643,180   
     

 

 

 
   Total Brazil (Cost: $456,827,658)      410,376,487   
     

 

 

 
   Chile (3.9%)   
  40,800,000       Empresa Electrica Angamos S.A., (144A), 4.875%, due 05/25/29 (2)      41,122,320   
  45,935,000       GeoPark Latin America, Ltd. Agencia en Chile, (144A), 7.5%, due 02/11/20 (2)(3)      33,699,294   
  13,450,000       GNL Quintero S.A., (144A), 4.634%, due 07/31/29 (2)      13,953,407   
  45,750,000       Guanay Finance, Ltd., (144A), 6%, due 12/15/20 (2)      47,694,375   
  43,000,000       Tanner Servicios Financieros S.A., (144A), 4.375%, due 03/13/18 (2)      42,376,500   
     

 

 

 
   Total Chile (Cost: $192,563,953)      178,845,896   
     

 

 

 
   China (2.7%)   
  37,550,000       Alibaba Group Holding, Ltd., (144A), 3.6%, due 11/28/24 (2)      38,252,448   
  27,000,000       Bank of China, Ltd., (144A), 5%, due 11/13/24 (2)      28,720,925   
  5,415,000       Hyva Global BV, (Reg. S), 8.625%, due 03/24/16 (3)(4)      5,092,807   
  50,000,000       Industrial & Commercial Bank of China, Ltd., (144A), 6%, due 12/29/49 (2)(5)(6)      51,875,000   
     

 

 

 
   Total China (Cost: $120,929,029)      123,941,180   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Colombia (5.4%)   
$ 83,800,000      

Avianca Holdings S.A., (144A), 8.375%, due 05/10/20 (2)

   $ 85,425,720   
  17,000,000      

Banco Davivienda S.A., (144A), 5.875%, due 07/09/22 (2)

     17,212,500   
  36,000,000      

Bancolombia S.A., 6.125%, due 07/26/20 (3)

     38,671,200   
  36,504,000      

Colombia Government International Bond, 4%, due 02/26/24

     37,964,160   
  41,650,000      

Colombia Government International Bond, 5%, due 06/15/45

     44,253,125   
COP  43,000,000,000      

Colombian TES (Treasury) Bond, 10%, due 07/24/24

     21,835,386   
     

 

 

 
  

Total Colombia (Cost: $245,448,086)

     245,362,091   
     

 

 

 
  

Costa Rica (Cost: $16,426,560) (0.3%)

  
$ 15,755,000      

Costa Rica Government International Bond, (144A), 7%, due 04/04/44 (2)

     15,573,817   
     

 

 

 
  

Dominican Republic (2.2%)

  
  33,000,000      

Dominican Republic International Bond, (144A), 5.5%, due 01/27/25 (2)

     33,453,750   
  31,000,000      

Dominican Republic International Bond, (144A), 6.85%, due 01/27/45 (2)

     31,968,750   
  33,000,000      

Dominican Republic International Bond, (Reg. S), 5.875%, due 04/18/24 (3)(4)

     34,980,000   
     

 

 

 
  

Total Dominican Republic (Cost: $97,857,199)

     100,402,500   
     

 

 

 
  

El Salvador (1.3%)

  
  45,000,000      

El Salvador Government International Bond, (144A), 6.375%, due 01/18/27 (2)

     46,350,000   
  12,050,000      

MMG S.A. (AES El Salvador Trust II), (144A), 6.75%, due 03/28/23 (2)

     11,421,231   
     

 

 

 
  

Total El Salvador (Cost: $57,714,404)

     57,771,231   
     

 

 

 
  

Guatemala (1.3%)

  
  21,000,000      

Comcel Trust via Comunicaciones Celulares S.A., (Reg. S), 6.875%, due 02/06/24 (4)

     21,871,500   
  37,100,000      

Industrial Senior Trust, (144A), 5.5%, due 11/01/22 (2)

     36,636,250   
     

 

 

 
  

Total Guatemala (Cost: $59,465,135)

     58,507,750   
     

 

 

 
  

Honduras (Cost: $22,310,324) (0.5%)

  
  20,000,000      

Republic of Honduras, (Reg. S), 8.75%, due 12/16/20 (4)

     22,301,800   
     

 

 

 
  

Hungary (5.1%)

  
  41,000,000      

Hungary Government International Bond, 5.375%, due 02/21/23 (3)

     46,412,000   
  43,000,000      

Hungary Government International Bond, 5.375%, due 03/25/24 (3)

     49,106,000   
  47,730,000      

Hungary Government International Bond, 5.75%, due 11/22/23 (3)

     55,583,017   

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Hungary (Continued)

  
$ 78,200,000      

Magyar Export-Import Bank Zrt, (144A), 4%, due 01/30/20 (2)(3)

   $ 79,373,000   
     

 

 

 
  

Total Hungary (Cost: $210,432,753)

     230,474,017   
     

 

 

 
  

India (4.8%)

  
INR  477,000,000      

Export-Import Bank of India, 8.87%, due 10/30/29

     8,026,385   
$ 42,415,000      

ICICI Bank, Ltd., (Reg. S), 6.375%, due 04/30/22 (4)(5)

     43,958,906   
INR  1,940,000,000      

India Government Bond, 7.28%, due 06/03/19

     31,037,525   
INR 2,500,000,000      

India Government Bond, 8.83%, due 11/25/23

     43,089,126   
INR 1,850,000,000      

Power Finance Corp., Ltd., 8.76%, due 11/07/19

     30,170,219   
INR 1,500,000,000      

Power Finance Corp., Ltd., 8.98%, due 10/08/24

     25,062,170   
$ 36,000,000      

Reliance Industries, Ltd., (144A), 4.125%, due 01/28/25 (2)

     36,612,036   
     

 

 

 
  

Total India (Cost: $214,776,236)

     217,956,367   
     

 

 

 
  

Indonesia (6.6%)

  
  37,000,000      

Indonesia Government International Bond, (144A), 5.125%, due 01/15/45 (2)

     39,294,000   
  45,500,000      

Pelabuhan Indonesia III PT, (144A), 4.875%, due 10/01/24 (2)(3)

     47,567,520   
  52,500,000      

Pertamina Persero PT, (Reg. S), 5.625%, due 05/20/43 (4)

     51,846,900   
  30,000,000      

Pertamina Persero PT, (Reg. S), 6%, due 05/03/42 (4)

     30,838,350   
  55,000,000      

Perusahaan Gas Negara Persero Tbk PT, (144A), 5.125%, due 05/16/24 (2)

     57,959,000   
  72,800,000      

Perusahaan Penerbit SBSN Indonesia III, (144A), 4.35%, due 09/10/24 (2)

     74,656,400   
     

 

 

 
  

Total Indonesia (Cost: $289,246,940)

     302,162,170   
     

 

 

 
  

Israel (3.8%)

  
  11,000,000      

Delek & Avner Tamar Bond, Ltd., (144A), 5.082%, due 12/30/23 (2)

     11,007,040   
  41,700,000      

Delek & Avner Tamar Bond, Ltd., (144A), 5.412%, due 12/30/25 (2)

     41,752,125   
  67,750,000      

Israel Electric Corp., Ltd., (144A), 5%, due 11/12/24 (2)

     68,766,250   
  43,800,000      

Israel Electric Corp., Ltd., (144A), 6.875%, due 06/21/23 (2)

     50,151,000   
     

 

 

 
  

Total Israel (Cost: $166,124,163)

     171,676,415   
     

 

 

 
  

Mexico (11.3%)

  
  44,100,000      

Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand, (144A), 5.95%, due 01/30/24 (2)(5)

     46,415,250   

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Mexico (Continued)   
$ 55,000,000      

BBVA Bancomer S.A., (144A), 6.75%, due 09/30/22 (2)

   $ 62,150,000   
  31,000,000      

Cemex Finance LLC, (144A), 6%, due 04/01/24 (2)

     29,490,300   
  9,350,000      

Cemex S.A.B. de C.V., (144A), 5.7%, due 01/11/25 (2)

     8,648,750   
  30,500,000      

Cemex S.A.B. de C.V., (Reg. S), 7.25%, due 01/15/21 (3)(4)

     31,625,450   
  60,000,000      

Corp. GEO S.A.B. de C.V., (144A), 8.875%, due 03/27/22 (1)(2)

     3,900,000   
  18,050,000      

Credito Real S.A.B de C.V., (144A), 7.5%, due 03/13/19 (2)

     18,118,590   
MXN  280,000,000      

Mexican BONOS Government Bond, 8%, due 12/07/23

     22,405,313   
$ 41,800,000      

Mexichem S.A.B. de C.V., (144A), 5.875%, due 09/17/44 (2)

     40,901,300   
  77,100,000      

Mexico Government International Bond, 3.6%, due 01/30/25 (3)

     79,605,750   
  98,222,000      

Mexico Government International Bond, 4.6%, due 01/23/46

     105,343,095   
  20,100,000      

Petroleos Mexicanos, (144A), 5.5%, due 06/27/44 (2)

     20,100,000   
  47,300,000      

Tenedora Nemak S.A. de C.V., (144A), 5.5%, due 02/28/23 (2)

     48,118,290   
     

 

 

 
  

Total Mexico (Cost: $569,574,831)

     516,822,088   
     

 

 

 
  

Morocco (Cost: $38,542,007) (1.0%)

  
  38,550,000      

Office Cherifien des Phosphates, (144A), 6.875%, due 04/25/44 (2)

     43,850,625   
     

 

 

 
  

Pakistan (1.2%)

  
  34,000,000      

Pakistan Government International Bond, (144A), 7.25%, due 04/15/19 (2)

     34,744,600   
  20,600,000      

Pakistan Government International Bond, (144A), 8.25%, due 04/15/24 (2)

     21,321,000   
     

 

 

 
  

Total Pakistan (Cost: $54,657,094)

     56,065,600   
     

 

 

 
  

Panama (2.7%)

  
  13,600,000      

Global Bank Corp., (144A), 4.75%, due 10/05/17 (2)

     13,926,400   
  36,500,000      

Global Bank Corp., (144A), 5.125%, due 10/30/19 (2)

     37,459,950   
  66,000,000      

Panama Government International Bond, 4%, due 09/22/24 (3)

     69,795,000   
     

 

 

 
  

Total Panama (Cost: $117,186,992)

     121,181,350   
     

 

 

 
  

Paraguay (2.5%)

  
  18,440,000      

Banco Continental SAECA, (144A), 8.875%, due 10/15/17 (2)

     18,993,200   
  27,850,000      

Banco Regional SAECA, (144A), 8.125%, due 01/24/19 (2)

     29,485,074   
  30,400,000      

Republic of Paraguay, (Reg. S), 6.1%, due 08/11/44 (3)(4)

     33,668,000   
  32,500,000      

Telefonica Celular del Paraguay S.A., (Reg. S), 6.75%, due 12/13/22 (3)(4)

     33,704,804   
     

 

 

 
  

Total Paraguay (Cost: $112,617,538)

     115,851,078   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Peru (2.8%)

  
$ 45,600,000      

BBVA Banco Continental S.A., (144A), 5.25%, due 09/22/29 (2)(5)

   $ 46,626,000   
  46,800,000      

Corp. Financiera de Desarrollo S.A., (144A), 5.25%, due 07/15/29 (2)(5)

     48,381,840   
  33,750,000      

Union Andina de Cementos SAA, (144A), 5.875%, due 10/30/21 (2)

     33,709,500   
     

 

 

 
  

Total Peru (Cost: $127,943,730)

     128,717,340   
     

 

 

 
  

Philippines (Cost: $36,423,658) (0.9%)

  
  36,316,000      

Philippine Government International Bond, 3.95%, due 01/20/40

     40,083,785   
     

 

 

 
  

Romania (Cost: $25,450,771) (0.6%)

  
  22,600,000      

Romanian Government International Bond, (Reg. S), 4.875%, due 01/22/24 (4)

     25,552,125   
     

 

 

 
  

Russia (2.1%)

  
  37,600,000      

Russian Foreign Bond — Eurobond, (Reg. S), 4.5%, due 04/04/22 (4)

     31,725,000   
  78,000,000      

Russian Foreign Bond — Eurobond, (Reg. S), 4.875%, due 09/16/23 (4)

     66,144,000   
     

 

 

 
  

Total Russia (Cost: $114,043,443)

     97,869,000   
     

 

 

 
  

Saudi Arabia (Cost: $40,354,925) (1.0%)

  
  39,000,000      

Saudi Electricity Global Sukuk Co. 3, (144A), 5.5%, due 04/08/44 (2)

     44,752,500   
     

 

 

 
  

Serbia (Cost: $45,703,485) (1.0%)

  
  45,000,000      

Republic of Serbia, (Reg. S), 4.875%, due 02/25/20 (3)(4)

     46,237,500   
     

 

 

 
  

South Africa (Cost: $48,632,625) (1.1%)

  
  45,300,000      

South Africa Government International Bond, 4.665%, due 01/17/24

     48,527,625   
     

 

 

 
  

Sri Lanka (1.6%)

  
  24,000,000      

Sri Lanka Government International Bond, (Reg. S), 5.875%, due 07/25/22 (3)(4)

     25,170,000   
  14,650,000      

Sri Lanka Government International Bond, (Reg. S), 6%, due 01/14/19 (4)

     15,327,562   
  31,000,000      

Sri Lanka Government International Bond, (Reg. S), 6.25%, due 07/27/21 (4)

     32,976,250   
     

 

 

 
  

Total Sri Lanka (Cost: $73,043,531)

     73,473,812   
     

 

 

 
  

Tunisia (Cost: $42,350,165) (0.9%)

  
  42,200,000      

Banque Centrale de Tunisie S.A., (144A), 5.75%, due 01/30/25 (2)

     43,044,000   
     

 

 

 
  

Turkey (7.3%)

  
  98,250,000      

Hazine Mustesarligi Varlik Kiralama AS, (144A), 4.489%, due 11/25/24 (2)

     102,180,000   
  28,000,000      

Turk Telekomunikasyon AS, (Reg. S), 4.875%, due 06/19/24 (4)

     28,646,240   
  95,000,000      

Turkey Government International Bond, 3.25%, due 03/23/23 (3)

     92,150,000   
  83,500,000      

Turkey Government International Bond, 4.875%, due 04/16/43 (3)

     87,771,025   

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Turkey (Continued)   
$ 22,000,000      

Turkey Government International Bond, 5.125%, due 03/25/22

   $ 23,980,000   
     

 

 

 
  

Total Turkey (Cost: $326,945,046)

     334,727,265   
     

 

 

 
  

Ukraine (2.1%)

  
  9,500,000      

MHP S.A., (Reg. S), 8.25%, due 04/02/20 (4)

     6,127,500   
  54,500,000      

Ukraine Government International Bond, (Reg. S), 6.58%, due 11/21/16 (4)

     29,838,750   
  101,927,000      

Ukraine Government International Bond, (Reg. S), 6.875%, due 09/23/15 (4)

     60,646,565   
     

 

 

 
  

Total Ukraine (Cost: $153,130,771)

     96,612,815   
     

 

 

 
  

Venezuela (3.4%)

  
  84,500,000      

Petroleos de Venezuela S.A., (Reg. S), 6%, due 11/15/26 (3)(4)

     26,516,100   
  105,250,000      

Petroleos de Venezuela S.A., (Reg. S), 8.5%, due 11/02/17 (3)(4)

     60,413,500   
  75,000,000      

Venezuela Government International Bond, (Reg. S), 7.75%, due 10/13/19 (3)(4)

     24,750,000   
  92,300,000      

Venezuela Government International Bond, (Reg. S), 8.25%, due 10/13/24 (4)

     30,459,000   
  45,000,000      

Venezuela Government International Bond, (Reg. S), 9%, due 05/07/23 (3)(4)

     15,075,000   
     

 

 

 
  

Total Venezuela (Cost: $306,998,268)

     157,213,600   
     

 

 

 
  

Vietnam (Cost: $40,651,938) (0.9%)

  
  39,408,000      

Vietnam Government International Bond, (144A), 4.8%, due 11/19/24 (2)

     41,673,960   
     

 

 

 
  

Total Fixed Income Securities (Cost: $4,592,376,914) (95.1%)

     4,338,841,204   
     

 

 

 

Number of
Shares

    

Equity Securities

      
  

Mexico (0.0%)

  
  240,079      

Hipotecaria Su Casita S.A. de C.V., SOFOM E.N.R. (1)

       
     

 

 

 
  

Total Equity Securities (Cost: $0) (0%)

       
     

 

 

 

Principal
Amount

    

Short-Term Investments

      
  

Repurchase Agreement (Cost: $141,311,112) (3.1%)

  
$ 141,311,112      

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $143,600,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $144,138,500) (Total Amount to be Received Upon Repurchase $141,311,112)

     141,311,112   
     

 

 

 
  

U.S. Treasury Securities (0.1%)

  
  1,876,000      

U.S. Treasury Bill, 0.003%, due 03/19/15 (7)

     1,875,994   

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Short-Term Investments

   Value  
   U.S. Treasury Securities (Continued)   
  $641,000      

U.S. Treasury Bill, 0.006%, due 02/12/15 (7)

   $ 640,999   
     

 

 

 
  

U.S. Treasury Securities (Cost: $2,516,904)

     2,516,993   
     

 

 

 
  

Total Short-Term Investments (Cost: $143,828,016) (3.2%)

     143,828,105   
     

 

 

 
  

Total Investments (Cost: $4,736,204,930) (98.3%)

     4,482,669,309   
  

Excess of Other Assets over Liabilities (1.7%)

     77,026,995   
     

 

 

 
  

Total Net Assets (100.0%)

   $ 4,559,696,304   
     

 

 

 

 

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 (8)

                 

Bank of America

   TRY      123,475,000         02/27/15       $ 52,970,828       $ 50,341,307       $ (2,629,521
           

 

 

    

 

 

    

 

 

 

SELL (9)

                 

Bank of America

   BRL      151,762,800         02/25/15       $ 58,800,000       $ 56,195,510       $ 2,604,490   

Bank of America

   EUR      43,084,169         03/09/15         53,460,000         48,632,490         4,827,510   

Bank of America

   EUR      42,282,498         03/11/15         52,510,000         47,728,402         4,781,598   

Bank of America

   EUR      45,229,005         04/28/15         51,000,000         51,077,886         (77,886

Bank of America

   HUF      13,241,399,000         03/10/15         52,900,000         48,009,782         4,890,218   

Bank of America

   HUF      6,187,744,800         04/14/15         22,860,000         22,412,480         447,520   

Bank of America

   JPY      6,243,013,669         03/11/15         52,510,000         53,168,638         (658,638

Bank of America

   JPY      5,314,650,250         04/16/15         45,500,000         45,283,605         216,395   

Bank of America

   SGD      75,033,872         03/03/15         57,440,000         55,415,221         2,024,779   

Bank of America

   TRY      123,475,000         02/27/15         55,000,000         50,341,307         4,658,693   

Bank of America

   TRY      112,347,400         04/30/15         45,800,000         45,257,231         542,769   
           

 

 

    

 

 

    

 

 

 
            $ 547,780,000       $ 523,522,552       $ 24,257,448   
           

 

 

    

 

 

    

 

 

 

 

Cross Currency Forwards                                    

Counterparty

   Contracts to Deliver/
Units of Currency
     Settlement
Date
     Contracts to Receive/
Units of Currency
     Unrealized
Appreciation
 

Bank of America

   EUR  77,545,000         04/20/15       INR  5,610,151,250       $ 1,573,144   
           

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Futures Contracts

 

Number of
Contracts

  

Type

   Expiration
Date
     Notional
Contract
Value
     Net Unrealized
(Depreciation)
 

SELL

           

2,776

   5-Year U.S. Treasury Note Futures      03/31/15       $ 336,850,250       $ (7,090,962
        

 

 

    

 

 

 

Notes to the Schedule of Investments:

 

BRL   -    Brazilian Real.
COP   -    Colombian Peso.
EUR   -    Euro Currency.
HUF   -    Hungarian Forint.
INR   -    Indian Rupee.
JPY   -    Japanese Yen.
MXN   -    Mexican Peso.
SGD   -    Singapore Dollar.
TRY   -    New Turkish Lira.
(1)      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.
(2)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $2,012,890,787 or 44.2% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.
(3)      All or a portion of this security is segregated to cover when-issued, delayed-delivery or forward commitments. (Note 1)
(4)      Investments issued under Regulation S of the Securities Act of 1933, may not be offered, sold, or delivered within the United States except under special exemptions. At January 31, 2015, the value of these securities amounted to $932,267,957 or 20.5% of net assets.
(5)      Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2015.
(6)      Perpetual Maturity.
(7)      Rate shown represents yield-to-maturity.
(8)      Fund buys foreign currency, sells U.S. Dollar.
(9)      Fund sells foreign currency, buys U.S. Dollar.

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Income Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

    Percentage of 
Net Assets
 

Agriculture

     0.1

Airlines

     1.9   

Banks

     11.4   

Building Materials

     2.3   

Chemicals

     1.9   

Diversified Financial Services

     5.5   

Electric

     4.8   

Foreign Government Bonds

     50.0   

Gas

     1.6   

Government Regional/Local

     1.7   

Holding Companies — Diversified

     1.1   

Internet

     0.9   

Machinery-Diversified

     0.1   

Oil & Gas

     9.0   

Telecommunications

     1.8   

Transportation

     1.0   

Short-Term Investments

     3.2   
  

 

 

 

Total

     98.3
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Local Currency Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Brazil (13.9% of Net Assets)

  
BRL  31,130,000      

Brazil Letras do Tesouro Nacional, 0%, due 01/01/18

   $ 8,289,891   
BRL 35,258,000      

Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/17 (1)

     12,638,848   
BRL 18,440,000      

Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/18

     6,540,178   
BRL 11,360,000      

Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/21

     3,907,961   
BRL 8,205,000      

Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/23

     2,779,858   
BRL 19,440,000      

Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/25

     6,488,801   
     

 

 

 
  

Total Brazil (Cost: $45,192,678)

     40,645,537   
     

 

 

 
  

China (0.3%)

  
CNY 3,000,000      

China Government Bond, (Reg. S), 2.36%, due 08/18/21 (2)

     454,427   
CNY 1,500,000      

China Government Bond, (Reg. S), 4%, due 05/22/24 (2)

     251,374   
     

 

 

 
  

Total China (Cost: $721,228)

     705,801   
     

 

 

 
  

Colombia (7.4%)

  
COP  6,256,000,000      

Colombian TES (Treasury) Bond, 5%, due 11/21/18

     2,575,438   
COP  12,830,000,000      

Colombian TES (Treasury) Bond, 6%, due 04/28/28 (1)

     4,794,449   
COP 6,020,000,000      

Colombian TES (Treasury) Bond, 7%, due 09/11/19 (1)

     2,646,625   
COP 7,156,000,000      

Colombian TES (Treasury) Bond, 7%, due 05/04/22

     3,056,722   
COP 2,750,000,000      

Colombian TES (Treasury) Bond, 7.25%, due 06/15/16

     1,167,700   
COP 1,800,000,000      

Colombian TES (Treasury) Bond, 7.75%, due 09/18/30

     765,000   
COP 13,070,000,000      

Colombian TES (Treasury) Bond, 10%, due 07/24/24 (1)

     6,636,942   
     

 

 

 
  

Total Colombia (Cost: $24,386,787)

     21,642,876   
     

 

 

 
  

Hungary (6.0%)

  
HUF 659,000,000      

Hungary Government Bond, 3.5%, due 06/24/20

     2,528,310   
HUF 468,000,000      

Hungary Government Bond, 5.5%, due 06/24/25

     2,112,178   
HUF 1,143,370,000      

Hungary Government Bond, 6%, due 11/24/23

     5,229,154   
HUF 750,400,000      

Hungary Government Bond, 6.5%, due 06/24/19

     3,205,608   
HUF 513,000,000      

Hungary Government Bond, 6.75%, due 11/24/17

     2,115,371   

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Local Currency Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
HUF  503,500,000      

Hungary Government Bond, 7.5%, due 11/12/20

   $ 2,312,541   
     

 

 

 
  

Total Hungary (Cost: $18,575,066)

     17,503,162   
     

 

 

 
  

India (5.4%)

  
INR 175,000,000      

India Government Bond, 7.28%, due 06/03/19

     2,799,777   
INR 173,000,000      

India Government Bond, 8.83%, due 11/25/23

     2,981,767   
INR 50,000,000      

Power Grid Corp. of India, Ltd., 9.64%, due 05/31/17

     828,210   
INR 125,000,000      

Power Grid Corp. of India, Ltd., 9.64%, due 05/31/18

     2,091,009   
INR 175,000,000      

Power Grid Corp. of India, Ltd., 9.64%, due 05/31/19

     2,950,686   
INR 145,000,000      

Export-Import Bank of India, 8.87%, due 10/30/29

     2,439,886   
INR 100,000,000      

Power Finance Corp., Ltd., 8.98%, due 10/08/24

     1,670,811   
     

 

 

 
  

Total India (Cost: $17,483,384)

     15,762,146   
     

 

 

 
  

Indonesia (9.1%)

  
IDR  47,052,000,000      

Indonesia Treasury Bond, 5.25%, due 05/15/18

     3,547,240   
IDR 30,406,000,000      

Indonesia Treasury Bond, 5.625%, due 05/15/23

     2,205,890   
IDR 36,763,000,000      

Indonesia Treasury Bond, 7%, due 05/15/22

     2,915,211   
IDR 13,154,000,000      

Indonesia Treasury Bond, 7.375%, due 09/15/16

     1,051,126   
IDR 14,363,000,000      

Indonesia Treasury Bond, 8.25%, due 06/15/32

     1,227,105   
IDR 57,258,000,000      

Indonesia Treasury Bond, 8.375%, due 03/15/24

     4,949,478   
IDR 34,000,000,000      

Indonesia Treasury Bond, 8.375%, due 03/15/34

     2,968,542   
IDR 43,799,000,000      

Indonesia Treasury Bond, 9%, due 03/15/29

     3,996,972   
IDR 12,911,000,000      

Indonesia Treasury Bond, 9.5%, due 07/15/31

     1,225,615   
IDR 5,300,000,000      

Indonesia Treasury Bond, 10%, due 07/15/17

     450,076   
IDR 20,569,000,000      

Indonesia Treasury Bond, 10.5%, due 08/15/30

     2,082,799   

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Local Currency Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
     

 

 

 
  

Total Indonesia (Cost: $26,616,120)

     26,620,054   
     

 

 

 
  

Malaysia (6.8%)

  
MYR  7,809,000      

Malaysia Government Bond, 3.48%, due 03/15/23

   $ 2,102,812   
MYR 960,000      

Malaysia Government Bond, 3.844%, due 04/15/33

     248,388   
MYR 8,471,000      

Malaysia Government Bond, 4.012%, due 09/15/17 (1)

     2,362,797   
MYR  12,147,000      

Malaysia Government Bond, 4.16%, due 07/15/21 (1)

     3,432,331   
MYR 15,610,000      

Malaysia Government Bond, 4.262%, due 09/15/16 (1)

     4,358,860   
MYR 17,048,000      

Malaysia Government Bond, 4.378%, due 11/29/19

     4,836,966   
MYR 5,341,000      

Malaysia Government Bond, 4.392%, due 04/15/26 (1)

     1,527,809   
MYR 2,900,000      

Malaysia Government Bond, 4.498%, due 04/15/30

     835,349   
     

 

 

 
  

Total Malaysia (Cost: $21,052,055)

     19,705,312   
     

 

 

 
  

Mexico (10.6%)

  
MXN  39,350,000      

Mexican BONOS Government Bond, 7.25%, due 12/15/16

     2,808,086   
MXN 31,300,000      

Mexican BONOS Government Bond, 7.75%, due 12/14/17

     2,310,008   
MXN 45,500,000      

Mexican BONOS Government Bond, 7.75%, due 05/29/31

     3,720,584   
MXN 37,600,000      

Mexican BONOS Government Bond, 7.75%, due 11/23/34

     3,099,457   
MXN 15,500,000      

Mexican BONOS Government Bond, 7.75%, due 11/13/42

     1,296,743   
MXN 45,150,000      

Mexican BONOS Government Bond, 8%, due 06/11/20

     3,484,631   
MXN 76,000,000      

Mexican BONOS Government Bond, 8%, due 12/07/23 (1)

     6,081,442   
MXN 48,300,000      

Mexican BONOS Government Bond, 8.5%, due 12/13/18

     3,700,941   
MXN 22,500,000      

Mexican BONOS Government Bond, 8.5%, due 05/31/29

     1,932,722   
MXN 28,090,000      

Mexican BONOS Government Bond, 10%, due 12/05/24 (1)

     2,565,441   
     

 

 

 
  

Total Mexico (Cost: $32,170,645)

     31,000,055   
     

 

 

 
  

Peru (2.3%)

  
PEN 1,320,000      

Peruvian Government International Bond, (Reg. S), 5.2%, due 09/12/23 (2)

     433,246   
PEN 7,800,000      

Peruvian Government International Bond, (144A), 5.7%, due 08/12/24 (3)

     2,610,418   
PEN 1,430,000      

Peruvian Government International Bond, (Reg. S), 6.9%, due 08/12/37 (2)

     514,022   
PEN 5,000,000      

Peruvian Government International Bond, (Reg. S), 6.95%, due 08/12/31 (2)

     1,838,262   
PEN 2,110,000      

Peruvian Government International Bond, (Reg. S), 7.84%, due 08/12/20 (2)

     796,953   
PEN 1,580,000      

Peruvian Government International Bond, (Reg. S), 8.2%, due 08/12/26 (2)

     637,272   
     

 

 

 
  

Total Peru (Cost: $7,071,929)

     6,830,173   
     

 

 

 
  

Philippines (Cost: $1,490,259) (0.5%)

  
PHP 63,000,000      

Philippine Government Bond, 4.125%, due 08/20/24

     1,539,866   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Local Currency Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Poland (1.6%)

  
PLN  3,000,000      

Poland Government Bond, 2.5%, due 07/25/18

   $ 833,477   
PLN 3,000,000      

Poland Government Bond, 4.75%, due 04/25/17

     865,089   
PLN 3,950,000      

Poland Government Bond, 5.25%, due 10/25/20 (1)

     1,266,883   
PLN 5,050,000      

Poland Government Bond, 5.5%, due 10/25/19 (1)

     1,596,209   
     

 

 

 
  

Total Poland (Cost: $5,047,818)

     4,561,658   
     

 

 

 
  

Romania (2.8%)

  
RON  7,550,000      

Romania Government Bond, 4.75%, due 06/24/19

     2,132,483   
RON 6,700,000      

Romania Government Bond, 4.75%, due 02/24/25

     2,018,463   
RON 6,500,000      

Romania Government Bond, 5.85%, due 04/26/23

     2,043,823   
RON 6,800,000      

Romania Government Bond, 5.9%, due 07/26/17

     1,898,002   
     

 

 

 
  

Total Romania (Cost: $8,573,437)

     8,092,771   
     

 

 

 
  

Russia (1.8%)

  
RUB  242,100,000      

Russian Federal Bond — OFZ, 6.8%, due 12/11/19

     2,542,695   
RUB 65,000,000      

Russian Federal Bond — OFZ, 6.9%, due 08/03/16

     828,802   
RUB 55,200,000      

Russian Federal Bond — OFZ, 7%, due 01/25/23

     533,774   
RUB 14,000,000      

Russian Federal Bond — OFZ, 7.4%, due 04/19/17

     172,709   
RUB 14,200,000      

Russian Federal Bond — OFZ, 7.5%, due 03/15/18

     167,098   
RUB 87,700,000      

Russian Federal Bond — OFZ, 7.6%, due 04/14/21

     910,428   
RUB 14,200,000      

Russian Federal Bond — OFZ, 7.6%, due 07/20/22

     145,203   
     

 

 

 
  

Total Russia (Cost: $9,008,456)

     5,300,709   
     

 

 

 
  

South Africa (11.0%)

  
ZAR 40,150,400      

South Africa Government Bond, 6.25%, due 03/31/36 (1)

     2,944,915   
ZAR 64,264,000      

South Africa Government Bond, 6.75%, due 03/31/21

     5,544,562   
ZAR 9,100,000      

South Africa Government Bond, 7%, due 02/28/31

     744,255   
ZAR 39,469,000      

South Africa Government Bond, 7%, due 02/28/31 (1)

     3,228,107   
ZAR 41,500,000      

South Africa Government Bond, 7.25%, due 01/15/20 (1)

     3,670,514   
ZAR 25,860,000      

South Africa Government Bond, 8%, due 12/21/18 (1)

     2,340,762   
ZAR 48,800,000      

South Africa Government Bond, 8%, due 01/31/30 (1)

     4,402,112   
ZAR 28,000,000      

South Africa Government Bond, 8.25%, due 09/15/17 (1)

     2,523,168   
ZAR 12,900,000      

South Africa Government Bond, 8.5%, due 01/31/37

     1,199,175   
ZAR 12,800,000      

South Africa Government Bond, 8.75%, due 02/28/48

     1,219,802   
ZAR 39,707,000      

South Africa Government Bond, 10.5%, due 12/21/26 (1)

     4,326,437   
     

 

 

 
  

Total South Africa (Cost: $33,204,100)

     32,143,809   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Local Currency Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Thailand (6.2%)   
THB  162,700,000       Thailand Government Bond, 3.25%, due 06/16/17 (1)    $ 5,107,525   
THB  34,000,000       Thailand Government Bond, 3.58%, due 12/17/27      1,118,063   
THB  86,300,000       Thailand Government Bond, 3.625%, due 06/16/23      2,857,370   
THB  92,300,000       Thailand Government Bond, 3.65%, due 12/17/21 (1)      3,040,224   
THB  106,300,000       Thailand Government Bond, 3.875%, due 06/13/19 (1)      3,470,596   
THB  68,600,000       Thailand Government Bond, 4.875%, due 06/22/29      2,582,795   
     

 

 

 
   Total Thailand (Cost: $18,002,775)      18,176,573   
     

 

 

 
   Turkey (10.9%)   
TRY  6,660,000       Turkey Government Bond, 6.3%, due 02/14/18      2,691,550   
TRY  13,350,000       Turkey Government Bond, 7.1%, due 03/08/23      5,450,231   
TRY  7,900,000       Turkey Government Bond, 8.3%, due 10/07/15      3,260,065   
TRY  17,150,000       Turkey Government Bond, 8.3%, due 06/20/18 (1)      7,315,196   
TRY  6,000,000       Turkey Government Bond, 9%, due 07/24/24      2,793,186   
TRY  10,980,000       Turkey Government Bond, 9.5%, due 01/12/22      5,085,422   
TRY  3,800,000       Turkey Government Bond, 10.4%, due 03/20/24      1,893,651   
TRY  7,535,000       Turkey Government Bond, 10.7%, due 02/24/16 (1)      3,202,873   
     

 

 

 
   Total Turkey (Cost: $33,607,234)      31,692,174   
     

 

 

 
   Total Fixed Income Securities (Cost: $302,203,971) (96.6%)      281,922,676   
     

 

 

 

Principal
Amount

    

Short-Term Investments

      
   Repurchase Agreement (Cost: $111,150) (0.0%)   
$ 111,150      

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $115,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $115,431) (Total Amount to be Received Upon Repurchase $111,150)

     111,150   
     

 

 

 
   Total Short-Term Investments (Cost: $111,150) (0.0%)      111,150   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Local Currency Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

      Total Investments (Cost: $302,315,121) (96.6%)      282,033,826   
      Excess of Other Assets over Liabilities (3.4%)      9,882,635   
        

 

 

 
      Total Net Assets (100.0%)    $ 291,916,461   
        

 

 

 

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

   COP      5,562,000,000         03/18/15       $ 2,271,131       $ 2,273,033       $ 1,902   

Bank of America

   IDR      28,700,000,000         03/03/15         2,307,074         2,253,694         (53,380

Bank of America

   TRY      5,612,500         02/27/15         2,407,765         2,287,666         (120,099
           

 

 

    

 

 

    

 

 

 
            $ 6,985,970       $ 6,814,393       $ (171,577
           

 

 

    

 

 

    

 

 

 

SELL (5)

     

Bank of America

   BRL      6,452,500         02/25/15       $ 2,500,000       $ 2,387,769       $ 112,231   

Bank of America

   BRL      6,300,000         03/03/15         2,250,000         2,326,664         (76,664

Bank of America

   BRL      8,099,910         04/16/15         3,010,000         2,952,538         57,462   

Bank of America

   BRL      10,157,400         04/23/15         3,800,000         3,695,939         104,061   

Bank of America

   COP      5,562,000,000         03/18/15         2,250,000         2,273,034         (23,034

Bank of America

   EUR      4,026,332         02/12/15         5,000,000         4,543,987         456,013   

Bank of America

   EUR      1,853,602         03/09/15         2,300,000         2,092,388         207,612   

Bank of America

   EUR      1,860,076         03/11/15         2,310,000         2,099,737         210,263   

Bank of America

   EUR      2,660,530         04/28/15         3,000,000         3,004,747         (4,747

Bank of America

   HUF      1,143,916,700         03/10/15         4,570,000         4,147,138         422,862   

Bank of America

   HUF      590,082,400         04/14/15         2,180,000         2,137,047         42,953   

Bank of America

   IDR      28,700,000,000         03/03/15         2,290,503         2,253,694         36,809   

Bank of America

   JPY      274,640,289         03/11/15         2,310,000         2,339,085         (29,085

Bank of America

   JPY      327,055,400         04/16/15         2,800,000         2,786,885         13,115   

Bank of America

   MYR      8,000,000         03/03/15         2,318,034         2,199,104         118,930   

Bank of America

   PEN      6,783,750         03/18/15         2,250,000         2,202,230         47,770   

Bank of America

   PEN      8,778,000         07/23/15         2,850,000         2,801,668         48,332   

Bank of America

   SGD      5,973,790         02/23/15         4,600,000         4,412,466         187,534   

Bank of America

   SGD      3,247,462         03/03/15         2,486,000         2,398,284         87,716   

Bank of America

   THB      152,214,000         02/19/15         4,600,000         4,646,053         (46,053

Bank of America

   TRY      5,612,500         02/27/15         2,500,000         2,287,666         212,334   

Bank of America

   TRY      7,236,350         04/30/15         2,950,000         2,912,891         37,109   

Citibank N.A.

   THB      49,470,000         06/02/15         1,500,000         1,502,994         (2,994
           

 

 

    

 

 

    

 

 

 
            $ 66,624,537       $ 64,404,008       $ 2,220,529   
           

 

 

    

 

 

    

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Local Currency Income Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Cross Currency Forwards  

Counterparty

   Contracts to Deliver/
Units of Currency
     Settlement
Date
     Contracts to Receive/
Units of Currency
     Unrealized
Appreciation
 

Bank of America

     EUR         4,900,000         04/20/15         INR 354,498,000       $ 91,773   

Bank of America

     EUR         3,595,002         02/17/15         MXN 61,000,000         11,956   
              

 

 

 
   $ 103,729   
              

 

 

 

Notes to the Schedule of Investments:

 

BRL   -    Brazilian Real.
CNY   -    Chinese Yuan.
COP   -    Colombian Peso.
EUR   -    Euro Currency.
HUF   -    Hungarian Forint.
IDR   -    Indonesian Rupiah.
INR   -    Indian Rupee.
JPY   -    Japanese Yen.
MXN   -    Mexican Peso.
MYR   -    Malaysian Ringgit.
PEN   -    Peruvian Nouveau Sol.
PHP   -    Philippines Peso.
PLN   -    Polish Zloty.
RON   -    New Romanian Leu.
RUB   -    Russian Ruble.
SGD   -    Singapore Dollar.
THB   -    Thai Baht.
TRY   -    New Turkish Lira.
ZAR   -    South African Rand.
(1)      All or a portion of this security is segregated to cover when-issued, delayed-delivery or forward commitments. (Note 1)
(2)      Investments issued under Regulation S of the Securities Act of 1933, may not be offered, sold, or delivered within the United States except under special exemptions. At January 31, 2015, the value of these securities amounted to $4,925,556 or 1.7% of net assets.
(3)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $2,610,418 or 0.9% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.
(4)      Fund buys foreign currency, sells U.S. Dollar.
(5)      Fund sells foreign currency, buys U.S. Dollar.

 

See accompanying notes to Schedule of Investments.


TCW Emerging Markets Local Currency Income Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

    Percentage of 
Net Assets
 

Banks

     0.8

Diversified Financial Services

     0.6   

Electric

     2.0   

Foreign Government Bonds

     93.2   

Short-Term Investments

     0.0
  

 

 

 

Total

     96.6
  

 

 

 

 

* Value rounds to less than 0.1% of net assets.

 

See accompanying notes to Schedule of Investments.


TCW Enhanced Commodity Strategy Fund

 

Consolidated Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Asset-Backed Securities (1.3% of Net Assets)   
$ 16,249       Educational Services of America, Inc. (12-2-A), (144A), 0.898%, due 04/25/39 (1)(2)    $ 16,282   
  8,500       Goal Capital Funding Trust (06-1-A3), 0.353%, due 11/25/26 (2)      8,450   
  7,585       Nelnet Student Loan Trust (12-5A-A), (144A), 0.768%, due 10/27/36 (1)(2)      7,579   
  6,630       Scholar Funding Trust (11-A-A), (144A), 1.156%, due 10/28/43 (1)(2)      6,674   
     

 

 

 
   Total Asset-Backed Securities (Cost: $39,030)      38,985   
     

 

 

 
   Commercial Mortgage-Backed Securities — Agency (0.9%)   
  19,996       Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (KF05-A), 0.504%, due 09/25/21 (2)      20,020   
  7,520       Government National Mortgage Association (10-96-A), 2.207%, due 09/16/39      7,605   
     

 

 

 
   Total Commercial Mortgage-Backed Securities — Agency (Cost: $27,533)      27,625   
     

 

 

 
   Commercial Mortgage-Backed Securities — Non-Agency (3.6%)   
  8,796       Banc of America Commercial Mortgage Trust (06-5-A2), 5.317%, due 09/10/47      8,793   
  744       Bear Stearns Commercial Mortgage Securities Trust (04-PWR4-A3), 5.468%, due 06/11/41 (2)      743   
  14,812       Bear Stearns Commercial Mortgage Securities Trust (07-PW16-AAB), 5.707%, due 06/11/40 (2)      15,140   
  18,848       JPMorgan Chase Commercial Mortgage Securities Trust (05-LDP2-A4), 4.738%, due 07/15/42      18,872   
  6,990       JPMorgan Chase Commercial Mortgage Securities Trust (06-LDP7-ASB), 5.875%, due 04/15/45 (2)      7,090   
  8,090       JPMorgan Chase Commercial Mortgage Securities Trust (07-LD12-ASB), 5.833%, due 02/15/51 (2)      8,443   
  10,338       Morgan Stanley Capital I Trust (07-IQ14-A2), 5.61%, due 04/15/49      10,436   
  27,739       Wachovia Bank Commercial Mortgage Trust (05-C20-A7), 5.118%, due 07/15/42 (2)      27,872   
  9,877       Wachovia Bank Commercial Mortgage Trust (06-C26-APB), 5.997%, due 06/15/45      10,171   
     

 

 

 
   Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $112,067)      107,560   
     

 

 

 
   Residential Mortgage-Backed Securities — Agency (3.1%)   
  13,148       Federal Home Loan Mortgage Corp. (3346-FA), 0.397%, due 02/15/19 (2)      13,161   
  11,784       Federal Home Loan Mortgage Corp. (242-F29), 0.417%, due 11/15/36 (2)      11,825   
  16,073       Federal National Mortgage Association (01-70-OF), 1.118%, due 10/25/31 (2)      16,398   
  28,173       Federal National Mortgage Association (05-W3-2AF), 0.388%, due 03/25/45 (2)      28,264   
  6,731       Federal National Mortgage Association (10-87-GA), 4%, due 02/25/24      6,834   
  8,114       Federal National Mortgage Association (93-247-FM), 1.886%, due 12/25/23 (2)      8,370   
  5,727       NCUA Guaranteed Notes (11-R6-1A), 0.548%, due 05/07/20 (2)(3)      5,730   
     

 

 

 
   Total Residential Mortgage-Backed Securities — Agency (Cost: $88,709)      90,582   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Enhanced Commodity Strategy Fund

 

Consolidated Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Residential Mortgage-Backed Securities — Non-Agency (17.6%)   
$ 18,710       Banc of America Alternative Loan Trust (03-4-1A5), 5.5%, due 06/25/33    $ 19,355   
  18,540       Banc of America Alternative Loan Trust (03-9-1CB5), 5.5%, due 11/25/33      19,010   
  1,167       Banc of America Funding Corp. (06-G-2A3), 0.338%, due 07/20/36 (2)      1,169   
  10,236       Bear Stearns Alt-A Trust (04-13-A1), 0.908%, due 11/25/34 (2)      10,187   
  7,027       Bear Stearns Asset-Backed Securities Trust (05-SD1-1A3), 0.568%, due 08/25/43 (2)      6,949   
  21,038       Bombardier Capital Mortgage Securitization Corp. (01-A-A), 6.805%, due 12/15/30 (2)      21,855   
  56,358       Centex Home Equity Loan Trust (05-A-AF5), 5.28%, due 01/25/35      58,166   
  21,371       Conseco Financial Corp. (97-7-A9), 7.37%, due 07/15/28 (2)      22,566   
  15,612       Credit-Based Asset Servicing and Securitization LLC (03-CB5-M1), 1.19%, due 11/25/33 (2)      14,936   
  29,821       Credit-Based Asset Servicing and Securitization LLC (05-CB4-AF3), 5.334%, due 07/25/35      30,381   
  19,329       First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C), 1.168%, due 08/25/34 (2)      18,748   
  12,866       Homestar Mortgage Acceptance Corp. (04-5-A1), 0.618%, due 10/25/34 (2)      12,919   
  60,253       JPMorgan Mortgage Trust (05-A6-7A1), 2.528%, due 08/25/35 (2)(4)      59,084   
  45,649       MASTR Seasoned Securitization Trust (04-1-4A1), 2.507%, due 10/25/32 (2)      45,490   
  36,310       MASTR Seasoned Securitization Trust (05-1-4A1), 2.436%, due 10/25/32 (2)      36,612   
  36,253       Mid-State Trust (04-1-M1), 6.497%, due 08/15/37      39,549   
  15,079       Morgan Stanley Mortgage Loan Trust (04-6AR-1A), 0.618%, due 07/25/34 (2)      14,552   
  28,288       Origen Manufactured Housing (05-A-M1), 5.46%, due 06/15/36 (2)      29,664   
  8,801       Residential Asset Mortgage Products, Inc. (03-RZ3-A6), 3.9%, due 03/25/33      8,856   
  30,801       Residential Asset Mortgage Products, Inc. (04-SL3-A2), 6.5%, due 12/25/31      32,538   
  20,619       Wells Fargo Mortgage-Backed Securities Trust (03-17-2A10), 5.5%, due 01/25/34      21,196   
     

 

 

 
   Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $477,135)      523,782   
     

 

 

 
   Corporate Bonds (21.9%)   
   Airlines (4.4%)   
  84,696       Continental Airlines, Inc. Pass-Through Certificates (00-1-A1), 8.048%, due 05/01/22 (EETC)      95,177   
  34,980       JetBlue Airways Corp. Pass-Through Certificates (04-2-G1), 0.607%, due 02/15/18 (EETC) (2)      34,499   
     

 

 

 
   Total Airlines (Cost: $122,617)      129,676   
     

 

 

 
   Banks (8.3%)   
  10,000       Bank of America Corp., 5.625%, due 10/14/16      10,725   
  80,000       Bank of America N.A., 0.521%, due 06/15/16 (2)      79,462   
  7,000       Citigroup, Inc., 0.783%, due 08/25/36 (2)      5,400   
  75,000       Citigroup, Inc., 1.932%, due 05/15/18 (2)      77,333   

 

See accompanying notes to Schedule of Investments.


TCW Enhanced Commodity Strategy Fund

 

Consolidated Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Banks (Continued)   
$ 75,000       JPMorgan Chase Bank N.A., 0.571%, due 06/13/16 (2)    $ 74,297   
     

 

 

 
   Total Banks (Cost: $243,285)      247,217   
     

 

 

 
   Diversified Financial Services (Cost: $46,261) (1.9%)   
  60,000       General Electric Capital Corp., 0.612%, due 05/05/26 (2)      56,226   
     

 

 

 
   Electric (Cost: $25,026) (0.8%)   
  25,000       NextEra Energy Capital Holdings, Inc., 1.339%, due 09/01/15      25,099   
     

 

 

 
   Insurance (Cost: $67,617) (2.3%)   
  70,000       Nationwide Mutual Insurance Co., (144A), 2.531%, due 12/15/24 (1)(2)      70,043   
     

 

 

 
   REIT (3.7%)   
  35,000       HCP, Inc., 2.625%, due 02/01/20      35,418   
  70,000       Health Care REIT, Inc., 6.2%, due 06/01/16      74,685   
     

 

 

 
   Total REIT (Cost: $107,002)      110,103   
     

 

 

 
   Retail (Cost: $15,000) (0.5%)   
  15,000       Walgreens Boots Alliance, Inc., 0.682%, due 05/18/16 (2)      15,007   
     

 

 

 
   Total Corporate Bonds (Cost: $626,808)      653,371   
     

 

 

 
   Municipal Bond (Cost: $75,011) (2.5%)   
  75,000       State of Illinois, General Obligation, 4.511%, due 03/01/15      75,258   
     

 

 

 
   U.S. Government Agency Obligation (Cost: $20,000) (0.7%)   
  20,000       Federal Farm Credit Bank, 0.223%, due 02/27/17 (2)      20,035   
     

 

 

 
   Total Fixed Income Securities (Cost: $1,466,293) (51.6%)      1,537,198   
     

 

 

 

Number of
Shares

    

Money Market Investments

      
  16,000       Morgan Stanley Institutional Liquidity Fund — Government Portfolio, 0.04% (5)      16,000   
     

 

 

 
   Total Money Market Investments (Cost: $16,000) (0.5%)      16,000   
     

 

 

 

Principal
Amount

    

Short-Term Investments

      
   Discount Notes (35.7%)   
$ 100,000       Federal Home Loan Bank Discount Note, 0.01%, due 02/26/15 (6)      99,999   
  35,000       Federal Home Loan Mortgage Corp. Discount Note, 0.054%, due 02/11/15 (3)(6)      35,000   
  155,000       Federal Home Loan Mortgage Corp. Discount Note, 0.08%, due 03/16/15 (6)      154,997   
  85,000       Federal Home Loan Mortgage Corp. Discount Note, 0.09%, due 03/03/15 (6)      84,999   
  80,000       Federal National Mortgage Association Discount Note, 0.01%, due 02/18/15 (6)      80,000   
  95,000       Federal National Mortgage Association Discount Note, 0.06%, due 02/17/15 (6)      95,000   
  165,000       Federal National Mortgage Association Discount Note, 0.065%, due 02/11/15 (6)      164,999   
  110,000       Federal National Mortgage Association Discount Note, 0.07%, due 02/04/15 (6)      110,000   
  140,000       Federal National Mortgage Association Discount Note, 0.07%, due 03/02/15 (6)      139,998   

 

See accompanying notes to Schedule of Investments.


TCW Enhanced Commodity Strategy Fund

 

Consolidated Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

  

Short-Term Investments

   Value  
  

Discount Notes (Continued)

  

$100,000

  

Federal National Mortgage Association Discount Note, 0.09%, due 03/18/15 (6)

   $ 99,998   
     

 

 

 
  

Total Discount Notes (Cost: $1,064,944)

     1,064,990   
     

 

 

 
  

Repurchase Agreement (Cost: $43,334) (1.5%)

  

43,334

  

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $45,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $45,169) (Total Amount to be Received Upon Repurchase $43,334)

     43,334   
     

 

 

 
  

Time Deposit (Cost: $3,352) (0.1%)

  

3,352

  

State Street Euro Dollar Time Deposit, Inc., 0.01%, due 02/02/15 (3)

     3,352   
     

 

 

 
  

Total Short-Term Investments (Cost: $1,111,630) (37.3%)

     1,111,676   
     

 

 

 
  

Total Investments (Cost: $2,593,923) (89.4%)

     2,664,874   
  

Excess of Other Assets over Liabilities (10.6%)

     315,774   
     

 

 

 
  

Net Assets (100.0%)

   $ 2,980,648   
     

 

 

 

Total Return Swaps (3)

 

 

Notional
Amount

     Expiration
Date
    

Counterparty

  

Payment Made by Fund

  

Payment Received by
Fund

   Unrealized
Appreciation
    Premium
Paid
     Value  

 

OTC Swaps

             
  $1,849,375         2/24/15      

Credit Suisse First Boston Corp.

  

3-Month U.S. Treasury Bills plus 0.2%

  

Credit Suisse Custom 24 Total Return Index (7)

   $ (42,436   $ —         $ (42,436
  1,223,648         2/24/15      

Citigroup Global Markets, Inc.

  

3-Month U.S. Treasury Bills plus 0.2%

  

Citi Custom CIVICS H Index (8)

     (25,938     —           (25,938
              

 

 

   

 

 

    

 

 

 
               $ (68,374   $ —         $ (68,374
              

 

 

   

 

 

    

 

 

 

Notes to the Consolidated Schedule of Investments:

 

EETC   -    Enhanced Equipment Trust Certificate.
OTC   -    Over the Counter.
REIT   -    Real Estate Investment Trust.
(1)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $100,578 or 3.4% of net assets. These securities are determined to be liquid by the 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 January 31, 2015.
(3)      All or a portion of this security is owned by TCW Cayman Enhanced Commodity Fund, Ltd.

 

See accompanying notes to Schedule of Investments.


TCW Enhanced Commodity Strategy Fund

 

Consolidated Schedule of Investments (Unaudited)   January 31, 2015

 

(4)    A portion of the principal balance has been written-off during the period due to defaults in the underlying loans.
(5)    Rate disclosed is the 7-day net yield as of January 31, 2015.
(6)    Rate shown represents yield-to-maturity.
(7)    Custom Index has exposure to the following commodities: HRW Wheat, Cotton, Lean Hogs, Soybean Meal, Nickel Primary, Soybean Oil, Zinc High Grade, RBOB Gasoline, SRW Wheat, Heating Oil, Silver, Coffee ‘C’ Arabica, Sugar #11, Live Cattle, Soybeans, Brent Crude Oil, Aluminum Primary, Corn, Copper High Grade, WTI Crude Oil, Natural Gas, and Gold.
(8)    Custom Index has exposure to the following commodities: Natural Gas, WTI Crude Oil, Coffee, Brent Crude, Soybean Oil, Heating Oil, RBOB Gasoline, Gold, Kansas Wheat, Lean Hogs, Live Cattle, Wheat, Cotton, Soybean Meal, Zinc, Sugar, COMEX Silver, Soybeans, Aluminum, Nickel, Copper, and Corn.

 

See accompanying notes to Schedule of Investments.


TCW Enhanced Commodity Strategy Fund

 

Consolidated Investments by Industry (Unaudited)   January 31, 2015

 

Industry

    Percentage of 
Net Assets
 

Airlines

     4.4

Asset-Backed Securities

     1.3   

Banks

     8.3   

Commercial Mortgage-Backed Securities — Agency

     0.9   

Commercial Mortgage-Backed Securities — Non-Agency

     3.6   

Diversified Financial Services

     1.9   

Electric

     0.8   

Insurance

     2.3   

Municipal Bonds

     2.5   

REIT

     3.7   

Residential Mortgage-Backed Securities — Agency

     3.1   

Residential Mortgage-Backed Securities — Non-Agency

     17.6   

Retail

     0.5   

U.S. Government Agency Obligations

     0.7   

Money Market Investments

     0.5   

Short-Term Investments

     37.3   
  

 

 

 

Total

     89.4
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Global Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Corporate Bonds (17.4% of Net Assets)

  
  

Airlines (2.8%)

  
$ 183,168      

American Airlines, Inc. Pass-Through Trust (13-2A), 4.95%, due 07/15/24 (EETC)

   $ 198,508   
  105,598      

Continental Airlines, Inc. Pass-Through Trust (01-1A-1), 6.703%, due 12/15/22

     112,726   
  81,485      

Delta Air Lines, Inc. Pass-Through Certificates (02-1G1), 6.718%, due 07/02/24 (EETC)

     94,930   
  19,351      

US Airways Group, Inc. Pass-Through Certificates (10-1A), 6.25%, due 10/22/24 (EETC)

     22,085   
     

 

 

 
  

Total Airlines

     428,249   
     

 

 

 
  

Auto Manufacturers (0.7%)

  
  100,000      

Ford Motor Credit Co. LLC, 8%, due 12/15/16

     112,098   
     

 

 

 
  

Banks (7.7%)

  
  45,000      

Abbey National Treasury Services PLC (United Kingdom), (Reg. S), 1.75%, due 01/15/18 (1)

     52,655   
  250,000      

Bank of America N.A., 6.1%, due 06/15/17 (2)

     276,319   
  200,000      

BBVA Bancomer S.A. (Mexico), (144A), 6.75%, due 09/30/22 (3)

     226,000   
  300,000      

Chase Capital VI, 0.88%, due 08/01/28 (4)

     255,000   
  110,000      

Goldman Sachs Group, Inc. (The), 5.95%, due 01/18/18

     123,275   
  40,000      

HBOS PLC (United Kingdom), (144A), 6.75%, due 05/21/18 (3)

     45,032   
  50,000      

Macquarie Bank, Ltd. (Australia), (144A), 0.886%, due 10/27/17 (3)(4)

     50,031   
  100,000      

Rabobank Nederland Utrecht (Netherlands), 3.375%, due 01/19/17

     104,519   
  50,000      

Royal Bank of Scotland PLC (The) (United Kingdom), 5.625%, due 08/24/20

     58,690   
     

 

 

 
  

Total Banks

     1,191,521   
     

 

 

 
  

Diversified Financial Services (1.1%)

  
  200,000      

General Electric Capital Corp., 0.712%, due 08/15/36 (4)

     175,499   
     

 

 

 
  

Electric (0.5%)

  
  75,000      

IPALCO Enterprises, Inc., 5%, due 05/01/18

     80,857   
     

 

 

 
  

Insurance (1.2%)

  
  100,000      

Farmers Exchange Capital II, (144A), 6.151%, due 11/01/53 (3)(4)

     115,173   
  65,000      

ZFS Finance USA Trust II, (144A), 6.45%, due 12/15/65 (3)(4)

     68,250   
     

 

 

 
  

Total Insurance

     183,423   
     

 

 

 
  

Real Estate (1.3%)

  
  200,000      

WEA Finance LLC/Westfield UK & Europe Finance PLC (Australia), (144A), 1.75%, due 09/15/17 (3)

     201,152   
     

 

 

 
  

REIT (1.7%)

  
  50,000      

ARC Properties Operating Partnership LP/Clark Acquisition LLC, 2%, due 02/06/17 (REIT)

     48,250   
  100,000      

HCP, Inc., 2.625%, due 02/01/20

     101,195   

 

See accompanying notes to Schedule of Investments.


TCW Global Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

REIT (Continued)

  
$ 100,000      

SL Green Realty Corp., 5%, due 08/15/18

   $ 108,551   
     

 

 

 
  

Total REIT

     257,996   
     

 

 

 
  

Retail (0.4%)

  
  65,000      

Walgreens Boots Alliance, Inc., 0.682%, due 05/18/16 (4)

     65,029   
     

 

 

 
  

Total Corporate Bonds (Cost: $2,527,920)

     2,695,824   
     

 

 

 
  

Foreign Government Bonds (37.3%)

  
AUD  382,000      

Australia Government Bond, 2.75%, due 04/21/24

     306,456   
EUR 360,000      

Bundesrepublik Deutschland (Germany), 2.25%, due 09/04/21 (2)

     466,052   
CAD 430,000      

Canada Housing Trust No. 1, (144A), 3.35%, due 12/15/20 (3)

     382,064   
EUR 65,000      

France Government Bond OAT, 3.25%, due 10/25/21 (2)

     88,102   
EUR 200,000      

France Government Bond OAT, 2.5%, due 05/25/30

     275,640   
EUR 55,000      

Ireland Government Bond, (Reg. S), 3.4%, due 03/18/24 (1)

     75,198   
ILS 880,000      

Israel Government Bond, 5.5%, due 01/31/22

     288,222   
EUR 627,000      

Italy Buoni Poliennali Del Tesoro, 4.5%, due 03/01/24

     884,678   
JPY  95,800,000      

Japan Government Ten-Year Bond, 1%, due 09/20/21 (2)

     865,445   
JPY 27,000,000      

Japan Government Thirty-Year Bond, 2%, due 03/20/42

     268,863   
NOK 1,350,000      

Norway Government Bond, 3.75%, due 05/25/21

     204,319   
EUR 110,000      

Portugal Obrigacoes do Tesouro OT, (144A), 5.65%, due 02/15/24 (1)(3)

     156,854   
$ 250,000      

Romanian Government International Bond, (Reg. S), 4.875%, due 01/22/24 (1)

     282,656   
SGD 350,000      

Singapore Government Bond, 2.5%, due 06/01/19 (2)

     272,252   
EUR 118,000      

Spain Government Bond, (144A), 2.75%, due 10/31/24 (1)(3)

     148,976   
SEK 1,500,000      

Sweden Government Bond, 3.5%, due 06/01/22

     222,641   
GBP 352,000      

United Kingdom Gilt, (Reg. S), 2.75%, due 09/07/24 (1)

     595,488   
     

 

 

 
  

Total Foreign Government Bonds (Cost: $6,221,573)

     5,783,906   
     

 

 

 
  

Asset-Backed Securities (5.5%)

  
$ 40,000      

Dryden Senior Loan Fund, (144A), 1.753%, due 04/15/27 (3)(5)

     40,000   
  52,321      

Educational Funding of the South, Inc. (11-1-A2), 0.906%, due 04/25/35 (4)

     52,495   
  32,142      

GE Business Loan Trust (04-2A-A), (144A), 0.387%, due 12/15/32 (3)(4)

     31,371   
  45,927      

Iowa Student Loan Liquidity Corp. (11-1-A), 1.505%, due 06/25/42 (4)

     46,504   
  40,000      

Limerock CLO II, Ltd. (14-2A-A), (144A), 1.757%, due 04/18/26 (3)(4)

     39,823   
  20,000      

Magnetite XI, Ltd. (14-11A-A1), (144A), 1.685%, due 01/18/27 (3)(4)

     20,011   
  80,000      

Navient Student Loan Trust (14-8-A3), 0.768%, due 05/27/31 (4)

     80,128   
  115,000      

Nelnet Education Loan Corp. (04-1A-B1), (144A), 0.639%, due 02/25/36 (3)(4)

     94,492   
  80,000      

SLC Student Loan Trust (08-1-A4A), 1.841%, due 12/15/32 (4)

     83,519   
  50,000      

SLM Student Loan Trust (07-3-A4), 0.316%, due 01/25/22 (4)

     48,470   
  80,000      

SLM Student Loan Trust (07-6-A4), 0.636%, due 10/25/24 (4)

     79,403   

 

See accompanying notes to Schedule of Investments.


TCW Global Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 21,798      

SLM Student Loan Trust (08-9-A), 1.756%, due 04/25/23 (4)

   $ 22,390   
  50,000      

SLM Student Loan Trust (11-2-A2), 1.368%, due 10/25/34 (4)

     51,287   
  78,968      

Spirit Master Funding LLC (14-1A-A1), (144A), 5.05%, due 07/20/40 (3)

     83,484   
  50,000      

Student Loan Consolidation Center (02-2-B2), (144A), 0.17%, due 07/01/42 (3)(4)

     38,220   
  40,000      

Voya CLO, Ltd. (14-4A-A1), (144A), 1.733%, due 10/14/26 (3)(4)

     39,803   
     

 

 

 
  

Total Asset-Backed Securities (Cost: $820,978)

     851,400   
     

 

 

 
  

Commercial Mortgage-Backed Securities — Agency (4.9%)

  
  49,753      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates (KF01-A), 0.518%, due 04/25/19 (4)

     49,805   
  376,209      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates (KSCT-AX), 1.298%, due 01/25/20 (4) (I/O)

     17,727   
  111,082      

Federal National Mortgage Association, Pool #AL3306, 2.46%, due 04/01/23 (2)

     114,935   
  74,560      

Federal National Mortgage Association, Pool #466020, 3.31%, due 03/01/18

     78,875   
  73,488      

Federal National Mortgage Association, Pool #467731, 4.62%, due 04/01/21

     83,619   
  72,606      

Federal National Mortgage Association, Pool #460605, 6.09%, due 01/01/17

     78,843   
  126,517      

Federal National Mortgage Association (12-M10-AFL), 0.618%, due 09/25/22 (4)

     126,733   
  77,563      

Federal National Mortgage Association (14-M12-FA), 0.468%, due 10/25/21 (4)

     78,024   
  64,353      

Federal National Mortgage Association (14-M8-FA), 0.416%, due 05/25/18 (4) (ACES)

     64,425   
  69,634      

NCUA Guaranteed Note Trust (10-C1-A1), 1.6%, due 10/29/20

     69,781   
     

 

 

 
  

Total Commercial Mortgage-Backed Securities — Agency (Cost: $755,710)

     762,767   
     

 

 

 
  

Commercial Mortgage-Backed Securities — Non-Agency (1.9%)

  
  41,814      

GE Capital Commercial Mortgage Corp. (05-C4-A3A), 5.313%, due 11/10/45 (4)

     41,854   
  75,000      

JP Morgan Chase Commercial Mortgage Securities Corp. (06-LDP7-A4), 5.875%, due 04/15/45 (4)

     78,166   
  98,183      

Morgan Stanley Capital I Trust (06-IQ12-A4), 5.332%, due 12/15/43

     103,782   
  65,000      

WFRBS Commercial Mortgage Trust (11-C4-A3), (144A), 4.394%, due 06/15/44 (3)

     70,862   
     

 

 

 
  

Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $299,482)

     294,664   
     

 

 

 
  

Residential Mortgage-Backed Securities — Agency (11.0%)

  
  27,993      

Federal Home Loan Mortgage Corp. (2990-ND), 16.468%, due 12/15/34 (I/F) (PAC) (2)(4)

     34,036   
  195,843      

Federal Home Loan Mortgage Corp. (3439-SC), 5.734%, due 04/15/38 (I/O) (I/F) (4)

     29,103   
  226,309      

Federal National Mortgage Association (07-52-LS), 5.882%, due 06/25/37 (I/O) (I/F) (4)

     38,732   
  185,186      

Federal National Mortgage Association (08-18-SM), 6.832%, due 03/25/38 (I/O) (I/F) (4)

     29,586   
  136,979      

Federal National Mortgage Association (09-115-SB), 6.082%, due 01/25/40 (I/O) (I/F) (4)

     20,555   
  285,820      

Federal National Mortgage Association (10-116-SE), 6.432%, due 10/25/40 (I/O) (I/F) (2)(4)

     43,229   
  63,768      

Federal National Mortgage Association (10-35-IA), 5%, due 07/25/38 (I/O)

     1,218   
  213,326      

Federal National Mortgage Association, Pool #AB3679, 3.5%, due 10/01/41 (2)

     226,830   
  220,314      

Federal National Mortgage Association, Pool #AB4045, 3.5%, due 12/01/41 (2)

     235,839   

 

See accompanying notes to Schedule of Investments.


TCW Global Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 87,955      

Federal National Mortgage Association, Pool #AT5914, 3.5%, due 06/01/43 (2)

   $ 93,946   
  112,134      

Federal National Mortgage Association, Pool #MA1527, 3%, due 08/01/33 (2)

     117,473   
  97,371      

Federal National Mortgage Association, Pool #MA1652, 3.5%, due 11/01/33

     103,579   
  180,000      

Federal National Mortgage Association TBA, 2.5% (6)

     185,870   
  45,000      

Federal National Mortgage Association TBA, 3% (6)

     47,231   
  95,000      

Federal National Mortgage Association TBA, 3.5% (6)

     100,140   
  210,000      

Federal National Mortgage Association TBA, 4% (6)

     224,913   
  50,000      

Federal National Mortgage Association TBA, 4.5% (6)

     54,209   
  153,756      

Government National Mortgage Association (11-146-EI), 5%, due 11/16/41 (I/O) (PAC) (2)

     32,044   
  417,483      

Government National Mortgage Association (11-69-GI), 5%, due 05/16/40 (I/O)

     53,843   
  459,249      

Government National Mortgage Association (12-7-PI), 3.5%, due 01/20/38 (I/O) (PAC)

     28,777   
     

 

 

 
  

Total Residential Mortgage-Backed Securities — Agency (Cost: $1,694,392)

     1,701,153   
     

 

 

 
  

Residential Mortgage-Backed Securities — Non-Agency (6.4%)

  
  141,939      

American Home Mortgage Investment Trust (07-1-GA1C), 0.358%, due 05/25/47 (4)

     102,555   
  147,821      

First Horizon Mortgage Pass-Through Trust (05-AR4-2A1), 2.565%, due 10/25/35 (4)(7)

     130,545   
  64,599      

Green Tree Financial Corp. (98-6-A8), 6.66%, due 06/01/30

     69,137   
  215,223      

Lehman XS Trust (06-9-A1B), 0.328%, due 05/25/46 (4)(7)

     178,079   
  1,251,739      

Merrill Lynch Alternative Note Asset Trust (07-A3-A2D), 0.498%, due 04/25/37 (4)

     196,866   
  155,734      

Structured Adjustable Rate Mortgage Loan Trust (04-18-4A1), 2.383%, due 12/25/34 (4)

     154,338   
  261,174      

Structured Asset Mortgage Investments, Inc. (06-AR3-22A1), 1.95%, due 05/25/36 (4)

     164,746   
     

 

 

 
  

Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $724,539)

     996,266   
     

 

 

 
  

U.S. Government Agency Obligations (1.5%)

  
  80,000      

Federal Farm Credit Bank, 0.187%, due 09/14/16 (4)

     80,016   
  80,000      

Federal Farm Credit Bank, 0.198%, due 04/26/17 (4)

     80,062   
  80,000      

Federal Farm Credit Bank, 0.218%, due 04/17/17 (4)

     80,081   
     

 

 

 
  

Total U.S. Government Agency Obligations (Cost: $239,975)

     240,159   
     

 

 

 
  

U.S. Treasury Securities (8.9%)

  
  410,000      

U.S. Treasury Bond, 3%, due 11/15/44

     476,324   
  45,000      

U.S. Treasury Note, 2.125%, due 01/31/21 (2)

     46,905   
  815,000      

U.S. Treasury Note, 2.25%, due 11/15/24

     856,896   
     

 

 

 
  

Total U.S. Treasury Securities (Cost: $1,307,243)

     1,380,125   
     

 

 

 
  

Total Fixed Income Securities (Cost: $14,591,812) (94.8%)

     14,706,264   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Global Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Number of
Shares

    

 

   Value  
   Money Market Investments   
  13,000       Dreyfus Institutional Cash Advantage Fund, 0.06% (8)    $ 13,000   
  161,000       Morgan Stanley Liquidity Fund — Government Portfolio, 0.04% (8)      161,000   
     

 

 

 
   Total Money Market Investments (Cost: $174,000) (1.1)%      174,000   
     

 

 

 

Principal
Amount

    

Short-Term Investments

      
   Certificate of Deposit (0.4%)   
   Banks (Cost: $70,000) (0.4%)   
$ 70,000       Credit Suisse/New York (Switzerland), 0.553%, due 08/24/15 (4)      70,020   
     

 

 

 
   Discount Notes (Cost: $694,973) (4.5%)   
  695,000       Federal Home Loan Bank Discount Note, 0.07%, due 02/20/15 (9)      694,997   
     

 

 

 
   Repurchase Agreement (Cost: $179,932) (1.2%)   
  179,932      

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $185,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $185,694) (Total Amount to be Received Upon Repurchase $179,932)

     179,932   
     

 

 

 
   Total Short-Term Investments (Cost: $944,905) (6.1%)      944,949   
     

 

 

 
   Total Investments (Cost: $15,710,717) (102.0%)      15,825,213   
   Liabilities in Excess of Other Assets (-2.0%)      (308,008
     

 

 

 
   Total Net Assets (100.0%)    $ 15,517,205   
     

 

 

 

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 (10)

     

Barclays Capital

   EUR      785,000         04/17/15       $ 907,538       $ 886,408       $ (21,130

Barclays Capital

   JPY      59,700,000         04/17/15         510,309         508,681         (1,628

JP Morgan Chase Bank

   KRW      170,000,000         04/17/15         157,061         155,002         (2,059
           

 

 

    

 

 

    

 

 

 
            $ 1,574,908       $ 1,550,091       $ (24,817
           

 

 

    

 

 

    

 

 

 

SELL (11)

     

Barclays Capital

   ILS      890,000         04/16/15       $ 227,494       $ 226,746       $ 748   

Barclays Capital

   SGD      300,000         04/17/15         226,210         221,461         4,749   
           

 

 

    

 

 

    

 

 

 
            $ 453,704       $ 448,207       $ 5,497   
           

 

 

    

 

 

    

 

 

 

Notes to the Schedule of Investments:

 

AUD   -    Australian Dollar.
CAD   -    Canadian Dollar.

 

See accompanying notes to Schedule of Investments.


TCW Global Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

EUR   -    Euro Currency.
GBP   -    British Pound Sterling.
ILS   -    Israeli Shekel.
JPY   -    Japanese Yen.
KRW   -    South Korean Won.
NOK   -    Norwegian Krona.
SEK   -    Swedish Krona.
SGD   -    Singapore Dollar.
ACES   -    Alternative Credit Enhancement 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.
TBA   -    To be Announced.
(1)      Investments issued under Regulation S of the Securities Act of 1933, may not be offered, sold, or delivered within the United States except under special exemptions. At January 31, 2015, the value of these securities amounted to $1,311,827 or 8.5% of net assets.
(2)      All or a portion of this security is segregated to cover open futures contracts, when-issued, delayed-delivery or forward commitments. (Note 1)
(3)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $1,851,598 or 11.9% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.
(4)      Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2015.
(5)      This security is purchased on a when-issued, delayed delivery or forward commitment basis.
(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.
(8)      Rate disclosed is the 7-day net yield as of January 31, 2015.
(9)      Rate shown represents yield-to-maturity.
(10)      Fund buys foreign currency, sells U.S. Dollar.
(11)      Fund sells foreign currency, buys U.S. Dollar.

 

See accompanying notes to Schedule of Investments.


TCW Global Bond Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

    Percentage of 
Net Assets
 

Airlines

     2.8

Asset-Backed Securities

     5.5   

Auto Manufacturers

     0.7   

Banks

     7.7   

Commercial Mortgage-Backed Securities — Agency

     4.9   

Commercial Mortgage-Backed Securities — Non-Agency

     1.9   

Diversified Financial Services

     1.1   

Electric

     0.5   

Foreign Government Bonds

     37.3   

Insurance

     1.2   

REIT

     1.7   

Real Estate

     1.3   

Residential Mortgage-Backed Securities — Agency

     11.0   

Residential Mortgage-Backed Securities — Non-Agency

     6.4   

Retail

     0.4   

U.S. Government Agency Obligations

     1.5   

U.S. Treasury Securities

     8.9   

Money Market Investments

     1.1   

Short-Term Investments

     6.1   
  

 

 

 

Total

     102.0
  

 

 

 

 

Country

   Percentage of
Net Assets
 

Australia

     2.3

Canada

     2.5   

France

     2.4   

Germany

     3.0   

Iraq

     3.8   

Ireland

     0.5   

Israel

     1.9   

Italy

     5.7   

Japan

     7.3   

Mexico

     1.5   

Netherlands

     0.7   

Norway

     1.3   

Portugal

     1.0   

Romania

     1.8   

Singapore

     1.7   

Spain

     1.0   

Sweden

     1.4   

Switzerland

     0.4   

United Kingdom

     1.0   

United States

     60.8   
  

 

 

 

Total

     102.0
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW High Yield Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Bank Loans (5.9% of Net Assets)

  
  

Coal (0.3%)

  
$  99,250      

Murray Energy Corp., First Lien Term Loan, 7.883%, due 12/05/19 (1)

   $ 91,310   
     

 

 

 
  

Electric (3.4%)

  
  427,283      

La Frontera Generation LLC, Term Loan, 5.458%, due 09/30/20 (1)

     419,359   
  498,745      

Lonestar Generation LLC, Term Loan B, 6.121%, due 02/22/21 (1)

     492,511   
  173,524      

Utility Services Associates Inc., Term Loan B, 7.374%, due 09/30/20 (1)

     172,439   
     

 

 

 
  

Total Electric

     1,084,309   
     

 

 

 
  

Healthcare-Services (0.8%)

  
  248,750      

Regionalcare Hospitals Partners, Inc., First Lien Term Loan, 6.563%, due 04/23/19 (1)

     247,817   
     

 

 

 
  

Media (0.6%)

  
  200,000      

Charter Communications Operating, LLC, Term Loan G, 4.972%, due 09/12/21 (1)

     201,235   
     

 

 

 
  

Packaging & Containers (0.8%)

  
  250,000      

BWAY Holding Company, Inc., New Term Loan B, 6.023%, due 08/14/20 (1)(2)

     250,860   
     

 

 

 
  

Total Bank Loans (Cost: $1,883,950)

     1,875,531   
     

 

 

 
  

Corporate Bonds (70.1%)

  
  

Advertising (0.3%)

  
  100,000      

Outfront Media Capital LLC / Outfront Media Capital Corp., (144A), 5.875%, due 03/15/25 (3)

     104,250   
     

 

 

 
  

Aerospace/Defense (0.3%)

  
  80,000      

KLX, Inc., (144A), 5.875%, due 12/01/22 (3)

     79,100   
     

 

 

 
  

Airlines (2.8%)

  
  456,823      

American Airlines, Inc. Pass-Through Trust (13-1-B), (144A), 5.625%, due 01/15/21 (EETC) (3)

     476,239   
  183,168      

American Airlines, Inc. Pass-Through Trust (13-2-A), 4.95%, due 07/15/24 (EETC)

     198,508   
  197,148      

Continental Airlines, Inc. Pass-Through Certificates (99-1-A), 6.545%, due 08/02/20 (EETC)

     218,711   
     

 

 

 
  

Total Airlines

     893,458   
     

 

 

 
  

Auto Manufacturers (0.5%)

  
  45,000      

General Motors Co., 5%, due 04/01/35

     48,706   
  40,000      

General Motors Financial Co., Inc., 4%, due 01/15/25

     40,978   
  70,000      

General Motors Financial Co., Inc., 4.375%, due 09/25/21

     74,553   
     

 

 

 
  

Total Auto Manufacturers

     164,237   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW High Yield Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Auto Parts & Equipment (0.3%)

  
$ 65,000      

Lear Corp., 5.25%, due 01/15/25

   $ 66,625   
  35,000      

Tenneco, Inc., 5.375%, due 12/15/24

     36,575   
     

 

 

 
  

Total Auto Parts & Equipment

     103,200   
     

 

 

 
  

Banks (0.8%)

  
  250,000      

CIT Group, Inc., 5.25%, due 03/15/18

     260,625   
     

 

 

 
  

Beverages (0.8%)

  
  110,000      

Cott Beverages, Inc., (144A), 6.75%, due 01/01/20 (3)

     109,450   
  120,000      

DS Services of America, Inc., (144A), 10%, due 09/01/21 (3)

     138,450   
     

 

 

 
  

Total Beverages

     247,900   
     

 

 

 
  

Chemicals (0.5%)

  
  75,000      

Momentive Performance Materials, Inc., 3.88%, due 10/24/21

     65,063   
  75,000      

MPM Escrow LLC, 8.875%, due 10/15/20 (4)

     —     
  85,000      

PSPC Escrow Corp., (144A), 6.5%, due 02/01/22 (2)(3)

     87,125   
  20,000      

WR Grace & Co — Conn, (144A), 5.125%, due 10/01/21 (3)

     20,850   
     

 

 

 
  

Total Chemicals

     173,038   
     

 

 

 
  

Coal (0.1%)

  
  75,000      

Walter Energy, Inc., 8.5%, due 04/15/21

     10,125   
  15,000      

Walter Energy, Inc., (144A), 9.5%, due 10/15/19 (3)

     9,900   
  65,000      

Walter Energy, Inc., (144A), 11%, due 04/01/20 (3)

     15,925   
     

 

 

 
  

Total Coal

     35,950   
     

 

 

 
  

Computers (0.8%)

  
  250,000      

IHS, Inc., (144A), 5%, due 11/01/22 (3)

     253,281   
     

 

 

 
  

Diversified Financial Services (2.5%)

  
  50,000      

AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust (Netherlands), (144A), 5%, due 10/01/21 (3)

     53,281   
  240,000      

Ally Financial, Inc., 5.125%, due 09/30/24

     249,300   
  100,000      

Ally Financial, Inc., 7.5%, due 09/15/20

     119,000   
  250,000      

International Lease Finance Corp., 6.25%, due 05/15/19

     276,250   
  50,000      

Navient Corp., 5%, due 10/26/20

     50,063   
  55,000      

Navient Corp., 5.5%, due 01/15/19

     57,062   
     

 

 

 
  

Total Diversified Financial Services

     804,956   
     

 

 

 
  

Electric (5.2%)

  
  100,000      

AES Corp., 3.234%, due 06/01/19 (5)

     99,000   

 

See accompanying notes to Schedule of Investments.


TCW High Yield Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Electric (Continued)

  
$ 420,000      

AES Corp., 5.5%, due 03/15/24

   $ 421,050   
  130,000      

Calpine Corp., 5.5%, due 02/01/24

     130,812   
  250,000      

Calpine Corp., (144A), 5.875%, due 01/15/24 (3)

     267,500   
  40,000      

Calpine Corp., (144A), 6%, due 01/15/22 (3)

     43,100   
  85,000      

Dynegy Finance I, Inc. / Dynegy Finance II, Inc., (144A), 6.75%, due 11/01/19 (3)

     87,762   
  125,000      

FirstEnergy Corp., 4.25%, due 03/15/23

     132,071   
  75,000      

GenOn Americas Generation LLC, 8.5%, due 10/01/21

     67,125   
  97,429      

Mirant Mid-Atlantic Pass-Through Certificates, Series C, 10.06%, due 12/30/28 (EETC)

     104,737   
  110,000      

NRG Yield Operating LLC, (144A), 5.375%, due 08/15/24 (3)

     114,469   
  200,000      

RJS Power Holdings LLC, (144A), 5.125%, due 07/15/19 (3)

     194,000   
     

 

 

 
  

Total Electric

     1,661,626   
     

 

 

 
  

Engineering & Construction (0.9%)

  
  150,000      

MasTec, Inc., 4.875%, due 03/15/23

     140,250   
  50,000      

SBA Communications Corp., (144A), 4.875%, due 07/15/22 (3)

     48,781   
  100,000      

SBA Communications Corp., 5.625%, due 10/01/19

     105,250   
     

 

 

 
  

Total Engineering & Construction

     294,281   
     

 

 

 
  

Food (0.4%)

  
  120,000      

HJ Heinz Co., (144A), 4.875%, due 02/15/25 (3)

     120,900   
     

 

 

 
  

Gas (0.4%)

  
  125,000      

Southern Star Central Corp., (144A), 5.125%, due 07/15/22 (3)

     126,875   
     

 

 

 
  

Healthcare-Products (1.1%)

  
  350,000      

Mallickrodt International Fiance SA/Mallinckrodt CB LLC (Luxembourg), (144A), 5.75%, due 08/01/22 (3)

     361,813   
     

 

 

 
  

Healthcare-Services (9.7%)

  
  200,000      

CHS/Community Health Systems, Inc., 5.125%, due 08/15/18

     207,600   
  280,000      

CHS/Community Health Systems, Inc., 5.125%, due 08/01/21

     292,250   
  375,000      

DaVita, Inc., 5.75%, due 08/15/22

     398,906   
  20,000      

Fresenius Medical Care US Finance II, Inc., (144A), 5.625%, due 07/31/19 (3)

     21,850   
  400,000      

Fresenius Medical Care US Finance II, Inc., (144A), 5.875%, due 01/31/22 (3)

     448,500   
  50,000      

HCA, Inc., 5.25%, due 04/15/25

     54,563   
  100,000      

HCA, Inc., 5.375%, due 02/01/25

     103,250   
  410,000      

HCA, Inc., 6.5%, due 02/15/20

     462,019   
  400,000      

HealthSouth Corp., 5.75%, due 11/01/24

     415,000   
  180,000      

LifePoint Hospitals, Inc., 5.5%, due 12/01/21

     190,350   
  135,000      

Tenet Healthcare Corp., 4.5%, due 04/01/21

     137,025   

 

See accompanying notes to Schedule of Investments.


TCW High Yield Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Healthcare-Services (Continued)

  
$ 325,000      

Tenet Healthcare Corp., 6%, due 10/01/20

   $ 352,625   
     

 

 

 
  

Total Healthcare-Services

     3,083,938   
     

 

 

 
  

Holding Companies — Diversified (0.5%)

  
  165,000      

Nielsen Co. Luxembourg SARL (The) (Luxembourg), (144A), 5.5%, due 10/01/21 (3)

     170,363   
     

 

 

 
  

Iron & Steel (0.3%)

  
  75,000      

ArcelorMittal (Luxembourg), 10.35%, due 06/01/19

     89,925   
     

 

 

 
  

Leisure Time (0.3%)

  
  90,000      

NCL Corp., Ltd., Class C, (144A), 5.25%, due 11/15/19 (3)

     91,575   
     

 

 

 
  

Lodging (1.1%)

  
  320,000      

Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 5.625%, due 10/15/21

     339,200   
     

 

 

 
  

Media (8.8%)

  
  350,000      

CCO Holdings LLC / CCO Holdings Capital Corp., 6.5%, due 04/30/21

     369,687   
  50,000      

CCOH Safari LLC, 5.75%, due 12/01/24

     50,813   
  155,000      

Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp., (144A), 6.375%, due 09/15/20 (3)

     162,363   
  355,000      

Clear Channel Worldwide Holdings, Inc., 6.5%, due 11/15/22

     368,312   
  100,000      

CSC Holdings LLC, (144A), 5.25%, due 06/01/24 (3)

     100,250   
  250,000      

CSC Holdings LLC, 8.625%, due 02/15/19

     292,188   
  170,000      

DISH DBS Corp., 5.875%, due 11/15/24

     171,275   
  310,000      

DISH DBS Corp., 6.75%, due 06/01/21

     337,512   
  275,000      

Nexstar Broadcasting, Inc., (144A), 6.125%, due 02/15/22 (3)

     276,375   
  200,000      

Numericable-SFR (France), (144A), 4.875%, due 05/15/19 (3)

     200,626   
  460,000      

Sinclair Television Group, Inc., 6.125%, due 10/01/22

     473,800   
     

 

 

 
  

Total Media

     2,803,201   
     

 

 

 
  

Miscellaneous Manufacturers (0.2%)

  
  65,000      

Bombardier, Inc. (Canada), (144A), 7.75%, due 03/15/20 (3)

     65,406   
     

 

 

 
  

Oil & Gas (8.0%)

  
  250,000      

Blue Racer Midstream LLC / Blue Racer Finance Corp., (144A), 6.125%, due 11/15/22 (3)

     248,125   
  170,000      

Chesapeake Energy Corp., 4.875%, due 04/15/22

     169,150   
  330,000      

Chesapeake Energy Corp., 6.625%, due 08/15/20

     355,162   
  115,000      

Cimarex Energy Co., 5.875%, due 05/01/22

     120,462   
  250,000      

Concho Resources, Inc., 5.5%, due 04/01/23

     251,250   

 

See accompanying notes to Schedule of Investments.


TCW High Yield Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Oil & Gas (Continued)

  
$ 80,000      

Denbury Resources, Inc., 5.5%, due 05/01/22

   $ 71,200   
  50,000      

Gulfport Energy Corp., (144A), 7.75%, due 11/01/20 (3)

     49,625   
  195,000      

MEG Energy Corp., (144A), 6.5%, due 03/15/21 (3)

     178,191   
  125,000      

Newfield Exploration Co., 5.625%, due 07/01/24

     124,219   
  210,000      

QEP Resources, Inc., 5.25%, due 05/01/23

     200,025   
  35,000      

SM Energy Co., 6.5%, due 11/15/21

     34,475   
  200,000      

SM Energy Co., 6.5%, due 01/01/23

     198,000   
  250,000      

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.5%, due 07/01/21

     262,500   
  125,000      

Whiting Petroleum Corp., 5%, due 03/15/19

     120,313   
  200,000      

WPX Energy, Inc., 5.25%, due 09/15/24

     186,500   
     

 

 

 
  

Total Oil & Gas

     2,569,197   
     

 

 

 
  

Packaging & Containers (2.7%)

  
  250,000      

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., (144A), 3.241%, due 12/15/19 (3)(5)

     240,937   
  75,000      

Ball Corp., 4%, due 11/15/23

     74,438   
  40,000      

Owens-Brockway Glass Container, Inc., (144A), 5%, due 01/15/22 (3)

     41,700   
  500,000      

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg), 5.75%, due 10/15/20

     513,125   
     

 

 

 
  

Total Packaging & Containers

     870,200   
     

 

 

 
  

Pharmaceuticals (1.9%)

  
  80,000      

Valeant Pharmaceuticals International, Inc. (Canada), (144A), 5.5%, due 03/01/23 (3)

     82,200   
  180,000      

Valeant Pharmaceuticals International, Inc. (Canada), (144A), 6.75%, due 08/15/21 (3)

     190,125   
  250,000      

Valeant Pharmaceuticals International, Inc. (Canada), (144A), 7.25%, due 07/15/22 (3)

     268,125   
  60,000      

VPII Escrow Corp. (Canada), (144A), 7.5%, due 07/15/21 (3)

     66,000   
     

 

 

 
  

Total Pharmaceuticals

     606,450   
     

 

 

 
  

Pipelines (6.1%)

  
  200,000      

Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6%, due 12/15/20

     194,500   
  225,000      

Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.125%, due 03/01/22

     221,625   
  231,000      

El Paso LLC, 7.8%, due 08/01/31

     284,664   
  355,000      

Energy Transfer Partners LP, 3.249%, due 11/01/66 (5)

     315,950   
  55,000      

MarkWest Energy Partners LP / MarkWest Energy Finance Corp., 4.875%, due 12/01/24

     55,688   
  60,000      

Rockies Express Pipeline LLC, (144A), 5.625%, due 04/15/20 (3)

     59,850   
  105,000      

Rockies Express Pipeline LLC, (144A), 6%, due 01/15/19 (3)

     105,787   
  90,000      

Rockies Express Pipeline LLC, (144A), 6.875%, due 04/15/40 (3)

     96,975   

 

See accompanying notes to Schedule of Investments.


TCW High Yield Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Pipelines (Continued)   
$ 100,000       Rose Rock Midstream LP / Rose Rock Finance Corp., 5.625%, due 07/15/22    $ 96,500   
  155,000       Sabine Pass Liquefaction LLC, 5.625%, due 02/01/21      155,969   
  350,000       Sabine Pass LNG, LP, (144A), 7.5%, due 11/30/16 (3)      369,250   
     

 

 

 
   Total Pipelines      1,956,758   
     

 

 

 
   REIT (0.2%)   
  70,000       DuPont Fabros Technology LP, 5.875%, due 09/15/21      72,800   
     

 

 

 
   Semiconductors (0.2%)   
  50,000       Freescale Semiconductor, Inc., (144A), 5%, due 05/15/21 (3)      51,250   
     

 

 

 
   Software (1.8%)   
  185,000       Audatex North America, Inc., (144A), 6%, due 06/15/21 (3)      193,325   
  305,000       First Data Corp., (144A), 6.75%, due 11/01/20 (3)      327,112   
  25,000       First Data Corp., (144A), 8.875%, due 08/15/20 (3)      26,844   
  40,000       MSCI, Inc., (144A), 5.25%, due 11/15/24 (3)      41,800   
     

 

 

 
   Total Software      589,081   
     

 

 

 
   Telecommunications (10.6%)   
  50,000       Altice Financing SA (Luxembourg), 6.625%, due 02/15/23      50,000   
  250,000       Altice Finco SA (Luxembourg), 7.625%, due 02/15/25      250,000   
  50,000       Altice SA (Luxembourg), 7.625%, due 02/15/25      50,000   
  100,000       CenturyLink, Inc., 5.8%, due 03/15/22      105,750   
  10,000       Frontier Communications Corp., 7.125%, due 03/15/19      10,963   
  25,000       Frontier Communications Corp., 8.5%, due 04/15/20      28,000   
  125,000       Inmarsat Finance PLC (United Kingdom), (144A), 4.875%, due 05/15/22 (3)      125,469   
  600,000       Intelsat Jackson Holdings SA (Luxembourg), 5.5%, due 08/01/23      594,750   
  147,000       Level 3 Financing, Inc., 7%, due 06/01/20      157,290   
  75,000       Level 3 Financing, Inc., 8.125%, due 07/01/19      79,969   
  150,000       MetroPCS Wireless, Inc., 6.625%, due 11/15/20      156,150   
  225,000       Qwest Corp., 7.25%, due 09/15/25      268,246   
  250,000       Softbank Corp. (Japan), (144A), 4.5%, due 04/15/20 (3)      249,700   
  360,000       Sprint Communications, Inc., (144A), 9%, due 11/15/18 (3)      416,700   
  50,000       Sprint Corp., 7.125%, due 06/15/24      49,000   
  130,000       Sprint Nextel Corp., 9.25%, due 04/15/22      146,250   
  285,000       T-Mobile USA, Inc., 6.731%, due 04/28/22      297,112   
  200,000       Virgin Media Secured Finance PLC (United Kingdom), 5.25%, due 01/15/21      209,000   

 

See accompanying notes to Schedule of Investments.


TCW High Yield Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Telecommunications (Continued)   
$ 125,000       Windstream Corp., 7.75%, due 10/15/20    $ 130,312   
     

 

 

 
   Total Telecommunications      3,374,661   
     

 

 

 
   Total Corporate Bonds (Cost: $22,375,456)      22,419,495   
     

 

 

 
   Asset-Backed Securities (0.8%)   
  85,000       Babson CLO, Ltd. (13-IA-B), (144A), 1.857%, due 04/20/25 (3)(5)      81,903   
  70,000       Highbridge Loan Management (3A-2014-A2), (144A), 2.107%, due 01/18/25 (3)(5)      67,845   
  100,000       LCM XII LP (12A-D), (144A), 4.757%, due 10/19/22 (3)(5)      100,055   
     

 

 

 
   Total Asset-Backed Securities (Cost: $245,679)      249,803   
     

 

 

 
   Total Fixed Income Securities (Cost: $24,505,085) (76.8%)      24,544,829   
     

 

 

 

Number of
Shares

    

Common Stock

      
   Electric (Cost: $8,161) (0.0%)   
  238       Dynegy, Inc. (6)      6,502   
     

 

 

 
  

Money Market Investments

  

 

 

 
  57,000       Dreyfus Institutional Cash Advantage Fund, 0.06% (7)      57,000   
  291,000       Morgan Stanley Liquidity Fund — Government Portfolio, 0.04% (7)      291,000   
     

 

 

 
   Total Money Market Investments (Cost: $348,000) (1.1%)      348,000   
     

 

 

 

Principal
Amount

    

Short-Term Investments

      
   Discount Notes (9.7%)   
$ 820,000       Federal Home Loan Bank Discount Note, 0.01%, due 02/26/15 (8)(9)      819,994   
  500,000       Federal Home Loan Bank Discount Note, 0.01%, due 02/12/15 (9)      499,999   
  800,000       Federal Home Loan Bank Discount Note, 0.065%, due 02/25/15 (9)      799,995   
  1,000,000       Federal Home Loan Bank Discount Note, 0.01%, due 02/27/15 (9)      999,993   
     

 

 

 
   Total Discount Notes (Cost: $3,119,886)      3,119,981   
     

 

 

 
   Repurchase Agreement (Cost: $3,478,185) (10.9%)   
  3,478,185      

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $3,535,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $3,548,256) (Total Amount to be Received Upon Repurchase $3,478,185)

     3,478,185   
     

 

 

 
   Total Short-Term Investments (Cost: $6,598,071) (20.6%)      6,598,166   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW High Yield Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

      Total Investments (Cost: $31,459,317) (98.5%)      31,497,497   
      Excess of Other Assets over Liabilities (1.5%)      476,410   
        

 

 

 
      Net Assets (100.0%)    $ 31,973,907   
        

 

 

 

Credit Default Swaps — Buy Protection

 

Notional
Amount (10)

    Implied
Credit
Spread  (11)
    Expiration
Date
    Counterparty   Fixed
Deal
Pay
Rate
    Reference
Entity
  Unrealized
Appreciation
(Depreciation)
    Premium
(Paid)
    Value (12)  

 

OTC Swaps

  

           
  $150,000        3.39     3/20/19      Credit
Suisse
International
    1   Freeport-
McMoRan
Copper &
Gold Inc.
  $ 9,954      $ 2,704      $ 12,658   
  350,000        1.38     3/20/19      Goldman
Sachs
International
    1   ALCOA,
Inc.
    (7,995     11,502        3,507   
  250,000        1.38     3/20/19      Goldman
Sachs
International
    1   ALCOA,
Inc.
    (4,433     6,938        2,505   
           

 

 

   

 

 

   

 

 

 
            $ (2,474   $ 21,144      $ 18,670   
           

 

 

   

 

 

   

 

 

 

Notes to the Schedule of Investments:

 

CLO   -    Collateralized Loan Obligation.
EETC   -    Enhanced Equipment Trust Certificate.
REIT   -    Real Estate Investment Trust.
(1)      Rate stated is the effective yield.
(2)      This security is purchased on a when-issued, delayed delivery or forward commitment basis.
(3)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $7,929,252 or 24.8% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.
(4)      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.
(5)      Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2015.
(6)      Non-income producing security.
(7)      Rate disclosed is the 7-day net yield as of January 31, 2015.
(8)      All or a portion of this security is segregated to cover open futures contracts, when-issued, delayed-delivery or forward commitments. (Note 1)
(9)      Rate shown represents yield-to-maturity.
(10)      The maximum potential amount the Fund could receive as buyer or pay as seller of protection if a credit event occurred as defined under the terms of that particular swap agreement.

 

See accompanying notes to Schedule of Investments.


TCW High Yield Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

(11)      An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation. Implied credit spreads, represented in the absolute terms, utilized in determining the value of credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
(12)      The value of a credit default swap agreement serves as an indicator of the current status of the payments/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit worthiness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.

 

See accompanying notes to Schedule of Investments.


TCW High Yield Bond Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Advertising

     0.3

Aerospace/Defense

     0.3   

Airlines

     2.8   

Asset-Backed Securities

     0.8   

Auto Manufacturers

     0.5   

Auto Parts & Equipment

     0.3   

Banks

     0.8   

Beverages

     0.8   

Chemicals

     0.5   

Coal

     0.4   

Computers

     0.8   

Diversified Financial Services

     2.5   

Electric

     8.6   

Engineering & Construction

     0.9   

Food

     0.4   

Gas

     0.4   

Healthcare-Products

     1.1   

Healthcare-Services

     10.5   

Holding Companies — Diversified

     0.5   

Iron & Steel

     0.3   

Leisure Time

     0.3   

Lodging

     1.1   

Media

     9.4   

Miscellaneous Manufacturers

     0.2   

Oil & Gas

     8.0   

Packaging & Containers

     3.5   

Pharmaceuticals

     1.9   

Pipelines

     6.1   

REIT

     0.2   

Semiconductors

     0.2   

Software

     1.8   

Telecommunications

     10.6   

Money Market Investments

     1.1   

Short-Term Investments

     20.6   
  

 

 

 

Total

     98.5
  

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Short Term Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Commercial Mortgage-Backed Securities — Agency (6.1% of Net Assets)   
$ 158,545       Federal Home Loan Mortgage Corp., Pool #310005, 4.683%, due 11/01/19 (1)    $ 164,059   
  134,971       Federal Home Loan Mortgage Corp. (KF05-A), 0.504%, due 09/25/21 (1)      135,136   
  100,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K009-A2), 3.808%, due 08/25/20

     110,705   
  45,370      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K502-A1), 0.727%, due 12/25/16

     45,448   
  101,570       Federal National Mortgage Association, Pool #467288, 2.8%, due 03/01/18      106,067   
  85,030       Federal National Mortgage Association, Pool #468220, 3.05%, due 06/01/16      87,339   
  93,007       Federal National Mortgage Association, Pool #FN0002, 3.306%, due 12/01/17      97,784   
  90,683       Federal National Mortgage Association, Pool #467173, 4.64%, due 01/01/21      103,618   
  53,924       Federal National Mortgage Association, Pool #745506, 5.662%, due 02/01/16      55,514   
  101,802       Federal National Mortgage Association, (14-M12-FA), 0.468%, due 10/25/21 (1)      102,407   
  89,066       Federal National Mortgage Association (14-M6-FA), 0.458%, due 12/25/17 (1)      88,461   
  71,795       Government National Mortgage Association (05-76-B), 4.886%, due 10/16/38 (1)      74,350   
  9,286       Government National Mortgage Association (07-12-B), 5.14%, due 12/16/36 (1)      9,363   
  50,492       Government National Mortgage Association (11-77-A), 2.105%, due 04/16/33      50,678   
     

 

 

 
   Total Commercial Mortgage-Backed Securities — Agency (Cost: $1,140,379)      1,230,929   
     

 

 

 
   Commercial Mortgage-Backed Securities — Non-Agency (8.6%)   
  13,569       Banc of America Commercial Mortgage Trust (06-2-A3), 5.7%, due 05/10/45 (1)      13,583   
  17,431       Banc of America Merrill Lynch Commercial Mortgage, Inc. (05-1-A5), 5.271%, due 11/10/42 (1)      17,428   
  42,726       Bear Stearns Commercial Mortgage Securities Trust (05-T20-A4A), 5.14%, due 10/12/42 (1)      43,502   
  55,549       Bear Stearns Commercial Mortgage Securities Trust (99-CLF1-A4), 7%, due 05/20/30 (1)      60,111   
  100,000       Citigroup Commercial Mortgage Trust (12-GC8-A2), 1.813%, due 09/10/45      101,473   
  47,214       Credit Suisse Commercial Mortgage Trust (07-C1-AAB), 5.336%, due 02/15/40      48,679   
  22,622       Credit Suisse First Boston Mortgage Securities Corp. (05-C4-A5), 5.104%, due 08/15/38 (1)      22,852   
  15,523       DBRR Trust (13-EZ2-A), (144A), 0.853%, due 02/25/45 (1)(2)      15,521   
  72,932       GS Mortgage Securities Trust (11-GC3-A2), (144A), 3.645%, due 03/10/44 (2)      74,479   
  75,391       JPMorgan Chase Commercial Mortgage Securities Trust (05-LDP2-A4), 4.738%, due 07/15/42      75,488   
  8,663       JPMorgan Chase Commercial Mortgage Securities Trust (06-CB14-ASB), 5.506%, due 12/12/44 (1)      8,742   
  68,942       JPMorgan Chase Commercial Mortgage Securities Trust (06-CB15-ASB), 5.79%, due 06/12/43 (1)      70,209   
  24,518      

JPMorgan Chase Commercial Mortgage Securities Trust (06-LDP9-A3S), (144A), 5.24%, due 05/15/47 (2)

     24,484   

 

See accompanying notes to Schedule of Investments.


TCW Short Term Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 48,266       JPMorgan Chase Commercial Mortgage Securities Trust (07-C1-ASB), 5.857%, due 02/15/51    $ 50,742   
  2,583       JPMorgan Chase Commercial Mortgage Securities Trust (07-CB19-A3), 5.699%, due 02/12/49 (1)      2,579   
  66,324       JPMorgan Chase Commercial Mortgage Securities Trust (07-CB20-ASB), 5.688%, due 02/12/51      69,079   
  42,626       JPMorgan Chase Commercial Mortgage Securities Trust (10-C1-A1), (144A), 3.853%, due 06/15/43 (2)      42,742   
  100,000       JPMorgan Chase Commercial Mortgage Securities Trust (11-C4-A3), (144A), 4.106%, due 07/15/46 (2)      107,785   
  55,377       LB-UBS Commercial Mortgage Trust (06-C7-A2), 5.3%, due 11/15/38      56,166   
  88,748       Merrill Lynch/Countrywide Commercial Mortgage Trust (06-4-A1A), 5.166%, due 12/12/49      93,815   
  114,401       Morgan Stanley Bank of America Merrill Lynch Trust (12-C5-A1), 0.916%, due 08/15/45      114,462   
  40,605       Morgan Stanley Capital I Trust (06-T21-A3), 5.185%, due 10/12/52 (1)      40,561   
  113,515       Morgan Stanley Capital I Trust (07-HQ11-A31), 5.439%, due 02/12/44      113,494   
  65,667       Morgan Stanley Capital I Trust (07-IQ14-A2), 5.61%, due 04/15/49      66,293   
  14,212       TIAA Seasoned Commercial Mortgage Trust (07-C4-A3), 5.556%, due 08/15/39 (1)      14,232   
  88,160       Wachovia Bank Commercial Mortgage Trust (05-C21-A4), 5.242%, due 10/15/44 (1)      89,452   
  79,043       Wachovia Bank Commercial Mortgage Trust (07-C30-A3), 5.246%, due 12/15/43      80,707   
  47,176       Wachovia Bank Commercial Mortgage Trust (07-C32-APB), 5.721%, due 06/15/49 (1)      47,427   
  62,731       WF-RBS Commercial Mortgage Trust (11-C2-A1), (144A), 2.501%, due 02/15/44 (2)      63,063   
  87,630       WF-RBS Commercial Mortgage Trust (12-C9-A1), 0.673%, due 11/15/45      87,661   
     

 

 

 
   Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $1,738,650)      1,716,811   
     

 

 

 
   Residential Mortgage-Backed Securities — Agency (31.3%)   
  18,699       Federal Home Loan Mortgage Corp. (2550-FI), 0.517%, due 11/15/32 (TAC) (1)      18,713   
  5,116       Federal Home Loan Mortgage Corp. (2581-F), 0.617%, due 12/15/32 (1)      5,117   
  230,941       Federal Home Loan Mortgage Corp. (2591-EF), 0.667%, due 03/15/32 (1)      231,637   
  90,554       Federal Home Loan Mortgage Corp. (263-F5), 0.667%, due 06/15/42 (1)      91,608   
  194,804       Federal Home Loan Mortgage Corp. (2763-FB), 0.517%, due 04/15/32 (1)      195,358   
  5,164       Federal Home Loan Mortgage Corp. (2817-FC), 0.617%, due 07/15/31 (1)      5,165   
  221,038       Federal Home Loan Mortgage Corp. (2828-TA), 0.567%, due 10/15/30 (1)      221,479   
  257,039       Federal Home Loan Mortgage Corp. (2835-LE), 0.517%, due 11/15/30 (1)      257,368   
  145,730       Federal Home Loan Mortgage Corp. (2990-DE), 0.547%, due 11/15/34 (1)      146,401   
  35,574       Federal Home Loan Mortgage Corp. (3001-HS), 16.334%, due 02/15/35 (I/F) (PAC) (1)      40,499   
  86,617       Federal Home Loan Mortgage Corp. (3174-FM), 0.407%, due 05/15/36 (PAC) (1)      86,690   
  117,450       Federal Home Loan Mortgage Corp. (3300-FA), 0.467%, due 08/15/35 (1)      117,774   
  134,875       Federal Home Loan Mortgage Corp. (3318-F), 0.417%, due 05/15/37 (1)      134,967   

 

See accompanying notes to Schedule of Investments.


TCW Short Term Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 204,105       Federal Home Loan Mortgage Corp. (3335-BF), 0.317%, due 07/15/19 (1)    $ 204,253   
  191,872       Federal Home Loan Mortgage Corp. (3335-FT), 0.317%, due 08/15/19 (1)      191,976   
  162,181       Federal Home Loan Mortgage Corp. (3345-FP), 0.367%, due 11/15/36 (1)      162,307   
  31,556       Federal Home Loan Mortgage Corp. (3346-FA), 0.397%, due 02/15/19 (1)      31,587   
  174,588       Federal Home Loan Mortgage Corp. (3347-PF), 0.517%, due 01/15/36 (PAC) (1)      175,079   
  190,539       Federal Home Loan Mortgage Corp. (3737-GF), 0.567%, due 11/15/37 (PAC) (1)      190,846   
  174,498       Federal Home Loan Mortgage Corp. (3767-JF), 0.467%, due 02/15/39 (PAC) (1)      175,261   
  124,523       Federal Home Loan Mortgage Corp. (3798-BF), 0.467%, due 06/15/24 (1)      124,782   
  197,744       Federal Home Loan Mortgage Corp. (3803-DF), 0.567%, due 11/15/35 (PAC) (1)      198,345   
  158,576       Federal Home Loan Mortgage Corp. (3824-FA), 0.317%, due 03/15/26 (1)      158,659   
  14,764       Federal Home Loan Mortgage Corp. (3828-KF), 0.567%, due 02/15/36 (1)      14,772   
  66,286       Federal Home Loan Mortgage Corp. (3946-FG), 0.517%, due 10/15/39 (PAC) (1)      66,557   
  38,345       Federal National Mortgage Association (03-11-FA), 1.168%, due 09/25/32 (1)      39,398   
  43,414       Federal National Mortgage Association (03-64-KS), 9.425%, due 07/25/18 (I/F) (1)      47,127   
  118,227       Federal National Mortgage Association (06-60-DF), 0.598%, due 04/25/35 (1)      118,879   
  54,499       Federal National Mortgage Association (06-84-WF), 0.468%, due 02/25/36 (PAC) (1)      54,653   
  122,058       Federal National Mortgage Association (07-64-FA), 0.638%, due 07/25/37 (1)      123,166   
  147,823       Federal National Mortgage Association (07-67-FA), 0.418%, due 04/25/37 (1)      147,625   
  30,594       Federal National Mortgage Association (08-47-PF), 0.668%, due 06/25/38 (PAC) (1)      30,784   
  64,412       Federal National Mortgage Association (09-33-FB), 0.988%, due 03/25/37 (1)      65,607   
  64,413       Federal National Mortgage Association (10-2-TF), 0.668%, due 06/25/27 (1)      64,477   
  63,200       Federal National Mortgage Association (10-50-FA), 0.518%, due 01/25/24 (1)      63,209   
  85,566       Federal National Mortgage Association (10-9-MG), 3%, due 09/25/30 (PAC)      85,991   
  155,315       Federal National Mortgage Association (11-75-HP), 2.5%, due 07/25/40 (PAC)      160,273   
  34,634       Federal National Mortgage Association, Pool #254548, 5.5%, due 12/01/32      38,963   
  59,807       Federal National Mortgage Association, Pool #600187, 7%, due 07/01/31      70,876   
  4,063       Federal National Mortgage Association, Pool #661691, 2.314%, due 10/01/32 (1)      4,196   
  44,932       Federal National Mortgage Association, Pool #786884, 2.185%, due 08/01/34 (1)      46,239   
  55,396       Federal National Mortgage Association, Pool #995364, 6%, due 10/01/38      62,666   
  23,199       Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40      26,298   
  34,731       Government National Mortgage Association (04-104-FJ), 0.468%, due 09/20/33 (1)      34,747   
  114,621       Government National Mortgage Association (10-108-PF), 0.568%, due 02/20/38 (PAC) (1)      115,113   
  188,784       Government National Mortgage Association (10-163-FJ), 0.518%, due 08/16/37 (PAC) (1)      189,376   
  146,510       Government National Mortgage Association (10-2-FA), 0.668%, due 05/20/37 (1)      146,919   
  165,799       Government National Mortgage Association (12-13-KF), 0.468%, due 07/20/38 (1)      166,258   
  30,190       Government National Mortgage Association II, Pool #80022, 1.625%, due 12/20/26 (1)      30,596   

 

See accompanying notes to Schedule of Investments.


TCW Short Term Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 22,646      

Government National Mortgage Association II, Pool #80636, 1.625%, due 09/20/32 (1)

   $ 23,531   
  14,687      

Government National Mortgage Association II, Pool #80757, 1.625%, due 10/20/33 (1)

     14,960   
  125,335      

Government National Mortgage Association II, Pool #80797, 1.625%, due 01/20/34 (1)

     131,095   
  48,508      

Government National Mortgage Association II, Pool #80937, 1.625%, due 06/20/34 (1)

     50,556   
  98,608      

NCUA Guaranteed Notes (10-R1-1A), 0.618%, due 10/07/20 (1)

     99,193   
  63,460      

NCUA Guaranteed Notes (10-R2-1A), 0.538%, due 11/06/17 (1)

     63,629   
  251,071      

NCUA Guaranteed Notes (10-R3-1A), 0.728%, due 12/08/20 (1)

     253,307   
  244,425      

NCUA Guaranteed Notes (10-R3-2A), 0.728%, due 12/08/20 (1)

     246,732   
  89,188      

NCUA Guaranteed Notes (11-R2-1A), 0.568%, due 02/06/20 (1)

     89,577   
  49,395      

NCUA Guaranteed Notes (11-R3-1A), 0.567%, due 03/11/20 (1)

     49,598   
  71,296      

NCUA Guaranteed Notes (11-R5-1A), 0.548%, due 04/06/20 (1)

     71,412   
  7,636      

NCUA Guaranteed Notes (11-R6-1A), 0.548%, due 05/07/20 (1)

     7,640   
     

 

 

 
  

Total Residential Mortgage-Backed Securities — Agency (Cost: $6,249,722)

     6,281,866   
     

 

 

 
  

Residential Mortgage-Backed Securities — Non-Agency (1.6%)

  
  1,634      

Banc of America Funding Corp. (06-G-2A3), 0.338%, due 07/20/36 (1)

     1,637   
  14,055      

Bear Stearns Asset-Backed Securities Trust (05-SD1-1A3), 0.568%, due 08/25/43 (1)

     13,899   
  175,467      

Credit Suisse First Boston Mortgage Securities Corp. (02-AR31-6A1), 2.12%, due 11/25/32 (1)

     177,590   
  38,658      

First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C), 1.168%, due 08/25/34 (1)

     37,496   
  25,393      

Homestar Mortgage Acceptance Corp. (04-5-A1), 0.618%, due 10/25/34 (1)

     25,498   
  29,554      

JPMorgan Mortgage Acquisition Corp. (05-WMC1-M1), 0.588%, due 09/25/35 (1)

     29,208   
  30,157      

Morgan Stanley Mortgage Loan Trust (04-6AR-1A), 0.618%, due 07/25/34 (1)

     29,103   
  12,785      

Residential Accredit Loans, Inc. (02-QS16-A2), 0.718%, due 10/25/17 (1)

     12,379   
     

 

 

 
  

Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $316,873)

     326,810   
     

 

 

 
  

Corporate Bonds (22.0%)

  
  

Airlines (1.2%)

  
  106,288      

Continental Airlines, Inc. Pass-Through Certificates(99-1-A), 6.545%, due 08/02/20 (EETC)

     117,914   
  50,000      

JetBlue Airways Corp. Pass-Through Trust, (04-2-G2), 0.682%, due 05/15/18 (1) (EETC)

     49,262   
  71,232      

United Airlines, Inc. Pass-Through Trust (09-2A), 9.75%, due 07/15/18 (EETC)

     79,379   
     

 

 

 
  

Total Airlines

     246,555   
     

 

 

 
  

Auto Manufacturers (0.9%)

  
  100,000      

Ford Motor Credit Co. LLC, 7%, due 04/15/15

     101,280   
  75,000      

Nissan Motor Acceptance Corp. (Japan), (144A), 0.955%, due 09/26/16 (1)(2)

     75,403   
     

 

 

 
  

Total Auto Manufacturers

     176,683   
     

 

 

 
  

Banks (4.9%)

  
  250,000      

Bank of America N.A., 0.521%, due 06/15/16 (1)

     248,318   

 

See accompanying notes to Schedule of Investments.


TCW Short Term Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Banks (Continued)

  
$ 75,000      

Citigroup, Inc., 1.216%, due 07/25/16 (1)

   $ 75,511   
  30,000      

Goldman Sachs Group, Inc. (The), 3.3%, due 05/03/15

     30,206   
  75,000      

Goldman Sachs Group, Inc. (The), 1.6%, due 11/23/15

     75,496   
  300,000      

JPMorgan Chase Bank N.A., 0.571%, due 06/13/16 (1)

     297,188   
  75,000      

Macquarie Bank, Ltd. (Australia), (144A), 0.691%, due 06/15/16 (1)(2)

     75,024   
  50,000      

Macquarie Bank, Ltd. (Australia), (144A), 0.886%, due 10/27/17 (1)(2)

     50,031   
  65,000      

Morgan Stanley, 0.975%, due 01/05/18 (1)

     64,933   
  60,000      

Royal Bank of Scotland PLC (The) (United Kingdom), 2.55%, due 09/18/15

     60,577   
     

 

 

 
  

Total Banks

     977,284   
     

 

 

 
  

Commercial Services (0.4%)

  
  75,000      

Catholic Health Initiatives, 1.6%, due 11/01/17

     75,045   
     

 

 

 
  

Diversified Financial Services (0.4%)

  
  75,000      

General Electric Capital Corp., 0.902%, due 07/12/16 (1)

     75,598   
     

 

 

 
  

Electric (1.0%)

  
  120,000      

NextEra Energy Capital Holdings, Inc., 1.339%, due 09/01/15

     120,477   
  50,000      

Oncor Electric Delivery Co. LLC, 6.8%, due 09/01/18

     58,898   
  30,000      

PNM Resources, Inc., 9.25%, due 05/15/15

     30,784   
     

 

 

 
  

Total Electric

     210,159   
     

 

 

 
  

Engineering & Construction (1.0%)

  
  200,000      

Heathrow Funding, Ltd. (United Kingdom), (144A), 2.5%, due 06/25/17 (2)

     198,200   
     

 

 

 
  

Food (0.3%)

  
  50,000      

Kraft Foods Group, Inc., 1.625%, due 06/04/15

     50,160   
     

 

 

 
  

Healthcare-Services (0.4%)

  
  85,000      

Providence Health & Services Obligated Group, 1.205%, due 10/01/17 (1)

     85,566   
     

 

 

 
  

Insurance (0.5%)

  
  100,000      

Metropolitan Life Global Funding I, (144A), 1.7%, due 06/29/15 (2)

     100,552   
     

 

 

 
  

Oil & Gas (0.2%)

  
  50,000      

Devon Energy Corp., 0.691%, due 12/15/15 (1)

     49,980   
     

 

 

 
  

Pharmaceuticals (0.7%)

  
  100,000      

McKesson Corp., 0.638%, due 09/10/15 (1)

     100,044   
  50,000      

Mylan, Inc., 1.8%, due 06/24/16

     50,455   
     

 

 

 
  

Total Pharmaceuticals

     150,499   
     

 

 

 
  

Pipelines (1.4%)

  
  100,000      

Florida Gas Transmission Co. LLC, (144A), 4%, due 07/15/15 (2)

     101,293   
  75,000      

TransCanada Pipelines, Ltd. (Canada), 0.937%, due 06/30/16 (1)

     75,419   
  100,000      

Williams Partners LP, 3.8%, due 02/15/15

     100,099   
     

 

 

 
  

Total Pipelines

     276,811   
     

 

 

 
  

Real Estate (1.3%)

  
  50,000      

Post Apartment Homes, LP, 4.75%, due 10/15/17

     54,015   

 

See accompanying notes to Schedule of Investments.


TCW Short Term Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
  

Real Estate (Continued)

  
$ 200,000      

WEA Finance LLC/Westfield UK & Europe Finance PLC (Australia), (144A), 1.75%, due 09/15/17 (2)

   $ 201,152   
     

 

 

 
  

Total Real Estate

     255,167   
     

 

 

 
  

REIT (6.2%)

  
  75,000      

ARC Properties Operating Partnership LP/Clark Acquisition LLC, 2%, due 02/06/17

     72,375   
  100,000      

BioMed Realty LP, 3.85%, due 04/15/16

     102,857   
  100,000      

Camden Property Trust, 5%, due 06/15/15

     101,474   
  50,000      

Essex Portfolio LP, 5.5%, due 03/15/17

     54,326   
  75,000      

HCP, Inc., 6%, due 01/30/17

     81,968   
  100,000      

HCP, Inc., 7.072%, due 06/08/15

     102,264   
  100,000      

Healthcare Realty Trust, Inc., 6.5%, due 01/17/17

     109,372   
  85,000      

Hospitality Properties Trust, 6.3%, due 06/15/16

     88,686   
  85,000      

Host Hotels & Resorts LP, 5.875%, due 06/15/19

     89,099   
  75,000      

Mid-America Apartments LP, 5.5%, due 10/01/15

     77,292   
  85,000      

Pan Pacific Retail Properties, Inc., 5.25%, due 09/01/15

     87,221   
  75,000      

Realty Income Corp., 5.5%, due 11/15/15

     77,513   
  50,000      

SL Green Realty Corp., 5%, due 08/15/18

     54,275   
  75,000      

UDR, Inc., 5.25%, due 01/15/16

     77,897   
  75,000      

Ventas Realty LP, 1.55%, due 09/26/16

     75,601   
     

 

 

 
  

Total REIT

     1,252,220   
     

 

 

 
  

Retail (0.4%)

  
  85,000      

Walgreens Boots Alliance, Inc., 0.682%, due 05/18/16 (1)

     85,037   
     

 

 

 
  

Telecommunications (0.8%)

  
  67,000      

AT&T, Inc., 2.5%, due 08/15/15

     67,692   
  87,000      

Verizon Communications, Inc., 1.771%, due 09/15/16 (1)

     88,604   
     

 

 

 
  

Total Telecommunications

     156,296   
     

 

 

 
  

Total Corporate Bonds (Cost: $4,485,725)

     4,421,812   
     

 

 

 
  

Municipal Bonds (1.2%)

  
  100,000      

Illinois State, General Obligation Bond, 4.35%, due 06/01/18

     104,610   
  125,000      

State of California, General Obligation Unlimited, 5.95%, due 04/01/16

     132,980   
     

 

 

 
  

Total Municipal Bonds (Cost: $248,184)

     237,590   
     

 

 

 
  

U.S. Government Agency Obligations (4.2%)

  
  105,000      

Federal Farm Credit Bank, 0.187%, due 09/14/16 (1)

     105,021   
  215,000      

Federal Farm Credit Bank, 0.198%, due 04/26/17 (1)

     215,167   
  205,000      

Federal Farm Credit Bank, 0.198%, due 05/08/17 (1)

     205,251   
  135,000      

Federal Farm Credit Bank, 0.218%, due 04/17/17 (1)

     135,137   
  110,000      

Federal Farm Credit Bank, 0.223%, due 02/27/17 (1)

     110,196   

 

See accompanying notes to Schedule of Investments.


TCW Short Term Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 70,000      

Federal Home Loan Mortgage Corp., 0.75%, due 10/05/16

   $ 70,067   
     

 

 

 
  

Total U.S. Government Agency Obligations (Cost: $839,948)

     840,839   
     

 

 

 
  

U.S. Treasury Securities (0.4%)

  
  32,702      

U.S. Treasury Inflation Indexed Note, 0.5%, due 04/15/15 (3)

     32,374   
  50,000      

U.S. Treasury Note, 0.25%, due 08/15/15

     50,043   
     

 

 

 
  

Total U.S. Treasury Securities (Cost: $83,406)

     82,417   
     

 

 

 
  

Total Fixed Income Securities (Cost: $15,102,887) (75.4%)

     15,139,074   
     

 

 

 

Number of
Shares

    

Money Market Investments

      
  215,000      

Dreyfus Institutional Cash Advantage Fund, 0.01% (4)

     215,000   
  215,000      

Morgan Stanley Liquidity Fund — Government Portfolio, 0.04% (4)

     215,000   
     

 

 

 
  

Total Money Market Investments (Cost: $430,000) (2.1%)

     430,000   
     

 

 

 

Principal
Amount

    

Short-Term Investments

      
  

Certificate of Deposit (Cost: $100,000) (0.5%)

  
  

Banks (0.5%)

  
  $100,000      

Credit Suisse/New York (Switzerland), 0.553%, due 08/24/15 (1)

     100,029   
     

 

 

 
  

Discount Notes (14.8%)

  
  165,000      

Federal Home Loan Bank Discount Note, 0.01%, due 02/06/15 (5)

     165,000   
  430,000      

Federal Home Loan Bank Discount Note, 0.01%, due 02/12/15 (5)

     429,999   
  525,000      

Federal Home Loan Bank Discount Note, 0.07%, due 02/20/15 (5)

     524,997   
  135,000      

Federal Home Loan Bank Discount Note, 0.08%, due 02/06/15 (5)

     135,000   
  585,000      

Federal Home Loan Mortgage Corp. Discount Note, 0.054%, due 02/11/15 (5)

     584,998   
  247,000      

Federal Home Loan Mortgage Corp. Discount Note, 0.08%, due 03/12/15 (5)

     246,996   
  890,000      

Federal National Mortgage Association Discount Note, 0.07%, due 02/04/15 (5)

     889,999   
     

 

 

 
  

Total Discount Notes (Cost: $2,976,927) (14.8%)

     2,976,989   
     

 

 

 
  

Repurchase Agreement (Cost: $1,442,385) (7.2%)

  
  1,442,385      

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $1,470,000, U.S. Treasury Note, 1%, due 05/31/18, valued at $1,475,513) (Total Amount to be Received Upon Repurchase $1,442,385)

     1,442,385   
     

 

 

 
  

Total Short-Term Investments (Cost: $4,519,312) (22.5%)

     4,519,403   
     

 

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Short Term Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

  

Total Investments (Cost: $20,052,199) (100.0%)

     20,088,477   
  

Excess of Other Assets over Liabilities (0.0%)

     8,133   
     

 

 

 
  

Net Assets (100.0%)

   $ 20,096,610   
     

 

 

 

Notes to the Schedule of Investments:

 

EETC   -    Enhanced Equipment Trust Certificate.
I/F   -    Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.
PAC   -    Planned Amortization Class.
REIT   -    Real Estate Investment Trust.
TAC   -    Target Amortization Class.
(1)      Floating or variable rate security. The interest shown reflects the rate in effect at January 31, 2015.
(2)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $1,129,729 or 5.6% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.
(3)      Interest rate for this security is a stated rate. Interest payments are determined based on the inflation-adjusted principal.
(4)      Rate disclosed is the 7-day net yield as of January 31, 2015.
(5)      Rate shown represents yield-to-maturity.

 

See accompanying notes to Schedule of Investments.


TCW Short Term Bond Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Airlines

     1.2

Auto Manufacturers

     0.9   

Banks

     4.9   

Commercial Mortgage-Backed Securities — Agency

     6.1   

Commercial Mortgage-Backed Securities — Non-Agency

     8.6   

Commercial Services

     0.4   

Diversified Financial Services

     0.4   

Electric

     1.0   

Engineering & Construction

     1.0   

Food

     0.3   

Healthcare-Services

     0.4   

Insurance

     0.5   

Municipal Bonds

     1.2   

Oil & Gas

     0.2   

Pharmaceuticals

     0.7   

Pipelines

     1.4   

REIT

     6.2   

Real Estate

     1.3   

Residential Mortgage-Backed Securities — Agency

     31.3   

Residential Mortgage-Backed Securities — Non-Agency

     1.6   

Retail

     0.4   

Telecommunications

     0.8   

U.S. Government Agency Obligations

     4.2   

U.S. Treasury Securities

     0.4   

Money Market Investments

     2.1   

Short-Term Investments

     22.5   
  

 

 

 

Total

     100.0
  

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
   Asset-Backed Securities (7.8% of Net Assets)   
$ 9,965,787       321 Henderson Receivables I LLC (13-3A-A), (144A), 4.08%, due 01/17/73 (1)    $ 11,077,406   
  20,000,000       Academic Loan Funding Trust (12-1A-A2), (144A), 1.268%, due 12/27/44 (1)(2)      20,061,820   
  10,739,044       ACE Securities Corp. Home Equity Loan Trust (05-HE7-A2D), 0.498%, due 11/25/35 (2)      10,717,061   
  15,000,000       AMMC CDO (14-14A-A1L), (144A), 1.706%, due 07/27/26 (1)(2)      14,889,165   
  17,000,000       Babson CLO, Ltd. (13-IA-A), (144A), 1.357%, due 04/20/25 (1)(2)      16,712,258   
  4,014,000       Babson CLO, Ltd. (14-IIA-A), (144A), 1.656%, due 10/17/26 (1)(2)      3,986,797   
  7,959,734       Bayview Commercial Asset Trust (04-1-A), (144A), 0.528%, due 04/25/34 (1)(2)      7,656,540   
  13,169,969       Bayview Commercial Asset Trust (06-1A-A1), (144A), 0.438%, due 04/25/36 (1)(2)      11,669,528   
  18,700,000       Brazos Higher Education Authority, Inc. (11-1-A3), 1.283%, due 11/25/33 (2)      19,002,303   
  11,775,000       Brazos Higher Education Authority, Inc. (11-2-A3), 1.256%, due 10/27/36 (2)      11,922,647   
  7,900,000       Cent CLO, Ltd. (13-18A-A), (144A), 1.35%, due 07/23/25 (1)(2)      7,708,085   
  6,098,110       CIT Education Loan Trust (07-1-A), (144A), 0.345%, due 03/25/42 (1)(2)      5,821,833   
  12,500,000       Eaton Vance CLO, Ltd. (14-1A-A), (144A), 1.703%, due 07/15/26 (1)(2)      12,428,450   
  15,874,826       Educational Funding of the South, Inc. (12-1-A), 1.218%, due 03/25/36 (2)      16,088,224   
  16,675,000       EFS Volunteer LLC (10-1-A2), (144A), 1.106%, due 10/25/35 (1)(2)      16,634,246   
  7,225,000       EFS Volunteer No 2 LLC (12-1-A2), (144A), 1.52%, due 03/25/36 (1)(2)      7,404,857   
  17,750,000       EFS Volunteer No 3 LLC (12-1-A3), (144A), 1.17%, due 04/25/33 (1)(2)      17,997,728   
  11,000,000       Flagship CLO (14-8A-A), (144A), 1.757%, due 01/16/26 (1)(2)      10,969,398   
  18,570,000       Flatiron CLO, Ltd. (14-1A-A1), (144A), 1.637%, due 07/17/26 (1)(2)      18,399,416   
  3,717,660       GE Business Loan Trust (04-2A-A), (144A), 0.387%, due 12/15/32 (1)(2)      3,628,460   
  21,930,751       Global SC Finance SRL (14-1A-A2), (144A), 3.09%, due 07/17/29 (1)      22,034,745   
  25,000,000       GoldenTree Loan Opportunities VII, Ltd. (13-7A-A), (144A), 1.406%, due 04/25/25 (1)(2)      24,471,325   
  15,081,002       Higher Education Funding I (14-1-A), (144A), 1.283%, due 05/25/34 (1)(2)      14,971,020   
  2,828,460       Jasper CLO, Ltd. (05-1A-A), (144A), 0.502%, due 08/01/17 (1)(2)      2,825,102   
  4,651,930       JFIN CLO, Ltd. (07-1A-A1A), (144A), 0.462%, due 07/20/21 (1)(2)      4,632,425   
  5,000,000       Limerock CLO III LLC (14-3A-A1), (144A), 1.759%, due 10/20/26 (1)(2)      4,982,815   
  18,000,000       Montana Higher Education Student Assistance Corp. (12-1-A3), 1.218%, due 07/20/43 (2)      17,841,208   
  2,350,000       National Collegiate Master Student Loan Trust I (02-2-AR10), (144A), 3.669%, due 11/01/42 (1)(2)      2,350,909   
  8,258,414       National Collegiate Student Loan Trust (06-3-A3), 0.318%, due 10/25/27 (2)      8,167,481   
  38,752,903       Navient Student Loan Trust (14-2-A), 0.808%, due 03/25/43 (2)      38,494,518   
  38,693,202       Navient Student Loan Trust (14-3-A), 0.788%, due 03/25/43 (2)      38,400,933   
  22,412,910       Navient Student Loan Trust (14-4-A), 0.788%, due 03/25/43 (2)      22,236,890   
  30,185,000       Nelnet Student Loan Trust (14-4A-A2), (144A), 1.118%, due 11/25/43 (1)(2)      30,427,817   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 10,115,513       Pangaea CLO, Ltd. (07-1A-A1), (144A), 0.506%, due 10/21/21 (1)(2)    $ 10,037,335   
  16,000,000       Panhandle-Plains Higher Education Authority, Inc. (11-1-A3), 1.205%, due 10/01/37 (2)      16,061,072   
  1,222,625       Red River CLO, Ltd. (1A-A), (144A), 0.502%, due 07/27/18 (1)(2)      1,217,017   
  9,500,000       SLM Private Credit Student Loan Trust (04-A-A3), 0.641%, due 06/15/33 (2)      8,995,526   
  10,000,000       SLM Private Credit Student Loan Trust (04-B-A3), 0.571%, due 03/15/24 (2)      9,571,945   
  4,046,878       SLM Student Loan Trust (04-8-B), 0.716%, due 01/25/40 (2)      3,697,771   
  7,534,000       SLM Student Loan Trust (05-5-A5), 1.006%, due 10/25/40 (2)      7,454,298   
  6,577,813       SLM Student Loan Trust (07-6-B), 1.106%, due 04/27/43 (2)      6,072,104   
  4,671,210       SLM Student Loan Trust (07-8-B), 1.256%, due 04/27/43 (2)      4,354,928   
  7,405,000       SLM Student Loan Trust (08-2-B), 1.456%, due 01/25/29 (2)      6,908,902   
  6,549,000       SLM Student Loan Trust (08-3-B), 1.456%, due 04/25/29 (2)      6,117,143   
  3,270,000       SLM Student Loan Trust (08-4-B), 2.106%, due 04/25/29 (2)      3,256,132   
  17,785,000       SLM Student Loan Trust (08-5-A4), 1.956%, due 07/25/23 (2)(3)      18,547,167   
  16,200,000       SLM Student Loan Trust (08-5-B), 2.106%, due 07/25/29 (2)      16,283,215   
  6,380,000       SLM Student Loan Trust (08-6-B), 2.106%, due 07/25/29 (2)      6,399,004   
  6,380,000       SLM Student Loan Trust (08-7-B), 2.106%, due 07/25/29 (2)      6,426,941   
  5,696,000       SLM Student Loan Trust (08-8-B), 2.506%, due 10/25/29 (2)      5,969,296   
  15,950,000       SLM Student Loan Trust (08-9-B), 2.506%, due 10/25/29 (2)      16,789,339   
  12,800,000       SLM Student Loan Trust (11-1-A2), 1.318%, due 10/25/34 (2)      13,277,165   
  17,780,000       SLM Student Loan Trust (11-2-A2), 1.368%, due 10/25/34 (2)      18,237,639   
  8,870,173       SLM Student Loan Trust (12-2-A), 0.868%, due 01/25/29 (2)      8,905,921   
  7,550,000       Telos CLO, Ltd. (06-1A-A2), (144A), 0.652%, due 10/11/21 (1)(2)      7,495,843   
  18,920,000       Voya CLO, Ltd. (14-2A-A1), (144A), 1.707%, due 07/17/26 (1)(2)      18,795,279   
     

 

 

 
   Total Asset-Backed Securities (Cost: $729,855,558)      697,484,392   
     

 

 

 
   Commercial Mortgage-Backed Securities — Agency (5.4%)   
  52,948,539      

Federal Home Loan Mortgage Corp. (KF05-A), 0.504%, due 09/25/21 (2)(3)

     53,013,380   
  45,330,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(K005-A2), 4.317%, due 11/25/19
(3)

     50,781,227   
  24,280,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(K007-A2), 4.224%, due 03/25/20
(3)

     27,222,348   
  29,110,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(K009-A2), 3.808%, due 08/25/20
(3)

     32,226,357   
  32,350,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(K010-A2), 4.333%, due 10/25/20
(3)

     36,685,741   
  25,890,000      

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
(K013-A2), 3.974%, due 01/25/21
(2)(3)

     28,904,502   
  49,330,134      

Federal National Mortgage Association, (12-M12-1A), 2.84%, due 08/25/22 (ACES) (2)(3)

     52,137,818   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 34,874,357       Federal National Mortgage Association, (12-M15-A), 2.656%, due 10/25/22 (ACES) (2)(3)    $ 36,331,930   
  40,342,601       Federal National Mortgage Association, (14-M12-FA), 0.468%, due 10/25/21 (ACES) (2)(3)      40,582,494   
  2,947,754       Federal National Mortgage Association, Pool #AE0918, 3.665%, due 10/01/20 (3)      3,247,625   
  19,251,205       Federal National Mortgage Association, Pool #AL0290, 4.447%, due 04/01/21 (3)      22,038,294   
  20,628,015       Federal National Mortgage Association, Pool #AL0600, 4.3%, due 07/01/21 (3)      23,474,597   
  15,979,097       Federal National Mortgage Association, Pool #AL2660, 2.628%, due 10/01/22 (3)      16,596,193   
  45,092,111       Federal National Mortgage Association, Pool #AL3366, 2.436%, due 02/01/23 (3)      46,351,547   
  12,573,271       Federal National Mortgage Association, Pool #FN0003, 4.297%, due 01/01/21 (3)      14,242,422   
     

 

 

 
   Total Commercial Mortgage-Backed Securities — Agency (Cost: $477,821,309)      483,836,475   
     

 

 

 
   Commercial Mortgage-Backed Securities — Non-Agency (0.7%)   
  6,440,000       COMM Mortgage Trust (12-LC4-A4), 3.288%, due 12/10/44      6,844,917   
  10,301,320       DBRR Trust (11-LC2-A4A), (144A), 4.537%, due 07/12/44 (1)(2)      11,640,878   
  17,505,000       GS Mortgage Securities Corp. II (11-GC5-A4), 3.707%, due 08/10/44      18,978,962   
  3,460,000       Morgan Stanley Capital I Trust (11-C3-A4), 4.118%, due 07/15/49      3,840,936   
  17,835,000       WF-RBS Commercial Mortgage Trust (11-C5-A4), 3.667%, due 11/15/44      19,365,617   
     

 

 

 
   Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $56,270,229)      60,671,310   
     

 

 

 
   Residential Mortgage-Backed Securities — Agency (43.2%)   
  326,679       Federal Home Loan Mortgage Corp. (1829-ZB), 6.5%, due 03/15/26 (3)      361,756   
  427,481       Federal Home Loan Mortgage Corp. (2367-ZK), 6%, due 10/15/31 (3)      484,684   
  5,722,598       Federal Home Loan Mortgage Corp. (2514-PZ), 5.5%, due 10/15/32 (PAC) (3)      6,450,302   
  14,270,700       Federal Home Loan Mortgage Corp. (2571-PZ), 5.5%, due 02/15/33 (PAC) (3)      15,783,601   
  1,502,211       Federal Home Loan Mortgage Corp. (2642-AR), 4.5%, due 07/15/23 (3)      1,626,865   
  894,932       Federal Home Loan Mortgage Corp. (2647-OV), 0%, due 07/15/33 (P/O) (3)(4)      866,716   
  5,915,961       Federal Home Loan Mortgage Corp. (2662-MT), 4.5%, due 08/15/33 (TAC) (3)      6,369,446   
  3,304,391       Federal Home Loan Mortgage Corp. (2666-BD), 4.5%, due 08/15/23 (3)      3,580,889   
  4,630,028       Federal Home Loan Mortgage Corp. (2700-B), 4.5%, due 11/15/23 (3)      4,949,522   
  31,430,159       Federal Home Loan Mortgage Corp. (2752-GZ), 5%, due 02/15/34 (PAC) (3)      35,913,816   
  54,624,501       Federal Home Loan Mortgage Corp. (276-30), 3%, due 09/15/42 (3)      56,726,326   
  60,497,546       Federal Home Loan Mortgage Corp. (277-30), 3%, due 09/15/42 (3)      62,783,203   
  1,577,342       Federal Home Loan Mortgage Corp. (2882-JH), 4.5%, due 10/15/34 (PAC) (3)      1,666,561   
  901,202       Federal Home Loan Mortgage Corp. (2903-PO), 0%, due 11/15/23 (P/O) (3)(4)      863,297   
  7,318,735       Federal Home Loan Mortgage Corp. (3045-HZ), 4.5%, due 10/15/35 (3)      7,830,095   
  50,000,000       Federal Home Loan Mortgage Corp. (3063-YG), 5.5%, due 11/15/35 (PAC) (3)      56,295,835   
  34,863,261       Federal Home Loan Mortgage Corp. (3114-KZ), 5%, due 02/15/36 (3)      39,479,342   
  13,238,422       Federal Home Loan Mortgage Corp. (3146-GE), 5.5%, due 04/15/26 (3)      14,623,068   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 11,999,509       Federal Home Loan Mortgage Corp. (3149-OD), 0%, due 05/15/36 (P/O) (PAC) (3)(4)    $ 10,718,804   
  11,452,509       Federal Home Loan Mortgage Corp. (3315-S), 6.244%, due 05/15/37 (I/O) (I/F) (2)(3)      1,180,560   
  8,396,452       Federal Home Loan Mortgage Corp. (3376-SX), 5.874%, due 10/15/37 (I/O) (I/F) (2)(3)      1,275,195   
  214,046       Federal Home Loan Mortgage Corp. (3379-AB), 6%, due 07/15/36      215,585   
  12,415,896       Federal Home Loan Mortgage Corp. (3410-IS), 6.104%, due 02/15/38 (I/O) (I/F) (2)(3)      1,789,066   
  10,177,918       Federal Home Loan Mortgage Corp. (3424-BI), 6.634%, due 04/15/38 (I/O) (I/F) (2)(3)      1,919,671   
  7,964,490       Federal Home Loan Mortgage Corp. (3512-AY), 4%, due 02/15/24 (3)      8,556,972   
  3,710,471       Federal Home Loan Mortgage Corp. (3519-SH), 5.334%, due 07/15/37 (I/O) (I/F) (2)(3)      319,100   
  19,335,740       Federal Home Loan Mortgage Corp. (3531-SC), 6.134%, due 05/15/39 (I/O) (I/F) (2)(3)      2,582,400   
  4,481,743       Federal Home Loan Mortgage Corp. (3541-SA), 6.584%, due 06/15/39 (I/O) (I/F) (2)(3)      506,333   
  17,960,253       Federal Home Loan Mortgage Corp. (3550-GS), 6.584%, due 07/15/39 (I/O) (I/F) (2)(3)      3,299,654   
  7,490,182       Federal Home Loan Mortgage Corp. (3551-VZ), 5.5%, due 12/15/32 (3)      8,409,713   
  37,027,736       Federal Home Loan Mortgage Corp. (3557-NB), 4.5%, due 07/15/29 (3)      40,173,568   
  16,466,832       Federal Home Loan Mortgage Corp. (3557-KB), 4.5%, due 07/15/29 (3)      17,772,352   
  17,414,504       Federal Home Loan Mortgage Corp. (3558-KB), 4%, due 08/15/29 (3)      18,841,156   
  25,000,000       Federal Home Loan Mortgage Corp. (3565-XB), 4%, due 08/15/24 (3)      26,725,461   
  2,101,445       Federal Home Loan Mortgage Corp. (3575-D), 4.5%, due 03/15/37 (3)      2,270,376   
  20,115,000       Federal Home Loan Mortgage Corp. (3626-MD), 5%, due 01/15/38 (PAC) (3)      22,855,937   
  20,025,406       Federal Home Loan Mortgage Corp. (3719-PJ), 4.5%, due 09/15/40 (PAC) (3)      23,324,654   
  31,678,615       Federal Home Loan Mortgage Corp. (3770-ZB), 5%, due 12/15/40 (3)      37,213,113   
  22,604,278       Federal Home Loan Mortgage Corp. (3788-SB), 6.314%, due 01/15/41 (I/O) (I/F) (2)(3)      3,784,860   
  5,677,015       Federal Home Loan Mortgage Corp. (3885-PO), 0%, due 11/15/33 (P/O) (PAC) (3)(4)      5,110,291   
  10,470,000       Federal Home Loan Mortgage Corp. (3930-KE), 4%, due 09/15/41 (PAC) (3)      11,780,111   
  9,600,125       Federal Home Loan Mortgage Corp. (4030-HS), 6.444%, due 04/15/42 (I/O) (I/F) (2)(3)      1,644,935   
  12,870,587       Federal Home Loan Mortgage Corp. (R002-ZA), 5.5%, due 06/15/35 (3)      14,525,704   
  8,732,178       Federal Home Loan Mortgage Corp., Pool #A88591, 5%, due 09/01/39 (3)      9,701,965   
  44,861,211       Federal Home Loan Mortgage Corp., Pool #A91162, 5%, due 02/01/40 (3)      50,765,743   
  13,846,110       Federal Home Loan Mortgage Corp., Pool #A92195, 5%, due 05/01/40 (3)      15,488,854   
  29,081,729       Federal Home Loan Mortgage Corp., Pool #A97038, 4%, due 02/01/41 (3)      31,573,505   
  6,256       Federal Home Loan Mortgage Corp., Pool #B15322, 5%, due 07/01/19 (3)      6,610   
  11,738       Federal Home Loan Mortgage Corp., Pool #B15490, 5%, due 07/01/19 (3)      12,402   
  56,399       Federal Home Loan Mortgage Corp., Pool #B15557, 5%, due 07/01/19      59,590   
  23,401       Federal Home Loan Mortgage Corp., Pool #B15802, 5%, due 07/01/19 (3)      24,927   
  98,327       Federal Home Loan Mortgage Corp., Pool #C90552, 6%, due 06/01/22 (3)      111,492   
  361,874       Federal Home Loan Mortgage Corp., Pool #G01959, 5%, due 12/01/35 (3)      399,574   
  47,944,530       Federal Home Loan Mortgage Corp., Pool #G06173, 4%, due 11/01/40 (3)      52,516,969   
  14,296,024       Federal Home Loan Mortgage Corp., Pool #G07556, 4%, due 11/01/43 (3)      15,658,438   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 53,297,280       Federal Home Loan Mortgage Corp., Pool #G07786, 4%, due 08/01/44 (3)    $ 58,220,906   
  108,489,919       Federal Home Loan Mortgage Corp., Pool #G07848, 3.5%, due 04/01/44 (3)(5)      115,880,800   
  571,880       Federal Home Loan Mortgage Corp., Pool #G11678, 4.5%, due 04/01/20 (3)      610,532   
  1,499,382       Federal Home Loan Mortgage Corp., Pool #G12635, 5.5%, due 03/01/22 (3)      1,588,046   
  1,848,537       Federal Home Loan Mortgage Corp., Pool #G12702, 4.5%, due 09/01/20 (3)      1,947,969   
  2,141,954       Federal Home Loan Mortgage Corp., Pool #G13390, 6%, due 01/01/24 (3)      2,377,694   
  25,217       Federal Home Loan Mortgage Corp., Pool #G30194, 6.5%, due 04/01/21 (3)      28,495   
  3,743,693       Federal Home Loan Mortgage Corp., Pool #G30450, 6%, due 01/01/29 (3)      4,248,445   
  4,085,146       Federal Home Loan Mortgage Corp., Pool #G30452, 6%, due 10/01/28 (3)      4,635,935   
  6,085,070       Federal Home Loan Mortgage Corp., Pool #G30454, 5%, due 05/01/29 (3)      6,751,727   
  933,889       Federal Home Loan Mortgage Corp., Pool #H82001, 5.5%, due 07/01/37 (3)      1,036,216   
  7,655,037       Federal Home Loan Mortgage Corp., Pool #N70081, 5.5%, due 07/01/38 (3)      8,816,282   
  8,282,497       Federal Home Loan Mortgage Corp., Pool #P51350, 5%, due 03/01/36 (3)      9,161,703   
  38,227,317       Federal Home Loan Mortgage Corp., Pool #V80284, 3.5%, due 08/01/43 (3)      40,800,259   
  51,559,444       Federal Home Loan Mortgage Corp., Pool #V80353, 3%, due 08/01/43 (3)      53,517,790   
  472,626       Federal National Mortgage Association (01-40-Z), 6%, due 08/25/31 (3)      530,675   
  1,320,015       Federal National Mortgage Association (03-117-TG), 4.75%, due 08/25/33 (PAC) (3)      1,446,196   
  1,332,865       Federal National Mortgage Association (04-52-SW), 6.932%, due 07/25/34 (I/O) (I/F) (2)(3)      231,133   
  3,474,805       Federal National Mortgage Association (04-65-LT), 4.5%, due 08/25/24 (3)      3,717,284   
  3,564,496       Federal National Mortgage Association (04-68-LC), 5%, due 09/25/29 (3)      3,870,736   
  12,999,190       Federal National Mortgage Association (05-117-LC), 5.5%, due 11/25/35 (PAC) (3)      14,230,404   
  687,189       Federal National Mortgage Association (05-74-CP), 24.133%, due 05/25/35 (I/F) (PAC) (2)(3)      1,073,496   
  5,143,096       Federal National Mortgage Association (07-20-SI), 6.282%, due 03/25/37 (I/O) (I/F) (2)(3)      795,266   
  5,201,147       Federal National Mortgage Association (07-21-SE), 6.272%, due 03/25/37 (I/O) (I/F) (2)(3)      729,416   
  6,354,591       Federal National Mortgage Association (07-56-SG), 6.242%, due 06/25/37 (I/O) (I/F) (2)(3)      810,723   
  14,785,608       Federal National Mortgage Association (07-58-SV), 6.582%, due 06/25/37 (I/O) (I/F) (2)(3)      1,892,491   
  3,590,271       Federal National Mortgage Association (07-65-S), 6.432%, due 07/25/37 (I/O) (I/F) (2)(3)      472,169   
  1,710,681       Federal National Mortgage Association (07-88-FY), 0.628%, due 09/25/37 (2)(3)      1,715,088   
  16,829,329       Federal National Mortgage Association (07-103-AI), 6.332%, due 03/25/37 (I/O) (I/F) (2)(3)      2,673,824   
  34,268,227       Federal National Mortgage Association (07-B2-ZA), 5.5%, due 06/25/37 (3)      38,845,074   
  15,942,539       Federal National Mortgage Association (08-1-AI), 6.082%, due 05/25/37 (I/O) (I/F) (2)(3)      2,820,345   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 10,937,503       Federal National Mortgage Association (08-13-SB), 6.072%, due 03/25/38 (I/O) (I/F) (2)(3)    $ 1,785,880   
  19,218,442       Federal National Mortgage Association (08-23-SB), 6.682%, due 04/25/38 (I/O) (I/F) (2)(3)      3,105,735   
  2,518,300       Federal National Mortgage Association (08-35-SD), 6.282%, due 05/25/38 (I/O) (I/F) (2)      419,442   
  28,054,458       Federal National Mortgage Association (08-66-SG), 5.902%, due 08/25/38 (I/O) (I/F) (2)(3)      3,498,882   
  10,995,604       Federal National Mortgage Association (08-68-SA), 5.802%, due 08/25/38 (I/O) (I/F) (2)(3)      1,373,571   
  8,241,446       Federal National Mortgage Association (09-3-SH), 5.282%, due 06/25/37 (I/O) (I/F) (2)(3)      786,766   
  2,658,012       Federal National Mortgage Association (09-47-SV), 6.582%, due 07/25/39 (I/O) (I/F) (2)(3)      337,827   
  11,847,451       Federal National Mortgage Association (09-51-SA), 6.582%, due 07/25/39 (I/O) (I/F) (2)(3)      1,847,455   
  5,407,250       Federal National Mortgage Association (09-6-SD), 5.382%, due 02/25/39 (I/O) (I/F) (2)(3)      619,193   
  15,062,792       Federal National Mortgage Association (09-68-KB), 4%, due 09/25/24 (3)      15,996,985   
  26,860,368       Federal National Mortgage Association (09-71-LB), 4%, due 09/25/29 (3)      29,084,624   
  34,000,000       Federal National Mortgage Association (09-72-AC), 4%, due 09/25/29 (3)      37,304,747   
  3,333,334       Federal National Mortgage Association (09-72-JS), 7.082%, due 09/25/39 (I/O) (I/F) (2)(3)      556,883   
  20,937,000       Federal National Mortgage Association (10-136-CX), 4%, due 08/25/39 (PAC) (3)      22,961,137   
  50,000,000       Federal National Mortgage Association (11-111-DB), 4%, due 11/25/41 (3)      57,338,635   
  11,738,000       Federal National Mortgage Association (12-128-UY), 2.5%, due 11/25/42 (PAC)      11,478,069   
  52,986,387       Federal National Mortgage Association (12-133-GC), 2.5%, due 08/25/41 (PAC) (3)      54,414,980   
  23,588,972       Federal National Mortgage Association (12-153-PC), 2%, due 05/25/42 (PAC) (3)      23,674,706   
  11,601,876       Federal National Mortgage Association (13-101-BO), 0%, due 10/25/43 (P/O) (3)(4)      9,668,073   
  26,702,032       Federal National Mortgage Association (13-101-CO), 0%, due 10/25/43 (P/O) (3)(4)      22,479,023   
  30,263,701       Federal National Mortgage Association (13-21-EC), 2%, due 12/25/38 (I/O) (3)      30,131,632   
  21,400,000       Federal National Mortgage Association (13-95-PN), 3%, due 01/25/43 (PAC) (3)      21,888,264   
  144,268       Federal National Mortgage Association (93-202-SZ), 10%, due 11/25/23 (I/F) (PAC) (2)(3)      167,389   
  810,165       Federal National Mortgage Association (95-21-C), 0%, due 05/25/24 (P/O) (3)(4)      794,139   
  64,607       Federal National Mortgage Association (G92-29-J), 8%, due 07/25/22 (3)      72,014   
  82,933       Federal National Mortgage Association, Pool #254442, 5.5%, due 09/01/17 (3)      87,860   
  290,460       Federal National Mortgage Association, Pool #254634, 5.5%, due 02/01/23 (3)      325,924   
  4,032,082       Federal National Mortgage Association, Pool #257536, 5%, due 01/01/29 (3)      4,454,961   
  1,996,757       Federal National Mortgage Association, Pool #310033, 6%, due 07/01/47 (3)      2,254,814   
  8,739,366       Federal National Mortgage Association, Pool #555424, 5.5%, due 05/01/33 (3)      9,807,322   
  800,519       Federal National Mortgage Association, Pool #555811, 4%, due 10/01/18 (3)      847,645   
  61,974       Federal National Mortgage Association, Pool #661856, 2.266%, due 10/01/32 (2)(3)      61,904   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 340,128       Federal National Mortgage Association, Pool #671133, 1.787%, due 02/01/33 (2)(3)    $ 352,626   
  98,688       Federal National Mortgage Association, Pool #672272, 2.065%, due 12/01/32 (2)(3)      103,812   
  252,023       Federal National Mortgage Association, Pool #687847, 2.16%, due 02/01/33 (2)      267,123   
  901,316       Federal National Mortgage Association, Pool #692104, 1.792%, due 02/01/33 (2)(3)      935,393   
  537,576       Federal National Mortgage Association, Pool #699866, 2.127%, due 04/01/33 (2)(3)      563,426   
  257,163       Federal National Mortgage Association, Pool #704454, 2.188%, due 05/01/33 (2)(3)      271,211   
  277,297       Federal National Mortgage Association, Pool #708820, 2.259%, due 06/01/33 (2)(3)      278,341   
  406,716       Federal National Mortgage Association, Pool #725275, 4%, due 03/01/19 (3)      430,659   
  294,176       Federal National Mortgage Association, Pool #728824, 2.082%, due 07/01/33 (2)(3)      316,354   
  1,075,919       Federal National Mortgage Association, Pool #734384, 5.5%, due 07/01/33 (3)      1,182,992   
  26,895       Federal National Mortgage Association, Pool #785677, 5%, due 07/01/19 (3)      28,582   
  1,194,253       Federal National Mortgage Association, Pool #888593, 7%, due 06/01/37 (3)      1,392,168   
  1,295,754       Federal National Mortgage Association, Pool #934103, 5%, due 07/01/38 (3)      1,416,880   
  2,074,091       Federal National Mortgage Association, Pool #979563, 5%, due 04/01/28 (3)      2,291,054   
  1,401,869       Federal National Mortgage Association, Pool #995040, 5%, due 06/01/23 (3)      1,529,105   
  7,046,109       Federal National Mortgage Association, Pool #995425, 6%, due 01/01/24 (3)      7,796,499   
  4,703,253       Federal National Mortgage Association, Pool #995573, 6%, due 01/01/49 (3)      5,171,261   
  10,347,468       Federal National Mortgage Association, Pool #995953, 6%, due 11/01/28 (3)      11,705,454   
  5,982,801       Federal National Mortgage Association, Pool #995954, 6%, due 03/01/29 (3)      6,785,754   
  5,172,413       Federal National Mortgage Association, Pool #AA3303, 5.5%, due 06/01/38 (3)      5,776,590   
  63,414,763       Federal National Mortgage Association, Pool #AB1617, 4%, due 10/01/40 (3)      69,482,288   
  44,778,395       Federal National Mortgage Association, Pool #AB6210, 3%, due 09/01/42 (3)      46,415,602   
  9,034,521       Federal National Mortgage Association, Pool #AC1602, 4.5%, due 09/01/29 (3)      9,973,496   
  17,867,713       Federal National Mortgage Association, Pool #AE0588, 6%, due 08/01/37 (3)      20,791,239   
  14,626,944       Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40 (3)      16,580,738   
  10,378,488       Federal National Mortgage Association, Pool #AL1594, 6%, due 07/01/40 (3)      11,764,795   
  69,505,868       Federal National Mortgage Association, Pool #AL4597, 4%, due 01/01/44 (3)      76,133,360   
  23,670,000       Federal National Mortgage Association, Pool #AL6307, 4.5%, due 01/01/45      25,752,767   
  21,016,339       Federal National Mortgage Association, Pool #AQ8803, 3.5%, due 01/01/43 (3)      22,448,076   
  20,101,988       Federal National Mortgage Association, Pool #MA0843, 4.5%, due 09/01/41 (3)      21,922,159   
  16,220,203       Federal National Mortgage Association, Pool #MA1283, 3.5%, due 12/01/42 (3)      17,325,204   
  24,151,527       Federal National Mortgage Association, Pool #MA1442, 4%, due 05/01/43 (3)      26,477,055   
  75,197,672       Federal National Mortgage Association, Pool #MA1561, 3%, due 09/01/33 (3)      78,778,447   
  60,171,149       Federal National Mortgage Association, Pool #MA1584, 3.5%, due 09/01/33 (3)      63,924,991   
  66,980,992       Federal National Mortgage Association, Pool #MA1608, 3.5%, due 10/01/33 (3)      71,251,027   
  44,375,000       Federal National Mortgage Association TBA, 2.5% (6)      45,822,024   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 39,705,000       Federal National Mortgage Association TBA, 3% (6)    $ 41,673,177   
  499,455,000       Federal National Mortgage Association TBA, 3% (6)      515,336,111   
  141,320,000       Federal National Mortgage Association TBA, 3.5% (6)      149,291,331   
  197,260,000       Federal National Mortgage Association TBA, 3.5% (6)      207,932,072   
  289,305,000       Federal National Mortgage Association TBA, 4% (6)      309,850,174   
  154,240,000       Federal National Mortgage Association TBA, 4.5% (6)      167,223,869   
  1,451,282       Government National Mortgage Association (03-42-SH), 6.382%, due 05/20/33 (I/O) (I/F) (2)(3)      209,909   
  15,214,700       Government National Mortgage Association (11-70-BO), 0%, due 05/20/41 (P/O) (3)(4)      12,717,511   
  28,916,646       Government National Mortgage Association, Pool #782902, 4.5%, due 02/15/40 (3)      32,502,988   
  483,705       Government National Mortgage Association II, Pool #80963, 1.625%, due 07/20/34 (2)(3)      504,878   
  101,882       Government National Mortgage Association II, Pool #631700, 7%, due 09/20/34 (3)      106,581   
  27,465,000       Government National Mortgage Association II TBA, 3% (6)      28,501,373   
  40,000,000       Government National Mortgage Association II TBA, 3.5% (6)      42,243,749   
  98,235,000       Government National Mortgage Association II TBA, 4% (6)      104,781,444   
  46,015,000       Government National Mortgage Association II TBA, 4.5% (6)      49,955,034   
     

 

 

 
   Total Residential Mortgage-Backed Securities — Agency (Cost: $3,682,622,014)      3,851,143,317   
     

 

 

 
   Residential Mortgage-Backed Securities — Non-Agency (27.6%)   
  5,160,922       Accredited Mortgage Loan Trust (05-3-A2D), 0.54%, due 09/25/35 (2)      5,142,214   
  16,964,038       ACE Securities Corp. (06-ASP1-A2D), 0.478%, due 12/25/35 (2)      15,862,458   
  20,305,391       ACE Securities Corp. (07-ASP1-A2C), 0.428%, due 03/25/37 (2)      12,197,882   
  10,913,932       ACE Securities Corp. (07-ASP1-A2D), 0.548%, due 03/25/37 (2)      6,696,968   
  2,536,125       Adjustable Rate Mortgage Trust (04-5-3A1), 2.465%, due 04/25/35 (2)      2,514,784   
  23,002,000       Ameriquest Mortgage Securities, Inc. (05-R10-A2C), 0.498%, due 01/25/36 (2)      22,639,626   
  7,243,936       Asset-Backed Funding Certificates (05-HE2-M2), 0.918%, due 06/25/35 (2)      7,092,672   
  22,139,064       Asset-Backed Funding Certificates (07-WMC1-A2A), 0.918%, due 06/25/37 (2)      15,158,263   
  2,970,221       Asset-Backed Securities Corp. Home Equity (05-HE5-M2), 0.828%, due 06/25/35 (2)      2,967,307   
  51,366,944       Asset-Backed Securities Corp. Home Equity (07-HE1-A4), 0.31%, due 12/25/36 (2)      41,566,645   
  2,071,481       Banc of America Alternative Loan Trust (03-3-A4), 5.75%, due 05/25/33      2,133,901   
  688,560       Banc of America Alternative Loan Trust (03-4-1A5), 5.5%, due 06/25/33      712,281   
  16,641,377       Banc of America Alternative Loan Trust (03-9-1CB5), 5.5%, due 11/25/33      17,063,214   
  917,273       Banc of America Funding Corp. (04-B-3A1), 2.769%, due 12/20/34 (2)      503,718   
  228,336       Banc of America Funding Corp. (06-D-2A1), 2.82%, due 05/20/36 (2)      167,602   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 7,836,022       Banc of America Funding Corp. (06-D-3A1), 2.808%, due 05/20/36 (2)(7)    $ 6,866,690   
  17,943,414       Banc of America Funding Corp. (06-G-2A1), 0.388%, due 07/20/36 (2)      16,809,283   
  1,421,225       Banc of America Funding Corp. (06-G-2A3), 0.338%, due 07/20/36 (2)      1,423,542   
  2,272,774       Banc of America Funding Trust (06-3-4A14), 6%, due 03/25/36      2,291,381   
  9,392,829       Banc of America Funding Trust (06-3-5A3), 5.5%, due 03/25/36 (7)      9,039,673   
  3,885,432       BCAP LLC Trust (07-AA1-1A2), 0.328%, due 02/25/47 (2)(7)      3,592,051   
  428,621       BCAP LLC Trust (09-RR1-21A1), (144A), 2.612%, due 11/26/34 (1)(2)      431,618   
  1,703,092       BCAP LLC Trust (09-RR1-22A1), (144A), 2.614%, due 05/26/35 (1)(2)      1,721,494   
  1,059,234       BCAP LLC Trust (09-RR1-23A1), (144A), 2.619%, due 05/26/35 (1)(2)      1,072,489   
  7,963,661       BCAP LLC Trust (11-RR2-3A6), (144A), 2.651%, due 11/21/35 (1)(2)      7,478,409   
  1,168,935       BCAP LLC Trust (11-RR3-1A5), (144A), 2.702%, due 05/27/37 (1)(2)      1,164,428   
  1,846,249       BCAP LLC Trust (11-RR3-5A3), (144A), 5.094%, due 11/27/37 (1)(2)      1,790,926   
  7,573,864       BCAP LLC Trust (11-RR4-1A3), (144A), 2.852%, due 03/26/36 (1)(2)      7,377,743   
  6,892,109       BCAP LLC Trust (11-RR4-2A3), (144A), 1%, due 06/26/47 (1)(2)      6,857,435   
  8,899,365       BCAP LLC Trust (11-RR4-3A3), (144A), 2.514%, due 07/26/36 (1)(2)      8,292,883   
  10,768,628       BCAP LLC Trust (11-RR5-1A3), (144A), 2.5%, due 03/26/37 (1)(2)      10,607,182   
  3,057,854       BCAP LLC Trust (11-RR5-2A3), (144A), 2.708%, due 06/26/37 (1)(2)      3,061,648   
  7,587,815       BCAP LLC Trust (12-RR2-9A3), (144A), 2.614%, due 03/26/35 (1)(2)      7,660,992   
  6,229,260       BCAP LLC Trust (12-RR7-1A1), (144A), 0.34%, due 08/26/36 (1)(2)      6,092,182   
  2,845,368       BCAP LLC Trust (12-RR8-5A3), (144A), 0.449%, due 05/26/37 (1)(2)      2,795,631   
  5,529,969       BCAP LLC Trust (12-RR9-1A1), (144A), 0.332%, due 07/26/35 (1)(2)      5,359,577   
  15,779,617       BCAP LLC Trust (12-RR9-1A1), (144A), 4.954%, due 08/26/36 (1)(2)      15,600,718   
  8,786,235       BCAP LLC Trust (13-RR2-6A1), (144A), 2.821%, due 06/26/37 (1)(2)      8,780,481   
  2,633,967       Bear Stearns Alt-A Trust (04-13-A1), 0.908%, due 11/25/34 (2)      2,621,372   
  9,615       Bear Stearns Alt-A Trust (05-2-2A4), 2.569%, due 04/25/35 (2)      9,302   
  11,223,690       Bear Stearns Alt-A Trust (05-4-23A1), 2.521%, due 05/25/35 (2)      10,904,937   
  960,732       Bear Stearns Alt-A Trust (06-4-32A1), 2.684%, due 07/25/36 (2)(7)      671,462   
  1,753,506       Bear Stearns ARM Trust (04-12-1A1), 2.603%, due 02/25/35 (2)      1,616,174   
  4,636,779       Bear Stearns ARM Trust (06-2-2A1), 2.701%, due 07/25/36 (2)(7)      3,965,800   
  498,992       Bear Stearns ARM Trust (07-1-2A1), 2.73%, due 02/25/47 (2)(7)      400,281   
  2,560,688       Bear Stearns ARM Trust (07-5-3A1), 4.279%, due 08/25/47 (2)      2,379,033   
  3,452,425       Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A3), 5.5%, due 09/25/35 (2)      3,518,566   
  7,381,871       Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A4), 5.4%, due 09/25/35 (2)      7,488,063   
  8,624,593       Bear Stearns Asset-Backed Securities I Trust (06-HE9-1A2), 0.318%, due 11/25/36 (2)      7,058,315   
  1,010,431       Bear Stearns Mortgage Funding Trust (06-AR3-1A1), 0.348%, due 10/25/36 (2)      764,801   
  4,121,994       Bear Stearns Mortgage Funding Trust (07-AR4-1A1), 0.368%, due 09/25/47 (2)      3,417,770   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 1,778,368       BNC Mortgage Loan Trust (07-1-A2), 0.228%, due 03/25/37 (2)    $ 1,782,837   
  2,293,835       BNC Mortgage Loan Trust (07-3-A2), 0.228%, due 07/25/37 (2)      2,268,328   
  3,097,470       Carrington Mortgage Loan Trust (05-NC5-A2), 0.488%, due 10/25/35 (2)      3,091,067   
  16,507,175       Carrington Mortgage Loan Trust (05-NC5-A3), 0.588%, due 10/25/35 (2)      15,926,428   
  8,256,215       Centex Home Equity (05-D-M1), 0.598%, due 10/25/35 (2)      8,248,784   
  1,760,097       Chase Mortgage Finance Corp. (06-A1-2A1), 2.515%, due 09/25/36 (2)(7)      1,571,286   
  10,019,591       Chase Mortgage Finance Corp. (07-A1-8A1), 2.517%, due 02/25/37 (2)      10,155,136   
  5,300,418       Chaseflex Trust (05-1-1A5), 6.5%, due 02/25/35 (7)      5,285,380   
  24,227,000       Chaseflex Trust (06-1-A3), 6.295%, due 06/25/36 (2)      24,161,151   
  1,078,249       Citicorp Mortgage Securities Trust, Inc. (07-4-3A1), 5.5%, due 05/25/37      1,068,595   
  7,824,897       Citicorp Residential Mortgage Trust, Inc. (06-2-A4), 5.775%, due 09/25/36      8,296,271   
  8,585,187       Citigroup Mortgage Loan Trust, Inc. (06-AR5-1A1A), 2.493%, due 07/25/36 (2)(7)      7,467,619   
  11,213,874       Citigroup Mortgage Loan Trust, Inc. (06-AR9-1A2), 0.338%, due 11/25/36 (2)      11,158,679   
  5,169,649       Citigroup Mortgage Loan Trust, Inc. (06-WFH2-A2A), 0.318%, due 08/25/36 (2)      5,049,261   
  792,065       Citigroup Mortgage Loan Trust, Inc. (06-WFH3-A3), 0.318%, due 10/25/36 (2)      792,891   
  5,955,353       Citigroup Mortgage Loan Trust, Inc. (07-12-2A1), (144A), 6.5%, due 10/25/36 (1)(7)      4,765,866   
  5,763,301       Citigroup Mortgage Loan Trust, Inc. (08-AR4-1A1A), (144A), 2.731%, due 11/25/38 (1)(2)      5,840,086   
  174,004       Citigroup Mortgage Loan Trust, Inc. (09-4-11A1), (144A), 0.618%, due 10/25/36 (1)(2)      173,889   
  3,087,567       Citigroup Mortgage Loan Trust, Inc. (09-5-7A1), (144A), 0.52%, due 07/25/36 (1)(2)      2,931,064   
  4,158,094       Citigroup Mortgage Loan Trust, Inc. (10-4-4A5), (144A), 5%, due 10/25/35 (1)      4,300,846   
  357,053       Citigroup Mortgage Loan Trust, Inc. (10-6-3A1), (144A), 2.612%, due 07/25/36 (1)(2)      358,348   
  1,268,027       Citigroup Mortgage Loan Trust, Inc. (10-9-5A5), (144A), 6.246%, due 03/25/37 (1)      1,293,293   
  12,511,288       Citigroup Mortgage Loan Trust, Inc. (12-10-3A1), (144A), 2.458%, due 12/25/35 (1)(2)      12,754,958   
  17,443,982       Citigroup Mortgage Loan Trust, Inc. (12-11-1A1), (144A), 0.35%, due 03/25/37 (1)(2)      16,829,522   
  6,127,726       Citigroup Mortgage Loan Trust, Inc. (12-8-4A1), (144A), 0.31%, due 01/25/37 (1)(2)      5,818,965   
  9,479,260       Citigroup Mortgage Loan Trust, Inc. (14-10-2A1), (144A), 0.42%, due 07/25/37 (1)(2)      9,154,686   
  6,868,704       Citigtoup Mortgage Loan Trust, Inc. (14-2-3A1), (144A), 0.31%, due 08/25/37 (1)(2)      6,785,301   
  1,914,872       CitiMortgage Alternative Loan Trust (05-A1-2A1), 5%, due 07/25/20      1,970,282   
  5,626,657       Conseco Financial Corp. (99-2-A7), 6.44%, due 12/01/30      5,868,154   
  1,600,877       Countrywide Alternative Loan Trust (05-20CB-4A1), 5.25%, due 07/25/20 (7)      1,587,839   
  515,731       Countrywide Alternative Loan Trust (05-84-1A1), 2.495%, due 02/25/36 (2)(7)      390,712   
  2,195,402       Countrywide Alternative Loan Trust (05-J1-2A1), 5.5%, due 02/25/25      2,210,744   
  8,494,420       Countrywide Alternative Loan Trust (06-HY12-A5), 3.551%, due 08/25/36 (2)      8,199,506   
  1,356,250       Countrywide Alternative Loan Trust (06-J3-3A1), 5.5%, due 04/25/21      1,375,940   
  1,690,365       Countrywide Alternative Loan Trust (07- HY5R-2A1A), 2.518%, due 03/25/47 (2)(7)      1,676,939   
  20,176,606       Countrywide Home Loans Mortgage Pass-Through Trust (04-13-1A3), 5.5%, due 08/25/34      21,112,659   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 20,690,349       Countrywide Home Loans Mortgage Pass-Through Trust (05-9-1A1), 0.468%, due 05/25/35 (2)    $ 17,871,723   
  71,319       Countrywide Home Loans Mortgage Pass-Through Trust (05-HYB5-4A1),
    4.549%, due 09/20/35
(2)(7)
     62,821   
  21,159       Countrywide Home Loans Mortgage Pass-Through Trust (07-HY5-1A1), 2.648%, due 09/25/47 (2)(7)      18,657   
  71,934       Countrywide Home Loans Mortgage Pass-Through Trust (07-HYB1-1A1),
    2.918%, due 03/25/37
(2)(7)
     58,920   
  2,455,647       Credit Suisse Commercial Mortgage Trust (10-1R-8A1), (144A), 2.955%, due 05/27/47 (1)(2)      2,487,777   
  26,642,107       Credit Suisse Commercial Mortgage Trust (13-2R-2A1), (144A), 2.745%, due 02/27/36 (1)(2)      25,996,902   
  7,143,827       Credit Suisse Commercial Mortgage Trust (13-7R-4A1), (144A), 0.315%, due 07/26/36 (1)(2)      6,580,379   
  87,371       Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA), 5.75%, due 04/22/33      93,708   
  3,493,856       Credit Suisse First Boston Mortgage Securities Corp. (05-11-1A1), 6.5%, due 12/25/35 (7)      2,794,078   
  13,547,697       Credit Suisse First Boston Mortgage Securities Corp. (05-12-1A1), 6.5%, due 01/25/36 (7)      10,665,709   
  2,788,275       Credit Suisse Mortgage Capital Certificates (10-1R-7A1), (144A), 2.639%, due 07/27/36 (1)(2)      2,800,430   
  5,473,680       Credit-Based Asset Servicing and Securitization LLC (06-CB1-AF2), 5.236%, due 01/25/36      4,223,471   
  40,366,689       Credit-Based Asset Servicing and Securitization LLC (06-CB7-A4), 0.328%, due 10/25/36 (2)      26,720,822   
  21,735,685       Credit-Based Asset Servicing and Securitization LLC (06-CB9-A4), 0.398%, due 11/25/36 (2)      12,623,803   
  18,144,526       Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2C), 5.623%, due 02/25/37      13,682,352   
  16,171,324       CSMC Mortgage-Backed Trust (06-8-3A1), 6%, due 10/25/21 (7)      15,811,941   
  8,499,855       CSMC Mortgage-Backed Trust (06-9-5A1), 5.5%, due 11/25/36      8,345,451   
  20,903,868       CSMC Mortgage-Backed Trust (07-2-3A4), 5.5%, due 03/25/37 (7)      20,029,762   
  13,517,099       CSMC Mortgage-Backed Trust (14-11R-11A1), (144A), 1.909%, due 06/25/47 (1)(2)      13,480,290   
  798,797       Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (06-AR6-A6), 0.358%, due 02/25/37 (2)(7)      605,041   
  2,994,508       DSLA Mortgage Loan Trust (05-AR6-2A1A), 0.458%, due 10/19/45 (2)      2,629,609   
  42,813,149       DSLA Mortgage Loan Trust (06-AR2-2A1A), 0.368%, due 10/19/36 (2)      35,048,470   
  4,609,097       DSLA Mortgage Loan Trust (07-AR1-2A1A), 0.308%, due 04/19/47 (2)      3,827,159   
  4,098,432       EquiFirst Mortgage Loan Trust (04-2-1A1), 0.728%, due 10/25/34 (2)      4,094,862   
  6,227,209       Fieldstone Mortgage Investment Corp. (07-1-2A2), 0.438%, due 04/25/47 (2)      4,195,725   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 37,597,213       First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2C), 0.328%, due 12/25/37 (2)    $ 25,228,557   
  22,062,952       First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2D), 0.378%, due 12/25/37 (2)      14,910,717   
  7,781,883       First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2C), 0.31%, due 01/25/38 (2)      4,810,958   
  12,655,800       First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2D), 0.388%, due 01/25/38 (2)      8,354,992   
  5,068,000       First Franklin Mortgage Loan Trust (06-FF9-2A4), 0.418%, due 06/25/36 (2)      2,921,426   
  10,593,301       First Horizon Alternative Mortgage Securities Trust (05-AA3-3A1), 2.261%, due 05/25/35 (2)      9,995,480   
  6,898,874       First Horizon Alternative Mortgage Securities Trust (05-AA7-1A1), 2.349%, due 09/25/35 (2)(7)      6,254,595   
  7,106,816       First Horizon Alternative Mortgage Securities Trust (05-AA7-2A1), 2.252%, due 09/25/35 (2)(7)      6,405,692   
  13,109,864       First Horizon Alternative Mortgage Securities Trust (06-AA7-A1), 2.303%, due 01/25/37 (2)      10,819,033   
  15,007,692       Fremont Home Loan Trust (05-E-2A4), 0.498%, due 01/25/36 (2)      12,200,068   
  6,322,635       Fremont Home Loan Trust (06-1-2A3), 0.348%, due 04/25/36 (2)      5,822,590   
  5,267,579       GMAC Mortgage Loan Trust (05-AR5-2A1), 2.939%, due 09/19/35 (2)      4,567,792   
  902,303       GreenPoint Mortgage Funding Trust (05-AR3-1A1), 0.408%, due 08/25/45 (2)      761,043   
  25,274,241       GreenPoint Mortgage Funding Trust (06-AR5-A2A2), 0.318%, due 10/25/46 (2)(7)      24,772,270   
  1,777,684       GS Mortgage Securities Corp. (09-1R-3A1), (144A), 2.602%, due 11/25/35 (1)(2)      1,795,452   
  5,671,309       GSAA Home Equity Trust (05-7-AF5), 4.611%, due 05/25/35      5,949,660   
  2,750,921       GSAA Home Equity Trust (05-9-2A3), 0.538%, due 08/25/35 (2)      2,512,013   
  7,994,070       GSR Mortgage Loan Trust (04-9-3A1), 2.526%, due 08/25/34 (2)      8,052,531   
  3,203,973       GSR Mortgage Loan Trust (05-4F-4A3), 5.5%, due 05/25/35      3,303,010   
  25,147,738       GSR Mortgage Loan Trust (07-3F-3A7), 6%, due 05/25/37      24,667,303   
  54,925       GSR Mortgage Loan Trust (07-AR2-2A1), 2.781%, due 05/25/37 (2)      49,839   
  4,331,733       GSR Mortgage Loan Trust (07-AR2-5A1A), 5.191%, due 05/25/37 (2)(7)      3,907,210   
  3,566,591       Harborview Mortgage Loan Trust (05-9-2A1A), 0.508%, due 06/20/35 (2)      3,339,988   
  34,618,813       Harborview Mortgage Loan Trust (06-8-2A1A), 0.358%, due 07/21/36 (2)      28,649,179   
  10,355,577       Home Equity Asset Trust (05-8-2A4), 0.528%, due 02/25/36 (2)      10,295,058   
  5,163,163       Homestar Mortgage Acceptance Corp. (04-3-AV2C), 0.748%, due 07/25/34 (2)      5,147,420   
  1,650,848       Homestar Mortgage Acceptance Corp. (04-5-A1), 0.618%, due 10/25/34 (2)(3)      1,657,679   
  1,048,237       HSBC Home Equity Loan Trust USA (06-1-A2), 0.348%, due 01/20/36 (2)      1,036,615   
  20,000,000       HSBC Home Equity Loan Trust USA (06-4-M1), 0.428%, due 03/20/36 (2)      19,469,850   
  2,098,742       HSI Asset Loan Obligation Trust (07-2-2A12), 6%, due 09/25/37      2,004,513   
  15,420       Impac CMB Trust (04-5-1A1), 0.888%, due 10/25/34 (2)      14,763   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 2,182,924       Impac CMB Trust (05-1-1A1), 0.688%, due 04/25/35 (2)    $ 2,008,687   
  11,056,649       Impac CMB Trust (05-5-A2), 0.608%, due 08/25/35 (2)      9,843,060   
  12,975,192       Indymac Index Mortgage Loan Trust (04-AR4-2A), 2.468%, due 08/25/34 (2)      12,808,318   
  2,284,732       Indymac Index Mortgage Loan Trust (04-AR9-4A), 2.546%, due 11/25/34 (2)      2,056,501   
  8,474,815       Indymac Index Mortgage Loan Trust (05-AR17-3A1), 2.309%, due 09/25/35 (2)(7)      6,887,330   
  8,971,222       Indymac Index Mortgage Loan Trust (05-AR23-6A1), 4.356%, due 11/25/35 (2)(7)      7,658,824   
  5,187,829       Indymac Index Mortgage Loan Trust (05-AR25-2A1), 4.524%, due 12/25/35 (2)(7)      4,707,452   
  7,997,714       Indymac Index Mortgage Loan Trust (05-AR7-2A1), 2.31%, due 06/25/35 (2)      6,675,348   
  7,457,956       Indymac Index Mortgage Loan Trust (06-AR19-4A1), 2.464%, due 08/25/36 (2)(7)      5,637,267   
  15,120,499       Indymac Index Mortgage Loan Trust (06-AR39-A1), 0.348%, due 02/25/37 (2)(7)      12,296,277   
  9,889,567       Indymac Index Mortgage Loan Trust (06-AR8-A3A), 0.398%, due 07/25/46 (2)(7)      8,100,495   
  35,562       Indymac Index Mortgage Loan Trust (07-AR11-1A1), 2.374%, due 06/25/37 (2)(7)      23,529   
  17,511,403       Indymac Index Mortgage Loan Trust (07-AR13-4A1), 6.449%, due 07/25/37 (2)(7)      11,323,889   
  27,554,365       Indymac Index Mortgage Loan Trust (07-AR5-2A1), 2.661%, due 05/25/37 (2)(7)      21,703,223   
  7,111,424       Indymac Index Mortgage Loan Trust (07-AR7-1A1), 2.709%, due 11/25/37 (2)      6,817,384   
  21,216,239       Indymac Index Mortgage Loan Trust (07-FLX1-A2), 0.348%, due 02/25/37 (2)      20,134,707   
  816,746       Jefferies & Co., Inc. (09-R3-1A1), (144A), 2.382%, due 12/26/35 (1)(2)      823,559   
  2,036,672       Jefferies & Co., Inc. (11-R1-2A1), (144A), 0.31%, due 08/26/47 (1)(2)      2,029,844   
  12,760,760       JPMorgan Alternative Loan Trust (06-A2-5A1), 4.808%, due 05/25/36 (2)(7)      9,973,006   
  14,963,703       JPMorgan Alternative Loan Trust (06-A4-A8), 6.2%, due 09/25/36 (2)(7)      14,762,388   
  9,481,453       JPMorgan Mortgage Acquisition Corp. (06-CH2-AF4), 5.763%, due 10/25/36      7,679,382   
  29,015,000       JPMorgan Mortgage Acquisition Corp. (07-CH4-A4), 0.328%, due 01/25/36 (2)      26,459,910   
  1,055,593       JPMorgan Mortgage Trust (05-A6-7A1), 2.528%, due 08/25/35 (2)(7)      1,035,113   
  6,960,625       JPMorgan Mortgage Trust (06-A2-5A3), 2.431%, due 11/25/33 (2)      6,968,313   
  1,132,278       JPMorgan Mortgage Trust (06-A4-1A4), 2.581%, due 06/25/36 (2)(7)      974,249   
  49,824       JPMorgan Mortgage Trust (06-A7-2A4R), 2.575%, due 01/25/37 (2)(7)      45,446   
  2,544,182       JPMorgan Mortgage Trust (06-S2-2A2), 5.875%, due 06/25/21 (7)      2,548,555   
  4,912,048       JPMorgan Resecuritization Trust Series (10-4-1A1), (144A), 2.607%, due 07/26/36 (1)(2)      4,943,845   
  1,165,262       JPMorgan Resecuritization Trust Series (10-5-3A1), (144A), 2.353%, due 08/26/36 (1)(2)      1,170,425   
  9,936,906       JPMorgan Resecuritization Trust Series (12-3-A3), (144A), 0.34%, due 11/26/36 (1)(2)      9,626,832   
  1,385,544       Lehman Mortgage Trust (05-1-6A1), 5%, due 11/25/20 (7)      1,261,381   
  5,142,332       Lehman Mortgage Trust (06-4-4A1), 6%, due 08/25/21 (7)      5,101,898   
  3,883,430       Lehman Mortgage Trust (07-10-4A1), 6%, due 01/25/27 (7)      2,983,519   
  33,678,623       Lehman XS Trust (06-10N-1A3A), 0.378%, due 07/25/46 (2)(7)      26,989,240   
  9,857,780       Lehman XS Trust (06-12N-A31A), 0.368%, due 08/25/46 (2)(7)      7,620,734   
  11,023,501       Lehman XS Trust (06-13-1A2), 0.338%, due 09/25/36 (2)(7)      9,863,377   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 11,128,688       Lehman XS Trust (06-19-A2), 0.338%, due 12/25/36 (2)(7)    $ 9,218,171   
  24,833,395       Lehman XS Trust (06-9-A1B), 0.328%, due 05/25/46 (2)(7)      20,547,598   
  788,783       Lehman XS Trust (06-GP1-A2A), 0.338%, due 05/25/46 (2)(7)      790,203   
  10,914,693       Lehman XS Trust (06-GP4-3A2A), 0.328%, due 08/25/46 (2)(7)      10,475,393   
  2,905,934       Lehman XS Trust (07-4N-1A1), 0.298%, due 03/25/47 (2)(7)      2,821,111   
  12,591,242       Long Beach Mortgage Loan Trust (06-WL1-1A3), 0.498%, due 01/25/46 (2)      11,087,996   
  14,950,000       Long Beach Mortgage Loan Trust (06-WL1-2A4), 0.508%, due 01/25/46 (2)      12,499,889   
  9,278,235       Luminent Mortgage Trust (07-2-1A3), 0.388%, due 05/25/37 (2)(7)      8,462,084   
  10,950,000       Madison Avenue Manufactured Housing Contract (02-A-B1), 3.418%, due 03/25/32 (2)      11,005,590   
  17,582,324       MASTR Adjustable Rate Mortgages Trust (04-9-M1), 0.748%, due 11/25/34 (2)      17,293,209   
  476,858       MASTR Adjustable Rate Mortgages Trust (07-2-A2), 0.278%, due 03/25/47 (2)      466,926   
  8,898,233       MASTR Alternative Loans Trust (05-4-1A1), 6.5%, due 05/25/35      9,000,269   
  84,645       MASTR Alternative Loans Trust (06-2-2A1), 0.568%, due 03/25/36 (2)(7)      21,894   
  286,580       MASTR Asset Securitization Trust (03-8-1A1), 5.5%, due 09/25/33      298,237   
  98,832       MASTR Asset Securitization Trust (06-3-2A1), 0.618%, due 10/25/36 (2)(7)      68,310   
  1,816,889       MASTR Asset-Backed Securities Trust (06-AB1-A2), 0.398%, due 02/25/36 (2)      1,780,927   
  4,242,606       MASTR Asset-Backed Securities Trust (06-AB1-A4), 5.719%, due 02/25/36      4,364,093   
  28,381,175       MASTR Asset-Backed Securities Trust (06-HE5-A3), 0.328%, due 11/25/36 (2)      18,748,548   
  16,395       MASTR Seasoned Securitization Trust (04-1-4A1), 2.494%, due 10/25/32 (2)      16,338   
  2,652,053       Merrill Lynch Alternative Note Asset Trust (07-A1-A2C), 0.398%, due 01/25/37 (2)      1,286,560   
  1,364,216       Merrill Lynch Alternative Note Asset Trust (07-A1-A3), 0.328%, due 01/25/37 (2)      645,426   
  10,764,448       Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2B), 0.338%, due 04/25/37 (2)      6,345,405   
  37,671,022       Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2C), 0.418%, due 04/25/37 (2)      22,484,816   
  9,284,238       Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2D), 0.508%, due 04/25/37 (2)      5,618,821   
  8,465,987       Merrill Lynch First Franklin Mortgage Loan Trust (07-2-A2C), 0.408%, due 05/25/37 (2)      5,011,200   
  4,326,110       Merrill Lynch First Franklin Mortgage Loan Trust (07-3-A2B), 0.298%, due 06/25/37 (2)      2,937,593   
  51,210,432       Merrill Lynch First Franklin Mortgage Loan Trust (07-4-2A3), 0.328%, due 07/25/37 (2)      32,744,309   
  4,340,596       Merrill Lynch Mortgage-Backed Securities Trust (07-2-1A1), 2.63%, due 08/25/36 (2)(7)      4,025,421   
  4,754,184       Mid-State Trust (05-1-A), 5.745%, due 01/15/40      5,160,460   
  2,417,870       Morgan Stanley ABS Capital I, Inc. Trust (04-NC8-M2), 1.128%, due 09/25/34 (2)      2,359,189   
  5,687,000       Morgan Stanley ABS Capital I, Inc. Trust (05-HE3-M3), 0.963%, due 07/25/35 (2)      5,509,321   
  18,369,726       Morgan Stanley ABS Capital I, Inc. Trust (05-HE5-M1), 0.588%, due 09/25/35 (2)      18,065,965   
  4,413,000       Morgan Stanley Home Equity Loan Trust (05-2-M3), 0.843%, due 05/25/35 (2)      4,372,229   
  5,155,000       Morgan Stanley Home Equity Loan Trust (06-2-A4), 0.448%, due 02/25/36 (2)      4,594,853   
  7,835,822       Morgan Stanley Mortgage Loan Trust (05-6AR-1A1), 0.448%, due 11/25/35 (2)      7,584,892   
  1,375,358       Morgan Stanley Mortgage Loan Trust (07-3XS-2A6), 5.763%, due 01/25/47      907,630   
  4,955,940       Morgan Stanley Mortgage Loan Trust (07-7AX-2A1), 0.288%, due 04/25/37 (2)      2,468,326   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 9,947,991       Morgan Stanley REREMIC Trust (10-R2-2B), (144A), 0.41%, due 05/26/36 (1)(2)    $ 9,845,425   
  20,393,636       Morgan Stanley REREMIC Trust (13-R2-1A), (144A), 1.913%, due 10/26/36 (1)(2)      20,225,425   
  5,227,540       Morgan Stanley REREMIC Trust (13-R3-12A), (144A), 2.983%, due 01/26/47 (1)(2)      5,243,982   
  14,820,029       MortgageIT Trust (05-3-A1), 0.468%, due 08/25/35 (2)      14,219,951   
  7,266,530       MortgageIT Trust (05-4-A1), 0.448%, due 10/25/35 (2)      6,660,981   
  10,000,000       Nationstar Home Equity Loan Trust (07-B-2AV3), 0.418%, due 04/25/37 (2)      8,322,310   
  7,490,800       New Century Home Equity Loan Trust (05-1-A1SS), 0.688%, due 03/25/35 (2)      7,487,197   
  17,692,737       New Century Home Equity Loan Trust (05-2-M1), 0.598%, due 06/25/35 (2)      17,596,186   
  18,701,363       New Century Home Equity Loan Trust (05-3-M1), 0.648%, due 07/25/35 (2)      18,665,569   
  8,905,669       Nomura Resecuritization Trust (12-3R-1A1), (144A), 0.327%, due 01/26/37 (1)(2)      8,578,450   
  22,086,000       Nomura Resecuritization Trust (15-1R-2A1), (144A), 1%, due 10/26/36 (1)      21,810,093   
  5,178,226       Oakwood Mortgage Investors, Inc. (02-A-A4), 6.97%, due 03/15/32 (2)      5,493,360   
  23,601,144       Opteum Mortgage Acceptance Corp. (06-1-2A1), 5.75%, due 04/25/36 (2)      23,988,297   
  2,475,819       Origen Manufactured Housing Contract Trust (04-A-M2), 6.64%, due 01/15/35 (2)      2,712,691   
  1,988,045       Origen Manufactured Housing Contract Trust (04-B-B1), 7.5%, due 11/15/35 (2)      2,230,635   
  1,217,803       Origen Manufactured Housing Contract Trust (04-B-M2), 6.51%, due 11/15/35 (2)      1,333,854   
  1,155,112       Origen Manufactured Housing Contract Trust (05-A-B), 6.55%, due 06/15/36 (2)      1,247,672   
  942,949       Origen Manufactured Housing Contract Trust (05-A-M2), 5.86%, due 06/15/36 (2)      1,022,134   
  19,300,000       Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D), 0.438%, due 03/25/37 (2)      13,617,555   
  23,151,357       Ownit Mortgage Loan Asset-Backed Certificates (06-6-A2C), 0.328%, due 09/25/37 (2)      14,022,608   
  9,704,450       Park Place Securities, Inc. (05-WCH1-M2), 0.688%, due 01/25/36 (2)      9,682,537   
  11,455,000       Park Place Securities, Inc. (05-WCW1-M1), 0.618%, due 09/25/35 (2)      11,398,149   
  7,416,446       Prime Mortgage Trust (06-1-1A1), 5.5%, due 06/25/36 (7)      7,000,732   
  7,161,460       RAAC Series Trust (05-SP1-4A1), 7%, due 09/25/34      7,796,739   
  4,238,039       RAAC Series Trust (07-SP1-A3), 0.648%, due 03/25/37 (2)      4,103,841   
  1,525,192       RALI Trust (05-QA13-2A1), 3.551%, due 12/25/35 (2)(7)      1,289,744   
  7,073,149       RALI Trust (05-QA7-A21), 2.898%, due 07/25/35 (2)      6,290,255   
  14,133,599       RALI Trust (06-QA3-A1), 0.368%, due 04/25/36 (2)(7)      12,735,711   
  1,215,199       RBSSP Resecuritization Trust (10-12-4A1), (144A), 4%, due 05/21/36 (1)(2)      1,228,815   
  15,610,241       Residential Accredit Loans, Inc. (05-QA8-CB21), 3.196%, due 07/25/35 (2)(7)      12,850,853   
  2,333,891       Residential Accredit Loans, Inc. (05-QS7-A1), 5.5%, due 06/25/35 (7)      2,080,526   
  35,280       Residential Accredit Loans, Inc. (06-QA1-A21), 3.747%, due 01/25/36 (2)(7)      28,623   
  29,810,223       Residential Accredit Loans, Inc. (06-QA10-A2), 0.348%, due 12/25/36 (2)(7)      23,094,099   
  43,890       Residential Accredit Loans, Inc. (06-QA2-1A1), 0.418%, due 02/25/36 (2)(7)      31,345   
  10,161,956       Residential Accredit Loans, Inc. (06-QO1-3A1), 0.438%, due 02/25/46 (2)      6,364,677   
  83,580,789       Residential Accredit Loans, Inc. (06-QS10-AV), 0.558%, due 08/25/36 (I/O) (2)      1,907,773   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 84,745,757       Residential Accredit Loans, Inc. (06-QS11-AV), 0.335%, due 08/25/36 (I/O) (2)    $ 1,210,678   
  7,033,655       Residential Accredit Loans, Inc. (06-QS5-A5), 6%, due 05/25/36 (7)      5,992,182   
  117,480,050       Residential Accredit Loans, Inc. (06-QS6-1AV), 0.74%, due 06/25/36 (I/O) (2)      3,687,757   
  24,946,209       Residential Accredit Loans, Inc. (06-QS7-AV), 0.655%, due 06/25/36 (I/O) (2)      807,389   
  1,724,726       Residential Accredit Loans, Inc. (06-RS3-A3), 0.368%, due 05/25/36 (2)(7)      1,690,502   
  5,614,138       Residential Accredit Loans, Inc. (07-QS1-2AV), 0.171%, due 01/25/37 (I/O) (2)      42,530   
  41,997,587       Residential Accredit Loans, Inc. (07-QS2-AV), 0.32%, due 01/25/37 (I/O) (2)      584,344   
  160,797,375       Residential Accredit Loans, Inc. (07-QS3-AV), 0.324%, due 02/25/37 (I/O) (2)      2,645,599   
  18,488,311       Residential Accredit Loans, Inc. (07-QS4-3AV), 0.382%, due 03/25/37 (I/O) (2)      259,409   
  27,174,529       Residential Accredit Loans, Inc. (07-QS5-AV), 0.248%, due 03/25/37 (I/O) (2)      345,171   
  6,115,745       Residential Accredit Loans, Inc. (07-QS6-A45), 5.75%, due 04/25/37 (7)      4,891,966   
  39,065,010       Residential Accredit Loans, Inc. (07-QS8-AV), 0.392%, due 06/25/37 (I/O) (2)      587,010   
  61,572       Residential Funding Mortgage Securities I (05-SA5-2A), 3.002%, due 11/25/35 (2)      54,611   
  4,215,132       Residential Funding Mortgage Securities I (06-S10-1A1), 6%, due 10/25/36 (7)      3,753,048   
  1,468,564       Residential Funding Mortgage Securities I (06-S9-A3), 5.75%, due 09/25/36 (PAC)      1,304,268   
  16,103,597       Residential Funding Mortgage Securities I (07-S2-A9), 6%, due 02/25/37 (7)      14,554,060   
  53,851       Residential Funding Mortgage Securities I (07-SA2-2A2), 3.045%, due 04/25/37 (2)      47,203   
  18,202,701       Saxon Asset Securities Trust (06-2-A2), 0.298%, due 09/25/36 (2)      17,431,816   
  21,370,064       Saxon Asset Securities Trust (06-3-A3), 0.338%, due 10/25/46 (2)      17,661,290   
  26,500,176       Saxon Asset Securities Trust (07-2-A2D), 0.768%, due 05/25/47 (2)      18,660,886   
  4,091,897       Securitized Asset-Backed Receivables LLC Trust (07-BR1-A2C), 0.508%, due 02/25/37 (2)      2,352,773   
  52,522,201       Securitized Asset-Backed Receivables LLC Trust (07-BR2-A2), 0.398%, due 02/25/37 (2)      29,653,964   
  25,642,945       Securitized Asset-Backed Receivables LLC Trust (07-NC2-A2B), 0.308%, due 01/25/37 (2)      17,937,799   
  6,427,994       SG Mortgage Securities Trust (05-OPT1-A3), 0.518%, due 10/25/35 (2)      6,298,312   
  29,270,717       SG Mortgage Securities Trust (07-NC1-A2), (144A), 0.408%, due 12/25/36 (1)(2)      17,818,988   
  3,692,387       Soundview Home Equity Loan Trust (05-OPT3-A4), 0.468%, due 11/25/35 (2)      3,672,858   
  21,019,764       Soundview Home Equity Loan Trust (06-2-A4), 0.438%, due 03/25/36 (2)      20,791,983   
  10,400,000       Soundview Home Equity Loan Trust (06-OPT4-2A4), 0.398%, due 06/25/36 (2)      7,353,528   
  3,711,270       Soundview Home Equity Loan Trust (06-WF2-A2C), 0.308%, due 12/25/36 (2)      3,659,521   
  4,000,000       Soundview Home Equity Loan Trust (07-OPT3-2A4), 0.418%, due 08/25/37 (2)      2,839,481   
  1,838,056       Specialty Underwriting & Residential Finance (05-BC3-M1), 0.618%, due 06/25/36 (2)(3)      1,843,739   
  2,151,215       Specialty Underwriting & Residential Finance (05-BC4-A2C), 0.518%, due 09/25/36 (2)      2,126,952   
  26,633       Specialty Underwriting & Residential Finance (06-AB3-A2B), 0.318%, due 09/25/37 (2)      15,631   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 5,116,645       Structured Adjustable Rate Mortgage Loan Trust (04-12-2A), 2.422%, due 09/25/34 (2)    $ 5,117,233   
  9,147,952       Structured Adjustable Rate Mortgage Loan Trust (04-14-2A), 2.375%, due 10/25/34 (2)      9,415,511   
  12,163,252       Structured Adjustable Rate Mortgage Loan Trust (05-16XS-A2A), 1.118%, due 08/25/35 (2)      11,554,165   
  2,417,121       Structured Adjustable Rate Mortgage Loan Trust (05-23-1A3), 2.532%, due 01/25/36 (2)(7)      2,313,917   
  764,298       Structured Adjustable Rate Mortgage Loan Trust (06-1-7A2), 5.012%, due 02/25/36 (2)      764,934   
  917,811       Structured Adjustable Rate Mortgage Loan Trust (06-2-5A1), 5.164%, due 03/25/36 (2)(7)      777,922   
  3,904,907       Structured Adjustable Rate Mortgage Loan Trust (06-4-5A1), 4.905%, due 05/25/36 (2)(7)      3,409,207   
  9,299,235       Structured Adjustable Rate Mortgage Loan Trust (06-5-1A1), 2.584%, due 06/25/36 (2)(7)      7,843,146   
  6,550,756       Structured Adjustable Rate Mortgage Loan Trust (07-1-1A1), 2.59%, due 02/25/37 (2)      5,647,859   
  2,288,478       Structured Asset Investment Loan Trust (05-3-M1), 0.738%, due 04/25/35 (2)      2,289,229   
  257,267       Structured Asset Mortgage Investments, Inc. (06-AR3-24A1), 2.374%, due 05/25/36 (2)      175,636   
  43,977,125       Structured Asset Mortgage Investments, Inc. (07-AR6-A1), 1.614%, due 08/25/47 (2)      39,085,110   
  2,352,240       Structured Asset Securities Corp. (05-2XS-1A5B), 4.65%, due 02/25/35      2,382,017   
  16,766,899       Structured Asset Securities Corp. (06-EQ1A-A4), (144A), 0.318%, due 07/25/36 (1)(2)      16,403,871   
  14,345,000       Structured Asset Securities Corp. (06-WF2-A4), 0.478%, due 07/25/36 (2)      13,270,732   
  835,879       Structured Asset Securities Corp. (07-BC3-2A1), 0.23%, due 05/25/47 (2)      836,807   
  495,791       Suntrust Adjustable Rate Mortgage Loan Trust (07-2-2A1), 2.716%, due 04/25/37 (2)(7)      413,763   
  23,501       Suntrust Adjustable Rate Mortgage Loan Trust (07-3-1A1), 2.609%, due 06/25/37 (2)      21,407   
  1,893,836       Suntrust Adjustable Rate Mortgage Loan Trust (07-S1-2A1), 2.672%, due 01/25/37 (2)      1,879,495   
  360,389       Wachovia Mortgage Loan Trust LLC (06-AMN1-A3), 0.408%, due 08/25/36 (2)      227,022   
  15,231,532       WaMu Mortgage Pass-Through Certificates (04-AR14-A1), 2.394%, due 01/25/35 (2)      15,332,396   
  15,117,273       WaMu Mortgage Pass-Through Certificates (05-AR13-A1A1), 0.458%, due 10/25/45 (2)      14,184,989   
  745,318       WaMu Mortgage Pass-Through Certificates (05-AR13-A1A2), 1.564%, due 10/25/45 (2)      744,717   
  3,131,256       WaMu Mortgage Pass-Through Certificates (05-AR14-2A1), 2.382%, due 12/25/35 (2)      2,891,311   
  4,844,716       WaMu Mortgage Pass-Through Certificates (05-AR18-1A1), 2.354%, due 01/25/36 (2)      4,643,077   
  464,396       WaMu Mortgage Pass-Through Certificates (05-AR2-2A1A), 0.478%, due 01/25/45 (2)      435,949   
  1,198,868       WaMu Mortgage Pass-Through Certificates (05-AR7-A2), 2.356%, due 08/25/35 (2)      1,200,180   
  12,255,499       WaMu Mortgage Pass-Through Certificates (05-AR9-A1A), 0.488%, due 07/25/45 (2)      11,820,975   
  33,273,157      

WaMu Mortgage Pass-Through Certificates (06-AR1-2A1A), 1.184%, due 01/25/46 (2)

     32,408,501   
  8,724,689      

WaMu Mortgage Pass-Through Certificates (06-AR17-1A1A), 0.923%, due 12/25/46 (2)

     7,884,188   
  158,831      

Washington Mutual Alternative Mortgage Pass-Through Certificates (02-AR1-1A1), 2.327%, due 11/25/30 (2)

     158,827   
  2,584,603      

Washington Mutual Alternative Mortgage Pass-Through Certificates (06-1-3A2), 5.75%, due 02/25/36 (7)

     2,375,886   
  4,247,252      

Washington Mutual Alternative Mortgage Pass-Through Certificates (06-5-1A1), 0.768%, due 07/25/36 (2)(7)

     2,623,782   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 7,090,016      

Washington Mutual Alternative Mortgage Pass-Through Certificates (06-AR10-A2A), 0.338%, due 12/25/36 (2)

   $ 5,662,179   
  8,567,155      

Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA1-2A), 0.834%, due 12/25/46 (2)(7)

     6,007,401   
  7,906,863      

Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA2-2A), 0.814%, due 01/25/47 (2)(7)

     5,662,366   
  2,868,500      

Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA3-5A), 1.921%, due 04/25/47 (2)(7)

     2,206,164   
  8,396,208      

Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OC2-A3), 0.478%, due 06/25/37 (2)(7)

     6,743,019   
  11,691,000      

Washington Mutual Asset-Backed Certificates (06-HE1-2A4), 0.448%, due 04/25/36 (2)

     10,080,063   
  6,614,411      

Wells Fargo Home Equity Asset-Backed Securities (06-3-A2), 0.318%, due 01/25/37 (2)

     6,253,847   
  5,521,000      

Wells Fargo Home Equity Asset-Backed Securities (07-1-A3), 0.488%, due 03/25/37 (2)

     3,788,541   
  11,911,751      

Wells Fargo Mortgage Loan Trust (11-RR3-A1), (144A), 2.614%, due 03/27/37 (1)(2)

     11,718,282   
  10,330,780       Wells Fargo Mortgage Loan Trust (12-RR2-1A1), (144A), 0.335%, due 09/27/47 (1)(2)      9,953,736   
  7,499,284       Wells Fargo Mortgage-Backed Securities Trust (04-DD-2A6), 2.617%, due 01/25/35 (2)      7,486,333   
  12,348,484       Wells Fargo Mortgage-Backed Securities Trust (06-AR11-A6), 2.616%, due 08/25/36 (2)      11,557,098   
  8,446,171       Wells Fargo Mortgage-Backed Securities Trust (06-AR6-4A1), 2.614%, due 03/25/36 (2)      8,412,986   
  4,766,673       Wells Fargo Mortgage-Backed Securities Trust (06-AR7-2A4), 2.613%, due 05/25/36 (2)(7)      4,356,782   
  10,257,190       Wells Fargo Mortgage-Backed Securities Trust (07-10-1A32), 6%, due 07/25/37 (7)      10,115,702   
  866,993       Wells Fargo Mortgage-Backed Securities Trust (07-AR4-A1), 2.564%, due 08/25/37 (2)      768,768   
  5,050,366       Wells Fargo Mortgage-Backed Securities Trust (08-1-4A1), 5.75%, due 02/25/38      5,339,745   
     

 

 

 
   Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $2,085,333,533)      2,463,619,661   
     

 

 

 
   U.S. Government Agency Obligation (Cost: $76,620,000) (0.9%)   
  76,620,000       Federal Home Loan Bank, 0.75%, due 05/26/28 (3)      76,776,201   
     

 

 

 
   U.S. Treasury Securities (17.6%)   
  120,475,000       U.S. Treasury Bond, 3%, due 11/15/44 (3)      139,963,717   
  11,347,733       U.S. Treasury Inflation Indexed Note, 0.5%, due 04/15/15 (3)(8)      11,233,813   
  241,760,000       U.S. Treasury Note, 0.25%, due 08/15/15 (3)      241,967,672   
  377,955,000       U.S. Treasury Note, 0.25%, due 11/30/15 (3)      378,265,849   
  114,540,000       U.S. Treasury Note, 0.625%, due 08/31/17 (3)      114,405,776   
  112,310,000       U.S. Treasury Note, 1.625%, due 12/31/19 (3)      114,687,827   

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Fixed Income Securities

   Value  
$ 455,465,000       U.S. Treasury Note, 2.25%, due 11/15/24 (3)    $ 478,878,634   
  80,935,000       U.S. Treasury Note, 2.625%, due 08/15/20 (3)      86,581,511   
     

 

 

 
   Total U.S. Treasury Securities (Cost: $1,528,405,342)      1,565,984,799   
     

 

 

 
   Total Fixed Income Securities (Cost: $8,636,927,985) (103.2%)      9,199,516,155   
     

 

 

 
     

Number of
Shares

    

Money Market Investments

      
  87,116,000       Dreyfus Institutional Cash Advantage Fund, 0.06% (9)      87,116,000   
  87,116,000       Morgan Stanley Liquidity Fund - Government Portfolio, 0.04% (9)      87,116,000   
     

 

 

 
   Total Money Market Investments (Cost: $174,232,000) (2.0%)      174,232,000   
     

 

 

 

Principal
Amount

    

Short-Term Investments

      
   Commercial Paper (0.9%)   
   Electric (Cost: $81,996,993) (0.9%)   
$ 82,000,000       National Rural Utilities Cooperative Finance Corp., 0.01%, due 02/11/15 (10)      81,996,449   
     

 

 

 
   Discount Notes (10.0%)   
  89,000,000       Federal Home Loan Bank Discount Note, 0.01%, due 02/27/15 (10)      88,999,377   
  87,000,000       Federal Home Loan Bank Discount Note, 0.01%, due 02/12/15 (10)      86,999,739   
  80,000,000       Federal Home Loan Bank Discount Note, 0.01%, due 03/20/15 (3)(10)      79,998,240   
  120,000,000       Federal Home Loan Bank Discount Note, 0.01%, due 02/26/15 (10)      119,999,160   
  60,000,000       Federal Home Loan Bank Discount Note, 0.01%, due 03/18/15 (3)(10)      59,998,740   
  50,000,000       Federal Home Loan Bank Discount Note, 0.01%, due 03/11/15 (10)      49,999,150   
  80,000,000       Federal Home Loan Bank Discount Note, 0.06%, due 03/25/15 (3)(10)      79,998,080   
  164,500,000       Federal Home Loan Bank Discount Note, 0.06%, due 02/20/15 (3)(10)      164,499,177   
  76,384,000       Federal Home Loan Bank Discount Note, 0.073%, due 02/04/15 (10)      76,383,924   
  59,895,000       Federal Home Loan Bank Discount Note, 0.08%, due 04/06/15 (10)      59,891,646   
  29,800,000       Federal Home Loan Bank Discount Note, 0.1%, due 03/04/15 (10)      29,799,583   
     

 

 

 
   Total Discount Notes (Cost: $896,526,217)      896,566,816   
     

 

 

 

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

Principal
Amount

    

Short-Term Investments

   Value  
  

Repurchase Agreements (2.4%)

  
  $200,000,000      

RBS Securities Inc., 0.06%, due 02/02/15 (collateralized by $19,280,000 Federal Home Loan Bank, 0.125% to 5.375%, maturity dates ranging from 03/02/15 - 12/10/21, valued at $19,713,785; $51,657,730 Federal Home Loan Mortgage Corp., 0.44% to 6.75%, maturity dates ranging from 02/09/15 - 07/15/32, valued at $52,756,416; $179,053,000 Resolution Funding Corp., Interest Strips, 0%, maturity dates ranging from 07/15/15 - 04/15/30, valued at $131,462,644; $71,000 Federal National Mortgage Association, 0%, due 04/15/15 valued at $70,972) (Total Amount to be Received Upon Repurchase $200,001,000)

   $ 200,000,000   
  13,981,520      

State Street Bank & Trust Company, 0%, due 02/02/15 (collateralized by $14,210,000 U.S. Treasury Note, 1%, due 05/31/18 valued at $14,263,288) (Total Amount to be Received Upon Repurchase $13,981,520)

     13,981,520   
     

 

 

 
  

Total Repurchase Agreements (Cost: $213,981,520)

     213,981,520   
     

 

 

 
  

U.S. Treasury Securities (0.0%)

  
  51,000      

U.S. Treasury Bill, 0%, due 02/05/15 (10)

     51,000   
  4,036,000      

U.S. Treasury Bill, 0.003%, due 03/19/15 (10)

     4,035,988   
     

 

 

 
  

U.S. Treasury Securities (Cost: $4,086,802)

     4,086,988   
     

 

 

 
  

Total Short-Term Investments (Cost: $1,196,591,532) (13.3%)

     1,196,631,773   
     

 

 

 
  

Total Investments (Cost: $10,007,751,517) (118.5%)

     10,570,379,928   
  

Liabilities in Excess of Other Assets (-18.5%)

     (1,647,380,101
     

 

 

 
  

Net Assets (100.0%)

   $ 8,922,999,827   
     

 

 

 

Futures Contracts

 

 

Number of
Contracts

    

Type

   Expiration
Date
     Notional
Contract
Value
     Net Unrealized
Appreciation
 
  BUY               
  2,255       90 Day Eurodollar Futures      03/14/16       $ 559,014,500       $ 1,572,254   
  2,255       90 Day Eurodollar Futures      06/13/16         557,999,750         1,458,742   
  2,255       90 Day Eurodollar Futures      09/19/16         557,041,375         1,458,742   
  2,255       90 Day Eurodollar Futures      12/19/16         556,167,563         1,572,254   
        

 

 

    

 

 

 
         $ 2,230,223,188       $ 6,061,992   
        

 

 

    

 

 

 

Notes to the Schedule of Investments:

 

ABS   -    Asset-Backed Securities.
ACES   -    Alternative Credit Enhancement Securities.
ARM   -    Adjustable-Rate Mortgage.
CDO   -    Collateralized Debt Obligation.
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.

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Schedule of Investments (Unaudited)   January 31, 2015

 

PAC   -    Planned Amortization Class.
P/O   -    Principal Only Security.
TAC   -    Target Amortization Class.
TBA   -    To be Announced.
(1)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $704,643,958 or 7.9% of net assets. These securities are determined to be liquid by the 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 January 31, 2015.
(3)      All or a portion of this security is segregated to cover open futures contracts, when-issued, delayed-delivery or forward commitments. (Note 1)
(4)      As of January 31, 2015, security is not accruing interest.
(5)      This security is purchased on a when-issued, delayed delivery or forward commitment basis.
(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.
(8)      Interest rate for this security is a stated rate. Interest payments are determined based on the inflation-adjusted principal.
(9)      Rate disclosed is the 7-day net yield as of January 31, 2015.
(10)      Rate shown represents yield-to-maturity.

 

See accompanying notes to Schedule of Investments.


TCW Total Return Bond Fund

 

Investments by Industry (Unaudited)   January 31, 2015

 

Industry

   Percentage of
Net Assets
 

Asset-Backed Securities

     7.8

Commercial Mortgage-Backed Securities — Agency

     5.4   

Commercial Mortgage-Backed Securities — Non-Agency

     0.7   

Residential Mortgage-Backed Securities — Agency

     43.2   

Residential Mortgage-Backed Securities — Non-Agency

     27.6   

U.S. Government Agency Obligations

     0.9   

U.S. Treasury Securities

     17.6   

Money Market Investments

     2.0   

Short-Term Investments

     13.3   
  

 

 

 

Total

     118.5
  

 

 

 

 

See accompanying notes to Schedule of Investments.


Note 1 – Security Valuations

Securities listed or traded on the New York and other stock exchanges are valued at the latest sale price on that exchange. Securities traded on the NASDAQ stock market are valued using official closing price as reported by NASDAQ. All other securities for which over-the-counter (“OTC”) market quotations are readily available including short-term securities are valued with prices furnished by independent pricing services or by broker dealers.

Securities for which market quotations are not readily available, including circumstances under which it is determined by the Advisor that prices received are not reflective of a security’s market value, are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the TCW Funds, Inc. (the “Company”) Board of Directors.

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 the accounting principles generally accepted in the United States of America (“GAAP”), the Funds discloses investments in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value inputs for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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 in its entirety.


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

Asset-backed securities and mortgage-backed securities. The fair value of asset-backed securities and mortgage-backed securities is estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy otherwise they would be categorized in Level 3.

Bank loans. The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized in Level 2 of the fair value hierarchy.

Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized in level 3 of the hierarchy.

Credit default swaps. Credit default swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise, the fair values would be categorized in Level 3.

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 categorized in Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are generally categorized in Level 2 of the fair value hierarchy; if the discount is applied and significant, they are categorized in Level 3. Restricted securities held in non-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently, and therefore, the inputs are unobservable.

Foreign currency contracts. The fair value of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized in Level 2 of the fair value hierarchy.

Futures contracts. Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. As such they are categorized in Level 1.

Money market funds. Money Market funds are open-ended mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported net asset value, they are categorized in level 1 of the fair value hierarchy.

Municipal bonds. Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid wants 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 would be categorized in Level 2; otherwise the fair values would be categorized in Level 3.

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


Short-term investments. Short-term investments are valued using market price quotations, and are reflected in Level 2 of the fair value hierarchy. Repurchase agreements are valued at cost, which approximates fair value, and are categorized as Level 2.

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 the total return swaps would be categorized in Level 2; otherwise, the fair values would be categorized in Level 3.

U.S. and foreign government and agency securities. U.S. and foreign government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. and foreign government and agency securities are normally categorized in Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

The following is a summary of the inputs used as of January 31, 2015 in valuing the TCW Funds:

TCW Core Fixed Income Fund

 

Description

   Quoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
     Total  

Fixed Income Securities

           

Corporate Bonds*

   $ —         $ 261,222,073       $ —         $ 261,222,073   

Municipal Bonds

     —           16,704,801         —           16,704,801   

Foreign Government Bonds

     —           215,660         —           215,660   

Asset-Backed Securities

     —           146,336,635         —           146,336,635   

Commercial Mortgage-Backed Securities — Agency

     —           91,708,848         —           91,708,848   

Commercial Mortgage-Backed Securities — Non-Agency

     —           51,484,773         —           51,484,773   

Residential Mortgage-Backed Securities — Agency

     —           361,767,149         —           361,767,149   

Residential Mortgage-Backed Securities — Non-Agency

     —           116,762,949         —           116,762,949   

U.S. Government Agency Obligations

     —           17,993,224         —           17,993,224   

U.S. Treasury Securities

     538,751,180         —           —           538,751,180   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Fixed Income Securities

     538,751,180         1,064,196,112         —           1,602,947,292   
  

 

 

    

 

 

    

 

 

    

 

 

 

Money Market Investments

     25,792,000         —           —           25,792,000   

Short-Term Investments*

     —           195,192,437         —           195,192,437   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 564,543,180       $ 1,259,388,549       $ —         $ 1,823,931,729   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* See Schedule of Investments for corresponding industries.

 


TCW Emerging Markets Income Fund

 

Description

   Quoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
     Total  

Fixed Income Securities

         

Agriculture

   $ —        $ 6,127,500      $ —         $ 6,127,500   

Airlines

     —          85,425,720        —           85,425,720   

Banks

     —          523,201,039        —           523,201,039   

Building Materials

     —          107,374,000        —           107,374,000   

Chemicals

     —          84,751,925        —           84,751,925   

Diversified Financial Services

     —          249,228,694        —           249,228,694   

Electric

     —          216,213,301        —           216,213,301   

Foreign Government Bonds

     —          2,282,130,384        —           2,282,130,384   

Gas

     —          71,912,407        —           71,912,407   

Government Regional/Local

     —          79,596,000        —           79,596,000   

Holding Companies — Diversified

     —          48,118,290        —           48,118,290   

Internet

     —          38,252,448        —           38,252,448   

Machinery-Diversified

     —          5,092,807        —           5,092,807   

Oil & Gas

     —          409,626,625        —           409,626,625   

Telecommunications

     —          84,222,544        —           84,222,544   

Transportation

     —          47,567,520        —           47,567,520   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Fixed Income Securities

     —          4,338,841,204        —           4,338,841,204   
  

 

 

   

 

 

   

 

 

    

 

 

 

Equity Securities

         

Miscellaneous Manufacturers

   $ —     $ —        $ —         $ —  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Equity Securities

     —       —          —           —  
  

 

 

   

 

 

   

 

 

    

 

 

 

Short-Term Investments

     2,516,993        141,311,112        —           143,828,105   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Investments

     2,516,993        4,480,152,316        —           4,482,669,309   
  

 

 

   

 

 

   

 

 

    

 

 

 

Asset Derivatives

         

Forward Currency Contracts

         

Foreign Currency Risk

     —          26,567,116        —           26,567,116   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ 2,516,993      $ 4,506,719,432      $ —         $ 4,509,236,425   
  

 

 

   

 

 

   

 

 

    

 

 

 

Liability Derivatives

         

Forward Currency Contracts

         

Foreign Currency Risk

   $ —        $ (3,366,045   $ —         $ (3,366,045

Futures

         

Interest Rate Risk

     (7,090,962     —          —           (7,090,962
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ (7,090,962   $ (3,366,045   $ —         $ (10,457,007
  

 

 

   

 

 

   

 

 

    

 

 

 

 

* Amount rounds to less than $1.

 


TCW Emerging Markets Local Currency Income Fund

 

Description

   Quoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
     Total  

Fixed Income Securities

          

Banks

   $ —         $ 2,439,886      $ —         $ 2,439,886   

Diversified Financial Services

     —           1,670,811        —           1,670,811   

Electric

     —           5,869,904        —           5,869,904   

Foreign Government Bonds

     —           271,942,075        —           271,942,075   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Fixed Income Securities

     —           281,922,676        —           281,922,676   
  

 

 

    

 

 

   

 

 

    

 

 

 

Short-Term Investments

     —           111,150        —           111,150   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments

     —           282,033,826        —           282,033,826   
  

 

 

    

 

 

   

 

 

    

 

 

 

Asset Derivatives

          

Forward Currency Contracts

          

Foreign Currency Risk

     —           2,508,737        —           2,508,737   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ —         $ 284,542,563      $ —         $ 284,542,563   
  

 

 

    

 

 

   

 

 

    

 

 

 

Liability Derivatives

          

Forward Currency Contracts

          

Foreign Currency Risk

   $ —         $ (356,056   $ —         $ (356,056
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ —         $ (356,056   $ —         $ (356,056
  

 

 

    

 

 

   

 

 

    

 

 

 

TCW Enhanced Commodity Strategy Fund

 

Description

   Quoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
     Total  

Fixed Income Securities

     

Asset-Backed Securities

   $ —         $ 38,985      $ —         $ 38,985   

Commercial Mortgage-Backed Securities — Agency

     —           27,625        —           27,625   

Commercial Mortgage-Backed Securities — Non-Agency

     —           107,560        —           107,560   

Residential Mortgage-Backed Securities — Agency

     —           90,582        —           90,582   

Residential Mortgage-Backed Securities — Non-Agency

     —           523,782        —           523,782   

Corporate Bonds*

     —           653,371        —           653,371   

Municipal Bonds

     —           75,258        —           75,258   

U.S. Government Agency Obligations

     —           20,035        —           20,035   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Fixed Income Securities

     —           1,537,198        —           1,537,198   
  

 

 

    

 

 

   

 

 

    

 

 

 

Money Market Investments

     16,000         —          —           16,000   

Short-Term Investments*

     —           1,111,676        —           1,111,676   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments

   $ 16,000       $ 2,648,874      $ —         $ 2,664,874   
  

 

 

    

 

 

   

 

 

    

 

 

 

Liability Derivatives

     

Swap Agreements

     

Commodity Risk

   $ —         $ (68,374   $ —         $ (68,374
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ —         $ (68,374   $ —         $ (68,374
  

 

 

    

 

 

   

 

 

    

 

 

 

 

* See Schedule of Investments for corresponding industries.

 


TCW Global Bond Fund

 

Description

   Quoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
     Total  

Fixed Income Securities

          

Corporate Bonds*

   $ —         $ 2,695,824      $ —         $ 2,695,824   

Foreign Government Bonds

     —           5,783,906        —           5,783,906   

Asset-Backed Securities

     —           851,400        —           851,400   

Commercial Mortgage-Backed Securities — Agency

     —           762,767        —           762,767   

Commercial Mortgage-Backed Securities — Non-Agency

     —           294,664        —           294,664   

Residential Mortgage-Backed Securities — Agency

     —           1,701,153        —           1,701,153   

Residential Mortgage-Backed Securities — Non-Agency

     —           996,266        —           996,266   

U.S. Government Agency Obligations

     —           240,159        —           240,159   

U.S. Treasury Securities

     1,380,125         —          —           1,380,125   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Fixed Income Securities

     1,380,125         13,326,139        —           14,706,264   
  

 

 

    

 

 

   

 

 

    

 

 

 

Money Market Investments

     174,000         —          —           174,000   

Short-Term Investments*

     —           944,949        —           944,949   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments

   $ 1,554,125       $ 14,271,088      $ —         $ 15,825,213   
  

 

 

    

 

 

   

 

 

    

 

 

 

Asset Derivatives

          

Forward Currency Contracts

          

Foreign Currency Risk

     —           5,497        —           5,497   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,554,125       $ 14,276,585      $ —         $ 15,830,710   
  

 

 

    

 

 

   

 

 

    

 

 

 

Liability Derivatives

          

Forward Currency Contracts

          

Foreign Currency Risk

   $ —         $ (24,817   $ —         $ (24,817
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ —         $ (24,817   $ —         $ (24,817
  

 

 

    

 

 

   

 

 

    

 

 

 

 

* See Schedule of Investments for corresponding industries.

TCW High Yield Bond Fund

 

Description

   Quoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
     Total  

Fixed Income Securities

           

Bank Loans*

   $ —         $ 1,875,531       $ —         $ 1,875,531   

Corporate Bonds*

     —           22,419,495         —           22,419,495   

Asset-Backed Securities

     —           249,803         —           249,803   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Fixed Income Securities

     —           24,544,829         —           24,544,829   
  

 

 

    

 

 

    

 

 

    

 

 

 

Equity Securities

           

Common Stock*

   $ 6,502       $ —         $ —         $ 6,502   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Equity Securities

     6,502         —           —           6,502   
  

 

 

    

 

 

    

 

 

    

 

 

 

Money Market Investments

     348,000         —           —           348,000   

Short-Term Investments*

     —           6,598,166         —           6,598,166   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 354,502       $ 31,142,995       $ —         $ 31,497,497   
  

 

 

    

 

 

    

 

 

    

 

 

 

Asset Derivatives

           

Swap Agreements

           

Credit Risk

     —           18,670         —           18,670   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 354,502       $ 31,161,665       $ —         $ 31,516,167   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* See Schedule of Investments for corresponding industries.

 


TCW Short Term Bond Fund

 

Description

   Quoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
     Total  

Fixed Income Securities

           

Commercial Mortgage-Backed Securities — Agency

   $ —         $ 1,230,929       $ —         $ 1,230,929   

Commercial Mortgage-Backed Securities — Non-Agency

     —           1,716,811         —           1,716,811   

Residential Mortgage-Backed Securities — Agency

     —           6,281,866         —           6,281,866   

Residential Mortgage-Backed Securities — Non-Agency

     —           326,810         —           326,810   

Corporate Bonds*

     —           4,421,812         —           4,421,812   

Municipal Bonds

     —           237,590         —           237,590   

U.S. Government Agency Obligations

     —           840,839         —           840,839   

U.S. Treasury Securities

     82,417         —           —           82,417   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Fixed Income Securities

     82,417         15,056,657         —           15,139,074   
  

 

 

    

 

 

    

 

 

    

 

 

 

Money Market Investments

     430,000         —           —           430,000   

Short-Term Investments*

     —           4,519,403         —           4,519,403   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 512,417       $ 19,576,060       $ —         $ 20,088,477   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* See Schedule of Investments for corresponding industries.

TCW Total Return Bond Fund

 

Description

  Quoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
    Total  

Fixed Income Securities

       

Asset-Backed Securities

  $ —        $ 697,484,392      $ —        $ 697,484,392   

Commercial Mortgage-Backed Securities — Agency

    —          483,836,475        —          483,836,475   

Commercial Mortgage-Backed Securities — Non-Agency

    —          60,671,310        —          60,671,310   

Residential Mortgage-Backed Securities — Agency

    —          3,851,143,317        —          3,851,143,317   

Residential Mortgage-Backed Securities — Non-Agency

    —          2,451,542,001        12,077,660        2,463,619,661   

U.S. Government Agency Obligations

    —          76,776,201        —          76,776,201   

U.S. Treasury Securities

    1,565,984,799        —          —          1,565,984,799   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Income Securities

    1,565,984,799        7,621,453,696        12,077,660        9,199,516,155   
 

 

 

   

 

 

   

 

 

   

 

 

 

Money Market Investments

    174,232,000        —          —          174,232,000   

Short-Term Investments*

    4,086,988        1,192,544,785        —          1,196,631,773   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

    1,744,303,787        8,813,998,481        12,077,660        10,570,379,928   
 

 

 

   

 

 

   

 

 

   

 

 

 

Asset Derivatives

       

Futures

       

Interest Rate Risk

    6,061,992        —          —          6,061,992   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,750,365,779      $ 8,813,998,481      $ 12,077,660      $ 10,576,441,920   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

* See Schedule of Investments for corresponding industries.

 


The Funds did not have any transfers in and out of Level 1 and Level 2 of the fair value hierarchy during the period ended January 31, 2015.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

 

     TCW High Yield
Bond  Fund
    TCW Total Return
Bond Fund
 
     Corporate Bonds     Residential Mortgage-
Backed Securities —

Non-Agency
 

Balance as of October 31, 2014

   $ —        $ 12,420,671   

Accrued Discounts (Premiums)

     —          (383,356

Realized Gain (Loss)

     2,874        —     

Change in Unrealized Appreciation

     —          40,345   

Purchases

     —          —     

Sales

     (2,874     —     

Transfers in to Level 3 (1)

     —          —     

Transfers out of Level 3 (1)

     —          —     
  

 

 

   

 

 

 

Balance as of Janaury 31, 2015

   $ —        $ 12,077,660   
  

 

 

   

 

 

 

Change in Unrealized Appreciation from Investments Still Held at Janaury 31, 2015

   $ —        $ 40,345   
  

 

 

   

 

 

 

 

(1) 

The Funds recognize transfers in and out at the beginning of the period.

Significant unobservable valuations inputs for Level 3 investments as of January 31, 2015, are as follows:

 

Description

   Fair Value at
1/31/2015
     Valuation Techniques*      Unobservable Input      Range  

TCW Total Return Bond Fund

           

Residential Mortgage-Backed Securities - Non-Agency
(Interest Only, Collateral Strip Rate Securities)

   $ 12,077,660         Third-party Vendor         Vendor Prices       $ 0.76 - $3.24   

 

* The valuation technique employed on the Level 3 securities involves the use of the vendor prices. The Advisor monitors the effectiveness of vendor pricing using the valuation process described below.

Level 3 Valuation Process: Investments classified within Level 3 of the fair value hierarchy may be fair valued by the Advisor with consent of the Company’s Pricing Committee in accordance with the guidelines established and under the general oversight of the Board of Directors. The Company’s Pricing Committee employs various methods to determine fair valuations including a regular review of key inputs and assumptions and review of any related market activity. The Company’s Pricing Committee reports to the Board of Directors at their regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Company’s fair value procedures may differ from recent market prices for the investment


and may be significantly different from the value realized upon the sale of such investment. The Advisor, as part of the daily process, conducts back-testing of prices based on daily trade activities.

The Pricing Committee consists of the President, General Counsel, Chief Compliance Officer, Assistant Treasurer, Secretary, and a representative from the portfolio management team as well as alternate members as the Board of Directors may from time to time designate. The Pricing Committee reviews and makes recommendations concerning the fair valuation of portfolio securities and the Fund’s pricing procedures in general.

Foreign Currency Translation: The books and records of each Fund are maintained in U.S. dollars as follows: (1) the foreign currency market value of investment 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.

Derivative Instruments: Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. 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 January 31, 2015, the Funds had the following derivatives and transactions in derivatives, grouped in the following risk categories (Amounts in Thousands except Notional Amounts or Shares/Units):


    Commodity
Risk
    Credit Risk     Foreign
Currency
Risk
    Interest
Rate
Risk
    Total  

TCW Emerging Markets Income Fund

         

Asset Derivatives

         

Forward Currency Contracts

  $ —        $ —        $ 26,567      $ —        $ 26,567   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

  $ —        $ —        $ 26,567      $ —        $ 26,567   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liability Derivatives

         

Forward Currency Contracts

  $ —        $ —        $ (3,366   $ —        $ (3,366

Futures Contracts

    —          —          —          (7,091     (7,091
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

  $ —        $ —        $ (3,366   $ (7,091   $ (10,457
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Notional Amounts or Shares/Units (1)

         

Forward Currency Contracts

  $ —        $ —        $ 691,488,751      $ —        $ 691,488,751   

Futures Contracts

    —          —          —          2,776        2,776   

TCW Emerging Markets Local Currency Income Fund

         

Asset Derivatives

         

Forward Currency Contracts

  $ —        $ —        $ 2,509      $ —        $ 2,509   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

  $ —        $ —        $ 2,509      $ —        $ 2,509   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities Derivatives

         

Forward Currency Contracts

  $ —        $ —        $ (356   $ —        $ (356
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

  $ —        $ —        $ (356   $ —        $ (356
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Notional Amounts or Shares/Units (1)

         

Forward Currency Contracts

  $ —        $ —        $ 85,974,950      $ —        $ 85,974,950   

TCW Enhanced Commodity Strategy Fund

         

Liability Derivatives

         

Open Swap Agreements, at Value

  $ (68   $ —        $ —        $ —        $ (68
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

  $ (68   $ —        $ —        $ —        $ (68
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Notional Amounts or Shares/Units (1)

         

Swap Agreements

  $ 3,073,023      $ —        $ —        $ —        $ 3,073,023   

TCW Global Bond Fund

         

Asset Derivatives

         

Forward Currency Contracts

  $ —        $ —        $ 5      $ —        $ 5   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

  $ —        $ —        $ 5      $ —        $ 5   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities Derivatives

      $ —         

Forward Currency Contracts

  $ —        $ —        $ (25   $ —        $ (25
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

  $ —        $ —        $ (25   $ —        $ (25
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Notional Amounts or Shares/Units (1)

         

Forward Currency Contracts

  $ —        $ —        $ 2,028,612      $ —        $ 2,028,612   

TCW High Yield Bond Fund

         

Asset Derivatives

         

Open Swap Agreements, at Value

  $ —        $ 19      $ —        $ —        $ 19   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

  $ —        $ 19      $ —        $ —        $ 19   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Notional Amounts or Shares/Units (1)

         

Swap Agreements

  $ —        $ 750,000      $ —        $ —        $ 750,000   

TCW Total Return Bond Fund

         

Asset Derivatives

         

Futures Contracts

  $ —        $ —        $ —        $ 6,062      $ 6,062   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Value

  $ —        $ —        $ —        $ 6,062      $ 6,062   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Notional Amounts or Shares/Units (1)

         

Futures Contracts

    —          —          —          9,020        9,020   

 

(1) Amount represents the number of contracts or notional value outstanding at the end of the period.

Forward Foreign Currency Contracts: The Funds may 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 an unrealized gain or loss. When the contract is closed or delivery is taken, the Funds record 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 January 31, 2015 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 when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets. 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 the 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 the Fund that is the subject of the hedge. It may not always be possible for the 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 Emerging Markets Income Fund and the TCW Total Return Bond Fund utilized futures to help manage daily liquidity as well as interest rate duration and credit market exposure. Futures contracts outstanding at January 31, 2015 are listed in the Schedule of Investments.

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).

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 net asset value of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life.

A Fund may enter into credit default swap transactions as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is


obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. A Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When a Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may 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 a 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 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 gain or loss 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 January 31, 2015, the TCW High Yield Fund utilized credit default swaps to manage daily liquidity as well as interest rate duration and/or credit market exposures; and the TCW Enhanced Commodity Strategy Fund used total return swap agreements to gain exposure to the commodity market. Swap agreements outstanding at January 31, 2015 are listed in each Fund’s Schedule of Investments.

Mortgage-Backed Securities: The Funds may invest in mortgage pass-through securities 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. These 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 (“REMIC”). 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. These Funds may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the


principal (the principal-only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs.

Inflation-Indexed Bonds: The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten, twenty, or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in values. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

When-Issued, Delayed-Delivery, To be Announced (“TBA”) and Forward Commitment Transactions: The Funds may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of the 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, TBA or forward commitment basis, there may be a loss, and that Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value of the subject securities will fluctuate, reflecting interest rate changes. In addition, because a Fund is not required to pay for when-issued, delayed-delivery, TBA or forward commitment securities until the delivery date, they may result in a form of leverage to the extent a Fund does not maintain liquid assets equal to the face amount of the contract. To guard against this deemed leverage, the Funds segregates cash and/or securities in an amount or value at least equal to the amount of these transactions.

Dollar Roll Transactions: The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage backed securities 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 potential inability of counter parties to complete the transaction. There were no such transactions by the Funds for the period ended January 31, 2015.

Repurchase Agreements: The Funds may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”). The MRA permits a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. Repurchase agreements outstanding at the end of the period are listed in the Fund’s Schedule of Investments.

Reverse Repurchase Agreements: The Funds may enter into reverse repurchase agreements. Reverse repurchase agreements involve sales of portfolio securities by a Fund concurrently with an agreement by the same Fund to repurchase the same securities at a later date for a fixed price. Generally, the effect of such a transaction is that the Fund can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while it will be able to keep the interest income associated with those portfolio securities. Such transactions are only advantageous if the interest cost to the Fund of the reverse repurchase transaction is less than the cost of otherwise obtaining the cash. There were no reverse repurchase agreements outstanding at January 31, 2015.

Security Lending: The Funds may lend their securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Funds can accept money market instruments or U.S. Government securities with a market value at least equal to the market value of the securities on loan. As with any extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Funds earn additional income for lending their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended January 31, 2015.

Note 2 – Federal Income Taxes

At January 31, 2015, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows (amounts in thousands):

 

     Unrealized
Appreciation
     Unrealized
(Depreciation)
    Net  Unrealized
Appreciation
(Depreciation)
    Cost of
Investments  for
Federal Income
Tax Purposes
 

TCW Core Fixed Income Fund

   $ 51,343       $ (2,630   $ 48,713      $ 1,775,219   

TCW Emerging Markets Income Fund

     107,980         (362,959     (254,979     4,737,648   

TCW Emerging Markets Local Currency Income Fund

     1,426         (23,600     (22,174     304,208   

TCW Enhanced Commodity Strategy Fund

     57         (7     50        2,615   

TCW Global Bond Fund

     791         (660     131        15,694   

TCW High Yield Bond Fund

     567         (381     186        31,311   

TCW Short Term Bond Fund

     83         (127     (44     20,132   

TCW Total Return Bond Fund

     590,976         (16,999     573,977        9,996,403   

Note 3 – Restricted Securities


The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. 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 at January 31, 2015.

Note 4 – Recently Issued Accounting Pronouncements

In June 2014, FASB issued Accounting Standards Update No. 2014-11, Transfers & Servicing (Topic 860): “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” (“ASU 2014-11”) to improve the financial reporting of repurchase agreements and other similar transactions. ASU 2014-11 includes expanded disclosure requirements for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings. ASU 2014-11 is effective for annual reporting periods beginning after December 15, 2014 and interim periods beginning after December 15, 2015. Management is currently evaluating the implications of these changes and their impact on the financial statements.


Item 2. Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures as of the Evaluation Date.

(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 registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certification of Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)      

 

TCW Funds, Inc.

 

By (Signature and Title)         /s/ David S. DeVito
 

     David S. DeVito

     President and Chief Executive Officer

 

Date  

March 17, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)         /s/ David S. DeVito
 

     David S. DeVito

President and Chief Executive Officer

 

Date  

March 17, 2015

 

By (Signature and Title)         /s/ Richard M. Villa
 

     Richard M. Villa

Treasurer and Chief Financial Officer

 

Date  

March 17, 2015