UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-7170

TCW Funds, Inc.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices)

Patrick W. Dennis, Esq.

Assistant Secretary

865 South Figueroa Street, Suite 1800

Los Angeles, CA 90017

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2015

Item 1. Report to Stockholders.

TCWFunds TCW Family of Funds APRIL 30 2015 SEMI-ANNUAL REPORT TCW EQUITY FUNDS TCW Concentrated Value Fund TCW Global Real Estate Fund TCW Growth Equities Fund TCW High Dividend Equities Fund TCW Relative Value Dividend Appreciation Fund TCW Relative Value Large Cap Fund TCW Relative Value Mid Cap Fund TCW Select Equities Fund TCW Small Cap Growth Fund TCW SMID Cap Growth Fund ASSET ALLOCATION FUND TCW Conservative Allocation Fund

TCW Funds, Inc.

Table of Contents April 30, 2015

Letter to Shareholders	1
Performance Summary	4
Schedules of Investments:	5
TCW Concentrated Value Fund	5
TCW Conservative Allocation Fund	9
TCW Global Real Estate Fund	11
TCW Growth Equities Fund	14
TCW High Dividend Equities Fund	18
TCW Relative Value Dividend Appreciation Fund	22
TCW Relative Value Large Cap Fund	27
TCW Relative Value Mid Cap Fund	31
TCW Select Equities Fund	36
TCW Small Cap Growth Fund	39
TCW SMID Cap Growth Fund	44
Statements of Assets and Liabilities	49
Statements of Operations	52
Statements of Changes in Net Assets	55
Notes to Financial Statements	61
Financial Highlights	80
Shareholder Expenses	102
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	105

To Our Valued Shareholders

David S. DeVito President, Chief Executive Officer & Director

Dear Valued Investors:

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2015. I would like to thank you for your continued investment in the TCW Funds as well as welcome new shareholders to our fund family. As of April 30, 2015, the TCW Funds held total net assets of approximately $19.3 billion.

This report contains information outlining the performance of the TCW Funds and a listing of the portfolio holdings as of April 30, 2015.

About the TCW Funds

The TCW Funds offer shareholders a choice of 22 funds, each targeted to specific asset classes, market segments or multiple sectors of the global equity and fixed income markets. For U.S. equities, we offer funds across the market capitalization and growth/value spectrums. In fixed income, our funds provide investors opportunities across global fixed income markets including U.S. government, corporate and high yield bonds, mortgage-backed and asset-backed securities, as well as sovereign and corporate bonds denominated in U.S. dollars and foreign currencies. Each TCW Fund is managed by long-tenured investment teams with experience through many market cycles. Rigorous fundamental research, disciplined risk analysis and deep market expertise are the foundation for each of our funds.

The Economy

When the Federal Reserve announced in December 2013 that the time had come to begin drawing down its purchases of U.S. Treasury securities and agency mortgages, the market reacted with a backup in yields that saw the 10-Year Note climb above 3% for the first time since 2011. That wasn’t so surprising; after all, the Fed was removing itself — and $85 billion of monthly purchasing power — from those markets, a considerable technical drag. What wasn’t expected, however, was that would be the last time the 10-Year saw a yield as high as 3%! Despite a reasonably good pace of economic growth through 2014 and strong gains in employment in the past 15 months, U.S. rates have fallen, primarily due to a global environment of central bank accommodation that has rates across most of the developed

markets lower than within the U.S. So, it’s ironic that despite the lack of sustained upward rate pressure out the yield curve, much of the current rates discussion focuses on when rate hikes will begin and the anticipated pace of follow-up. And it would seem that the Fed’s objectives are at least twofold: one, to take the Fed Funds rate off the zero bound while remaining accommodating and, two, to avoid a violent reaction to the regime change presaged in the May 2013 “Taper Tantrum.”

The U.S. Stock Market and our U.S. Equity Funds

U.S. stocks posted solid gains during the six month period ended April 30, 2015, with the S&P 500 Index advancing 4.4% on a total return basis despite a number of headwinds during the period. The 58% decline in the price of WTI crude oil from mid-June 2014 to late January of this year, coupled with a nearly 20% gain in the DXY U.S. Dollar Index, undercut stock market investors’ confidence in the resilience of corporate earnings estimates. At the same time, a steady stream of weak macroeconomic data emanating from Europe, Japan, China and many emerging market countries stoked concerns that the U.S. economy could be dragged down by the slowdown in global growth. However, these worries were assuaged by both the Fed’s statement that it would continue to remain patient in terms of the timetable for hiking interest rates, as well as the ECB’s announcement that it would embark upon a quantitative easing program entailing asset purchases totaling at least 1.1 trillion Euros through September 2016. Importantly, corporate earnings results for the first quarter of 2015 proved better than expected and provided support to U.S. stock prices.

For the six months ended April 30, 2015, our value-oriented equity strategies outperformed their respective benchmarks, in many cases boosted by their exposure to names in the top-performing consumer discretionary, healthcare, and technology sectors. Several of our more aggressive growth-oriented equity funds trailed their respective benchmarks during the same period, as global growth concerns raised doubts about the strength of the US economic recovery and hurt investor sentiment towards higher beta aggressive growth names.

1

Letter to Shareholders (Continued)

The U.S. Fixed Income Market and our U.S. Fixed Income Funds

Through early 2015, U.S. Treasury yields fell, led by a vigorous rally in January, after which rates retraced higher on a strong February job report, before finishing on a downtrend due to a dovish interpretation of the March FOMC meeting, where the governors uniformly lowered estimates of future Fed Funds levels. The lower yields fueled price appreciation across the market, with modestly narrowing investment grade corporate spreads delivering a solid gain. Agency residential mortgage-backed securities (MBS) struggled to keep up with the strong U.S. Treasury performance in January and spent the remainder of the quarter playing catch-up, ultimately resulting in a nearly 50 basis point lag on a duration-adjusted basis. Both agency and non-agency commercial MBS (CMBS) generated good relative performance, while asset-backed securities (ABS), overwhelmingly floating rate in nature and thus limited in interest rate duration, produced positive relative returns as well. High yield corporates enjoyed a very good start to the year, especially in February, with a rebound in energy issues, overcoming considerable volatility and a disappointing end to 2014.

International/Global Markets and our Emerging Markets Funds

The Emerging Markets (EM) have been volatile — a default in Argentina, a border crisis in Russia, the threat of a downgrade in Brazil and a significant repricing of the commodity complex. Throughout this period of volatility, however, EM sovereigns as a whole have been able to retain strong balance sheets, with external debt to GDP in the 40% range – at or near the levels before the Global Financial Crisis — and significantly below that of many developed economies. Against this backdrop, Emerging Markets hard currency debt has outperformed or performed in line with various developed market fixed income indices this year. EM local currency debt, however, has underperformed due to dollar strength, although we believe this segment of the market could be an attractive investment opportunity as we get closer to the first Fed rate hike (dollar strength has typically peaked at or before the first Fed move in previous cycles).

For the six months ended April 30, 2015, the TCW Emerging Markets Income Fund I Share returned a negative 3.59% versus the J.P. Morgan EMBI Global Diversified Index return of +1.37%. Underperformance during this period was primarily driven by an active restructuring in the portfolio in December and January to

reduce corporate exposure and add sovereign exposure. Since we made this shift, we have been tracking more in line with the index. During the same period, the TCW Emerging Markets Local Currency Fund I Share returned a negative 6.46%, outperforming the J.P. Morgan GBI-EM Global Diversified Index which returned a negative 8.24%. This outperformance was driven by our focus on reform-oriented countries and active currency hedging.

An Update on the TCW Fund Family

We wanted to update our shareholders on the TCW Funds family over the past six months. During the first quarter, Ray Prasad, CFA, Managing Director, was named Lead Portfolio Manager, and Andrey Glukhov, CFA, Senior Vice President, was named Co-Portfolio Manager for the TCW International Small Cap Fund (TGICX and TGNIX) and the TCW International Growth Fund (TGIBX and TGIDX). Rohit Sah, who served as Portfolio Manager of the funds, left TCW to pursue other opportunities.

Looking Ahead

As a basis for strategy from a forward-looking perspective, through much of 2014, U.S. economic data had been largely consistent with an effort by the Fed to begin removing monetary accommodation, either by raising rates or shrinking its balance sheet. However, with global growth languishing and a strong U.S. dollar, any move by the Fed to begin tightening policy runs a risk of importing a slower economic pace and spurring market volatility. As a result, the pundits will talk about the Fed looking to “thread the needle” of removing incentives to misallocate capital, while not inadvertently bringing havoc to the markets. Exacerbating the risk of volatility is a liquidity environment that could amplify such effects to the downside, as the reduced size of bank trading books may prove insufficient to meet investor needs. That, in fact, could be an opportunity to capture returns across all the markets in which the Funds operate through disciplined strategy implementation and rigorous security selection, as well as being a provider of liquidity to those most willing to pay for it.

With respect to U.S. equities, looking forward, we believe that should the Fed initiate an interest rate hike this Fall, such a rate hike would not necessarily portend a negative backdrop for U.S. stocks if accompanied by sufficient underlying strength in the real economy. Yet, we note that because 2015 U.S. earnings growth expectations have declined from the high to the

2

mid-single digits on the back of a dismal energy sector earnings outlook, consensus stock valuations have drifted up to approximately 17 times forward earnings, which is slightly above their three-decade average of around 16 times. We would add, however, that current valuation levels are in many cases warranted by strong company fundamentals, including deleveraged balance sheets, high cash balances, and near-record profit margins in the midst of a low, stable inflation environment. We remain mindful, of course, of the prospect for heightened volatility until greater clarity emerges with respect to the nature and timing of the Fed’s monetary policy shift to “normalize” interest rates, as well as the resiliency of corporate earnings.

We know that you have many choices when it comes to the management of your financial assets. On behalf of everyone at TCW, I would like to thank you for making the TCW Funds part of your long-term investment plan. We truly value our relationship with you. If you have any questions or require further information, I invite you to visit our website at www.tcw.com, or call our shareholder services department at 800-386-3829.

I look forward to reporting to you again at the end of our fiscal year.

Sincerely,

David S. DeVito

President, Chief Executive Officer and Director

3

TCW Funds, Inc.

Performance Summary (Unaudited)

	Total Return
	Annualized as of April 30, 2015 (1)
	NAV		1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Concentrated Value Fund
I Class	$	19.98		11.98	%		12.60	%		6.35	%		6.35	%		11/01/04
N Class	$	19.77		11.99	%		12.36	%		6.20	%		5.96	% (2)		07/20/98	(3)
TCW Conservative Allocation Fund
I Class	$	12.50		8.69	%		7.01	%		N/A			5.85	%		11/16/06
N Class	$	12.47		8.09	%		6.70	%		N/A			5.66	%		11/16/06
TCW Global Real Estate Fund
I Class	$	10.13		N/A			N/A			N/A			2.22	% (4)		12/01/14
N Class	$	10.13		N/A			N/A			N/A			2.22	% (4)		12/01/14
TCW Growth Equities Fund
I Class	$	12.32		12.50	%		10.20	%		9.83	%		8.30	%		03/01/04
N Class	$	12.23		12.50	%		10.19	%		9.79	%		8.26	%		03/01/04
TCW High Dividend Equities Fund
I Class	$	10.33		N/A			N/A			N/A			4.42	% (4)		12/01/14
N Class	$	10.33		N/A			N/A			N/A			4.42	% (4)		12/01/14
TCW Relative Value Dividend Appreciation Fund
I Class	$	17.18		8.95	%		14.20	%		7.40	%		7.65	%		11/01/04
N Class	$	17.47		8.68	%		13.88	%		7.08	% (5)		9.51	% (5)		09/19/86	(3)
TCW Relative Value Large Cap Fund
I Class	$	22.92		9.83	%		13.74	%		7.42	%		8.11	%		01/02/04
N Class	$	22.87		9.50	%		13.46	%		7.18	% (5)		6.58	% (5)		01/02/98	(3)
TCW Relative Value Mid Cap Fund
I Class	$	24.71		6.24	%		13.00	%		7.78	%		11.19	% (6)		11/01/96	(3)
N Class	$	24.15		5.97	%		12.68	%		7.45	%		8.43	%		11/01/00
TCW Select Equities Fund
I Class	$	27.29		16.50	%		14.04	%		8.63	%		10.00	% (6)		07/01/91	(3)
N Class	$	25.73		16.20	%		13.71	%		8.34	%		5.44	%		03/01/99
TCW Small Cap Growth Fund
I Class	$	30.28		18.95	%		9.19	%		11.39	%		9.61	% (6)		12/01/89	(3)
N Class	$	28.27		18.77	%		8.88	%		11.07	%		4.58	%		03/01/99
TCW SMID Cap Growth Fund
I Class	$	15.10		11.88	%		N/A			N/A			10.36	%		11/01/10
N Class	$	15.10		11.88	%		N/A			N/A			10.36	%		11/01/10

(1) Past performance is not indicative of future performance.

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

(3) Inception date of the predecessor entity.

(4) Cumulative return from Inception Date through April 30, 2015.

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

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

4

TCW Concentrated Value Fund

Schedule of Investments (Unaudited) April 30, 2015

Number of Shares		Common Stock	Value
		Aerospace & Defense (5.5% of Net Assets)
	3,000	Honeywell International, Inc.	$	302,760
	1,975	TransDigm Group, Inc.		418,957
		Total Aerospace & Defense		721,717
		Airlines (4.2%)
	7,850	American Airlines Group, Inc.		379,037
	3,720	Delta Air Lines, Inc.		166,061
		Total Airlines		545,098
		Banks (11.3%)
	4,850	JPMorgan Chase & Co.		306,811
	4,205	M&T Bank Corp.		503,212
	12,005	Wells Fargo & Co.		661,476
		Total Banks		1,471,499
		Beverages (3.1%)
	3,325	Anheuser-Busch InBev NV (Belgium) (SP ADR)		399,133
		Biotechnology (5.7%)
	2,500	Amgen, Inc.		394,775
	3,285	Celgene Corp. (1)		354,977
		Total Biotechnology		749,752
		Capital Markets (3.2%)
	2,140	Goldman Sachs Group, Inc. (The)		420,339
		Chemicals (5.0%)
	2,025	Air Products & Chemicals, Inc.		290,446
	3,270	Ecolab, Inc.		366,174
		Total Chemicals		656,620
		Containers & Packaging (3.4%)
	9,705	Sealed Air Corp.		442,548
		Energy Equipment & Services (1.1%)
	1,500	Schlumberger, Ltd.		141,915
		Food & Staples Retailing (3.2%)
	4,240	CVS Health Corp.		420,990
		Food Products (6.1%)
	3,550	Hershey Co. (The)		326,316
	4,875	Mead Johnson Nutrition Co.		467,610
		Total Food Products		793,926
		Health Care Providers & Services (2.1%)
	1,205	McKesson Corp.		269,197
		Hotels, Restaurants & Leisure (2.1%)
	2,490	Wynn Resorts, Ltd.		276,564

See accompanying notes to financial statements.

5

TCW Concentrated Value Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Industrial Conglomerates (2.4%)
	1,830	Roper Technologies, Inc.	$	307,751
		Life Sciences Tools & Services (2.8%)
	2,935	Thermo Fisher Scientific, Inc.		368,871
		Machinery (4.2%)
	7,505	Allison Transmission Holdings, Inc.		230,253
	4,245	IDEX Corp.		318,418
		Total Machinery		548,671
		Multiline Retail (5.7%)
	4,380	Dollar General Corp.		318,470
	5,535	Dollar Tree, Inc. (1)		422,929
		Total Multiline Retail		741,399
		Oil, Gas & Consumable Fuels (6.1%)
	3,000	EOG Resources, Inc.		296,850
	9,630	Williams Companies, Inc. (The)		492,960
		Total Oil, Gas & Consumable Fuels		789,810
		Pharmaceuticals (5.5%)
	5,940	AbbVie, Inc.		384,081
	1,162	Actavis PLC (Ireland) (1)		328,683
		Total Pharmaceuticals		712,764
		Road & Rail (2.0%)
	2,440	Union Pacific Corp.		259,201
		Specialty Retail (1.9%)
	1,785	Advance Auto Parts, Inc.		255,255
		Technology Hardware, Storage & Peripherals (5.4%)
	3,610	Apple, Inc.		451,791
	2,565	Western Digital Corp.		250,703
		Total Technology Hardware, Storage & Peripherals		702,494
		Textiles, Apparel & Luxury Goods (2.0%)
	2,515	PVH Corp.		259,925
		Total Common Stock (Cost: $11,077,691) (94.0%)		12,255,439

See accompanying notes to financial statements.

6

TCW Concentrated Value Fund

April 30, 2015

Number of Shares		Master Limited Partnership	Value
		Oil, Gas & Consumable Fuels (6.8%)
	5,366	EQT Midstream Partners LP	$	473,281
	4,918	Magellan Midstream Partners LP		410,653
		Total Oil, Gas & Consumable Fuels		883,934
		Total Master Limited Partnership (Cost: $843,016) (6.8%)		883,934
		Total Investments (Cost: $11,920,707) (100.8%)		13,139,373
		Liabilities in Excess of Other Assets (-0.8%)		(104,058	)
		Net Assets (100.0%)	$	13,035,315

Notes to the Schedule of Investments:

(1) Non-income producing security.

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 financial statements.

7

TCW Concentrated Value Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Aerospace & Defense		5.5	%
Airlines		4.2
Banks		11.3
Beverages		3.1
Biotechnology		5.7
Capital Markets		3.2
Chemicals		5.0
Containers & Packaging		3.4
Energy Equipment & Services		1.1
Food & Staples Retailing		3.2
Food Products		6.1
Health Care Providers & Services		2.1
Hotels, Restaurants & Leisure		2.1
Industrial Conglomerates		2.4
Life Sciences Tools & Services		2.8
Machinery		4.2
Multiline Retail		5.7
Oil, Gas & Consumable Fuels		12.9
Pharmaceuticals		5.5
Road & Rail		2.0
Specialty Retail		1.9
Technology Hardware, Storage & Peripherals		5.4
Textiles, Apparel & Luxury Goods		2.0
Total		100.8	%

See accompanying notes to financial statements.

8

TCW Conservative Allocation Fund

Schedule of Investments (Unaudited) April 30, 2015

Number of Shares		Affiliated Investment Companies	Value
		Diversified U.S. Equity Funds (51.8% of Net Assets)
	134,360	TCW Global Real Estate Fund — I Class (1)	$	1,361,062
	140,342	TCW Growth Equities Fund — I Class (1)(2)		1,729,014
	166,546	TCW High Dividend Equities Fund — I Class (1)		1,720,416
	210,302	TCW Relative Value Large Cap Fund — I Class (1)		4,820,118
	55,349	TCW Relative Value Mid Cap Fund — I Class (1)		1,367,681
	260,494	TCW Select Equities Fund — I Class (1)		7,108,887
		Total Diversified U.S. Equity Funds		18,107,178
		Diversified U.S. Fixed Income Funds (46.0%)
	612,864	Metropolitan West Total Return Bond Fund — I Class (1)		6,723,123
	904,544	TCW Total Return Bond Fund — I Class (1)		9,371,080
		Total Diversified U.S. Fixed Income Funds		16,094,203
		Total Affiliated Investment Companies (Cost: $29,981,907) (97.8%)		34,201,381
		Non Affiliated Investment Companies
		Exchange-Traded Fund (0.9%)
	19,490	ProShares UltraShort MSCI Emerging Markets (2)		310,086
		Total Non Affiliated Investment Companies (Cost: $509,415) (0.9%)		310,086
		Total Investment Companies (Cost: $30,491,322) (98.7%)		34,511,467
		Total Investments (Cost: $30,491,322) (98.7%)		34,511,467
		Excess of Other Assets over Liabilities (1.3%)		462,074
		Net Assets (100.0%)	$	34,973,541

Notes to the Schedule of Investments:

(1) Affiliated issuer.

(2) Non-income producing security.

See accompanying notes to financial statements.

9

TCW Conservative Allocation Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Diversified U.S. Equity Funds		51.8	%
Diversified U.S. Fixed Income Funds		46.0
Exchange-Traded Funds		0.9
Total		98.7	%

See accompanying notes to financial statements.

10

TCW Global Real Estate Fund

Schedule of Investments (Unaudited) April 30, 2015

Number of Shares		Common Stock	Value
		Australia (5.7% of Net Assets)
	24,897	Scentre Group	$	73,097
	9,425	Westfield Corp.		69,843
		Total Australia (Cost: $142,957)		142,940
		China (3.9%)
	8,000	China Overseas Land & Investment, Ltd.		33,269
	10,657	Link REIT (The)		66,100
		Total China (Cost: $92,412)		99,369
		France (4.8%)
	799	Klepierre		38,676
	297	Unibail — Rodamco SE		81,837
		Total France (Cost: $118,415)		120,513
		Germany (Cost: $42,069) (1.7%)
	1,654	Deutsche Wohnen AG		43,295
		Japan (10.0%)
	3,000	Mitsubishi Estate Co., Ltd.		70,452
	2,000	Mitsui Fudosan Co., Ltd.		59,155
	41	Mori Hills REIT Investment Corp.		56,140
	31	Nippon Prologis REIT, Inc.		67,018
		Total Japan (Cost: $250,143)		252,765
		Singapore (Cost: $66,843) (2.8%)
	34,251	Global Logistic Properties, Ltd.		70,966
		United Kingdom (Cost: $55,618) (2.2%)
	4,432	British Land Co. PLC (The)		56,512
		United States (60.7%)
	2,481	American Capital Agency Corp.		51,195
	291	AvalonBay Communities, Inc.		47,823
	284	Boston Properties, Inc.		37,576
	5,506	Chimera Investment Corp.		83,636
	3,030	Colony Capital, Inc.		78,507
	868	Digital Realty Trust, Inc.		55,040
	146	Equinix, Inc.		37,366
	589	Equity Residential		43,504
	915	First Industrial Realty Trust, Inc.		18,053
	1,782	Gaming and Leisure Properties, Inc.		63,617
	1,479	General Growth Properties, Inc.		40,525
	1,644	HCP, Inc.		66,237
	794	Health Care REIT, Inc.		57,184
	1,719	Hospitality Properties Trust		51,707
	3,086	Host Hotels & Resorts, Inc.		62,152
	467	Lennar Corp.		21,389
	842	Macerich Co. (The)		68,842

See accompanying notes to financial statements.

11

TCW Global Real Estate Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		United States (Continued)
	4,033	MDC Holdings, Inc.	$	108,246
	7,055	MFA Financial, Inc.		54,817
	1,449	Prologis, Inc.		58,250
	299	Public Storage		56,185
	525	Simon Property Group, Inc.		95,282
	1,583	Toll Brothers, Inc. (1)		56,260
	3,982	Two Harbors Investment Corp.		41,811
	681	Ventas, Inc.		46,921
	300	Vornado Realty Trust		31,047
	6,604	WP GLIMCHER, Inc.		99,060
		Total United States (Cost: $1,580,018)		1,532,232
		Total Common Stock (Cost: $2,348,475) (91.8%)		2,318,592
		Preferred Stock
		United States (4.5%)
	2,206	NorthStar Realty Finance Corp., 8.75%		58,525
	2,069	Public Storage, 6%		53,504
		Total United States (Cost: $111,352)		112,029
		Total Preferred Stock (Cost: $111,352) (4.5%)		112,029
Principal Amount		Short-Term Investments
		Repurchase Agreement (Cost: $43,078) (1.7%)
$	43,078	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $45,000 U.S. Treasury Note, 1.5%, due 01/31/19 valued at $45,770 (Total Amount to be Received Upon Repurchase $43,078)		43,078
		Total Investments (Cost: $2,502,905) (98.0%)		2,473,699
		Excess of Other Assets over Liabilities (2.0%)		51,162
		Total Net Assets (100.0%)	$	2,524,861

Notes to the Schedule of Investments:

REIT - Real Estate Investment Trust.

(1) Non-income producing security.

See accompanying notes to financial statements.

12

TCW Global Real Estate Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Building-Residential/Commercial		7.4	%
Casino Services		2.5
Real Estate Management/Services		4.5
Real Estate Operations/Development		6.5
REITS-Apartments		3.6
REITS-Diversified		12.6
REITS-Health Care		6.8
REITS-Hotels		4.5
REITS-Mortgage		14.6
REITS-Office Property		1.5
REITS-Regional Malls		8.1
REITS-Shopping Centers		12.2
REITS-Storage		4.3
REITS-Warehouse/Industrial		5.7
Web Hosting/Design		1.5
Short-Term Investments		1.7
Total		98.0	%

See accompanying notes to financial statements.

13

TCW Growth Equities Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Aerospace & Defense (4.2% of Net Assets)
	10,050	BE Aerospace, Inc.	$	600,889
	7,763	HEICO Corp.		433,486
		Total Aerospace & Defense		1,034,375
		Airlines (1.7%)
	5,955	Spirit Airlines, Inc. (1)		407,739
		Auto Components (2.1%)
	8,565	BorgWarner, Inc.		507,048
		Beverages (8.2%)
	2,155	Boston Beer Co., Inc. (1)		534,009
	5,400	Constellation Brands, Inc. (1)		626,076
	6,090	Monster Beverage Corp. (1)		835,000
		Total Beverages		1,995,085
		Biotechnology (4.6%)
	5,290	Alkermes PLC (Ireland) (1)		292,907
	3,085	BioMarin Pharmaceutical, Inc. (1)		345,674
	2,635	Incyte Corp. (1)		256,017
	3,885	Isis Pharmaceuticals, Inc. (1)		220,357
		Total Biotechnology		1,114,955
		Capital Markets (2.2%)
	27,710	WisdomTree Investments, Inc.		527,598
		Diversified Consumer Services (2.1%)
	5,875	MarketAxess Holdings, Inc.		504,369
		Electrical Equipment (1.9%)
	3,935	Rockwell Automation, Inc.		466,691
		Energy Equipment & Services (3.0%)
	5,585	Core Laboratories NV (Netherlands)		733,199
		Food & Staples Retailing (1.8%)
	5,426	Pricesmart, Inc.		436,576
		Food Products (6.0%)
	13,775	Hain Celestial Group, Inc. (The) (1)		829,806
	14,199	WhiteWave Foods Co. (The) (1)		624,330
		Total Food Products		1,454,136
		Health Care Equipment & Supplies (3.0%)
	1,465	Intuitive Surgical, Inc. (1)		726,611
		Health Care Technology (4.6%)
	3,260	athenahealth, Inc. (1)		399,872
	9,920	Cerner Corp. (1)		712,355
		Total Health Care Technology		1,112,227

See accompanying notes to financial statements.

14

TCW Growth Equities Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Hotels, Restaurants & Leisure (4.8%)
	8,565	Habit Restaurants, Inc. (The) (1)	$	283,673
	17,803	Hilton Worldwide Holdings, Inc. (1)		515,575
	3,270	Wynn Resorts, Ltd.		363,199
		Total Hotels, Restaurants & Leisure		1,162,447
		Internet & Catalog Retail (3.0%)
	10,020	Etsy, Inc. (1)		222,845
	6,275	TripAdvisor, Inc. (1)		505,075
		Total Internet & Catalog Retail		727,920
		Internet Software & Services (6.3%)
	13,960	Cornerstone OnDemand, Inc. (1)		399,675
	2,050	LinkedIn Corp. (1)		516,866
	15,930	Twitter, Inc. (1)		620,633
		Total Internet Software & Services		1,537,174
		Leisure Products (1.4%)
	2,500	Polaris Industries, Inc.		342,400
		Life Sciences Tools & Services (1.4%)
	1,886	Illumina, Inc. (1)		347,495
		Machinery (8.1%)
	3,270	Cummins, Inc.		452,110
	6,330	Graco, Inc.		453,355
	5,400	Middleby Corp. (The) (1)		547,236
	5,370	Wabtec Corp.		505,048
		Total Machinery		1,957,749
		Road & Rail (1.7%)
	4,040	Kansas City Southern		414,060
		Semiconductors & Semiconductor Equipment (3.2%)
	7,083	ARM Holdings PLC (United Kingdom) (SP ADR)		361,162
	18,880	NVIDIA Corp.		419,042
		Total Semiconductors & Semiconductor Equipment		780,204
		Software (14.4%)
	6,330	ANSYS, Inc. (1)		543,367
	14,520	FireEye, Inc. (1)		599,676
	10,695	Mobileye NV (Netherlands) (1)		479,778
	9,735	ServiceNow, Inc. (1)		728,762
	8,255	Splunk, Inc. (1)		547,678
	6,595	Workday, Inc. (1)		601,530
		Total Software		3,500,791
		Specialty Retail (4.1%)
	4,200	CarMax, Inc. (1)		286,062

See accompanying notes to financial statements.

15

TCW Growth Equities Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Specialty Retail (Continued)
	12,900	Dick’s Sporting Goods, Inc.	$	699,954
		Total Specialty Retail		986,016
		Textiles, Apparel & Luxury Goods (4.6%)
	14,890	Kate Spade & Co. (1)		486,903
	8,060	Under Armour, Inc. (1)		625,053
		Total Textiles, Apparel & Luxury Goods		1,111,956
		Total Common Stock (Cost: $16,311,264) (98.4%)		23,888,821
Principal Amount		Short-Term Investments
		Repurchase Agreement (Cost: $514,955) (2.1%)
$	514,955	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $530,000 Federal National Mortgage Association, 2.08%, due 11/02/22 valued at $528,563) (Total Amount to be Received Upon Repurchase $514,955)		514,955
		Total Investments (Cost: $16,826,219) (100.5%)		24,403,776
		Liabilities in Excess of Other Assets (-0.5%)		(132,901	)
		Net Assets (100.0%)	$	24,270,875

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 financial statements.

16

TCW Growth Equities Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Aerospace & Defense		4.2	%
Airlines		1.7
Auto Components		2.1
Beverages		8.2
Biotechnology		4.6
Capital Markets		2.2
Diversified Consumer Services		2.1
Electrical Equipment		1.9
Energy Equipment & Services		3.0
Food & Staples Retailing		1.8
Food Products		6.0
Health Care Equipment & Supplies		3.0
Health Care Technology		4.6
Hotels, Restaurants & Leisure		4.8
Internet & Catalog Retail		3.0
Internet Software & Services		6.3
Leisure Products		1.4
Life Sciences Tools & Services		1.4
Machinery		8.1
Road & Rail		1.7
Semiconductors & Semiconductor Equipment		3.2
Software		14.4
Specialty Retail		4.1
Textiles, Apparel & Luxury Goods		4.6
Short-Term Investments		2.1
Total		100.5	%

See accompanying notes to financial statements.

17

TCW High Dividend Equities Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Airlines (1.5% of Net Assets)
	650	Copa Holdings S.A. (Panama)	$	72,079
		Banks (10.0%)
	2,090	M&T Bank Corp.		250,110
	4,330	Wells Fargo & Co.		238,583
		Total Banks		488,693
		Beverages (2.9%)
	3,515	Coca-Cola Co. (The)		142,568
		Capital Markets (7.6%)
	11,280	Ares Capital Corp.		191,985
	9,835	TPG Specialty Lending, Inc.		178,604
		Total Capital Markets		370,589
		Commercial Services & Supplies (0.7%)
	655	Waste Management, Inc.		32,442
		Communications Equipment (3.6%)
	2,600	QUALCOMM, Inc.		176,800
		Diversified Telecommunication Services (6.0%)
	445	Cogent Communications Group, Inc.		15,571
	5,510	Verizon Communications, Inc.		277,924
		Total Diversified Telecommunication Services		293,495
		Energy Equipment & Services (0.7%)
	1,585	Patterson-UTI Energy, Inc.		35,425
		Food & Staples Retailing (1.1%)
	695	Wal-Mart Stores, Inc.		54,245
		Hotels, Restaurants & Leisure (1.4%)
	210	McDonald’s Corp.		20,276
	450	Wynn Resorts, Ltd.		49,981
		Total Hotels, Restaurants & Leisure		70,257
		Household Durables (4.2%)
	7,770	MDC Holdings, Inc.		208,547
		Independent Power and Renewable Electricity Producers (2.2%)
	3,655	Pattern Energy Group, Inc.		105,922
		IT Services (6.2%)
	1,770	International Business Machines Corp.		303,183
		Multiline Retail (0.5%)
	335	Target Corp.		26,408
		Oil, Gas & Consumable Fuels (9.6%)
	1,530	Chevron Corp.		169,922

See accompanying notes to financial statements.

18

TCW High Dividend Equities Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Oil, Gas & Consumable Fuels (Continued)
	2,015	Occidental Petroleum Corp.	$	161,401
	2,735	Williams Companies, Inc. (The)		140,005
		Total Oil, Gas & Consumable Fuels		471,328
		Pharmaceuticals (6.6%)
	1,665	AbbVie, Inc.		107,659
	735	Merck & Co., Inc.		43,776
	1,090	Teva Pharmaceutical Industries, Ltd. (Israel) (SP ADR)		65,858
	6,415	Theravance, Inc.		104,244
		Total Pharmaceuticals		321,537
		REIT (17.0%)
	7,305	Colony Capital, Inc.		189,272
	5,890	Gaming and Leisure Properties, Inc.		210,273
	610	Lamar Advertising Co.		35,356
	12,130	Two Harbors Investment Corp.		127,365
	17,965	WP GLIMCHER, Inc.		269,475
		Total REIT		831,741
		Road & Rail (0.7%)
	315	Union Pacific Corp.		33,463
		Software (0.5%)
	545	Microsoft Corp.		26,509
		Specialty Retail (1.0%)
	3,100	Staples, Inc.		50,592
		Technology Hardware, Storage & Peripherals (0.5%)
	200	Apple, Inc.		25,030
		Tobacco (1.0%)
	965	Altria Group, Inc.		48,298
		Total Common Stock (Cost: $4,115,822) (85.5%)		4,189,151
		Preferred Stock
		Banks (3.4%)
	6,475	Bank of America Corp., 6.5%		167,055
		REIT (6.0%)
	5,195	NorthStar Realty Finance Corp., 8.75%		137,823
	6,235	Public Storage, 5.75% (1)		156,810
		Total REIT		294,633
		Total Preferred Stock (Cost: $462,231) (9.4%)		461,688

See accompanying notes to financial statements.

19

TCW High Dividend Equities Fund

Schedule of Investments (Unaudited) (Continued)

Principal Amount		Short-Term Investments	Value
		Repurchase Agreement (Cost: $233,579) (4.8%)
$	233,579	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $235,000 U.S. Treasury Note, 1.5%, due 1/31/19 valued at $239,023) (Total Amount to be Received Upon Repurchase $233,579)	$	233,579
		Total Investments (Cost: $4,811,632) (99.7%)		4,884,418
		Excess of Other Assets over Liabilities (0.3%)		15,121
		Net Assets (100.0%)	$	4,899,539

Written Options - Exchange Traded
Number of Contracts		Description	Premiums (Received)			Value
	2	Apple, Inc., Call, Strike Price $130, Expires 05/15/2015	$	(848	)	$	(192	)
	3	Target Corp., Call, Strike Price $83, Expires 05/15/2015		(528	)		(39	)
		Total Written Options	$	(1,376	)	$	(231	)

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) All or a portion of this security is segregated to cover for written options.

See accompanying notes to financial statements.

20

TCW High Dividend Equities Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Airlines		1.5	%
Banks		13.4
Beverages		2.9
Capital Markets		7.6
Commercial Services & Supplies		0.7
Communications Equipment		3.6
Diversified Telecommunication Services		6.0
Energy Equipment & Services		0.7
Food & Staples Retailing		1.1
Hotels, Restaurants & Leisure		1.4
Household Durables		4.2
Independent Power and Renewable Electricity Producers		2.2
IT Services		6.2
Multiline Retail		0.5
Oil, Gas & Consumable Fuels		9.6
Pharmaceuticals		6.6
REIT		23.0
Road & Rail		0.7
Software		0.5
Specialty Retail		1.0
Technology Hardware, Storage & Peripherals		0.5
Tobacco		1.0
Short-Term Investments		4.8
Total		99.7	%

See accompanying notes to financial statements.

21

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Aerospace & Defense (2.2% of Net Assets)
	569,585	Textron, Inc.	$	25,050,348
		Air Freight & Logistics (2.2%)
	142,880	FedEx Corp.		24,228,162
		Banks (6.5%)
	660,000	Citigroup, Inc.		35,191,200
	591,304	JPMorgan Chase & Co.		37,405,891
		Total Banks		72,597,091
		Beverages (2.6%)
	301,745	PepsiCo, Inc.		28,701,984
		Capital Markets (6.3%)
	264,271	Ameriprise Financial, Inc.		33,107,871
	485,200	State Street Corp.		37,418,624
		Total Capital Markets		70,526,495
		Chemicals (1.8%)
	280,165	Du Pont (E.I.) de Nemours & Co.		20,508,078
		Commercial Services & Supplies (2.7%)
	309,114	ADT Corp. (The)		11,622,686
	466,505	Tyco International PLC (Ireland)		18,370,967
		Total Commercial Services & Supplies		29,993,653
		Communications Equipment (2.9%)
	1,138,185	Cisco Systems, Inc.		32,813,874
		Consumer Finance (2.1%)
	959,967	Navient Corp.		18,757,755
	516,767	SLM Corp.		5,265,856
		Total Consumer Finance		24,023,611
		Containers & Packaging (0.9%)
	185,298	Avery Dennison Corp.		10,300,716
		Diversified Financial Services (0.8%)
	42,400	Intercontinental Exchange, Inc.		9,520,072
		Diversified Telecommunication Services (4.0%)
	473,860	AT&T, Inc.		16,414,510
	1,544,800	Deutsche Telekom AG (Germany) (SP ADR)		28,377,976
		Total Diversified Telecommunication Services		44,792,486
		Electric Utilities (1.4%)
	277,600	American Electric Power Co., Inc.		15,787,112
		Electronic Equipment, Instruments & Components (1.3%)
	695,095	Corning, Inc.		14,548,338

See accompanying notes to financial statements.

22

TCW Relative Value Dividend Appreciation Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Energy Equipment & Services (3.8%)
	241,800	Baker Hughes, Inc.	$	16,553,628
	828,292	Nabors Industries, Ltd.		13,832,476
	126,300	Schlumberger, Ltd.		11,949,243
		Total Energy Equipment & Services		42,335,347
		Food & Staples Retailing (1.5%)
	469,100	Sysco Corp.		17,370,773
		Food Products (2.9%)
	280,100	Campbell Soup Co.		12,523,271
	516,615	Mondelez International, Inc.		19,822,518
		Total Food Products		32,345,789
		Health Care Providers & Services (2.3%)
	47,800	Catamaran Corp. (1)		2,836,930
	319,050	Quest Diagnostics, Inc		22,786,551
		Total Health Care Providers & Services		25,623,481
		Household Durables (1.3%)
	310,271	Lennar Corp.		14,210,412
		Independent Power and Renewable Electricity Producers (0.7%)
	572,000	AES Corp.		7,579,000
		Industrial Conglomerates (6.6%)
	1,602,550	General Electric Co.		43,397,054
	1,057,845	Koninklijke Philips Electronics NV (Netherlands) (NYRS)		30,264,945
		Total Industrial Conglomerates		73,661,999
		Insurance (6.5%)
	332,600	Allstate Corp. (The)		23,168,916
	425,880	MetLife, Inc.		21,843,385
	281,000	Travelers Cos., Inc. (The)		28,411,910
		Total Insurance		73,424,211
		Machinery (1.2%)
	226,032	Pentair PLC (United Kingdom)		14,047,889
		Media (5.5%)
	511,462	Comcast Corp.		29,542,045
	815,800	Regal Entertainment Group		17,947,600
	628,536	Time, Inc.		14,349,477
		Total Media		61,839,122
		Oil, Gas & Consumable Fuels (3.4%)
	239,300	Chesapeake Energy Corp.		3,773,761
	313,760	Chevron Corp.		34,846,186
		Total Oil, Gas & Consumable Fuels		38,619,947

See accompanying notes to financial statements.

23

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Personal Products (0.8%)
	1,070,159	Avon Products, Inc.	$	8,743,199
		Pharmaceuticals (7.1%)
	226,400	Johnson & Johnson		22,458,880
	441,170	Merck & Co., Inc.		26,276,085
	924,900	Pfizer, Inc.		31,381,857
		Total Pharmaceuticals		80,116,822
		REIT (1.2%)
	539,400	Kimco Realty Corp.		12,999,540
		Semiconductors & Semiconductor Equipment (5.8%)
	176,400	Broadcom Corp.		7,797,762
	792,336	Intel Corp.		25,790,537
	583,460	Maxim Integrated Products, Inc.		19,154,992
	253,800	Microchip Technology, Inc.		12,094,839
		Total Semiconductors & Semiconductor Equipment		64,838,130
		Software (2.8%)
	654,775	Microsoft Corp.		31,848,256
		Specialty Retail (3.5%)
	517,065	Gap, Inc. (The)		20,496,456
	174,114	Home Depot, Inc. (The)		18,626,716
		Total Specialty Retail		39,123,172
		Technology Hardware, Storage & Peripherals (2.8%)
	545,065	Seagate Technology PLC (Netherlands)		32,006,217
		Textiles, Apparel & Luxury Goods (0.6%)
	174,000	Coach, Inc.		6,648,540
		Thrifts & Mortgage Finance (1.5%)
	965,400	New York Community Bancorp, Inc.		16,595,226
		Total Common Stock (Cost: $853,541,037) (99.5%)		1,117,369,092

See accompanying notes to financial statements.

24

TCW Relative Value Dividend Appreciation Fund

April 30, 2015

Principal Amount		Short-Term Investments	Value
		Repurchase Agreement (Cost: $4,344,180) (0.4%)
$	4,344,180	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $4,500,000 Federal Home Loan Mortgage Corp., 1.96%, due 11/07/22, valued at $4,434,210) (Total Amount to be Received Upon Repurchase $4,344,180)	$	4,344,180
		Total Investments (Cost: $857,885,217) (99.9%)		1,121,713,272
		Excess of Other Assets over Liabilities (0.1%)		1,162,040
		Net Assets (100.0%)	$	1,122,875,312

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 financial statements.

25

TCW Relative Value Dividend Appreciation Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Aerospace & Defense		2.2	%
Air Freight & Logistics		2.2
Banks		6.5
Beverages		2.6
Capital Markets		6.3
Chemicals		1.8
Commercial Services & Supplies		2.7
Communications Equipment		2.9
Consumer Finance		2.1
Containers & Packaging		0.9
Diversified Financial Services		0.8
Diversified Telecommunication Services		4.0
Electric Utilities		1.4
Electronic Equipment, Instruments & Components		1.3
Energy Equipment & Services		3.8
Food & Staples Retailing		1.5
Food Products		2.9
Health Care Providers & Services		2.3
Household Durables		1.3
Independent Power and Renewable Electricity Producers		0.7
Industrial Conglomerates		6.6
Insurance		6.5
Machinery		1.2
Media		5.5
Oil, Gas & Consumable Fuels		3.4
Personal Products		0.8
Pharmaceuticals		7.1
REIT		1.2
Semiconductors & Semiconductor Equipment		5.8
Software		2.8
Specialty Retail		3.5
Technology Hardware, Storage & Peripherals		2.8
Textiles, Apparel & Luxury Goods		0.6
Thrifts & Mortgage Finance		1.5
Short-Term Investments		0.4
Total		99.9	%

See accompanying notes to financial statements.

26

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited) April 30, 2015

Number of Shares		Common Stock	Value
		Aerospace & Defense (3.2% of Net Assets)
	536,510	Textron, Inc.	$	23,595,710
		Auto Components (2.3%)
	764,470	Dana Holding Corp.		16,489,618
		Banks (6.2%)
	435,900	Citigroup, Inc.		23,242,188
	349,258	JPMorgan Chase & Co.		22,094,061
		Total Banks		45,336,249
		Beverages (2.4%)
	184,100	PepsiCo, Inc.		17,511,592
		Biotechnology (0.9%)
	67,600	Gilead Sciences, Inc. (1)		6,794,476
		Capital Markets (5.8%)
	169,526	Ameriprise Financial, Inc.		21,238,217
	273,100	State Street Corp.		21,061,472
		Total Capital Markets		42,299,689
		Commercial Services & Supplies (2.8%)
	231,705	ADT Corp. (The)		8,712,108
	298,815	Tyco International PLC (Ireland)		11,767,335
		Total Commercial Services & Supplies		20,479,443
		Communications Equipment (2.7%)
	684,690	Cisco Systems, Inc.		19,739,613
		Consumer Finance (1.6%)
	611,976	Navient Corp.		11,958,011
		Containers & Packaging (2.5%)
	397,281	Sealed Air Corp.		18,116,014
		Diversified Financial Services (0.9%)
	28,600	Intercontinental Exchange, Inc.		6,421,558
		Diversified Telecommunication Services (1.3%)
	270,400	AT&T, Inc.		9,366,656
		Electric Utilities (1.3%)
	168,350	American Electric Power Co., Inc.		9,574,064
		Electronic Equipment, Instruments & Components (1.6%)
	548,690	Corning, Inc.		11,484,082
		Energy Equipment & Services (4.1%)
	219,250	Baker Hughes, Inc.		15,009,855
	202,900	Ensco PLC (United Kingdom)		5,535,112
	539,625	Nabors Industries, Ltd.		9,011,737
		Total Energy Equipment & Services		29,556,704

See accompanying notes to financial statements.

27

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Food & Staples Retailing (1.5%)
	297,100	Sysco Corp.	$	11,001,613
		Food Products (2.2%)
	412,855	Mondelez International, Inc.		15,841,246
		Health Care Providers & Services (6.6%)
	120,884	Anthem, Inc.		18,245,022
	237,000	Catamaran Corp. (1)		14,065,950
	126,406	Cigna Corp.		15,755,244
		Total Health Care Providers & Services		48,066,216
		Household Durables (2.1%)
	330,263	Lennar Corp.		15,126,045
		Independent Power and Renewable Electricity Producers (1.9%)
	1,047,300	AES Corporation (The)		13,876,725
		Industrial Conglomerates (3.9%)
	1,033,850	General Electric Co.		27,996,658
		Insurance (4.4%)
	355,685	Hartford Financial Services Group, Inc.		14,501,277
	171,570	Travelers Cos., Inc. (The)		17,347,443
		Total Insurance		31,848,720
		Machinery (2.8%)
	153,767	Pentair PLC (United Kingdom)		9,556,619
	404,030	Terex Corp.		11,094,664
		Total Machinery		20,651,283
		Media (3.6%)
	451,855	Comcast Corp.		26,099,145
		Metals & Mining (1.7%)
	362,190	Allegheny Technologies, Inc.		12,310,838
		Multiline Retail (1.2%)
	1,011,700	J.C. Penney Co., Inc. (1)		8,397,110
		Oil, Gas & Consumable Fuels (3.5%)
	458,300	Chesapeake Energy Corp.		7,227,391
	161,700	Chevron Corp.		17,958,402
		Total Oil, Gas & Consumable Fuels		25,185,793
		Pharmaceuticals (7.4%)
	113,650	Johnson & Johnson		11,274,080
	260,050	Merck & Co., Inc.		15,488,578
	126,290	Mylan NV (Netherlands) (1)		9,125,715
	521,450	Pfizer, Inc.		17,692,799
		Total Pharmaceuticals		53,581,172

See accompanying notes to financial statements.

28

TCW Relative Value Large Cap Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Semiconductors & Semiconductor Equipment (4.2%)
	542,375	Applied Materials, Inc.	$	10,733,601
	158,300	Broadcom Corp.		6,997,652
	397,939	Intel Corp.		12,952,914
		Total Semiconductors & Semiconductor Equipment		30,684,167
		Software (2.7%)
	398,990	Microsoft Corp.		19,406,874
		Specialty Retail (4.6%)
	412,820	Gap, Inc. (The)		16,364,185
	161,100	Home Depot, Inc. (The)		17,234,478
		Total Specialty Retail		33,598,663
		Technology Hardware, Storage & Peripherals (3.2%)
	167,200	NetApp, Inc.		6,061,000
	176,540	Western Digital Corp.		17,255,019
		Total Technology Hardware, Storage & Peripherals		23,316,019
		Total Common Stock (Cost: $464,881,574) (97.1%)		705,711,766
Principal Amount		Short-Term Investments
		Repurchase Agreement (Cost: $23,880,687) (3.3%)
$	23,880,687	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $24,655,000 Federal Home Loan Mortgage Corp., 2%, due 11/02/22, valued at $24,359,091) (Total Amount to be Received Upon Repurchase $23,880,687)		23,880,687
		Total Investments (Cost: $488,762,261) (100.4%)		729,592,453
		Liabilities in Excess of Other Assets (-0.4%)		(2,958,423	)
		Net Assets (100.0%)	$	726,634,030

Notes to the Schedule of Investments:

(1) Non-income producing security.

See accompanying notes to financial statements.

29

TCW Relative Value Large Cap Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Aerospace & Defense		3.2	%
Auto Components		2.3
Banks		6.2
Beverages		2.4
Biotechnology		0.9
Capital Markets		5.8
Commercial Services & Supplies		2.8
Communications Equipment		2.7
Consumer Finance		1.6
Containers & Packaging		2.5
Diversified Financial Services		0.9
Diversified Telecommunication Services		1.3
Electric Utilities		1.3
Electronic Equipment, Instruments & Components		1.6
Energy Equipment & Services		4.1
Food & Staples Retailing		1.5
Food Products		2.2
Health Care Providers & Services		6.6
Household Durables		2.1
Independent Power and Renewable Electricity Producers		1.9
Industrial Conglomerates		3.9
Insurance		4.4
Machinery		2.8
Media		3.6
Metals & Mining		1.7
Multiline Retail		1.2
Oil, Gas & Consumable Fuels		3.5
Pharmaceuticals		7.4
Semiconductors & Semiconductor Equipment		4.2
Software		2.7
Specialty Retail		4.6
Technology Hardware, Storage & Peripherals		3.2
Short-Term Investments		3.3
Total		100.4	%

See accompanying notes to financial statements.

30

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited) April 30, 2015

Number of Shares		Common Stock	Value
		Aerospace & Defense (2.1% of Net Assets)
	67,045	Textron, Inc.	$	2,948,639
		Auto Components (3.5%)
	161,350	Dana Holding Corp.		3,480,319
	24,015	Tenneco, Inc. (1)		1,403,677
		Total Auto Components		4,883,996
		Banks (7.5%)
	31,266	Comerica, Inc.		1,482,321
	200,493	KeyCorp		2,897,124
	82,865	Popular, Inc. (1)		2,687,312
	88,329	Synovus Financial Corp.		2,443,180
	55,400	Umpqua Holdings Corp.		942,354
		Total Banks		10,452,291
		Capital Markets (4.8%)
	75,000	E*TRADE Financial Corp. (1)		2,159,250
	20,400	Evercore Partners, Inc.		984,096
	65,788	Invesco, Ltd.		2,724,939
	91,900	RCS Capital Corp.		789,421
		Total Capital Markets		6,657,706
		Chemicals (1.8%)
	27,700	Axiall Corp.		1,130,160
	19,638	Celanese Corp. — Series A		1,303,178
		Total Chemicals		2,433,338
		Communications Equipment (2.5%)
	167,200	Brocade Communications Systems, Inc.		1,889,360
	117,360	Polycom, Inc. (1)		1,531,548
		Total Communications Equipment		3,420,908
		Construction & Engineering (1.6%)
	50,233	Jacobs Engineering Group, Inc. (1)		2,152,986
		Construction Materials (1.3%)
	21,344	Vulcan Materials Co.		1,825,339
		Consumer Finance (2.5%)
	91,047	Navient Corp.		1,779,058
	166,847	SLM Corp.		1,700,171
		Total Consumer Finance		3,479,229
		Containers & Packaging (2.3%)
	70,609	Sealed Air Corp.		3,219,770
		Diversified Telecommunication Services (0.3%)
	36,879	Windstream Holdings, Inc.		430,747

See accompanying notes to financial statements.

31

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Energy Equipment & Services (3.5%)
	32,720	Atwood Oceanics, Inc.	$	1,092,194
	130,199	Nabors Industries, Ltd.		2,174,323
	159,050	Newpark Resources, Inc. (1)		1,631,853
		Total Energy Equipment & Services		4,898,370
		Food & Staples Retailing (1.0%)
	36,300	Sysco Corp.		1,344,189
		Food Products (1.2%)
	36,900	Campbell Soup Co.		1,649,799
		Health Care Equipment & Supplies (1.4%)
	40,800	Alere, Inc. (1)		1,937,184
		Health Care Providers & Services (4.7%)
	6,000	Catamaran Corp. (1)		356,100
	27,755	Cigna Corp.		3,459,383
	37,600	Quest Diagnostics, Inc.		2,685,392
		Total Health Care Providers & Services		6,500,875
		Hotels, Restaurants & Leisure (1.5%)
	57,836	International Speedway Corp.		2,102,917
		Household Durables (5.9%)
	91,355	Beazer Homes USA, Inc. (1)		1,599,626
	103,360	KB Home		1,497,687
	42,020	Lennar Corp.		1,924,516
	89,415	Toll Brothers, Inc. (1)		3,177,809
		Total Household Durables		8,199,638
		Independent Power and Renewable Electricity Producers (1.9%)
	200,400	AES Corporation (The)		2,655,300
		Insurance (3.3%)
	35,386	Arch Capital Group, Ltd. (1)		2,147,222
	68,005	Assured Guaranty, Ltd.		1,767,450
	6,845	Reinsurance Group of America, Inc.		627,139
		Total Insurance		4,541,811
		IT Services (0.7%)
	8,600	DST Systems, Inc.		989,688
		Machinery (6.0%)
	22,609	Dover Corp.		1,711,954
	17,500	Joy Global, Inc.		746,200
	51,100	Kennametal, Inc.		1,809,451
	29,755	SPX Corp.		2,291,135
	65,398	Terex Corp.		1,795,829
		Total Machinery		8,354,569

See accompanying notes to financial statements.

32

TCW Relative Value Mid Cap Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Metals & Mining (4.3%)
	70,271	Allegheny Technologies, Inc.	$	2,388,512
	127,507	Commercial Metals Co.		2,116,616
	52,940	Worthington Industries, Inc.		1,430,968
		Total Metals & Mining		5,936,096
		Multi-Utilities (1.0%)
	42,000	Avista Corp.		1,370,040
		Multiline Retail (2.3%)
	381,040	J.C. Penney Co., Inc. (1)		3,162,632
		Oil, Gas & Consumable Fuels (2.3%)
	80,300	Chesapeake Energy Corp.		1,266,331
	48,700	Newfield Exploration Co. (1)		1,910,988
		Total Oil, Gas & Consumable Fuels		3,177,319
		Personal Products (0.7%)
	123,560	Avon Products, Inc.		1,009,485
		Pharmaceuticals (0.5%)
	9,470	Mylan NV (Netherlands) (1)		684,302
		Real Estate Management & Development (0.9%)
	7,775	Jones Lang LaSalle, Inc.		1,291,116
		REIT (5.0%)
	101,260	DiamondRock Hospitality Co.		1,373,086
	43,008	Geo Group, Inc. (The)		1,677,312
	15,275	Health Care REIT, Inc.		1,100,105
	67,645	Kimco Realty Corp.		1,630,244
	34,365	Liberty Property Trust		1,197,277
		Total REIT		6,978,024
		Semiconductors & Semiconductor Equipment (7.0%)
	45,082	Broadcom Corp.		1,992,850
	68,700	Freescale Semiconductor, Ltd. (1)		2,685,483
	20,110	Lam Research Corp.		1,519,914
	71,046	Maxim Integrated Products, Inc.		2,332,440
	67,348	Teradyne, Inc.		1,229,101
		Total Semiconductors & Semiconductor Equipment		9,759,788
		Software (0.7%)
	15,500	Citrix Systems, Inc. (1)		1,040,980
		Specialty Retail (3.2%)
	12,735	Asbury Automotive Group, Inc. (1)		1,070,122
	23,810	Children’s Place Retail Stores, Inc. (The)		1,444,315
	50,100	Gap, Inc. (The)		1,985,964
		Total Specialty Retail		4,500,401

See accompanying notes to financial statements.

33

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Technology Hardware, Storage & Peripherals (6.1%)
	29,000	NetApp, Inc.	$	1,051,250
	52,155	Seagate Technology PLC (Netherlands)		3,062,542
	44,680	Western Digital Corp.		4,367,023
		Total Technology Hardware, Storage & Peripherals		8,480,815
		Textiles, Apparel & Luxury Goods (1.2%)
	43,343	Coach, Inc.		1,656,136
		Thrifts & Mortgage Finance (2.9%)
	113,730	EverBank Financial Corp.		2,111,966
	215,125	First Niagara Financial Group, Inc.		1,956,562
		Total Thrifts & Mortgage Finance		4,068,528
		Total Common Stock (Cost: $105,720,998) (99.4%)		138,194,951
Principal Amount		Short-Term Investments
		Repurchase Agreement (Cost: $949,312) (0.7%)
$	949,312	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $985,000 Federal Home Loan Mortgage Corp., 2.06%, due 10/17/22 valued at $968,392) (Total Amount to be Received Upon Repurchase $949,312)		949,312
		Total Investments (Cost: $106,670,310) (100.1%)		139,144,263
		Liabilities in Excess of Other Assets (-0.1%)		(176,571	)
		Net Assets (100.0%)	$	138,967,692

Notes to the Schedule of Investments:

REIT - Real Estate Investment Trust.

(1) Non-income producing security.

See accompanying notes to financial statements.

34

TCW Relative Value Mid Cap Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Aerospace & Defense		2.1	%
Auto Components		3.5
Banks		7.5
Capital Markets		4.8
Chemicals		1.8
Communications Equipment		2.5
Construction & Engineering		1.6
Construction Materials		1.3
Consumer Finance		2.5
Containers & Packaging		2.3
Diversified Telecommunication Services		0.3
Energy Equipment & Services		3.5
Food & Staples Retailing		1.0
Food Products		1.2
Health Care Equipment & Supplies		1.4
Health Care Providers & Services		4.7
Hotels, Restaurants & Leisure		1.5
Household Durables		5.9
Independent Power and Renewable Electricity Producers		1.9
Insurance		3.3
IT Services		0.7
Machinery		6.0
Metals & Mining		4.3
Multi-Utilities		1.0
Multiline Retail		2.3
Oil, Gas & Consumable Fuels		2.3
Personal Products		0.7
Pharmaceuticals		0.5
Real Estate Management & Development		0.9
REIT		5.0
Semiconductors & Semiconductor Equipment		7.0
Software		0.7
Specialty Retail		3.2
Technology Hardware, Storage & Peripherals		6.1
Textiles, Apparel & Luxury Goods		1.2
Thrifts & Mortgage Finance		2.9
Short-Term Investments		0.7
Total		100.1	%

See accompanying notes to financial statements.

35

TCW Select Equities Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Beverages (1.3% of Net Assets)
	167,800	Monster Beverage Corp. (1)	$	23,007,058
		Biotechnology (9.4%)
	307,372	Alexion Pharmaceuticals, Inc. (1)		52,016,563
	394,035	BioMarin Pharmaceutical, Inc. (1)		44,151,622
	580,380	Celgene Corp. (1)		62,715,863
		Total Biotechnology		158,884,048
		Capital Markets (2.1%)
	1,149,270	Charles Schwab Corp. (The)		35,052,735
		Communications Equipment (2.0%)
	488,363	QUALCOMM, Inc.		33,208,684
		Energy Equipment & Services (1.8%)
	328,811	Schlumberger, Ltd.		31,108,809
		Food & Staples Retailing (2.5%)
	298,044	Costco Wholesale Corp.		42,635,194
		Food Products (2.7%)
	474,595	Mead Johnson Nutrition Co.		45,523,153
		Health Care Technology (7.2%)
	359,162	athenahealth, Inc. (1)		44,054,811
	1,076,167	Cerner Corp. (1)		77,279,552
		Total Health Care Technology		121,334,363
		Hotels, Restaurants & Leisure (7.5%)
	73,294	Chipotle Mexican Grill, Inc. (1)		45,540,494
	1,639,330	Starbucks Corp.		81,277,981
		Total Hotels, Restaurants & Leisure		126,818,475
		Insurance (3.5%)
	561,290	ACE, Ltd.		60,052,417
		Internet & Catalog Retail (6.8%)
	81,975	Amazon.com, Inc. (1)		34,575,415
	64,955	Priceline Group, Inc. (The) (1)		80,401,949
		Total Internet & Catalog Retail		114,977,364
		Internet Software & Services (15.2%)
	218,376	Equinix, Inc.		55,888,970
	809,055	Facebook, Inc. (1)		63,729,262
	152,230	Google, Inc. — Class C (1)		81,799,122
	221,215	LinkedIn Corp. (1)		55,774,938
		Total Internet Software & Services		257,192,292
		IT Services (4.5%)
	1,153,904	Visa, Inc.		76,215,359

See accompanying notes to financial statements.

36

TCW Select Equities Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Life Sciences Tools & Services (3.4%)
	313,535	Illumina, Inc. (1)	$	57,768,824
		Pharmaceuticals (2.6%)
	154,899	Actavis PLC (Ireland) (1)		43,814,731
		REIT (4.9%)
	873,272	American Tower Corp.		82,550,402
		Semiconductors & Semiconductor Equipment (2.8%)
	921,745	ARM Holdings PLC (United Kingdom) (SP ADR)		46,999,778
		Software (15.0%)
	1,082,930	Mobileye NV (Netherlands) (1)		48,580,240
	1,472,998	Salesforce.com, Inc. (1)		107,263,714
	760,405	ServiceNow, Inc. (1)		56,923,918
	606,805	Splunk, Inc. (1)		40,258,478
		Total Software		253,026,350
		Specialty Retail (2.0%)
	381,595	Tiffany & Co.		33,381,931
		Textiles, Apparel & Luxury Goods (1.6%)
	349,600	Under Armour, Inc. (1)		27,111,480
		Total Common Stock (Cost: $1,024,327,709) (98.8%)		1,670,663,447
Principal Amount		Short-Term Investments
		Repurchase Agreement (Cost: $20,203,521) (1.2%)
$	20,203,521	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $20,665,000 Federal National Mortgage Association, 2.08%, due 11/02/22 valued at $20,608,977) (Total Amount to be Received Upon Repurchase $20,203,521)		20,203,521
		Total Investments (Cost: $1,044,531,230) (100.0%)		1,690,866,968
		Excess of Other Assets over Liabilities (0.0%)		55,300
		Net Assets (100.0%)	$	1,690,922,268

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 financial statements.

37

TCW Select Equities Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Beverages		1.3	%
Biotechnology		9.4
Capital Markets		2.1
Communications Equipment		2.0
Energy Equipment & Services		1.8
Food & Staples Retailing		2.5
Food Products		2.7
Health Care Technology		7.2
Hotels, Restaurants & Leisure		7.5
Insurance		3.5
Internet & Catalog Retail		6.8
Internet Software & Services		15.2
IT Services		4.5
Life Sciences Tools & Services		3.4
Pharmaceuticals		2.6
REIT		4.9
Semiconductors & Semiconductor Equipment		2.8
Software		15.0
Specialty Retail		2.0
Textiles, Apparel & Luxury Goods		1.6
Short-Term Investments		1.2
Total		100.0	%

See accompanying notes to financial statements.

38

TCW Small Cap Growth Fund

Schedule of Investments (Unaudited) April 30, 2015

Number of Shares		Common Stock	Value
		Aerospace & Defense (2.3% of Net Assets)
	19,800	Curtiss-Wright Corp.	$	1,446,588
	36,310	HEICO Corp.		2,027,550
		Total Aerospace & Defense		3,474,138
		Airlines (1.3%)
	29,050	Spirit Airlines, Inc. (1)		1,989,054
		Auto Components (3.0%)
	41,900	Dorman Products, Inc. (1)		1,962,177
	47,300	Gentherm, Inc. (1)		2,494,129
		Total Auto Components		4,456,306
		Banks (2.2%)
	46,900	ServisFirst Bancshares, Inc.		1,634,934
	61,900	Square 1 Financial, Inc. (1)		1,600,734
		Total Banks		3,235,668
		Beverages (1.9%)
	11,200	Boston Beer Co., Inc. (1)		2,775,360
		Biotechnology (3.0%)
	38,790	Cepheid, Inc. (1)		2,176,119
	30,815	Karyopharm Therapeutics, Inc. (1)		836,935
	14,500	Ophthotech Corp. (1)		656,560
	15,125	Ultragenyx Pharmaceutical, Inc. (1)		853,504
		Total Biotechnology		4,523,118
		Building Products (1.0%)
	32,400	Trex Co., Inc. (1)		1,520,208
		Capital Markets (3.3%)
	52,100	Financial Engines, Inc.		2,197,057
	140,800	WisdomTree Investments, Inc.		2,680,832
		Total Capital Markets		4,877,889
		Communications Equipment (1.3%)
	31,200	Arista Networks, Inc. (1)		1,997,112
		Diversified Consumer Services (3.0%)
	26,715	MarketAxess Holdings, Inc.		2,293,483
	83,400	Nord Anglia Education, Inc. (1)		2,172,570
		Total Diversified Consumer Services		4,466,053
		Electrical Equipment (1.4%)
	32,120	Power Solutions International, Inc. (1)		2,049,256
		Electronic Equipment, Instruments & Components (3.4%)
	45,445	Cognex Corp. (1)		2,040,026
	36,589	FARO Technologies, Inc. (1)		1,457,340

See accompanying notes to financial statements.

39

TCW Small Cap Growth Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Electronic Equipment, Instruments & Components (Continued)
	19,750	FEI Co.	$	1,490,335
		Total Electronic Equipment, Instruments & Components		4,987,701
		Energy Equipment & Services (2.0%)
	23,200	Core Laboratories NV (Netherlands)		3,045,696
		Food & Staples Retailing (2.7%)
	77,200	Diplomat Pharmacy, Inc. (1)		2,765,304
	16,290	Pricesmart, Inc.		1,310,693
		Total Food & Staples Retailing		4,075,997
		Food Products (3.5%)
	62,300	Freshpet, Inc. (1)		1,350,664
	187,704	Lifeway Foods, Inc. (1)		3,793,498
		Total Food Products		5,144,162
		Health Care Equipment & Supplies (7.4%)
	73,400	AtriCure, Inc. (1)		1,615,534
	4,200	Atrion Corp.		1,364,370
	46,800	Cardiovascular Systems, Inc. (1)		1,464,840
	25,080	DexCom, Inc. (1)		1,694,656
	148,455	Endologix, Inc. (1)		2,309,960
	41,400	LDR Holding Corp. (1)		1,401,390
	100,235	Novadaq Technologies, Inc. (Canada) (1)		1,083,540
		Total Health Care Equipment & Supplies		10,934,290
		Health Care Providers & Services (2.4%)
	38,750	Health Net, Inc. (1)		2,040,187
	47,700	LHC Group, Inc. (1)		1,529,262
		Total Health Care Providers & Services		3,569,449
		Health Care Technology (3.4%)
	20,900	athenahealth, Inc. (1)		2,563,594
	91,800	Veeva Systems, Inc. (1)		2,437,290
		Total Health Care Technology		5,000,884
		Hotels, Restaurants & Leisure (5.7%)
	46,800	BJ’s Restaurants, Inc. (1)		2,190,240
	83,050	El Pollo Loco Holdings, Inc. (1)		2,174,249
	52,800	Habit Restaurants, Inc. (The) (1)		1,748,736
	99,300	La Quinta Holdings, Inc. (1)		2,391,144
		Total Hotels, Restaurants & Leisure		8,504,369
		Insurance (1.1%)
	82,050	Heritage Insurance Holdings, Inc. (1)		1,645,103
		Internet & Catalog Retail (2.2%)
	60,000	Etsy, Inc. (1)		1,334,400

See accompanying notes to financial statements.

40

TCW Small Cap Growth Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Internet & Catalog Retail (Continued)
	118,550	Travelport Worldwide, Ltd.	$	1,876,646
		Total Internet & Catalog Retail		3,211,046
		Internet Software & Services (10.2%)
	37,250	Benefitfocus, Inc. (1)		1,286,988
	79,700	Box, Inc. (1)		1,363,667
	98,040	Cornerstone OnDemand, Inc. (1)		2,806,885
	24,300	Demandware, Inc. (1)		1,496,880
	39,700	Envestnet, Inc. (1)		2,035,022
	58,700	Marketo, Inc. (1)		1,670,015
	22,000	Shutterstock, Inc. (1)		1,484,780
	25,490	SPS Commerce, Inc. (1)		1,663,477
	32,350	Yelp, Inc. (1)		1,274,267
		Total Internet Software & Services		15,081,981
		IT Services (1.5%)
	34,500	EPAM Systems, Inc. (1)		2,232,495
		Machinery (4.3%)
	39,569	Chart Industries, Inc. (1)		1,604,523
	43,550	John Bean Technologies Corp.		1,680,594
	22,150	Proto Labs, Inc. (1)		1,550,500
	21,600	RBC Bearings, Inc.		1,576,584
		Total Machinery		6,412,201
		Oil, Gas & Consumable Fuels (0.7%)
	37,450	RSP Permian, Inc. (1)		1,086,799
		Professional Services (3.2%)
	56,000	Barrett Business Services, Inc.		2,490,320
	63,450	TriNet Group, Inc. (1)		2,222,019
		Total Professional Services		4,712,339
		Real Estate Management & Development (0.9%)
	37,475	RE/MAX Holdings, Inc.		1,266,280
		Semiconductors & Semiconductor Equipment (2.3%)
	121,555	Exar Corp. (1)		1,199,748
	48,288	Mellanox Technologies, Ltd. (1)		2,244,909
		Total Semiconductors & Semiconductor Equipment		3,444,657
		Software (8.5%)
	51,300	FireEye, Inc. (1)		2,118,690
	28,600	Imperva, Inc. (1)		1,304,732
	29,050	Proofpoint, Inc. (1)		1,568,119
	45,850	Qualys, Inc. (1)		2,270,492
	47,550	Splunk, Inc. (1)		3,154,705
	12,970	Ultimate Software Group, Inc. (The) (1)		2,155,873
		Total Software		12,572,611

See accompanying notes to financial statements.

41

TCW Small Cap Growth Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Specialty Retail (4.6%)
	27,600	Asbury Automotive Group, Inc. (1)	$	2,319,228
	26,750	Dick’s Sporting Goods, Inc.		1,451,455
	40,180	Five Below, Inc. (1)		1,354,870
	180,800	Sportsman’s Warehouse Holdings, Inc. (1)		1,741,104
		Total Specialty Retail		6,866,657
		Technology Hardware, Storage & Peripherals (1.2%)
	73,960	Nimble Storage, Inc. (1)		1,809,062
		Textiles, Apparel & Luxury Goods (3.7%)
	66,900	Kate Spade & Co. (1)		2,187,630
	44,170	Steven Madden, Ltd. (1)		1,723,513
	85,170	Vince Holding Corp. (1)		1,569,683
		Total Textiles, Apparel & Luxury Goods		5,480,826
		Total Common Stock (Cost: $108,580,073) (98.6%)		146,448,767
Principal Amount		Short-Term Investments
		Repurchase Agreement (Cost: $2,838,200) (1.9%)
$	2,838,200	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $2,940,000 Federal Home Loan Mortgage Corp., 2.1%, due 10/17/22 valued at $2,895,671) (Total Amount to be Received Upon Repurchase $2,838,200)		2,838,200
		Total Investments (Cost: $111,418,273) (100.5%)		149,286,967
		Liabilities in Excess of Other Assets (-0.5%)		(726,888	)
		Net Assets (100.0%)	$	148,560,079

Notes to the Schedule of Investments:

(1) Non-income producing security.

See accompanying notes to financial statements.

42

TCW Small Cap Growth Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Aerospace & Defense		2.3	%
Airlines		1.3
Auto Components		3.0
Banks		2.2
Beverages		1.9
Biotechnology		3.0
Building Products		1.0
Capital Markets		3.3
Communications Equipment		1.3
Diversified Consumer Services		3.0
Electrical Equipment		1.4
Electronic Equipment, Instruments & Components		3.4
Energy Equipment & Services		2.0
Food & Staples Retailing		2.7
Food Products		3.5
Health Care Equipment & Supplies		7.4
Health Care Providers & Services		2.4
Health Care Technology		3.4
Hotels, Restaurants & Leisure		5.7
Insurance		1.1
Internet & Catalog Retail		2.2
Internet Software & Services		10.2
IT Services		1.5
Machinery		4.3
Oil, Gas & Consumable Fuels		0.7
Professional Services		3.2
Real Estate Management & Development		0.9
Semiconductors & Semiconductor Equipment		2.3
Software		8.5
Specialty Retail		4.6
Technology Hardware, Storage & Peripherals		1.2
Textiles, Apparel & Luxury Goods		3.7
Short-Term Investments		1.9
Total		100.5	%

See accompanying notes to financial statements.

43

TCW SMID Cap Growth Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Aerospace & Defense (3.4% of Net Assets)
	15,850	BE Aerospace, Inc.	$	947,672
	11,837	HEICO Corp.		660,978
		Total Aerospace & Defense		1,608,650
		Airlines (1.3%)
	9,000	Spirit Airlines, Inc. (1)		616,230
		Auto Components (1.4%)
	13,950	Dorman Products, Inc. (1)		653,279
		Banks (1.6%)
	5,670	SVB Financial Group (1)		752,749
		Beverages (2.1%)
	4,000	Boston Beer Co., Inc. (1)		991,200
		Biotechnology (5.0%)
	7,900	Alkermes PLC (1)		437,423
	13,065	Cepheid, Inc. (1)		732,946
	5,150	Incyte Corp. (1)		500,374
	7,650	Isis Pharmaceuticals, Inc. (1)		433,908
	10,050	Karyopharm Therapeutics, Inc. (1)		272,958
		Total Biotechnology		2,377,609
		Capital Markets (5.0%)
	18,900	Financial Engines, Inc.		797,013
	9,562	Stifel Financial Corp. (1)		505,256
	58,150	WisdomTree Investments, Inc.		1,107,176
		Total Capital Markets		2,409,445
		Communications Equipment (1.5%)
	11,500	Arista Networks, Inc. (1)		736,115
		Diversified Consumer Services (1.2%)
	6,500	MarketAxess Holdings, Inc.		558,025
		Electronic Equipment, Instruments & Components (3.6%)
	14,490	Cognex Corp. (1)		650,456
	12,172	FARO Technologies, Inc. (1)		484,811
	7,600	FEI Co.		573,496
		Total Electronic Equipment, Instruments & Components		1,708,763
		Energy Equipment & Services (2.0%)
	7,403	Core Laboratories NV (Netherlands)		971,866
		Food & Staples Retailing (4.2%)
	25,000	Diplomat Pharmacy, Inc. (1)		895,500
	8,169	Pricesmart, Inc.		657,278
	6,755	United Natural Foods, Inc. (1)		455,692
		Total Food & Staples Retailing		2,008,470

See accompanying notes to financial statements.

44

TCW SMID Cap Growth Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Food Products (4.0%)
	35,661	Lifeway Foods, Inc. (1)	$	720,709
	26,750	WhiteWave Foods Co. (The) (1)		1,176,197
		Total Food Products		1,896,906
		Health Care Equipment & Supplies (5.3%)
	22,950	AtriCure, Inc. (1)		505,129
	15,400	Cardiovascular Systems, Inc. (1)		482,020
	31,341	Endologix, Inc. (1)		487,666
	1,450	Intuitive Surgical, Inc. (1)		719,171
	31,550	Novadaq Technologies, Inc. (Canada) (1)		341,056
		Total Health Care Equipment & Supplies		2,535,042
		Health Care Providers & Services (1.4%)
	12,350	Health Net, Inc. (1)		650,228
		Health Care Technology (2.8%)
	6,650	athenahealth, Inc. (1)		815,689
	19,200	Veeva Systems, Inc. (1)		509,760
		Total Health Care Technology		1,325,449
		Hotels, Restaurants & Leisure (5.6%)
	15,800	Aramark		485,534
	32,850	El Pollo Loco Holdings, Inc. (1)		860,013
	16,850	Habit Restaurants, Inc. (The) (1)		558,072
	32,250	La Quinta Holdings, Inc. (1)		776,580
		Total Hotels, Restaurants & Leisure		2,680,199
		Internet & Catalog Retail (2.5%)
	19,850	Etsy, Inc. (1)		441,464
	9,300	TripAdvisor, Inc. (1)		748,557
		Total Internet & Catalog Retail		1,190,021
		Internet Software & Services (5.5%)
	34,050	Cornerstone OnDemand, Inc. (1)		974,851
	14,250	Envestnet, Inc. (1)		730,455
	7,350	Shutterstock, Inc. (1)		496,052
	10,400	Yelp, Inc. (1)		409,656
		Total Internet Software & Services		2,611,014
		Leisure Products (1.5%)
	5,150	Polaris Industries, Inc.		705,344
		Life Sciences Tools & Services (1.0%)
	2,500	Illumina, Inc. (1)		460,625
		Machinery (7.8%)
	5,900	Graco, Inc.		422,558
	9,700	Middleby Corp. (The) (1)		982,998

See accompanying notes to financial statements.

45

TCW SMID Cap Growth Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Machinery (Continued)
	10,800	Proto Labs, Inc. (1)	$	756,000
	6,550	WABCO Holdings, Inc. (1)		815,147
	8,100	Wabtec Corp.		761,805
		Total Machinery		3,738,508
		Media (1.1%)
	7,100	AMC Networks, Inc. (1)		535,624
		Road & Rail (1.2%)
	5,855	Kansas City Southern		600,079
		Semiconductors & Semiconductor Equipment (1.9%)
	41,050	NVIDIA Corp.		911,105
		Software (15.6%)
	11,590	ANSYS, Inc. (1)		994,886
	22,100	FireEye, Inc. (1)		912,730
	13,277	Mobileye NV (Netherlands) (1)		595,606
	4,100	NetSuite, Inc. (1)		391,837
	14,000	ServiceNow, Inc. (1)		1,048,040
	20,065	Splunk, Inc. (1)		1,331,212
	6,650	Tyler Technologies, Inc. (1)		810,968
	2,791	Ultimate Software Group, Inc. (The) (1)		463,920
	9,820	Workday, Inc. (1)		895,682
		Total Software		7,444,881
		Specialty Retail (5.1%)
	8,850	Asbury Automotive Group, Inc. (1)		743,665
	16,600	Dick’s Sporting Goods, Inc.		900,716
	22,500	DSW, Inc.		816,075
		Total Specialty Retail		2,460,456
		Textiles, Apparel & Luxury Goods (4.1%)
	21,950	Kate Spade & Co. (1)		717,765
	9,510	Under Armour, Inc. (1)		737,501
	27,259	Vince Holding Corp. (1)		502,383
		Total Textiles, Apparel & Luxury Goods		1,957,649
		Total Common Stock (Cost: $36,653,686) (98.7%)		47,095,531

See accompanying notes to financial statements.

46

TCW SMID Cap Growth Fund

April 30, 2015

Principal Amount		Short-Term Investments	Value
		Repurchase Agreement (Cost: $841,666) (1.8%)
$	841,666	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $865,000 Federal National Mortgage Association, 2.08%, due 11/02/22 valued at $862,655) (Total Amount to be Received Upon Repurchase $841,666)	$	841,666
		Total Investments (Cost: $37,495,352) (100.5%)		47,937,197
		Liabilities in Excess of Other Assets (-0.5%)		(219,673	)
		Net Assets (100.0%)	$	47,717,524

Notes to the Schedule of Investments:

(1) Non-income producing security.

See accompanying notes to financial statements.

47

TCW SMID Cap Growth Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Aerospace & Defense		3.4	%
Airlines		1.3
Auto Components		1.4
Banks		1.6
Beverages		2.1
Biotechnology		5.0
Capital Markets		5.0
Communications Equipment		1.5
Diversified Consumer Services		1.2
Electronic Equipment, Instruments & Components		3.6
Energy Equipment & Services		2.0
Food & Staples Retailing		4.2
Food Products		4.0
Health Care Equipment & Supplies		5.3
Health Care Providers & Services		1.4
Health Care Technology		2.8
Hotels, Restaurants & Leisure		5.6
Internet & Catalog Retail		2.5
Internet Software & Services		5.5
Leisure Products		1.5
Life Sciences Tools & Services		1.0
Machinery		7.8
Media		1.1
Road & Rail		1.2
Semiconductors & Semiconductor Equipment		1.9
Software		15.6
Specialty Retail		5.1
Textiles, Apparel & Luxury Goods		4.1
Short-Term Investments		1.8
Total		100.5	%

See accompanying notes to financial statements.

48

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2015

	TCW Concentrated Value Fund			TCW Conservative Allocation Fund			TCW Global Real Estate Fund			TCW Growth Equities Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value (1)	$	13,139		$	310		$	2,474		$	24,404
Investment in Affiliated Issuers, at Value		—			34,201	(2)		—			—
Foreign Currency, at Value		—			—			30	(3)		—
Cash		—			469			—	(4)		—
Receivable for Securities Sold		822			—			—			—
Receivable for Fund Shares Sold		1			—			—			—
Dividends Receivable		17			26			2			6
Foreign Tax Reclaims Receivable		2			—			—			—
Receivable from Investment Advisor		4			—			21			7
Prepaid Expenses		17			19			24			16
Total Assets		14,002			35,025			2,551			24,433
LIABILITIES
Payable for Securities Purchased		—			25			—			63
Payable for Fund Shares Redeemed		168			—			—			35
Disbursements in Excess of Available Cash		758			—			—			—
Accrued Directors’ Fees and Expenses		7			8			9			8
Accrued Compliance Expense		—	(4)		2			—	(4)		—	(4)
Accrued Management Fees		8			—			2			21
Accrued Distribution Fees		1			1			—	(4)		1
Other Accrued Expenses		25			15			15			34
Total Liabilities		967			51			26			162
NET ASSETS	$	13,035		$	34,974		$	2,525		$	24,271
NET ASSETS CONSIST OF:
Paid-in Capital	$	18,497		$	30,138		$	2,542		$	15,557
Accumulated Net Realized Gain (Loss) on Investments and Options Written		(6,707	)		889			12			1,202
Unrealized Appreciation (Depreciation) of Investments and Foreign Currency		1,218			4,020			(29	)		7,578
Undistributed Net Investment Income (Loss)		27			(73	)		—			(66	)
NET ASSETS	$	13,035		$	34,974		$	2,525		$	24,271
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	10,654		$	31,392		$	2,014		$	19,522
N Class Share	$	2,381		$	3,582		$	511		$	4,749
CAPITAL SHARES OUTSTANDING: (5)
I Class Share		533,301			2,512,228			198,848			1,585,058
N Class Share		120,446			287,193			50,454			388,266
NET ASSET VALUE PER SHARE: (6)
I Class Share	$	19.98		$	12.50		$	10.13		$	12.32
N Class Share	$	19.77		$	12.47		$	10.13		$	12.23

(1) The identified cost for the TCW Concentrated Value Fund, the TCW Conservative Allocation Fund, the TCW Global Real Estate Fund and the TCW Growth Equities Fund at April 30, 2015 was $11,921, $509, $2,503 and $16,826, respectively.

(2) The identified cost for investments in affiliated issuers for the TCW Conservative Allocation Fund was $29,982.

(3) The identified cost for the TCW Global Real Estate Fund at April 30, 2015 was $30.

(4) Amount rounds to less than $1.

(5) The number of authorized shares, with a par value of $0.001 per share, for the TCW Concentrated Value Fund, the TCW Conservative Allocation Fund and the TCW Global Real Estate Fund is 2,000,000,000 for each of the I Class and N Class shares, and the TCW Growth Equities Fund is 4,000,000,000 for each of the I Class and N Class shares.

(6) Represents offering price and redemption price per share.

See accompanying notes to financial statements.

49

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2015

	TCW High Dividend Equities Fund			TCW Relative Value Dividend Appreciation Fund			TCW Relative Value Large Cap Fund		TCW Relative Value Mid Cap Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value (1)	$	4,885		$	1,121,713		$	729,592	$	139,144
Receivable for Securities Sold		44			3,279			288		611
Receivable for Fund Shares Sold		—			584			495		58
Dividends Receivable		3			1,031			413		47
Receivable from Investment Advisor		20			—			1		2
Prepaid Expenses		24			43			30		25
Total Assets		4,976			1,126,650			730,819		139,887
LIABILITIES
Payable for Securities Purchased		50			2,176			1,180		691
Payable for Fund Shares Redeemed		—			398			2,338		67
Accrued Directors’ Fees and Expenses		9			7			8		8
Accrued Compliance Expense		—	(2)		17			9		1
Accrued Management Fees		2			695			444		93
Accrued Distribution Fees		—	(2)		191			6		5
Options Written, at Value (3)		—	(2)		—			—		—
Other Accrued Expenses		15			291			200		54
Total Liabilities		76			3,775			4,185		919
NET ASSETS	$	4,900		$	1,122,875		$	726,634	$	138,968
NET ASSETS CONSIST OF:
Paid-in Capital	$	4,829		$	965,242		$	468,698	$	109,754
Accumulated Net Realized Gain (Loss) on Investments and Options Written		(2	)		(107,874	)		14,838		(3,191	)
Unrealized Appreciation of Investments and Options Written		74			263,828			240,830		32,474
Undistributed Net Investment Income (Loss)		(1	)		1,679			2,268		(69	)
NET ASSETS	$	4,900		$	1,122,875		$	726,634	$	138,968
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	4,328		$	197,305		$	699,425	$	111,356
N Class Share	$	572		$	925,570		$	27,209	$	27,612
CAPITAL SHARES OUTSTANDING: (4)
I Class Share		418,951			11,484,429			30,513,598		4,506,967
N Class Share		55,415			52,994,328			1,189,492		1,143,495
NET ASSET VALUE PER SHARE: (5)
I Class Share	$	10.33		$	17.18		$	22.92	$	24.71
N Class Share	$	10.33		$	17.47		$	22.87	$	24.15

(1) The identified cost for the TCW High Dividend Equities Fund, the TCW Relative Value Dividend Appreciation Fund, the TCW Relative Value Large Cap Fund and the TCW Relative Value Mid Cap Fund at April 30, 2015 was $4,812, $857,885, $488,762 and $106,670, respectively.

(2) Amount rounds to less than $1.

(3) Premium received $1.

(4) The number of authorized shares, with a par value of $0.001 per share, for the TCW High Dividend Equities Fund, the TCW Relative Value Dividend Appreciation Fund and the TCW Relative Value Large Cap Fund is 2,000,000,000 for each of the I and N class shares, and the TCW Relative Value Mid Cap Fund is 4,000,000,000 for each of the I and N class shares.

(5) Represents offering price and redemption price per share.

See accompanying notes to financial statements.

50

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2015

	TCW Select Equities Fund			TCW Small Cap Growth Fund			TCW SMID Cap Growth Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value (1)	$	1,690,867		$	149,287		$	47,937
Receivable for Fund Shares Sold		2,865			78			3
Dividends Receivable		313			11			5
Receivable from Investment Advisor		—			7			7
Prepaid Expenses		47			25			18
Total Assets		1,694,092			149,408			47,970
LIABILITIES
Payable for Securities Purchased		—			378			137
Payable for Fund Shares Redeemed		1,625			213			32
Accrued Directors’ Fees and Expenses		8			8			8
Accrued Compliance Expense		2			6			—	(2)
Accrued Management Fees		1,057			131			41
Accrued Distribution Fees		43			6			5
Other Accrued Expenses		435			106			29
Total Liabilities		3,170			848			252
NET ASSETS	$	1,690,922		$	148,560		$	47,718
NET ASSETS CONSIST OF:
Paid-in Capital	$	950,655		$	96,051		$	36,481
Accumulated Net Realized Gain on Investments		94,746			15,326			1,367
Unrealized Appreciation of Investments		646,336			37,869			10,442
Undistributed Net Investment Loss		(815	)		(686	)		(572	)
NET ASSETS	$	1,690,922		$	148,560		$	47,718
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	1,488,641		$	118,669		$	23,030
N Class Share	$	202,281		$	29,891		$	24,688
CAPITAL SHARES OUTSTANDING: (3)
I Class Share		54,542,247			3,918,613			1,525,237
N Class Share		7,863,163			1,057,276			1,634,691
NET ASSET VALUE PER SHARE: (4)
I Class Share	$	27.29		$	30.28		$	15.10
N Class Share	$	25.73		$	28.27		$	15.10

(1) The identified cost for the TCW Select Equities Fund, the TCW Small Cap Growth Fund and the TCW SMID Cap Growth Fund at April 30, 2015 was $1,044,531, $111,418 and $37,495, respectively.

(2) Amount rounds to less than $1.

(3) The number of authorized shares, with a par value of $0.001 per share, for the TCW Select Equities Fund is 1,667,000,000 for each of the I Class and N Class shares, for the TCW Small Cap Growth Fund is 1,666,000,000 each of the I Class and N Class shares and for the TCW SMID Cap Growth Fund is 2,000,000,000 for each of the I Class and N Class shares.

(4) Represents offering price and redemption price per share.

See accompanying notes to financial statements.

51

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2015

	TCW Concentrated Value Fund			TCW Conservative Allocation Fund			TCW Global Real Estate Fund (1)			TCW Growth Equities Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	120	(2)	$	—	(3)	$	23	(2)	$	85	(2)
Dividends from Investment in Affiliated Issuers		—			204			—			—
Total		120			204			23			85
Expenses:
Management Fees		46			—			5			126
Accounting Services Fees		2			3			—	(3)		3
Administration Fees		1			1			—	(3)		1
Transfer Agent Fees:
I Class		3			3			1			5
N Class		3			2			1			4
Custodian Fees		5			3			3			6
Professional Fees		16			8			32			17
Directors’ Fees and Expenses		12			13			11			13
Registration Fees:
I Class		7			7			8			7
N Class		7			7			8			7
Distribution Fees:
N Class		3			2			1			6
Compliance Expense		1			3			—	(3)		—	(3)
Shareholder Reporting Expense		1			1			6			2
Other		1			2			3			3
Total		108			55			79			200
Less Expenses Borne by Investment Advisor:
I Class		16			—			44			27
N Class		15			6			26			22
Net Expenses		77			49			9			151
Net Investment Income (Loss)		43			155			14			(66	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		1,749			228			7			1,299
Investments in Affiliated Issuers		—			11			—			—
Realized Gain Distributed from Affiliated Issuers		—			610			—			—
Foreign Currency		—			—			—	(3)		—
Options Written		—			—			5			—
Change in unrealized Appreciation (Depreciation) on:
Investments		(1,271	)		(57	)		(29	)		(86	)
Foreign Currency		—			—			—	(3)		—
Investments in Affiliated Issuers		—			206			—			—
Net Realized and Unrealized Gain (Loss) on Investments and Options Written		478			998			(17	)		1,213
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	521		$	1,153		$	(3	)	$	1,147

(1) For the period December 1, 2014 (Commencement of Operations) through April 30, 2015.

(2) Net of foreign taxes withheld of $2, $1 and $1 for the TCW Concentrated Value Fund, the TCW Global Real Estate Fund and the TCW Growth Equities Fund, respectively.

(3) Amount rounds to less than $1.

See accompanying notes to financial statements.

52

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2015

	TCW High Dividend Equities Fund (1)			TCW Relative Value Dividend Appreciation Fund			TCW Relative Value Large Cap Fund			TCW Relative Value Mid Cap Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	36	(2)	$	14,659	(2)	$	7,023	(2)	$	1,137
Total		36			14,659			7,023			1,137
Expenses:
Management Fees		6			4,317			2,681			562
Accounting Services Fees		—	(3)		55			35			8
Administration Fees		—	(3)		33			21			5
Transfer Agent Fees:
I Class		1			66			282			30
N Class		1			484			16			15
Custodian Fees		3			10			9			5
Professional Fees		32			25			22			17
Directors’ Fees and Expenses		11			13			13			13
Registration Fees:
I Class		8			12			11			9
N Class		8			19			8			8
Distribution Fees:
N Class		1			1,192			34			34
Compliance Expense		—	(3)		11			15			2
Shareholder Reporting Expense		7			4			3			3
Other		3			75			47			11
Total		81			6,316			3,197			722
Less Expenses Borne by Investment Advisor:
I Class		47			—			—			—
N Class		22			—			12			15
Net Expenses		12			6,316			3,185			707
Net Investment Income		24			8,343			3,838			430
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(3	)		51,066			40,951			10,746
Options Written		1			—			—			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		73			(21,287	)		(10,944	)		(4,081	)
Options Written		1			—			—			—
Net Realized and Unrealized Gain (Loss) on Investments and Option Written		72			29,779			30,007			6,665
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	96		$	38,122		$	33,845		$	7,095

(1) For the period December 1, 2014 (Commencement of Operations) through April 30, 2015.

(2) Net of foreign taxes withheld of $0, $13 and $8 for the TCW High Dividend Equities Fund, the TCW Relative Value Dividend Appreciation Fund and the TCW Relative Value Large Cap Fund, respectively.

(3) Amount rounds to less than $1.

See accompanying notes to financial statements.

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TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2015

	TCW Select Equities Fund			TCW Small Cap Growth Fund			TCW SMID Cap Growth Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	7,216		$	290	(1)	$	101	(1)
Total		7,216			290			101
Expenses:
Management Fees		6,645			805			243
Accounting Services Fees		86			9			3
Administration Fees		52			5			2
Transfer Agent Fees:
I Class		699			38			2
N Class		123			17			2
Custodian Fees		15			11			6
Professional Fees		30			20			17
Directors’ Fees and Expenses		13			13			13
Registration Fees:
I Class		15			8			7
N Class		10			8			7
Distribution Fees:
N Class		264			39			30
Compliance Expense		17			4			1
Shareholder Reporting Expense		5			4			1
Other		119			28			3
Total		8,093			1,009			337
Less Expenses Borne by Investment Advisor:
I Class		—			—			8
N Class		—			32			38
Net Expenses		8,093			977			291
Net Investment Loss		(877	)		(687	)		(190	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		96,749			19,420			1,453
Change in Unrealized Appreciation (Depreciation) on:
Investments		(120	)		(5,522	)		268
Net Realized and Unrealized Gain (Loss) on Investments		96,629			13,898			1,721
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	95,752		$	13,211		$	1,531

(1) Net of foreign taxes withheld of $4 and $1 for the TCW Small Cap Growth Fund and the TCW SMID Cap Growth Fund, respectively.

See accompanying notes to financial statements.

54

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Concentrated Value Fund						TCW Conservative Allocation Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	43		$	49		$	155		$	292
Net Realized Gain on Investments		1,749			1,056			849			552
Change in Unrealized Appreciation (Depreciation) on Investments		(1,271	)		743			149			1,137
Increase in Net Assets Resulting from Operations		521			1,848			1,153			1,981
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(42	)		(36	)		(333	)		(512	)
N Class		(9	)		(4	)		(4	)		(13	)
Distributions from Net Realized Gain:
I Class		—			—			(158	)		—
N Class		—			—			(4	)		—
Total Distributions to Shareholders		(51	)		(40	)		(499	)		(525	)
NET CAPITAL SHARE TRANSACTIONS
I Class		284			751			(10	)		2,213
N Class		507			666			2,777			(284	)
Increase in Net Assets Resulting from Net Capital Shares Transactions		791			1,417			2,767			1,929
Increase in Net Assets		1,261			3,225			3,421			3,385
NET ASSETS
Beginning of Period		11,774			8,549			31,553			28,168
End of Period	$	13,035		$	11,774		$	34,974		$	31,553
Undistributed Net Investment Income (Loss)	$	27		$	35		$	(73	)	$	109

See accompanying notes to financial statements.

55

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Global Real Estate Fund			TCW Growth Equities Fund
	For the period December 1, 2014 (Commencement of Operations) through April 30, 2015 (Unaudited)			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income (Loss)	$	14		$	(66	)	$	(174	)
Net Realized Gain on Investments and Options Written		12			1,299			3,066
Change in Unrealized Depreciation on Investments		(29	)		(86	)		(1,084	)
Increase (Decrease) in Net Assets Resulting from Operations		(3	)		1,147			1,808
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(9	)		—			—
N Class		(5	)		—			—
Distributions from Net Realized Gain:
I Class		—			(2,007	)		(8,090	)
N Class		—			(502	)		(2,308	)
Total Distributions to Shareholders		(14	)		(2,509	)		(10,398	)
NET CAPITAL SHARE TRANSACTIONS
I Class		2,037			(1,258	)		4,634
N Class		505			(307	)		897
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		2,542			(1,565	)		5,531
Increase (Decrease) in Net Assets		2,525			(2,927	)		(3,059	)
NET ASSETS
Beginning of Period		—			27,198			30,257
End of Period	$	2,525		$	24,271		$	27,198
Undistributed Net Investment Income (Loss)	$	—		$	(66	)	$	—

See accompanying notes to financial statements.

56

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW High Dividend Equities Fund			TCW Relative Value Dividend Appreciation  Fund
	For the Period December 1, 2014 (Commencement of  Operations) through April 30, 2015 (Unaudited)			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	24		$	8,343		$	16,460
Net Realized Gain (Loss) on Investments and Options Written		(2	)		51,066			75,270
Change in Unrealized Appreciation (Depreciation) on Investments and Options Written		74			(21,287	)		40,524
Increase in Net Assets Resulting from Operations		96			38,122			132,254
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(19	)		(1,356	)		(3,214	)
N Class		(6	)		(5,308	)		(12,413	)
Total Distributions to Shareholders		(25	)		(6,664	)		(15,627	)
NET CAPITAL SHARE TRANSACTIONS
I Class		4,273			(3,558	)		702
N Class		556			(70,822	)		(15,193	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		4,829			(74,380	)		(14,491	)
Increase (Decrease) in Net Assets		4,900			(42,922	)		102,136
NET ASSETS
Beginning of Period		—			1,165,797			1,063,661
End of Period	$	4,900		$	1,122,875		$	1,165,797
Undistributed Net Investment Income (Loss)	$	(1	)	$	1,679		$	—

See accompanying notes to financial statements.

57

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Relative Value Large Cap Fund						TCW Relative Value Mid Cap Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	3,838		$	6,893		$	430		$	617
Net Realized Gain on Investments		40,951			33,964			10,746			20,011
Change in Unrealized Appreciation (Depreciation) on Investments		(10,944	)		54,700			(4,081	)		(5,406	)
Increase in Net Assets Resulting from Operations		33,845			95,557			7,095			15,222
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(6,775	)		(6,862	)		(506	)		(520	)
N Class		(214	)		(802	)		(90	)		(98	)
Distributions from Net Realized Gain:
I Class		—			—			(13,135	)		(9,698	)
N Class		—			—			(3,289	)		(3,696	)
Total Distributions to Shareholders		(6,989	)		(7,664	)		(17,020	)		(14,012	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(26,872	)		78,398			4,419			(4,460	)
N Class		(3,423	)		(55,337	)		1,193			(8,482	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(30,295	)		23,061			5,612			(12,942	)
Increase (Decrease) in Net Assets		(3,439	)		110,954			(4,313	)		(11,732	)
NET ASSETS
Beginning of Period		730,073			619,119			143,281			155,013
End of Period	$	726,634		$	730,073		$	138,968		$	143,281
Undistributed Net Investment Income (Loss)	$	2,268		$	5,419		$	(69	)	$	97

See accompanying notes to financial statements.

58

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Select Equities Fund						TCW Small Cap Growth Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Loss	$	(877	)	$	(2,982	)	$	(687	)	$	(2,151	)
Net Realized Gain on Investments		96,749			72,793			19,420			42,235
Change in Unrealized Appreciation (Depreciation) on Investments		(120	)		114,136			(5,522	)		(22,398	)
Increase in Net Assets Resulting from Operations		95,752			183,947			13,211			17,686
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		—			(79	)		—			—
Distributions from Net Realized Gain:
I Class		(50,375	)		(42,602	)		(22,038	)		(20,781	)
N Class		(7,121	)		(13,105	)		(5,353	)		(17,176	)
Total Distributions to Shareholders		(57,496	)		(55,786	)		(27,391	)		(37,957	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(157,267	)		176,067			(10,468	)		(15,300	)
N Class		(28,698	)		(169,232	)		115			(77,622	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(185,965	)		6,835			(10,353	)		(92,922	)
Increase (Decrease) in Net Assets		(147,709	)		134,996			(24,533	)		(113,193	)
NET ASSETS
Beginning of Period		1,838,631			1,703,635			173,093			286,286
End of Period	$	1,690,922		$	1,838,631		$	148,560		$	173,093
Undistributed Net Investment Income (Loss)	$	(815	)	$	62		$	(686	)	$	1

See accompanying notes to financial statements.

59

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW SMID Cap Growth Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Loss	$	(190	)	$	(428	)
Net Realized Gain on Investments		1,453			6,062
Change in Unrealized Appreciation (Depreciation) on Investments		268			(3,213	)
Increase in Net Assets Resulting from Operations		1,531			2,421
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Realized Gain:
I Class		(736	)		—
N Class		(750	)		—
Total Distributions to Shareholders		(1,486	)		—
NET CAPITAL SHARE TRANSACTIONS
I Class		(5,448	)		(3,952	)
N Class		713			(222	)
Decrease in Net Assets Resulting from Net Capital Shares Transactions		(4,735	)		(4,174	)
Decrease in Net Assets		(4,690	)		(1,753	)
NET ASSETS
Beginning of Period		52,408			54,161
End of Period	$	47,718		$	52,408
Undistributed Net Investment Loss	$	(572	)	$	(382	)

See accompanying notes to financial statements.

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) April 30, 2015

Note 1 — Organization

TCW Funds, Inc., a Maryland corporation (the “Company”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), that currently offers 22 no-load mutual funds (the “Funds”). TCW Investment Management Company (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisors Act of 1940. Each Fund has distinct investment objectives. The following are the objectives for the 11 U.S. Equity Funds that are covered in this report:

TCW Fund	Investment Objective
Diversified U.S. Equity Funds
TCW Concentrated Value Fund	Seeks to provide long-term capital appreciation by investing at least 80% of the value of its net assets in publicly traded equity securities of companies with market capitalizations of greater than $3 billion dollars at the time of acquisition.
TCW Global Real Estate Fund	Seeks to maximize total return from current income and long-term capital growth by investing at least 80% of its net assets in equity securities of real estate investment trusts (“REITs”) and real estate companies.
TCW Growth Equities Fund	Seeks long-term capital appreciation by investing at least 80% of the value of its net assets in equity securities issued by companies with market capitalizations, at the time of acquisition, within the capitalization range of the companies comprising Russell Mid Cap® Growth Index.
TCW High Dividend Equities Fund	Seeks high total return from current income and capital appreciation by investing at least 80% of the value of its net assets in equity securities listed on U.S. financial markets.
TCW Relative Value Dividend Appreciation Fund	Seeks to realize a high level of dividend income consistent with prudent investment management, with capital appreciation as a secondary objective, by investing at least 80% of the value of its net assets in equity securities of companies that have a record of paying dividends.
TCW Relative Value Large Cap Fund	Seeks capital appreciation, with a secondary goal of current income, by investing at least 80% of the value of its net assets in equity securities of companies with a market capitalization of greater than $1 billion at the time of purchase.
TCW Relative Value Mid Cap Fund	Seeks to provide long-term capital appreciation by investing at least 65% of the value of its net assets in equity securities issued by companies with market capitalizations at the time of acquisition, within the capitalization ranges of the companies comprising the Russell Mid Cap® Value Index.

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 1 — Organization (Continued)

TCW Fund	Investment Objective
TCW Select Equities Fund	Seeks to provide long-term capital appreciation by investing primarily in equity securities of mid- and large-capitalization companies.
TCW Small Cap Growth Fund	Seeks to provide long-term capital appreciation by investing at least 80% of the value of its net assets in equity securities issued by companies with market capitalizations, at the time of acquisition, within the capitalization range of the companies comprising the Russell 2000® Growth Index.
TCW SMID Cap Growth Fund	Seeks to provide long-term capital appreciation by investing at least 80% of the value of its net assets in equity securities issued by companies with market capitalizations at the time of acquisition, within the capitalization range of companies comprising the Russell 2500® Growth Index.
Fund of Funds
TCW Conservative Allocation Fund	Seeks to provide current income and, secondarily, long-term capital appreciation by investing in a combination of fixed income funds and equity funds that utilize diverse investment styles such as growth and/or value investing. The Fund invests between 20% and 60% of its net assets in equity funds and between 40% and 80% in fixed income funds. The Fund also invests in ETFs and ETNs.

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

The TCW Conservative Allocation Fund invests in other TCW Funds and in Metropolitan West Funds which are affiliated funds.

Note 2 — Significant Accounting Policies

The following is a summary of significant accounting policies which are in conformity with accounting principles generally accepted in the United States of America and which are consistently followed by the Funds in the preparation of their financial statements.

Principles of Accounting:    The Funds use the accrual method of accounting for financial reporting purposes. Each Fund is considered an investment company under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 946, Financial Services — Investment Companies.

Net Asset Value:    The Net Asset Value of each Class of a Fund is determined by dividing the Fund’s net assets attributable to each class by the number of shares issued and outstanding of that Class at the close of the New York Stock Exchange (the “NYSE”) (generally 4:00 p.m. Eastern Time or 1:00 p.m. Pacific Time, but the NYSE sometimes closes earlier) on each day that the NYSE is open for trading.

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

62

TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

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. Options are valued at the last reported sales price or the mean of the current bid and asked prices if there are no sales in the trading period. Repurchase agreements are priced at cost which approximates market value. 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.

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 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 inputs 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.

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Note 2 — Significant Accounting Policies (Continued)

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:

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

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.

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 using 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.

Restricted securities.    Restricted securities held in non-public entities, including illiquid Rule 144A securities, 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 observability of the inputs.

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 in Level 2.

The Funds, within the exception of the TCW Global Real Estate 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 as of April 30, 2015.

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Note 2 — Significant Accounting Policies (Continued)

The following is a summary of the inputs used of as of April 30, 2015 in valuing the TCW Global Real Estate Fund.

TCW Global Real Estate 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
Household Durables	$	185,894	$	—	$	—	$	185,894
Internet Software & Services		37,366		—		—		37,366
REIT		1,308,972		509,223		—		1,818,195
Real Estate Management & Development		—		277,137		—		277,137
Total Common Stock		1,532,232		786,360		—		2,318,592
Preferred Stock
REIT		112,029		—		—		112,029
Total Preferred Stock		112,029		—		—		112,029
Short-Term Investments		—		43,078		—		43,078
Total Investments	$	1,644,261	$	829,438	$	—	$	2,473,699

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 April 30, 2015.

The Funds held no investments or other financial instruments at April 30, 2015 whose fair value was calculated using Level 3 inputs.

Security Transactions and Related Investment Income:    Security transactions are recorded as of the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis. Realized gains and losses on investments are recorded on the basis of specific identification. Distributions received from real estate investment trust securities may include return of capital. Such distributions reduce the cost basis of those investments. Distributions received, if any, in excess of the cost basis of a security is recognized as capital gain.

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

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

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

For the period ended April 30, 2015, the TCW Global Real Estate Fund and the TCW High Dividend Equities 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			Total
TCW Global Real Estate Fund
Statement of Operations:
Realized Gain (Loss) on
Investments (1)	$	(1	)	$	(1	)
Written Options		5			5
Total Realized Gain	$	4		$	4
Notional Amounts or Shares/Units (2)
Purchased Options		6			6
Written Options		12			12
TCW High Dividend Equities Fund
Statements of Asset and Liabilities:
Liability Derivatives
Written Options	$	—	(3)	$	—	(3)
Total Value	$	—	(3)	$	—	(3)
Statement of Operations:
Realized Gain on
Written Options	$	1		$	1
Total Realized Gain	$	1		$	1
Change in Unrealized Appreciation on:
Written Options	$	1		$	1
Total Change in Unrealized Appreciation	$	1		$	1
Notional Amounts or Shares/Units (2)
Written Options		6			6

(1) Represents realized loss for purchased options.

(2) Amount disclosed represent average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2015.

(3) Amount rounds to less than $1.

Options:    The Funds 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

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TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

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. During the period ended April 30, 2015, the TCW Global Real Estate Fund and the TCW High Dividend Equities Fund had written options. Open written options are listed on the Schedule of Investments

Transactions in written option contracts for the period ended April 30, 2015, were as follows:

TCW Global Real Estate Fund

	Call Contracts			Call Premiums
Options outstanding at December 1, 2014 (Commencement of Operations)		—		$	—
Options written		38			6,636
Options terminated in closing purchase transactions		(1	)		(364	)
Options exercised		(7	)		(1,269	)
Options expired		(30	)		(5,003	)
Options outstanding at April 30, 2015		—		$	—

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW High Dividend Equities Fund

	Call Contracts			Call Premiums
Options outstanding at December 1, 2014 (Commencement of Operations)		—		$	—
Options written		19			3,602
Options terminated in closing purchase transactions		—			—
Options exercised		(6	)		(874	)
Options expired		(8	)		(1,352	)
Options outstanding at April 30, 2015		5		$	1,376

When-Issued, Delayed-Delivery and Forward Commitment Transactions:    The Funds, with the exception of the TCW Conservative Allocation Fund, may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities until they are delivered, it immediately assumes the risks of ownership, including the risk of price 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 with market conditions. In addition, because the Fund is not required to pay for when-issued, delayed-delivery or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not maintain liquid assets equal to the face amount of the contract. To guard against the deemed leverage, the Fund segregates cash or securities in the amount or value at least equal to the amount of these transactions.

Repurchase Agreements:    The Funds may enter into Repurchase Agreements, under the terms of Master Repurchase Agreements (“MRA”). The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of 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 Fund upon the maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. Repurchase agreements outstanding at the end of the period are listed in each Fund’s Schedule of Investments. The following table presents the net amounts available for offset under the MRA and net of the related collateral received by the Funds as of April 30, 2015 (in thousands):

Fund Name	Counterparty	Gross Asset Subject to Master Agreement		Collateral Received (1)			Asset/ (Liabilities) Available for Offset		Net Amount of Asset (2)
TCW Global Real Estate Fund	State Street Bank & Trust Co.	$	43	$	(43	)	$	—	$	—
TCW Growth Equities Fund	State Street Bank & Trust Co.		515		(515	)		—		—
TCW High Dividend Equities Fund	State Street Bank & Trust Co.		234		(234	)		—		—

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April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

Fund Name	Counterparty	Gross Asset Subject to Master Agreement		Collateral Received (1)			Asset/ (Liabilities) Available for Offset		Net Amount of Asset (2)
TCW Relative Value Dividend Appreciation Fund	State Street Bank & Trust Co.	$	4,344	$	(4,344	)	$	—	$	—
TCW Relative Value Large Cap Fund	State Street Bank & Trust Co.		23,881		(23,881	)		—		—
TCW Relative Value Mid Cap Fund	State Street Bank & Trust Co.		949		(949	)		—		—
TCW Select Equities Fund	State Street Bank & Trust Co.		20,204		(20,204	)		—		—
TCW Small Cap Growth Fund	State Street Bank & Trust Co.		2,838		(2,838	)		—		—
TCW SMID Cap Growth Fund	State Street Bank & Trust Co.		842		(842	)		—		—

(1) Full value of collateral received is disclosed below. Excess collateral is not shown for financial reporting purposes.

(2) Represents the net amount receivable from the counterparty in the event of default.

The following table shows the full value of the collateral received by the Funds (in thousands):

Fund Name	Collateral Value
TCW Global Real Estate Fund	$	46
TCW Growth Equities Fund		529
TCW High Dividend Equities Fund		239
TCW Relative Value Dividend Appreciation Fund		4,434
TCW Relative Value Large Cap Fund		24,359
TCW Relative Value Mid Cap Fund		968
TCW Select Equities Fund		20,609
TCW Small Cap Growth Fund		2,896
TCW SMID Cap Growth Fund		863

Security Lending:    The Funds may lend their securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Funds can accept money market instruments or U.S. government securities with a market value at least equal to the market value of the securities on loan. As with any extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Funds earn additional income for lending their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended April 30, 2015.

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

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

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining

69

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

amounts to be distributed to fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal year-end is distributed in the following year. Distributions received from real estate investment trust securities may include return of capital. Such distributions reduce the cost basis of the respective securities. Distributions, if any, in excess of the cost basis of the security are recognized as capital gain.

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

Note 3 — Risk Considerations

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

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

Interest Rate Risk:    The values of the Funds’ investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of the Funds’ investment portfolio, the greater the change in value.

Credit Risk:    The values of any of the Funds’ investments may also decline in response to events affecting the issuer or its credit rating. The lower-rated debt securities in which the Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions.

Counterparty Risk:    The Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties.

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

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

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Note 3 — Risk Considerations (Continued)

The exposure to credit and counterparty risks with respect to these financial assets is reflected in fair value recorded in the Funds’ Statements of Assets and Liabilities.

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

Note 4 — Federal Income Taxes

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

At April 30, 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	$	1,507	$	(291	)	$	1,216		$	11,923
TCW Conservative Allocation Fund		4,391		(446	)		3,945			30,566
TCW Global Real Estate Fund		40		(70	)		(30	)		2,504
TCW Growth Equities Fund		7,938		(470	)		7,468			16,936
TCW High Dividend Equities Fund		123		(56	)		67			4,818
TCW Relative Value Dividend Appreciation Fund		284,417		(18,732	)		265,685			856,028
TCW Relative Value Large Cap Fund		246,205		(7,403	)		238,802			490,790
TCW Relative Value Mid Cap Fund		34,697		(3,305	)		31,392			107,752
TCW Select Equities Fund		652,096		(6,624	)		645,472			1,045,395
TCW Small Cap Growth Fund		39,454		(2,809	)		36,645			112,642
TCW SMID Cap Value Fund		11,562		(1,325	)		10,237			37,700

At October 31, 2014, the components of distributable earnings on a tax basis were as follows (amounts in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Concentrated Value Fund	$	35	$	—	$	35
TCW Conservative Allocation Fund		109		240		349
TCW Growth Equities Fund		499		2,009		2,508
TCW Relative Value Large Cap Fund		5,420		—		5,420
TCW Relative Value Mid Cap Fund		—		16,422		16,422
TCW Select Equities Fund		3,368		54,121		57,489
TCW Small Cap Growth Fund		5,596		18,863		24,459
TCW SMID Cap Growth Fund		—		1,486		1,486

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Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Federal Income Taxes (Continued)

During the year ended October 31, 2014, the tax character of distributions paid was as follows (amounts in thousands):

	Ordinary Income		Long-Term Capital Gain		Total Distributions
TCW Concentrated Value Fund	$	40	$	—	$	40
TCW Conservative Allocation Fund		525		—		525
TCW Growth Equities Fund		2,263		8,135		10,398
TCW Relative Value Dividend Appreciation Fund		15,627		—		15,627
TCW Relative Value Large Cap Fund		7,664		—		7,664
TCW Relative Value Mid Cap Fund		1,122		12,890		14,012
TCW Select Equities Fund		1,245		54,541		55,786
TCW Small Cap Growth Fund		—		37,957		37,957

At October 31, 2014, the following Funds had net realized loss carryforwards for federal income tax purposes (amounts in thousands) which were incurred prior to December 22, 2010:

	Expiring In
	2015		2016		2017
TCW Concentrated Value Fund	$	—	$	—	$	8,456
TCW Relative Value Dividend Appreciation Fund		—		—		160,797
TCW Relative Value Large Cap Fund		—		—		23,890
TCW Relative Value Mid Cap Fund (1)		6,529		6,075		—
TCW Select Equities Fund (1)		—		148		—

(1) Utilization of the loss is subject to limitations under Section 382 of the Internal Revenue Code.

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred after that date will be required to be utilized prior to the losses incurred in the pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. There were no capital losses carryforward by the Funds that were incurred after December 22, 2010.

The Funds did not have any unrecognized tax benefits at April 30, 2015, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2015. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

Note 5 — Fund Management Fees and Other Expenses

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

Fund	Management Fee %
TCW Concentrated Value Fund		0.65	%
TCW Global Real Estate Fund		0.80	%
TCW Growth Equities Fund		1.00	%
TCW High Dividend Equities Fund		0.65	%
TCW Relative Value Dividend Appreciation Fund		0.75	%
TCW Relative Value Large Cap Fund		0.75	%
TCW Relative Value Mid Cap Fund		0.80	%
TCW Select Equities Fund		0.75	%
TCW Small Cap Growth Fund		1.00	%
TCW SMID Cap Growth Fund		1.00	%

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TCW Funds, Inc.

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Note 5 — Fund Management Fees and Other Expenses (Continued)

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

In addition to the management fees, the Funds reimburse, with approval by the Company’s Board of Directors, the Advisor’s costs associated in support of the Funds’ Rule 38a-1 compliance obligations. These amounts are allocated to each Fund based on management fees paid and are included in the Statements of Operations.

The Advisor limits the operating expenses of the Funds not to exceed the following expense ratios relative to the Funds’ average daily net assets:

TCW Concentrated Value Fund
I Class	1.09%	(1)
N Class	1.09%	(1)
TCW Conservative Allocation Fund
I Class	0.85%	(1)
N Class	0.85%	(1)
TCW Global Real Estate Fund
I Class	1.46%	(1)
N Class	1.46%	(1)
TCW Growth Equities Fund
I Class	1.20%	(1)
N Class	1.20%	(1)
TCW High Dividend Equities Fund
I Class	1.18%	(1)
N Class	1.18%	(1)
TCW Relative Value Dividend Appreciation Fund
I Class	1.17%	(2)
N Class	1.17%	(2)
TCW Relative Value Large Cap Fund
I Class	1.15%	(2)
N Class	1.15%	(2)
TCW Relative Value Mid Cap Fund
I Class	1.21%	(1)
N Class	1.21%	(1)
TCW Select Equities Fund
I Class	1.18%	(2)
N Class	1.18%	(2)
TCW Small Cap Growth Fund
I Class	1.37%	(2)
N Class	1.37%	(2)
TCW SMID Cap Growth Fund
I Class	1.20%	(1)
N Class	1.20%	(1)

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

(2) Limitations based on average expense ratio as reported by Lipper, Inc., which is subject to change on a monthly basis. This ratio was in effect as of April 30, 2015. The advisor may, at its sole discretion, extend or modify the expense limitation at the conclusion of the one-year period.

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

73

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 5 — Fund Management Fees and Other Expenses (Continued)

Directors’ Fees:    Directors who are not affiliated with the Advisor receive compensation from the Funds which are shown on the Statement of Operations. Directors may elect to defer receipt of their fees in accordance with the terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred is recorded on the Funds’ books as other liabilities. Deferred compensation is included within Directors’ fees and expenses in the Statements of Assets and Liabilities.

Note 6 — Distribution Plan

TCW Funds Distributors (“Distributor”), an affiliate of the Advisor and the Funds, serves as the nonexclusive distributor of each class of the Funds’ shares. The Funds have a distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to the N Class shares of each Fund. Under the terms of the plan, each Fund compensates the Distributor at a rate equal to 0.25% of the average daily net assets of the Fund attributable to its N Class shares for distribution and related services.

Note 7 — Transactions with Affiliates

The summary of TCW Conservative Allocation Fund transactions in the affiliated funds for the period ended April 30, 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)		Dividends and Interest Income Received (In Thousands)		Distributions Received from Net Realized Gain (In Thousands)
Metropolitan West Total Return Bond Fund—I Class		554,686		80,205		(22,027	)		612,864	$	6,723	$	53	$	15
TCW Global Real Estate Fund—I Class		—		137,850		(3,490	)		134,360		1,361		4		—
TCW Growth Equities Fund—I Class		115,248		29,971		(4,877	)		140,342		1,729		—		155
TCW High Dividend Equities Fund—I Class		—		170,851		(4,305	)		166,546		1,720		—		—
TCW Relative Value Large Cap Fund—I Class		223,994		30,724		(44,416	)		210,302		4,820		49		—
TCW Relative Value Mid Cap Fund—I Class		60,457		16,501		(21,609	)		55,349		1,368		7		184
TCW Select Equities Fund—I Class		268,965		43,101		(51,572	)		260,494		7,109		—		224
TCW Total Return Bond Fund—I Class		814,503		122,528		(32,487	)		904,544		9,371		91		32
Total										$	34,201	$	204	$	610

74

TCW Funds, Inc.

April 30, 2015

Note 7 — Transactions with Affiliates (Continued)

The ownership percentage of TCW Conservative Allocation Fund in each of the affiliated underlying funds at April 30, 2015 is as follows:

Name of Affiliated Fund	Ownership Percentage (1)
Metropolitan West Total Return Bond Fund		0.01	%
TCW Global Real Estate Fund		53.91	%
TCW Growth Equities Fund		7.12	%
TCW High Dividend Equities Fund		35.11	%
TCW Relative Value Large Cap Fund		0.66	%
TCW Relative Value Mid Cap Fund		0.98	%
TCW Select Equities Fund		0.42	%
TCW Total Return Bond Fund		0.11	%

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

The financial statements of the Metropolitan West Total Return Bond Fund and the TCW Total Return Bond Fund are available by calling 800-FUND-TCW (800-386-3829) or by going to the SEC website at www.sec.gov. Financial statements for the remaining underlying funds are included in this report.

Note 8 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the six months ended April 30, 2015, were as follows (amounts in thousands):

	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Concentrated Value Fund	$	8,389	$	7,118	$	—	$	—
TCW Conservative Allocation Fund		7,996		4,909		—		—
TCW Global Real Estate Fund		2,757		304		—		—
TCW Growth Equities Fund		6,324		10,642		—		—
TCW High Dividend Equities Fund		5,212		629		—		—
TCW Relative Value Large Cap Fund		66,822		111,259		—		—
TCW Relative Value Midcap Fund		15,763		27,159		—		—
TCW Relative Value Dividend Appreciation Fund		105,073		151,729		—		—
TCW Select Equities Fund		267,638		467,142		—		—
TCW Small Cap Growth Fund		64,607		103,721		—		—
TCW SMID Cap Growth Fund		12,387		18,871		—		—

Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Concentrated Value Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		224,830		$	4,484			136,189		$	2,464
Shares Issued upon Reinvestment of Dividends		1,992			41			2,110			36
Shares Redeemed		(208,220	)		(4,241	)		(99,718	)		(1,749	)
Net Increase		18,602		$	284			38,581		$	751
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		115,049		$	2,278			60,228		$	1,087
Shares Issued upon Reinvestment of Dividends		453			9			251			4
Shares Redeemed		(89,181	)		(1,780	)		(24,415	)		(425	)
Net Increase		26,321		$	507			36,064		$	666

75

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Capital Share Transactions (Continued)

TCW Conservative Allocation Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		130,083		$	1,621			638,319		$	7,515
Shares Issued upon Reinvestment of Dividends		39,548			484			41,922			491
Shares Redeemed		(170,068	)		(2,115	)		(493,402	)		(5,793	)
Net Increase (Decrease)		(437	)	$	(10	)		186,839		$	2,213
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		242,360		$	3,042			7,837		$	92
Shares Issued upon Reinvestment of Dividends		632			8			1,083			13
Shares Redeemed		(22,100	)		(273	)		(32,810	)		(389	)
Net Increase (Decrease)		220,892		$	2,777			(23,890	)	$	(284	)
TCW Global Real Estate Fund	December 1, 2014 (Commencement of Operations) through April 30, 2015 (Unaudited)
I Class	Shares			Amount (in thousands)
Shares Sold		201,423		$	2,064
Shares Issued upon Reinvestment of Dividends		916			9
Shares Redeemed		(3,491	)		(36	)
Net Increase		198,848		$	2,037
N Class	Shares			Amount (in thousands)
Shares Sold		50,000		$	500
Shares Issued upon Reinvestment of Dividends		454			5
Net Increase		50,454		$	505
TCW Growth Equities Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		52,736		$	664			340,335		$	4,739
Shares Issued upon Reinvestment of Dividends		160,008			1,920			592,022			7,643
Shares Redeemed		(296,983	)		(3,842	)		(529,465	)		(7,748	)
Net Increase (Decrease)		(84,239	)	$	(1,258	)		402,892		$	4,634
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		16,969		$	213			70,713		$	945
Shares Issued upon Reinvestment of Dividends		41,507			494			176,825			2,269
Shares Redeemed		(80,095	)		(1,014	)		(176,507	)		(2,317	)
Net Increase (Decrease)		(21,619	)	$	(307	)		71,031		$	897

76

TCW Funds, Inc.

April 30, 2015

Note 9 — Capital Share Transactions (Continued)

TCW High Dividend Equities Fund	December 1, 2014 (Commencement of Operations) through April 30, 2015 (Unaudited)
I Class	Shares			Amount (in thousands)
Shares Sold		422,041		$	4,306
Shares Issued upon Reinvestment of Dividends		1,216			12
Shares Redeemed		(4,306	)		(45	)
Net Increase		418,951		$	4,273
N Class	Shares			Amount (in thousands)
Shares Sold		54,862		$	550
Shares Issued upon Reinvestment of Dividends		553			6
Net Increase		55,415		$	556
TCW Relative Value Dividend Appreciation Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		938,991		$	16,089			3,552,551		$	56,549
Shares Issued upon Reinvestment of Dividends		73,713			1,264			183,900			2,981
Shares Redeemed		(1,218,598	)		(20,911	)		(3,708,625	)		(58,828	)
Net Increase (Decrease)		(205,894	)	$	(3,558	)		27,826		$	702
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		3,900,486		$	67,789			14,048,501		$	225,770
Shares Issued upon Reinvestment of Dividends		300,565			5,245			741,128			12,266
Shares Redeemed		(8,308,490	)		(143,856	)		(15,532,451	)		(253,229	)
Net Decrease		(4,107,439	)	$	(70,822	)		(742,822	)	$	(15,193	)
TCW Relative Value Large Cap Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		2,920,410		$	66,372			9,430,786		$	198,832
Shares Issued upon Reinvestment of Dividends		290,399			6,627			329,438			6,730
Shares Redeemed		(4,401,078	)		(99,871	)		(5,982,918	)		(127,164	)
Net Increase (Decrease)		(1,190,269	)	$	(26,872	)		3,777,306		$	78,398
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		77,463		$	1,750			1,394,553		$	29,254
Shares Issued upon Reinvestment of Dividends		9,147			208			38,905			795
Shares Redeemed		(239,495	)		(5,381	)		(3,972,849	)		(85,386	)
Net Decrease		(152,885	)	$	(3,423	)		(2,539,391	)	$	(55,337	)
TCW Relative Value Mid Cap Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		199,004		$	4,976			843,826		$	22,252
Shares Issued upon Reinvestment of Dividends		547,757			13,217			385,371			9,842
Shares Redeemed		(553,722	)		(13,774	)		(1,363,414	)		(36,554	)
Net Increase (Decrease)		193,039		$	4,419			(134,217	)	$	(4,460	)

77

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Capital Share Transactions (Continued)

TCW Relative Value Mid Cap Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		22,400		$	550			157,263		$	4,077
Shares Issued upon Reinvestment of Dividends		136,665			3,227			146,281			3,667
Shares Redeemed		(106,774	)		(2,584	)		(626,900	)		(16,226	)
Net Increase (Decrease)		52,291		$	1,193			(323,356	)	$	(8,482	)
TCW Select Equities Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		6,934,568		$	186,119			24,192,812		$	612,787
Shares Issued upon Reinvestment of Dividends		749,179			19,883			768,879			19,314
Shares Redeemed		(13,469,007	)		(363,269	)		(18,003,954	)		(456,034	)
Net Increase (Decrease)		(5,785,260	)	$	(157,267	)		6,957,737		$	176,067
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		226,497		$	5,791			2,177,573		$	52,057
Shares Issued upon Reinvestment of Dividends		273,878			6,858			533,793			12,710
Shares Redeemed		(1,633,014	)		(41,347	)		(9,738,846	)		(233,999	)
Net Decrease		(1,132,639	)	$	(28,698	)		(7,027,480	)	$	(169,232	)
TCW Small Cap Growth Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		258,858		$	7,866			1,484,889		$	47,783
Shares Issued upon Reinvestment of Dividends		741,101			21,433			594,180			20,000
Shares Redeemed		(1,317,780	)		(39,767	)		(2,472,858	)		(83,083	)
Net Decrease		(317,821	)	$	(10,468	)		(393,789	)	$	(15,300	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		53,724		$	1,546			292,175		$	9,222
Shares Issued upon Reinvestment of Dividends		190,980			5,160			516,641			16,460
Shares Redeemed		(230,068	)		(6,591	)		(3,321,176	)		(103,304	)
Net Increase (Decrease)		14,636		$	115			(2,512,360	)	$	(77,622	)
TCW SMID Cap Growth Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		9,560		$	149			218,062		$	3,238
Shares Issued upon Reinvestment of Dividends		47,296			696			—			—
Shares Redeemed		(437,079	)		(6,293	)		(488,310	)		(7,190	)
Net Decrease		(380,223	)	$	(5,448	)		(270,248	)	$	(3,952	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		325		$	5			4,943		$	76
Shares Issued upon Reinvestment of Dividends		50,974			750			—			—
Shares Redeemed		(2,772	)		(42	)		(20,537	)		(298	)
Net Increase (Decrease)		48,527		$	713			(15,594	)	$	(222	)

78

TCW Funds, Inc.

April 30, 2015

Note 10 — Restricted Securities

The Funds are permitted to invest in securities that are subject to 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 April 30, 2015.

Note 11 — Indemnifications

Under the Company’s organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Company. In addition, the Company entered into an agreement with each of the Directors which provides that the Company will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by any Director in any proceeding arising out of or in connection with the Director’s services to the Company, to the fullest extent permitted by the Company’s Articles of Incorporation and By-Laws, the Maryland General Corporation Law, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Company enters into agreements with service providers that may contain indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. The Company has not accrued any liability in connection with such indemnification.

Note 12 — 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.

79

TCW Concentrated Value Fund

Financial Highlights — I Class

	Six Months Ended April 30,  2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	19.37		$	16.02		$	12.20		$	10.83		$	10.99		$	9.98
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.06			0.09			0.08			0.05			0.04			0.03
Net Realized and Unrealized Gain (Loss) on Investments		0.63			3.34			3.86			1.36			(0.17	)		1.07
Total from Investment Operations		0.69			3.43			3.94			1.41			(0.13	)		1.10
Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.08	)		(0.12	)		(0.04	)		(0.03	)		(0.09	)
Net Asset Value per Share, End of Period	$	19.98		$	19.37		$	16.02		$	12.20		$	10.83		$	10.99
Total Return		3.54	% (2)		21.46	%		32.67	%		12.94	%		(1.23	)%		11.05	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	10,654		$	9,970		$	7,628		$	7,007		$	22,496		$	34,285
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.38	% (3)		1.60	%		1.95	%		1.19	%		0.96	%		0.91	%
After Expense Reimbursement		1.09	% (3)		1.11	%		1.14	%		1.19	%		N/A			N/A
Ratio of Net Investment Income to Average Net Assets		0.61	% (3)		0.52	%		0.56	%		0.43	%		0.31	%		0.32	%
Portfolio Turnover Rate		52.59	% (2)		39.65	%		39.65	%		24.99	%		38.18	%		53.50	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

80

TCW Concentrated Value Fund

Financial Highlights — N Class

	Six Months Ended April 30,  2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	19.17		$	15.85		$	12.11		$	10.71		$	10.95		$	9.94
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.06			0.09			0.08			0.05			0.00	(2)		0.01
Net Realized and Unrealized Gain (Loss) on Investments		0.62			3.31			3.82			1.35			(0.24	)		1.05
Total from Investment Operations		0.68			3.40			3.90			1.40			(0.24	)		1.06
Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.08	)		(0.16	)		—			(0.00	) (2)		(0.05	)
Net Asset Value per Share, End of Period	$	19.77		$	19.17		$	15.85		$	12.11		$	10.71		$	10.95
Total Return		3.52	% (3)		21.50	%		32.61	%		13.07	%		(2.19	)%		10.71	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	2,381		$	1,804		$	921		$	861		$	861		$	30,786
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.21	% (4)		3.66	%		4.15	%		3.29	%		1.18	%		1.17	%
After Expense Reimbursement		1.09	% (4)		1.11	%		1.14	%		1.18	%		N/A			N/A
Ratio of Net Investment Income to Average Net Assets		0.61	% (4)		0.50	%		0.58	%		0.45	%		0.01	%		0.05	%
Portfolio Turnover Rate		52.59	% (3)		39.65	%		39.65	%		24.99	%		38.18	%		53.50	%

(1) Computed using average shares outstanding throughout the period.

(2) Amount rounds to less than $0.01 per share.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

81

TCW Conservative Allocation Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	12.24		$	11.66		$	10.91		$	10.51		$	10.79		$	9.87
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.06			0.11			0.22			0.32			0.21			0.23
Net Realized and Unrealized Gain on Investments		0.40			0.67			0.79			0.51			0.17			0.94
Total from Investment Operations		0.46			0.78			1.01			0.83			0.38			1.17
Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.20	)		(0.26	)		(0.20	)		(0.19	)		(0.25	)
Distributions from Net Realized Gain		(0.06	)		—			—			(0.23	)		(0.47	)		—
Total Distributions		(0.20	)		(0.20	)		(0.26	)		(0.43	)		(0.66	)		(0.25	)
Net Asset Value per Share, End of Period	$	12.50		$	12.24		$	11.66		$	10.91		$	10.51		$	10.79
Total Return		3.80	% (2)		6.66	%		9.42	%		8.35	%		3.63	%		12.08	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	31,392		$	30,746		$	27,121		$	14,705		$	11,356		$	4,746
Ratio of Expenses to Average Net Assets: (3)
Before Expense Reimbursement		0.28	% (4)		0.29	%		0.40	%		0.67	%		1.08	%		1.74	%
After Expense Reimbursement		N/A			N/A			N/A			N/A			0.85	%		0.89	%
Ratio of Net Investment Income to Average Net Assets		0.98	% (4)		0.94	%		1.96	%		2.98	%		1.97	%		2.27	%
Portfolio Turnover Rate		15.31	% (2)		40.56	%		57.98	%		59.12	%		93.92	%		42.93	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Does not include expenses of the underlying affiliated funds.

(4) Annualized.

See accompanying notes to financial statements.

82

TCW Conservative Allocation Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	12.17		$	11.61		$	10.89		$	10.51		$	10.79		$	9.86
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.03			0.05			0.18			0.29			0.21			0.22
Net Realized and Unrealized Gain on Investments		0.39			0.66			0.78			0.52			0.17			0.96
Total from Investment Operations		0.42			0.71			0.96			0.81			0.38			1.18
Less Distributions:
Distributions from Net Investment Income		(0.06	)		(0.15	)		(0.24	)		(0.20	)		(0.19	)		(0.25	)
Distributions from Net Realized Gain		(0.06	)		—			—			(0.23	)		(0.47	)		—
Total Distributions		(0.12	)		(0.15	)		(0.24	)		(0.43	)		(0.66	)		(0.25	)
Net Asset Value per Share, End of Period	$	12.47		$	12.17		$	11.61		$	10.89		$	10.51		$	10.79
Total Return		3.56	% (2)		6.07	%		8.97	%		8.09	%		3.63	%		12.19	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	3,582		$	807		$	1,047		$	815		$	1,149		$	209
Ratio of Expenses to Average Net Assets: (3)
Before Expense Reimbursement		1.77	% (4)		3.20	%		2.84	%		2.70	%		3.76	%		15.40	%
After Expense Reimbursement		0.85	% (4)		0.85	%		0.85	%		0.85	%		0.85	%		0.89	%
Ratio of Net Investment Income to Average Net Assets		0.50	% (4)		0.41	%		1.58	%		2.72	%		1.95	%		2.19	%
Portfolio Turnover Rate		15.31	% (2)		40.56	%		57.98	%		59.12	%		93.92	%		42.93	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Does not include expenses of the underlying affiliated funds.

(4) Annualized.

See accompanying notes to financial statements.

83

TCW Global Real Estate Fund

Financial Highlights — I Class

	December 1, 2014 (Commencement of Operations through April 30, 2015 (Unaudited)
Net Asset Value per Share, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.09
Net Realized and Unrealized Gain on Investments		0.13
Total from Investment Operations		0.22
Less Distributions:
Distributions from Net Investment Income		(0.09	)
Net Asset Value per Share, End of Period	$	10.13
Total Return		2.22	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	2,014
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		11.29	% (3)
After Expense Reimbursement		1.44	% (3)
Ratio of Net Investment Income to Average Net Assets		2.03	% (3)
Portfolio Turnover Rate		21.10	% (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period December 1, 2014 (Commencement of Operations) through April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

84

TCW Global Real Estate Fund

Financial Highlights — N Class

	December 1, 2014 (Commencement of Operations through April 30, 2015 (Unaudited)
Net Asset Value per Share, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.10
Net Realized and Unrealized Gain on Investments		0.12
Total from Investment Operations		0.22
Less Distributions:
Distributions from Net Investment Income		(0.09	)
Net Asset Value per Share, End of Period	$	10.13
Total Return		2.22	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	511
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		13.71	% (3)
After Expense Reimbursement		1.44	% (3)
Ratio of Net Investment Income to Average Net Assets		2.25	% (3)
Portfolio Turnover Rate		21.10	% (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period December 1, 2014 (Commencement of Operations) through April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

85

TCW Growth Equities Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	13.10		$	18.86		$	13.87		$	14.66		$	13.95		$	10.87
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.03	)		(0.08	)		(0.05	)		(0.08	)		(0.11	)		(0.09	)
Net Realized and Unrealized Gain (Loss) on Investments		0.61			1.32			5.24			(0.15	)		0.82			3.17
Total from Investment Operations		0.58			1.24			5.19			(0.23	)		0.71			3.08
Less Distributions:
Distributions from Net Investment Income		—			—			(0.02	)		—			—			—
Distributions from Net Realized Gain		(1.36	)		(7.00	)		(0.18	)		(0.56	)		—			—
Total Distributions		(1.36	)		(7.00	)		(0.20	)		(0.56	)		—			—
Net Asset Value per Share, End of Period	$	12.32		$	13.10		$	18.86		$	13.87		$	14.66		$	13.95
Total Return		4.68	%  (2)		7.06	%		37.96	%		(1.43	)%		5.09	%		28.33	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	19,522		$	21,863		$	23,891		$	66,951		$	91,091		$	101,943
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.47	%  (3)		1.42	%		1.32	%		1.21	%		1.20	%		1.27	%
After Expense Reimbursement		1.20	%  (3)		1.20	%		1.20	%		1.20	%		1.20	%		N/A
Ratio of Net Investment Loss to Average Net Assets		(0.53	)%  (3)		(0.61	)%		(0.35	)%		(0.54	)%		(0.72	)%		(0.67	)%
Portfolio Turnover Rate		25.42	%  (2)		49.03	%		78.65	%		48.75	%		50.74	%		71.30	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

86

TCW Growth Equities Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	13.01		$	18.79		$	13.82		$	14.61		$	13.90		$	10.84
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.03	)		(0.08	)		(0.06	)		(0.08	)		(0.11	)		(0.09	)
Net Realized and Unrealized Gain (Loss) on Investments		0.61			1.30			5.23			(0.15	)		0.82			3.15
Total from Investment Operations		0.58			1.22			5.17			(0.23	)		0.71			3.06
Less Distributions:
Distributions from Net Investment Income		—			—			(0.02	)		—			—			—
Distributions from Net Realized Gain		(1.36	)		(7.00	)		(0.18	)		(0.56	)		—			—
Total Distributions		(1.36	)		(7.00	)		(0.20	)		(0.56	)		—			—
Net Asset Value per Share, End of Period	$	12.23		$	13.01		$	18.79		$	13.82		$	14.61		$	13.90
Total Return		4.72	% (2)		7.02	%		37.93	%		(1.44	)%		5.11	%		28.23	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	4,749		$	5,335		$	6,366		$	9,865		$	9,493		$	10,542
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.09	% (3)		2.01	%		1.93	%		1.73	%		1.73	%		2.03	%
After Expense Reimbursement		1.20	% (3)		1.20	%		1.20	%		1.20	%		1.20	%		1.32	%
Ratio of Net Investment Loss to Average Net Assets		(0.53	)% (3)		(0.61	)%		(0.36	)%		(0.53	)%		(0.73	)%		(0.69	)%
Portfolio Turnover Rate		25.42	% (2)		49.03	%		78.65	%		48.75	%		50.74	%		71.30	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

87

TCW High Dividend Equities Fund

Financial Highlights — I Class

	December 1, 2014 (Commencement of Operations through April 30,  2015 (Unaudited)
Net Asset Value per Share, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.10
Net Realized and Unrealized Gain on Investments		0.34
Total from Investment Operations		0.44
Less Distributions:
Distributions from Net Investment Income		(0.11	)
Net Asset Value per Share, End of Period	$	10.33
Total Return		4.42	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	4,328
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		7.23	% (3)
After Expense Reimbursement		1.17	% (3)
Ratio of Net Investment Income to Average Net Assets		2.30	% (3)
Portfolio Turnover Rate		27.92	% (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period December 1, 2014 (Commencement of Operations) through April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

88

TCW High Dividend Equities Fund

Financial Highlights — N Class

	December 1, 2014 (Commencement of Operations through April 30, 2015 (Unaudited)
Net Asset Value per Share, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12
Net Realized and Unrealized Gain on Investments		0.32
Total from Investment Operations		0.44
Less Distributions:
Distributions from Net Investment Income		(0.11	)
Net Asset Value per Share, End of Period	$	10.33
Total Return		4.42	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	572
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		11.46	% (3)
After Expense Reimbursement		1.17	% (3)
Ratio of Net Investment Income to Average Net Assets		2.83	% (3)
Portfolio Turnover Rate		27.92	% (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period December 1, 2014 (Commencement of Operations) through April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

89

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — I Class

	Six Months Ended April 30,  2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	16.71		$	15.11		$	11.77		$	10.18		$	9.60		$	8.28
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.14			0.27			0.25			0.22			0.18			0.18
Net Realized and Unrealized Gain on Investments		0.45			1.61			3.36			1.60			0.59			1.31
Total from Investment Operations		0.59			1.88			3.61			1.82			0.77			1.49
Less Distributions:
Distributions from Net Investment Income		(0.12	)		(0.28	)		(0.27	)		(0.23	)		(0.19	)		(0.17	)
Net Asset Value per Share, End of Period	$	17.18		$	16.71		$	15.11		$	11.77		$	10.18		$	9.60
Total Return		3.52	% (2)		12.49	%		31.06	%		18.03	%		8.05	%		18.13	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	197,305		$	195,400		$	176,226		$	99,787		$	54,367		$	57,797
Ratio of Expenses to Average Net Assets		0.87	% (3)		0.86	%		0.82	%		0.85	%		0.86	%		0.90	%
Ratio of Net Investment Income to Average Net Assets		1.67	% (3)		1.67	%		1.86	%		1.95	%		1.76	%		1.95	%
Portfolio Turnover Rate		9.22	% (2)		17.33	%		18.37	%		23.15	%		37.51	%		25.77	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

90

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — N Class

	Six Months Ended April 30,  2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	16.99		$	15.34		$	11.92		$	10.29		$	9.68		$	8.36
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.23			0.22			0.19			0.15			0.15
Net Realized and Unrealized Gain on Investments		0.46			1.63			3.41			1.62			0.60			1.31
Total from Investment Operations		0.58			1.86			3.63			1.81			0.75			1.46
Less Distributions:
Distributions from Net Investment Income		(0.10	)		(0.21	)		(0.21	)		(0.18	)		(0.14	)		(0.14	)
Net Asset Value per Share, End of Period	$	17.47		$	16.99		$	15.34		$	11.92		$	10.29		$	9.68
Total Return		3.40	% (2)		12.19	%		30.71	%		17.68	%		7.73	%		17.66	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	925,570		$	970,397		$	887,435		$	601,397		$	514,153		$	550,305
Ratio of Expenses to Average Net Assets		1.15	% (3)		1.14	%		1.11	%		1.14	%		1.17	%		1.20	%
Ratio of Net Investment Income to Average Net Assets		1.40	% (3)		1.40	%		1.60	%		1.70	%		1.45	%		1.68	%
Portfolio Turnover Rate		9.22	% (2)		17.33	%		18.37	%		23.15	%		37.51	%		25.77	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

91

TCW Relative Value Large Cap Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	22.09		$	19.47		$	14.91		$	13.05		$	12.42		$	11.06
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.21			0.19			0.16			0.12			0.13
Net Realized and Unrealized Gain on Investments		0.93			2.65			4.53			1.82			0.65			1.41
Total from Investment Operations		1.05			2.86			4.72			1.98			0.77			1.54
Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.24	)		(0.16	)		(0.12	)		(0.14	)		(0.18	)
Net Asset Value per Share, End of Period	$	22.92		$	22.09		$	19.47		$	14.91		$	13.05		$	12.42
Total Return		4.76	% (2)		14.79	%		31.99	%		15.33	%		6.16	%		14.14	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	699,425		$	700,484		$	543,669		$	741,996		$	396,729		$	373,921
Ratio of Expenses to Average Net Assets		0.88	% (3)		0.88	%		0.87	%		0.89	%		0.92	%		1.07	%
Ratio of Net Investment Income to Average Net Assets		1.08	% (3)		1.02	%		1.13	%		1.14	%		0.90	%		1.14	%
Portfolio Turnover Rate		9.40	% (2)		18.77	%		37.33	%		19.71	%		26.76	%		34.49	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

92

TCW Relative Value Large Cap Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	22.04		$	19.44		$	14.89		$	13.00		$	12.38		$	11.03
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.09			0.16			0.15			0.13			0.09			0.12
Net Realized and Unrealized Gain on Investments		0.92			2.65			4.52			1.83			0.64			1.40
Total from Investment Operations		1.01			2.81			4.67			1.96			0.73			1.52
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.21	)		(0.12	)		(0.07	)		(0.11	)		(0.17	)
Net Asset Value per Share, End of Period	$	22.87		$	22.04		$	19.44		$	14.89		$	13.00		$	12.38
Total Return		4.59	% (2)		14.52	%		31.64	%		15.11	%		5.88	%		13.96	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	27,209		$	29,589		$	75,450		$	50,212		$	50,341		$	67,688
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.25	% (3)		1.12	%		1.13	%		1.14	%		1.18	%		1.19	%
After Expense Reimbursement		1.16	% (3)		N/A			N/A			N/A			N/A			N/A
Ratio of Net Investment Income to Average Net Assets		0.81	% (3)		0.77	%		0.83	%		0.92	%		0.65	%		1.06	%
Portfolio Turnover Rate		9.40	% (2)		18.77	%		37.33	%		19.71	%		26.76	%		34.49	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

93

TCW Relative Value Mid Cap Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	26.62		$	26.56		$	20.10		$	17.43		$	16.94		$	14.12
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.08			0.13			0.16			0.15			0.12			0.11
Net Realized and Unrealized Gain on Investments		1.21			2.70			6.48			2.63			0.51			2.81
Total from Investment Operations		1.29			2.83			6.64			2.78			0.63			2.92
Less Distributions:
Distributions from Net Investment Income		(0.12	)		(0.14	)		(0.17	)		(0.11	)		(0.14	)		(0.10	)
Distributions from Net Realized Gain		(3.08	)		(2.63	)		(0.01	)		—			—			—
Total Distributions		(3.20	)		(2.77	)		(0.18	)		(0.11	)		(0.14	)		(0.10	)
Net Asset Value per Share, End of Period	$	24.71		$	26.62		$	26.56		$	20.10		$	17.43		$	16.94
Total Return		5.12	% (2)		11.09	%		33.30	%		16.04	%		3.67	%		20.78	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	111,356		$	114,823		$	118,138		$	95,698		$	99,211		$	152,391
Ratio of Expenses to Average Net Assets		0.96	% (3)		0.95	%		0.94	%		1.01	%		0.99	%		1.00	%
Ratio of Net Investment Income to Average Net Assets		0.66	% (3)		0.49	%		0.68	%		0.79	%		0.66	%		0.68	%
Portfolio Turnover Rate		11.23	% (2)		21.67	%		28.91	%		32.87	%		89.67	%		61.51	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

94

TCW Relative Value Mid Cap Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	26.08		$	26.07		$	19.74		$	17.06		$	16.61		$	13.85
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.05			0.06			0.09			0.10			0.05			0.05
Net Realized and Unrealized Gain on Investments		1.18			2.65			6.37			2.59			0.50			2.77
Total from Investment Operations		1.23			2.71			6.46			2.69			0.55			2.82
Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.07	)		(0.12	)		(0.01	)		(0.10	)		(0.06	)
Distributions from Net Realized Gain		(3.08	)		(2.63	)		(0.01	)		—			—			—
Total Distributions		(3.16	)		(2.70	)		(0.13	)		(0.01	)		(0.10	)		(0.06	)
Net Asset Value per Share, End of Period	$	24.15		$	26.08		$	26.07		$	19.74		$	17.06		$	16.61
Total Return		5.00	% (2)		10.80	%		32.90	%		15.75	%		3.26	%		20.42	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	27,612		$	28,458		$	36,875		$	32,292		$	33,247		$	54,041
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.32	% (3)		1.27	%		1.32	%		1.40	%		1.48	%		1.41	%
After Expense Reimbursement		1.21	% (3)		1.20	%		1.23	%		1.27	%		1.35	%		1.34	%
Ratio of Net Investment Income to Average Net Assets		0.41	% (3)		0.23	%		0.40	%		0.53	%		0.27	%		0.31	%
Portfolio Turnover Rate		11.23	% (2)		21.67	%		28.91	%		32.87	%		89.67	%		61.51	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

95

TCW Select Equities Fund

Financial Highlights — I Class

	Six  Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	26.71		$	24.84		$	19.81		$	18.17		$	16.18		$	13.45
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		(0.01	)		(0.03	)		0.03			(0.00	) (2)		(0.04	)		(0.03	)
Net Realized and Unrealized Gain on Investments		1.43			2.71			5.34			1.86			2.03			2.76
Total from Investment Operations		1.42			2.68			5.37			1.86			1.99			2.73
Less Distributions:
Distributions from Net Investment Income		—			(0.00	) (2)		(0.05	)		—			—			—
Distributions from Net Realized Gain		(0.84	)		(0.81	)		(0.29	)		(0.22	)		—			—
Total Distributions		(0.84	)		(0.81	)		(0.34	)		(0.22	)		—			—
Net Asset Value per Share, End of Period	$	27.29		$	26.71		$	24.84		$	19.81		$	18.17		$	16.18
Total Return		5.42	% (3)		11.01	%		27.53	%		10.37	%		12.30	%		20.30	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,488,641		$	1,611,400		$	1,325,609		$	802,524		$	432,203		$	388,735
Ratio of Expenses to Average Net Assets		0.88	% (4)		0.86	%		0.83	%		0.86	%		0.90	%		0.92	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.06	)% (4)		(0.11	)%		0.15	%		(0.01	)%		(0.23	)%		(0.19	)%
Portfolio Turnover Rate		15.19	% (3)		25.79	%		24.55	%		19.74	%		28.13	%		23.75	%

(1) Computed using average shares outstanding throughout the period.

(2) Amount rounds to less than $0.01 per share.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

96

TCW Select Equities Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	25.26		$	23.59		$	18.84		$	17.34		$	15.48		$	12.92
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.05	)		(0.10	)		(0.02	)		(0.06	)		(0.09	)		(0.07	)
Net Realized and Unrealized Gain on Investments		1.36			2.58			5.06			1.78			1.95			2.63
Total from Investment Operations		1.31			2.48			5.04			1.72			1.86			2.56
Less Distributions:
Distributions from Net Realized Gain		(0.84	)		(0.81	)		(0.29	)		(0.22	)		—			—
Net Asset Value per Share, End of Period	$	25.73		$	25.26		$	23.59		$	18.84		$	17.34		$	15.48
Total Return		5.30	% (2)		10.73	%		27.14	%		10.06	%		12.02	%		19.81	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	202,281		$	227,231		$	378,026		$	292,448		$	182,151		$	125,638
Ratio of Expenses to Average Net Assets		1.17	% (3)		1.13	%		1.10	%		1.14	%		1.20	%		1.24	%
Ratio of Net Investment Loss to Average Net Assets		(0.36	)% (3)		(0.40	)%		(0.10	)%		(0.31	)%		(0.55	)%		(0.51	)%
Portfolio Turnover Rate		15.19	% (2)		25.79	%		24.55	%		19.74	%		28.13	%		23.75	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

97

TCW Small Cap Growth Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	33.15		$	35.69		$	26.74		$	27.84		$	26.52		$	21.18
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.13	)		(0.32	)		(0.20	)		(0.24	)		(0.26	)		(0.17	)
Net Realized and Unrealized Gain (Loss) on Investments		2.63			2.93			9.15			(0.86	)		1.58			5.51
Total from Investment Operations		2.50			2.61			8.95			(1.10	)		1.32			5.34
Less Distributions:
Distributions from Net Realized Gain		(5.37	)		(5.15	)		—			—			—			—
Net Asset Value per Share, End of Period	$	30.28		$	33.15		$	35.69		$	26.74		$	27.84		$	26.52
Total Return		8.29	% (2)		7.22	%		33.32	%		(3.95	)%		4.98	%		25.21	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	118,669		$	140,438		$	165,248		$	828,435		$	956,904		$	584,581
Ratio of Expenses to Average Net Assets		1.17	% (3)		1.20	%		1.18	%		1.16	%		1.22	%		1.19	%
Ratio of Net Investment Loss to Average Net Assets		(0.81	)% (3)		(0.97	)%		(0.71	)%		(0.89	)%		(0.88	)%		(0.71	)%
Portfolio Turnover Rate		40.88	% (2)		75.51	%		84.46	%		79.27	%		93.47	%		105.57	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

98

TCW Small Cap Growth Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	31.32		$	34.05		$	25.60		$	26.73		$	25.53		$	20.44
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.15	)		(0.37	)		(0.29	)		(0.31	)		(0.32	)		(0.23	)
Net Realized and Unrealized Gain (Loss) on Investments		2.47			2.79			8.74			(0.82	)		1.52			5.32
Total from Investment Operations		2.32			2.42			8.45			(1.13	)		1.20			5.09
Less Distributions:
Distributions from Net Realized Gain		(5.37	)		(5.15	)		—			—			—			—
Net Asset Value per Share, End of Period	$	28.27		$	31.32		$	34.05		$	25.60		$	26.73		$	25.53
Total Return		8.19	% (2)		6.98	%		32.85	%		(4.23	)%		4.70	%		24.90	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	29,891		$	32,655		$	121,038		$	186,245		$	237,982		$	187,375
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.58	% (3)		1.46	%		1.47	%		1.44	%		1.49	%		1.51	%
After Expense Reimbursement		1.37	% (3)		1.41	%		1.46	%		N/A			N/A			N/A
Ratio of Net Investment Loss to Average Net Assets		(1.01	)% (3)		(1.17	)%		(1.02	)%		(1.16	)%		(1.14	)%		(0.97	)%
Portfolio Turnover Rate		40.88	% (2)		75.51	%		84.46	%		79.27	%		93.47	%		105.57	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

99

TCW SMID Cap Growth Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,									November 1, 2010 (Commencement of Operations) through October 31, 2011
				2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	15.01		$	14.34		$	10.26		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		(0.06	)		(0.11	)		(0.09	)		(0.08	)		(0.10	)
Net Realized and Unrealized Gain (Loss) on Investments		0.62			0.78			4.17			(0.08	)		0.52
Total from Investment Operations		0.56			0.67			4.08			(0.16	)		0.42
Less Distributions:
Distributions from Net Realized Gain		(0.47	)		—			—			—			—
Net Asset Value per Share, End of Period	$	15.10		$	15.01		$	14.34		$	10.26		$	10.42
Total Return		3.83	% (2)		4.67	%		39.77	%		(1.54	)%		4.20	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	23,030		$	28,598		$	31,193		$	22,084		$	23,057
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.26	% (3)		1.23	%		1.34	%		1.36	%		2.16	%
After Expense Reimbursement		1.20	% (3)		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.77	)% (3)		(0.78	)%		(0.72	)%		(0.75	)%		(0.96	)%
Portfolio Turnover Rate		25.95	% (2)		66.58	%		72.89	%		78.76	%		89.56	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

100

TCW SMID Cap Growth Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,									November 1, 2010 (Commencement of Operations) through October 31, 2011
				2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	15.01		$	14.34		$	10.27		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		(0.06	)		(0.12	)		(0.09	)		(0.08	)		(0.10	)
Net Realized and Unrealized Gain (Loss) on Investments		0.62			0.79			4.16			(0.07	)		0.52
Total from Investment Operations		0.56			0.67			4.07			(0.15	)		0.42
Less Distributions:
Distributions from Net Realized Gain		(0.47	)		—			—			—			—
Net Asset Value per Share, End of Period	$	15.10		$	15.01		$	14.34		$	10.27		$	10.42
Total Return		3.83	% (2)		4.67	%		39.63	%		(1.44	)%		4.20	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	24,688		$	23,810		$	22,968		$	17,116		$	22,927
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.52	% (3)		1.51	%		1.61	%		1.64	%		2.23	%
After Expense Reimbursement		1.20	% (3)		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.80	)% (3)		(0.79	)%		(0.72	)%		(0.76	)%		(0.96	)%
Portfolio Turnover Rate		25.95	% (2)		66.58	%		72.89	%		78.76	%		89.56	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

101

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2014 to April 30, 2015 (181 days).

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

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

TCW Funds, Inc.	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2014 to April 30, 2015)
TCW Concentrated Value Fund
I Class Shares
Actual	$	1,000.00	$	1,035.40		1.09	%	$	5.50
Hypothetical (5% return before expenses)		1,000.00		1,019.39		1.09	%		5.46
N Class Shares
Actual	$	1,000.00	$	1,035.20		1.09	%	$	5.50
Hypothetical (5% return before expenses)		1,000.00		1,019.39		1.09	%		5.46
TCW Conservative Allocation Fund
I Class Shares
Actual	$	1,000.00	$	1,038.00		0.28	% (1)	$	1.41	(1)
Hypothetical (5% return before expenses)		1,000.00		1,023.41		0.28	% (1)		1.40	(1)
N Class Shares
Actual	$	1,000.00	$	1,035.60		0.85	% (1)	$	4.29	(1)
Hypothetical (5% return before expenses)		1,000.00		1,020.58		0.85	% (1)		4.26	(1)
TCW Global Real Estate Fund
I Class Shares
Actual	$	1,000.00	$	1,022.20		1.44	%	$	6.02	(2)
Hypothetical (5% return before expenses)		1,000.00		1,017.65		1.44	%		7.20
N Class Shares
Actual	$	1,000.00	$	1,022.20		1.44	%	$	6.02	(2)
Hypothetical (5% return before expenses)		1,000.00		1,017.65		1.44	%		7.20

102

TCW Funds, Inc.

TCW Funds, Inc.	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2014 to April 30, 2015)
TCW Growth Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,046.80		1.20	%	$	6.09
Hypothetical (5% return before expenses)		1,000.00		1,018.84		1.20	%		6.01
N Class Shares
Actual	$	1,000.00	$	1,047.20		1.20	%	$	6.09
Hypothetical (5% return before expenses)		1,000.00		1,018.84		1.20	%		6.01
TCW High Dividend Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,044.20		1.17	%	$	4.95	(2)
Hypothetical (5% return before expenses)		1,000.00		1,018.99		1.17	%		5.85
N Class Shares
Actual	$	1,000.00	$	1,044.20		1.17	%	$	4.95	(2)
Hypothetical (5% return before expenses)		1,000.00		1,018.99		1.17	%		5.85
TCW Relative Value Dividend Appreciation Fund
I Class Shares
Actual	$	1,000.00	$	1,035.20		0.87	%	$	4.39
Hypothetical (5% return before expenses)		1,000.00		1,020.48		0.87	%		4.36
N Class Shares
Actual	$	1,000.00	$	1,034.00		1.15	%	$	5.80
Hypothetical (5% return before expenses)		1,000.00		1,019.09		1.15	%		5.76
TCW Relative Value Large Cap Fund
I Class Shares
Actual	$	1,000.00	$	1,047.60		0.88	%	$	4.47
Hypothetical (5% return before expenses)		1,000.00		1,020.43		0.88	%		4.41
N Class Shares
Actual	$	1,000.00	$	1,045.90		1.16	%	$	5.88
Hypothetical (5% return before expenses)		1,000.00		1,019.04		1.16	%		5.81
TCW Relative Value Midcap Fund
I Class Shares
Actual	$	1,000.00	$	1,051.20		0.96	%	$	4.88
Hypothetical (5% return before expenses)		1,000.00		1,020.03		0.96	%		4.81
N Class Shares
Actual	$	1,000.00	$	1,050.00		1.21	%	$	6.15
Hypothetical (5% return before expenses)		1,000.00		1,018.79		1.21	%		6.06
TCW Select Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,054.20		0.88	%	$	4.48
Hypothetical (5% return before expenses)		1,000.00		1,020.43		0.88	%		4.41
N Class Shares
Actual	$	1,000.00	$	1,053.00		1.17	%	$	5.96
Hypothetical (5% return before expenses)		1,000.00		1,018.99		1.17	%		5.86

103

TCW Funds, Inc.

Shareholder Expenses (Unaudited) (Continued)

TCW Funds, Inc.	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2014 to April 30,  2015)
TCW Small Cap Growth Fund
I Class Shares
Actual	$	1,000.00	$	1,082.90		1.17	%	$	6.04
Hypothetical (5% return before expenses)		1,000.00		1,018.99		1.17	%		5.86
N Class Shares
Actual	$	1,000.00	$	1,081.90		1.37	%	$	7.07
Hypothetical (5% return before expenses)		1,000.00		1,018.00		1.37	%		6.85
TCW SMID Cap Growth Fund
I Class Shares
Actual	$	1,000.00	$	1,038.30		1.20	%	$	6.06
Hypothetical (5% return before expenses)		1,000.00		1,018.84		1.20	%		6.01
N Class Shares
Actual	$	1,000.00	$	1,038.30		1.20	%	$	6.06
Hypothetical (5% return before expenses)		1,000.00		1,018.84		1.20	%		6.01

(1) Does not included Expenses of the underlying affiliated investments.

(2) Actual expenses are calculated using the annualized expense ratio, multiplied by the average account value over the period from inception of the Fund on December 1, 2014 through April 30, 2015, multiplied by the number of days in the inception period and divided by the number of days in the year. Hypothetical expenses are calculated using the annualized expense ratio, multiplied by the average account value for the six months ended April 30, 2015, multiplied by the number of days in the six month period and divided by the number of days in the year.

104

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

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

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

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

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

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

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

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

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

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

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

Availability of Quarterly Portfolio Schedule

The Company files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form N-Q. The Form N-Q is available by calling 800-FUND-TCW (800-386-3829) to obtain a hard copy. You may also obtain the Company’s Form N-Q:

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

2. By visiting the SEC’s Public Reference Room in Washington, D.C. and photocopying it (Phone 1-800-SEC-0330 for information on the operation of the SEC’s Public Reference Room).

105

TCWFunds TCW Family of Funds TCW Funds, Inc. 865 South Figueroa Street Los Angeles, California 90017 800 FUND TCW (800 386 3829) www.TCW.com Investment Advisor TCW Investment Management Company 865 South Figueroa Street Los Angeles, California 90017 Transfer Agent U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, Wisconsin 53202 Independent Registered Public Accounting Firm Deloitte & Touche, LLP 555 West 5th Street Los Angeles, California 90013 Custodian & Administrator State Street Bank & Trust Company One Lincoln Street Boston, Massachusetts 02111 Distributor TCW Funds Distributors 865 South Figueroa Street Los Angeles, California 90017 Directors Patrick C. Haden Director and Chairman of the Board Samuel P. Bell Director David S. DeVito Director John A. Gavin Director Janet E. Kerr Director Peter McMillan Director Charles A. Parker Director Victoria B. Rogers Director Marc I. Stern Director Andrew Tarica Director Officers David S. DeVito President and Chief Executive Officer Meredith S. Jackson Senior Vice President, General Counsel and Secretary Richard M. Villa Treasurer and Chief Financial Officer Jeffrey A. Engelsman Chief Compliance Officer Peter A. Brown Senior Vice President Patrick W. Dennis Assistant Secretary George N. Winn Assistant Treasurer TCW FAMILY OF FUNDS Equity Funds TCW Concentrated Value Fund TCW Global Real Estate Fund TCW Growth Equities Fund TCW High Dividend Equities Fund TCW Relative Value Dividend Appreciation Fund TCW Relative Value Large Cap Fund TCW Relative Value Mid Cap Fund TCW Select Equities Fund TCW Small Cap Growth Fund TCW SMID Cap Growth Fund TCW Allocation Fund TCW Conservative Allocation Fund Fixed Income Funds TCW Core Fixed Income Fund TCW Enhanced Commodity Strategy Fund TCW Global Bond Fund TCW High Yield Bond Fund TCW Short Term Bond Fund TCW Total Return Bond Fund International Funds TCW Emerging Markets Income Fund TCW Emerging Markets Local Currency Income Fund TCW Emerging Markets Multi-Asset Opportunities Fund TCW International Growth Fund TCW International Small Cap Fund FUNDsarEQ0415

TCWFunds TCW Family of Funds APRIL 30 2015 SEMI-ANNUAL REPORT U.S. FIXED INCOME FUNDS TCW Core Fixed Income Fund TCW Enhanced Commodity Strategy Fund TCW Global Bond Fund TCW High Yield Bond Fund TCW Short Term Bond Fund TCW Total Return Bond Fund

TCW Funds, Inc.

Table of Contents

April 30, 2015

Letter to Shareholders	1
Performance Summary	4
Schedules of Investments:	5
TCW Core Fixed Income Fund	5
TCW Enhanced Commodity Strategy Fund (Consolidated)	21
TCW Global Bond Fund	26
TCW High Yield Bond Fund	34
TCW Short Term Bond Fund	43
TCW Total Return Bond Fund	51
Statements of Assets and Liabilities	72
Statements of Operations	74
Statements of Changes in Net Assets	76
Notes to Financial Statements	79
Financial Highlights	104
Shareholder Expenses	115
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	117

To Our Valued Shareholders

David S. DeVito President, Chief Executive Officer & Director

Dear Valued Investors:

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2015. I would like to thank you for your continued investment in the TCW Funds as well as welcome new shareholders to our fund family. As of April 30, 2015, the TCW Funds held total net assets of approximately $19.3 billion.

This report contains information outlining the performance of the TCW Funds and a listing of the portfolio holdings as of April 30, 2015.

About the TCW Funds

The TCW Funds offer shareholders a choice of 22 funds, each targeted to specific asset classes, market segments or multiple sectors of the global equity and fixed income markets. For U.S. equities, we offer funds across the market capitalization and growth/value spectrums. In fixed income, our funds provide investors opportunities across global fixed income markets including U.S. government, corporate and high yield bonds, mortgage-backed and asset-backed securities, as well as sovereign and corporate bonds denominated in U.S. dollars and foreign currencies. Each TCW Fund is managed by long-tenured investment teams with experience through many market cycles. Rigorous fundamental research, disciplined risk analysis and deep market expertise are the foundation for each of our funds.

The Economy

When the Federal Reserve announced in December 2013 that the time had come to begin drawing down its purchases of U.S. Treasury securities and agency mortgages, the market reacted with a backup in yields that saw the 10-Year Note climb above 3% for the first time since 2011. That wasn’t so surprising; after all, the Fed was removing itself — and $85 billion of monthly purchasing power — from those markets, a considerable technical drag. What wasn’t expected, however, was that would be the last time the 10-Year saw a yield as high as 3%! Despite a reasonably good pace of economic growth through 2014 and strong gains in employment in the past 15 months, U.S. rates have fallen, primarily due to a global environment of central bank accommodation that has rates across most of the developed

markets lower than within the U.S. So, it’s ironic that despite the lack of sustained upward rate pressure out the yield curve, much of the current rates discussion focuses on when rate hikes will begin and the anticipated pace of follow-up. And it would seem that the Fed’s objectives are at least twofold: one, to take the Fed Funds rate off the zero bound while remaining accommodating and, two, to avoid a violent reaction to the regime change presaged in the May 2013 “Taper Tantrum.”

The U.S. Stock Market and our U.S. Equity Funds

U.S. stocks posted solid gains during the six month period ended April 30, 2015, with the S&P 500 Index advancing 4.4% on a total return basis despite a number of headwinds during the period. The 58% decline in the price of WTI crude oil from mid-June 2014 to late January of this year, coupled with a nearly 20% gain in the DXY U.S. Dollar Index, undercut stock market investors’ confidence in the resilience of corporate earnings estimates. At the same time, a steady stream of weak macroeconomic data emanating from Europe, Japan, China and many emerging market countries stoked concerns that the U.S. economy could be dragged down by the slowdown in global growth. However, these worries were assuaged by both the Fed’s statement that it would continue to remain patient in terms of the timetable for hiking interest rates, as well as the ECB’s announcement that it would embark upon a quantitative easing program entailing asset purchases totaling at least 1.1 trillion Euros through September 2016. Importantly, corporate earnings results for the first quarter of 2015 proved better than expected and provided support to U.S. stock prices.

For the six months ended April 30, 2015, our value-oriented equity strategies outperformed their respective benchmarks, in many cases boosted by their exposure to names in the top-performing consumer discretionary, healthcare, and technology sectors. Several of our more aggressive growth-oriented equity funds trailed their respective benchmarks during the same period, as global growth concerns raised doubts about the strength of the US economic recovery and hurt investor sentiment towards higher beta aggressive growth names.

1

Letter to Shareholders (Continued)

The U.S. Fixed Income Market and our U.S. Fixed Income Funds

Through early 2015, U.S. Treasury yields fell, led by a vigorous rally in January, after which rates retraced higher on a strong February job report, before finishing on a downtrend due to a dovish interpretation of the March FOMC meeting, where the governors uniformly lowered estimates of future Fed Funds levels. The lower yields fueled price appreciation across the market, with modestly narrowing investment grade corporate spreads delivering a solid gain. Agency residential mortgage-backed securities (MBS) struggled to keep up with the strong U.S. Treasury performance in January and spent the remainder of the quarter playing catch-up, ultimately resulting in a nearly 50 basis point lag on a duration-adjusted basis. Both agency and non-agency commercial MBS (CMBS) generated good relative performance, while asset-backed securities (ABS), overwhelmingly floating rate in nature and thus limited in interest rate duration, produced positive relative returns as well. High yield corporates enjoyed a very good start to the year, especially in February, with a rebound in energy issues, overcoming considerable volatility and a disappointing end to 2014.

International/Global Markets and our Emerging Markets Funds

The Emerging Markets (EM) have been volatile — a default in Argentina, a border crisis in Russia, the threat of a downgrade in Brazil and a significant repricing of the commodity complex. Throughout this period of volatility, however, EM sovereigns as a whole have been able to retain strong balance sheets, with external debt to GDP in the 40% range – at or near the levels before the Global Financial Crisis — and significantly below that of many developed economies. Against this backdrop, Emerging Markets hard currency debt has outperformed or performed in line with various developed market fixed income indices this year. EM local currency debt, however, has underperformed due to dollar strength, although we believe this segment of the market could be an attractive investment opportunity as we get closer to the first Fed rate hike (dollar strength has typically peaked at or before the first Fed move in previous cycles).

For the six months ended April 30, 2015, the TCW Emerging Markets Income Fund I Share returned a negative 3.59% versus the J.P. Morgan EMBI Global Diversified Index return of +1.37%. Underperformance during this period was primarily driven by an active restructuring in the portfolio in December and January to

reduce corporate exposure and add sovereign exposure. Since we made this shift, we have been tracking more in line with the index. During the same period, the TCW Emerging Markets Local Currency Fund I Share returned a negative 6.46%, outperforming the J.P. Morgan GBI-EM Global Diversified Index which returned a negative 8.24%. This outperformance was driven by our focus on reform-oriented countries and active currency hedging.

An Update on the TCW Fund Family

We wanted to update our shareholders on the TCW Funds family over the past six months. During the first quarter, Ray Prasad, CFA, Managing Director, was named Lead Portfolio Manager, and Andrey Glukhov, CFA, Senior Vice President, was named Co-Portfolio Manager for the TCW International Small Cap Fund (TGICX and TGNIX) and the TCW International Growth Fund (TGIBX and TGIDX). Rohit Sah, who served as Portfolio Manager of the funds, left TCW to pursue other opportunities.

Looking Ahead

As a basis for strategy from a forward-looking perspective, through much of 2014, U.S. economic data had been largely consistent with an effort by the Fed to begin removing monetary accommodation, either by raising rates or shrinking its balance sheet. However, with global growth languishing and a strong U.S. dollar, any move by the Fed to begin tightening policy runs a risk of importing a slower economic pace and spurring market volatility. As a result, the pundits will talk about the Fed looking to “thread the needle” of removing incentives to misallocate capital, while not inadvertently bringing havoc to the markets. Exacerbating the risk of volatility is a liquidity environment that could amplify such effects to the downside, as the reduced size of bank trading books may prove insufficient to meet investor needs. That, in fact, could be an opportunity to capture returns across all the markets in which the Funds operate through disciplined strategy implementation and rigorous security selection, as well as being a provider of liquidity to those most willing to pay for it.

With respect to U.S. equities, looking forward, we believe that should the Fed initiate an interest rate hike this Fall, such a rate hike would not necessarily portend a negative backdrop for U.S. stocks if accompanied by sufficient underlying strength in the real economy. Yet, we note that because 2015 U.S. earnings growth expectations have declined from the high to the

2

mid-single digits on the back of a dismal energy sector earnings outlook, consensus stock valuations have drifted up to approximately 17 times forward earnings, which is slightly above their three-decade average of around 16 times. We would add, however, that current valuation levels are in many cases warranted by strong company fundamentals, including deleveraged balance sheets, high cash balances, and near-record profit margins in the midst of a low, stable inflation environment. We remain mindful, of course, of the prospect for heightened volatility until greater clarity emerges with respect to the nature and timing of the Fed’s monetary policy shift to “normalize” interest rates, as well as the resiliency of corporate earnings.

We know that you have many choices when it comes to the management of your financial assets. On behalf of everyone at TCW, I would like to thank you for making the TCW Funds part of your long-term investment plan. We truly value our relationship with you. If you have any questions or require further information, I invite you to visit our website at www.tcw.com, or call our shareholder services department at 800-386-3829.

I look forward to reporting to you again at the end of our fiscal year.

Sincerely,

David S. DeVito

President, Chief Executive Officer and Director

3

TCW Funds, Inc.

Performance Summary (Unaudited)

	Total Return
	Annualized as of April 30, 2015 (1)
	NAV		1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Core Fixed Income Fund
I Class	$	11.29		4.02	%		4.89	%		6.00	%		6.51	% (2)		01/01/90	(3)
N Class	$	11.28		3.75	%		4.55	%		5.69	%		5.72	%		03/01/99
TCW Enhanced Commodity Strategy Fund
I Class	$	6.32		(23.73	)%		N/A			N/A			(8.81	)%		04/01/11
N Class	$	6.33		(23.66	)%		N/A			N/A			(8.79	)%		04/01/11
TCW Global Bond Fund
I Class	$	10.01		(3.14	)%		N/A			N/A			3.01	%		12/01/11
N Class	$	10.01		(3.14	)%		N/A			N/A			3.01	%		12/01/11
TCW High Yield Bond Fund
I Class	$	6.34		3.07	%		6.46	%		6.69	%		7.50	% (2)		02/01/89	(3)
N Class	$	6.39		2.91	%		6.29	%		6.46	%		5.50	%		03/01/99
TCW Short Term Bond Fund
I Class	$	8.72		0.45	%		1.54	%		2.35	%		4.30	% (2)		02/01/90	(3)
TCW Total Return Bond Fund
I Class	$	10.36		4.50	%		6.45	%		7.06	%		7.02	%		06/17/93
N Class	$	10.69		4.19	%		6.15	%		6.74	%		6.66	%		03/01/99

(1) Past performance is not indicative of future performance.

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

(3) Inception date of the predecessor entity.

4

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Corporate Bonds (16.4% of Net Assets)
			Airlines (0.7%)
$		2,445,364	America West Airlines, Inc. Pass-Through Certificates, (01-1), 7.1%, due 10/02/22 (EETC)	$	2,755,631
		59,243	Continental Airlines, Inc. Pass-Through Certificates, (00-2-A1), 7.707%, due 10/02/22 (EETC)		66,500
		1,051,063	Continental Airlines, Inc. Pass-Through Certificates, (07-1-A), 5.983%, due 10/19/23 (EETC)		1,194,271
		774,652	Continental Airlines, Inc. Pass-Through Certificates, (09-2-A1), 7.25%, due 05/10/21 (EETC)		901,017
		986,341	Continental Airlines, Inc. Pass-Through Certificates, (09-2-A1), 9%, due 01/08/18 (EETC)		1,072,646
		796,734	Continental Airlines, Inc. Pass-Through Certificates, (99-1-A), 6.545%, due 08/02/20 (EETC)		888,857
		506,081	Northwest Airlines LLC Pass-Through Certificates, (01-1-A1), 7.041%, due 10/01/23 (EETC)		606,032
		556,324	US Airways Group, Inc. Pass-Through Certificates, (10-1A), 6.25%, due 10/22/24 (EETC)		638,381
		2,198,380	US Airways Group, Inc. Pass-Through Certificates, (12-1A), 5.9%, due 04/01/26 (EETC)		2,530,886
		905,683	US Airways Group, Inc. Pass-Through Certificates, (12-2-A), 4.625%, due 12/03/26 (EETC)		980,968
			Total Airlines		11,635,189
			Auto Manufacturers (0.5%)
		3,000,000	Ford Motor Credit Co. LLC, 1.214%, due 01/09/18 (1)		3,009,786
		3,000,000	Ford Motor Credit Co. LLC, 1.7%, due 05/09/16		3,016,216
		2,500,000	General Motors Financial Co., Inc., 3.45%, due 04/10/22		2,486,719
			Total Auto Manufacturers		8,512,721
			Banks (4.6%)
		1,500,000	Bank of America Corp., 1.144%, due 04/01/19 (1)		1,511,596
		3,000,000	Bank of America Corp., 1.5%, due 10/09/15		3,009,450
		1,100,000	Bank of America Corp., 5.65%, due 05/01/18		1,218,396
		2,550,000	Bank of America N.A., 0.551%, due 06/15/16 (1)		2,539,187
		1,000,000	Bank of America N.A., 0.571%, due 06/15/17 (1)		994,247
		1,250,000	Bank of America N.A., 5.3%, due 03/15/17		1,332,234
		2,300,000	Bank of America N.A., 6.1%, due 06/15/17		2,504,719
		250,000	Barclays Bank PLC (United Kingdom), 5%, due 09/22/16		263,696
		1,000,000	Chase Capital VI, 0.879%, due 08/01/28 (1)		860,000
		1,930,000	Citigroup, Inc., 1.237%, due 07/25/16 (1)		1,941,892
		1,062,000	Citigroup, Inc., 4.7%, due 05/29/15		1,065,009
		4,717,000	Citigroup, Inc., 5.3%, due 01/07/16		4,857,086
		1,110,000	Citigroup, Inc., 5.375%, due 08/09/20		1,265,326
		425,000	Citigroup, Inc., 6%, due 08/15/17		466,320
		275,000	Citigroup, Inc., 6.125%, due 05/15/18		309,298
		725,000	Citigroup, Inc., 8.5%, due 05/22/19		897,825

See accompanying notes to financial statements.

5

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Banks (Continued)
$		1,495,000	Discover Bank/Greenwood DE, 7%, due 04/15/20	$	1,768,794
		475,000	First Chicago NBD Institutional Capital I, 0.8%, due 02/01/27 (1)		412,063
		1,000,000	Goldman Sachs Group, Inc. (The), 1.437%, due 04/23/20 (1)		1,011,947
		2,000,000	Goldman Sachs Group, Inc. (The), 1.6%, due 11/23/15		2,009,153
		1,500,000	Goldman Sachs Group, Inc. (The), 1.861%, due 11/29/23 (1)		1,521,288
		1,000,000	Goldman Sachs Group, Inc. (The), 5.25%, due 07/27/21		1,134,028
		2,000,000	Goldman Sachs Group, Inc. (The), 5.35%, due 01/15/16		2,062,667
		2,000,000	Goldman Sachs Group, Inc. (The), 5.95%, due 01/18/18		2,219,132
		50,000	Goldman Sachs Group, Inc. (The), 6%, due 06/15/20		58,066
		1,550,000	Goldman Sachs Group, Inc. (The), 6.15%, due 04/01/18		1,736,789
		4,000,000	HBOS PLC (United Kingdom), (144A), 6.75%, due 05/21/18 (2)		4,477,650
		1,500,000	JPMorgan Chase & Co., 3.15%, due 07/05/16		1,538,793
		475,000	JPMorgan Chase & Co., 7.25%, due 02/01/18		544,843
		500,000	JPMorgan Chase Bank N.A., 5.875%, due 06/13/16		526,653
		3,875,000	JPMorgan Chase Bank N.A., 6%, due 10/01/17		4,284,150
		730,000	JPMorgan Chase Capital XIII, 1.223%, due 09/30/34 (1)		616,850
		5,750,000	JPMorgan Chase Capital XXI, 1.204%, due 01/15/87 (1)		4,844,375
		2,000,000	JPMorgan Chase Capital XXIII, 1.257%, due 05/15/77 (1)		1,622,500
		850,000	Lloyds TSB Bank PLC (United Kingdom), (144A), 5.8%, due 01/13/20 (2)		992,705
		2,750,000	Macquarie Bank, Ltd. (Australia), (144A), 6.625%, due 04/07/21 (2)		3,240,146
		1,290,000	Morgan Stanley, 0.725%, due 10/18/16 (1)		1,290,515
		400,000	Morgan Stanley, 0.755%, due 10/15/15 (1)		400,525
		1,500,000	Morgan Stanley, 4.75%, due 03/22/17		1,592,835
		575,000	Morgan Stanley, 5.45%, due 01/09/17		613,662
		600,000	Morgan Stanley, 5.5%, due 07/24/20		684,147
		1,750,000	Morgan Stanley, 5.625%, due 09/23/19		1,981,657
		975,000	Morgan Stanley, 6.625%, due 04/01/18		1,105,237
		375,000	Morgan Stanley, 7.3%, due 05/13/19		445,721
		3,000,000	Royal Bank of Scotland PLC (The) (United Kingdom), 2.55%, due 09/18/15		3,016,357
		875,000	Royal Bank of Scotland PLC (The) (United Kingdom), 6.1%, due 06/10/23		963,844
		3,305,000	UBS AG (Switzerland), 1.8%, due 03/26/18		3,310,415
			Total Banks		77,063,788
			Chemicals (0.0%)
		101,000	Rohm and Haas Co., 6%, due 09/15/17		111,600
			Commercial Services (0.3%)
		1,250,000	Autopistas Metropolitanas de Puerto Rico LLC, (144A), 6.75%, due 06/30/35 (2)		1,021,875
		4,185,000	Catholic Health Initiatives, 4.2%, due 08/01/23		4,498,674
			Total Commercial Services		5,520,549
			Diversified Financial Services (0.5%)
		565,000	General Electric Capital Corp., 0.635%, due 05/05/26 (1)		541,079
		3,315,000	General Electric Capital Corp., 0.737%, due 08/15/36 (1)		3,001,162
		1,000,000	General Electric Capital Corp., 3.15%, due 09/07/22		1,041,508
		1,250,000	General Electric Capital Corp., 4.375%, due 09/16/20		1,391,996

See accompanying notes to financial statements.

6

TCW Core Fixed Income Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Diversified Financial Services (Continued)
$		1,000,000	General Electric Capital Corp., 4.65%, due 10/17/21	$	1,142,514
		250,000	General Electric Capital Corp., 5.5%, due 01/08/20		289,674
		1,000,000	International Lease Finance Corp., (144A), 6.75%, due 09/01/16 (2)		1,060,000
			Total Diversified Financial Services		8,467,933
			Electric (1.0%)
		2,205,000	Berkshire Hathaway Energy Co., 4.5%, due 02/01/45		2,367,661
		2,250,000	El Paso Electric Co., 3.3%, due 12/15/22		2,242,316
		3,000,000	Entergy Mississippi, Inc., 3.1%, due 07/01/23		3,052,182
		3,300,000	Metropolitan Edison Co., (144A), 3.5%, due 03/15/23 (2)		3,364,831
		1,000,000	Niagara Mohawk Power Corp., (144A), 2.721%, due 11/28/22 (2)		999,443
		400,000	NiSource Finance Corp., 6.8%, due 01/15/19		468,607
		150,000	Oncor Electric Delivery Co. LLC, 5.25%, due 09/30/40		179,489
		2,545,000	Public Service Co. of New Mexico, 7.95%, due 05/15/18		3,001,553
		250,000	Southern Power Co., 4.875%, due 07/15/15		252,145
		1,000,000	Tucson Electric Power Co., 5.15%, due 11/15/21		1,124,618
			Total Electric		17,052,845
			Energy-Alternate Sources (0.1%)
		1,274,157	Alta Wind Holdings LLC, (144A), 7%, due 06/30/35 (2)		1,510,029
			Engineering & Construction (0.1%)
		2,000,000	Sydney Airport Finance Co. Pty, Ltd. (Australia), (144A), 3.9%, due 03/22/23 (2)		2,081,792
			Food (0.0%)
		143,000	Kraft Foods Group, Inc., 5.375%, due 02/10/20		162,779
			Gas (0.4%)
		460,000	CenterPoint Energy Resources Corp., 6.15%, due 05/01/16		483,343
		1,750,000	CenterPoint Energy Resources Corp., 6.25%, due 02/01/37		2,153,466
		3,265,000	KeySpan Gas East Corp., (144A), 5.819%, due 04/01/41 (2)		4,207,599
			Total Gas		6,844,408
			Healthcare-Products (0.0%)
		250,000	Covidien International Finance S.A. (Ireland), 6%, due 10/15/17		279,068
			Healthcare-Services (1.2%)
		175,000	Anthem, Inc., 5.875%, due 06/15/17		191,182
		2,545,000	Hartford HealthCare Corp., 5.746%, due 04/01/44		2,850,093
		3,000,000	North Shore Long Island Jewish Health Care, Inc., 4.8%, due 11/01/42		2,956,290
		1,305,000	North Shore Long Island Jewish Health Care, Inc., 6.15%, due 11/01/43		1,611,842
		3,000,000	NYU Hospitals Center, 4.428%, due 07/01/42		2,948,617
		60,000	NYU Hospitals Center, 5.75%, due 07/01/43		71,623
		3,860,000	Providence Health & Services Obligated Group, 1.224%, due 10/01/17 (1)		3,883,408
		3,290,000	Saint Barnabas Health Care System, 4%, due 07/01/28		3,350,985
		2,270,000	Sutter Health, 2.286%, due 08/15/53		2,281,350
			Total Healthcare-Services		20,145,390

See accompanying notes to financial statements.

7

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Insurance (1.3%)
$		1,625,000	Farmers Exchange Capital, (144A), 7.2%, due 07/15/48 (2)	$	2,143,535
		2,250,000	Farmers Exchange Capital II, (144A), 6.151%, due 11/01/53 (1)(2)		2,565,000
		800,000	MetLife, Inc., 4.368%, due 09/15/23		883,836
		300,000	MetLife, Inc., 5.7%, due 06/15/35		375,634
		2,300,000	Metropolitan Life Global Funding I, (144A), 0.805%, due 07/15/16 (1)(2)		2,311,332
		3,460,000	Metropolitan Life Global Funding I, (144A), 3.875%, due 04/11/22 (2)		3,717,372
		4,000,000	Pricoa Global Funding I, (144A), 1.6%, due 05/29/18 (2)		3,999,930
		1,000,000	Prudential Financial, Inc., 4.5%, due 11/15/20		1,108,501
		3,700,000	ZFS Finance USA Trust II, (144A), 6.45%, due 12/15/65 (1)(2)		3,889,625
			Total Insurance		20,994,765
			Iron & Steel (0.0%)
		380,000	ArcelorMittal (Luxembourg), 5.25%, due 02/25/17		398,050
			Media (0.0%)
		200,000	NBCUniversal Media LLC, 5.15%, due 04/30/20		229,216
			Mining (0.2%)
		2,400,000	Barrick Gold Corp. (Canada), 4.1%, due 05/01/23		2,375,652
		300,000	Southern Copper Corp. (Peru), 7.5%, due 07/27/35		347,550
			Total Mining		2,723,202
			Miscellaneous Manufacturers (0.1%)
		1,835,000	General Electric Co., 4.5%, due 03/11/44		2,023,726
			Oil & Gas (0.1%)
		250,000	Anadarko Petroleum Corp., 5.95%, due 09/15/16		266,048
		1,700,000	Exxon Mobil Corp., 3.567%, due 03/06/45		1,706,513
			Total Oil & Gas		1,972,561
			Pharmaceuticals (0.2%)
		2,600,000	Actavis Funding SCS, 4.75%, due 03/15/45		2,638,870
			Pipelines (1.7%)
		1,000,000	El Paso Pipeline Partners Operating Co. LLC, 5%, due 10/01/21		1,079,118
		3,500,000	Energy Transfer Partners LP, 5.95%, due 10/01/43		3,784,462
		2,000,000	Florida Gas Transmission Co. LLC, (144A), 3.875%, due 07/15/22 (2)		2,028,290
		500,000	Florida Gas Transmission Co. LLC, (144A), 4%, due 07/15/15 (2)		502,787
		250,000	Florida Gas Transmission Co. LLC, (144A), 7.9%, due 05/15/19 (2)		299,163
		675,000	Panhandle Eastern Pipe Line Co. LP, 7%, due 06/15/18		771,724
		825,000	Panhandle Eastern Pipe Line Co. LP, 8.125%, due 06/01/19		992,093
		2,500,000	Plains All American Pipeline LP / PAA Finance Corp., 2.85%, due 01/31/23		2,421,939
		3,350,000	Ruby Pipeline LLC, (144A), 6%, due 04/01/22 (2)		3,647,539
		2,590,000	Southern Natural Gas Co. LLC, 7.35%, due 02/15/31		3,184,559
		3,245,000	Spectra Energy Partners LP, 4.5%, due 03/15/45		3,170,761
		2,000,000	TC PipeLines LP, 4.375%, due 03/13/25		2,041,974
		1,005,000	Tennessee Gas Pipeline Co., 8%, due 02/01/16		1,054,359
		2,090,000	Tennessee Gas Pipeline Co., 8.375%, due 06/15/32		2,634,318

See accompanying notes to financial statements.

8

TCW Core Fixed Income Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Pipelines (Continued)
$		375,000	TransCanada PipeLines, Ltd. (Canada), 6.1%, due 06/01/40	$	467,428
			Total Pipelines		28,080,514
			Real Estate (0.1%)
		850,000	Post Apartment Homes, LP, 4.75%, due 10/15/17		910,472
			REIT (2.2%)
		2,250,000	Alexandria Real Estate Equities, Inc., 4.6%, due 04/01/22		2,414,794
		3,000,000	ARC Properties Operating Partnership LP / Clark Acquisition LLC, 2%, due 02/06/17		2,932,500
		3,000,000	AvalonBay Communities, Inc., 2.95%, due 09/15/22		2,999,766
		1,000,000	AvalonBay Communities, Inc., 3.95%, due 01/15/21		1,069,210
		2,200,000	Boston Properties LP, 5.875%, due 10/15/19		2,546,808
		2,295,000	HCP, Inc., 3.875%, due 08/15/24		2,331,785
		3,000,000	HCP, Inc., 6%, due 01/30/17		3,238,338
		715,000	HCP, Inc., 6.3%, due 09/15/16		763,435
		605,000	Health Care REIT, Inc., 3.75%, due 03/15/23		621,310
		545,000	Health Care REIT, Inc., 4.95%, due 01/15/21		604,967
		3,400,000	Health Care REIT, Inc., 6.125%, due 04/15/20		3,949,630
		710,000	Health Care REIT, Inc., 6.5%, due 03/15/41		917,626
		2,900,000	Healthcare Realty Trust, Inc., 5.75%, due 01/15/21		3,276,764
		350,000	Healthcare Realty Trust, Inc., 6.5%, due 01/17/17		382,031
		1,459,000	Highwoods Realty LP, 7.5%, due 04/15/18		1,690,171
		1,925,000	Nationwide Health Properties, Inc., 6%, due 05/20/15		1,929,152
		2,440,000	SL Green Realty Corp., 5%, due 08/15/18		2,626,633
		1,000,000	SL Green Realty Corp., 7.75%, due 03/15/20		1,210,660
		1,500,000	Ventas Realty LP / Ventas Capital Corp., 2.7%, due 04/01/20		1,517,889
			Total REIT		37,023,469
			Retail (0.3%)
		2,100,000	Wal-Mart Stores, Inc., 4.75%, due 10/02/43		2,370,854
		3,000,000	Walgreens Boots Alliance, Inc., 0.706%, due 05/18/16 (1)		3,005,679
			Total Retail		5,376,533
			Software (0.1%)
		2,000,000	Microsoft Corp., 3.75%, due 02/12/45		1,899,756
			Telecommunications (0.6%)
		1,500,000	AT&T, Inc., 4.75%, due 05/15/46 (3)		1,472,328
		1,500,000	AT&T, Inc., 5.35%, due 09/01/40		1,582,451
		739,000	AT&T, Inc., 6.5%, due 09/01/37		885,250
		1,500,000	Qwest Corp., 7.25%, due 09/15/25		1,742,376
		2,000,000	Verizon Communications, Inc., 2.021%, due 09/14/18 (1)		2,083,682
		2,000,000	Verizon Communications, Inc., 4.862%, due 08/21/46		2,025,694
		125,000	Verizon Communications, Inc., 6.25%, due 04/01/37		150,120
		600,000	Verizon Communications, Inc., (144A), 4.522%, due 09/15/48 (2)		570,376
			Total Telecommunications		10,512,277

See accompanying notes to financial statements.

9

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Transportation (0.1%)
$		2,385,000	Burlington Northern Santa Fe LLC, 4.15%, due 04/01/45	$	2,400,339
			Total Corporate Bonds (Cost: $263,711,801)		276,571,841
			Municipal Bonds (1.3%)
		1,465,000	City of Chicago, Illinois, General Obligation Unlimited, 6.05%, due 01/01/29		1,483,210
		1,740,000	City of Houston, Texas, General Obligation, 6.29%, due 03/01/32		2,167,275
		1,500,000	City of New York, General Obligation Unlimited, 5.047%, due 10/01/24		1,712,910
		1,250,000	City of New York, General Obligation Unlimited, 5.517%, due 10/01/37		1,526,250
		840,000	Fiscal Year 2005 Securitization Corp., Special Obligation Bond for the City of New York, 4.93%, due 04/01/20		928,074
		1,500,000	Illinois State, General Obligation Bond, 4.35%, due 06/01/18		1,565,925
		1,505,000	Illinois State, General Obligation Unlimited, 4.95%, due 06/01/23		1,608,529
		3,000,000	Illinois State, General Obligation Unlimited, 6.2%, due 07/01/21		3,354,210
		3,000,000	New York City Transitional Finance Authority Future Tax Secured, Build America Bonds, Revenue Bond, 5.572%, due 11/01/38 (4)		3,769,200
		2,000,000	New York City Water & Sewer System, Revenue Bond, 5.882%, due 06/15/44		2,693,440
		730,000	New York State, Build America Bonds, General Obligation Unlimited, 5.817%, due 10/01/31		824,323
			Total Municipal Bonds (Cost: $20,847,531)		21,633,346
			Foreign Government Bonds (Cost: $198,914) (0.0%)
		200,000	Province of Manitoba (Canada), 4.9%, due 12/06/16		213,131
			Asset-Backed Securities (9.3%)
		2,020,510	321 Henderson Receivables I LLC (13-3A-A), (144A), 4.08%, due 01/17/73 (2)		2,140,289
		2,329,321	321 Henderson Receivables I LLC (14-2A-A), (144A), 3.61%, due 01/17/73 (2)		2,390,553
		2,800,000	Academic Loan Funding Trust (12-1A-A2), (144A), 1.281%, due 12/27/44 (1)(2)		2,810,242
		2,500,000	ALM Loan Funding (12-7A-A1), (144A), 1.695%, due 10/19/24 (1)(2)		2,502,337
		2,350,000	AMMC CDO (14-14A-A1L), (144A), 1.727%, due 07/27/26 (1)(2)		2,345,234
		1,000,000	Babson CLO, Ltd. (14-IIA-A), (144A), 1.664%, due 10/17/26 (1)(2)		998,207
		1,000,000	Babson CLO, Ltd. (15-IA-A), (144A), 1.709%, due 04/20/27 (1)(2)		1,000,897
		1,600,000	Ballyrock CLO, Ltd. (14-1A-A1), (144A), 1.755%, due 10/20/26 (1)(2)		1,601,673
		2,149,760	Bayview Commercial Asset Trust (06-4A-A1), (144A), 0.411%, due 12/25/36 (1)(2)		1,901,225
		1,485,544	Beacon Container Finance LLC (12-1A-A), (144A), 3.72%, due 09/20/27 (2)		1,519,709
		1,749,827	Brazos Education Loan Authority, Inc. (12-1-A1), 0.881%, due 12/26/35 (1)		1,747,626
		661,675	Brazos Higher Education Authority, Inc. (06-2-A9), 0.276%, due 12/26/24 (1)		650,421
		675,000	Brazos Higher Education Authority, Inc. (10-1-A2), 1.433%, due 02/25/35 (1)		693,924
		1,695,000	Brazos Higher Education Authority, Inc. (11-1-A3), 1.283%, due 11/25/33 (1)		1,721,630
		1,848,750	CAL Funding II, Ltd. (12-1A-A), (144A), 3.47%, due 10/25/27 (2)		1,871,413
		860,086	College Loan Corp. Trust (05-2-A3), 0.405%, due 04/15/25 (1)		858,731
		3,960,000	Dryden Senior Loan Fund (15-37A-A), (144A), 1.816%, due 04/15/27 (1)(2)		3,964,122
		3,180,566	Educational Funding of the South, Inc. (11-1-A2), 0.927%, due 04/25/35 (1)		3,177,556
		1,528,141	Educational Services of America, Inc. (12-2-A), (144A), 0.911%, due 04/25/39 (1)(2)		1,537,662
		2,500,000	Flatiron CLO, Ltd. (14-1A-A1), (144A), 1.654%, due 07/17/26 (1)(2)		2,490,383

See accompanying notes to financial statements.

10

TCW Core Fixed Income Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Asset-Backed Securities (Continued)
$		3,182,864	GCO Education Loan Funding Trust (06-2AR-A1RN), (144A), 0.831%, due 08/27/46 (1)(2)	$	3,077,924
		188,582	GE Business Loan Trust (03-1-A), (144A), 0.612%, due 04/15/31 (1)(2)		180,440
		194,256	GE Business Loan Trust (04-1-A), (144A), 0.472%, due 05/15/32 (1)(2)		189,062
		794,324	GE Business Loan Trust (04-2A-A), (144A), 0.402%, due 12/15/32 (1)(2)		774,883
		3,186,625	Global SC Finance SRL (14-1A-A2), (144A), 3.09%, due 07/17/29 (2)		3,188,139
		2,836,940	Higher Education Funding I (14-1-A), (144A), 1.311%, due 05/25/34 (1)(2)		2,872,682
		1,879,145	Iowa Student Loan Liquidity Corp. (11-1-A), 1.517%, due 06/25/42 (1)		1,902,333
		3,600,000	Limerock CLO II, Ltd. (14-2A-A), (144A), 1.775%, due 04/18/26 (1)(2)		3,601,645
		3,400,000	Magnetite XI, Ltd. (14-11A-A1), (144A), 1.725%, due 01/18/27 (1)(2)		3,405,882
		3,260,000	Magnetite XII, Ltd. (15-12A-A), (144A), 1.817%, due 04/15/27 (1)(2)		3,263,512
		2,400,000	Montana Higher Education Student Assistance Corp. (12-1-A3), 1.231%, due 07/20/43 (1)		2,394,182
		5,655,116	Navient Student Loan Trust (14-2-A), 0.814%, due 03/25/43 (1)		5,619,085
		5,636,582	Navient Student Loan Trust (14-3-A), 0.794%, due 03/25/43 (1)		5,596,117
		2,801,990	Navient Student Loan Trust (14-4-A), 0.801%, due 03/25/43 (1)		2,780,805
		4,832,677	Nelnet Student Loan Trust (11-1A-A), (144A), 1.031%, due 02/25/43 (1)(2)		4,923,413
		2,965,000	Nelnet Student Loan Trust (14-4A-A2), (144A), 1.121%, due 11/25/43 (1)(2)		2,987,458
		7,175,000	Nelnet Student Loan Trust (15-2A-A2), (144A), 0.821%, due 09/25/42 (1)(2)		7,187,486
		3,000,000	Nomad CLO, Ltd. (13-1A-A1), (144A), 1.475%, due 01/15/25 (1)(2)		2,968,518
		2,600,000	Oak Hill Credit Partners (12-7A-A), (144A), 1.681%, due 11/20/23 (1)(2)		2,601,760
		2,173,864	Octagon Investment Partners XI, Ltd. (07-1A-A1B), (144A), 0.522%, due 08/25/21 (1)(2)		2,145,615
		3,490,000	PHEAA Student Loan Trust (15-1A-A), (144A), 0.933%, due 10/25/41 (1)(2)		3,493,365
		2,404,206	SLC Student Loan Trust (05-3-B), 0.521%, due 06/15/40 (1)		2,188,095
		5,572,601	SLM Student Loan Trust (04-10-A5B), (144A), 0.677%, due 04/25/23 (1)(2)		5,576,003
		1,168,655	SLM Student Loan Trust (05-6-B), 0.567%, due 01/25/44 (1)		1,053,795
		1,195,117	SLM Student Loan Trust (06-10-B), 0.497%, due 03/25/44 (1)		1,052,689
		3,400,000	SLM Student Loan Trust (06-2-A6), 0.447%, due 01/25/41 (1)		3,202,616
		3,400,000	SLM Student Loan Trust (06-8-A6), 0.437%, due 01/25/41 (1)		3,189,076
		1,190,522	SLM Student Loan Trust (07-1-B), 0.497%, due 01/27/42 (1)		1,045,086
		636,631	SLM Student Loan Trust (07-6-B), 1.127%, due 04/27/43 (1)		580,114
		710,000	SLM Student Loan Trust (08-2-B), 1.477%, due 01/25/29 (1)		664,273
		710,000	SLM Student Loan Trust (08-3-B), 1.477%, due 04/25/29 (1)		662,519
		8,380,000	SLM Student Loan Trust (08-4-A4), 1.927%, due 07/25/22 (1)		8,734,206
		710,000	SLM Student Loan Trust (08-4-B), 2.127%, due 04/25/29 (1)		692,720
		710,000	SLM Student Loan Trust (08-5-B), 2.127%, due 07/25/29 (1)		722,021
		7,450,000	SLM Student Loan Trust (08-6-A3), 1.027%, due 01/25/19 (1)(4)		7,493,369
		710,000	SLM Student Loan Trust (08-6-B), 2.127%, due 07/25/29 (1)		712,645
		710,000	SLM Student Loan Trust (08-7-B), 2.127%, due 07/25/29 (1)		715,006
		710,000	SLM Student Loan Trust (08-8-B), 2.527%, due 10/25/29 (1)		735,534
		6,331,093	SLM Student Loan Trust (08-9-A), 1.777%, due 04/25/23 (1)		6,504,553
		710,000	SLM Student Loan Trust (08-9-B), 2.527%, due 10/25/29 (1)		746,173
		2,000,000	SLM Student Loan Trust (11-2-A2), 1.381%, due 10/25/34 (1)		2,054,531
		2,600,000	SLM Student Loan Trust (12-7-A3), 0.831%, due 05/26/26 (1)(4)		2,603,464
		2,416,702	SLM Student Loan Trust (13-4-A), 0.731%, due 06/25/27 (1)		2,420,971

See accompanying notes to financial statements.

11

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Asset-Backed Securities (Continued)
$		470,000	TAL Advantage I LLC (06-1A-NOTE), (144A), 0.371%, due 04/20/21 (1)(2)	$	467,394
			Total Asset-Backed Securities (Cost: $154,616,242)		156,894,993
			Commercial Mortgage-Backed Securities — Agency (6.3%)
		3,425,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K004-A2), 4.186%, due 08/25/19		3,760,160
		2,915,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K009-A2), 3.808%, due 08/25/20		3,181,720
		2,755,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K013-A2), 3.974%, due 01/25/21 (1)		3,040,127
		7,095,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K041-A2), 3.171%, due 10/25/24		7,466,498
		3,936,510	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (KF02-A3), 0.811%, due 07/25/20 (1)		3,970,719
		7,846,472	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (KF05-A), 0.523%, due 09/25/21 (1)		7,866,064
		2,100,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (KSCT-A2), 4.285%, due 01/25/20		2,337,352
		5,606,895	Federal National Mortgage Association, (12-M12-1A), 2.935%, due 08/25/22 (ACES) (1)		5,844,028
		5,056,369	Federal National Mortgage Association, (12-M15-A), 2.744%, due 10/25/22 (ACES) (1)		5,166,572
		8,424,675	Federal National Mortgage Association, (14-M12-FA), 0.505%, due 10/25/21 (ACES) (1)		8,473,528
		5,648,062	Federal National Mortgage Association, Pool #462237, 5.525%, due 07/01/16		5,894,428
		1,193,437	Federal National Mortgage Association, Pool #464959, 4.12%, due 04/01/20		1,313,606
		3,045,000	Federal National Mortgage Association, Pool #467944, 4.25%, due 04/01/21		3,391,562
		1,819,457	Federal National Mortgage Association, Pool #468048, 4.41%, due 05/01/21		2,056,353
		4,199,446	Federal National Mortgage Association, Pool #745935, 5.683%, due 08/01/16		4,341,707
		2,305,000	Federal National Mortgage Association, Pool #AE0134, 4.399%, due 02/01/20 (4)		2,565,536
		3,918,346	Federal National Mortgage Association, Pool #AE0918, 3.665%, due 10/01/20		4,259,800
		2,046,324	Federal National Mortgage Association, Pool #Al0151, 4.378%, due 04/01/21		2,289,994
		6,428,443	Federal National Mortgage Association, Pool #AL3382, 2.354%, due 03/01/23 (4)		6,471,337
		5,555,000	Federal National Mortgage Association, Pool #AL6829, 2.966%, due 05/01/27 (3)		5,651,345
		2,305,000	Federal National Mortgage Association, Pool #AM1551, 2.44%, due 12/01/23		2,302,000
		3,300,000	Federal National Mortgage Association, Pool #AM4125, 3.74%, due 08/01/23		3,593,439

See accompanying notes to financial statements.

12

TCW Core Fixed Income Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Commercial Mortgage-Backed Securities — Agency (Continued)
$		2,461,721	Federal National Mortgage Association, Pool #FN0000, 3.584%, due 09/01/20	$	2,658,439
		3,362,134	Federal National Mortgage Association, Pool #FN0001, 3.763%, due 12/01/20		3,657,022
		2,655,342	Federal National Mortgage Association, Pool #FN0003, 4.297%, due 01/01/21 (4)		2,963,486
		1,747,111	NCUA Guaranteed Notes (11-C1-2A), 0.708%, due 03/09/21 (1)		1,752,069
			Total Commercial Mortgage-Backed Securities — Agency (Cost: $106,173,896)		106,268,891
			Commercial Mortgage-Backed Securities — Non-Agency (3.5%)
		3,192,193	Bear Stearns Commercial Mortgage Securities Trust (05-T20-A4A), 5.289%, due 10/12/42 (1)		3,213,517
		226,961	DBRR Trust (13-EZ2-A), (144A), 0.853%, due 02/25/45 (1)(2)		226,914
		935,870	GE Capital Commercial Mortgage Corp. (05-C4-A3A), 5.493%, due 11/10/45 (1)		934,869
		3,400,000	GE Capital Commercial Mortgage Corp. (05-C4-A4), 5.493%, due 11/10/45 (1)		3,432,538
		1,378,944	JPMorgan Chase Commercial Mortgage Securities Trust (06-LDP8-A1A), 5.397%, due 05/15/45		1,434,307
		1,526,737	JPMorgan Chase Commercial Mortgage Securities Trust (11-C3-A2), (144A), 3.673%, due 02/15/46 (2)		1,566,333
		4,570,000	JPMorgan Chase Commercial Mortgage Securities Trust (11-C3-A3), (144A), 4.388%, due 02/15/46 (2)		4,921,401
		7,401,116	LB-UBS Commercial Mortgage Trust (06-C7-A2), 5.3%, due 11/15/38		7,468,855
		2,627,996	Merrill Lynch/Countrywide Commercial Mortgage Trust (06-4-A1A), 5.166%, due 12/12/49		2,762,024
		8,100,000	Morgan Stanley Capital I Trust (07-HQ11-A4), 5.447%, due 02/12/44 (1)(4)		8,571,813
		865,905	Morgan Stanley Capital I Trust (07-HQ12-A2FX), 5.861%, due 04/12/49 (1)		864,638
		8,000,000	Morgan Stanley Capital I Trust (07-HQ12-A5), 5.861%, due 04/12/49 (1)(4)		8,016,240
		1,095,948	Morgan Stanley Capital I Trust (11-C3-A2), 3.224%, due 07/15/49		1,122,346
		4,300,000	WF-RBS Commercial Mortgage Trust (11-C4-A3), (144A), 4.394%, due 06/15/44 (2)		4,657,812
		3,600,000	WF-RBS Commercial Mortgage Trust (11-C5-A4), 3.667%, due 11/15/44		3,871,267
		2,800,000	WF-RBS Commercial Mortgage Trust (12-C7-A2), 3.431%, due 06/15/45		2,971,204
		2,275,000	WF-RBS Commercial Mortgage Trust (12-C8-A3), 3.001%, due 08/15/45		2,347,926
			Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $58,888,666)		58,384,004
			Residential Mortgage-Backed Securities — Agency (22.6%)
		317,598	Federal Home Loan Mortgage Corp. (2439-KZ), 6.5%, due 04/15/32		360,257
		755,373	Federal Home Loan Mortgage Corp. (2575-FD), 0.632%, due 02/15/33 (PAC) (1)		761,608
		486,672	Federal Home Loan Mortgage Corp. (2662-MT), 4.5%, due 08/15/33 (TAC)		519,018
		7,959,539	Federal Home Loan Mortgage Corp. (277-30), 3%, due 09/15/42 (4)		8,074,368

See accompanying notes to financial statements.

13

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		209,641	Federal Home Loan Mortgage Corp. (3315-S), 6.229%, due 05/15/37 (I/O) (I/F) (1)	$	22,517
		1,047,164	Federal Home Loan Mortgage Corp. (3339-JS), 41.655%, due 07/15/37 (I/F) (1)		2,062,169
		974,405	Federal Home Loan Mortgage Corp. (3351-ZC), 5.5%, due 07/15/37		1,100,818
		1,411,487	Federal Home Loan Mortgage Corp. (3380-SM), 6.229%, due 10/15/37 (I/O) (I/F) (1)		229,896
		1,067,402	Federal Home Loan Mortgage Corp. (3382-FL), 0.882%, due 11/15/37 (1)		1,078,876
		4,884,122	Federal Home Loan Mortgage Corp. (3439-SC), 5.719%, due 04/15/38 (I/O) (I/F) (1)		736,350
		1,949,034	Federal Home Loan Mortgage Corp. (3578-DI), 6.469%, due 04/15/36 (I/O) (I/F) (1)		350,619
		5,239,394	Federal Home Loan Mortgage Corp. (4139-PA), 2.5%, due 11/15/41 (PAC)		5,360,739
		56,954	Federal Home Loan Mortgage Corp., Pool #1A1127, 2.515%, due 01/01/37 (1)		58,399
		3,880,955	Federal Home Loan Mortgage Corp., Pool #A97179, 4.5%, due 03/01/41		4,342,682
		29,562	Federal Home Loan Mortgage Corp., Pool #B15026, 5%, due 06/01/19		31,108
		14,389	Federal Home Loan Mortgage Corp., Pool #B15591, 5%, due 07/01/19		15,246
		29,808	Federal Home Loan Mortgage Corp., Pool #C90526, 5.5%, due 02/01/22		33,600
		4,347,703	Federal Home Loan Mortgage Corp., Pool #G06360, 4%, due 03/01/41		4,748,259
		3,457,782	Federal Home Loan Mortgage Corp., Pool #G06498, 4%, due 04/01/41		3,763,744
		2,409,454	Federal Home Loan Mortgage Corp., Pool #G06499, 4%, due 03/01/41		2,611,725
		1,283,703	Federal Home Loan Mortgage Corp., Pool #G06620, 4.5%, due 07/01/41		1,406,106
		15,662,421	Federal Home Loan Mortgage Corp., Pool #G07924, 3.5%, due 01/01/45		16,453,496
		14,932,449	Federal Home Loan Mortgage Corp., Pool #G08632, 3.5%, due 03/01/45		15,635,325
		3,628,735	Federal Home Loan Mortgage Corp., Pool #Q05261, 3.5%, due 12/01/41		3,827,890
		5,746,022	Federal Home Loan Mortgage Corp., Pool #Q20178, 3.5%, due 07/01/43		6,088,138
		319,326	Federal National Mortgage Association (01-14-SH), 10.797%, due 03/25/30 (I/F) (1)		533,166
		431,692	Federal National Mortgage Association (01-34-FV), 0.681%, due 08/25/31 (1)		437,327
		2,271	Federal National Mortgage Association (03-62-MA), 3.5%, due 07/25/33		2,301
		2,000,000	Federal National Mortgage Association (04-W10-A6), 5.75%, due 08/25/34 (PAC)		2,347,654
		1,732,222	Federal National Mortgage Association (07-89-GF), 0.701%, due 09/25/37 (1)		1,750,106
		368,213	Federal National Mortgage Association (08-30-SA), 6.669%, due 04/25/38 (I/O) (I/F) (1)		44,648
		498,614	Federal National Mortgage Association (08-62-SN), 6.019%, due 07/25/38 (I/O) (I/F) (1)		63,150
		4,000,000	Federal National Mortgage Association (09-64-TB), 4%, due 08/25/29		4,277,437
		228,671	Federal National Mortgage Association (09-68-SA), 6.569%, due 09/25/39 (I/O) (I/F) (1)		37,524
		3,442,212	Federal National Mortgage Association (10-26-AS), 6.149%, due 03/25/40 (I/O) (I/F) (1)		516,239
		4,000,000	Federal National Mortgage Association (11-111-DB), 4%, due 11/25/41		4,445,770

See accompanying notes to financial statements.

14

TCW Core Fixed Income Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		33,751	Federal National Mortgage Association, Pool #254634, 5.5%, due 02/01/23	$	37,978
		24,571	Federal National Mortgage Association, Pool #596686, 6.5%, due 11/01/31		28,405
		102,896	Federal National Mortgage Association, Pool #725275, 4%, due 03/01/19		108,607
		98,873	Federal National Mortgage Association, Pool #727575, 5%, due 06/01/33		108,087
		109,648	Federal National Mortgage Association, Pool #748751, 5.5%, due 10/01/33		117,310
		2,140,165	Federal National Mortgage Association, Pool #AB2127, 3.5%, due 01/01/26		2,291,954
		2,067,534	Federal National Mortgage Association, Pool #AB3679, 3.5%, due 10/01/41 (4)		2,180,222
		3,687,729	Federal National Mortgage Association, Pool #AB3685, 4%, due 10/01/41 (4)		3,991,678
		2,788,738	Federal National Mortgage Association, Pool #AB3864, 3.5%, due 11/01/41 (4)		2,944,515
		5,654,624	Federal National Mortgage Association, Pool #AB4045, 3.5%, due 12/01/41 (4)		5,999,025
		4,189,721	Federal National Mortgage Association, Pool #AC1604, 4%, due 08/01/39		4,554,030
		1,224,468	Federal National Mortgage Association, Pool #AL0209, 4.5%, due 05/01/41		1,370,573
		1,895,674	Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40		2,175,697
		10,967,378	Federal National Mortgage Association, Pool #AT5914, 3.5%, due 06/01/43 (4)		11,582,581
		11,379,043	Federal National Mortgage Association, Pool #MA1404, 3.5%, due 04/01/43 (4)		12,018,977
		5,344,806	Federal National Mortgage Association, Pool #MA1561, 3%, due 09/01/33		5,544,615
		9,577,314	Federal National Mortgage Association, Pool #MA1584, 3.5%, due 09/01/33 (4)		10,103,148
		10,352,522	Federal National Mortgage Association, Pool #MA1608, 3.5%, due 10/01/33 (4)		10,920,329
		1,745,000	Federal National Mortgage Association TBA, 2.5% (5)		1,789,170
		3,775,000	Federal National Mortgage Association TBA, 3% (5)		3,950,478
		36,365,000	Federal National Mortgage Association TBA, 3% (5)		37,005,003
		18,000,000	Federal National Mortgage Association TBA, 3% (5)		18,277,032
		2,780,000	Federal National Mortgage Association TBA, 3.5% (5)		2,951,361
		43,345,000	Federal National Mortgage Association TBA, 3.5% (5)		45,414,045
		26,065,000	Federal National Mortgage Association TBA, 4% (5)		27,861,041
		11,985,000	Federal National Mortgage Association TBA, 4.5% (5)		13,045,858
		1,378,272	Government National Mortgage Association (04-30-UC), 5.5%, due 02/20/34 (PAC)		1,477,027
		800,258	Government National Mortgage Association (08-27-SI), 6.29%, due 03/20/38 (I/O) (I/F) (1)		136,116
		3,163,342	Government National Mortgage Association (08-81-S), 6.02%, due 09/20/38 (I/O) (I/F) (1)		533,228
		1,363,018	Government National Mortgage Association (09-66-UF), 1.183%, due 08/16/39 (1)		1,393,236
		5,245,967	Government National Mortgage Association (10-1-S), 5.57%, due 01/20/40 (I/O) (I/F) (1)(4)		764,122

See accompanying notes to financial statements.

15

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		123,793	Government National Mortgage Association, Pool #608259, 4.5%, due 08/15/33	$	137,216
		312,145	Government National Mortgage Association, Pool #782114, 5%, due 09/15/36		351,031
		7,930,000	Government National Mortgage Association II, Pool #MA2754, 3.5%, due 04/20/45 (3)		8,379,160
		2,875,000	Government National Mortgage Association II TBA, 3% (5)		2,956,533
		27,795,000	Government National Mortgage Association II TBA, 3.5% (5)		29,323,726
		1,515,000	Government National Mortgage Association II TBA, 4% (5)		1,618,979
		3,515,000	Government National Mortgage Association II TBA, 4.5% (5)		3,815,972
		2,254,159	NCUA Guaranteed Notes (10-R1-1A), 0.628%, due 10/07/20 (1)		2,266,750
		1,280,922	NCUA Guaranteed Notes (10-R2-1A), 0.548%, due 11/06/17 (1)		1,283,975
		1,078,077	NCUA Guaranteed Notes (10-R3-1A), 0.736%, due 12/08/20 (1)		1,087,552
		916,793	NCUA Guaranteed Notes (10-R3-2A), 0.736%, due 12/08/20 (1)		924,743
		1,296,017	NCUA Guaranteed Notes (11-R1-1A), 0.624%, due 01/08/20 (1)		1,303,185
		1,266,765	NCUA Guaranteed Notes (11-R2-1A), 0.578%, due 02/06/20 (1)		1,271,862
			Total Residential Mortgage-Backed Securities — Agency (Cost: $372,449,445)		379,524,407
			Residential Mortgage-Backed Securities — Non-Agency (9.7%)
		46,330	Argent Securities, Inc. (05-W2-A2B1), 0.381%, due 10/25/35 (1)		46,333
		753,087	Asset-Backed Funding Certificates (05-WMC1-M1), 0.841%, due 06/25/35  (1)		746,884
		2,410,709	Asset-Backed Securities Corp. Home Equity (05-HE6-M2), 0.691%, due 07/25/35 (1)		2,397,839
		8,004,658	Banc of America Funding Trust (15-R2-9A1), (144A), 0.389%, due 03/27/36 (1)(2)		7,729,659
		4,284,061	Bear Stearns Asset Backed Securities I Trust (06-HE3-A2), 0.354%, due 04/25/36 (1)		4,259,680
		3,970,000	Bear Stearns Asset-Backed Securities Trust (06-HE1-1M1), 0.584%, due 12/25/35 (1)		3,839,256
		726,845	Carrington Mortgage Loan Trust (05-NC5-A2), 0.501%, due 10/25/35 (1)		725,829
		714,507	Centex Home Equity (02-C-AF6), 4.5%, due 09/25/32 (1)		721,530
		1,252,710	Centex Home Equity (03-B-AF6), 3.173%, due 06/25/33 (1)		1,259,054
		654,967	Citigroup Mortgage Loan Trust, Inc. (05-5-2A2), 5.75%, due 08/25/35 (6)		572,912
		1,796,058	Conseco Financial Corp. (98-6-A8), 6.66%, due 06/01/30		1,918,598
		3,198,783	Countrywide Asset-Backed Certificates (05-11-MV1), 0.644%, due 02/25/36 (1)		3,188,077
		21,665	Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA), 5.75%, due 04/22/33		23,210
		7,405,125	Credit Suisse Mortgage Trust (15-1R-7A3), 2.508%, due 07/27/36		7,562,484
		7,479,252	CSMC Trust (14-7R-8A1), (144A), 2.253%, due 07/27/37 (1)(2)		7,510,366
		537,846	GSAA Trust (05-3-M1), 0.849%, due 12/25/34 (1)		536,049
		845,000	GSAMP Trust (05-HE5-M1), 0.601%, due 11/25/35 (1)		813,386
		1,686,400	HSBC Home Equity Loan Trust USA (07-1-AM), 0.421%, due 03/20/36 (1)		1,676,271
		396,929	HSBC Home Equity Loan Trust USA (07-2-AM), 0.421%, due 07/20/36 (1)		394,796

See accompanying notes to financial statements.

16

TCW Core Fixed Income Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		2,183,704	HSBC Home Equity Loan Trust USA (07-3-APT), 1.381%, due 11/20/36 (1)	$	2,179,262
		1,677,681	HSI Asset Securitization Corp. Trust (06-OPT1-2A3), 0.371%, due 12/25/35  (1)		1,650,088
		1,550,160	Indymac Index Mortgage Loan Trust (05-AR6-2A1), 0.421%, due 04/25/35 (1)		1,387,928
		6,856,235	JPMorgan Mortgage Acquisition Corp. (05-OPT1-M1), 0.631%, due 06/25/35 (1)		6,820,644
		7,528,143	Merrill Lynch Mortgage Investors Trust (05-2-2A), 2.35%, due 10/25/35 (1)		7,609,613
		1,919,032	Mid-State Trust (04-1-B), 8.9%, due 08/15/37		2,299,665
		2,807,932	Morgan Stanley ABS Capital I, Inc. Trust (05-WMC6-M2), 0.931%, due 07/25/35 (1)		2,845,202
		2,093,386	Morgan Stanley Capital, Inc. (04-WMC2-M1), 1.096%, due 07/25/34 (1)		2,041,577
		6,239,000	Morgan Stanley Home Equity Loan Trust (05-1-M3), 0.961%, due 12/25/34 (1)		6,104,830
		441,087	Morgan Stanley Mortgage Loan Trust (04-3-4A), 5.67%, due 04/25/34 (1)		448,955
		2,248,995	New Century Home Equity Loan Trust (05-1-A2C), 0.881%, due 03/25/35 (1)		2,231,943
		3,671,092	New Century Home Equity Loan Trust (05-2-M1), 0.611%, due 06/25/35 (1)		3,657,066
		3,070,338	New Century Home Equity Loan Trust (05-3-M1), 0.661%, due 07/25/35 (1)		3,062,686
		7,107,984	New Century Home Equity Loan Trust (05-3-M2), 0.671%, due 07/25/35 (1)		6,837,682
		2,119,148	New Century Home Equity Loan Trust (05-4-A2C), 0.551%, due 09/25/35 (1)		2,120,543
		4,397,969	Nomura Resecuritization Trust (14-5R-3A1), (144A), 0.414%, due 05/26/37 (1)(2)		4,280,751
		6,634,343	Nomura Resecuritization Trust (15-1R-6A1), (144A), 1%, due 05/26/47 (1)(2)		6,432,646
		7,832,142	Nomura Resecuritization Trust (15-4R-3A1), (144A), 2.475%, due 01/26/36 (2)		8,121,872
		7,500,000	Nomura Resecuritization Trust (15-5R-2A1), (144A), 1%, due 04/26/35 (2)		7,622,250
		1,100,257	Park Place Securities, Inc. (04-WWF1-M2), 1.201%, due 12/25/34 (1)		1,096,810
		2,426,118	Park Place Securities, Inc. (05-WCH1-M2), 0.961%, due 01/25/36 (1)		2,419,201
		4,634,595	Park Place Securities, Inc. (05-WCW2-A2D), 0.551%, due 07/25/35 (1)		4,640,620
		3,347,774	Park Place Securities, Inc. (05-WHQ2-A1B), 0.451%, due 05/25/35 (1)		3,346,155
		5,070,106	Park Place Securities, Inc. (05-WHQ4-A2D), 0.551%, due 09/25/35 (1)		5,043,504
		7,248,320	RAMP Trust (06-RZ3-A2), 0.341%, due 08/25/36 (1)		7,180,681
		1,404,396	RASC Trust (06-KS4-A3), 0.331%, due 06/25/36 (1)		1,406,935
		987,306	Structured Asset Securities Corp. (03-34A-5A4), 2.617%, due 11/25/33 (1)		992,763
		1,314,800	Structured Asset Securities Corp. (05-GEL4-M1), 0.694%, due 08/25/35 (1)		1,299,596
		221,587	Structured Asset Securities Corp. (05-WF4-A4), 0.541%, due 11/25/35 (1)		221,966
		3,819,429	WaMu Mortgage Pass-Through Certificates (05-AR3-A2), 2.441%, due 03/25/35 (1)		3,829,692
		335,363	Wells Fargo Alternative Loan Trust (07-PA3-2A1), 6%, due 07/25/37 (6)		326,924
		8,215,342	Wells Fargo Home Equity Trust (04-2-A33), 0.681%, due 10/25/34 (1)		8,002,840
		325,397	Wells Fargo Home Equity Trust (05-2-M1), 0.581%, due 05/25/35 (1)		326,067
			Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $160,262,782)		163,811,170
			U.S. Government Agency Obligations (1.1%)
		5,860,000	Federal Farm Credit Bank Funding Corp., 0.199%, due 09/14/16 (1)		5,860,996
		6,065,000	Federal Farm Credit Bank Funding Corp., 0.211%, due 04/26/17 (1)		6,067,905

See accompanying notes to financial statements.

17

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			U.S. Government Agency Obligations (Continued)
$		6,050,000	Federal Home Loan Bank, 0.75%, due 05/26/28	$	6,053,385
			Total U.S. Government Agency Obligations (Cost: $17,964,691)		17,982,286
			U.S. Treasury Securities (31.0%)
		42,200,000	U.S. Treasury Bond, 2.5%, due 02/15/45 (4)		40,057,034
		3,655,000	U.S. Treasury Bond, 2.875%, due 05/15/43 (4)		3,745,520
		15,858,714	U.S. Treasury Inflation Indexed Bond, 0.25%, due 01/15/25 (4)(7)		16,086,683
		4,501,640	U.S. Treasury Inflation Indexed Bond, 0.625%, due 02/15/43 (7)		4,364,460
		6,712,303	U.S. Treasury Inflation Indexed Bond, 0.75%, due 02/15/45 (7)		6,752,311
		12,599,394	U.S. Treasury Inflation Indexed Note, 0.125%, due 04/15/16 (4)(7)		12,757,869
		5,388,503	U.S. Treasury Inflation Indexed Note, 0.125%, due 04/15/17 (7)		5,505,116
		13,392,685	U.S. Treasury Inflation Indexed Note, 0.125%, due 07/15/24 (4)(7)		13,485,753
		22,400,493	U.S. Treasury Inflation Indexed Note, 1.375%, due 02/15/44 (4)(7)		26,131,355
		3,174,851	U.S. Treasury Inflation Indexed Note, 2%, due 01/15/16 (7)		3,255,464
		8,000,000	U.S. Treasury Note, 0.375%, due 01/15/16 (4)		8,011,248
		43,930,000	U.S. Treasury Note, 0.5%, due 03/31/17		43,880,234
		134,465,000	U.S. Treasury Note, 0.5%, due 04/30/17		134,260,149
		16,905,000	U.S. Treasury Note, 0.875%, due 05/15/17 (4)		16,994,799
		6,925,000	U.S. Treasury Note, 0.875%, due 07/15/17 (4)		6,954,784
		108,200,000	U.S. Treasury Note, 1.375%, due 04/30/20		107,866,100
		70,710,000	U.S. Treasury Note, 2%, due 02/15/25		70,449,377
			Total U.S. Treasury Securities (Cost: $520,031,465)		520,558,256
			Total Fixed Income Securities (Cost: $1,675,145,433) (101.2%)		1,701,842,325
	Number of Shares		Money Market Investments
		16,645,000	Dreyfus Institutional Cash Advantage Fund, 0.07% (8)		16,645,000
		16,645,000	Morgan Stanley Liquidity Fund — Government Portfolio, 0.04% (8)		16,645,000
			Total Money Market Investments (Cost: $33,290,000) (2.0%)		33,290,000
	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), 0.583%, due 08/24/15 (1)		6,000,846
			Discount Notes (5.3%)
		50,000,000	Federal Home Loan Bank Discount Note, 0.061%, due 05/01/15 (9)		50,000,000
		40,000,000	Federal National Mortgage Association Discount Note, 0.1%, due 08/17/15 (4)(9)		39,993,400
			Total Discount Notes (Cost: $89,988,000)		89,993,400

See accompanying notes to financial statements.

18

TCW Core Fixed Income Fund

April 30, 2015

	Principal Amount		Short-Term Investments	Value
			Repurchase Agreement (Cost: $48,251,386) (2.9%)
$		48,251,386	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $47,490,000 U.S. Treasury Note, 2.125%, due 01/31/21 valued at $49,216,594) (Total Amount to be Received Upon Repurchase $48,251,386)	$	48,251,386
			Total Short-Term Investments (Cost: $144,239,386) (8.6%)		144,245,632
			Total Investments (Cost: $1,852,674,819) (111.8%)		1,879,377,957
			Liabilities in Excess of Other Assets (-11.8%)		(198,740,005	)
			Net Assets (100.0%)	$	1,680,637,952

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 April 30, 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 April 30, 2015, the value of these securities amounted to $183,680,150 or 10.9% 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 when-issued, delayed-delivery or forward commitments. (Note 2)

(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 April 30, 2015.

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

See accompanying notes to financial statements.

19

TCW Core Fixed Income Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Airlines		0.7	%
Asset-Backed Securities		9.3
Auto Manufacturers		0.5
Banks		4.6
Chemicals		0.0	*
Commercial Mortgage-Backed Securities — Agency		6.3
Commercial Mortgage-Backed Securities — Non-Agency		3.5
Commercial Services		0.3
Diversified Financial Services		0.5
Electric		1.0
Energy-Alternate Sources		0.1
Engineering & Construction		0.1
Food		0.0	*
Foreign Government Bonds		0.0	*
Gas		0.4
Healthcare-Products		0.0	*
Healthcare-Services		1.2
Insurance		1.3
Iron & Steel		0.0	*
Media		0.0	*
Mining		0.2
Miscellaneous Manufacturers		0.1
Municipal Bonds		1.3
Oil & Gas		0.1
Pharmaceuticals		0.2
Pipelines		1.7
REIT		2.2
Real Estate		0.1
Residential Mortgage-Backed Securities — Agency		22.6
Residential Mortgage-Backed Securities — Non-Agency		9.7
Retail		0.3
Software		0.1
Telecommunications		0.6
Transportation		0.1
U.S. Government Agency Obligations		1.1
U.S. Treasury Securities		31.0
Money Market Investments		2.0
Short-Term Investments		8.6
Total		111.8	%

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

See accompanying notes to financial statements.

20

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Asset-Backed Securities (1.2% of Net Assets)
$		15,281	Educational Services of America, Inc. (12-2-A), (144A), 0.911%, due 04/25/39 (1)(2)	$	15,377
		7,277	Goal Capital Funding Trust (06-1-A3), 0.382%, due 11/25/26 (2)		7,249
		7,293	Nelnet Student Loan Trust (12-5A-A), (144A), 0.781%, due 10/27/36 (1)(2)		7,357
		6,341	Scholar Funding Trust (11-A-A), (144A), 1.179%, due 10/28/43 (1)(2)		6,393
			Total Asset-Backed Securities (Cost: $36,265)		36,376
			Commercial Mortgage-Backed Securities — Agency (0.8%)
		19,814	Federal Home Loan Mortgage Corp. Multifamily Structured Pass- Through Certificates (KF05-A), 0.523%, due 09/25/21 (2)		19,864
		3,213	Government National Mortgage Association (10-96-A), 2.207%, due 09/16/39		3,233
			Total Commercial Mortgage-Backed Securities — Agency (Cost: $23,035)		23,097
			Commercial Mortgage-Backed Securities — Non-Agency (1.4%)
		1,746	Banc of America Commercial Mortgage Trust (06-5-A2), 5.317%, due 09/10/47		1,746
		20	Bear Stearns Commercial Mortgage Securities Trust (04-PWR4-A3), 5.468%, due 06/11/41 (2)		20
		12,873	Bear Stearns Commercial Mortgage Securities Trust (07-PW16-AAB), 5.897%, due 06/11/40 (2)		12,933
		3,904	JPMorgan Chase Commercial Mortgage Securities Trust (06-LDP7-ASB), 6.057%, due 04/15/45 (2)		3,943
		6,955	JPMorgan Chase Commercial Mortgage Securities Trust (07-LD12-ASB), 5.833%, due 02/15/51 (2)		7,222
		9,968	Morgan Stanley Capital I Trust (07-IQ14-A2), 5.61%, due 04/15/49		10,089
		8,306	Wachovia Bank Commercial Mortgage Trust (06-C26-APB), 5.997%, due 06/15/45		8,434
			Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $45,639)		44,387
			Residential Mortgage-Backed Securities — Agency (2.7%)
		11,317	Federal Home Loan Mortgage Corp. (3346-FA), 0.412%, due 02/15/19 (2)		11,330
		10,853	Federal Home Loan Mortgage Corp. (242-F29), 0.432%, due 11/15/36 (2)		10,888
		15,196	Federal National Mortgage Association (01-70-OF), 1.131%, due 10/25/31 (2)		15,496
		26,896	Federal National Mortgage Association (05-W3-2AF), 0.401%, due 03/25/45 (2)		26,985
		4,874	Federal National Mortgage Association (10-87-GA), 4%, due 02/25/24		4,927
		7,698	Federal National Mortgage Association (93-247-FM), 1.9%, due 12/25/23 (2)		7,936
		4,544	NCUA Guaranteed Notes (11-R6-1A), 0.555%, due 05/07/20 (2)(3)		4,546
			Total Residential Mortgage-Backed Securities — Agency (Cost: $80,385)		82,108
			Residential Mortgage-Backed Securities — Non-Agency (16.0%)
		19,231	Banc of America Alternative Loan Trust (03-4-1A5), 5.5%, due 06/25/33		19,872
		18,796	Banc of America Alternative Loan Trust (03-9-1CB5), 5.5%, due 11/25/33		19,247
		9,821	Bear Stearns Alt-A Trust (04-13-A1), 0.921%, due 11/25/34 (2)		9,772
		6,597	Bear Stearns Asset-Backed Securities Trust (05-SD1-1A3), 0.581%, due 08/25/43 (2)		6,528
		19,307	Bombardier Capital Mortgage Securitization Corp. (01-A-A), 6.805%, due 12/15/30 (2)		20,020
		56,358	Centex Home Equity Loan Trust (05-A-AF5), 5.28%, due 01/25/35		58,566
		19,551	Conseco Financial Corp. (97-7-A9), 7.37%, due 07/15/28 (2)		20,535
		15,041	Credit-Based Asset Servicing and Securitization LLC (03-CB5-M1), 1.194%, due 11/25/33 (2)		14,390
		23,089	Credit-Based Asset Servicing and Securitization LLC (05-CB4-AF3), 5.334%, due 07/25/35		23,411

See accompanying notes to financial statements.

21

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		19,329	First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C), 1.181%, due 08/25/34 (2)	$	18,797
		12,193	Homestar Mortgage Acceptance Corp. (04-5-A1), 0.631%, due 10/25/34 (2)		12,242
		58,110	JPMorgan Mortgage Trust (05-A6-7A1), 2.529%, due 08/25/35 (2)(4)		55,247
		41,990	MASTR Seasoned Securitization Trust (04-1-4A1), 2.485%, due 10/25/32 (2)		42,146
		35,576	MASTR Seasoned Securitization Trust (05-1-4A1), 2.436%, due 10/25/32 (2)		35,844
		35,394	Mid-State Trust (04-1-M1), 6.497%, due 08/15/37		38,571
		14,401	Morgan Stanley Mortgage Loan Trust (04-6AR-1A), 0.624%, due 07/25/34 (2)		13,957
		27,149	Origen Manufactured Housing (05-A-M1), 5.46%, due 06/15/36 (2)		28,428
		8,061	Residential Asset Mortgage Products, Inc. (03-RZ3-A6), 3.9%, due 03/25/33		8,115
		27,200	Residential Asset Mortgage Products, Inc. (04-SL3-A2), 6.5%, due 12/25/31		28,660
		19,449	Wells Fargo Mortgage-Backed Securities Trust (03-17-2A10), 5.5%, due 01/25/34		19,899
			Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $451,644)		494,247
			Corporate Bonds (20.5%)
			Airlines (4.2%)
		84,696	Continental Airlines, Inc. Pass-Through Certificates (00-1-A1), 8.048%, due 05/01/22 (EETC)		96,024
		33,199	JetBlue Airways Corp. Pass-Through Certificates (04-2-G1), 0.632%, due 02/15/18 (EETC) (2)		32,929
			Total Airlines (Cost: $120,918)		128,953
			Banks (8.0%)
		10,000	Bank of America Corp., 5.625%, due 10/14/16		10,625
		80,000	Bank of America N.A., 0.551%, due 06/15/16 (2)		79,661
		7,000	Citigroup, Inc., 0.812%, due 08/25/36 (2)		5,536
		75,000	Citigroup, Inc., 1.957%, due 05/15/18 (2)		77,404
		75,000	JPMorgan Chase Bank N.A., 0.6%, due 06/13/16 (2)		74,909
			Total Banks (Cost: $243,707)		248,135
			Diversified Financial Services (Cost: $46,512) (1.8%)
		60,000	General Electric Capital Corp., 0.635%, due 05/05/26 (2)		57,460
			Electric (Cost: $25,015) (0.8%)
		25,000	NextEra Energy Capital Holdings, Inc., 1.339%, due 09/01/15		25,067
			Insurance (Cost: $67,661) (2.3%)
		70,000	Nationwide Mutual Insurance Co., (144A), 2.561%, due 12/15/24 (1)(2)		69,956
			REIT (2.9%)
		15,000	HCP, Inc., 3.15%, due 08/01/22		14,771
		70,000	Health Care REIT, Inc., 6.2%, due 06/01/16		73,836
			Total REIT (Cost: $86,358)		88,607
			Retail (Cost: $15,000) (0.5%)
		15,000	Walgreens Boots Alliance, Inc., 0.706%, due 05/18/16 (2)		15,028
			Total Corporate Bonds (Cost: $605,171)		633,206

See accompanying notes to financial statements.

22

TCW Enhanced Commodity Strategy Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			U.S. Government Agency Obligation (Cost: $20,000) (0.7%)
$		20,000	Federal Farm Credit Bank, 0.236%, due 02/27/17 (2)	$	20,026
			Total Fixed Income Securities (Cost: $1,262,139) (43.3%)		1,333,447
	Number of Shares		Money Market Investments
		30,000	Dreyfus Institutional Cash Advantage Fund, 0.07% (5)		30,000
		30,000	Morgan Stanley Institutional Liquidity Fund — Government Portfolio, 0.04% (5)		30,000
			Total Money Market Investments (Cost: $60,000) (2.0%)		60,000
	Principal Amount		Short-Term Investments
			Discount Notes (34.2%)
$		130,000	Federal Home Loan Mortgage Corp. Discount Note, 0.055%, due 05/06/15 (6)		130,000
		130,000	Federal Home Loan Mortgage Corp. Discount Note, 0.07%, due 07/07/15 (6)		129,988
		17,000	Federal Home Loan Mortgage Corp. Discount Note, 0.07%, due 06/26/15 (3)(6)		16,999
		76,000	Federal Home Loan Mortgage Corp. Discount Note, 0.075%, due 06/17/15 (6)		75,996
		100,000	Federal Home Loan Mortgage Corp. Discount Note, 0.08%, due 06/11/15 (6)		99,996
		105,000	Federal Home Loan Mortgage Corp. Discount Note, 0.08%, due 06/09/15 (6)		104,996
		50,000	Federal Home Loan Mortgage Corp. Discount Note, 0.15%, due 06/16/15 (6)		49,998
		85,000	Federal National Mortgage Association Discount Note, 0.01%, due 05/18/15 (6)		84,999
		95,000	Federal National Mortgage Association Discount Note, 0.06%, due 06/16/15 (6)		94,996
		100,000	Federal National Mortgage Association Discount Note, 0.06%, due 05/21/15 (6)		99,999
		18,000	Federal National Mortgage Association Discount Note, 0.06%, due 05/18/15 (3)(6)		18,000
		15,000	Federal National Mortgage Association Discount Note, 0.07%, due 06/03/15 (3)(6)		14,999
		135,000	Federal National Mortgage Association Discount Note, 0.08%, due 06/03/15 (6)		134,995
			Total Discount Notes (Cost: $1,055,922)		1,055,961
			Repurchase Agreement (Cost: $176,925) (5.7%)
		176,925	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $185,000 Federal Home Loan Mortgage Corp., 2%, due 11/02/22 valued at $182,780) (Total Amount to be Received Upon Repurchase $176,925)		176,925
			Time Deposit (Cost: $19,240) (0.6%)
		19,240	State Street Euro Dollar Time Deposit, Inc., 0.01%, due 05/01/15 (3)		19,240
			Total Short-Term Investments (Cost: $1,252,087) (40.5%)		1,252,126
			Total Investments (Cost: $2,574,226) (85.8%)		2,645,573
			Excess of Other Assets over Liabilities (14.2%)		437,899
			Net Assets (100.0%)	$	3,083,472

See accompanying notes to financial statements.

23

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited)

Total Return Swaps (3)
Notional Amount	Expiration Date		Counterparty	Payment Made by Fund	Payment Received by Fund	Unrealized Appreciation		Premium Paid		Value
OTC Swaps
$1,818,742		5/19/15	Credit Suisse First Boston Corp.	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (7)		$  33,663	$	—		$  33,663
1,208,370		5/19/15	Citigroup Global Markets, Inc.	3-Month U.S. Treasury Bills plus 0.2%	Citi Custom CIVICS H Index (8)		22,552		—		22,552
							$  56,215	$	—		$  56,215

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 April 30, 2015, the value of these securities amounted to $99,083 or 3.2% 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.

(2) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2015.

(3) All or a portion of this security is owned by TCW Cayman Enhanced Commodity Fund, Ltd.

(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 April 30, 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, 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 financial statements.

24

TCW Enhanced Commodity Strategy Fund

April 30, 2015

Industry	Percentage of Net Assets
Airlines		4.2	%
Asset-Backed Securities		1.2
Banks		8.0
Commercial Mortgage-Backed Securities — Agency		0.8
Commercial Mortgage-Backed Securities — Non-Agency		1.4
Diversified Financial Services		1.8
Electric		0.8
Insurance		2.3
REIT		2.9
Residential Mortgage-Backed Securities — Agency		2.7
Residential Mortgage-Backed Securities — Non-Agency		16.0
Retail		0.5
U.S. Government Agency Obligations		0.7
Money Market Investments		2.0
Short-Term Investments		40.5
Total		85.8	%

See accompanying notes to financial statements.

25

TCW Global Bond Fund

Schedule of Investments (Unaudited)

	Principal Amount		Fixed Income Securities	Value
			Corporate Bonds (17.7% of Net Assets)
			Airlines (2.8%)
$		183,168	American Airlines, Inc. Pass-Through Trust (13-2A), 4.95%, due 07/15/24 (EETC)	$	200,341
		105,598	Continental Airlines, Inc. Pass-Through Trust (01-1A-1), 6.703%, due 12/15/22 (EETC)		112,990
		81,485	Delta Air Lines, Inc. Pass-Through Certificates (02-1G1), 6.718%, due 07/02/24 (EETC)		95,542
		18,544	US Airways Group, Inc. Pass-Through Certificates (10-1A), 6.25%, due 10/22/24 (EETC)		21,279
			Total Airlines		430,152
			Auto Manufacturers (0.7%)
		100,000	Ford Motor Credit Co. LLC, 8%, due 12/15/16		110,312
			Banks (7.7%)
		45,000	Abbey National Treasury Services PLC (United Kingdom), (Reg. S), 1.75%, due 01/15/18 (1)		52,182
		250,000	Bank of America N.A., 6.1%, due 06/15/17 (2)		272,252
		200,000	BBVA Bancomer S.A. (Mexico), (144A), 6.75%, due 09/30/22 (3)		228,619
		300,000	Chase Capital VI, 0.879%, due 08/01/28 (4)		258,000
		110,000	Goldman Sachs Group, Inc. (The), 5.95%, due 01/18/18		122,052
		40,000	HBOS PLC (United Kingdom), (144A), 6.75%, due 05/21/18 (3)		44,776
		50,000	Macquarie Bank, Ltd. (Australia), (144A), 0.907%, due 10/27/17 (3)(4)		50,025
		100,000	Rabobank Nederland Utrecht (Netherlands), 3.375%, due 01/19/17		103,930
		50,000	Royal Bank of Scotland PLC (The) (United Kingdom), 5.625%, due 08/24/20		57,800
			Total Banks		1,189,636
			Diversified Financial Services (1.2%)
		200,000	General Electric Capital Corp., 0.737%, due 08/15/36 (4)		181,066
			Electric (0.5%)
		75,000	IPALCO Enterprises, Inc., 5%, due 05/01/18		80,110
			Insurance (1.2%)
		100,000	Farmers Exchange Capital II, (144A), 6.151%, due 11/01/53 (3)(4)		114,000
		65,000	ZFS Finance USA Trust II, (144A), 6.45%, due 12/15/65 (3)(4)		68,331
			Total Insurance		182,331
			Pipelines (0.3%)
		50,000	Energy Transfer Partners LP, 5.15%, due 03/15/45		48,717
			Real Estate (1.3%)
		200,000	WEA Finance LLC / Westfield UK & Europe Finance PLC (Australia), (144A), 1.75%, due 09/15/17 (3)		201,313
			REIT (1.3%)
		50,000	ARC Properties Operating Partnership LP / Clark Acquisition LLC, 2%, due 02/06/17 (REIT)		48,875
		50,000	HCP, Inc., 3.15%, due 08/01/22		49,237

See accompanying notes to financial statements.

26

TCW Global Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			REIT (Continued)
$		100,000	SL Green Realty Corp., 5%, due 08/15/18	$	107,649
			Total REIT		205,761
			Retail (0.4%)
		65,000	Walgreens Boots Alliance, Inc., 0.706%, due 05/18/16 (4)		65,123
			Telecommunications (0.3%)
		45,000	AT&T, Inc., 1.155%, due 06/30/20 (4)(5)		45,417
			Total Corporate Bonds (Cost: $2,569,752) (17.7%)		2,739,938
			Foreign Government Bonds (37.1%)
AUD		382,000	Australia Government Bond, 2.75%, due 04/21/24		305,259
EUR		240,000	Bundesrepublik Deutschland (Germany), 2.25%, due 09/04/21 (2)		305,762
CAD		430,000	Canada Housing Trust No. 1, (144A), 3.35%, due 12/15/20 (3)		390,550
DKK		900,000	Denmark Government Bond, 1.75%, due 11/15/25		153,298
EUR		65,000	France Government Bond OAT, 3.25%, due 10/25/21 (2)		86,904
EUR		200,000	France Government Bond OAT, 2.5%, due 05/25/30		273,181
EUR		55,000	Ireland Government Bond, (Reg. S), 3.4%, due 03/18/24 (1)		75,406
ILS		880,000	Israel Government Bond, 5.5%, due 01/31/22		292,970
EUR		627,000	Italy Buoni Poliennali Del Tesoro, 4.5%, due 03/01/24		882,791
JPY		95,800,000	Japan Government Ten-Year Bond, 1%, due 09/20/21 (2)		845,690
JPY		27,000,000	Japan Government Thirty-Year Bond, 2%, due 03/20/42		261,199
NOK		1,350,000	Norway Government Bond, 3.75%, due 05/25/21		205,031
EUR		110,000	Portugal Obrigacoes do Tesouro OT, (Reg. S), 5.65%, due 02/15/24 (1)		160,945
$		250,000	Romanian Government International Bond, (Reg. S), 4.875%, due 01/22/24 (1)		275,937
SGD		350,000	Singapore Government Bond, 2.5%, due 06/01/19 (2)		274,897
EUR		118,000	Spain Government Bond, (Reg. S), 2.75%, due 10/31/24 (1)		147,589
SEK		1,500,000	Sweden Government Bond, 3.5%, due 06/01/22		220,864
GBP		352,000	United Kingdom Gilt, (Reg. S), 2.75%, due 09/07/24 (1)		581,901
			Total Foreign Government Bonds (Cost: $6,202,791)		5,740,174
			Asset-Backed Securities (5.7%)
$		40,000	Dryden Senior Loan Fund, (144A), 1.816%, due 04/15/27 (3)(4)		40,042
		49,980	Educational Funding of the South, Inc. (11-1-A2), 0.927%, due 04/25/35 (4)		49,933
		28,596	GE Business Loan Trust (04-2A-A), (144A), 0.402%, due 12/15/32 (3)(4)		27,896
		44,653	Iowa Student Loan Liquidity Corp. (11-1-A), 1.517%, due 06/25/42 (4)		45,204
		40,000	Limerock CLO II, Ltd. (14-2A-A), (144A), 1.775%, due 04/18/26 (3)(4)		40,018
		20,000	Magnetite XI, Ltd. (14-11A-A1), (144A), 1.725%, due 01/18/27 (3)(4)		20,035
		40,000	Magnetite XII, Ltd. (15-12A-A), (144A), 1.817%, due 04/15/27 (3)(4)		40,043
		80,000	Navient Student Loan Trust (14-8-A3), 0.774%, due 05/27/31 (4)		80,129
		115,000	Nelnet Education Loan Corp. (04-1A-B1), (144A), 1.5%, due 02/25/36 (3)(4)		92,241
		80,000	SLC Student Loan Trust (08-1-A4A), 1.871%, due 12/15/32 (4)		83,391
		50,000	SLM Student Loan Trust (07-3-A4), 0.337%, due 01/25/22 (4)		48,712
		80,000	SLM Student Loan Trust (07-6-A4), 0.657%, due 10/25/24 (4)		79,666
		21,018	SLM Student Loan Trust (08-9-A), 1.777%, due 04/25/23 (4)		21,594
		50,000	SLM Student Loan Trust (11-2-A2), 1.381%, due 10/25/34 (4)		51,363

See accompanying notes to financial statements.

27

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Asset-Backed Securities (Continued)
$		76,248	Spirit Master Funding LLC (14-1A-A1), (144A), 5.05%, due 07/20/40 (3)	$	80,466
		50,000	Student Loan Consolidation Center (02-2-B2), (144A), 1.625%, due 07/01/42 (3)(4)		38,119
		40,000	Voya CLO, Ltd. (14-4A-A1), (144A), 1.777%, due 10/14/26 (3)(4)		40,021
			Total Asset-Backed Securities (Cost: $851,228)		878,873
			Commercial Mortgage-Backed Securities — Agency (4.0%)
		32,942	Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates (KF01-A), 0.531%, due 04/25/19 (4)		32,951
		371,805	Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates (KSCT-AX), 1.29%, due 01/25/20 (4) (I/O)		16,500
		110,488	Federal National Mortgage Association, Pool #AL3306, 2.46%, due 04/01/23 (2)		111,895
		73,240	Federal National Mortgage Association, Pool #467731, 4.62%, due 04/01/21		81,815
		72,367	Federal National Mortgage Association, Pool #460605, 6.09%, due 01/01/17		77,708
		125,697	Federal National Mortgage Association (12-M10-AFL), 0.631%, due 09/25/22 (4)		125,904
		67,263	Federal National Mortgage Association (14-M12-FA), 0.505%, due 10/25/21 (4)		67,653
		63,033	Federal National Mortgage Association (14-M8-FA), 0.452%, due 05/25/18 (4) (ACES)		63,161
		40,370	NCUA Guaranteed Note Trust (10-C1-A1), 1.6%, due 10/29/20		40,416
			Total Commercial Mortgage-Backed Securities — Agency (Cost: $619,423)		618,003
			Commercial Mortgage-Backed Securities — Non-Agency (2.1%)
		4,229,568	Bank of America-First Union NB Commercial Mortgage (01-3-XC), (144A), 1.219%, due 04/11/37 (I/O) (3)(4)		11,321
		5,420,282	COMM Mortgage Trust (04-LB3A-X), (144A), 1.072%, due 07/10/37 (I/O) (3)(4)		24,243
		41,137	GE Capital Commercial Mortgage Corp. (05-C4-A3A), 5.493%, due 11/10/45 (4)		41,093
		69,170	JP Morgan Chase Commercial Mortgage Securities Corp. (06-LDP7-A4), 6.056%, due 04/15/45 (4)		71,598
		96,536	Morgan Stanley Capital I Trust (06-IQ12-A4), 5.332%, due 12/15/43		101,223
		2,152,507	Morgan Stanley Capital I Trust (99-RM1-X), (144A), 0.892%, due 12/15/31 (I/O) (3)(4)		10,249
		65,000	WFRBS Commercial Mortgage Trust (11-C4-A3), (144A), 4.394%, due 06/15/44 (3)		70,409
			Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $337,257)		330,136
			Residential Mortgage-Backed Securities — Agency (11.0%)
		25,730	Federal Home Loan Mortgage Corp. (2990-ND), 16.429%, due 12/15/34 (I/F) (PAC) (2)(4)		31,010
		186,506	Federal Home Loan Mortgage Corp. (3439-SC), 5.719%, due 04/15/38 (I/O) (I/F) (4)		28,118
		215,033	Federal National Mortgage Association (07-52-LS), 5.869%, due 06/25/37 (I/O) (I/F) (4)		35,296
		182,817	Federal National Mortgage Association (08-18-SM), 6.819%, due 03/25/38 (I/O) (I/F) (4)		30,089
		131,929	Federal National Mortgage Association (09-115-SB), 6.069%, due 01/25/40 (I/O) (I/F) (4)		20,740

See accompanying notes to financial statements.

28

TCW Global Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		268,495	Federal National Mortgage Association (10-116-SE), 6.419%, due 10/25/40 (I/O) (I/F) (2)(4)	$	46,083
		49,360	Federal National Mortgage Association (10-35-IA), 5%, due 07/25/38 (I/O)		947
		206,753	Federal National Mortgage Association, Pool #AB3679, 3.5%, due 10/01/41 (2)		218,022
		215,379	Federal National Mortgage Association, Pool #AB4045, 3.5%, due 12/01/41 (2)		228,497
		86,609	Federal National Mortgage Association, Pool #AT5914, 3.5%, due 06/01/43 (2)		91,467
		109,341	Federal National Mortgage Association, Pool #MA1527, 3%, due 08/01/33 (2)		113,531
		92,928	Federal National Mortgage Association, Pool #MA1652, 3.5%, due 11/01/33		98,192
		80,000	Federal National Mortgage Association TBA, 2.5% (6)		82,025
		20,000	Federal National Mortgage Association TBA, 3% (6)		20,930
		80,000	Federal National Mortgage Association TBA, 3% (6)		81,231
		160,000	Federal National Mortgage Association TBA, 3.5% (6)		167,637
		130,000	Federal National Mortgage Association TBA, 4% (6)		138,958
		50,000	Federal National Mortgage Association TBA, 4.5% (6)		54,426
		148,033	Government National Mortgage Association (11-146-EI), 5%, due 11/16/41 (I/O) (PAC) (2)		33,354
		394,608	Government National Mortgage Association (11-69-GI), 5%, due 05/16/40 (I/O)		51,246
		437,001	Government National Mortgage Association (12-7-PI), 3.5%, due 01/20/38 (I/O) (PAC)		26,842
		95,000	Government National Mortgage Association II TBA, 3.5% (6)		100,225
			Total Residential Mortgage-Backed Securities — Agency (Cost: $1,689,174)		1,698,866
			Residential Mortgage-Backed Securities — Non-Agency (6.3%)
		140,074	American Home Mortgage Investment Trust (07-1-GA1C), 0.371%, due 05/25/47 (4)		100,489
		142,333	First Horizon Mortgage Pass-Through Trust (05-AR4-2A1), 2.562%, due 10/25/35 (4)(7)		125,507
		61,579	Green Tree Financial Corp. (98-6-A8), 6.66%, due 06/01/30		65,781
		199,483	Lehman XS Trust (06-9-A1B), 0.341%, due 05/25/46 (4)(7)		170,179
		1,251,739	Merrill Lynch Alternative Note Asset Trust (07-A3-A2D), 0.511%, due 04/25/37 (4)		206,132
		134,378	Structured Adjustable Rate Mortgage Loan Trust (04-18-4A1), 2.407%, due 12/25/34 (4)		133,226
		260,409	Structured Asset Mortgage Investments, Inc. (06-AR3-22A1), 2.037%, due 05/25/36 (4)		167,075
			Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $699,939)		968,389
			U.S. Government Agency Obligations (1.6%)
		80,000	Federal Farm Credit Bank, 0.199%, due 09/14/16 (4)		80,014
		80,000	Federal Farm Credit Bank, 0.211%, due 04/26/17 (2)(4)		80,038
		80,000	Federal Farm Credit Bank, 0.23%, due 04/17/17 (4)		80,086
			Total U.S. Government Agency Obligations (Cost: $239,975)		240,138
			U.S. Treasury Securities (9.7%)
		455,000	U.S. Treasury Bond, 2.5%, due 02/15/45		431,894
		130,000	U.S. Treasury Note, 1.375%, due 04/30/20		129,599

See accompanying notes to financial statements.

29

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			U.S. Treasury Securities (Continued)
$		935,000	U.S. Treasury Note, 2%, due 02/15/25 (2)	$	931,554
			Total U.S. Treasury Securities (Cost: $1,510,625)		1,493,047
			Total Fixed Income Securities (Cost: $14,720,164) (95.2%)		14,707,564
	Number of Shares		Money Market Investments
		13,000	Dreyfus Institutional Cash Advantage Fund, 0.07% (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 (Cost: $70,000) (0.4%)
			Banks (0.4%)
$		70,000	Credit Suisse / New York (Switzerland), 0.583%, due 08/24/15 (4)		70,009
			Discount Notes (Cost: $274,997) (1.8%)
		275,000	Federal Home Loan Bank Discount Note, 0.01%, due 05/08/15 (9)		274,999
			Repurchase Agreement (Cost: $768,799) (5.0%)
		768,799	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $795,000 Federal Home Loan Mortgage Corp., 2%, due 11/02/22 valued at $785,458) (Total Amount to be Received Upon Repurchase $768,799)		768,799
			Total Short-Term Investments (Cost: $1,113,796) (7.2%)		1,113,807
			Total Investments (Cost: $16,007,960) (103.5%)		15,995,371
			Liabilities in Excess of Other Assets (-3.5%)		(539,604	)
			Total Net Assets (100.0%)	$	15,455,767

See accompanying notes to financial statements.

30

TCW Global Bond Fund

April 30, 2015

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		07/17/15	$	837,715	$	880,484	$	42,769
Barclays Capital		JPY		59,700,000		07/17/15		500,978		499,305		(1,673	)
JP Morgan Chase Bank		KRW		170,000,000		07/17/15		155,348		158,262		2,914
							$	1,494,041	$	1,538,051	$	44,010
SELL (11)
Barclays Capital		ILS		890,000		07/17/15	$	222,405	$	230,425	$	(8,020	)
Barclays Capital		SGD		300,000		07/16/15		220,313		226,209		(5,896	)
							$	442,718	$	456,634	$	(13,916	)

Notes to the Schedule of Investments:

AUD - Australian Dollar.

CAD - Canadian Dollar.

DKK - Danish Krone.

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 April 30, 2015, the value of these securities amounted to $1,293,960 or 8.4% of net assets.

(2) All or a portion of this security is segregated to cover when-issued, delayed-delivery or forward commitments. (Note 2)

(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 April 30, 2015, the value of these securities amounted to $1,632,717 or 10.6% 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.

(4) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 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 April 30, 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 financial statements.

31

TCW Global Bond Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Airlines		2.8	%
Asset-Backed Securities		5.7
Auto Manufacturers		0.7
Banks		7.7
Commercial Mortgage-Backed Securities — Agency		4.0
Commercial Mortgage-Backed Securities — Non-Agency		2.1
Diversified Financial Services		1.2
Electric		0.5
Foreign Government Bonds		37.1
Insurance		1.2
Pipelines		0.3
REIT		1.3
Real Estate		1.3
Residential Mortgage-Backed Securities — Agency		11.0
Residential Mortgage-Backed Securities — Non-Agency		6.3
Retail		0.4
Telecommunications		0.3
U.S. Government Agency Obligations		1.6
U.S. Treasury Securities		9.7
Money Market Investments		1.1
Short-Term Investments		7.2
Total		103.5	%

See accompanying notes to financial statements.

32

TCW Global Bond Fund

Investments by Country (Unaudited) April 30, 2015

Country	Percentage of Net Assets
Australia		2.3	%
Canada		2.5
Denmark		1.0
France		2.4
Germany		2.0
Ireland		0.5
Israel		1.9
Italy		5.7
Japan		7.2
Mexico		1.5
Netherlands		0.7
Norway		1.3
Portugal		1.0
Romania		1.8
Singapore		1.8
Spain		0.9
Sweden		1.4
Switzerland		0.4
United Kingdom		4.8
United States		62.4
Total		103.5	%

See accompanying notes to financial statements.

33

TCW High Yield Bond Fund

Schedule of Investments (Unaudited)

	Principal Amount		Fixed Income Securities	Value
			Bank Loans (3.0% of Net Assets)
			Electric (1.7%)
$		457,490	Lonestar Generation LLC, Term Loan B, 6.346%, due 02/22/21(1)	$	454,059
		173,085	Utility Services Associates, Inc., Term Loan B, 7.3%, due 10/18/19 (1)		174,384
			Total Electric		628,443
			Healthcare-Services (0.6%)
		248,125	Regionalcare Hospitals Partners, Inc., First Lien Term Loan, 6.547%, due 04/23/19 (1)		249,134
			Packaging & Containers (0.7%)
		249,372	BWAY Holding Company, Inc., New Term Loan B, 5.996%, due 08/14/20 (1)		252,395
			Total Bank Loans (Cost: $1,030,845)		1,129,972
			Corporate Bonds (88.0%)
			Advertising (0.7%)
		140,000	Outfront Media Capital LLC / Outfront Media Capital Corp., 5.25%, due 02/15/22		145,250
		100,000	Outfront Media Capital LLC / Outfront Media Capital Corp., 5.875%, due 03/15/25		107,125
			Total Advertising		252,375
			Aerospace/Defense (0.7%)
		150,000	KLX, Inc., (144A), 5.875%, due 12/01/22 (2)		151,882
		125,000	TransDigm, Inc., 5.5%, due 10/15/20		123,438
			Total Aerospace/Defense		275,320
			Airlines (2.3%)
		456,823	American Airlines, Inc. Pass-Through Trust (13-1-B), (144A), 5.625%, due 01/15/21 (EETC) (2)		481,949
		183,168	American Airlines, Inc. Pass-Through Trust (13-2-A), 4.95%, due 07/15/24 (EETC)		200,340
		183,249	Continental Airlines, Inc. Pass-Through Certificates (99-1-A), 6.545%, due 08/02/20 (EETC)		204,437
			Total Airlines		886,726
			Auto Manufacturers (1.7%)
		475,000	Fiat Chrysler Automobiles NV (Netherlands), (144A), 4.5%, due 04/15/20 (2)		479,275
		45,000	General Motors Co., 5%, due 04/01/35		47,054
		40,000	General Motors Financial Co., Inc., 4%, due 01/15/25		40,180
		70,000	General Motors Financial Co., Inc., 4.375%, due 09/25/21		74,725
			Total Auto Manufacturers		641,234
			Auto Parts & Equipment (0.7%)
		65,000	Lear Corp., 5.25%, due 01/15/25		66,706
		35,000	Tenneco, Inc., 5.375%, due 12/15/24		36,838
		150,000	ZF North America Capital, Inc., (144A), 4.5%, due 04/29/22 (2)		150,570
			Total Auto Parts & Equipment		254,114

See accompanying notes to financial statements.

34

TCW High Yield Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Banks (4.0%)
$		500,000	CIT Group, Inc., 5%, due 08/15/22	$	516,250
		500,000	Citigroup, Inc., 0.812%, due 08/25/36 (3)(4)		395,420
		750,000	JPMorgan Chase Capital XXIII, 1.257%, due 05/15/77 (3)		608,438
			Total Banks		1,520,108
			Beverages (1.8%)
		110,000	Cott Beverages, Inc., (144A), 6.75%, due 01/01/20 (2)		115,225
		470,000	DS Services of America, Inc., (144A), 10%, due 09/01/21 (2)		554,600
			Total Beverages		669,825
			Chemicals (1.1%)
		75,000	Momentive Performance Materials, Inc., 3.88%, due 10/24/21		67,500
		75,000	MPM Escrow LLC, 8.875%, due 10/15/20(5)		—
		85,000	Platform Specialty Products Corp., (144A), 6.5%, due 02/01/22 (2)		89,250
		245,000	W.R. Grace & Co. — Conn, (144A), 5.125%, due 10/01/21 (2)		256,025
			Total Chemicals		412,775
			Coal (0.1%)
		15,000	Walter Energy, Inc., (144A), 9.5%, due 10/15/19 (2)		9,638
		66,950	Walter Energy, Inc., (144A), 11%, due 04/01/20 (2)		8,034
			Total Coal		17,672
			Commercial Services (0.2%)
		80,000	United Rentals North America, Inc., 4.625%, due 07/15/23		81,800
			Computers (0.7%)
		250,000	IHS, Inc., (144A), 5%, due 11/01/22 (2)		251,250
			Diversified Financial Services (2.4%)
		50,000	AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust (Netherlands), (144A), 5%, due 10/01/21(2)		53,660
		325,000	Ally Financial, Inc., 4.125%, due 02/13/22		319,312
		400,000	International Lease Finance Corp., 6.25%, due 05/15/19		443,000
		50,000	Navient Corp., 5%, due 10/26/20		48,875
		55,000	Navient Corp., 5.5%, due 01/15/19		56,238
			Total Diversified Financial Services		921,085
			Electric (7.9%)
		550,000	AES Corp, 7.375%, due 07/01/21		614,795
		100,000	AES Corp., 3.262%, due 06/01/19 (3)		100,250
		130,000	Calpine Corp., 5.5%, due 02/01/24		130,650
		250,000	Calpine Corp., (144A), 5.875%, due 01/15/24 (2)		268,750
		40,000	Calpine Corp., (144A), 6%, due 01/15/22 (2)		42,800
		85,000	Dynegy, Inc., (144A), 6.75%, due 11/01/19 (2)		89,250
		125,000	FirstEnergy Corp., 4.25%, due 03/15/23		130,089
		75,000	GenOn Americas Generation LLC, 8.5%, due 10/01/21		73,500

See accompanying notes to financial statements.

35

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Electric (Continued)
$		153,865	Homer City Generation LP, 8.137%, due 10/01/19	$	156,366
		672,140	Homer City Generation LP, 8.734%, due 10/01/26		685,583
		97,429	Mirant Mid-Atlantic Pass-Through Certificates, Series C, 10.06%, due 12/30/28 (EETC)		108,086
		365,629	Red Oak Power LLC, 8.54%, due 11/30/19		392,137
		200,000	RJS Power Holdings LLC, (144A), 5.125%, due 07/15/19 (2)		198,500
			Total Electric		2,990,756
			Engineering & Construction (0.8%)
		150,000	MasTec, Inc., 4.875%, due 03/15/23		142,500
		50,000	SBA Communications Corp., (144A), 4.875%, due 07/15/22 (2)		49,628
		100,000	SBA Communications Corp., 5.625%, due 10/01/19		105,312
			Total Engineering & Construction		297,440
			Entertainment (1.6%)
		575,000	Isle of Capri Casinos, Inc., (144A), 5.875%, due 03/15/21 (2)		592,969
			Food (0.2%)
		60,000	HJ Heinz Co., (144A), 4.875%, due 02/15/25 (2)		65,625
			Gas (0.3%)
		125,000	Southern Star Central Corp., (144A), 5.125%, due 07/15/22 (2)		130,625
			Healthcare-Products (1.9%)
		175,000	Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Luxembourg), (144A), 4.875%, due 04/15/20 (2)		178,719
		175,000	Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Luxembourg), (144A), 5.5%, due 04/15/25 (2)		179,375
		350,000	Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Luxembourg), (144A), 5.75%, due 08/01/22 (2)		362,687
			Total Healthcare-Products		720,781
			Healthcare-Services (10.3%)
		200,000	CHS/Community Health Systems, Inc., 5.125%, due 08/15/18		208,000
		280,000	CHS/Community Health Systems, Inc., 5.125%, due 08/01/21		291,200
		350,000	DaVita HealthCare Partners, Inc., 5.125%, due 07/15/24		358,312
		375,000	DaVita, Inc., 5.75%, due 08/15/22		399,844
		20,000	Fresenius Medical Care US Finance II, Inc., (144A), 5.625%, due 07/31/19 (2)		22,000
		400,000	Fresenius Medical Care US Finance II, Inc., (144A), 5.875%, due 01/31/22 (2)		440,000
		50,000	HCA, Inc., 5.25%, due 04/15/25		54,250
		100,000	HCA, Inc., 5.375%, due 02/01/25		105,500
		410,000	HCA, Inc., 6.5%, due 02/15/20		468,548
		400,000	HealthSouth Corp., 5.75%, due 11/01/24		424,000
		180,000	LifePoint Hospitals, Inc., 5.5%, due 12/01/21		189,760
		135,000	Tenet Healthcare Corp., 4.5%, due 04/01/21		135,338
		630,000	Tenet Healthcare Corp., 6%, due 10/01/20		674,100
		120,000	Tenet Healthcare Corp., 6.25%, due 11/01/18		130,392
			Total Healthcare-Services		3,901,244

See accompanying notes to financial statements.

36

TCW High Yield Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Holding Companies — Diversified (0.5%)
$		165,000	Nielsen Co. Luxembourg SARL (The) (Luxembourg), (144A), 5.5%, due 10/01/21 (2)	$	170,775
			Home Builders (0.1%)
		50,000	Shea Homes LP / Shea Homes Funding Corp., (144A), 6.125%, due 04/01/25 (2)		51,500
			Housewares (0.3%)
		120,000	RSI Home Products, Inc., (144A), 6.5%, due 03/15/23 (2)		126,000
			Iron & Steel (0.2%)
		75,000	ArcelorMittal (Luxembourg), 10.6%, due 06/01/19		90,562
			Leisure Time (0.3%)
		90,000	NCL Corp., Ltd. — Class C, (144A), 5.25%, due 11/15/19 (2)		93,150
			Lodging (0.9%)
		320,000	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 5.625%, due 10/15/21		339,200
			Media (9.4%)
		45,000	CCO Holdings LLC / CCO Holdings Capital Corp., (144A), 5.125%, due 05/01/23 (2)		44,663
		100,000	CCO Holdings LLC / CCO Holdings Capital Corp., (144A), 5.875%, due 05/01/27 (2)		98,750
		200,000	CCO Holdings LLC / CCO Holdings Capital Corp., 6.625%, due 01/31/22		214,000
		555,000	Clear Channel Worldwide Holdings, Inc., 6.5%, due 11/15/22		589,687
		55,000	CSC Holdings LLC, (144A), 5.25%, due 06/01/24 (2)		57,234
		350,000	CSC Holdings LLC, 6.75%, due 11/15/21		396,813
		170,000	DISH DBS Corp., 5.875%, due 11/15/24		167,875
		310,000	DISH DBS Corp., 6.75%, due 06/01/21		329,012
		65,000	LIN Television Corp., 6.375%, due 01/15/21		67,844
		275,000	Nexstar Broadcasting, Inc., (144A), 6.125%, due 02/15/22 (2)		286,000
		200,000	Numericable-SFR (France), (144A), 4.875%, due 05/15/19 (2)		202,750
		460,000	Sinclair Television Group, Inc., 6.125%, due 10/01/22		486,737
		375,000	Univision Communications, Inc., (144A), 5.125%, due 05/15/23 (2)		381,094
		250,000	Univision Communications, Inc., (144A), 5.125%, due 02/15/25 (2)		252,506
			Total Media		3,574,965
			Oil & Gas (8.1%)
		200,000	Blue Racer Midstream LLC / Blue Racer Finance Corp., (144A), 6.125%, due 11/15/22 (2)		209,000
		170,000	Chesapeake Energy Corp., 4.875%, due 04/15/22		158,100
		330,000	Chesapeake Energy Corp., 6.625%, due 08/15/20		341,550
		115,000	Cimarex Energy Co., 5.875%, due 05/01/22		122,619
		240,000	Concho Resources, Inc., 5.5%, due 04/01/23		244,500
		185,000	EP Energy LLC / Everest Acquisition Finance, Inc., 6.875%, due 05/01/19		191,660
		60,000	Gulfport Energy Corp., (144A), 6.625%, due 05/01/23 (2)		61,200
		75,000	Halcon Resources Corp., (144A), 8.625%, due 02/01/20 (2)(6)		78,234
		195,000	MEG Energy Corp., (144A), 6.5%, due 03/15/21 (2)		194,025
		250,000	Newfield Exploration Co., 5.375%, due 01/01/26		260,313
		125,000	Newfield Exploration Co., 5.625%, due 07/01/24		133,281
		210,000	QEP Resources, Inc., 5.25%, due 05/01/23		211,579

See accompanying notes to financial statements.

37

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Oil & Gas (Continued)
$		200,000	SM Energy Co., 6.5%, due 01/01/23	$	211,000
		250,000	Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 7.5%, due 07/01/21		261,250
		75,000	Sunoco LP / Sunoco Finance Corp., (144A), 6.375%, due 04/01/23 (2)		78,525
		125,000	Whiting Petroleum Corp., 5%, due 03/15/19		125,156
		200,000	WPX Energy, Inc., 5.25%, due 09/15/24		186,000
			Total Oil & Gas		3,067,992
			Packaging & Containers (3.7%)
		500,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., (144A), 3.271%, due 12/15/19 (2)(3)		495,000
		75,000	Ball Corp., 4%, due 11/15/23		73,781
		40,000	Owens-Brockway Glass Container, Inc., (144A), 5%, due 01/15/22 (2)		41,200
		750,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (Luxembourg), 5.75%, due 10/15/20		785,625
			Total Packaging & Containers		1,395,606
			Pharmaceuticals (2.5%)
		115,000	Endo Finance LLC / Endo Finco, Inc., (144A), 7.25%, due 01/15/22 (2)		122,188
		80,000	Valeant Pharmaceuticals International, Inc. (Canada), (144A), 5.5%, due 03/01/23 (2)		81,200
		185,000	Valeant Pharmaceuticals International, Inc. (Canada), (144A), 6.125%, due 04/15/25 (2)		191,359
		230,000	Valeant Pharmaceuticals International, Inc. (Canada), (144A), 6.75%, due 08/15/21 (2)		241,787
		250,000	Valeant Pharmaceuticals International, Inc. (Canada), (144A), 7.25%, due 07/15/22 (2)		266,875
		25,000	VPII Escrow Corp. (Canada), (144A), 7.5%, due 07/15/21 (2)		27,219
			Total Pharmaceuticals		930,628
			Pipelines (6.6%)
		200,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6%, due 12/15/20		205,000
		75,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., (144A), 6.25%, due 04/01/23 (2)		78,000
		231,000	El Paso LLC, 7.8%, due 08/01/31		277,760
		355,000	Energy Transfer Partners LP, 3.272%, due 11/01/66 (3)		310,181
		190,000	MarkWest Energy Partners LP / MarkWest Energy Finance Corp., 4.875%, due 12/01/24		197,723
		125,000	Regency Energy Partners LP / Regency Energy Finance Corp., 4.5%, due 11/01/23		129,063
		160,000	Rockies Express Pipeline LLC, (144A), 5.625%, due 04/15/20 (2)		169,600
		105,000	Rockies Express Pipeline LLC, (144A), 6%, due 01/15/19 (2)		112,350
		35,000	Rockies Express Pipeline LLC, (144A), 6.875%, due 04/15/40 (2)		38,413
		100,000	Rose Rock Midstream LP / Rose Rock Finance Corp., 5.625%, due 07/15/22		100,500
		505,000	Sabine Pass Liquefaction LLC, 5.625%, due 02/01/21		519,054
		350,000	Sabine Pass LNG, LP, (144A), 7.5%, due 11/30/16 (2)		373,625
			Total Pipelines		2,511,269

See accompanying notes to financial statements.

38

TCW High Yield Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			REIT (0.8%)
$		155,000	Communications Sales & Leasing, Inc., (144A), 6%, due 04/15/23 (2)	$	156,395
		65,000	Crown Castle International Corp., 4.875%, due 04/15/22		67,925
		70,000	DuPont Fabros Technology LP, 5.875%, due 09/15/21		72,887
			Total REIT		297,207
			Retail (1.4%)
		510,000	Family Tree Escrow LLC, (144A), 5.75%, due 03/01/23 (2)		538,050
			Semiconductors (0.1%)
		50,000	Freescale Semiconductor, Inc., (144A), 5%, due 05/15/21 (2)		52,875
			Software (2.3%)
		185,000	Audatex North America, Inc., (144A), 6%, due 06/15/21 (2)		191,764
		605,000	First Data Corp., (144A), 6.75%, due 11/01/20 (2)		645,837
		40,000	MSCI, Inc., (144A), 5.25%, due 11/15/24 (2)		41,700
			Total Software		879,301
			Telecommunications (11.4%)
		200,000	Altice Financing SA (Luxembourg), (144A), 6.625%, due 02/15/23 (2)		207,500
		200,000	CenturyLink, Inc., 5.8%, due 03/15/22		208,500
		10,000	Frontier Communications Corp., 7.125%, due 03/15/19		10,906
		240,000	Frontier Communications Corp., 8.5%, due 04/15/20		267,000
		360,000	Inmarsat Finance PLC (United Kingdom), (144A), 4.875%, due 05/15/22 (2)		360,450
		50,000	Intelsat Jackson Holdings SA (Luxembourg), 7.25%, due 10/15/20		51,750
		705,000	Intelsat Jackson Holdings SA (Luxembourg), 7.5%, due 04/01/21		734,117
		150,000	Level 3 Financing, Inc., 6.125%, due 01/15/21		159,188
		147,000	Level 3 Financing, Inc., 7%, due 06/01/20		158,025
		150,000	MetroPCS Wireless, Inc., 6.625%, due 11/15/20		156,945
		225,000	Qwest Corp., 7.25%, due 09/15/25		261,356
		200,000	Softbank Corp. (Japan), (144A), 4.5%, due 04/15/20 (2)		205,500
		760,000	Sprint Communications, Inc., (144A), 9%, due 11/15/18 (2)		866,628
		130,000	Sprint Nextel Corp., 9.25%, due 04/15/22		145,600
		300,000	T-Mobile USA, Inc., 6.542%, due 04/28/20		317,610
		200,000	Virgin Media Secured Finance PLC (United Kingdom), 5.25%, due 01/15/21		214,250
			Total Telecommunications		4,325,325
			Total Corporate Bonds (Cost: $33,059,635) (88.0%)		33,328,129
			Total Fixed Income Securities (Cost: $34,090,480) (91.0%)		34,458,101

See accompanying notes to financial statements.

39

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Number of Shares		Money Market Investments	Value
		194,000	Morgan Stanley Liquidity Fund — Government Portfolio, 0.04% (7)	$	194,000
			Total Money Market Investments (Cost: $194,000) (0.5%)		194,000
	Principal Amount		Short-Term Investments
			Discount Notes (Cost: $1,059,979) (2.8%)
$		1,060,000	Federal Home Loan Bank Discount Note, 0.06%, due 05/13/15 (8)		1,059,993
			Repurchase Agreement (Cost: $1,743,110) (4.6%)
		1,743,110	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $1,785,000 Federal National Mortgage Association, 2.08%, due 11/02/22 valued at $1,780,161) (Total Amount to be Received Upon Repurchase $1,743,110)		1,743,110
			Total Short-Term Investments (Cost: $2,803,089) (7.4%)		2,803,103
			Total Investments (Cost: $37,087,569) (98.9%)		37,455,204
			Excess of Other Assets over Liabilities (1.1%)		412,536
			Net Assets (100.0%)	$	37,867,740

See accompanying notes to financial statements.

40

TCW High Yield Bond Fund

April 30, 2015

Credit Default Swaps—Buy Protection
Notional Amount (9)	Implied Credit Spread (10)		Expiration Date	Counterparty	Fixed Deal Pay Rate			Reference Entity	Unrealized Appreciation (Depreciation)			Premium (Paid)		Value (11)
OTC Swaps
$  150,000		1.86%	3/20/19	Credit Suisse International		1	%	Freeport-McMoRan Copper & Gold Inc.	$	1,522		$	2,542	$	4,064
350,000		1.18%	3/20/19	Goldman Sachs International		1	%	ALCOA, Inc.		(9,534	)		10,816		1,282
250,000		1.18%	3/20/19	Goldman Sachs International		1	%	ALCOA, Inc.		(5,609	)		6,524		915
									$	(13,621)		$	19,882	$	6,261

Notes to the Schedule of Investments:

EETC Enhanced Equipment Trust Certificate.

REIT   Real Estate Investment Trust.

(1) Rate stated is the effective yield.

(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 April 30, 2015, the value of these securities amounted to $13,113,207 or 34.6% 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) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2015.

(4) All or a portion of this security is segregated to cover when-issued, delayed-delivery or forward commitments. (Note 2)

(5) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.

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

(7) Rate disclosed is the 7-day net yield as of April 30, 2015.

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

(9) 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.

(10) 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.

(11) The value of a credit default swap agreement serves as an indicator of the current status of the payments/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit worthiness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.

See accompanying notes to financial statements.

41

TCW High Yield Bond Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Advertising		0.7	%
Aerospace/Defense		0.7
Airlines		2.3
Auto Manufacturers		1.7
Auto Parts & Equipment		0.7
Banks		4.0
Beverages		1.8
Chemicals		1.1
Coal		0.1
Commercial Services		0.2
Computers		0.7
Diversified Financial Services		2.4
Electric		9.6
Engineering & Construction		0.8
Entertainment		1.6
Food		0.2
Gas		0.3
Healthcare-Products		1.9
Healthcare-Services		10.9
Holding Companies — Diversified		0.5
Home Builders		0.1
Housewares		0.3
Iron & Steel		0.2
Leisure Time		0.3
Lodging		0.9
Media		9.4
Oil & Gas		8.1
Packaging & Containers		4.4
Pharmaceuticals		2.5
Pipelines		6.6
REIT		0.8
Retail		1.4
Semiconductors		0.1
Software		2.3
Telecommunications		11.4
Money Market Investments		0.5
Short-Term Investments		7.4
Total		98.9	%

See accompanying notes to financial statements.

42

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Commercial Mortgage-Backed Securities — Agency (7.8% of Net Assets)
$		152,952	Federal Home Loan Mortgage Corp., Pool #310005, 4.683%, due 11/01/19 (1)	$	156,710
		133,747	Federal Home Loan Mortgage Corp. (KF05-A), 0.523%, due 09/25/21 (1)		134,081
		100,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K009-A2), 3.808%, due 08/25/20		109,150
		43,320	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K502-A1), 0.727%, due 12/25/16		43,367
		100,980	Federal National Mortgage Association, Pool #467288, 2.8%, due 03/01/18		104,858
		84,633	Federal National Mortgage Association, Pool #468220, 3.05%, due 06/01/16		86,540
		81,666	Federal National Mortgage Association, Pool #FN0002, 3.358%, due 12/01/17		85,501
		90,348	Federal National Mortgage Association, Pool #467173, 4.64%, due 01/01/21		101,638
		52,946	Federal National Mortgage Association, Pool #745506, 5.663%, due 02/01/16		53,814
		88,283	Federal National Mortgage Association, (14-M12-FA), 0.505%, due 10/25/21 (1)		88,794
		85,987	Federal National Mortgage Association (14-M6-FA), 0.494%, due 12/25/17 (1)		85,467
		36,919	Government National Mortgage Association (05-76-B), 4.886%, due 10/16/38 (1)		37,762
		49,551	Government National Mortgage Association (11-77-A), 2.105%, due 04/16/33		49,835
			Total Commercial Mortgage-Backed Securities — Agency (Cost: $1,151,092)		1,137,517
			Commercial Mortgage-Backed Securities — Non-Agency (8.9%)
		11,824	Banc of America Commercial Mortgage Trust (06-2-A3), 5.889%, due 05/10/45 (1)		11,837
		41,637	Bear Stearns Commercial Mortgage Securities Trust (05-T20-A4A), 5.289%, due 10/12/42 (1)		41,915
		52,539	Bear Stearns Commercial Mortgage Securities Trust (99-CLF1-A4), 7%, due 05/20/30 (1)		56,457
		100,000	Citigroup Commercial Mortgage Trust (12-GC8-A2), 1.813%, due 09/10/45		101,287
		41,320	Credit Suisse Commercial Mortgage Trust (07-C1-AAB), 5.336%, due 02/15/40		42,322
		2,680	Credit Suisse First Boston Mortgage Securities Corp. (05-C4-A5), 5.104%, due 08/15/38 (1)		2,679
		5,812	DBRR Trust (13-EZ2-A), (144A), 0.853%, due 02/25/45 (1)(2)		5,811
		69,059	GS Mortgage Securities Trust (11-GC3-A2), (144A), 3.645%, due 03/10/44 (2)		69,943
		2,244	JPMorgan Chase Commercial Mortgage Securities Trust (06-CB14-ASB), 5.506%, due 12/12/44 (1)		2,247
		51,805	JPMorgan Chase Commercial Mortgage Securities Trust (06-CB15-ASB), 5.79%, due 06/12/43 (1)		52,483
		24,093	JPMorgan Chase Commercial Mortgage Securities Trust (06-LDP9-A3S), (144A), 5.24%, due 05/15/47 (2)		24,116
		42,468	JPMorgan Chase Commercial Mortgage Securities Trust (07-C1-ASB), 5.857%, due 02/15/51		44,339
		2,583	JPMorgan Chase Commercial Mortgage Securities Trust (07-CB19-A3), 5.885%, due 02/12/49 (1)		2,580
		56,945	JPMorgan Chase Commercial Mortgage Securities Trust (07-CB20-ASB), 5.688%, due 02/12/51		58,930

See accompanying notes to financial statements.

43

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Commercial Mortgage-Backed Securities — Non-Agency (Continued)
$		8,614	JPMorgan Chase Commercial Mortgage Securities Trust (10-C1-A1), (144A), 3.853%, due 06/15/43 (2)	$	8,613
		100,000	JPMorgan Chase Commercial Mortgage Securities Trust (11-C4-A3), (144A), 4.106%, due 07/15/46 (2)		107,043
		54,583	LB-UBS Commercial Mortgage Trust (06-C7-A2), 5.3%, due 11/15/38		55,083
		39,548	Merrill Lynch / Countrywide Commercial Mortgage Trust (06-4-A1A), 5.166%, due 12/12/49		41,565
		72,457	Morgan Stanley Bank of America Merrill Lynch Trust (12-C5-A1), 0.916%, due 08/15/45		72,536
		5,391	Morgan Stanley Capital I Trust (06-T21-A3), 5.185%, due 10/12/52 (1)		5,383
		112,899	Morgan Stanley Capital I Trust (07-HQ11-A31), 5.439%, due 02/12/44		112,760
		63,318	Morgan Stanley Capital I Trust (07-IQ14-A2), 5.61%, due 04/15/49		64,087
		1,892	TIAA Seasoned Commercial Mortgage Trust (07-C4-A3), 5.532%, due 08/15/39 (1)		1,895
		73,902	Wachovia Bank Commercial Mortgage Trust (05-C21-A4), 5.43%, due 10/15/44 (1)		74,228
		76,536	Wachovia Bank Commercial Mortgage Trust (07-C30-A3), 5.246%, due 12/15/43		77,443
		43,355	Wachovia Bank Commercial Mortgage Trust (07-C32-APB), 5.903%, due 06/15/49 (1)		43,528
		35,272	WF-RBS Commercial Mortgage Trust (11-C2-A1), (144A), 2.501%, due 02/15/44 (2)		35,374
		79,373	WF-RBS Commercial Mortgage Trust (12-C9-A1), 0.673%, due 11/15/45		79,330
			Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $1,210,035)		1,295,814
			Residential Mortgage-Backed Securities — Agency (38.0%)
		17,214	Federal Home Loan Mortgage Corp. (2550-FI), 0.532%, due 11/15/32 (TAC) (1)		17,227
		1,214	Federal Home Loan Mortgage Corp. (2581-F), 0.632%, due 12/15/32 (1)		1,214
		201,162	Federal Home Loan Mortgage Corp. (2591-EF), 0.682%, due 03/15/32 (1)		201,881
		88,609	Federal Home Loan Mortgage Corp. (263-F5), 0.682%, due 06/15/42 (1)		89,403
		181,662	Federal Home Loan Mortgage Corp. (2763-FB), 0.532%, due 04/15/32 (1)		182,244
		172,240	Federal Home Loan Mortgage Corp. (2828-TA), 0.582%, due 10/15/30 (1)		172,608
		202,776	Federal Home Loan Mortgage Corp. (2835-LE), 0.532%, due 11/15/30 (1)		203,008
		135,014	Federal Home Loan Mortgage Corp. (2990-DE), 0.562%, due 11/15/34 (1)		135,657
		30,057	Federal Home Loan Mortgage Corp. (3001-HS), 16.296%, due 02/15/35 (I/F) (PAC) (1)		33,868
		66,406	Federal Home Loan Mortgage Corp. (3174-FM), 0.422%, due 05/15/36 (PAC) (1)		66,458
		109,546	Federal Home Loan Mortgage Corp. (3300-FA), 0.482%, due 08/15/35 (1)		109,776
		125,794	Federal Home Loan Mortgage Corp. (3318-F), 0.432%, due 05/15/37 (1)		125,922
		177,190	Federal Home Loan Mortgage Corp. (3335-BF), 0.332%, due 07/15/19 (1)		177,287
		167,635	Federal Home Loan Mortgage Corp. (3335-FT), 0.332%, due 08/15/19 (1)		167,784
		126,114	Federal Home Loan Mortgage Corp. (3345-FP), 0.382%, due 11/15/36 (1)		126,209

See accompanying notes to financial statements.

44

TCW Short Term Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		27,160	Federal Home Loan Mortgage Corp. (3346-FA), 0.412%, due 02/15/19 (1)	$	27,193
		146,766	Federal Home Loan Mortgage Corp. (3347-PF), 0.532%, due 01/15/36 (PAC) (1)		147,219
		175,131	Federal Home Loan Mortgage Corp. (3737-GF), 0.582%, due 11/15/37 (PAC) (1)		175,540
		163,849	Federal Home Loan Mortgage Corp. (3767-JF), 0.482%, due 02/15/39 (PAC)(1)		164,374
		105,261	Federal Home Loan Mortgage Corp. (3798-BF), 0.482%, due 06/15/24 (1)		105,437
		170,416	Federal Home Loan Mortgage Corp. (3803-DF), 0.582%, due 11/15/35 (PAC) (1)		170,872
		139,320	Federal Home Loan Mortgage Corp. (3824-FA), 0.332%, due 03/15/26 (1)		139,390
		63,370	Federal Home Loan Mortgage Corp. (3946-FG), 0.532%, due 10/15/39 (PAC) (1)		63,587
		36,773	Federal National Mortgage Association (03-11-FA), 1.181%, due 09/25/32 (1)		37,732
		38,707	Federal National Mortgage Association (03-64-KS), 9.412%, due 07/25/18 (I/F) (1)		41,586
		108,740	Federal National Mortgage Association (06-60-DF), 0.611%, due 04/25/35 (1)		109,396
		47,919	Federal National Mortgage Association (06-84-WF), 0.481%, due 02/25/36 (PAC) (1)		48,044
		110,873	Federal National Mortgage Association (07-64-FA), 0.651%, due 07/25/37 (1)		111,937
		137,514	Federal National Mortgage Association (07-67-FA), 0.431%, due 04/25/37 (1)		137,441
		26,648	Federal National Mortgage Association (08-47-PF), 0.681%, due 06/25/38 (PAC) (1)		26,803
		59,526	Federal National Mortgage Association (09-33-FB), 1.001%, due 03/25/37 (1)		60,513
		18,046	Federal National Mortgage Association (10-2-TF), 0.681%, due 06/25/27 (1)		18,059
		38,657	Federal National Mortgage Association (10-50-FA), 0.531%, due 01/25/24 (1)		38,658
		42,659	Federal National Mortgage Association (10-9-MG), 3%, due 09/25/30 (PAC)		42,729
		144,369	Federal National Mortgage Association (11-75-HP), 2.5%, due 07/25/40 (PAC)		148,952
		32,472	Federal National Mortgage Association, Pool #254548, 5.5%, due 12/01/32		36,955
		56,888	Federal National Mortgage Association, Pool #600187, 7%, due 07/01/31		66,433
		4,019	Federal National Mortgage Association, Pool #661691, 2.314%, due 10/01/32 (1)		4,200
		44,496	Federal National Mortgage Association, Pool #786884, 2.185%, due 08/01/34 (1)		46,578
		50,109	Federal National Mortgage Association, Pool #995364, 6%, due 10/01/38		57,434
		21,501	Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40		24,677
		23,498	Government National Mortgage Association (04-104-FJ), 0.481%, due 09/20/33 (1)		23,511
		102,271	Government National Mortgage Association (10-108-PF), 0.581%, due 02/20/38 (PAC) (1)		102,604
		168,800	Government National Mortgage Association (10-163-FJ), 0.533%, due 08/16/37 (PAC) (1)		169,360
		127,269	Government National Mortgage Association (10-2-FA), 0.681%, due 05/20/37 (1)		127,527

See accompanying notes to financial statements.

45

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		153,293	Government National Mortgage Association (12-13-KF), 0.481%, due 07/20/38 (1)	$	153,630
		29,285	Government National Mortgage Association II, Pool #80022, 1.625%, due 12/20/26 (1)		29,660
		21,110	Government National Mortgage Association II, Pool #80636, 1.625%, due 09/20/32 (1)		21,923
		14,487	Government National Mortgage Association II, Pool #80757, 1.625%, due 10/20/33 (1)		14,699
		117,113	Government National Mortgage Association II, Pool #80797, 1.625%, due 01/20/34 (1)		121,516
		47,762	Government National Mortgage Association II, Pool #80937, 1.625%, due 06/20/34 (1)		49,762
		95,055	NCUA Guaranteed Notes (10-R1-1A), 0.628%, due 10/07/20 (1)		95,586
		60,321	NCUA Guaranteed Notes (10-R2-1A), 0.548%, due 11/06/17 (1)		60,465
		243,225	NCUA Guaranteed Notes (10-R3-1A), 0.736%, due 12/08/20 (1)		245,362
		239,166	NCUA Guaranteed Notes (10-R3-2A), 0.736%, due 12/08/20 (1)		241,240
		86,371	NCUA Guaranteed Notes (11-R2-1A), 0.578%, due 02/06/20 (1)		86,718
		47,593	NCUA Guaranteed Notes (11-R3-1A), 0.58%, due 03/11/20 (1)		47,781
		61,941	NCUA Guaranteed Notes (11-R5-1A), 0.554%, due 04/06/20 (1)		61,992
		5,309	NCUA Guaranteed Notes (11-R6-1A), 0.555%, due 05/07/20 (1)		5,310
			Total Residential Mortgage-Backed Securities — Agency (Cost: $5,491,914)		5,520,931
			Residential Mortgage-Backed Securities — Non-Agency (2.0%)
		13,194	Bear Stearns Asset-Backed Securities Trust (05-SD1-1A3), 0.581%, due 08/25/43 (1)		13,055
		145,495	Credit Suisse First Boston Mortgage Securities Corp. (02-AR31-6A1), 2.12%, due 11/25/32 (1)		147,224
		38,658	First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C), 1.181%, due 08/25/34 (1)		37,594
		24,064	Homestar Mortgage Acceptance Corp. (04-5-A1), 0.631%, due 10/25/34 (1)		24,161
		26,526	JPMorgan Mortgage Acquisition Corp. (05-WMC1-M1), 0.601%, due 09/25/35 (1)		26,243
		28,801	Morgan Stanley Mortgage Loan Trust (04-6AR-1A), 0.624%, due 07/25/34 (1)		27,914
		10,993	Residential Accredit Loans, Inc. (02-QS16-A2), 0.731%, due 10/25/17 (1)		10,666
			Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $277,468)		286,857
			Corporate Bonds (28.4%)
			Airlines (1.6%)
		98,795	Continental Airlines, Inc. Pass-Through Certificates, (99-1-A), 6.545%, due 08/02/20 (EETC)		110,218
		50,000	JetBlue Airways Corp. Pass-Through Trust, (04-2-G2), 0.708%, due 05/15/18(1) (EETC)		49,325
		71,232	United Airlines, Inc. Pass-Through Trust, (09-2A), 9.75%, due 07/15/18 (EETC)		78,622
			Total Airlines		238,165

See accompanying notes to financial statements.

46

TCW Short Term Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Auto Manufacturers (0.5%)
$		75,000	Nissan Motor Acceptance Corp. (Japan), (144A), 0.969%, due 09/26/16 (1)(2)	$	75,480
			Banks (6.7%)
		250,000	Bank of America N.A., 0.551%, due 06/15/16 (1)		248,940
		75,000	Citigroup, Inc., 1.237%, due 07/25/16 (1)		75,462
		30,000	Goldman Sachs Group, Inc. (The), 3.3%, due 05/03/15		30,000
		75,000	Goldman Sachs Group, Inc. (The), 1.6%, due 11/23/15		75,343
		300,000	JPMorgan Chase Bank N.A., 0.6%, due 06/13/16 (1)		299,635
		75,000	Macquarie Bank, Ltd. (Australia), (144A), 0.721%, due 06/15/16 (1)(2)		75,012
		50,000	Macquarie Bank, Ltd. (Australia), (144A), 0.907%, due 10/27/17 (1)(2)		50,025
		65,000	Morgan Stanley, 1.011%, due 01/05/18 (1)		65,280
		60,000	Royal Bank of Scotland PLC (The) (United Kingdom), 2.55%, due 09/18/15		60,327
			Total Banks		980,024
			Diversified Financial Services (0.5%)
		75,000	General Electric Capital Corp., 0.926%, due 07/12/16 (1)		75,585
			Electric (1.4%)
		120,000	NextEra Energy Capital Holdings, Inc., 1.339%, due 09/01/15		120,319
		50,000	Oncor Electric Delivery Co. LLC, 6.8%, due 09/01/18		58,280
		30,000	PNM Resources, Inc., 9.25%, due 05/15/15		30,098
			Total Electric		208,697
			Engineering & Construction (1.4%)
		200,000	Heathrow Funding, Ltd. (United Kingdom), (144A), 2.5%, due 06/25/17 (2)		200,239
			Food (0.4%)
		50,000	Kraft Foods Group, Inc., 1.625%, due 06/04/15		50,043
			Healthcare-Services (0.6%)
		85,000	Providence Health & Services Obligated Group, 1.224%, due 10/01/17 (1)		85,515
			Insurance (0.7%)
		100,000	Metropolitan Life Global Funding I, (144A), 1.7%, due 06/29/15 (2)		100,224
			Oil & Gas (0.4%)
		50,000	Devon Energy Corp., 0.721%, due 12/15/15 (1)		49,988
			Pharmaceuticals (1.0%)
		100,000	McKesson Corp., 0.665%, due 09/10/15 (1)		100,036
		50,000	Mylan, Inc., 1.8%, due 06/24/16		50,326
			Total Pharmaceuticals		150,362
			Pipelines (1.2%)
		100,000	Florida Gas Transmission Co. LLC, (144A), 4%, due 07/15/15 (2)		100,557
		75,000	TransCanada Pipelines, Ltd. (Canada), 0.953%, due 06/30/16 (1)		75,310
			Total Pipelines		175,867
			Real Estate (1.8%)
		50,000	Post Apartment Homes, LP, 4.75%, due 10/15/17		53,557
		200,000	WEA Finance LLC / Westfield UK & Europe Finance PLC (Australia), (144A), 1.75%, due 09/15/17 (2)		201,313
			Total Real Estate		254,870

See accompanying notes to financial statements.

47

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			REIT (8.5%)
$		75,000	ARC Properties Operating Partnership LP / Clark Acquisition LLC, 2%, due 02/06/17	$	73,313
		100,000	BioMed Realty LP, 3.85%, due 04/15/16		102,366
		100,000	Camden Property Trust, 5%, due 06/15/15		100,486
		50,000	Essex Portfolio LP, 5.5%, due 03/15/17		53,682
		75,000	HCP, Inc., 6%, due 01/30/17		80,958
		100,000	HCP, Inc., 7.072%, due 06/08/15		100,610
		100,000	Healthcare Realty Trust, Inc., 6.5%, due 01/17/17		109,152
		85,000	Hospitality Properties Trust, 6.3%, due 06/15/16		87,473
		85,000	Host Hotels & Resorts LP, 5.875%, due 06/15/19		87,897
		75,000	Mid-America Apartments LP, 5.5%, due 10/01/15		76,413
		85,000	Pan Pacific Retail Properties, Inc., 5.25%, due 09/01/15		86,200
		75,000	Realty Income Corp., 5.5%, due 11/15/15		76,735
		50,000	SL Green Realty Corp., 5%, due 08/15/18		53,824
		75,000	UDR, Inc., 5.25%, due 01/15/16		77,070
		75,000	Ventas Realty LP, 1.55%, due 09/26/16		75,547
			Total REIT		1,241,726
			Retail (0.6%)
		85,000	Walgreens Boots Alliance, Inc., 0.706%, due 05/18/16 (1)		85,161
			Telecommunications (1.1%)
		67,000	AT&T, Inc., 2.5%, due 08/15/15		67,330
		87,000	Verizon Communications, Inc., 1.801%, due 09/15/16 (1)		88,384
			Total Telecommunications		155,714
			Total Corporate Bonds (Cost: $4,193,448)		4,127,660
			Municipal Bonds (1.6%)
		100,000	Illinois State, General Obligation Bond, 4.35%, due 06/01/18		104,395
		125,000	State of California, General Obligation Unlimited, 5.95%, due 04/01/16		131,155
			Total Municipal Bonds (Cost: $248,184)		235,550
			U.S. Government Agency Obligations (5.3%)
		105,000	Federal Farm Credit Bank, 0.199%, due 09/14/16 (1)		105,018
		205,000	Federal Farm Credit Bank, 0.21%, due 05/08/17 (1)		205,181
		215,000	Federal Farm Credit Bank, 0.211%, due 04/26/17 (1)		215,103
		135,000	Federal Farm Credit Bank, 0.23%, due 04/17/17 (1)		135,145
		110,000	Federal Farm Credit Bank, 0.236%, due 02/27/17 (1)		110,144
			Total U.S. Government Agency Obligations (Cost: $769,948)		770,591
			U.S. Treasury Securities (7.4%)
		50,000	U.S. Treasury Note, 0.25%, due 08/15/15		50,033
		1,030,000	U.S. Treasury Note, 0.375%, due 06/30/15		1,030,604
			Total U.S. Treasury Securities (Cost: $1,080,519)		1,080,637
			Total Fixed Income Securities (Cost: $14,422,608) (99.4%)		14,455,557

See accompanying notes to financial statements.

48

TCW Short Term Bond Fund

April 30, 2015

	Number of Shares		Money Market Investments	Value
		40,000	Morgan Stanley Liquidity Fund — Government Portfolio, 0.04% (3)	$	40,000
			Total Money Market Investments (Cost: $40,000) (0.3%)		40,000
	Principal Amount		Short-Term Investments
			Certificate of Deposit (Cost: $100,000) (0.7%)
			Banks (0.7%)
$		100,000	Credit Suisse / New York (Switzerland), 0.583%, due 08/24/15 (1)		100,014
			Repurchase Agreement (Cost: $181,199) (1.2%)
		181,199	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $190,000, Federal National Mortgage Association, 2.08%, due 11/02/22, valued at $189,485) (Total Amount to be Received Upon Repurchase $181,199)		181,199
			Total Short-Term Investments (Cost: $281,199) (1.9%)		281,213
			Total Investments (Cost: $14,743,807) (101.6%)		14,776,770
			Liabilities in Excess of Other Assets (-1.6%)		(230,569	)
			Net Assets (100.0%)	$	14,546,201

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 April 30, 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 April 30, 2015, the value of these securities amounted to $1,053,750 or 7.2% 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) Rate disclosed is the 7-day net yield as of April 30, 2015.

See accompanying notes to financial statements.

49

TCW Short Term Bond Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Airlines		1.6	%
Auto Manufacturers		0.5
Banks		6.7
Commercial Mortgage-Backed Securities — Agency		7.8
Commercial Mortgage-Backed Securities — Non-Agency		8.9
Diversified Financial Services		0.5
Electric		1.4
Engineering & Construction		1.4
Food		0.4
Healthcare-Services		0.6
Insurance		0.7
Municipal Bonds		1.6
Oil & Gas		0.4
Pharmaceuticals		1.0
Pipelines		1.2
REIT		8.5
Real Estate		1.8
Residential Mortgage-Backed Securities — Agency		38.0
Residential Mortgage-Backed Securities — Non-Agency		2.0
Retail		0.6
Telecommunications		1.1
U.S. Government Agency Obligations		5.3
U.S. Treasury Securities		7.4
Money Market Investments		0.3
Short-Term Investments		1.9
Total		101.6	%

See accompanying notes to financial statements.

50

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Asset-Backed Securities (7.4% of Net Assets)
$		9,842,437	321 Henderson Receivables I LLC (13-3A-A), (144A), 4.08%, due 01/17/73 (1)	$	10,425,911
		20,000,000	Academic Loan Funding Trust (12-1A-A2), (144A), 1.281%, due 12/27/44 (1)(2)		20,073,160
		9,975,315	ACE Securities Corp. Home Equity Loan Trust (05-HE7-A2D), 0.834%, due 11/25/35 (2)		9,972,452
		15,000,000	AMMC CDO (14-14A-A1L), (144A), 1.727%, due 07/27/26 (1)(2)		14,969,580
		17,000,000	Babson CLO, Ltd. (13-IA-A), (144A), 1.375%, due 04/20/25 (1)(2)		16,819,069
		4,014,000	Babson CLO, Ltd. (14-IIA-A), (144A), 1.664%, due 10/17/26 (1)(2)		4,006,803
		7,517,009	Bayview Commercial Asset Trust (04-1-A), (144A), 0.541%, due 04/25/34 (1)(2)		7,219,576
		18,700,000	Brazos Higher Education Authority, Inc. (11-1-A3), 1.283%, due 11/25/33 (2)		18,993,788
		11,775,000	Brazos Higher Education Authority, Inc. (11-2-A3), 1.277%, due 10/27/36 (2)		12,015,804
		7,900,000	Cent CLO, Ltd. (13-18A-A), (144A), 1.397%, due 07/23/25 (1)(2)		7,775,449
		5,899,927	CIT Education Loan Trust (07-1-A), (144A), 0.357%, due 03/25/42 (1)(2)		5,693,176
		12,500,000	Eaton Vance CLO, Ltd. (14-1A-A), (144A), 1.725%, due 07/15/26 (1)(2)		12,494,900
		15,269,229	Educational Funding of the South, Inc. (12-1-A), 1.231%, due 03/25/36 (2)		15,514,004
		16,675,000	EFS Volunteer LLC (10-1-A2), (144A), 1.127%, due 10/25/35 (1)(2)		16,761,234
		7,225,000	EFS Volunteer No 2 LLC (12-1-A2), (144A), 1.521%, due 03/25/36 (1)(2)		7,429,833
		17,750,000	EFS Volunteer No 3 LLC (12-1-A3), (144A), 1.171%, due 04/25/33 (1)(2)		18,002,228
		11,000,000	Flagship CLO (14-8A-A), (144A), 1.836%, due 01/16/26 (1)(2)		11,007,618
		18,570,000	Flatiron CLO, Ltd. (14-1A-A1), (144A), 1.654%, due 07/17/26 (1)(2)		18,498,561
		3,307,440	GE Business Loan Trust (04-2A-A), (144A), 0.402%, due 12/15/32 (1)(2)		3,226,489
		21,353,625	Global SC Finance SRL (14-1A-A2), (144A), 3.09%, due 07/17/29 (1)		21,363,769
		25,000,000	GoldenTree Loan Opportunities VII, Ltd. (13-7A-A), (144A), 1.427%, due 04/25/25 (1)(2)		24,723,700
		14,931,010	Higher Education Funding I (14-1-A), (144A), 1.311%, due 05/25/34 (1)(2)		15,119,123
		2,315,492	Jasper CLO, Ltd. (05-1A-A), (144A), 0.502%, due 08/01/17 (1)(2)		2,313,431
		4,482,187	JFIN CLO, Ltd. (07-1A-A1A), (144A), 0.48%, due 07/20/21 (1)(2)		4,464,633
		5,000,000	Limerock CLO III LLC (14-3A-A1), (144A), 1.759%, due 10/20/26 (1)(2)		5,003,796
		18,000,000	Montana Higher Education Student Assistance Corp. (12-1-A3), 1.231%, due 07/20/43 (2)		17,956,365
		200,000	National Collegiate Master Student Loan Trust I (02-2-AR10), (144A), 3.673%, due 11/01/42 (1)(2)		200,061
		7,129,608	National Collegiate Student Loan Trust (06-3-A3), 0.331%, due 10/25/27 (2)		7,061,235
		37,974,817	Navient Student Loan Trust (14-2-A), 0.814%, due 03/25/43 (2)		37,732,860
		37,850,361	Navient Student Loan Trust (14-3-A), 0.794%, due 03/25/43 (2)		37,578,633
		21,827,264	Navient Student Loan Trust (14-4-A), 0.801%, due 03/25/43 (2)		21,662,239
		30,185,000	Nelnet Student Loan Trust (14-4A-A2), (144A), 1.121%, due 11/25/43 (1)(2)		30,413,632
		8,473,749	Pangaea CLO, Ltd. (07-1A-A1), (144A), 0.526%, due 10/21/21 (1)(2)		8,411,722
		16,000,000	Panhandle-Plains Higher Education Authority, Inc. (11-1-A3), 1.224%, due 10/01/37 (2)		16,175,170
		1,105,696	Red River CLO, Ltd. (1A-A), (144A), 0.524%, due 07/27/18 (1)(2)		1,101,010
		3,953,908	SLM Student Loan Trust (04-8-B), 0.737%, due 01/25/40 (2)		3,619,489
		7,534,000	SLM Student Loan Trust (05-5-A5), 1.027%, due 10/25/40 (2)		7,382,401
		6,455,975	SLM Student Loan Trust (07-6-B), 1.127%, due 04/27/43 (2)		5,882,849
		4,572,219	SLM Student Loan Trust (07-8-B), 1.277%, due 04/27/43 (2)		4,308,727
		7,405,000	SLM Student Loan Trust (08-2-B), 1.477%, due 01/25/29 (2)		6,928,085
		6,549,000	SLM Student Loan Trust (08-3-B), 1.477%, due 04/25/29 (2)		6,111,042

See accompanying notes to financial statements.

51

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Asset-Backed Securities (Continued)
$		3,270,000	SLM Student Loan Trust (08-4-B), 2.127%, due 04/25/29 (2)	$	3,190,416
		17,785,000	SLM Student Loan Trust (08-5-A4), 1.977%, due 07/25/23 (2)(3)		18,530,423
		16,200,000	SLM Student Loan Trust (08-5-B), 2.127%, due 07/25/29 (2)		16,474,282
		6,380,000	SLM Student Loan Trust (08-6-B), 2.127%, due 07/25/29 (2)		6,403,770
		6,380,000	SLM Student Loan Trust (08-7-B), 2.127%, due 07/25/29 (2)		6,424,985
		5,696,000	SLM Student Loan Trust (08-8-B), 2.527%, due 10/25/29 (2)		5,900,851
		15,950,000	SLM Student Loan Trust (08-9-B), 2.527%, due 10/25/29 (2)		16,762,623
		12,800,000	SLM Student Loan Trust (11-1-A2), 1.331%, due 10/25/34 (2)		13,303,859
		17,780,000	SLM Student Loan Trust (11-2-A2), 1.381%, due 10/25/34 (2)		18,264,781
		8,557,216	SLM Student Loan Trust (12-2-A), 0.881%, due 01/25/29 (2)		8,619,702
		6,391,909	Telos CLO, Ltd. (06-1A-A2), (144A), 0.676%, due 10/11/21 (1)(2)		6,365,315
		18,920,000	Voya CLO, Ltd. (14-2A-A1), (144A), 1.725%, due 07/17/26 (1)(2)		18,921,135
			Total Asset-Backed Securities (Cost: $641,441,966)		655,575,749
			Commercial Mortgage-Backed Securities — Agency (5.3%)
		45,330,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K005-A2), 4.317%, due 11/25/19 (3)		50,139,694
		24,280,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K007-A2), 4.224%, due 03/25/20 (3)		26,860,624
		29,110,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K009-A2), 3.808%, due 08/25/20 (3)		31,773,536
		32,350,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K010-A2), 4.333%, due 10/25/20 (3)		36,183,718
		25,890,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K013-A2), 3.974%, due 01/25/21 (2)(3)		28,569,473
		52,468,326	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (KF05-A), 0.523%, due 09/25/21 (2)(3)		52,599,340
		49,094,990	Federal National Mortgage Association (12-M12-1A), 2.935%, due 08/25/22 (ACES) (2)(3)		51,171,366
		34,740,752	Federal National Mortgage Association (12-M15-A), 2.744%, due 10/25/22 (ACES) (2)(3)		35,497,927
		34,985,102	Federal National Mortgage Association (14-M12-FA), 0.505%, due 10/25/21 (ACES) (2)(3)		35,187,975
		2,930,567	Federal National Mortgage Association, Pool #AE0918, 3.665%, due 10/01/20 (3)		3,185,943
		19,168,094	Federal National Mortgage Association, Pool #AL0290, 4.447%, due 04/01/21 (3)		21,607,730
		20,548,775	Federal National Mortgage Association, Pool #AL0600, 4.301%, due 07/01/21 (3)		23,016,699
		15,920,962	Federal National Mortgage Association, Pool #AL2660, 2.629%, due 10/01/22 (3)		16,209,202
		44,759,948	Federal National Mortgage Association, Pool #AL3366, 2.436%, due 02/01/23 (3)		45,078,184
		12,422,421	Federal National Mortgage Association, Pool #FN0003, 4.297%, due 01/01/21 (3)		13,864,001
			Total Commercial Mortgage-Backed Securities — Agency (Cost: $470,858,616)		470,945,412

See accompanying notes to financial statements.

52

TCW Total Return Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Commercial Mortgage-Backed Securities — Non-Agency (0.7%)
$		6,440,000	COMM Mortgage Trust (12-LC4-A4), 3.288%, due 12/10/44	$	6,788,504
		10,301,320	DBRR Trust (11-LC2-A4A), (144A), 4.537%, due 07/12/44 (1)(2)		11,476,088
		17,505,000	GS Mortgage Securities Corp. II (11-GC5-A4), 3.707%, due 08/10/44		18,855,078
		3,460,000	Morgan Stanley Capital I Trust (11-C3-A4), 4.118%, due 07/15/49		3,790,338
		17,835,000	WF-RBS Commercial Mortgage Trust (11-C5-A4), 3.667%, due 11/15/44		19,178,903
			Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $56,270,228)		60,088,911
			Residential Mortgage-Backed Securities — Agency (42.5%)
		310,657	Federal Home Loan Mortgage Corp. (1829-ZB), 6.5%, due 03/15/26 (3)		343,092
		403,870	Federal Home Loan Mortgage Corp. (2367-ZK), 6%, due 10/15/31 (3)		456,159
		5,323,206	Federal Home Loan Mortgage Corp. (2514-PZ), 5.5%, due 10/15/32 (PAC) (3)		5,974,700
		13,252,280	Federal Home Loan Mortgage Corp. (2571-PZ), 5.5%, due 02/15/33 (PAC) (3)		14,745,151
		1,405,924	Federal Home Loan Mortgage Corp. (2642-AR), 4.5%, due 07/15/23 (3)		1,506,846
		894,932	Federal Home Loan Mortgage Corp. (2647-OV), 0%, due 07/15/33 (P/O) (3)(4)		790,709
		5,368,736	Federal Home Loan Mortgage Corp. (2662-MT), 4.5%, due 08/15/33 (TAC) (3)		5,725,561
		3,096,803	Federal Home Loan Mortgage Corp. (2666-BD), 4.5%, due 08/15/23 (3)		3,319,779
		4,382,120	Federal Home Loan Mortgage Corp. (2700-B), 4.5%, due 11/15/23 (3)		4,697,922
		31,824,675	Federal Home Loan Mortgage Corp. (2752-GZ), 5%, due 02/15/34 (PAC) (3)		35,977,620
		53,597,201	Federal Home Loan Mortgage Corp. (276-30), 3%, due 09/15/42 (3)		54,401,990
		59,163,684	Federal Home Loan Mortgage Corp. (277-30), 3%, due 09/15/42 (3)		60,017,215
		1,463,813	Federal Home Loan Mortgage Corp. (2882-JH), 4.5%, due 10/15/34 (PAC) (3)		1,541,267
		854,095	Federal Home Loan Mortgage Corp. (2903-PO), 0%, due 11/15/23 (P/O) (3)(4)		805,211
		6,865,939	Federal Home Loan Mortgage Corp. (3045-HZ), 4.5%, due 10/15/35 (3)		7,397,671
		50,000,000	Federal Home Loan Mortgage Corp. (3063-YG), 5.5%, due 11/15/35 (PAC) (3)		55,955,078
		35,300,870	Federal Home Loan Mortgage Corp. (3114-KZ), 5%, due 02/15/36 (3)		39,284,206
		12,522,580	Federal Home Loan Mortgage Corp. (3146-GE), 5.5%, due 04/15/26 (3)		14,051,831
		11,326,261	Federal Home Loan Mortgage Corp. (3149-OD), 0%, due 05/15/36 (P/O) (PAC) (3)(4)		10,295,770
		10,291,122	Federal Home Loan Mortgage Corp. (3315-S), 6.229%, due 05/15/37 (I/O) (I/F) (2)(3)		1,105,353
		7,879,371	Federal Home Loan Mortgage Corp. (3376-SX), 5.859%, due 10/15/37 (I/O) (I/F) (2)(3)		1,291,246
		11,552,983	Federal Home Loan Mortgage Corp. (3410-IS), 6.089%, due 02/15/38 (I/O) (I/F) (2)(3)		1,651,624
		9,719,048	Federal Home Loan Mortgage Corp. (3424-BI), 6.619%, due 04/15/38 (I/O) (I/F) (2)(3)		1,927,947
		7,964,490	Federal Home Loan Mortgage Corp. (3512-AY), 4%, due 02/15/24 (3)		8,488,291
		3,516,105	Federal Home Loan Mortgage Corp. (3519-SH), 5.319%, due 07/15/37 (I/O) (I/F) (2)(3)		395,629
		17,872,397	Federal Home Loan Mortgage Corp. (3531-SC), 6.119%, due 05/15/39 (I/O) (I/F) (2)(3)		2,441,459
		4,220,648	Federal Home Loan Mortgage Corp. (3541-SA), 6.569%, due 06/15/39 (I/O) (I/F) (2)(3)		474,308
		16,834,639	Federal Home Loan Mortgage Corp. (3550-GS), 6.569%, due 07/15/39 (I/O) (I/F) (2)(3)		3,278,344
		6,913,756	Federal Home Loan Mortgage Corp. (3551-VZ), 5.5%, due 12/15/32 (3)		7,719,956

See accompanying notes to financial statements.

53

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		34,370,816	Federal Home Loan Mortgage Corp. (3557-NB), 4.5%, due 07/15/29 (3)	$	37,148,249
		15,219,481	Federal Home Loan Mortgage Corp. (3557-KB), 4.5%, due 07/15/29 (3)		16,644,148
		16,365,932	Federal Home Loan Mortgage Corp. (3558-KB), 4%, due 08/15/29 (3)		17,605,917
		25,000,000	Federal Home Loan Mortgage Corp. (3565-XB), 4%, due 08/15/24 (3)		26,581,460
		1,971,077	Federal Home Loan Mortgage Corp. (3575-D), 4.5%, due 03/15/37 (3)		2,120,802
		20,115,000	Federal Home Loan Mortgage Corp. (3626-MD), 5%, due 01/15/38 (PAC) (3)		22,759,891
		20,025,406	Federal Home Loan Mortgage Corp. (3719-PJ), 4.5%, due 09/15/40 (PAC) (3)		23,211,879
		32,076,250	Federal Home Loan Mortgage Corp. (3770-ZB), 5%, due 12/15/40 (3)		36,977,249
		21,257,456	Federal Home Loan Mortgage Corp. (3788-SB), 6.299%, due 01/15/41 (I/O) (I/F) (2)(3)		3,543,072
		5,346,743	Federal Home Loan Mortgage Corp. (3885-PO), 0%, due 11/15/33 (P/O) (PAC) (3)(4)		4,834,949
		10,470,000	Federal Home Loan Mortgage Corp. (3930-KE), 4%, due 09/15/41 (PAC) (3)		11,574,778
		9,130,089	Federal Home Loan Mortgage Corp. (4030-HS), 6.429%, due 04/15/42 (I/O) (I/F) (2)(3)		1,726,391
		12,122,322	Federal Home Loan Mortgage Corp. (R002-ZA), 5.5%, due 06/15/35 (3)		13,625,501
		8,206,209	Federal Home Loan Mortgage Corp., Pool #A88591, 5%, due 09/01/39 (3)		9,184,436
		43,241,519	Federal Home Loan Mortgage Corp., Pool #A91162, 5%, due 02/01/40 (3)		49,242,977
		13,250,579	Federal Home Loan Mortgage Corp., Pool #A92195, 5%, due 05/01/40 (3)		14,964,848
		27,969,435	Federal Home Loan Mortgage Corp., Pool #A97038, 4%, due 02/01/41 (3)		30,138,162
		5,917	Federal Home Loan Mortgage Corp., Pool #B15322, 5%, due 07/01/19 (3)		6,214
		10,975	Federal Home Loan Mortgage Corp., Pool #B15490, 5%, due 07/01/19 (3)		11,523
		52,746	Federal Home Loan Mortgage Corp., Pool #B15557, 5%, due 07/01/19		55,542
		22,155	Federal Home Loan Mortgage Corp., Pool #B15802, 5%, due 07/01/19 (3)		23,470
		93,245	Federal Home Loan Mortgage Corp., Pool #C90552, 6%, due 06/01/22 (3)		105,102
		332,447	Federal Home Loan Mortgage Corp., Pool #G01959, 5%, due 12/01/35 (3)		370,489
		46,579,863	Federal Home Loan Mortgage Corp., Pool #G06173, 4%, due 11/01/40 (3)		50,864,113
		13,863,103	Federal Home Loan Mortgage Corp., Pool #G07556, 4%, due 11/01/43 (3)		15,134,940
		51,907,418	Federal Home Loan Mortgage Corp., Pool #G07786, 4%, due 08/01/44 (3)		56,507,705
		106,223,540	Federal Home Loan Mortgage Corp., Pool #G07848, 3.5%, due 04/01/44 (3)		112,020,195
		54,446,025	Federal Home Loan Mortgage Corp., Pool #G07924, 3.5%, due 01/01/45		57,195,977
		83,766,197	Federal Home Loan Mortgage Corp., Pool #G08627, 3.5%, due 02/01/45		87,709,101
		522,185	Federal Home Loan Mortgage Corp., Pool #G11678, 4.5%, due 04/01/20 (3)		550,499
		1,381,394	Federal Home Loan Mortgage Corp., Pool #G12635, 5.5%, due 03/01/22 (3)		1,460,580
		1,678,182	Federal Home Loan Mortgage Corp., Pool #G12702, 4.5%, due 09/01/20 (3)		1,760,887
		2,009,868	Federal Home Loan Mortgage Corp., Pool #G13390, 6%, due 01/01/24 (3)		2,236,037
		23,857	Federal Home Loan Mortgage Corp., Pool #G30194, 6.5%, due 04/01/21 (3)		26,786
		3,560,287	Federal Home Loan Mortgage Corp., Pool #G30450, 6%, due 01/01/29 (3)		4,068,099
		3,910,730	Federal Home Loan Mortgage Corp., Pool #G30452, 6%, due 10/01/28 (3)		4,468,527
		5,666,604	Federal Home Loan Mortgage Corp., Pool #G30454, 5%, due 05/01/29 (3)		6,328,690
		933,888	Federal Home Loan Mortgage Corp., Pool #H82001, 5.5%, due 07/01/37 (3)		1,048,253
		7,207,643	Federal Home Loan Mortgage Corp., Pool #N70081, 5.5%, due 07/01/38 (3)		8,156,663
		7,731,010	Federal Home Loan Mortgage Corp., Pool #P51350, 5%, due 03/01/36 (3)		8,591,571
		3,400,081	Federal Home Loan Mortgage Corp., Pool #U99114, 3.5%, due 02/01/44		3,586,282
		37,507,421	Federal Home Loan Mortgage Corp., Pool #V80284, 3.5%, due 08/01/43 (3)		39,554,216
		50,835,248	Federal Home Loan Mortgage Corp., Pool #V80353, 3%, due 08/01/43 (3)		51,879,752
		447,055	Federal National Mortgage Association (01-40-Z), 6%, due 08/25/31 (3)		502,957

See accompanying notes to financial statements.

54

TCW Total Return Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		1,227,171	Federal National Mortgage Association (03-117-TG), 4.75%, due 08/25/33 (PAC) (3)	$	1,343,650
		1,265,130	Federal National Mortgage Association (04-52-SW), 6.919%, due 07/25/34 (I/O) (I/F) (2)(3)		217,035
		3,243,137	Federal National Mortgage Association (04-65-LT), 4.5%, due 08/25/24 (3)		3,498,645
		3,417,195	Federal National Mortgage Association (04-68-LC), 5%, due 09/25/29 (3)		3,718,742
		12,108,659	Federal National Mortgage Association (05-117-LC), 5.5%, due 11/25/35 (PAC) (3)		13,238,617
		647,966	Federal National Mortgage Association (05-74-CP), 24.085%, due 05/25/35 (I/F) (PAC) (2)(3)		1,008,035
		4,902,813	Federal National Mortgage Association (07-20-SI), 6.269%, due 03/25/37 (I/O) (I/F) (2)(3)		766,500
		4,902,367	Federal National Mortgage Association (07-21-SE), 6.259%, due 03/25/37 (I/O) (I/F) (2)(3)		678,449
		6,058,934	Federal National Mortgage Association (07-56-SG), 6.229%, due 06/25/37 (I/O) (I/F) (2)(3)		766,366
		13,786,608	Federal National Mortgage Association (07-58-SV), 6.569%, due 06/25/37 (I/O) (I/F) (2)(3)		1,753,837
		3,418,059	Federal National Mortgage Association (07-65-S), 6.419%, due 07/25/37 (I/O) (I/F) (2)(3)		445,835
		1,632,068	Federal National Mortgage Association (07-88-FY), 0.641%, due 09/25/37 (2)(3)		1,636,264
		15,943,032	Federal National Mortgage Association (07-103-AI), 6.319%, due 03/25/37 (I/O) (I/F) (2)(3)		2,503,220
		34,263,887	Federal National Mortgage Association (07-B2-ZA), 5.5%, due 06/25/37 (3)		38,557,922
		14,560,242	Federal National Mortgage Association (08-1-AI), 6.069%, due 05/25/37 (I/O) (I/F) (2)(3)		2,558,987
		10,100,138	Federal National Mortgage Association (08-13-SB), 6.059%, due 03/25/38 (I/O) (I/F) (2)(3)		1,656,127
		18,292,728	Federal National Mortgage Association (08-23-SB), 6.669%, due 04/25/38 (I/O) (I/F) (2)(3)		2,923,132
		2,514,073	Federal National Mortgage Association (08-35-SD), 6.269%, due 05/25/38 (I/O) (I/F) (2)		508,150
		25,921,431	Federal National Mortgage Association (08-66-SG), 5.889%, due 08/25/38 (I/O) (I/F) (2)(3)		3,475,172
		10,170,573	Federal National Mortgage Association (08-68-SA), 5.789%, due 08/25/38 (I/O) (I/F) (2)(3)		1,261,852
		7,819,049	Federal National Mortgage Association (09-3-SH), 5.269%, due 06/25/37 (I/O) (I/F) (2)(3)		919,207
		2,535,315	Federal National Mortgage Association (09-47-SV), 6.569%, due 07/25/39 (I/O) (I/F) (2)(3)		320,285
		10,985,674	Federal National Mortgage Association (09-51-SA), 6.569%, due 07/25/39 (I/O) (I/F) (2)(3)		1,700,039
		5,363,622	Federal National Mortgage Association (09-6-SD), 5.369%, due 02/25/39 (I/O) (I/F) (2)(3)		740,581
		13,882,011	Federal National Mortgage Association (09-68-KB), 4%, due 09/25/24 (3)		14,713,509
		26,860,368	Federal National Mortgage Association (09-71-LB), 4%, due 09/25/29 (3)		28,854,624
		34,000,000	Federal National Mortgage Association (09-72-AC), 4%, due 09/25/29 (3)		36,676,536

See accompanying notes to financial statements.

55

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		3,042,925	Federal National Mortgage Association (09-72-JS), 7.069%, due 09/25/39 (I/O) (I/F) (2)(3)	$	512,914
		20,937,000	Federal National Mortgage Association (10-136-CX), 4%, due 08/25/39 (PAC) (3)		22,850,987
		50,000,000	Federal National Mortgage Association (11-111-DB), 4%, due 11/25/41 (3)		55,572,120
		11,738,000	Federal National Mortgage Association (12-128-UY), 2.5%, due 11/25/42 (PAC)		10,884,261
		51,032,791	Federal National Mortgage Association (12-133-GC), 2.5%, due 08/25/41 (PAC) (3)		52,194,927
		22,456,466	Federal National Mortgage Association (12-153-PC), 2%, due 05/25/42 (PAC) (3)		22,581,638
		11,389,170	Federal National Mortgage Association (13-101-BO), 0%, due 10/25/43 (P/O) (3)(4)		9,056,536
		26,245,724	Federal National Mortgage Association (13-101-CO), 0%, due 10/25/43 (P/O) (3)(4)		20,952,630
		29,523,062	Federal National Mortgage Association (13-21-EC), 2%, due 12/25/38 (I/O) (3)		29,585,725
		21,400,000	Federal National Mortgage Association (13-95-PN), 3%, due 01/25/43 (PAC) (3)		21,562,178
		136,032	Federal National Mortgage Association (93-202-SZ), 10%, due 11/25/23 (I/F) (PAC) (2)(3)		156,859
		765,005	Federal National Mortgage Association (95-21-C), 0%, due 05/25/24 (P/O) (3)(4)		755,723
		62,071	Federal National Mortgage Association (G92-29-J), 8%, due 07/25/22 (3)		68,847
		70,585	Federal National Mortgage Association, Pool #254442, 5.5%, due 09/01/17 (3)		74,027
		270,005	Federal National Mortgage Association, Pool #254634, 5.5%, due 02/01/23 (3)		303,820
		3,526,910	Federal National Mortgage Association, Pool #257536, 5%, due 01/01/29 (3)		3,923,963
		1,927,269	Federal National Mortgage Association, Pool #310033, 6%, due 07/01/47 (3)		2,196,625
		8,189,710	Federal National Mortgage Association, Pool #555424, 5.5%, due 05/01/33 (3)		9,312,954
		716,944	Federal National Mortgage Association, Pool #555811, 4%, due 10/01/18 (3)		756,739
		59,777	Federal National Mortgage Association, Pool #661856, 2.266%, due 10/01/32 (2)(3)		59,688
		336,329	Federal National Mortgage Association, Pool #671133, 1.787%, due 02/01/33 (2)(3)		348,548
		97,494	Federal National Mortgage Association, Pool #672272, 2.065%, due 12/01/32 (2)(3)		102,501
		249,248	Federal National Mortgage Association, Pool #687847, 2.16%, due 02/01/33 (2)		265,407
		883,843	Federal National Mortgage Association, Pool #692104, 1.792%, due 02/01/33 (2)(3)		916,912
		513,629	Federal National Mortgage Association, Pool #699866, 2.127%, due 04/01/33 (2)(3)		537,856
		254,019	Federal National Mortgage Association, Pool #704454, 2.188%, due 05/01/33 (2)(3)		272,982

See accompanying notes to financial statements.

56

TCW Total Return Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		270,495	Federal National Mortgage Association, Pool #708820, 2.259%, due 06/01/33 (2)(3)	$	271,376
		360,136	Federal National Mortgage Association, Pool #725275, 4%, due 03/01/19 (3)		380,126
		276,930	Federal National Mortgage Association, Pool #728824, 2.082%, due 07/01/33 (2)(3)		294,181
		957,315	Federal National Mortgage Association, Pool #734384, 5.5%, due 07/01/33 (3)		1,065,144
		24,172	Federal National Mortgage Association, Pool #785677, 5%, due 07/01/19 (3)		25,461
		1,160,125	Federal National Mortgage Association, Pool #888593, 7%, due 06/01/37 (3)		1,352,836
		1,277,683	Federal National Mortgage Association, Pool #934103, 5%, due 07/01/38 (3)		1,405,544
		2,033,918	Federal National Mortgage Association, Pool #979563, 5%, due 04/01/28 (3)		2,262,892
		1,301,298	Federal National Mortgage Association, Pool #995040, 5%, due 06/01/23 (3)		1,420,319
		6,582,434	Federal National Mortgage Association, Pool #995425, 6%, due 01/01/24 (3)		7,270,271
		4,631,401	Federal National Mortgage Association, Pool #995573, 6%, due 01/01/49 (3)		5,138,936
		9,547,884	Federal National Mortgage Association, Pool #995953, 6%, due 11/01/28 (3)		10,897,436
		5,357,057	Federal National Mortgage Association, Pool #995954, 6%, due 03/01/29 (3)		6,114,254
		5,032,823	Federal National Mortgage Association, Pool #AA3303, 5.5%, due 06/01/38 (3)		5,689,908
		61,495,196	Federal National Mortgage Association, Pool #AB1617, 4%, due 10/01/40 (3)		67,242,814
		43,991,905	Federal National Mortgage Association, Pool #AB6210, 3%, due 09/01/42 (3)		44,912,215
		8,398,177	Federal National Mortgage Association, Pool #AC1602, 4.5%, due 09/01/29 (3)		9,282,112
		16,492,297	Federal National Mortgage Association, Pool #AE0588, 6%, due 08/01/37 (3)		18,979,133
		13,556,397	Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40 (3)		15,558,910
		9,650,269	Federal National Mortgage Association, Pool #AL1594, 6%, due 07/01/40 (3)		11,075,780
		68,128,599	Federal National Mortgage Association, Pool #AL4597, 4%, due 01/01/44 (3)		74,477,536
		20,680,228	Federal National Mortgage Association, Pool #AQ8803, 3.5%, due 01/01/43 (3)		21,841,499
		19,095,139	Federal National Mortgage Association, Pool #MA0843, 4.5%, due 09/01/41 (3)		20,836,825
		84,732,721	Federal National Mortgage Association, Pool #MA1177, 3.5%, due 09/01/42 (3)		89,492,851
		17,735,382	Federal National Mortgage Association, Pool #MA1251, 3.5%, due 11/01/42		18,731,585
		15,912,350	Federal National Mortgage Association, Pool #MA1283, 3.5%, due 12/01/42 (3)		16,806,771
		5,575,732	Federal National Mortgage Association, Pool #MA1404, 3.5%, due 04/01/43		5,889,300
		23,832,651	Federal National Mortgage Association, Pool #MA1442, 4%, due 05/01/43 (3)		25,938,490
		73,513,350	Federal National Mortgage Association, Pool #MA1561, 3%, due 09/01/33 (3)		76,261,562
		57,458,484	Federal National Mortgage Association, Pool #MA1584, 3.5%, due 09/01/33 (3)		60,613,193
		63,802,951	Federal National Mortgage Association, Pool #MA1608, 3.5%, due 10/01/33 (3)		67,302,365
		44,375,000	Federal National Mortgage Association TBA, 2.5% (5)		45,498,242
		29,485,000	Federal National Mortgage Association TBA, 3% (5)		30,855,591
		290,105,000	Federal National Mortgage Association TBA, 3% (5)		295,210,683

See accompanying notes to financial statements.

57

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		128,000,000	Federal National Mortgage Association TBA, 3% (5)	$	129,970,003
		359,000,000	Federal National Mortgage Association TBA, 3.5% (5)		376,136,624
		215,985,000	Federal National Mortgage Association TBA, 4% (5)		230,867,716
		111,070,000	Federal National Mortgage Association TBA, 4.5% (5)		120,901,411
		1,400,445	Government National Mortgage Association (03-42-SH), 6.37%, due 05/20/33 (I/O) (I/F) (2)(3)		287,538
		15,214,700	Government National Mortgage Association (11-70-BO), 0%, due 05/20/41 (P/O) (3)(4)		12,387,573
		27,686,346	Government National Mortgage Association, Pool #782902, 4.5%, due 02/15/40 (3)		31,182,831
		469,920	Government National Mortgage Association II, Pool #80963, 1.625%, due 07/20/34 (2)(3)		483,828
		43,020,000	Government National Mortgage Association II TBA, 3% (5)		44,240,019
		65,285,000	Government National Mortgage Association II TBA, 3.5% (5)		68,875,677
		69,840,000	Government National Mortgage Association II TBA, 4% (5)		74,633,317
		6,510,000	Government National Mortgage Association II TBA, 4.5% (5)		7,067,419
			Total Residential Mortgage-Backed Securities — Agency (Cost: $3,676,935,326)		3,771,849,596
			Residential Mortgage-Backed Securities — Non-Agency (28.9%)
		4,256,149	Accredited Mortgage Loan Trust (05-3-A2D), 0.54%, due 09/25/35 (2)		4,244,959
		16,697,679	ACE Securities Corp. (06-ASP1-A2D), 0.491%, due 12/25/35 (2)		15,830,092
		19,977,397	ACE Securities Corp. (07-ASP1-A2C), 0.441%, due 03/25/37 (2)		12,072,550
		10,737,639	ACE Securities Corp. (07-ASP1-A2D), 0.561%, due 03/25/37 (2)		6,601,636
		2,314,476	Adjustable Rate Mortgage Trust (04-5-3A1), 2.505%, due 04/25/35 (2)		2,304,655
		23,002,000	Ameriquest Mortgage Securities, Inc. (05-R10-A2C), 0.511%, due 01/25/36 (2)		22,664,331
		6,824,409	Asset-Backed Funding Certificates (05-HE2-M2), 0.931%, due 06/25/35 (2)		6,769,285
		21,712,973	Asset-Backed Funding Certificates (07-WMC1-A2A), 0.931%, due 06/25/37 (2)		14,619,019
		2,559,746	Asset-Backed Securities Corp. Home Equity (05-HE5-M2), 0.841%, due 06/25/35 (2)		2,558,174
		49,898,350	Asset-Backed Securities Corp. Home Equity (07-HE1-A4), 0.314%, due 12/25/36 (2)		42,926,902
		2,131,754	Banc of America Alternative Loan Trust (03-3-A4), 5.75%, due 05/25/33		2,193,025
		698,070	Banc of America Alternative Loan Trust (03-4-1A5), 5.5%, due 06/25/33		721,349
		17,104,290	Banc of America Alternative Loan Trust (03-9-1CB5), 5.5%, due 11/25/33		17,514,328
		907,285	Banc of America Funding Corp. (04-B-3A1), 2.766%, due 12/20/34 (2)		521,984
		226,904	Banc of America Funding Corp. (06-D-2A1), 2.822%, due 05/20/36 (2)(6)		167,092
		7,403,268	Banc of America Funding Corp. (06-D-3A1), 2.797%, due 05/20/36 (2)(6)		6,615,761
		16,949,110	Banc of America Funding Corp. (06-G-2A1), 0.401%, due 07/20/36 (2)		15,899,960
		2,088,369	Banc of America Funding Trust (06-3-4A14), 6%, due 03/25/36		2,106,912
		8,833,802	Banc of America Funding Trust (06-3-5A3), 5.5%, due 03/25/36 (6)		8,370,363
		3,587,966	BCAP LLC Trust (07-AA1-1A2), 0.341%, due 02/25/47 (2)(6)		3,336,593
		30,687,475	BCAP LLC Trust (08-IND2-A1), 1.831%, due 04/25/38 (2)		30,623,062
		395,670	BCAP LLC Trust (09-RR1-21A1), (144A), 2.613%, due 11/26/34 (1)(2)		398,260
		1,521,809	BCAP LLC Trust (09-RR1-22A1), (144A), 2.618%, due 05/26/35 (1)(2)		1,536,915

See accompanying notes to financial statements.

58

TCW Total Return Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		975,161	BCAP LLC Trust (09-RR1-23A1), (144A), 2.627%, due 05/26/35 (1)(2)	$	987,744
		7,561,284	BCAP LLC Trust (11-RR2-3A6), (144A), 2.63%, due 11/21/35 (1)(2)		7,117,693
		1,120,065	BCAP LLC Trust (11-RR3-1A5), (144A), 2.714%, due 05/27/37 (1)(2)		1,115,761
		1,796,674	BCAP LLC Trust (11-RR3-5A3), (144A), 5.094%, due 11/27/37 (1)(2)		1,745,660
		7,302,270	BCAP LLC Trust (11-RR4-1A3), (144A), 2.901%, due 03/26/36 (1)(2)		7,159,693
		6,458,083	BCAP LLC Trust (11-RR4-2A3), (144A), 1%, due 06/26/47 (1)(2)		6,426,652
		8,165,020	BCAP LLC Trust (11-RR4-3A3), (144A), 2.533%, due 07/26/36 (1)(2)		7,612,632
		10,156,248	BCAP LLC Trust (11-RR5-1A3), (144A), 2.499%, due 03/26/37 (1)(2)		9,995,600
		2,919,773	BCAP LLC Trust (11-RR5-2A3), (144A), 2.669%, due 06/26/37 (1)(2)		2,925,857
		18,003,678	BCAP LLC Trust (11-RR9-7A1), (144A), 1.943%, due 04/26/37 (1)(2)		17,901,669
		7,134,832	BCAP LLC Trust (12-RR2-9A3), (144A), 2.616%, due 03/26/35 (1)(2)		7,191,647
		5,293,050	BCAP LLC Trust (12-RR7-1A1), (144A), 0.344%, due 08/26/36 (1)(2)		5,192,874
		14,791,496	BCAP LLC Trust (12-RR8-3A1), (144A), 2.527%, due 08/26/36 (1)(2)		14,619,782
		2,494,188	BCAP LLC Trust (12-RR8-5A3), (144A), 0.451%, due 05/26/37 (1)(2)		2,449,308
		5,006,514	BCAP LLC Trust (12-RR9-1A1), (144A), 0.351%, due 07/26/35 (1)(2)(6)		4,861,280
		8,367,072	BCAP LLC Trust (13-RR2-6A1), (144A), 2.701%, due 06/26/37 (1)(2)		8,361,832
		2,527,248	Bear Stearns Alt-A Trust (04-13-A1), 0.921%, due 11/25/34 (2)		2,514,687
		9,429	Bear Stearns Alt-A Trust (05-2-2A4), 2.516%, due 04/25/35 (2)		9,045
		11,829,768	Bear Stearns Alt-A Trust (05-4-23A1), 2.526%, due 05/25/35 (2)		11,505,248
		917,641	Bear Stearns Alt-A Trust (06-4-32A1), 2.744%, due 07/25/36 (2)(6)		639,021
		1,716,698	Bear Stearns ARM Trust (04-12-1A1), 2.601%, due 02/25/35 (2)		1,595,011
		4,369,471	Bear Stearns ARM Trust (06-2-2A1), 2.71%, due 07/25/36 (2)(6)		3,752,012
		491,221	Bear Stearns ARM Trust (07-1-2A1), 2.721%, due 02/25/47 (2)(6)		414,111
		2,416,279	Bear Stearns ARM Trust (07-5-3A1), 4.869%, due 08/25/47 (2)(6)		2,245,166
		3,298,560	Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A3), 5.5%, due 09/25/35 (2)		3,329,051
		7,052,881	Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A4), 5.4%, due 09/25/35 (2)		7,084,905
		8,518,245	Bear Stearns Asset-Backed Securities I Trust (06-HE9-1A2), 0.331%, due 11/25/36 (2)		6,987,737
		999,354	Bear Stearns Mortgage Funding Trust (06-AR3-1A1), 0.361%, due 10/25/36 (2)		759,639
		4,018,623	Bear Stearns Mortgage Funding Trust (07-AR4-1A1), 0.381%, due 09/25/47 (2)		3,340,247
		177,740	BNC Mortgage Loan Trust (07-1-A2), 0.241%, due 03/25/37 (2)		178,282
		2,161,782	BNC Mortgage Loan Trust (07-3-A2), 0.241%, due 07/25/37 (2)		2,139,879
		2,023,526	Carrington Mortgage Loan Trust (05-NC5-A2), 0.501%, due 10/25/35 (2)		2,020,697
		16,507,175	Carrington Mortgage Loan Trust (05-NC5-A3), 0.601%, due 10/25/35 (2)		15,969,833
		7,644,098	Centex Home Equity (05-D-M1), 0.611%, due 10/25/35 (2)		7,634,084
		1,681,513	Chase Mortgage Finance Corp. (06-A1-2A1), 2.499%, due 09/25/36 (2)(6)		1,497,806
		9,156,081	Chase Mortgage Finance Corp. (07-A1-8A1), 2.518%, due 02/25/37 (2)		9,263,866
		5,256,986	Chaseflex Trust (05-1-1A5), 6.5%, due 02/25/35 (6)		5,223,857
		24,227,000	Chaseflex Trust (06-1-A3), 6.295%, due 06/25/36 (2)		24,155,240
		1,072,322	Citicorp Mortgage Securities Trust, Inc. (07-4-3A1), 5.5%, due 05/25/37		1,062,744
		7,389,179	Citicorp Residential Mortgage Trust, Inc. (06-2-A4), 5.775%, due 09/25/36		7,756,866
		8,509,449	Citigroup Mortgage Loan Trust, Inc. (06-AR5-1A1A), 2.492%, due 07/25/36 (2)(6)		7,408,173

See accompanying notes to financial statements.

59

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		10,056,210	Citigroup Mortgage Loan Trust, Inc. (06-AR9-1A2), 0.351%, due 11/25/36 (2)	$	10,009,519
		4,969,670	Citigroup Mortgage Loan Trust, Inc. (06-WFH2-A2A), 0.331%, due 08/25/36 (2)		4,854,028
		5,800,908	Citigroup Mortgage Loan Trust, Inc. (07-12-2A1), (144A), 6.5%, due 10/25/36 (1)(6)		4,617,333
		5,525,423	Citigroup Mortgage Loan Trust, Inc. (08-AR4-1A1A), (144A), 2.721%, due 11/25/38 (1)(2)		5,615,868
		2,860,803	Citigroup Mortgage Loan Trust, Inc. (09-5-7A1), (144A), 0.524%, due 07/25/36 (1)(2)		2,721,204
		3,753,919	Citigroup Mortgage Loan Trust, Inc. (10-4-4A5), (144A), 5%, due 10/25/35 (1)		3,866,988
		169,896	Citigroup Mortgage Loan Trust, Inc. (10-6-3A1), (144A), 2.648%, due 07/25/36 (1)(2)		170,305
		1,268,027	Citigroup Mortgage Loan Trust, Inc. (10-9-5A5), (144A), 5.221%, due 03/25/37 (1)		1,293,260
		10,884,885	Citigroup Mortgage Loan Trust, Inc. (12-10-3A1), (144A), 2.528%, due 12/25/35 (1)(2)		11,069,809
		16,565,611	Citigroup Mortgage Loan Trust, Inc. (12-11-1A1), (144A), 0.354%, due 03/25/37 (1)(2)		16,008,560
		5,418,369	Citigroup Mortgage Loan Trust, Inc. (12-8-4A1), (144A), 0.314%, due 01/25/37 (1)(2)		5,161,818
		8,951,945	Citigroup Mortgage Loan Trust, Inc. (14-10-2A1), (144A), 0.424%, due 07/25/37 (1)(2)		8,660,416
		6,088,818	Citigroup Mortgage Loan Trust, Inc. (14-2-3A1), (144A), 0.314%, due 08/25/37 (1)(2)		5,993,135
		17,475,000	Citigroup Mortgage Loan Trust, Inc. (15-5-1A1), 1%, due 01/25/36 (7)		17,005,335
		1,791,768	CitiMortgage Alternative Loan Trust (05-A1-2A1), 5%, due 07/25/20		1,840,422
		5,458,075	Conseco Financial Corp. (99-2-A7), 6.44%, due 12/01/30		5,711,301
		1,479,820	Countrywide Alternative Loan Trust (05-20CB-4A1), 5.25%, due 07/25/20 (6)		1,471,153
		509,173	Countrywide Alternative Loan Trust (05-84-1A1), 2.478%, due 02/25/36 (2)(6)		388,681
		1,870,144	Countrywide Alternative Loan Trust (05-J1-2A1), 5.5%, due 02/25/25		1,884,459
		8,494,420	Countrywide Alternative Loan Trust (06-HY12-A5), 3.563%, due 08/25/36 (2)		8,206,306
		1,292,959	Countrywide Alternative Loan Trust (06-J3-3A1), 5.5%, due 04/25/21		1,310,753
		1,120,330	Countrywide Alternative Loan Trust (07-HY5R-2A1A), 3.058%, due 03/25/47 (2)(6)		1,115,269
		18,671,229	Countrywide Home Loans Mortgage Pass-Through Trust (04-13-1A3), 5.5%, due 08/25/34		19,679,176
		20,348,806	Countrywide Home Loans Mortgage Pass-Through Trust (05-9-1A1), 0.481%, due 05/25/35 (2)		17,557,743
		66,705	Countrywide Home Loans Mortgage Pass-Through Trust (05-HYB5-4A1), 4.332%, due 09/20/35 (2)(6)		58,843
		20,686	Countrywide Home Loans Mortgage Pass-Through Trust (07-HY5-1A1), 2.641%, due 09/25/47 (2)(6)		18,242
		70,726	Countrywide Home Loans Mortgage Pass-Through Trust (07-HYB1-1A1), 2.889%, due 03/25/37 (2)(6)		58,211
		1,905,872	Credit Suisse Commercial Mortgage Trust (10-1R-8A1), (144A), 2.935%, due 05/27/47 (1)(2)		1,924,676

See accompanying notes to financial statements.

60

TCW Total Return Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		26,204,937	Credit Suisse Commercial Mortgage Trust (13-2R-2A1), (144A), 2.729%, due 02/27/36 (1)(2)	$	25,509,602
		6,916,871	Credit Suisse Commercial Mortgage Trust (13-7R-4A1), (144A), 0.333%, due 07/26/36 (1)(2)		6,382,335
		86,661	Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA), 5.75%, due 04/22/33		92,842
		3,444,992	Credit Suisse First Boston Mortgage Securities Corp. (05-11-1A1), 6.5%, due 12/25/35 (6)		2,741,866
		13,334,196	Credit Suisse First Boston Mortgage Securities Corp. (05-12-1A1), 6.5%, due 01/25/36 (6)		10,441,943
		2,528,385	Credit Suisse Mortgage Capital Certificates (10-1R-7A1), (144A), 2.68%, due 07/27/36 (1)(2)		2,538,092
		5,413,399	Credit-Based Asset Servicing and Securitization LLC (06-CB1-AF2), 5.236%, due 01/25/36		4,052,756
		40,029,422	Credit-Based Asset Servicing and Securitization LLC (06-CB7-A4), 0.334%, due 10/25/36 (2)		28,111,941
		21,326,680	Credit-Based Asset Servicing and Securitization LLC (06-CB9-A4), 0.404%, due 11/25/36 (2)		12,499,695
		17,750,040	Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2C), 5.623%, due 02/25/37		13,360,437
		15,390,650	CSMC Mortgage-Backed Trust (06-8-3A1), 6%, due 10/25/21 (6)		15,043,967
		8,072,139	CSMC Mortgage-Backed Trust (06-9-5A1), 5.5%, due 11/25/36		7,920,637
		20,131,045	CSMC Mortgage-Backed Trust (07-2-3A4), 5.5%, due 03/25/37 (6)		19,088,519
		13,224,900	CSMC Mortgage-Backed Trust (14-11R-11A1), (144A), 1.922%, due 06/27/47 (1)(2)		13,205,018
		776,753	Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (06-AR6-A6), 0.371%, due 02/25/37 (2)(6)		583,474
		5,101,908	DSLA Mortgage Loan Trust (05-AR6-2A1A), 0.471%, due 10/19/45 (2)		4,497,853
		42,284,618	DSLA Mortgage Loan Trust (06-AR2-2A1A), 0.381%, due 10/19/36 (2)		34,510,042
		4,526,478	DSLA Mortgage Loan Trust (07-AR1-2A1A), 0.321%, due 04/19/47 (2)		3,792,011
		3,482,979	EquiFirst Mortgage Loan Trust (04-2-1A1), 0.741%, due 10/25/34 (2)		3,480,983
		6,057,806	Fieldstone Mortgage Investment Corp. (07-1-2A2), 0.444%, due 04/25/47 (2)		4,127,286
		36,821,251	First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2C), 0.341%, due 12/25/37 (2)		24,893,891
		21,607,599	First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2D), 0.391%, due 12/25/37 (2)		14,719,788
		7,637,330	First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2C), 0.314%, due 01/25/38 (2)		4,651,514
		32,030,158	First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2D), 0.394%, due 01/25/38 (2)		21,175,362
		5,068,000	First Franklin Mortgage Loan Trust (06-FF9-2A4), 0.431%, due 06/25/36 (2)		2,936,777
		10,130,960	First Horizon Alternative Mortgage Securities Trust (05-AA3-3A1), 2.261%, due 05/25/35 (2)		9,728,575
		6,888,196	First Horizon Alternative Mortgage Securities Trust (05-AA7-1A1), 2.34%, due 09/25/35 (2)(6)		5,886,232
		6,937,626	First Horizon Alternative Mortgage Securities Trust (05-AA7-2A1), 2.24%, due 09/25/35 (2)(6)		6,293,501

See accompanying notes to financial statements.

61

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		12,822,523	First Horizon Alternative Mortgage Securities Trust (06-AA7-A1), 2.253%, due 01/25/37 (2)(6)	$	10,609,124
		15,007,692	Fremont Home Loan Trust (05-E-2A4), 0.511%, due 01/25/36 (2)		12,241,189
		6,037,569	Fremont Home Loan Trust (06-1-2A3), 0.361%, due 04/25/36 (2)		5,462,642
		5,143,426	GMAC Mortgage Loan Trust (05-AR5-2A1), 2.936%, due 09/19/35 (2)		4,773,382
		865,888	GreenPoint Mortgage Funding Trust (05-AR3-1A1), 0.421%, due 08/25/45 (2)		733,081
		23,363,893	GreenPoint Mortgage Funding Trust (06-AR5-A2A2), 0.331%, due 10/25/46 (2)(6)		22,918,343
		1,648,687	GS Mortgage Securities Corp. (09-1R-3A1), (144A), 2.594%, due 11/25/35 (1)(2)		1,665,526
		5,235,043	GSAA Home Equity Trust (05-7-AF5), 4.611%, due 05/25/35		5,494,743
		2,583,183	GSAA Home Equity Trust (05-9-2A3), 0.551%, due 08/25/35 (2)		2,367,593
		7,606,330	GSR Mortgage Loan Trust (04-9-3A1), 2.529%, due 08/25/34 (2)		7,676,786
		3,140,485	GSR Mortgage Loan Trust (05-4F-4A3), 5.5%, due 05/25/35 (PAC)		3,235,888
		24,458,554	GSR Mortgage Loan Trust (07-3F-3A7), 6%, due 05/25/37		23,927,363
		2,472,808	GSR Mortgage Loan Trust (07-AR2-2A1), 2.781%, due 05/25/37 (2)(6)		2,240,561
		4,167,650	GSR Mortgage Loan Trust (07-AR2-5A1A), 5.191%, due 05/25/37 (2)(6)		3,738,945
		4,299,753	Harborview Mortgage Loan Trust (05-9-2A1A), 0.521%, due 06/20/35 (2)		4,030,558
		33,457,574	Harborview Mortgage Loan Trust (06-8-2A1A), 0.37%, due 07/21/36 (2)		27,984,016
		9,549,452	Home Equity Asset Trust (05-8-2A4), 0.541%, due 02/25/36 (2)		9,505,379
		4,828,987	Homestar Mortgage Acceptance Corp. (04-3-AV2C), 0.761%, due 07/25/34 (2)		4,822,869
		1,564,472	Homestar Mortgage Acceptance Corp. (04-5-A1), 0.631%, due 10/25/34 (2)(3)		1,570,808
		20,000,000	HSBC Home Equity Loan Trust USA (06-4-M1), 0.441%, due 03/20/36 (2)		19,314,430
		1,819,220	HSI Asset Loan Obligation Trust (07-2-2A12), 6%, due 09/25/37		1,732,061
		14,601	Impac CMB Trust (04-5-1A1), 0.901%, due 10/25/34 (2)		13,993
		2,119,987	Impac CMB Trust (05-1-1A1), 0.701%, due 04/25/35 (2)		1,947,825
		10,819,963	Impac CMB Trust (05-5-A2), 0.621%, due 08/25/35 (2)		9,604,957
		12,512,579	Indymac Index Mortgage Loan Trust (04-AR4-2A), 2.473%, due 08/25/34 (2)		12,355,334
		2,115,203	Indymac Index Mortgage Loan Trust (04-AR9-4A), 2.554%, due 11/25/34 (2)		1,909,123
		8,252,933	Indymac Index Mortgage Loan Trust (05-AR17-3A1), 2.341%, due 09/25/35 (2)(6)		7,174,663
		7,061,176	Indymac Index Mortgage Loan Trust (05-AR23-2A1), 2.401%, due 11/25/35 (2)		6,074,157
		8,818,027	Indymac Index Mortgage Loan Trust (05-AR23-6A1), 4.375%, due 11/25/35 (2)(6)		7,490,257
		4,995,388	Indymac Index Mortgage Loan Trust (05-AR25-2A1), 4.423%, due 12/25/35 (2)(6)		4,493,756
		6,820,755	Indymac Index Mortgage Loan Trust (05-AR7-2A1), 2.303%, due 06/25/35 (2)		5,589,097
		7,318,056	Indymac Index Mortgage Loan Trust (06-AR19-4A1), 2.503%, due 08/25/36 (2)(6)		5,526,786
		14,829,955	Indymac Index Mortgage Loan Trust (06-AR39-A1), 0.361%, due 02/25/37 (2)(6)		12,097,684
		9,649,652	Indymac Index Mortgage Loan Trust (06-AR8-A3A), 0.411%, due 07/25/46 (2)(6)		7,939,791
		34,889	Indymac Index Mortgage Loan Trust (07-AR11-1A1), 2.42%, due 06/25/37 (2)(6)		26,608

See accompanying notes to financial statements.

62

TCW Total Return Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		17,222,091	Indymac Index Mortgage Loan Trust (07-AR13-4A1), 6.449%, due 07/25/37 (2)(6)	$	11,107,939
		27,094,747	Indymac Index Mortgage Loan Trust (07-AR5-2A1), 2.69%, due 05/25/37 (2)(6)		21,264,391
		6,988,759	Indymac Index Mortgage Loan Trust (07-AR7-1A1), 2.71%, due 11/25/37 (2)		6,652,859
		20,178,897	Indymac Index Mortgage Loan Trust (07-FLX1-A2), 0.361%, due 02/25/37 (2)		19,174,888
		801,074	Jefferies & Co., Inc. (09-R3-1A1), (144A), 2.392%, due 12/26/35 (1)(2)		807,434
		378,571	Jefferies & Co., Inc. (11-R1-2A1), (144A), 0.295%, due 08/26/47 (1)(2)		378,245
		12,527,708	JPMorgan Alternative Loan Trust (06-A2-5A1), 4.841%, due 05/25/36 (2)(6)		9,662,408
		13,788,279	JPMorgan Alternative Loan Trust (06-A4-A8), 6.2%, due 09/25/36 (2)(6)		13,597,794
		9,333,017	JPMorgan Mortgage Acquisition Corp. (06-CH2-AF4), 5.763%, due 10/25/36		7,609,271
		29,015,000	JPMorgan Mortgage Acquisition Corp. (07-CH4-A4), 0.341%, due 01/25/36 (2)		26,550,669
		1,018,042	JPMorgan Mortgage Trust (05-A6-7A1), 2.529%, due 08/25/35 (2)(6)		967,880
		6,612,391	JPMorgan Mortgage Trust (06-A2-5A3), 2.433%, due 11/25/33 (2)		6,635,649
		1,096,669	JPMorgan Mortgage Trust (06-A4-1A4), 2.593%, due 06/25/36 (2)(6)		968,280
		48,704	JPMorgan Mortgage Trust (06-A7-2A4R), 2.548%, due 01/25/37 (2)(6)		45,000
		2,429,377	JPMorgan Mortgage Trust (06-S2-2A2), 5.875%, due 06/25/21 (6)		2,431,472
		4,115,881	JPMorgan Resecuritization Trust Series (10-4-1A1), (144A), 2.629%, due 07/26/36 (1)(2)		4,139,958
		1,076,012	JPMorgan Resecuritization Trust Series (10-5-3A1), (144A), 2.361%, due 08/26/36 (1)(2)		1,081,120
		9,569,071	JPMorgan Resecuritization Trust Series (12-3-A3), (144A), 0.344%, due 11/26/36 (1)(2)		9,284,883
		1,368,912	Lehman Mortgage Trust (05-1-6A1), 5%, due 11/25/20 (6)		1,233,296
		4,972,471	Lehman Mortgage Trust (06-4-4A1), 6%, due 08/25/21 (6)		4,932,314
		3,671,564	Lehman Mortgage Trust (07-10-4A1), 6%, due 01/25/27 (6)		2,820,297
		32,393,906	Lehman XS Trust (06-10N-1A3A), 0.391%, due 07/25/46 (2)(6)		25,902,750
		9,499,931	Lehman XS Trust (06-12N-A31A), 0.381%, due 08/25/46 (2)(6)		7,320,020
		10,595,563	Lehman XS Trust (06-13-1A2), 0.351%, due 09/25/36 (2)(6)		9,511,944
		10,689,929	Lehman XS Trust (06-19-A2), 0.351%, due 12/25/36  (2)(6)		8,921,494
		23,017,264	Lehman XS Trust (06-9-A1B), 0.341%, due 05/25/46 (2)(6)		19,636,051
		2,032	Lehman XS Trust (06-GP1-A2A), 0.351%, due 05/25/46 (2)(6)		2,041
		9,894,306	Lehman XS Trust (06-GP4-3A2A), 0.341%, due 08/25/46 (2)(6)		9,526,055
		2,523,195	Lehman XS Trust (07-4N-1A1), 0.311%, due 03/25/47 (2)(6)		2,457,736
		12,591,242	Long Beach Mortgage Loan Trust (06-WL1-1A3), 0.511%, due 01/25/46 (2)		11,255,228
		14,950,000	Long Beach Mortgage Loan Trust (06-WL1-2A4), 0.521%, due 01/25/46 (2)		12,523,406
		8,589,982	Luminent Mortgage Trust (07-2-1A3), 0.401%, due 05/25/37 (2)(6)		7,864,541
		10,950,000	Madison Avenue Manufactured Housing Contract (02-A-B1), 3.431%, due 03/25/32 (2)		11,232,618
		16,992,259	MASTR Adjustable Rate Mortgages Trust (04-9-M1), 0.761%, due 11/25/34 (2)		16,742,915
		417,011	MASTR Adjustable Rate Mortgages Trust (07-2-A2), 0.291%, due 03/25/47 (2)		409,381
		8,776,797	MASTR Alternative Loans Trust (05-4-1A1), 6.5%, due 05/25/35		8,800,556
		83,539	MASTR Alternative Loans Trust (06-2-2A1), 0.581%, due 03/25/36 (2)(6)		20,952

See accompanying notes to financial statements.

63

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		252,033	MASTR Asset Securitization Trust (03-8-1A1), 5.5%, due 09/25/33	$	259,464
		94,188	MASTR Asset Securitization Trust (06-3-2A1), 0.631%, due 10/25/36 (2)(6)		64,095
		1,732,769	MASTR Asset-Backed Securities Trust (06-AB1-A2), 0.411%, due 02/25/36 (2)		1,702,220
		4,058,968	MASTR Asset-Backed Securities Trust (06-AB1-A4), 5.719%, due 02/25/36		4,123,578
		27,885,597	MASTR Asset-Backed Securities Trust (06-HE5-A3), 0.341%, due 11/25/36 (2)		18,503,140
		15,081	MASTR Seasoned Securitization Trust (04-1-4A1), 2.485%, due 10/25/32 (2)		15,137
		2,609,763	Merrill Lynch Alternative Note Asset Trust (07-A1-A2C), 0.411%, due 01/25/37 (2)		1,327,096
		1,342,462	Merrill Lynch Alternative Note Asset Trust (07-A1-A3), 0.341%, due 01/25/37 (2)		633,212
		10,519,295	Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2B), 0.351%, due 04/25/37 (2)		6,253,710
		36,813,091	Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2C), 0.431%, due 04/25/37 (2)		22,155,112
		9,072,796	Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2D), 0.521%, due 04/25/37 (2)		5,535,050
		8,277,517	Merrill Lynch First Franklin Mortgage Loan Trust (07-2-A2C), 0.421%, due 05/25/37 (2)		4,843,379
		4,180,421	Merrill Lynch First Franklin Mortgage Loan Trust (07-3-A2B), 0.311%, due 06/25/37 (2)		2,870,737
		50,141,697	Merrill Lynch First Franklin Mortgage Loan Trust (07-4-2A3), 0.341%, due 07/25/37 (2)		32,377,246
		4,181,611	Merrill Lynch Mortgage-Backed Securities Trust (07-2-1A1), 2.67%, due 08/25/36 (2)(6)		3,881,915
		4,667,735	Mid-State Trust (05-1-A), 5.745%, due 01/15/40		5,060,990
		2,036,489	Morgan Stanley ABS Capital I, Inc. Trust (04-NC8-M2), 1.141%, due 09/25/34 (2)		1,984,208
		5,687,000	Morgan Stanley ABS Capital I, Inc. Trust (05-HE3-M3), 0.976%, due 07/25/35 (2)		5,512,335
		15,560,492	Morgan Stanley ABS Capital I, Inc. Trust (05-HE5-M1), 0.601%, due 09/25/35 (2)		15,316,006
		4,413,000	Morgan Stanley Home Equity Loan Trust (05-2-M3), 0.856%, due 05/25/35 (2)		4,385,728
		5,155,000	Morgan Stanley Home Equity Loan Trust (06-2-A4), 0.461%, due 02/25/36 (2)		4,784,358
		7,073,081	Morgan Stanley Mortgage Loan Trust (05-6AR-1A1), 0.461%, due 11/25/35 (2)		6,858,557
		1,356,675	Morgan Stanley Mortgage Loan Trust (07-3XS-2A6), 5.763%, due 01/25/47		925,819
		4,902,839	Morgan Stanley Mortgage Loan Trust (07-7AX-2A1), 0.301%, due 04/25/37 (2)		2,465,701
		6,806,639	Morgan Stanley REREMIC Trust (10-R2-2B), (144A), 0.411%, due 05/26/36 (1)(2)		6,755,928
		19,803,012	Morgan Stanley REREMIC Trust (13-R2-1A), (144A), 1.906%, due 10/26/36 (1)(2)		19,640,247
		5,063,085	Morgan Stanley REREMIC Trust (13-R3-12A), (144A), 2.928%, due 01/26/47 (1)(2)		5,074,222

See accompanying notes to financial statements.

64

TCW Total Return Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		16,970,320	Morgan Stanley Resecuritization Trust (14-R2-2A), (144A), 2.011%, due 12/26/46 (1)(2)	$	16,946,497
		14,333,820	MortgageIT Trust (05-3-A1), 0.481%, due 08/25/35 (2)		13,766,322
		7,077,440	MortgageIT Trust (05-4-A1), 0.461%, due 10/25/35 (2)		6,495,158
		10,000,000	Nationstar Home Equity Loan Trust (07-B-2AV3), 0.431%, due 04/25/37 (2)		8,424,890
		7,490,800	New Century Home Equity Loan Trust (05-1-A1SS), 0.701%, due 03/25/35 (2)		7,485,751
		16,239,600	New Century Home Equity Loan Trust (05-2-M1), 0.611%, due 06/25/35 (2)		16,177,555
		16,671,785	New Century Home Equity Loan Trust (05-3-M1), 0.661%, due 07/25/35 (2)		16,630,239
		8,600,819	Nomura Resecuritization Trust (12-3R-1A1), (144A), 0.344%, due 01/26/37 (1)(2)		8,294,769
		21,005,013	Nomura Resecuritization Trust (15-1R-2A1), (144A), 0.371%, due 10/26/36 (1)(2)		20,849,169
		12,148,138	Nomura Resecuritization Trust (15-2R-1A1), (144A), 1.128%, due 08/26/46 (1)(2)		12,067,075
		19,810,337	Nomura Resecuritization Trust (15-4R-2A1), (144A), 0.484%, due 10/26/36 (1)(2)		19,126,595
		14,069,464	Nomura Resecuritization Trust (15-4R-3A1), (144A), 2.475%, due 01/26/36 (1)		14,589,928
		22,866,000	Nomura Resecuritization Trust (15-5R-2A1), (144A), 2.41%, due 04/26/35 (1)		23,238,716
		4,954,803	Oakwood Mortgage Investors, Inc. (02-A-A4), 6.97%, due 03/15/32 (2)		5,385,348
		21,377,509	Opteum Mortgage Acceptance Corp. (06-1-2A1), 5.75%, due 04/25/36 (2)		21,666,768
		2,354,826	Origen Manufactured Housing Contract Trust (04-A-M2), 6.64%, due 01/15/35 (2)		2,575,562
		1,906,322	Origen Manufactured Housing Contract Trust (04-B-B1), 7.5%, due 11/15/35 (2)		2,137,228
		1,167,742	Origen Manufactured Housing Contract Trust (04-B-M2), 6.51%, due 11/15/35 (2)		1,277,556
		1,108,602	Origen Manufactured Housing Contract Trust (05-A-B), 6.55%, due 06/15/36 (2)		1,196,694
		904,981	Origen Manufactured Housing Contract Trust (05-A-M2), 5.86%, due 06/15/36 (2)		979,890
		19,300,000	Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D), 0.444%, due 03/25/37 (2)		13,918,894
		22,948,776	Ownit Mortgage Loan Asset-Backed Certificates (06-6-A2C), 0.334%, due 09/25/37 (2)		13,859,591
		8,662,444	Park Place Securities, Inc. (05-WCH1-M2), 0.961%, due 01/25/36 (2)		8,637,748
		14,715,000	Park Place Securities, Inc. (05-WCW1-M1), 0.631%, due 09/25/35 (2)		14,648,106
		6,580,120	Prime Mortgage Trust (06-1-1A1), 5.5%, due 06/25/36 (6)		6,213,462
		7,108,693	RAAC Series Trust (05-SP1-4A1), 7%, due 09/25/34		7,733,067
		4,059,701	RAAC Series Trust (07-SP1-A3), 0.661%, due 03/25/37 (2)		3,933,986
		1,498,448	RALI Trust (05-QA13-2A1), 3.556%, due 12/25/35 (2)(6)		1,297,484
		6,816,253	RALI Trust (05-QA7-A21), 2.916%, due 07/25/35 (2)(6)		6,114,922
		13,536,351	RALI Trust (06-QA3-A1), 0.381%, due 04/25/36 (2)(6)		12,271,207
		1,026,713	RBSSP Resecuritization Trust (10-12-4A1), (144A), 4%, due 05/21/36 (1)(2)		1,036,069
		15,321,192	Residential Accredit Loans, Inc. (05-QA8-CB21), 3.183%, due 07/25/35 (2)(6)		12,680,026
		2,272,168	Residential Accredit Loans, Inc. (05-QS7-A1), 5.5%, due 06/25/35 (6)		2,040,955

See accompanying notes to financial statements.

65

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		34,702	Residential Accredit Loans, Inc. (06-QA1-A21), 3.752%, due 01/25/36 (2)(6)	$	28,038
		29,184,226	Residential Accredit Loans, Inc. (06-QA10-A2), 0.361%, due 12/25/36 (2)(6)		22,765,827
		42,874	Residential Accredit Loans, Inc. (06-QA2-1A1), 0.431%, due 02/25/36 (2)(6)		30,641
		9,988,684	Residential Accredit Loans, Inc. (06-QO1-3A1), 0.451%, due 02/25/46 (2)		6,346,430
		80,416,782	Residential Accredit Loans, Inc. (06-QS10-AV), 0.562%, due 08/25/36 (I/O)(2)		1,833,945
		80,862,976	Residential Accredit Loans, Inc. (06-QS11-AV), 0.34%, due 08/25/36 (I/O)(2)		1,149,427
		6,771,592	Residential Accredit Loans, Inc. (06-QS5-A5), 6%, due 05/25/36 (6)		5,824,057
		112,534,995	Residential Accredit Loans, Inc. (06-QS6-1AV), 0.749%, due 06/25/36 (I/O)(2)		3,596,787
		24,282,246	Residential Accredit Loans, Inc. (06-QS7-AV), 0.654%, due 06/25/36 (I/O)(2)		778,369
		1,294,628	Residential Accredit Loans, Inc. (06-RS3-A3), 0.381%, due 05/25/36 (2)(6)		1,274,960
		5,394,938	Residential Accredit Loans, Inc. (07-QS1-2AV), 0.171%, due 01/25/37 (I/O)(2)		40,919
		40,579,044	Residential Accredit Loans, Inc. (07-QS2-AV), 0.326%, due 01/25/37 (I/O)(2)		565,873
		155,056,010	Residential Accredit Loans, Inc. (07-QS3-AV), 0.327%, due 02/25/37 (I/O)(2)		2,571,356
		18,196,693	Residential Accredit Loans, Inc. (07-QS4-3AV), 0.381%, due 03/25/37 (I/O)(2)		254,544
		25,997,819	Residential Accredit Loans, Inc. (07-QS5-AV), 0.249%, due 03/25/37 (I/O)(2)		324,843
		5,941,458	Residential Accredit Loans, Inc. (07-QS6-A45), 5.75%, due 04/25/37 (6)		4,799,279
		37,478,726	Residential Accredit Loans, Inc. (07-QS8-AV), 0.395%, due 06/25/37 (I/O)(2)		613,358
		59,371	Residential Funding Mortgage Securities I (05-SA5-2A), 3.007%, due 11/25/35 (2)(6)		52,782
		4,019,378	Residential Funding Mortgage Securities I (06-S10-1A1), 6%, due 10/25/36 (6)		3,654,205
		1,395,606	Residential Funding Mortgage Securities I (06-S9-A3), 5.75%, due 09/25/36 (PAC)(6)		1,242,984
		15,169,319	Residential Funding Mortgage Securities I (07-S2-A9), 6%, due 02/25/37 (6)		14,065,387
		53,052	Residential Funding Mortgage Securities I (07-SA2-2A2), 3.032%, due 04/25/37 (2)		46,644
		17,194,533	Saxon Asset Securities Trust (06-2-A2), 0.311%, due 09/25/36 (2)		16,582,012
		20,637,033	Saxon Asset Securities Trust (06-3-A3), 0.351%, due 10/25/46 (2)		17,056,632
		26,071,310	Saxon Asset Securities Trust (07-2-A2D), 0.781%, due 05/25/47 (2)		18,994,040
		4,008,890	Securitized Asset-Backed Receivables LLC Trust (07-BR1-A2C), 0.521%, due 02/25/37 (2)		2,508,350
		51,882,369	Securitized Asset-Backed Receivables LLC Trust (07-BR2-A2), 0.411%, due 02/25/37 (2)		28,706,992
		25,197,476	Securitized Asset-Backed Receivables LLC Trust (07-NC2-A2B), 0.321%, due 01/25/37 (2)		17,069,262
		1,660,053	Sequoia Mortgage Trust (03-8-A1), 0.821%, due 01/20/34 (2)		1,522,051
		6,055,223	SG Mortgage Securities Trust (05-OPT1-A3), 0.531%, due 10/25/35 (2)		5,935,681
		28,801,259	SG Mortgage Securities Trust (07-NC1-A2), (144A), 0.421%, due 12/25/36 (1)(2)		17,463,039
		2,825,156	Soundview Home Equity Loan Trust (05-OPT3-A4), 0.481%, due 11/25/35 (2)		2,814,339
		19,565,573	Soundview Home Equity Loan Trust (06-2-A4), 0.451%, due 03/25/36 (2)		19,354,460

See accompanying notes to financial statements.

66

TCW Total Return Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		10,400,000	Soundview Home Equity Loan Trust (06-OPT4-2A4), 0.411%, due 06/25/36 (2)	$	7,341,329
		3,262,340	Soundview Home Equity Loan Trust (06-WF2-A2C), 0.321%, due 12/25/36 (2)		3,222,469
		4,000,000	Soundview Home Equity Loan Trust (07-OPT3-2A4), 0.431%, due 08/25/37 (2)		2,925,392
		1,138,149	Specialty Underwriting & Residential Finance (05-BC3-M1), 0.631%, due 06/25/36 (2)(3)		1,141,530
		2,075,324	Specialty Underwriting & Residential Finance (05-BC4-A2C), 0.531%, due 09/25/36 (2)		2,054,058
		25,976	Specialty Underwriting & Residential Finance (06-AB3-A2B), 0.331%, due 09/25/37 (2)		15,364
		4,943,669	Structured Adjustable Rate Mortgage Loan Trust (04-12-2A), 2.453%, due 09/25/34 (2)		4,934,850
		8,866,529	Structured Adjustable Rate Mortgage Loan Trust (04-14-2A), 2.443%, due 10/25/34 (2)		9,123,343
		11,737,417	Structured Adjustable Rate Mortgage Loan Trust (05-16XS-A2A), 1.131%, due 08/25/35 (2)		11,202,120
		2,163,905	Structured Adjustable Rate Mortgage Loan Trust (05-23-1A3), 2.608%, due 01/25/36 (2)(6)		2,083,871
		909,216	Structured Adjustable Rate Mortgage Loan Trust (06-2-5A1), 4.874%, due 03/25/36 (2)(6)		766,037
		3,793,381	Structured Adjustable Rate Mortgage Loan Trust (06-4-5A1), 5.033%, due 05/25/36 (2)(6)		3,307,016
		8,952,470	Structured Adjustable Rate Mortgage Loan Trust (06-5-1A1), 2.582%, due 06/25/36 (2)(6)		7,573,104
		6,119,082	Structured Adjustable Rate Mortgage Loan Trust (07-1-1A1), 2.611%, due 02/25/37 (2)(6)		5,301,891
		2,063,191	Structured Asset Investment Loan Trust (05-3-M1), 0.751%, due 04/25/35 (2)		2,064,435
		256,600	Structured Asset Mortgage Investments, Inc. (06-AR3-24A1), 2.373%, due 05/25/36 (2)		174,830
		43,542,648	Structured Asset Mortgage Investments, Inc. (07-AR6-A1), 1.637%, due 08/25/47 (2)		36,796,019
		1,851,672	Structured Asset Securities Corp. (05-2XS-1A5B), 4.65%, due 02/25/35		1,873,207
		22,668,599	Structured Asset Securities Corp. (06-EQ1A-A4), (144A), 0.331%, due 07/25/36 (1)(2)		22,180,567
		14,345,000	Structured Asset Securities Corp. (06-WF2-A4), 0.491%, due 07/25/36 (2)		13,361,277
		88,745	Structured Asset Securities Corp. (07-BC3-2A1), 0.241%, due 05/25/47 (2)		89,015
		478,270	Suntrust Adjustable Rate Mortgage Loan Trust (07-2-2A1), 2.712%, due 04/25/37 (2)(6)		399,294
		22,170	Suntrust Adjustable Rate Mortgage Loan Trust (07-3-1A1), 2.63%, due 06/25/37 (2)		20,234
		1,730,666	Suntrust Adjustable Rate Mortgage Loan Trust (07-S1-2A1), 2.682%, due 01/25/37 (2)		1,719,021
		352,510	Wachovia Mortgage Loan Trust LLC (06-AMN1-A3), 0.414%, due 08/25/36 (2)		222,111
		14,237,986	WaMu Mortgage Pass-Through Certificates (04-AR14-A1), 2.396%, due 01/25/35 (2)		14,408,743

See accompanying notes to financial statements.

67

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		14,568,139	WaMu Mortgage Pass-Through Certificates (05-AR13-A1A1), 0.471%, due 10/25/45 (2)	$	13,673,514
		1,179,958	WaMu Mortgage Pass-Through Certificates (05-AR13-A1A2), 1.587%, due 10/25/45 (2)		1,177,951
		3,105,349	WaMu Mortgage Pass-Through Certificates (05-AR14-2A1), 2.392%, due 12/25/35 (2)		2,861,784
		4,731,542	WaMu Mortgage Pass-Through Certificates (05-AR18-1A1), 2.358%, due 01/25/36 (2)		4,560,917
		445,134	WaMu Mortgage Pass-Through Certificates (05-AR2-2A1A), 0.491%, due 01/25/45 (2)		418,241
		283,971	WaMu Mortgage Pass-Through Certificates (05-AR7-A2), 2.36%, due 08/25/35 (2)		284,209
		11,895,056	WaMu Mortgage Pass-Through Certificates (05-AR9-A1A), 0.501%, due 07/25/45 (2)		11,429,769
		31,761,679	WaMu Mortgage Pass-Through Certificates (06-AR1-2A1A), 1.207%, due 01/25/46 (2)		30,987,377
		7,829,131	WaMu Mortgage Pass-Through Certificates (06-AR11-1A), 1.097%, due 09/25/46 (2)		6,754,343
		8,555,234	WaMu Mortgage Pass-Through Certificates (06-AR17-1A1A), 0.938%, due 12/25/46 (2)		7,908,365
		155,276	Washington Mutual Alternative Mortgage Pass-Through Certificates (02-AR1-1A1), 2.332%, due 11/25/30 (2)		155,343
		2,462,170	Washington Mutual Alternative Mortgage Pass-Through Certificates (06-1-3A2), 5.75%, due 02/25/36 (6)		2,259,903
		4,064,599	Washington Mutual Alternative Mortgage Pass-Through Certificates (06-5-1A1), 0.781%, due 07/25/36 (2)(6)		2,610,016
		6,859,116	Washington Mutual Alternative Mortgage Pass-Through Certificates (06-AR10-A2A), 0.351%, due 12/25/36 (2)		5,437,825
		8,373,172	Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA1-2A), 0.857%, due 12/25/46 (2)(6)		5,679,096
		7,718,377	Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA2-2A), 0.837%, due 01/25/47 (2)(6)		5,548,564
		2,820,038	Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA3-5A), 1.948%, due 04/25/47 (2)(6)		2,161,477
		8,257,779	Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OC2-A3), 0.491%, due 06/25/37 (2)(6)		6,887,565
		11,691,000	Washington Mutual Asset-Backed Certificates (06-HE1-2A4), 0.454%, due 04/25/36 (2)		10,197,834
		17,378,012	Wells Fargo Home Equity Asset-Backed Securities (06-3-A2), 0.331%, due 01/25/37 (2)		16,591,205
		5,521,000	Wells Fargo Home Equity Asset-Backed Securities (07-1-A3), 0.501%, due 03/25/37 (2)		3,959,673
		11,282,003	Wells Fargo Mortgage Loan Trust (11-RR3-A1), (144A), 2.627%, due 03/27/37 (1)(2)		11,106,465
		9,646,609	Wells Fargo Mortgage Loan Trust (12-RR2-1A1), (144A), 0.351%, due 09/27/47 (1)(2)		9,310,965
		7,155,033	Wells Fargo Mortgage-Backed Securities Trust (04-DD-2A6), 2.615%, due 01/25/35 (2)		7,144,808
		12,109,592	Wells Fargo Mortgage-Backed Securities Trust (06-AR11-A6), 2.61%, due 08/25/36 (2)		11,262,220

See accompanying notes to financial statements.

68

TCW Total Return Bond Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		8,310,707	Wells Fargo Mortgage-Backed Securities Trust (06-AR6-4A1), 2.625%, due 03/25/36 (2)	$	8,279,501
		4,654,855	Wells Fargo Mortgage-Backed Securities Trust (06-AR7-2A4), 2.706%, due 05/25/36 (2)(6)		4,287,292
		9,799,185	Wells Fargo Mortgage-Backed Securities Trust (07-10-1A32), 6%, due 07/25/37 (6)		9,671,306
		836,857	Wells Fargo Mortgage-Backed Securities Trust (07-AR4-A1), 2.564%, due 08/25/37 (2)(6)		745,668
		4,767,916	Wells Fargo Mortgage-Backed Securities Trust (08-1-4A1), 5.75%, due 02/25/38		5,041,573
			Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $2,190,595,052)		2,566,622,729
			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)		76,662,869
			U.S. Treasury Securities (20.7%)
		372,320,000	U.S. Treasury Bond, 2.5%, due 02/15/45 (3)		353,413,143
		241,760,000	U.S. Treasury Note, 0.25%, due 08/15/15 (3)		241,920,529
		377,955,000	U.S. Treasury Note, 0.25%, due 11/30/15 (3)		378,202,228
		44,295,000	U.S. Treasury Note, 0.375%, due 06/30/15 (3)		44,320,089
		107,980,000	U.S. Treasury Note, 1.375%, due 04/30/20		107,646,779
		85,000,000	U.S. Treasury Note, 1.75%, due 07/31/15 (3)		85,358,615
		89,000,000	U.S. Treasury Note, 1.875%, due 06/30/15 (3)		89,271,183
		450,370,000	U.S. Treasury Note, 2%, due 02/15/25		448,710,022
		80,935,000	U.S. Treasury Note, 2.625%, due 08/15/20 (3)		85,474,968
			Total U.S. Treasury Securities (Cost: $1,838,796,547)		1,834,317,556
			Total Fixed Income Securities (Cost: $8,951,517,735) (106.4%)		9,436,062,822
	Number of Shares		Money Market Investments
		113,021,000	Morgan Stanley Liquidity Fund — Government Portfolio, 0.04% (8)		113,021,000
			Total Money Market Investments (Cost: $113,021,000) (1.3%)		113,021,000
	Principal Amount		Short-Term Investments
			Discount Notes (8.4%)
$		200,000,000	Federal Home Loan Bank Discount Note, 0.01%, due 06/11/15 (9)		199,991,600
		175,000,000	Federal Home Loan Bank Discount Note, 0.01%, due 05/27/15 (3)(9)		174,997,550
		190,000,000	Federal Home Loan Bank Discount Note, 0.01%, due 05/22/15 (9)		189,997,720
		101,563,000	Federal Home Loan Bank Discount Note, 0.05%, due 05/06/15 (9)		101,562,695
		80,000,000	Federal National Mortgage Association Discount Note, 0.1%, due 08/17/15 (9)		79,986,800
			Total Discount Notes (Cost: $746,507,516)		746,536,365

See accompanying notes to financial statements.

69

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Short-Term Investments	Value
			U.S. Treasury Securities (0.1%)
$		4,680,000	U.S. Treasury Bill, 0.01%, due 06/11/15(9)	$	4,680,000
		53,000	U.S. Treasury Bill, 0.01%, due 05/07/15(9)		53,000
			Total U.S. Treasury Securities (Cost: $4,733,000)		4,733,000
			Total Short-Term Investments (Cost: $751,240,516) (8.5%)		751,269,365
			Total Investments (Cost: $9,815,779,251) (116.2%)		10,300,353,187
			Liabilities in Excess of Other Assets (-16.2%)		(1,434,977,678	)
			Net Assets (100.0%)	$	8,865,375,509

Futures Contracts
Number of Contracts		Type	Expiration Date		Notional Contract Value		Net Unrealized Appreciation
	BUY
	2,255	90 Day Eurodollar Futures		03/14/16	$	559,268,187	$	1,825,941
	2,255	90 Day Eurodollar Futures		06/13/16		558,197,062		1,656,055
	2,255	90 Day Eurodollar Futures		09/19/16		557,069,563		1,486,930
	2,255	90 Day Eurodollar Futures		12/19/16		555,998,438		1,403,129
					$	2,230,533,250	$	6,372,055

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.

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 April 30, 2015, the value of these securities amounted to $771,657,697 or 8.7% 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 April 30, 2015.

(3) All or a portion of this security is segregated to cover open futures contracts, when-issued, delayed-delivery or forward commitments. (Note 2)

(4) As of April 30, 2015, security is not accruing interest.

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

(8) Rate disclosed is the 7-day net yield as of April 30, 2015.

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

See accompanying notes to financial statements.

70

TCW Total Return Bond Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Asset-Backed Securities		7.4	%
Commercial Mortgage-Backed Securities — Agency		5.3
Commercial Mortgage-Backed Securities — Non-Agency		0.7
Residential Mortgage-Backed Securities — Agency		42.5
Residential Mortgage-Backed Securities — Non-Agency		28.9
U.S. Government Agency Obligations		0.9
U.S. Treasury Securities		20.7
Money Market Investments		1.3
Short-Term Investments		8.5
Total		116.2	%

See accompanying notes to Schedule of Investments.

71

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2015

	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund (1)			TCW Global Bond Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value (2)	$	1,879,378		$	2,646		$	15,995
Cash		15			—	(3)		—
Receivable for Securities Sold		1			—			—
Receivable for When-Issued Securities		41,911			—			82
Receivable for Fund Shares Sold		10,783			—			—
Interest and Dividends Receivable		5,201			8			112
Receivable from Investment Advisor		—			18			6
Unrealized Appreciation on Open Forward Foreign Currency Contracts		—			—			46
Cash Collateral Held for Brokers		—			397			10
Open Swap Agreements, at Value		—			56			—
Prepaid Expenses		47			24			20
Total Assets		1,937,336			3,149			16,271
LIABILITIES
Distributions Payable		229			—			—
Payable for Securities Purchased		7,565			1			—
Payable for When-Issued Securities		245,654			—			773
Payable for Fund Shares Redeemed		2,333			—			—
Accrued Directors’ Fees and Expenses		8			8			7
Accrued Compliance Expense		7			—	(3)		—	(3)
Accrued Management Fees		549			1			7
Accrued Distribution Fees		122			—	(3)		2
Unrealized Depreciation on Open Forward Foreign Currency Contracts		—			—			16
Other Accrued Expenses		231			56			10
Total Liabilities		256,698			66			815
NET ASSETS	$	1,680,638		$	3,083		$	15,456
NET ASSETS CONSIST OF:
Paid-in Capital	$	1,634,710		$	4,198		$	15,294
Accumulated Net Realized Gain (Loss) on Investments, Swap Agreements and Foreign Currency		22,095			(1,205	)		20
Unrealized Appreciation of Investments, Swap Agreements and Foreign Currency		26,703			128			16
Undistributed (Overdistributed) Net Investment Income		(2,870	)		(38	)		126
NET ASSETS	$	1,680,638		$	3,083		$	15,456
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	1,088,090		$	1,714		$	8,001
N Class Share	$	592,548		$	1,369		$	7,455
CAPITAL SHARES OUTSTANDING: (4)
I Class Share		96,349,455			271,217			799,068
N Class Share		52,549,891			216,301			744,553
NET ASSET VALUE PER SHARE: (5)
I Class Share	$	11.29		$	6.32		$	10.01
N Class Share	$	11.28		$	6.33		$	10.01

(1) Consolidated Statement of Asset and Liabilities (See Note 2).

(2) The identified cost for the TCW Core Fixed Income Fund, the TCW Enhanced Commodity Strategy Fund and the TCW Global Bond Fund at April 30, 2015 was $1,852,675, $2,574 and $16,008, respectively.

(3) Amount rounds to less than $1.

(4) The number of authorized shares with a par value of $0.001 per share, for the TCW Core Fixed Income Fund is 1,667,000,000 for each of the I Class and N Class shares, the TCW Enhanced Commodity Strategy Fund and the TCW Global Bond Fund is 2,000,000,000 for each of the I Class and N Class shares.

(5) Represents offering price and redemption price per share.

See accompanying notes to financial statements.

72

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2015

	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value (1)	$	37,455		$	14,777		$	10,300,353
Cash		—			—			2,124
Receivable for Securities Sold		750			3			3,536
Receivable for When-Issued Securities		66			—			130,858
Receivable for Fund Shares Sold		72			—			26,798
Interest and Dividends Receivable		476			46			17,442
Receivable from Investment Advisor		12			15			752
Open Swap Agreements, at Value		6			—			—
Prepaid Expenses		27			12			203
Total Assets		38,864			14,853			10,482,066
LIABILITIES
Distributions Payable		23			2			3,732
Payable for Securities Purchased		719			—			22,748
Payable for When-Issued Securities		140			—			1,573,980
Payable for Fund Shares Redeemed		52			283			9,924
Accrued Directors’ Fees and Expenses		8			8			8
Accrued Compliance Expense		—	(2)		1			20
Accrued Management Fees		14			4			3,648
Accrued Distribution Fees		3			—			494
Interest Payable on Swap Agreements		1			—			—
Payable for Daily Variation Margin on Open Financial Futures Contracts		—			—			677
Other Accrued Expenses		36			9			1,459
Total Liabilities		996			307			1,616,690
NET ASSETS	$	37,868		$	14,546		$	8,865,376
NET ASSETS CONSIST OF:
Paid-in Capital	$	38,497		$	22,089		$	8,277,736
Accumulated Net Realized Gain (Loss) on Investments and Swap Agreements		(957	)		(7,532	)		86,610
Unrealized Appreciation of Investments, Futures Contracts and Swap Agreements		353			33			490,946
Undistributed (Overdistributed) Net Investment Income		(25	)		(44	)		10,084
NET ASSETS	$	37,868		$	14,546		$	8,865,376
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	21,207		$	14,546		$	6,455,600
N Class Share	$	16,661					$	2,409,776
CAPITAL SHARES OUTSTANDING: (3)
I Class Share		3,343,740			1,667,461			623,215,227
N Class Share		2,606,317						225,480,499
NET ASSET VALUE PER SHARE: (4)
I Class Share	$	6.34		$	8.72		$	10.36
N Class Share	$	6.39					$	10.69

(1) The identified cost for the TCW High Yield Bond Fund, the TCW Short Term Bond Fund and the TCW Total Return Bond Fund at April 30, 2015 was $37,088, $14,744 and $9,815,779, respectively.

(2) Amount rounds to less than $1.

(3) The number of authorized shares, with a par value of $0.001 per share, for the TCW High Yield Bond Fund is 1,667,000,000 for each of the I Class and N Class shares, the TCW Short Term Bond Fund is 1,666,000,000 for the I Class shares, and the TCW Total Return Bond Fund is 1,666,000,000 for each of the I Class and N Class shares.

(4) Represents offering price and redemption price per share.

See accompanying notes to financial statements.

73

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2015

	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund (1)			TCW Global Bond Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Interest	$	14,464		$	25		$	246
Total		14,464			25			246
Expenses:
Management Fees		3,056			9			42
Accounting Services Fees		58			12			2
Administration Fees		35			18			1
Transfer Agent Fees:
I Class		177			4			2
N Class		304			3			2
Custodian Fees		24			13			10
Professional Fees		46			22			15
Directors’ Fees and Expenses		13			13			13
Registration Fees:
I Class		18			7			7
N Class		12			7			7
Distribution Fees:
N Class		751			2			9
Compliance Expense		8			—	(2)		—	(2)
Shareholder Reporting Expense		4			1			1
Other		72			3			1
Total		4,578			114			112
Less expenses waived/reimbursed		—			83			—
Less Expenses Borne by Investment Advisor:
I Class		—			9			10
N Class		—			11			19
Net Expenses		4,578			11			83
Net Investment Income		9,886			14			163
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		18,601			(1	)		218
Foreign Currency		—			—			(191	)
Swap Agreements		—			(453	)		—
Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,650	)		(6	)		(512	)
Foreign Currency		—			—			79
Swap Agreements		—			47			—
Net Realized and Unrealized Gain (Loss) on Investments		15,951			(413	)		(406	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	25,837		$	(399	)	$	(243	)

(1) Consolidated Statement of Operations (See Note 2).

(2) Amount rounds to less than $1.

See accompanying notes to financial statements.

74

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2015

	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Interest	$	751		$	96		$	123,295
Total		751			96			123,295
Expenses:
Management Fees		72			33			21,620
Accounting Services Fees		13			1			376
Administration Fees		1			1			224
Transfer Agent Fees:
I Class		6			9			1,877
N Class		4			—			971
Custodian Fees		10			11			73
Professional Fees		18			27			159
Directors’ Fees and Expenses		13			13			13
Registration Fees:
I Class		7			9			52
N Class		8			—			62
Distribution Fees:
N Class		14			—			2,835
Compliance Expense		—	(1)		1			58
Shareholder Reporting Expense		2			—			13
Other		3			2			473
Total		171			107			28,806
Less Expenses Borne by Investment Advisor:
I Class		42			65			3,252
N Class		27			—			965
Net Expenses		102			42			24,589
Net Investment Income		649			54			98,706
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Loss on Investments		(342	)		(1	)		64,640
Swap Agreements		(4	)		—			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		356			(15	)		(15,093	)
Futures Contracts		—			—			8,287
Swap Agreements		3			—			—
Net Realized and Unrealized Gain (Loss) on Investments		13			(16	)		57,834
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	662		$	38		$	156,540

(1) Amount rounds to less than $1.

See accompanying notes to financial statements.

75

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Core Fixed Income Fund						TCW Enhanced Commodity Strategy Fund (1)
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
OPERATIONS
Net Investment Income	$	9,886		$	20,838		$	14		$	49
Net Realized Gain (Loss) on Investments and Swap Agreements		18,601			9,559			(454	)		(265	)
Change in Unrealized Appreciation (Depreciation) on Investments and Swap Agreements		(2,650	)		15,013			41			78
Increase (Decrease) in Net Assets Resulting from Operations		25,837			45,410			(399	)		(138	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(8,207	)		(9,930	)		(10	)		(30	)
N Class		(4,338	)		(9,957	)		(7	)		(23	)
Distributions from Net Realized Gain:
I Class		(2,547	)		—			—			(8	)
N Class		(1,706	)		—			—			(7	)
Total Distributions to Shareholders		(16,798	)		(19,887	)		(17	)		(68	)
NET CAPITAL SHARE TRANSACTIONS
I Class		436,618			44,731			12			36
N Class		(19,520	)		(103,887	)		7			28
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		417,098			(59,156	)		19			64
Increase (Decrease) in Net Assets		426,137			(33,633	)		(397	)		(142	)
NET ASSETS
Beginning of Period		1,254,501			1,288,134			3,480			3,622
End of Period	$	1,680,638		$	1,254,501		$	3,083		$	3,480
Overdistributed Net Investment Income	$	(2,870	)	$	(211	)	$	(38	)	$	(35	)

(1) Consolidated Statement of Changes in Net Assets (See Note 2).

See accompanying notes to financial statements.

76

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Global Bond Fund						TCW High Yield Bond Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
OPERATIONS
Net Investment Income	$	163		$	344		$	649		$	1,538
Net Realized Gain (Loss) on Investments, Swap Agreements and Foreign Currency Transactions		27			(101	)		(346	)		448
Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currency Transactions and Swap Agreements		(433	)		(305	)		359			(208	)
Increase (Decrease) in Net Assets Resulting from Operations		(243	)		(62	)		662			1,778
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(56	)		(102	)		(454	)		(1,077	)
N Class		(52	)		(96	)		(256	)		(531	)
Distributions from Net Realized Gain:
I Class		(13	)		(62	)		—			—
N Class		(12	)		(58	)		—			—
Total Distributions to Shareholders		(133	)		(318	)		(710	)		(1,608	)
NET CAPITAL SHARE TRANSACTIONS
I Class		58			(2,844	)		583			(5,576	)
N Class		71			(3,989	)		4,129			(2,112	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		129			(6,833	)		4,712			(7,688	)
Increase (Decrease) in Net Assets		(247	)		(7,213	)		4,664			(7,518	)
NET ASSETS
Beginning of Period		15,703			22,916			33,204			40,722
End of Period	$	15,456		$	15,703		$	37,868		$	33,204
Undistributed (Overdistributed) Net Investment Income	$	126		$	71		$	(25	)	$	36

See accompanying notes to financial statements.

77

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Short Term Bond Fund						TCW Total Return Bond Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
OPERATIONS
Net Investment Income	$	54		$	137		$	98,706		$	198,899
Net Realized Gain (Loss) on Investments		(1	)		28			64,640			88,840
Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts		(15	)		(36	)		(6,806	)		49,704
Increase in Net Assets Resulting from Operations		38			129			156,540			337,443
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(97	)		(232	)		(67,082	)		(140,589	)
N Class		—			—			(20,012	)		(56,526	)
Distributions from Net Realized Gain:
I Class		—			—			(25,108	)		—
N Class		—			—			(8,273	)		—
Total Distributions to Shareholders		(97	)		(232	)		(120,475	)		(197,115	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(6,475	)		5,981			299,741			946,073
N Class		—			—			222,984			(357,669	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(6,475	)		5,981			522,725			588,404
Increase (Decrease) in Net Assets		(6,534	)		5,878			558,790			728,732
NET ASSETS
Beginning of Period		21,080			15,202			8,306,586			7,577,854
End of Period	$	14,546		$	21,080		$	8,865,376		$	8,306,586
Undistributed (Overdistributed) Net Investment Income	$	(44	)	$	(1	)	$	10,084		$	(1,528	)

See accompanying notes to financial statements.

78

TCW Funds, Inc.

Notes to Financial Statements April 30, 2015

TCW Funds, Inc., a Maryland corporation (the “Company”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), that currently offers 22 no-load mutual funds (the “Funds”). TCW Investment Management Company (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisors Act of 1940. Each Fund has distinct investment objectives. The following are the objectives for the 6 Fixed Income Funds that are covered in this report:

TCW Fund	Investment Objective
Diversified Fixed Income Funds
TCW Core Fixed Income Fund	Seeks to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle by investing at least 80% of the value of its net assets in debt securities.
TCW High Yield Bond Fund	Seeks to maximize income and achieve above average total return consistent with reasonable risk over a full market cycle by investing at least 80% of the value of its net assets in high yield/below investment grade bonds, commonly known as “junk” bonds.
TCW Short Term Bond Fund	Seeks to maximize current income by investing at least 80% of the value of its net assets in a diversified portfolio of debt securities of varying maturities including bonds, notes and other similar fixed income instruments issued by governmental or private sector issuers.
TCW Total Return Bond Fund	Seeks to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle by investing at least 80% of the value of its net assets in debt securities.
Non-Diversified Fixed Income Funds
TCW Enhanced Commodity Strategy Fund	Seeks total return which exceeds that of its commodity benchmark by investing in commodity linked derivative instruments backed by a portfolio of fixed income instruments. TCW Cayman Enhanced Commodity Fund is a wholly owned subsidiary of the TCW Enhanced Commodity Strategy Fund.
TCW Global Bond Fund	Seeks total return by investing at least 80% of its net assets in debt securities of government and corporate issuers in at least three countries, and will invest at least 30% of its net assets in securities of issuers located outside the United States.

79

Note 1 — Organization

TCW Funds, Inc.

Notes to Financial Statements (Continued)

Note 1 — Organization (Continued)

All Funds, except for the TCW Short Term Bond Fund, offer two classes of shares: I Class and N Class. The TCW Short Term Bond Fund offers only the I Class shares. The classes are substantially the same except that the N Class shares are subject to a distribution fee (see Note 6).

Note 2 — Significant Accounting Policies

The following is a summary of significant accounting policies, which are in conformity with accounting principles generally accepted in the United States of America and which are consistently followed by the Funds in the preparation of their financial statements.

Principles of Accounting:    The Funds use the accrual method of accounting for financial reporting purposes. Each Fund is considered an investment company under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 946, Financial Services — Investment Companies.

Principles of Consolidation:    The financial statements of the TCW Enhanced Commodity Strategy Fund (“Parent”) are consolidated with the TCW Cayman Enhanced Commodity Fund, Ltd (“Subsidiary”), organized under the laws of the Cayman Islands. The Parent gains exposure to the commodity markets, in whole or in part, through investments in the Subsidiary which has the same objective, investment policies and restrictions as the Parent. The accompanying consolidated financial statements include the accounts of the Subsidiary. The Parent may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at April 30, 2015 were $490,520 or 15.91% of the Parent’s consolidated net assets. Intercompany balances and transactions have been eliminated in consolidation.

Net Asset Value:    The Net Asset Value of each Class of a Fund is determined by dividing the Fund’s net assets attributable to each class by the number of shares issued and outstanding of that Class at the close of the New York Stock Exchange (the “NYSE”) (generally 4:00 p.m. Eastern Time or 1:00 p.m. Pacific Time, but the NYSE sometimes closes earlier) on each day that the NYSE is open for trading.

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 including short-term securities for which over-the-counter (“OTC”) market quotations are readily available are valued with prices furnished by independent pricing services or by broker dealers. Repurchase agreements are priced at cost which approximates market value.

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 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 inputs 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

80

TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

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.

81

TCW Funds, Inc.

Notes to Financial Statements (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

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-end 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.

Total return swaps.    Total return swaps are fair valued using pricing models that take into account among other factor, 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.

82

TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

The following is a summary of the inputs used as of April 30, 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*	$	—	$	276,571,841	$	—	$	276,571,841
Municipal Bonds		—		21,633,346		—		21,633,346
Foreign Government Bonds		—		213,131		—		213,131
Asset-Backed Securities		—		156,894,993		—		156,894,993
Commercial Mortgage-Backed Securities — Agency		—		106,268,891		—		106,268,891
Commercial Mortgage-Backed Securities — Non-Agency		—		58,384,004		—		58,384,004
Residential Mortgage-Backed Securities — Agency		—		379,524,407		—		379,524,407
Residential Mortgage-Backed Securities — Non-Agency		—		163,811,170		—		163,811,170
U.S. Government Agency Obligations		—		17,982,286		—		17,982,286
U.S. Treasury Securities		432,219,245		88,339,011		—		520,558,256
Total Fixed Income Securities		432,219,245		1,269,623,080		—		1,701,842,325
Money Market Investments		33,290,000		—		—		33,290,000
Short-Term Investments*		—		144,245,632		—		144,245,632
Total Investments	$	465,509,245	$	1,413,868,712	$	—	$	1,879,377,957

* See Schedule of Investments for corresponding industries.

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	$	—	$	36,376	$	—	$	36,376
Commercial Mortgage-Backed Securities — Agency		—		23,097		—		23,097
Commercial Mortgage-Backed Securities — Non-Agency		—		44,387		—		44,387
Residential Mortgage-Backed Securities — Agency		—		82,108		—		82,108
Residential Mortgage-Backed Securities — Non-Agency		—		494,247		—		494,247
Corporate Bonds*		—		633,206		—		633,206
U.S. Government Agency Obligations		—		20,026		—		20,026
Total Fixed Income Securities		—		1,333,447		—		1,333,447
Money Market Investments		60,000		—		—		60,000
Short-Term Investments*		—		1,252,126		—		1,252,126
Total Investments		60,000		2,585,573		—		2,645,573
Asset Derivatives
Swap Agreements
Commodity Risk		—		56,215		—		56,215
Total	$	60,000	$	2,641,788	$	—	$	2,701,788

* See Schedule of Investments for corresponding industries.

83

TCW Funds, Inc.

Notes to Financial Statements (Continued)

Note 2 — Significant Accounting Policies (Continued)

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*	$	—	$	2,739,938		$	—	$	2,739,938
Foreign Government Bonds		—		5,740,174			—		5,740,174
Asset-Backed Securities		—		878,873			—		878,873
Commercial Mortgage-Backed Securities — Agency		—		618,003			—		618,003
Commercial Mortgage-Backed Securities — Non-Agency		—		284,323			45,813		330,136
Residential Mortgage-Backed Securities — Agency		—		1,698,866			—		1,698,866
Residential Mortgage-Backed Securities — Non-Agency		—		968,389			—		968,389
U.S. Government Agency Obligations		—		240,138			—		240,138
U.S. Treasury Securities		1,493,047		—			—		1,493,047
Total Fixed Income Securities		1,493,047		13,168,704			45,813		14,707,564
Money Market Investments		174,000		—			—		174,000
Short-Term Investments*		—		1,113,807			—		1,113,807
Total Investments		1,667,047		14,282,511			45,813		15,995,371
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		45,683			—		45,683
Total	$	1,667,047	$	14,328,194		$	45,813	$	16,041,054
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(15,589	)	$	—	$	(15,589	)
Total	$	—	$	(15,589	)	$	—	$	(15,589	)

* 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*	$	—	$	1,129,972	$	—	$	1,129,972
Corporate Bonds*		—		33,328,129		—		33,328,129
Total Fixed Income Securities		—		34,458,101		—		34,458,101
Money Market Investments		194,000		—		—		194,000
Short-Term Investments*		—		2,803,103		—		2,803,103
Total Investments		194,000		37,261,204		—		37,455,204
Asset Derivatives
Swap Agreements
Credit Risk		—		6,261		—		6,261
Total	$	194,000	$	37,267,465	$	—	$	37,461,465

* See Schedule of Investments for corresponding industries.

84

TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

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	$	—	$	1,137,517	$	—	$	1,137,517
Commercial Mortgage-Backed Securities — Non-Agency		—		1,295,814		—		1,295,814
Residential Mortgage-Backed Securities — Agency		—		5,520,931		—		5,520,931
Residential Mortgage-Backed Securities — Non-Agency		—		286,857		—		286,857
Corporate Bonds*		—		4,127,660		—		4,127,660
Municipal Bonds		—		235,550		—		235,550
U.S. Government Agency Obligations		—		770,591		—		770,591
U.S. Treasury Securities		1,080,637		—		—		1,080,637
Total Fixed Income Securities		1,080,637		13,374,920		—		14,455,557
Money Market Investments		40,000		—		—		40,000
Short-Term Investments*		—		281,213		—		281,213
Total Investments	$	1,120,637	$	13,656,133	$	—	$	14,776,770

* 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	$	—	$	655,575,749	$	—	$	655,575,749
Commercial Mortgage-Backed Securities — Agency		—		470,945,412		—		470,945,412
Commercial Mortgage-Backed Securities — Non-Agency		—		60,088,911		—		60,088,911
Residential Mortgage-Backed Securities — Agency		—		3,771,849,596		—		3,771,849,596
Residential Mortgage-Backed Securities — Non-Agency		—		2,554,893,308		11,729,421		2,566,622,729
U.S. Government Agency Obligations		—		76,662,869		—		76,662,869
U.S. Treasury Securities		1,834,317,556		—		—		1,834,317,556
Total Fixed Income Securities		1,834,317,556		7,590,015,845		11,729,421		9,436,062,822
Money Market Investments		113,021,000		—		—		113,021,000
Short-Term Investments*		4,733,000		746,536,365		—		751,269,365
Total Investments		1,952,071,556		8,336,552,210		11,729,421		10,300,353,187
Asset Derivatives
Futures
Interest Rate Risk		6,372,055		—		—		6,372,055
Total	$	1,958,443,611	$	8,336,552,210	$	11,729,421	$	10,306,725,242

* See Schedule of Investments for corresponding industries.

85

TCW Funds, Inc.

Notes to Financial Statements (Continued)

Note 2 — Significant Accounting Policies (Continued)

The Funds did not have any transfers in or out of Level 1 and Level 2 of the fair value hierarchy during the period ended April 30, 2015.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

	TCW Global Bond Fund			TCW High Yield Bond Fund			TCW Total Return Bond Fund
Balance as of October 31, 2014	$	—		$	—		$	12,420,671
Accrued Discounts (Premiums)		1,088			—			—
Realized Gain (Loss)		—			2,874			(783,933	)
Change in Unrealized Appreciation		(659	)		—			92,683
Purchases		45,384			—			—
Sales		—			(2,874	)		—
Transfers in to Level 3 (1)		—			—			—
Transfers out of Level 3 (1)		—			—			—
Balance as of April 30, 2015	$	45,813		$	—		$	11,729,421
Change in Unrealized Appreciation from Investments Still Held at April 30, 2015	$	(659	)	$	—		$	92,683

(1) The Funds recognize transfers in and out at the beginning of the period.

Significant unobservable valuations inputs for Level 3 investments as of April 30, 2015, are as follows:

Description	Fair Value at 04/30/2015		Valuation Techniques*	Unobservable Input		Range
TCW Global Bond Fund
Commercial Mortgage-Backed Securities — Non-Agency	$	45,813	Third-party Vendor		Vendor Prices	$	0.27–0.48
TCW Total Return Bond Fund
Residential Mortgage-Backed Securities — Non-Agency (Interest Only, Collateral Strip Rate Securities)	$	11,729,421	Third-party Vendor		Vendor Prices	$	0.76–3.21

* 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 by the Company’s Pricing Committee in accordance with the guidelines established by the Board of Directors, 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 Chief Risk Officer, Chief Compliance Officer, Treasurer, 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 Funds’ pricing procedures in general.

86

TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

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

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. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statements of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in, or are a reduction of, ordinary income for federal income tax purposes.

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

Derivative Instruments:    Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. A derivative contract may result in a mark to market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. The Funds may not be able to close out a derivative transaction at a favorable time or price.

For the period ended April 30, 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			Total
TCW Enhanced Commodity Strategy Fund
Statements of Asset and Liabilities:
Asset Derivatives
Open Swap Agreements, at Value	$	56		$	56
Total Value	$	56		$	56
Statement of Operations:
Realized Loss on
Swap Agreements	$	(453	)	$	(453	)
Total Realized Loss	$	(453	)	$	(453	)
Change in Unrealized Appreciation on:
Swap Agreements	$	47		$	47
Total Change in Unrealized Appreciation	$	47		$	47
Notional Amounts or Shares/Units (2)
Swap Agreements	$	3,134,670		$	3,134,670

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	Credit Risk			Foreign Currency Risk			Interest Rate Risk		Total
TCW Global Bond Fund
Statements of Asset and Liabilities:
Asset Derivatives
Forward Currency Contracts	$	—		$	46		$	—	$	46
Total Value	$	—		$	46		$	—	$	46
Liability Derivatives
Forward Currency Contracts	$	—		$	(16	)	$	—	$	(16	)
Total Value	$	—		$	(16	)	$	—	$	(16	)
Statement of Operations:
Realized Loss on
Forward Currency Contracts	$	—		$	(193	)	$	—	$	(193	)
Total Realized Loss	$	—		$	(193	)	$	—	$	(193	)
Change in Unrealized Appreciation on:
Forward Currency Contracts	$	—		$	77		$	—	$	77
Total Change in Unrealized Appreciation	$	—		$	77		$	—	$	77
Notional Amounts or Shares/Units (2)
Forward Currency Contracts	$	—		$	2,343,766		$	—	$	2,343,766
TCW High Yield Bond Fund
Statements of Asset and Liabilities:
Asset Derivatives
Open Swap Agreements, at Value	$	6		$	—		$	—	$	6
Total Value	$	6		$	—		$	—	$	6
Statement of Operations:
Realized Loss on
Swap Agreements	$	(4	)	$	—		$	—	$	(4	)
Total Realized Loss	$	(4	)	$	—		$	—	$	(4	)
Change in Unrealized Appreciation on:
Swap Agreements	$	3		$	—		$	—	$	3
Total Change in Unrealized Appreciation	$	3		$	—		$	—	$	3
Notional Amounts or Shares/Units (2)
Swap Agreements	$	750,000		$	—		$	—	$	750,000
TCW Total Return Bond Fund
Statements of Asset and Liabilities:
Asset Derivatives
Futures Contracts (1)	$	—		$	—		$	6,372	$	6,372
Total Value	$	—		$	—		$	6,372	$	6,372
Statement of Operations:
Change in Unrealized Appreciation on:
Futures Contracts	$	—		$	—		$	8,287	$	8,287
Total Change in Unrealized Appreciation	$	—		$	—		$	8,287	$	8,287
Notional Amounts or Shares/Units (2)
Futures Contracts		—			—			9,020		9,020

(1) Includes cumulative appreciation of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2015 is reported within the Statement of Assets and Liabilities.

(2) Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2015.

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

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

With exchange traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds. In order to better define its contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets declines by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

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

Cash collateral that has been pledged to cover obligations of a Fund is reported separately on the Statement of Assets and Liabilities. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold typically $250,000 or $500,000, before a transfer is required, which is determined at the close of each business day and the collateral is transferred on the next business day. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that the Advisor believes

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have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. The Funds have implemented the disclosure requirements pursuant to FASB ASU No. 2013-01, Disclosures about Offsetting Assets and Liabilities, that requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards.

Repurchase Agreements:    The Funds may enter into repurchase agreements, under the terms of Master Repurchase Agreements (“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 the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of 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 year are listed in the Funds’ Schedule of Investments.

The following table presents the Funds’ OTC derivatives assets and liabilities by counterparty net of amounts available for offset under ISDA and/or MRA and net of the related collateral received by the Funds as of April 30, 2015 (in thousands):

TCW Core Fixed Income Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)			Net Amount (1)
State Street Bank & Trust Company (Repurchase Agreement)	$	48,251	$	—	$	48,251	$	(48,251)	(2)	$	—
Total	$	48,251	$	—	$	48,251	$	(48,251)		$	—

(1) Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2) Collateral with a value of $49,217 has been received in connection with a master repurchase agreement. Excess collateral received from the individual master repurchase agreement is not shown for financial reporting purposes.

TCW Enhanced Commodity Strategy Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)			Net Amount (1)
Citigroup Global Markets, Inc. (Derivatives)	$	22	$	—	$	22	$	—		$	22
Credit Suisse First Boston Corp. (Derivatives)		34		—		34		—			34
State Street Bank & Trust Company (Repurchase Agreement)		177		—	$	177	$	(177	) (2)		—
Total	$	233	$	—	$	233	$	(177	)	$	56

(1) Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2) Collateral with a value of $183 has been received in connection with a master repurchase agreement. Excess collateral received from the individual master repurchase agreement is not shown for financial reporting purposes.

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TCW Global Bond Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)			Net Amount (1)
Barclays Capital (Derivatives)	$	43	$	(16	)	$	27	$	—		$	27
JP Morgan Chase Bank (Derivatives)		3		—			3		—			3
State Street Bank & Trust Company (Repurchase Agreement)		769		—			769		(769	) (2)		—
Total	$	815	$	(16	)	$	799	$	(769	)	$	30

(1) Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2) Collateral with a value of $785 has been received in connection with a master repurchase agreement. Excess collateral received from the individual master repurchase agreement is not shown for financial reporting purposes.

TCW High Yield Bond Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)			Net Amount (1)
Credit Suisse International (Derivatives)	$	4	$	—	$	4	$	—		$	4
Goldman Sachs International (Derivatives)		2		—		2		—			2
State Street Bank & Trust Company (Repurchase Agreement)		1,743		—		1,743		(1,743	) (2)		—
Total	$	1,749	$	—	$	1,749	$	(1,743	)	$	6

(1) Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2) Collateral with a value of $1,780 has been received in connection with a master repurchase agreement. Excess collateral received from the individual master repurchase agreement is not shown for financial reporting purposes.

TCW Short Term Bond Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)			Net Amount (1)
State Street Bank & Trust Company (Repurchase Agreement)	$	181	$	—	$	181	$	(181	) (2)	$	—
Total	$	181	$	—	$	181	$	(181	)	$	—

(1) Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2) Collateral with a value of $189 has been received in connection with a master repurchase agreement. Excess collateral received from the individual master repurchase agreement is not shown for financial reporting purposes.

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 in the Statement of Assets and Liabilities. 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 April 30, 2015 are disclosed in the Schedule of Investments.

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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 a Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of a Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The TCW 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 April 30, 2015 are listed in the Fund’s 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).

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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 the Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded as

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realized gains and losses, respectively. During the period ended April 30, 2015, the TCW High Yield Bond Fund utilized credit default swaps to manage credit market exposure; and the TCW Enhanced Commodity Strategy Fund used total return swap agreements to gain exposure to the commodity market. Swap agreements outstanding at April 30, 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.

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The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While the values of these securities are expected to be protected from long-term inflationary trends, short term increases in inflation may lead to declines in values. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

When-Issued, Delayed-Delivery, To be Announced (“TBA”) and Forward Commitment Transactions:    The Funds may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of the Funds’ existing portfolios. In when-issued, delayed-delivery, 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 segregate 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 April 30, 2015.

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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 April 30, 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 April 30, 2015.

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

Dividends and Distributions:    Dividends and distributions to shareholders are recorded on the ex-dividend date. The TCW Enhanced Commodity Strategy Fund declares and pays, or reinvests, dividends from net investment income quarterly. The other Fixed Income Funds declare and pay, or reinvest, dividends from net investment income monthly. Distribution of any net long-term and net short-term capital gains earned by a Fund will be distributed at least annually.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal yearend is distributed in the following year.

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

96

TCW Funds, Inc.

April 30, 2015

Note 3 — Risk Considerations

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

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

Interest Rate Risk:    The values of the Funds’ investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of a Fund’s investment portfolio, the greater the change in value.

Mortgage-Backed and Other Asset-Backed Securities Risk:    Each Fund may invest in mortgage-backed or other asset-backed securities. The values of some mortgage-backed or other asset-backed securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage related-securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. If unanticipated rate of prepayment on underlying mortgages increase the effective maturity of a mortgage-related security, the volatility of the security can be expected to increase. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Derivatives Risk:    Use of derivatives, which at times is an important part of the Funds’ investment strategies, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will engage in these transactions to reduce exposure to other risks when that would be beneficial.

Credit Risk:    The values of any of the Funds’ investments may also decline in response to events affecting the issuer or its credit rating. The lower rated debt securities in which a Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Funds invest also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline. Certain Funds invest a material portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage

97

TCW Funds, Inc.

Notes to Financial Statements (Continued)

Note 3 — Risk Considerations (Continued)

loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.

Mortgage-backed securities (“MBS”) and Asset-backed securities (“ABS”) are characterized and classified in a variety of different ways. These classifications include a view of the securities’ cash flow structure (passthrough, sequential pay, prepayment-protected, interest-only, principal-only, etc.), the security of the claim on the underlying assets, (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans, prime non-conforming loans, Alt-A loans, subprime loans, commercial loans, etc.) In many cases, the classification incorporates a degree of subjectivity: a particular loan might be categorized as “prime” by the underwriting standards of one mortgage issuer while another might classify the loan as “subprime.” In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity take-out), the borrower’s credit quality (e.g. FICO score), and whether the loan is a first trust deed or a second lien.

Counterparty Risk:    The Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The exposure to credit and counterparty risks with respect to these financial assets is reflected in fair value recorded in the Funds’ Statements of Assets and Liabilities.

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

Note 4 — Federal Income Taxes

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

At April 30, 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	$	31,775	$	(5,562	)	$	26,213		$	1,853,165
TCW Enhanced Commodity Strategy Fund		54		(4	)		50			2,596
TCW Global Bond Fund		690		(686	)		4			15,991
TCW High Yield Bond Fund		750		(255	)		495			36,960
TCW Short Term Bond Fund		83		(130	)		(47	)		14,824
TCW Total Return Bond Fund		529,368		(33,471	)		495,897			9,804,456

98

TCW Funds, Inc.

April 30, 2015

Note 4 — Federal Income Taxes (Continued)

At October 31, 2014 the components of distributable earnings on a tax basis were as follows (amounts in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Core Fixed Income Fund	$	9,424	$	612	$	10,036
TCW Enhanced Commodity Strategy Fund		—		2		2
TCW Global Bond Fund		—		25		25
TCW High Yield Bond Fund		131		—		131
TCW Short Term Bond Fund		29		—		29
TCW Total Return Bond Fund		29,550		25,786		55,336

For the year ended October 31, 2014, the tax character of distributions paid was as follows (amounts in thousands):

	Ordinary Income		Long-Term Capital Gain		Total Distributions
TCW Core Fixed Income Fund	$	19,887	$	—	$	19,887
TCW Enhanced Commodity Strategy Fund		47		21		68
TCW Global Bond Fund		1		317		318
TCW High Yield Bond Fund		1,608		—		1,608
TCW Short Term Bond Fund		232		—		232
TCW Total Return Bond Fund		197,115		—		197,115

At October 31, 2014, the following Fund had net realized loss carryforwards for federal income tax purposes (amounts in thousands) which were incurred prior to December 22, 2010:

	Expiring In
	2016		2018		2019
TCW Short Term Bond Fund	$	230	$	7,023	$	111

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred after that date will be required to be utilized prior to the losses incurred in the pre-enactment taxable years. As a result of the ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The following Funds had net realized losses that will be carried forward indefinitely for federal income tax purposes (amounts in thousands):

	Short-Term Capita Losses		Long-Term Capita Losses		Total
TCW High Yield Bond Fund	$	727	$	—	$	727
TCW Short Term Bond Fund		76		20		96

The Funds did not have any unrecognized tax benefits at April 30, 2015, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2015. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

99

TCW Funds, Inc.

Notes to Financial Statements (Continued)

Note 5 — Fund Management Fees and Other Expenses

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

Fund	Management Fee %
TCW Core Fixed Income Fund		0.40	%
TCW Enhanced Commodity Strategy Fund		0.50	%
TCW Global Bond Fund		0.55	%
TCW High Yield Bond Fund		0.45	%
TCW Short Term Bond Fund		0.35	%
TCW Total Return Bond Fund		0.50	%

In addition to the management fees, the Funds reimburse, with approval by the Company’s Board of Directors, the Advisor’s costs associated in support of the Funds’ Rule 38a-1 compliance obligations. These amounts are allocated to each Fund based on management fees paid and are included in the Statements of Operations.

The Advisor limits the operating expenses of the Funds not to exceed the following expense ratios relative to the Funds’ average daily net assets:

TCW Core Fixed Income Fund
I Class	0.49	% (1)
N Class	0.83	% (1)
TCW Enhanced Commodity Strategy Fund
I Class	0.70	% (1)
N Class	0.75	% (1)
TCW Global Bond Fund
I Class	1.13	% (1)
N Class	1.13	% (1)
TCW High Yield Bond Fund
I Class	0.55	% (1)
N Class	0.80	% (1)
TCW Short Term Bond Fund
I Class	0.44	% (1)
TCW Total Return Bond Fund
I Class	0.49	% (1)
N Class	0.79	% (1)

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

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

Directors’ Fees:    Directors who are not affiliated with the Advisor receive compensation from the Funds which are shown on the Statement of Operations. Directors may elect to defer receipt of their fees in accordance with the terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred are recorded on the Funds’ books as other liabilities. Deferred compensation is included within directors’ fees and expenses in the Statements of Assets and Liabilities.

100

TCW Funds, Inc.

April 30, 2015

Note 6 — Distribution Plan

TCW Funds Distributors (“Distributor”), an affiliate of the Advisor and the Funds, serves as the nonexclusive distributor of each class of the Funds’ shares. The Funds have a distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to the N Class shares of each Fund. Under the terms of the plan, each Fund compensates the Distributor at a rate equal to 0.25% of the average daily net assets of the Fund attributable to its N Class shares for distribution and related services.

Note 7 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2015, were as follows (amounts in thousands):

	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Core Fixed Income Fund	$	256,139	$	95,104	$	2,803,939	$	2,524,495
TCW Enhanced Commodity Strategy Fund		31		257		20		19
TCW Global Bond Fund		3,910		2,616		8,618		8,236
TCW High Yield Bond Fund		29,380		23,697		—		—
TCW Short Term Bond Fund		150		1,368		340		1,878
TCW Total Return Bond Fund		353,693		377,274		12,509,495		12,295,314

Note 8 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Core Fixed Income Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		46,633,122		$	525,824			33,896,593		$	376,655
Shares Issued upon Reinvestment of Dividends		987,821			11,137			792,969			8,785
Shares Redeemed		(8,886,533	)		(100,343	)		(30,829,103	)		(340,709	)
Net Increase		38,734,410		$	436,618			3,860,459		$	44,731
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		6,506,698		$	73,335			12,036,222		$	132,668
Shares Issued upon Reinvestment of Dividends		493,816			5,558			736,566			8,146
Shares Redeemed		(8,726,101	)		(98,413	)		(22,160,767	)		(244,701	)
Net Decrease		(1,725,587	)	$	(19,520	)		(9,387,979	)	$	(103,887	)
TCW Enhanced Commodity Strategy Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		397		$	3			—		$	—
Shares Issued upon Reinvestment of Dividends		1,516			9			4,675			36
Shares Redeemed		—			—			—			—
Net Increase		1,913		$	12			4,675		$	36
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		—		$	—			692		$	6
Shares Issued upon Reinvestment of Dividends		1,139			7			3,637			28
Shares Redeemed		—			—			(692	)		(6	)
Net Increase		1,139		$	7			3,637		$	28

101

TCW Funds, Inc.

Notes to Financial Statements (Continued)

Note 8 — Capital Share Transactions (Continued)

TCW Global Bond Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		338		$	4			3,706		$	38
Shares Issued upon Reinvestment of Dividends		6,806			69			14,821			152
Shares Redeemed		(1,496	)		(15	)		(294,020	)		(3,034	)
Net Increase (Decrease)		5,648		$	58			(275,493	)	$	(2,844	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		676		$	7			4,583		$	47
Shares Issued upon Reinvestment of Dividends		6,333			64			15,014			154
Shares Redeemed		(39	)		—			(406,026	)		(4,190	)
Net Increase (Decrease)		6,970		$	71			(386,429	)	$	(3,989	)
TCW High Yield Bond Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		3,641,120		$	22,902			1,559,647		$	10,022
Shares Issued upon Reinvestment of Dividends		60,675			383			132,419			846
Shares Redeemed		(3,607,940	)		(22,702	)		(2,568,395	)		(16,444	)
Net Increase (Decrease)		93,855		$	583			(876,329	)	$	(5,576	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		2,882,868		$	18,335			4,318,604		$	27,894
Shares Issued upon Reinvestment of Dividends		40,010			255			77,544			499
Shares Redeemed		(2,276,127	)		(14,461	)		(4,730,653	)		(30,505	)
Net Increase (Decrease)		646,751		$	4,129			(334,505	)	$	(2,112	)
TCW Short Term Bond Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		127,548		$	1,115			1,693,772		$	14,868
Shares Issued upon Reinvestment of Dividends		11,042			97			23,590			207
Shares Redeemed		(880,192	)		(7,687	)		(1,036,350	)		(9,094	)
Net Increase (Decrease)		(741,602	)	$	(6,475	)		681,012		$	5,981
TCW Total Return Bond Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		131,629,208		$	1,363,922			272,113,412		$	2,778,014
Shares Issued upon Reinvestment of Dividends		6,923,390			71,604			9,879,731			100,459
Shares Redeemed		(109,569,065	)		(1,135,785	)		(189,753,095	)		(1,932,400	)
Net Increase		28,983,533		$	299,741			92,240,048		$	946,073
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		51,240,461		$	548,019			85,626,790		$	900,384
Shares Issued upon Reinvestment of Dividends		2,750,319			29,349			5,402,497			56,613
Shares Redeemed		(33,159,405	)		(354,384	)		(124,807,799	)		(1,314,666	)
Net Increase (Decrease)		20,831,375		$	222,984			(33,778,512	)	$	(357,669	)

102

TCW Funds, Inc.

April 30, 2015

Note 9 — 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 April 30, 2015.

Note 10 — Indemnifications

Under the Company’s organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Company. In addition, the Company entered into an agreement with each of the Directors which provides that the Company will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by any Director in any proceeding arising out of or in connection with the Director’s services to the Company, to the fullest extent permitted by the Company’s Articles of Incorporation and By-Laws, the Maryland General Corporation Law, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Company enters into agreements with service providers that may contain indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. The Company has not accrued any liability in connection with such indemnification.

Note 11 — 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.

103

TCW Core Fixed Income Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010
Net Asset Value per Share, Beginning of Period	$	11.22		$	10.97		$	11.34		$	10.90		$	11.01		$	10.59
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.08			0.21			0.21			0.24			0.36			0.63
Net Realized and Unrealized Gain (Loss) on Investments		0.12			0.24			(0.27	)		0.57			0.17			0.52
Total from Investment Operations		0.20			0.45			(0.06	)		0.81			0.53			1.15
Less Distributions:
Distributions from Net Investment Income		(0.10	)		(0.20	)		(0.20	)		(0.28	)		(0.42	)		(0.64	)
Distributions from Net Realized Gain		(0.03	)		—			(0.11	)		(0.09	)		(0.22	)		(0.09	)
Total Distributions		(0.13	)		(0.20	)		(0.31	)		(0.37	)		(0.64	)		(0.73	)
Net Asset Value per Share, End of Period	$	11.29		$	11.22		$	10.97		$	11.34		$	10.90		$	11.01
Total Return		1.77	%  (2)		4.14	%		(0.49	)%		7.57	%		5.06	%		11.34	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,088,090		$	646,372		$	589,911		$	501,448		$	264,366		$	197,877
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.48	%  (3)		0.49	%		0.48	%		0.49	%		0.55	%		0.56	%
After Expense Reimbursement		N/A			0.47	%		0.44	%		0.44	%		0.44	%		0.44	%
Ratio of Net Investment Income to Average Net Assets		1.42	%  (3)		1.92	%		1.89	%		2.20	%		3.35	%		5.89	%
Portfolio Turnover Rate		169.77	%  (2)		249.94	%		197.42	%		213.82	%		280.49	%		258.36	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

104

TCW Core Fixed Income Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010
Net Asset Value per Share, Beginning of Period	$	11.20		$	10.97		$	11.34		$	10.91		$	11.03		$	10.63
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.06			0.18			0.17			0.21			0.33			0.57
Net Realized and Unrealized Gain (Loss) on Investments		0.13			0.22			(0.25	)		0.56			0.17			0.54
Total from Investment Operations		0.19			0.40			(0.08	)		0.77			0.50			1.11
Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.17	)		(0.18	)		(0.25	)		(0.40	)		(0.62	)
Distributions from Net Realized Gain		(0.03	)		—			(0.11	)		(0.09	)		(0.22	)		(0.09	)
Total Distributions		(0.11	)		(0.17	)		(0.29	)		(0.34	)		(0.62	)		(0.71	)
Net Asset Value per Share, End of Period	$	11.28		$	11.20		$	10.97		$	11.34		$	10.91		$	11.03
Total Return		1.72	%  (2)		3.68	%		(0.74	)%		7.21	%		4.76	%		10.88	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	592,548		$	608,129		$	698,223		$	530,935		$	207,882		$	141,451
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.79	%  (3)		0.80	%		0.77	%		0.79	%		0.85	%		0.88	%
After Expense Reimbursement		N/A			N/A			0.77	%  (4)		0.78	%		0.78	%		0.78	%
Ratio of Net Investment Income to Average Net Assets		1.10	%  (3)		1.59	%		1.56	%		1.86	%		3.00	%		5.32	%
Portfolio Turnover Rate		169.77	%  (2)		249.94	%		197.42	%		213.82	%		280.49	%		258.36	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

(4) Reimbursement is less than 0.01%.

See accompanying notes to financial statements.

105

TCW Enhanced Commodity Strategy Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			April 1, 2011 (Commencement of Operations) through October 31, 2011
Net Asset Value per Share, Beginning of Period	$	7.18		$	7.61		$	8.58		$	8.73		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		0.03			0.10			0.16			0.16			0.08
Net Realized and Unrealized Loss on Investments		(0.85	)		(0.39	)		(0.92	)		(0.11	)		(1.26	)
Total from Investment Operations		(0.82	)		(0.29	)		(0.76	)		0.05			(1.18	)
Less Distributions:
Distributions from Net Investment Income		(0.04	)		(0.11	)		(0.16	)		(0.18	)		(0.09	)
Distributions from Net Realized Gain		—			(0.03	)		(0.05	)		(0.02	)		—
Total Distributions		(0.04	)		(0.14	)		(0.21	)		(0.20	)		(0.09	)
Net Asset Value per Share, End of Period	$	6.32		$	7.18		$	7.61		$	8.58		$	8.73
Total Return		(11.48	)%  (3)		(3.90	)%		(9.05	)%		0.55	%		(11.80	)%  (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,714		$	1,934		$	2,013		$	2,218		$	2,647
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		7.10	%  (4)		5.90	%		5.67	%		5.94	%		5.54	%  (4)
After Expense Reimbursement		0.70	%  (4)		0.70	%		0.70	%		0.70	%		0.70	%  (4)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.92	%  (4)		1.30	%		2.01	%		1.95	%		1.51	%  (4)
Portfolio Turnover Rate		3.41	%  (3)		4.13	%		54.20	%		9.39	%		42.70	%  (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period April 1, 2011 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

106

TCW Enhanced Commodity Strategy Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			April 1, 2011 (Commencement of Operations) through October 31, 2011
Net Asset Value per Share, Beginning of Period	$	7.18		$	7.61		$	8.58		$	8.73		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		0.03			0.10			0.16			0.16			0.08
Net Realized and Unrealized Loss on Investments		(0.85	)		(0.39	)		(0.92	)		(0.11	)		(1.26	)
Total from Investment Operations		(0.82	)		(0.29	)		(0.76	)		0.05			(1.18	)
Less Distributions:
Distributions from Net Investment Income		(0.03	)		(0.11	)		(0.16	)		(0.18	)		(0.09	)
Distributions from Net Realized Gain		—			(0.03	)		(0.05	)		(0.02	)		—
Total Distributions		(0.03	)		(0.14	)		(0.21	)		(0.20	)		(0.09	)
Net Asset Value per Share, End of Period	$	6.33		$	7.18		$	7.61		$	8.58		$	8.73
Total Return		(11.37	)%  (3)		(3.92	)%		(9.05	)%		0.55	%		(11.80	)%  (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,369		$	1,546		$	1,609		$	1,773		$	1,764
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		7.60	%  (4)		6.45	%		6.14	%		6.30	%		5.95	%  (4)
After Expense Reimbursement		0.75	%  (4)		0.73	%		0.70	%		0.70	%		0.70	%  (4)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.87	%  (4)		1.27	%		2.01	%		1.94	%		1.50	%  (4)
Portfolio Turnover Rate		3.41	%  (3)		4.13	%		54.20	%		9.39	%		42.70	%  (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period April 1, 2011 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

107

TCW Global Bond Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			December 1, 2011 (Commencement of Operations) through October 31, 2012
Net Asset Value per Share, Beginning of Period	$	10.26		$	10.45		$	10.97		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.11			0.22			0.35			0.27
Net Realized and Unrealized Gain (Loss) on Investments		(0.27	)		(0.20	)		(0.40	)		0.99
Total from Investment Operations		(0.16	)		0.02			(0.05	)		1.26
Less Distributions:
Distributions from Net Investment Income		(0.07	)		(0.13	)		(0.16	)		(0.29	)
Distributions from Net Realized Gain		(0.02	)		(0.08	)		(0.31	)		—
Total Distributions		(0.09	)		(0.21	)		(0.47	)		(0.29	)
Net Asset Value per Share, End of Period	$	10.01		$	10.26		$	10.45		$	10.97
Total Return		(1.60	)%  (3)		0.21	%		(0.46	)%		12.74	%  (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	8,001		$	8,138		$	11,170		$	11,253
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.32	%  (4)		1.39	%		1.38	%		1.42	%  (4)
After Expense Reimbursement		1.08	%  (4)		1.12	%		1.14	%		1.15	%  (4)
Ratio of Net Investment Income to Average Net Assets		2.13	%  (4)		2.11	%		3.31	%		2.80	%  (4)
Portfolio Turnover Rate		74.16	%  (3)		125.54	%		135.67	%		165.46	%  (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period December 1, 2011 (Commencement of Operations) through October 31, 2012 and is not indicative of a full year’s operating results.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

108

TCW Global Bond Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			December 1, 2011 (Commencement of Operations) through October 31, 2012
Net Asset Value per Share, Beginning of Period	$	10.26		$	10.45		$	10.97		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.11			0.22			0.35			0.27
Net Realized and Unrealized Gain (Loss) on Investments		(0.27	)		(0.20	)		(0.40	)		0.99
Total from Investment Operations		(0.16	)		0.02			(0.05	)		1.26
Less Distributions:
Distributions from Net Investment Income		(0.07	)		(0.13	)		(0.16	)		(0.29	)
Distributions from Net Realized Gain		(0.02	)		(0.08	)		(0.31	)		—
Total Distributions		(0.09	)		(0.21	)		(0.47	)		(0.29	)
Net Asset Value per Share, End of Period	$	10.01		$	10.26		$	10.45		$	10.97
Total Return		(1.60	)%  (3)		0.21	%		(0.46	)%		12.74	%  (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	7,455		$	7,565		$	11,746		$	11,602
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.60	%  (4)		1.67	%		1.62	%		1.68	%  (4)
After Expense Reimbursement		1.08	%  (4)		1.12	%		1.14	%		1.15	%  (4)
Ratio of Net Investment Income to Average Net Assets		2.12	%  (4)		2.12	%		3.30	%		2.79	%  (4)
Portfolio Turnover Rate		74.16	%  (3)		125.54	%		135.67	%		165.46	%  (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period December 1, 2011 (Commencement of Operations) through October 31, 2012 and is not indicative of a full year’s operating results.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

109

TCW High Yield Bond Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010
Net Asset Value per Share, Beginning of Period	$	6.35		$	6.33		$	6.30		$	5.99		$	6.45		$	5.93
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.13			0.29			0.33			0.33			0.44			0.52
Net Realized and Unrealized Gain (Loss) on Investments		(0.00	)  (2)		0.04			0.06			0.37			(0.42	)		0.51
Total from Investment Operations		0.13			0.33			0.39			0.70			0.02			1.03
Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.31	)		(0.36	)		(0.37	)		(0.48	)		(0.51	)
Distributions from Net Realized Gain		—			—			—			(0.02	)		—			—
Total Distributions		(0.14	)		(0.31	)		(0.36	)		(0.39	)		(0.48	)		(0.51	)
Net Asset Value per Share, End of Period	$	6.34		$	6.35		$	6.33		$	6.30		$	5.99		$	6.45
Total Return		2.05	%  (3)		5.25	%		6.44	%		12.03	%		0.24	%		18.18	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	21,207		$	20,649		$	26,102		$	35,006		$	39,648		$	76,897
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.96	%  (4)		0.90	%		1.00	%		1.14	%		1.06	%		0.96	%
After Expense Reimbursement		0.55	%  (4)		0.53	%		0.63	%		N/A			N/A			N/A
Ratio of Net Investment Income to Average Net Assets		4.12	%  (4)		4.60	%		5.14	%		5.39	%		6.93	%		8.49	%
Portfolio Turnover Rate		82.56	%  (3)		145.14	%		114.95	%		111.02	%		154.82	%		176.77	%

(1) Computed using average shares outstanding throughout the period.

(2) Amount rounds to less than $0.01 per share.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

110

TCW High Yield Bond Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010
Net Asset Value per Share, Beginning of Period	$	6.41		$	6.37		$	6.35		$	6.02		$	6.49		$	5.94
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.28			0.32			0.33			0.45			0.51
Net Realized and Unrealized Gain (Loss) on Investments		(0.01	)		0.05			0.06			0.38			(0.44	)		0.52
Total from Investment Operations		0.11			0.33			0.38			0.71			0.01			1.03
Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.29	)		(0.36	)		(0.36	)		(0.48	)		(0.48	)
Distributions from Net Realized Gain		—			—			—			(0.02	)		—			—
Total Distributions		(0.13	)		(0.29	)		(0.36	)		(0.38	)		(0.48	)		(0.48	)
Net Asset Value per Share, End of Period	$	6.39		$	6.41		$	6.37		$	6.35		$	6.02		$	6.49
Total Return		1.79	%  (2)		5.24	%		6.12	%		12.11	%		0.04	%		17.86	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	16,661		$	12,555		$	14,620		$	20,498		$	14,507		$	47,485
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.27	%  (3)		1.39	%		1.34	%		1.51	%		1.38	%		1.27	%
After Expense Reimbursement		0.80	%  (3)		0.78	%		0.83	%		1.17	%		1.20	%		1.20	%
Ratio of Net Investment Income to Average Net Assets		3.91	%  (3)		4.30	%		4.96	%		5.34	%		6.87	%		8.22	%
Portfolio Turnover Rate		82.56	%  (2)		145.14	%		114.95	%		111.02	%		154.82	%		176.77	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

111

TCW Short Term Bond Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010
Net Asset Value per Share, Beginning of Period	$	8.75		$	8.80		$	8.85		$	8.77		$	8.94		$	8.57
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.02			0.06			0.09			0.11			0.17			0.32
Net Realized and Unrealized Gain (Loss) on Investments		(0.00	)  (2)		0.00	(2)		(0.03	)		0.13			(0.09	)		0.45
Total from Investment Operations		0.02			0.06			0.06			0.24			0.08			0.77
Less Distributions:
Distributions from Net Investment Income		(0.05	)		(0.11	)		(0.11	)		(0.15	)		(0.25	)		(0.40	)
Distributions from Return of Capital		—			—			—			(0.01	)		—			—
Total Distributions		(0.05	)		(0.11	)		(0.11	)		(0.16	)		(0.25	)		(0.40	)
Net Asset Value per Share, End of Period	$	8.72		$	8.75		$	8.80		$	8.85		$	8.77		$	8.94
Total Return		0.18	%  (3)		0.65	%		0.67	%		2.74	%		0.84	%		9.21	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	14,546		$	21,080		$	15,202		$	12,814		$	6,874		$	75,849
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.13	%  (4)		1.23	%		1.33	%		1.63	%		0.84	%		0.76	%
After Expense Reimbursement		0.44	%  (4)		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%
Ratio of Net Investment Income to Average Net Assets		0.57	%  (4)		0.70	%		1.01	%		1.21	%		1.96	%		3.66	%
Portfolio Turnover Rate		3.29	% (3)		67.27	%		71.48	%		81.91	%		57.84	%		83.26	%

(1) Computed using average shares outstanding throughout the period.

(2) Amount rounds to less than $0.01 per share.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

112

TCW Total Return Bond Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010
Net Asset Value per Share, Beginning of Period	$	10.31		$	10.13		$	10.27		$	9.76		$	10.37		$	10.21
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.27			0.27			0.52			0.65			0.75
Net Realized and Unrealized Gain (Loss) on Investments		0.08			0.18			0.06			0.64			(0.31	)		0.25
Total from Investment Operations		0.20			0.45			0.33			1.16			0.34			1.00
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.27	)		(0.33	)		(0.63	)		(0.68	)		(0.84	)
Distributions from Net Realized Gain		(0.04	)		—			—			(0.02	)		(0.27	)		—
Distributions from Return of Capital		—			—			(0.14	)		—			—			—
Total Distributions		(0.15	)		(0.27	)		(0.47	)		(0.65	)		(0.95	)		(0.84	)
Net Asset Value per Share, End of Period	$	10.36		$	10.31		$	10.13		$	10.27		$	9.76		$	10.37
Total Return		1.93	%  (2)		4.49	%		3.26	%		12.35	%		3.44	%		10.32	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	6,455,600		$	6,129,426		$	5,085,781		$	5,837,581		$	3,256,269		$	3,185,878
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.59	%  (3)		0.59	%		0.57	%		0.57	%		0.60	%		0.61	%
After Expense Reimbursement		0.49	%  (3)		0.47	%		0.44	%		0.44	%		0.44	%		0.44	%
Ratio of Net Investment Income to Average Net Assets		2.36	%  (3)		2.65	%		2.60	%		5.21	%		6.48	%		7.37	%
Portfolio Turnover Rate		144.34	%  (2)		201.30	%		190.79	%		123.43	%		141.33	%		76.43	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

113

TCW Total Return Bond Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010
Net Asset Value per Share, Beginning of Period	$	10.64		$	10.45		$	10.61		$	10.09		$	10.72		$	10.55
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.11			0.25			0.24			0.52			0.64			0.73
Net Realized and Unrealized Gain (Loss) on Investments		0.07			0.19			0.07			0.65			(0.32	)		0.27
Total from Investment Operations		0.18			0.44			0.31			1.17			0.32			1.00
Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.25	)		(0.33	)		(0.63	)		(0.68	)		(0.83	)
Distributions from Net Realized Gain		(0.04	)		—			—			(0.02	)		(0.27	)		—
Distributions from Return of Capital		—			—			(0.14	)		—			—			—
Total Distributions		(0.13	)		(0.25	)		(0.47	)		(0.65	)		(0.95	)		(0.83	)
Net Asset Value per Share, End of Period	$	10.69		$	10.64		$	10.45		$	10.61		$	10.09		$	10.72
Total Return		1.73	%  (2)		4.24	%		2.96	%		12.03	%		3.12	%		10.00	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	2,409,776		$	2,177,160		$	2,492,073		$	2,342,406		$	2,081,438		$	2,211,097
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.88	%  (3)		0.87	%		0.83	%		0.83	%		0.86	%		0.88	%
After Expense Reimbursement		0.79	%  (3)		0.77	%		0.73	%		0.73	%		0.74	%		0.74	%
Ratio of Net Investment Income to Average Net Assets		2.06	%  (3)		2.36	%		2.31	%		5.02	%		6.19	%		6.98	%
Portfolio Turnover Rate		144.34	%  (2)		201.30	%		190.79	%		123.43	%		141.33	%		76.43	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

114

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2014 to April 30, 2015 (181 days).

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

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

TCW Funds, Inc.	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2014 to April 30, 2015)
TCW Core Fixed Income Fund
I Class Shares
Actual	$	1,000.00	$	1,017.70		0.48	%	$	2.40
Hypothetical (5% return before expenses)		1,000.00		1,022.41		0.48	%		2.41
N Class Shares
Actual	$	1,000.00	$	1,017.20		0.79	%	$	3.95
Hypothetical (5% return before expenses)		1,000.00		1,020.88		0.79	%		3.96
TCW Enhanced Commodity Strategy Fund
I Class Shares
Actual	$	1,000.00	$	885.20		0.70	%	$	3.27
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	%		3.51
N Class Shares
Actual	$	1,000.00	$	886.30		0.75	%	$	3.51
Hypothetical (5% return before expenses)		1,000.00		1,021.08		0.75	%		3.76
TCW Global Bond Fund
I Class Shares
Actual	$	1,000.00	$	984.00		1.08	%	$	5.31
Hypothetical (5% return before expenses)		1,000.00		1,019.44		1.08	%		5.41
N Class Shares
Actual	$	1,000.00	$	984.00		1.08	%	$	5.31
Hypothetical (5% return before expenses)		1,000.00		1,019.44		1.08	%		5.41

115

TCW Funds, Inc.

TCW Funds, Inc.	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2014 to April 30, 2015)
TCW High Yield Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,020.50		0.55	%	$	2.76
Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.55	%		2.76
N Class Shares
Actual	$	1,000.00	$	1,017.90		0.80	%	$	4.00
Hypothetical (5% return before expenses)		1,000.00		1,020.83		0.80	%		4.01
TCW Short Term Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,001.80		0.44	%	$	2.18
Hypothetical (5% return before expenses)		1,000.00		1,022.61		0.44	%		2.21
TCW Total Return Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,019.30		0.49	%	$	2.45
Hypothetical (5% return before expenses)		1,000.00		1,022.37		0.49	%		2.46
N Class Shares
Actual	$	1,000.00	$	1,017.30		0.79	%	$	3.95
Hypothetical (5% return before expenses)		1,000.00		1,020.88		0.79	%		3.96

116

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

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

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

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

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

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

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

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

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

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

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

Availability of Quarterly Portfolio Schedule

The Company files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form N-Q. The Form N-Q is available by calling 800-FUND-TCW (800-386-3829) to obtain a hard copy. You may also obtain the Company’s Form N-Q:

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

2. By visiting the SEC’s Public Reference Room in Washington, D.C. and photocopying it (Phone 1-800-SEC-0330 for information on the operation of the SEC’s Public Reference Room).

117

TCWFunds TCW Family of Funds TCW Funds, Inc. 865 South Figueroa Street Los Angeles, California 90017 800 FUND TCW (800 386 3829) www.TCW.com Investment Advisor TCW Investment Management Company 865 South Figueroa Street Los Angeles, California 90017 Transfer Agent U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, Wisconsin 53202 Independent Registered Public Accounting Firm Deloitte & Touche, LLP 555 West 5th Street Los Angeles, California 90013 Custodian & Administrator State Street Bank & Trust Company One Lincoln Street Boston, Massachusetts 02111 Distributor TCW Funds Distributors 865 South Figueroa Street Los Angeles, California 90017 Directors Patrick C. Haden Director and Chairman of the Board Samuel P. Bell Director David S. DeVito Director John A. Gavin Director Janet E. Kerr Director Peter McMillan Director Charles A. Parker Director Victoria B. Rogers Director Marc I. Stern Director Andrew Tarica Director Officers David S. DeVito President and Chief Executive Officer Meredith S. Jackson Senior Vice President, General Counsel and Secretary Richard M. Villa Treasurer and Chief Financial Officer Jeffrey A. Engelsman Chief Compliance Officer Peter A. Brown Senior Vice President Patrick W. Dennis Assistant Secretary George N. Winn Assistant Treasurer TCW FAMILY OF FUNDS Equity Funds TCW Concentrated Value Fund TCW Global Real Estate Fund TCW Growth Equities Fund TCW High Dividend Equities Fund TCW Relative Value Dividend Appreciation Fund TCW Relative Value Large Cap Fund TCW Relative Value Mid Cap Fund TCW Select Equities Fund TCW Small Cap Growth Fund TCW SMID Cap Growth Fund TCW Allocation Fund TCW Conservative Allocation Fund Fixed Income Funds TCW Core Fixed Income Fund TCW Enhanced Commodity Strategy Fund TCW Global Bond Fund TCW High Yield Bond Fund TCW Short Term Bond Fund TCW Total Return Bond Fund International Funds TCW Emerging Markets Income Fund TCW Emerging Markets Local Currency Income Fund TCW Emerging Markets Multi-Asset Opportunities Fund TCW International Growth Fund TCW International Small Cap Fund FUNDsarFI0415

TCWFunds TCW Family of Funds APRIL 30 2015 SEMI-ANNUAL REPORT INTERNATIONAL FUNDS TCW Emerging Markets Income Fund TCW Emerging Markets Local Currency Income Fund TCW Emerging Markets Multi-Asset Opportunities Fund TCW International Growth Fund TCW International Small Cap Fund

TCW Funds, Inc.

Table of Contents April 30, 2015

Letter to Shareholders	1
Performance Summary	4
Schedules of Investments:	5
TCW Emerging Markets Income Fund	5
TCW Emerging Markets Income Local Currency Income Fund	14
TCW Emerging Markets Multi-Asset Opportunities Fund	21
TCW International Growth Fund	33
TCW International Small Cap Fund	39
Statements of Assets and Liabilities	46
Statements of Operations	48
Statements of Changes in Net Assets	49
Notes to Financial Statements	52
Financial Highlights	78
Shareholder Expenses	88
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	90

To Our Valued Shareholders

David S. DeVito President, Chief Executive Officer & Director

Dear Valued Investors:

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2015. I would like to thank you for your continued investment in the TCW Funds as well as welcome new shareholders to our fund family. As of April 30, 2015, the TCW Funds held total net assets of approximately $19.3 billion.

This report contains information outlining the performance of the TCW Funds and a listing of the portfolio holdings as of April 30, 2015.

About the TCW Funds

The TCW Funds offer shareholders a choice of 22 funds, each targeted to specific asset classes, market segments or multiple sectors of the global equity and fixed income markets. For U.S. equities, we offer funds across the market capitalization and growth/value spectrums. In fixed income, our funds provide investors opportunities across global fixed income markets including U.S. government, corporate and high yield bonds, mortgage-backed and asset-backed securities, as well as sovereign and corporate bonds denominated in U.S. dollars and foreign currencies. Each TCW Fund is managed by long-tenured investment teams with experience through many market cycles. Rigorous fundamental research, disciplined risk analysis and deep market expertise are the foundation for each of our funds.

The Economy

When the Federal Reserve announced in December 2013 that the time had come to begin drawing down its purchases of U.S. Treasury securities and agency mortgages, the market reacted with a backup in yields that saw the 10-Year Note climb above 3% for the first time since 2011. That wasn’t so surprising; after all, the Fed was removing itself — and $85 billion of monthly purchasing power — from those markets, a considerable technical drag. What wasn’t expected, however, was that would be the last time the 10-Year saw a yield as high as 3%! Despite a reasonably good pace of economic growth through 2014 and strong gains in employment in the past 15 months, U.S. rates have fallen, primarily due to a global environment of central bank accommodation that has rates across most of the developed

markets lower than within the U.S. So, it’s ironic that despite the lack of sustained upward rate pressure out the yield curve, much of the current rates discussion focuses on when rate hikes will begin and the anticipated pace of follow-up. And it would seem that the Fed’s objectives are at least twofold: one, to take the Fed Funds rate off the zero bound while remaining accommodating and, two, to avoid a violent reaction to the regime change presaged in the May 2013 “Taper Tantrum.”

The U.S. Stock Market and our U.S. Equity Funds

U.S. stocks posted solid gains during the six month period ended April 30, 2015, with the S&P 500 Index advancing 4.4% on a total return basis despite a number of headwinds during the period. The 58% decline in the price of WTI crude oil from mid-June 2014 to late January of this year, coupled with a nearly 20% gain in the DXY U.S. Dollar Index, undercut stock market investors’ confidence in the resilience of corporate earnings estimates. At the same time, a steady stream of weak macroeconomic data emanating from Europe, Japan, China and many emerging market countries stoked concerns that the U.S. economy could be dragged down by the slowdown in global growth. However, these worries were assuaged by both the Fed’s statement that it would continue to remain patient in terms of the timetable for hiking interest rates, as well as the ECB’s announcement that it would embark upon a quantitative easing program entailing asset purchases totaling at least 1.1 trillion Euros through September 2016. Importantly, corporate earnings results for the first quarter of 2015 proved better than expected and provided support to U.S. stock prices.

For the six months ended April 30, 2015, our value-oriented equity strategies outperformed their respective benchmarks, in many cases boosted by their exposure to names in the top-performing consumer discretionary, healthcare, and technology sectors. Several of our more aggressive growth-oriented equity funds trailed their respective benchmarks during the same period, as global growth concerns raised doubts about the strength of the US economic recovery and hurt investor sentiment towards higher beta aggressive growth names.

1

Letter to Shareholders (Continued)

The U.S. Fixed Income Market and our U.S. Fixed Income Funds

Through early 2015, U.S. Treasury yields fell, led by a vigorous rally in January, after which rates retraced higher on a strong February job report, before finishing on a downtrend due to a dovish interpretation of the March FOMC meeting, where the governors uniformly lowered estimates of future Fed Funds levels. The lower yields fueled price appreciation across the market, with modestly narrowing investment grade corporate spreads delivering a solid gain. Agency residential mortgage-backed securities (MBS) struggled to keep up with the strong U.S. Treasury performance in January and spent the remainder of the quarter playing catch-up, ultimately resulting in a nearly 50 basis point lag on a duration-adjusted basis. Both agency and non-agency commercial MBS (CMBS) generated good relative performance, while asset-backed securities (ABS), overwhelmingly floating rate in nature and thus limited in interest rate duration, produced positive relative returns as well. High yield corporates enjoyed a very good start to the year, especially in February, with a rebound in energy issues, overcoming considerable volatility and a disappointing end to 2014.

International/Global Markets and our Emerging Markets Funds

The Emerging Markets (EM) have been volatile — a default in Argentina, a border crisis in Russia, the threat of a downgrade in Brazil and a significant repricing of the commodity complex. Throughout this period of volatility, however, EM sovereigns as a whole have been able to retain strong balance sheets, with external debt to GDP in the 40% range – at or near the levels before the Global Financial Crisis — and significantly below that of many developed economies. Against this backdrop, Emerging Markets hard currency debt has outperformed or performed in line with various developed market fixed income indices this year. EM local currency debt, however, has underperformed due to dollar strength, although we believe this segment of the market could be an attractive investment opportunity as we get closer to the first Fed rate hike (dollar strength has typically peaked at or before the first Fed move in previous cycles).

For the six months ended April 30, 2015, the TCW Emerging Markets Income Fund I Share returned a negative 3.59% versus the J.P. Morgan EMBI Global Diversified Index return of +1.37%. Underperformance during this period was primarily driven by an active restructuring in the portfolio in December and January to

reduce corporate exposure and add sovereign exposure. Since we made this shift, we have been tracking more in line with the index. During the same period, the TCW Emerging Markets Local Currency Fund I Share returned a negative 6.46%, outperforming the J.P. Morgan GBI-EM Global Diversified Index which returned a negative 8.24%. This outperformance was driven by our focus on reform-oriented countries and active currency hedging.

An Update on the TCW Fund Family

We wanted to update our shareholders on the TCW Funds family over the past six months. During the first quarter, Ray Prasad, CFA, Managing Director, was named Lead Portfolio Manager, and Andrey Glukhov, CFA, Senior Vice President, was named Co-Portfolio Manager for the TCW International Small Cap Fund (TGICX and TGNIX) and the TCW International Growth Fund (TGIBX and TGIDX). Rohit Sah, who served as Portfolio Manager of the funds, left TCW to pursue other opportunities.

Looking Ahead

As a basis for strategy from a forward-looking perspective, through much of 2014, U.S. economic data had been largely consistent with an effort by the Fed to begin removing monetary accommodation, either by raising rates or shrinking its balance sheet. However, with global growth languishing and a strong U.S. dollar, any move by the Fed to begin tightening policy runs a risk of importing a slower economic pace and spurring market volatility. As a result, the pundits will talk about the Fed looking to “thread the needle” of removing incentives to misallocate capital, while not inadvertently bringing havoc to the markets. Exacerbating the risk of volatility is a liquidity environment that could amplify such effects to the downside, as the reduced size of bank trading books may prove insufficient to meet investor needs. That, in fact, could be an opportunity to capture returns across all the markets in which the Funds operate through disciplined strategy implementation and rigorous security selection, as well as being a provider of liquidity to those most willing to pay for it.

With respect to U.S. equities, looking forward, we believe that should the Fed initiate an interest rate hike this Fall, such a rate hike would not necessarily portend a negative backdrop for U.S. stocks if accompanied by sufficient underlying strength in the real economy. Yet, we note that because 2015 U.S. earnings growth expectations have declined from the high to the

2

mid-single digits on the back of a dismal energy sector earnings outlook, consensus stock valuations have drifted up to approximately 17 times forward earnings, which is slightly above their three-decade average of around 16 times. We would add, however, that current valuation levels are in many cases warranted by strong company fundamentals, including deleveraged balance sheets, high cash balances, and near-record profit margins in the midst of a low, stable inflation environment. We remain mindful, of course, of the prospect for heightened volatility until greater clarity emerges with respect to the nature and timing of the Fed’s monetary policy shift to “normalize” interest rates, as well as the resiliency of corporate earnings.

We know that you have many choices when it comes to the management of your financial assets. On behalf of everyone at TCW, I would like to thank you for making the TCW Funds part of your long-term investment plan. We truly value our relationship with you. If you have any questions or require further information, I invite you to visit our website at www.tcw.com, or call our shareholder services department at 800-386-3829.

I look forward to reporting to you again at the end of our fiscal year.

Sincerely,

David S. DeVito

President, Chief Executive Officer and Director

3

TCW Funds, Inc.

Performance Summary (Unaudited)

	Total Return
	Annualized as of April 30, 2015 (1)
	NAV		1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Emerging Markets Income Fund
I Class	$	8.05		(0.54	)%		6.01	%		8.44	%		9.89	% (2)		09/04/96	(3)
N Class	$	10.39		(0.80	)%		5.74	%		8.11	%		8.43	%		03/01/04
TCW Emerging Markets Local Currency Income Fund
I Class	$	9.04		(7.60	)%		N/A			N/A			0.43	%		12/15/10
N Class	$	9.03		(7.61	)%		N/A			N/A			0.39	%		12/15/10
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class	$	10.84		5.42	%		N/A			N/A			5.99	%		07/01/13
N Class	$	10.80		5.43	%		N/A			N/A			5.77	%		07/01/13
TCW International Growth Fund
I Class	$	11.10		8.49	%		N/A			N/A			10.92	%		11/01/12
N Class	$	11.06		8.23	%		N/A			N/A			10.59	%		11/01/12
TCW International Small Cap Fund
I Class	$	8.76		(2.56	)%		N/A			N/A			(1.18	)%		02/28/11
N Class	$	8.77		(2.63	)%		N/A			N/A			(1.24	)%		02/28/11

(1) Past performance is not indicative of future performance.

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

(3) Inception date of the predecessor entity.

4

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Argentina (3.8% of Net Assets)
EUR		20,450,000	Argentine Republic Government International Bond, 2.26%, due 12/31/38 (1)	$	12,231,012
$		24,767,001	Argentine Republic Government International Bond, 8.28%, due 12/31/33 (1)		25,410,943
		40,659,102	Argentine Republic Government International Bond, 8.28%, due 12/31/33 (1)		41,716,239
		68,460,000	Argentine Republic Government International Bond, 8.75%, due 06/02/17 (1)		67,563,174
		21,080,000	YPF S.A., (Reg. S), 8.875%, due 12/19/18 (2)		22,344,800
			Total Argentina (Cost: $156,961,697)		169,266,168
			Bahrain (Cost: $32,459,942) (0.7%)
		32,000,000	Bahrain Government International Bond, (144A), 6%, due 09/19/44 (3)		31,472,000
			Brazil (9.8%)
		51,850,000	Brazil Minas SPE via State of Minas Gerais, (Reg. S), 5.333%, due 02/15/28 (2)		51,072,250
BRL		54,800,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/17 (4)		17,422,079
BRL		62,700,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/21		18,767,899
BRL		54,000,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/23		15,782,916
$		44,000,000	Brazilian Government International Bond, 2.625%, due 01/05/23		40,268,800
		22,720,000	Brazilian Government International Bond, 4.25%, due 01/07/25 (4)		22,492,800
		50,990,000	Brazilian Government International Bond, 5%, due 01/27/45 (4)		48,058,075
		22,400,000	Brazilian Government International Bond, 5.625%, due 01/07/41		23,184,000
		22,658,000	Minerva Luxembourg S.A., (Reg. S), 7.75%, due 01/31/23 (2)		22,658,000
		70,800,000	Petrobras Global Finance BV, 4.875%, due 03/17/20		68,534,400
		81,000,000	Petrobras Global Finance BV, 5.875%, due 03/01/18		83,275,290
		21,000,000	Petrobras Global Finance BV, 7.875%, due 03/15/19		22,806,000
			Total Brazil (Cost: $434,807,363)		434,322,509
			Chile (1.5%)
		42,520,000	Empresa Electrica Angamos S.A., (144A), 4.875%, due 05/25/29 (3)		42,945,200
		24,050,000	Guanay Finance, Ltd., (144A), 6%, due 12/15/20 (3)		25,327,055
			Total Chile (Cost: $67,176,060)		68,272,255
			China (2.1%)
		9,400,000	Country Garden Holdings Co. Ltd., (Reg. S), 7.25%, due 04/04/21 (2)		9,752,500
		37,000,000	Industrial & Commercial Bank of China, Ltd., (144A), 6%, due 12/29/49 (3)(5)(6)		38,896,250
		42,500,000	Tencent Holdings, Ltd., (144A), 3.8%, due 02/11/25 (3)		42,597,353
			Total China (Cost: $89,728,771)		91,246,103
			Colombia (6.6%)
		54,325,000	Avianca Holdings S.A., (144A), 8.375%, due 05/10/20 (3)		54,596,625
		43,000,000	Bancolombia S.A., 6.125%, due 07/26/20 (4)		46,300,861
		16,500,000	BBVA Colombia S.A., (144A), 4.875%, due 04/21/25 (3)		16,685,625

See accompanying notes to financial statements.

5

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Colombia (Continued)
$		25,000,000	Colombia Government International Bond, 2.625%, due 03/15/23	$	23,562,500
		49,254,000	Colombia Government International Bond, 4%, due 02/26/24		50,830,128
		77,850,000	Colombia Government International Bond, 5%, due 06/15/45		79,601,625
		21,700,000	Colombia Telecomunicaciones S.A. ESP, (Reg. S), 5.375%, due 09/27/22 (2)		22,192,590
			Total Colombia (Cost: $296,427,739)		293,769,954
			Croatia (Cost: $61,286,902) (1.4%)
		57,250,000	Croatia Government International Bond, (Reg. S), 5.5%, due 04/04/23 (2)		61,059,987
			Dominican Republic (2.6%)
		33,100,000	Dominican Republic International Bond, (144A), 5.5%, due 01/27/25 (3)		34,424,000
		33,600,000	Dominican Republic International Bond, (144A), 6.85%, due 01/27/45 (3)		35,448,000
		44,900,000	Dominican Republic International Bond, (Reg. S), 5.875%, due 04/18/24 (2)(4)		47,818,500
			Total Dominican Republic (Cost: $113,812,171)		117,690,500
			El Salvador (Cost: $32,391,711) (0.7%)
		32,000,000	El Salvador Government International Bond, (144A), 6.375%, due 01/18/27 (3)		32,680,000
			Ghana (Cost: $43,995,969) (1.0%)
		46,900,000	Republic of Ghana, (Reg. S), 7.875%, due 08/07/23 (2)		45,501,442
			Guatemala (1.6%)
		31,300,000	Comcel Trust via Comunicaciones Celulares S.A., (Reg. S), 6.875%, due 02/06/24 (2)		33,647,500
		38,100,000	Industrial Senior Trust, (144A), 5.5%, due 11/01/22 (3)		37,639,942
			Total Guatemala (Cost: $71,403,165)		71,287,442
			Honduras (Cost: $22,229,951) (0.5%)
		20,000,000	Republic of Honduras, (Reg. S), 8.75%, due 12/16/20 (2)(4)		23,050,000
			Hungary (4.7%)
		41,000,000	Hungary Government International Bond, 5.375%, due 02/21/23 (4)		46,026,600
		43,000,000	Hungary Government International Bond, 5.375%, due 03/25/24 (4)		48,491,100
		47,730,000	Hungary Government International Bond, 5.75%, due 11/22/23 (4)		55,092,352
		59,200,000	Magyar Export-Import Bank Zrt, (144A), 4%, due 01/30/20 (3)(4)		60,458,000
			Total Hungary (Cost: $191,540,049)		210,068,052
			India (4.6%)
INR		477,000,000	Export-Import Bank of India, 8.87%, due 10/30/29		7,775,832
$		42,415,000	ICICI Bank, Ltd., (Reg. S), 6.375%, due 04/30/22 (2)(5)		44,363,757
INR		1,940,000,000	India Government Bond, 7.28%, due 06/03/19		30,158,959
INR		2,500,000,000	India Government Bond, 8.83%, due 11/25/23		41,668,937
INR		1,850,000,000	Power Finance Corp., Ltd., 8.76%, due 11/07/19		29,401,966
INR		1,500,000,000	Power Finance Corp., Ltd., 8.98%, due 10/08/24		24,135,818

See accompanying notes to financial statements.

6

TCW Emerging Markets Income Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			India (Continued)
$		7,750,000	Reliance Industries, Ltd., (144A), 4.875%, due 02/10/45 (3)	$	7,419,835
INR		1,300,000,000	Rural Electrification Corp., Ltd., 8.3%, due 04/10/25		20,380,209
			Total India (Cost: $207,653,954)		205,305,313
			Indonesia (5.6%)
$		51,900,000	Indonesia Government International Bond, (144A), 4.125%, due 01/15/25 (3)		52,970,437
		30,700,000	Indonesia Government International Bond, (144A), 5.125%, due 01/15/45 (3)		31,799,060
		40,000,000	Indonesia Government International Bond, (Reg. S), 3.75%, due 04/25/22 (2)		40,860,000
		39,300,000	Pertamina Persero PT, (Reg. S), 4.3%, due 05/20/23 (2)		39,290,175
		20,000,000	Pertamina Persero PT, (Reg. S), 4.875%, due 05/03/22 (2)		20,770,000
		61,400,000	Perusahaan Penerbit SBSN Indonesia III, (144A), 4.35%, due 09/10/24 (3)		63,073,150
			Total Indonesia (Cost: $247,226,279)		248,762,822
			Israel (1.6%)
		27,925,000	Delek & Avner Tamar Bond, Ltd., (144A), 5.412%, due 12/30/25 (3)		28,659,427
		17,847,000	Israel Electric Corp., Ltd., (144A), 5%, due 11/12/24 (3)		18,962,438
		24,200,000	Israel Government International Bond, 4.5%, due 01/30/43		25,470,500
			Total Israel (Cost: $72,485,216)		73,092,365
			Ivory Coast (Cost: $25,272,390) (0.6%)
		25,800,000	Ivory Coast Government International Bond, (144A), 6.375%, due 03/03/28 (3)		26,058,000
			Jamaica (Cost: $11,040,000) (0.2%)
		11,500,000	Digicel Group Ltd., (Reg. S), 7.125%, due 04/01/22 (2)		10,921,869
			Kenya (Cost: $24,851,300) (0.6%)
		24,400,000	Kenya Government International Bond, (Reg. S), 5.875%, due 06/24/19 (2)(4)		25,298,652
			Lebanon (0.9%)
		17,000,000	Lebanon Government International Bond, 6.375%, due 03/09/20		17,862,750
		22,000,000	Lebanon Government International Bond, (Reg. S), 6%, due 05/20/19 (2)		22,693,000
			Total Lebanon (Cost: $40,495,958)		40,555,750
			Mexico (8.1%)
		38,000,000	BBVA Bancomer S.A., (144A), 6.75%, due 09/30/22 (3)		43,437,800
		40,500,000	Cemex S.A.B. de C.V., (Reg. S), 7.25%, due 01/15/21 (2)(4)		43,942,500
		10,091,000	Controladora Mabe S.A. de C.V., (Reg. S), 7.875%, due 10/28/19 (2)		11,497,736
		60,000,000	Corp. GEO S.A.B. de C.V., (144A), 8.875%, due 03/27/22 (1)(3)		2,700,000
		42,850,000	Mexico Government International Bond, 3.6%, due 01/30/25 (4)		43,552,740

See accompanying notes to financial statements.

7

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Mexico (Continued)
$		32,200,000	Mexico Government International Bond, 3.625%, due 03/15/22 (4)	$	33,351,150
		39,622,000	Mexico Government International Bond, 4.6%, due 01/23/46 (4)		39,671,527
		18,500,000	Petroleos Mexicanos, (Reg. S), 4.25%, due 01/15/25 (2)		18,657,250
		26,300,000	Petroleos Mexicanos, (Reg. S), 5.5%, due 06/27/44 (2)		26,071,190
		56,000,000	Petroleos Mexicanos, (Reg. S), 5.625%, due 01/23/46 (2)		56,257,600
		38,000,000	Tenedora Nemak S.A. de C.V., (144A), 5.5%, due 02/28/23 (3)		39,995,000
			Total Mexico (Cost: $418,601,981)		359,134,493
			Mongolia (Cost: $15,785,785) (0.4%)
		18,000,000	Mongolia Government International Bond, (Reg. S), 5.125%, due 12/05/22 (2)		16,087,500
			Nigeria (0.9%)
		26,450,000	Nigeria Government International Bond, (Reg. S), 6.375%, due 07/12/23 (3)		27,838,625
		12,500,000	Nigeria Government International Bond, (Reg. S), 6.75%, due 01/28/21 (2)		13,437,500
			Total Nigeria (Cost: $39,859,434)		41,276,125
			Oman (Cost: $32,000,000) (0.7%)
		32,000,000	Lamar Funding, Ltd., (144A), 3.958%, due 05/07/25 (3)(7)		32,401,600
			Pakistan (Cost: $17,653,552) (0.4%)
		17,600,000	Pakistan Government International Bond, (144A), 7.25%, due 04/15/19 (3)		18,645,704
			Panama (2.6%)
		12,100,000	Global Bank Corp., (144A), 4.75%, due 10/05/17 (3)		12,487,079
		46,475,000	Global Bank Corp., (144A), 5.125%, due 10/30/19 (3)		48,162,042
		24,900,000	Panama Government International Bond, 3.75%, due 03/16/25		25,542,420
		26,400,000	Panama Government International Bond, 4%, due 09/22/24 (4)		27,522,000
			Total Panama (Cost: $110,628,336)		113,713,541
			Paraguay (2.1%)
		18,440,000	Banco Continental SAECA, (144A), 8.875%, due 10/15/17 (3)		19,315,900
		22,950,000	Banco Regional SAECA, (144A), 8.125%, due 01/24/19 (3)		24,653,693
		15,000,000	Republic of Paraguay, (144A), 4.625%, due 01/25/23 (3)		15,487,500
		32,500,000	Telefonica Celular del Paraguay S.A., (Reg. S), 6.75%, due 12/13/22 (2)		34,072,399
			Total Paraguay (Cost: $91,171,957)		93,529,492
			Peru (4.7%)
		45,600,000	BBVA Banco Continental S.A., (144A), 5.25%, due 09/22/29 (3)(4)(5)		47,134,518
		34,500,000	Corp. Financiera de Desarrollo S.A., (144A), 5.25%, due 07/15/29 (3)(5)		36,269,850
		21,300,000	Fondo MIVIVIENDA S.A., (Reg. S), 3.5%, due 01/31/23 (2)		21,080,610
		17,430,000	InRetail Consumer, (Reg. S), 5.25%, due 10/10/21 (2)(4)		18,019,134
		35,400,000	Southern Copper Corp., 5.875%, due 04/23/45		34,985,820
		26,250,000	Union Andina de Cementos SAA, (144A), 5.875%, due 10/30/21 (3)		26,874,750
		26,200,000	Volcan Cia Minera SAA, (Reg. S), 5.375%, due 02/02/22 (2)		25,780,800
			Total Peru (Cost: $207,563,605)		210,145,482

See accompanying notes to financial statements.

8

TCW Emerging Markets Income Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Romania (1.3%)
$		13,800,000	Romanian Government International Bond, (Reg. S), 4.375%, due 08/22/23 (2)	$	14,697,000
		40,700,000	Romanian Government International Bond, (Reg. S), 4.875%, due 01/22/24 (2)		44,922,625
			Total Romania (Cost: $60,294,318)		59,619,625
			Russia (5.7%)
		23,660,000	Mobile Telesystems OJSC via MTS International Funding, Ltd., (Reg. S), 8.625%, due 06/22/20 (2)		25,818,738
RUB		1,982,390,000	Russian Federal Bond — OFZ, 7.4%, due 06/14/17		36,197,404
$		41,600,000	Russian Foreign Bond — Eurobond, (Reg. S), 3.5%, due 01/16/19 (2)		40,955,200
		74,400,000	Russian Foreign Bond — Eurobond, (Reg. S), 4.5%, due 04/04/22 (2)		72,712,608
		61,600,000	Russian Foreign Bond — Eurobond, (Reg. S), 4.875%, due 09/16/23 (2)		60,676,000
		17,400,000	Russian Foreign Bond — Eurobond, (Reg. S), 5%, due 04/29/20 (2)		17,726,250
			Total Russia (Cost: $255,203,282)		254,086,200
			Serbia (1.6%)
		46,000,000	Republic of Serbia, (Reg. S), 4.875%, due 02/25/20 (2)(4)		47,352,400
		20,994,000	Republic of Serbia, (Reg. S), 5.875%, due 12/03/18 (2)		22,346,014
			Total Serbia (Cost: $68,978,418)		69,698,414
			Slovenia (Cost: $49,526,671) (1.1%)
		42,750,000	Slovenia Government International Bond, (Reg. S), 5.5%, due 10/26/22 (2)(4)		49,491,247
			South Africa (2.9%)
		13,850,000	AngloGold Ashanti Holdings PLC, 5.125%, due 08/01/22		13,451,812
		10,300,000	AngloGold Ashanti Holdings PLC, 5.375%, due 04/15/20		10,417,750
		29,054,000	Gold Fields Orogen Holding BVI, Ltd., (Reg. S), 4.875%, due 10/07/20 (2)		26,366,505
		10,000,000	South Africa Government International Bond, 5.5%, due 03/09/20		11,000,000
		10,000,000	Transnet SOC, Ltd., (Reg. S), 4%, due 07/26/22 (2)		9,690,800
		57,250,000	ZAR Sovereign Capital Fund Propriety, Ltd., (Reg. S), 3.903%, due 06/24/20 (2)		58,772,850
			Total South Africa (Cost: $129,611,018)		129,699,717
			Sri Lanka (1.1%)
		14,650,000	Sri Lanka Government International Bond, (Reg. S), 6%, due 01/14/19 (2)		15,157,989
		31,000,000	Sri Lanka Government International Bond, (Reg. S), 6.25%, due 07/27/21 (2)		32,131,500
			Total Sri Lanka (Cost: $47,992,717)		47,289,489
			Tunisia (Cost: $24,462,871) (0.6%)
		24,150,000	Banque Centrale de Tunisie S.A., (144A), 5.75%, due 01/30/25 (3)		25,025,438

See accompanying notes to financial statements.

9

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Turkey (3.5%)
$		45,550,000	Hazine Mustesarligi Varlik Kiralama AS, (144A), 4.489%, due 11/25/24 (3)	$	45,777,750
		70,800,000	Turkey Government International Bond, 3.25%, due 03/23/23 (4)		66,552,000
		41,700,000	Turkey Government International Bond, 5.125%, due 03/25/22		44,202,000
			Total Turkey (Cost: $160,222,391)		156,531,750
			Ukraine (1.6%)
		9,500,000	MHP S.A., (Reg. S), 8.25%, due 04/02/20 (2)		7,742,500
		22,300,000	Ukraine Government International Bond, (Reg. S), 6.58%, due 11/21/16 (2)		10,369,500
		101,927,000	Ukraine Government International Bond, (Reg. S), 6.875%, due 09/23/15 (2)		53,002,040
			Total Ukraine (Cost: $127,127,983)		71,114,040
			United Arab Emirates (Cost: $27,210,000) (0.6%)
		24,000,000	DP World, Ltd., (Reg. S), 6.85%, due 07/02/37 (2)		27,052,800
			Uruguay (1.1%)
		18,200,000	Uruguay Government International Bond, 4.5%, due 08/14/24		19,633,250
		29,350,000	Uruguay Government International Bond, 5.1%, due 06/18/50 (4)		30,047,062
			Total Uruguay (Cost: $49,776,499)		49,680,312
			Venezuela (3.7%)
		84,500,000	Petroleos de Venezuela S.A., (Reg. S), 6%, due 11/15/26 (2)(4)		35,388,600
		27,850,000	Petroleos de Venezuela S.A., (Reg. S), 8.5%, due 11/02/17 (2)		21,611,600
		25,900,000	Venezuela Government International Bond, 7.65%, due 04/21/25		11,201,750
		75,000,000	Venezuela Government International Bond, (Reg. S), 7.75%, due 10/13/19 (2)(4)		35,062,500
		92,300,000	Venezuela Government International Bond, (Reg. S), 8.25%, due 10/13/24 (2)		40,842,750
		45,000,000	Venezuela Government International Bond, (Reg. S), 9%, due 05/07/23 (2)(4)		20,700,000
			Total Venezuela (Cost: $245,317,787)		164,807,200
			Vietnam (Cost: $24,613,414) (0.6%)
		23,658,000	Vietnam Government International Bond, (144A), 4.8%, due 11/19/24 (3)		24,752,183
			Zambia (Cost: $24,635,299) (0.6%)
		26,250,000	Zambia Government International Bond, (Reg. S), 5.375%, due 09/20/22 (2)(4)		24,460,538
			Total Fixed Income Securities (Cost: $4,471,483,905) (97.0%)		4,317,924,073

See accompanying notes to financial statements.

10

TCW Emerging Markets Income Fund

April 30, 2015

	Number of Shares		Equity Securities	Value
			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: $97,321,336) (2.2%)
$		97,321,336	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $100,905,000 Federal Home Loan Mortgage Corp., rates ranging from 2%-2.06% and maturity dates ranging from 10/17/22-11/02/22, valued at $99,272,128) (Total Amount to be Received Upon Repurchase $97,321,336)		97,321,336
			U.S. Treasury Securities (0.1%)
		13,000	U.S. Treasury Bill, 0.008%, due 05/07/15 (8)		13,000
		366,000	U.S. Treasury Bill, 0.01%, due 05/07/15 (8)		366,000
		2,026,000	U.S. Treasury Bill, 0.01%, due 06/11/15 (8)		2,026,000
			Total U.S. Treasury Securities (Cost: $2,405,000)		2,405,000
			Total Short-Term Investments (Cost: $99,726,336) (2.3%)		99,726,336
			Total Investments (Cost: $4,571,210,241) (99.3%)		4,417,650,409
			Excess of Other Assets over Liabilities (0.7%)		30,833,719
			Total Net Assets (100.0%)	$	4,448,484,128

Forward Currency Contracts
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY (9)
Bank of America		EUR		81,905,463		06/08/15	$	88,374,766	$	91,818,179	$	3,443,413
Bank of America		EUR		33,853,995		06/16/15		36,991,347		37,955,412		964,065
Bank of America		EUR		61,500,022		06/22/15		68,010,452		68,956,472		946,020
Bank of America		HUF		12,540,514,000		06/08/15		46,376,783		46,311,375		(65,408	)
Bank of America		SGD		61,762,020		06/03/15		45,991,526		46,600,741		609,215
Bank of America		SGD		62,334,720		06/12/15		46,411,079		47,026,147		615,068
Citibank N.A.		INR		2,872,350,000		06/10/15		44,845,433		44,864,752		19,319
Citibank N.A.		TRY		112,172,550		05/04/15		42,176,474		41,931,312		(245,162	)
							$	419,177,860	$	425,464,390	$	6,286,530

See accompanying notes to financial statements.

11

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

Forward Currency Contracts
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL (10)
Bank of America		BRL		72,254,600		06/30/15	$	22,000,000	$	23,644,881	$	(1,644,881	)
Bank of America		EUR		81,905,463		06/08/15		91,000,000		91,818,179		(818,179	)
Bank of America		EUR		33,853,995		06/16/15		36,000,000		37,955,412		(1,955,412	)
Bank of America		EUR		61,500,022		06/22/15		65,850,000		68,956,471		(3,106,471	)
Bank of America		HUF		12,540,514,000		06/08/15		45,200,000		46,311,375		(1,111,375	)
Bank of America		RUB		2,348,710,000		07/24/15		44,500,000		44,224,115		275,885
Bank of America		SGD		61,762,020		06/03/15		45,300,000		46,600,741		(1,300,741	)
Bank of America		SGD		62,334,720		06/12/15		44,800,000		47,026,147		(2,226,147	)
Bank of America		TRY		124,212,360		07/28/15		44,700,000		45,311,571		(611,571	)
Citibank N.A.		BRL		66,766,200		07/31/15		22,300,000		21,621,879		678,121
Citibank N.A.		INR		2,872,350,000		06/10/15		45,000,000		44,864,752		135,248
Citibank N.A.		TRY		112,172,550		05/04/15		45,460,000		41,931,312		3,528,688
Citibank N.A.		TRY		119,482,500		06/12/15		44,500,000		44,157,145		342,855
Citibank N.A.		TRY		121,717,860		07/31/15		44,600,000		44,364,801		235,199
							$	641,210,000	$	648,788,781	$	(7,578,781	)

Futures Contracts
Number of Contracts		Type	Expiration Date		Notional Contract Value		Net Unrealized (Depreciation)
	SELL
	2,641	5-Year U.S. Treasury Note Futures		06/30/15	$	317,270,759	$	(2,089,778	)

Notes to the Schedule of Investments:

BRL - Brazilian Real.

EUR - Euro Currency.

HUF - Hungarian Forint.

INR - Indian Rupee.

RUB - Russian Ruble.

SGD - Singapore Dollar.

TRY - New Turkish Lira.

OJSC  Open Joint-Stock Company.

(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) 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 April 30, 2015, the value of these securities amounted to $1,643,249,795 or 36.9% 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 April 30, 2015, the value of these securities amounted to $1,173,071,829 or 26.4% 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.

(4) All or a portion of this security is segregated to cover when-issued, delayed-delivery or forward commitments. (Note 2)

(5) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2015.

(6) Perpetual Maturity.

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

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

(9) Fund buys foreign currency, sells U.S. Dollar.

(10) Fund sells foreign currency, buys U.S. Dollar.

See accompanying notes to financial statements.

12

TCW Emerging Markets Income Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Agriculture		0.2	%
Airlines		1.2
Banks		9.3
Building Materials		1.7
Commercial Services		0.6
Diversified Financial Services		3.1
Electric		2.4
Food		0.5
Foreign Government Bonds		58.3
Government Regional/Local		1.2
Holding Companies-Diversified		0.9
Household Products/Wares		0.2
Internet		1.0
Mining		2.5
Oil & Gas		10.2
Real Estate		0.2
Retail		0.4
Telecommunications		2.9
Transportation		0.2
Short-Term Investments		2.3
Total		99.3	%

See accompanying notes to financial statements.

13

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited)

	Principal Amount		Fixed Income Securities	Value
			Brazil (11.2% of Net Assets)
BRL		15,680,000	Brazil Letras do Tesouro Nacional, 0%, due 01/01/18	$	3,769,464
BRL		6,458,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/17		2,052,120
BRL		21,690,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/18		6,778,133
BRL		19,700,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/21		5,896,772
BRL		9,900,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/23		2,895,100
BRL		21,010,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/25		6,012,062
$		2,450,000	Petrobras Global Finance BV, 5.875%, due 03/01/18		2,518,820
			Total Brazil (Cost: $32,873,482)		29,922,471
			Chile (Cost: $1,407,703) (0.5%)
CLP		815,000,000	Chile Government International Bond, (Reg. S), 6%, due 01/01/20 (1)		1,440,485
			Colombia (8.4%)
COP		5,056,000,000	Colombian TES (Treasury) Bond, 5%, due 11/21/18		2,092,920
COP		14,510,000,000	Colombian TES (Treasury) Bond, 6%, due 04/28/28 (2)		5,382,483
COP		8,462,000,000	Colombian TES (Treasury) Bond, 7%, due 09/11/19		3,728,055
COP		7,156,000,000	Colombian TES (Treasury) Bond, 7%, due 05/04/22		3,087,325
COP		6,050,000,000	Colombian TES (Treasury) Bond, 7.25%, due 06/15/16		2,587,761
COP		1,800,000,000	Colombian TES (Treasury) Bond, 7.75%, due 09/18/30		769,815
COP		9,445,000,000	Colombian TES (Treasury) Bond, 10%, due 07/24/24		4,797,933
			Total Colombia (Cost: $24,896,490)		22,446,292
			Ghana (Cost: $1,393,378) (0.5%)
$		1,425,000	Republic of Ghana, (Reg. S), 7.875%, due 08/07/23 (1)		1,382,507
			Hungary (4.7%)
HUF		659,000,000	Hungary Government Bond, 3.5%, due 06/24/20		2,502,431
HUF		337,370,000	Hungary Government Bond, 6%, due 11/24/23		1,488,944
HUF		608,400,000	Hungary Government Bond, 6.5%, due 06/24/19		2,577,093
HUF		808,000,000	Hungary Government Bond, 6.75%, due 11/24/17		3,353,345
HUF		580,500,000	Hungary Government Bond, 7.5%, due 11/12/20		2,628,476
			Total Hungary (Cost: $13,352,430)		12,550,289
			India (6.4%)
INR		145,000,000	Export-Import Bank of India, 8.87%, due 10/30/29		2,363,723
INR		175,000,000	India Government Bond, 7.28%, due 06/03/19		2,720,525
INR		173,000,000	India Government Bond, 8.83%, due 11/25/23		2,883,490
INR		100,000,000	Power Finance Corp., Ltd., 8.98%, due 10/08/24		1,609,054
INR		50,000,000	Power Grid Corp. of India, Ltd., 9.64%, due 05/31/17		806,380
INR		125,000,000	Power Grid Corp. of India, Ltd., 9.64%, due 05/31/18		2,036,332
INR		175,000,000	Power Grid Corp. of India, Ltd., 9.64%, due 05/31/19		2,862,475
INR		110,000,000	Rural Electrification Corp., Ltd., 8.3%, due 04/10/25		1,724,479
			Total India (Cost: $19,246,978)		17,006,458
			Indonesia (8.6%)
IDR		65,452,000,000	Indonesia Treasury Bond, 5.25%, due 05/15/18		4,742,032
IDR		27,406,000,000	Indonesia Treasury Bond, 5.625%, due 05/15/23		1,847,857

14

TCW Emerging Markets Local Currency Income Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Indonesia (Continued)
IDR		16,063,000,000	Indonesia Treasury Bond, 7%, due 05/15/22	$	1,194,963
IDR		18,063,000,000	Indonesia Treasury Bond, 8.25%, due 06/15/32		1,417,400
IDR		58,558,000,000	Indonesia Treasury Bond, 8.375%, due 03/15/24		4,699,548
IDR		22,500,000,000	Indonesia Treasury Bond, 8.375%, due 03/15/34		1,789,412
IDR		48,099,000,000	Indonesia Treasury Bond, 9%, due 03/15/29		4,045,697
IDR		16,411,000,000	Indonesia Treasury Bond, 9.5%, due 07/15/31		1,430,634
IDR		20,569,000,000	Indonesia Treasury Bond, 10.5%, due 08/15/30		1,925,909
			Total Indonesia (Cost: $24,740,696)		23,093,452
			Malaysia (8.2%)
MYR		6,809,000	Malaysia Government Bond, 3.48%, due 03/15/23 (2)		1,865,356
MYR		960,000	Malaysia Government Bond, 3.844%, due 04/15/33 (2)		257,554
MYR		8,471,000	Malaysia Government Bond, 4.012%, due 09/15/17 (2)		2,416,548
MYR		9,147,000	Malaysia Government Bond, 4.16%, due 07/15/21 (2)		2,627,371
MYR		12,310,000	Malaysia Government Bond, 4.262%, due 09/15/16 (2)		3,505,732
MYR		17,048,000	Malaysia Government Bond, 4.378%, due 11/29/19 (2)		4,941,359
MYR		5,341,000	Malaysia Government Bond, 4.392%, due 04/15/26 (2)		1,555,136
MYR		15,900,000	Malaysia Government Bond, 4.498%, due 04/15/30 (2)		4,694,592
			Total Malaysia (Cost: $22,360,637)		21,863,648
			Mexico (10.4%)
MXN		21,900,000	Mexican BONOS Government Bond, 5%, due 12/11/19		1,412,766
MXN		82,200,000	Mexican BONOS Government Bond, 7.75%, due 12/14/17		5,788,446
MXN		38,070,000	Mexican BONOS Government Bond, 7.75%, due 05/29/31		2,835,328
MXN		29,100,000	Mexican BONOS Government Bond, 7.75%, due 11/23/34		2,191,355
MXN		32,350,000	Mexican BONOS Government Bond, 8%, due 06/11/20 (2)		2,357,663
MXN		87,200,000	Mexican BONOS Government Bond, 8%, due 12/07/23 (2)		6,486,216
MXN		53,700,000	Mexican BONOS Government Bond, 8.5%, due 12/13/18		3,910,166
MXN		22,500,000	Mexican BONOS Government Bond, 8.5%, due 05/31/29 (2)		1,779,114
MXN		12,590,000	Mexican BONOS Government Bond, 10%, due 12/05/24 (2)		1,065,579
			Total Mexico (Cost: $30,152,879)		27,826,633
			Nigeria (1.0%)
$		1,200,000	Nigeria Government International Bond, (Reg. S), 6.375%, due 07/12/23 (1)		1,263,000
		1,375,000	Nigeria Government International Bond, (Reg. S), 6.75%, due 01/28/21 (1)		1,478,125
			Total Nigeria (Cost: $2,643,903)		2,741,125
			Peru (1.6%)
PEN		5,400,000	Peruvian Government International Bond, (144A), 5.7%, due 08/12/24 (3)		1,707,648
PEN		2,500,000	Peruvian Government International Bond, (Reg. S), 6.95%, due 08/12/31 (1)		828,800
PEN		3,110,000	Peruvian Government International Bond, (Reg. S), 7.84%, due 08/12/20 (1)		1,131,871

See accompanying notes to financial statements.

15

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Peru (Continued)
PEN		1,580,000	Peruvian Government International Bond, (Reg. S), 8.2%, due 08/12/26 (1)	$	589,833
			Total Peru (Cost: $4,685,909)		4,258,152
			Romania (Cost: $2,921,056) (1.0%)
RON		9,950,000	Romania Government Bond, 4.75%, due 06/24/19		2,760,163
			Russia (7.3%)
RUB		96,400,000	Russian Federal Bond — OFZ, 6.8%, due 12/11/19		1,609,792
RUB		238,000,000	Russian Federal Bond — OFZ, 6.9%, due 08/03/16		4,412,187
RUB		203,000,000	Russian Federal Bond — OFZ, 7%, due 01/25/23		3,230,571
RUB		131,500,000	Russian Federal Bond — OFZ, 7.05%, due 01/19/28		1,965,504
RUB		114,897,000	Russian Federal Bond — OFZ, 7.4%, due 06/14/17		2,097,959
RUB		267,200,000	Russian Federal Bond — OFZ, 7.5%, due 03/15/18		4,780,550
RUB		87,700,000	Russian Federal Bond — OFZ, 7.6%, due 04/14/21		1,480,651
			Total Russia (Cost: $19,405,463)		19,577,214
			Serbia (2.1%)
RSD		80,000,000	Serbia Treasury Bond, 10%, due 09/28/15		751,540
RSD		108,500,000	Serbia Treasury Bond, 10%, due 04/25/16		1,030,905
RSD		99,000,000	Serbia Treasury Bond, 10%, due 06/12/16		942,939
RSD		150,000,000	Serbia Treasury Bond, 10%, due 06/27/16		1,424,808
RSD		159,500,000	Serbia Treasury Bond, 10%, due 10/17/16		1,514,201
			Total Serbia (Cost: $5,421,710)		5,664,393
			South Africa (11.5%)
ZAR		48,650,400	South Africa Government Bond, 6.25%, due 03/31/36 (2)		3,179,571
ZAR		34,264,000	South Africa Government Bond, 6.75%, due 03/31/21 (2)		2,760,917
ZAR		16,000,000	South Africa Government Bond, 6.75%, due 03/31/21		1,289,244
ZAR		9,100,000	South Africa Government Bond, 7%, due 02/28/31		669,020
ZAR		39,469,000	South Africa Government Bond, 7%, due 02/28/31		2,901,708
ZAR		44,800,000	South Africa Government Bond, 7.25%, due 01/15/20 (2)		3,722,670
ZAR		32,860,000	South Africa Government Bond, 8%, due 12/21/18		2,815,986
ZAR		18,300,000	South Africa Government Bond, 8%, due 01/31/30 (2)		1,485,287
ZAR		15,000,000	South Africa Government Bond, 8.25%, due 09/15/17 (2)		1,288,818
ZAR		37,500,000	South Africa Government Bond, 8.25%, due 09/15/17		3,222,046
ZAR		20,500,000	South Africa Government Bond, 10.5%, due 12/21/26		2,045,002
ZAR		54,707,000	South Africa Government Bond, 10.5%, due 12/21/26 (2)		5,457,362
			Total South Africa (Cost: $34,454,279)		30,837,631
			Thailand (6.5%)
THB		162,700,000	Thailand Government Bond, 3.25%, due 06/16/17 (2)		5,108,819
THB		34,000,000	Thailand Government Bond, 3.58%, due 12/17/27 (2)		1,124,841
THB		86,300,000	Thailand Government Bond, 3.625%, due 06/16/23 (2)		2,855,063
THB		65,300,000	Thailand Government Bond, 3.65%, due 12/17/21 (2)		2,146,293
THB		106,300,000	Thailand Government Bond, 3.875%, due 06/13/19 (2)		3,474,480
THB		68,600,000	Thailand Government Bond, 4.875%, due 06/22/29 (2)		2,575,856
			Total Thailand (Cost: $17,111,310)		17,285,352

See accompanying notes to financial statements.

16

TCW Emerging Markets Local Currency Income Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Turkey (7.0%)
TRY		10,960,000	Turkey Government Bond, 6.3%, due 02/14/18	$	3,786,306
TRY		9,800,000	Turkey Government Bond, 8.2%, due 11/16/16		3,582,789
TRY		7,900,000	Turkey Government Bond, 8.3%, due 10/07/15		2,931,678
TRY		15,350,000	Turkey Government Bond, 8.3%, due 06/20/18 (2)		5,561,427
TRY		7,535,000	Turkey Government Bond, 10.7%, due 02/24/16 (2)		2,828,495
			Total Turkey (Cost: $22,004,712)		18,690,695
			Zambia (Cost: $1,416,644) (0.5%)
$		1,500,000	Zambia Government International Bond, (Reg. S), 5.375%, due 09/20/22 (1)		1,397,745
			Total Fixed Income Securities (Cost: $280,489,659) (97.4%)		260,744,705
			Short-Term Investments
			Zambia (Cost: $1,271,500) (0.4%)
ZMW		10,500,000	Republic of Zambia Treasury Bills, 0%, due 03/08/16		1,179,251
			Repurchase Agreement (Cost: $1,298,523) (0.5%)
$		1,298,523	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $1,330,000 Federal National Mortgage Association, 2.08%, due 11/02/22 valued at $1,326,394) (Total Amount to be Received Upon Repurchase $1,298,523)		1,298,523
			Total Short-Term Investments (Cost: $2,570,023) (0.9%)		2,477,774
			Total Investments (Cost: $283,059,682) (98.3%)		263,222,479
			Excess of Other Assets over Liabilities (1.7%)		4,595,901
			Total Net Assets (100.0%)	$	267,818,380

See accompanying notes to financial statements.

17

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)

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		EUR		2,960,266		05/12/15	$	3,192,890	$	3,317,422	$	124,532
Bank of America		EUR		5,220,348		06/08/15		5,606,140		5,852,148		246,008
Bank of America		EUR		1,833,758		06/16/15		2,003,698		2,055,918		52,220
Bank of America		EUR		3,922,553		06/22/15		4,336,043		4,398,134		62,091
Bank of America		HUF		804,590,500		06/08/15		2,975,502		2,971,305		(4,197	)
Bank of America		SGD		3,953,860		06/03/15		2,944,270		2,983,270		39,000
Bank of America		SGD		3,965,490		06/12/15		2,952,490		2,991,618		39,128
Bank of America		TRY		14,337,600		05/04/15		5,395,564		5,359,550		(36,014	)
Citibank N.A.		COP		7,432,800,000		06/11/15		3,093,777		3,085,986		(7,791	)
Citibank N.A.		INR		165,418,500		05/29/15		2,600,000		2,590,248		(9,752	)
Citibank N.A.		INR		185,107,000		06/10/15		2,890,039		2,891,284		1,245
Citibank N.A.		MYR		10,926,000		05/27/15		3,052,121		3,061,630		9,509
Citibank N.A.		THB		49,470,000		06/02/15		1,495,918		1,499,464		3,546
							$	42,538,452	$	43,057,977	$	519,525
SELL (5)
Bank of America		EUR		2,960,266		05/12/15	$	3,350,000	$	3,317,422	$	32,578
Bank of America		EUR		5,220,348		06/08/15		5,800,000		5,852,148		(52,148	)
Bank of America		EUR		1,833,758		06/16/15		1,950,000		2,055,918		(105,918	)
Bank of America		EUR		3,922,553		06/22/15		4,200,000		4,398,135		(198,135	)
Bank of America		HUF		1,609,181,000		06/08/15		5,800,000		5,942,610		(142,610	)
Bank of America		PEN		8,778,000		07/23/15		2,850,000		2,775,744		74,256
Bank of America		RUB		145,676,500		06/24/15		2,350,000		2,772,610		(422,610	)
Bank of America		RUB		137,228,000		07/24/15		2,600,000		2,583,881		16,119
Bank of America		SGD		3,953,860		06/03/15		2,900,000		2,983,270		(83,270	)
Bank of America		SGD		3,965,490		06/12/15		2,850,000		2,991,619		(141,619	)
Bank of America		TRY		7,181,850		05/04/15		2,900,000		2,684,653		215,347
Bank of America		TRY		7,829,300		07/08/15		2,950,000		2,871,941		78,059
Bank of America		TRY		7,419,396		07/28/15		2,670,000		2,706,530		(36,530	)
Bank of America		ZAR		34,340,320		06/24/15		2,800,000		2,848,673		(48,673	)
Bank of America		ZAR		35,473,750		07/09/15		2,950,000		2,935,385		14,615
Citibank N.A.		BRL		9,193,888		07/13/15		2,935,000		2,995,727		(60,727	)
Citibank N.A.		BRL		8,083,800		07/31/15		2,700,000		2,617,896		82,104
Citibank N.A.		COP		7,432,800,000		06/11/15		2,850,000		3,085,985		(235,985	)
Citibank N.A.		INR		185,107,000		06/10/15		2,900,000		2,891,284		8,716
Citibank N.A.		MYR		10,926,000		05/27/15		3,000,000		3,061,630		(61,630	)
Citibank N.A.		THB		49,470,000		06/02/15		1,500,000		1,499,464		536
Citibank N.A.		TRY		7,155,750		05/04/15		2,900,000		2,674,897		225,103
Citibank N.A.		TRY		14,764,431		07/31/15		5,410,000		5,381,470		28,530
							$	73,115,000	$	73,928,892	$	(813,892	)

See accompanying notes to financial statements.

18

TCW Emerging Markets Local Currency Income Fund

April 30, 2015

Cross Currency Forwards
Counterparty	Contracts to Deliver/ Units of Currency			Settlement Date		Contracts to Receive/ Units of Currency			Unrealized Appreciation (Depreciation)
Citibank N.A.		EUR	5,230,000		06/09/15		PLN	21,738,495	$	152,984
Citibank N.A.		EUR	5,420,000		07/16/15		PLN	21,879,335		(31,525	)
									$	121,459

Notes to the Schedule of Investments:

BRL - Brazilian Real.

CLP - Chilean Peso.

COP - Colombian Peso.

EUR - Euro Currency.

HUF - Hungarian Forint.

IDR - Indonesian Rupiah.

INR - Indian Rupee.

MXN - Mexican Peso.

MYR - Malaysian Ringgit.

PEN - Peruvian Nouveau Sol.

PLN - Polish Zloty.

RON - New Romanian Leu.

RSD - Serbian Dinar.

RUB - Russian Ruble.

SGD - Singapore Dollar.

THB - Thai Baht.

TRY - New Turkish Lira.

ZAR - South African Rand.

ZMW - Zambian Kwacha.

(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 April 30, 2015, the value of these securities amounted to $9,512,366 or 3.6% of net assets.

(2) All or a portion of this security is segregated to cover when-issued, delayed-delivery or forward commitments. (Note 2)

(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 April 30, 2015, the value of these securities amounted to $1,707,648 or 0.6% 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.

(4) Fund buys foreign currency, sells U.S. Dollar.

(5) Fund sells foreign currency, buys U.S. Dollar.

See accompanying notes to financial statements.

19

TCW Emerging Markets Local Currency Income Fund

Investments by Industry (Unaudited)

April 30, 2015

Industry	Percentage of Net Assets
Banks		0.9	%
Diversified Financial Services		0.6
Electric		2.8
Foreign Government Bonds		92.2
Oil & Gas		0.9
Short-Term Investments		0.9
Total		98.3	%

See accompanying notes to financial statements.

20

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Argentina (1.5% of Net Assets)
EUR		195,000	Argentine Republic Government International Bond, 2.26%, due 12/31/38 (1)	$	116,628
$		154,224	Argentine Republic Government International Bond, 8.28%, due 12/31/33 (1)		158,234
		70,102	Argentine Republic Government International Bond, 8.28%, due 12/31/33 (1)		71,924
		363,000	Argentine Republic Government International Bond, 8.75%, due 06/02/17 (1)		358,245
		100,000	YPF S.A., (Reg. S), 8.875%, due 12/19/18 (2)		106,000
			Total Argentina (Cost: $765,415)		811,031
			Brazil (4.2%)
		400,000	Brazil Minas SPE via State of Minas Gerais, (Reg. S), 5.333%, due 02/15/28 (2)		394,000
BRL		340,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/17		108,041
BRL		100,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/21		29,933
BRL		470,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/23		137,444
$		150,000	Brazilian Government International Bond, 2.625%, due 01/05/23		137,280
		450,000	Brazilian Government International Bond, 4.25%, due 01/07/25		445,500
		140,000	Brazilian Government International Bond, 5.625%, due 01/07/41		144,900
		630,000	Petrobras Global Finance BV, 4.875%, due 03/17/20		609,840
		30,000	Petrobras Global Finance BV, 5.75%, due 01/20/20		30,026
		250,000	Petrobras Global Finance BV, 5.875%, due 03/01/18		257,022
			Total Brazil (Cost: $2,241,479)		2,293,986
			Chile (0.9%)
		250,000	Empresa Electrica Angamos S.A., (144A), 4.875%, due 05/25/29 (3)		252,500
		250,000	Guanay Finance, Ltd., (144A), 6%, due 12/15/20 (3)		263,275
			Total Chile (Cost: $498,437)		515,775
			China (1.2%)
		250,000	Industrial & Commercial Bank of China, Ltd., (144A), 6%, due 12/29/49 (3)(4)(5)		262,813
		400,000	Tencent Holdings, Ltd., (144A), 3.8%, due 02/11/25 (3)		400,916
			Total China (Cost: $653,936)		663,729
			Colombia (2.9%)
		200,000	Avianca Holdings S.A., (144A), 8.375%, due 05/10/20 (3)		201,000
		350,000	Bancolombia S.A., 5.125%, due 09/11/22 (6)		358,925
		150,000	BBVA Colombia S.A., (144A), 4.875%, due 04/21/25 (3)		151,687
		450,000	Colombia Government International Bond, 4%, due 02/26/24 (6)		464,400
		200,000	Colombia Government International Bond, 5%, due 06/15/45		204,500
		200,000	Colombia Telecomunicaciones S.A. ESP, (Reg. S), 5.375%, due 09/27/22 (2)		204,540
			Total Colombia (Cost: $1,573,799)		1,585,052
			Croatia (Cost: $213,176) (0.4%)
		200,000	Croatia Government International Bond, (Reg. S), 5.5%, due 04/04/23 (2)(6)		213,310

See accompanying notes to financial statements.

21

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Dominican Republic (1.1%)
$		200,000	Dominican Republic International Bond, (144A), 5.5%, due 01/27/25 (3)	$	208,000
		200,000	Dominican Republic International Bond, (144A), 6.85%, due 01/27/45 (3)		211,000
		200,000	Dominican Republic International Bond, (Reg. S), 5.875%, due 04/18/24 (2)		213,000
			Total Dominican Republic (Cost: $610,456)		632,000
			El Salvador (Cost: $200,000) (0.4%)
		200,000	El Salvador Government International Bond, (144A), 6.375%, due 01/18/27 (3)		204,250
			Ghana (Cost: $181,437) (0.3%)
		200,000	Republic of Ghana, (Reg. S), 8.125%, due 01/18/26 (2)		194,016
			Guatemala (0.8%)
		250,000	Comcel Trust via Comunicaciones Celulares S.A., (Reg. S), 6.875%, due 02/06/24 (2)		268,750
		180,000	Industrial Senior Trust, (144A), 5.5%, due 11/01/22 (3)		177,827
			Total Guatemala (Cost: $438,326)		446,577
			Honduras (Cost: $223,167) (0.4%)
		200,000	Republic of Honduras, (Reg. S), 8.75%, due 12/16/20 (2)(6)		230,500
			Hungary (1.6%)
		400,000	Hungary Government International Bond, 5.375%, due 03/25/24		451,080
		200,000	Hungary Government International Bond, 5.75%, due 11/22/23 (6)		230,850
		225,000	Magyar Export-Import Bank Zrt, (144A), 4%, due 01/30/20 (3)(6)		229,781
			Total Hungary (Cost: $853,740)		911,711
			India (1.8%)
INR		15,000,000	Export-Import Bank of India, 8.87%, due 10/30/29		244,523
$		200,000	ICICI Bank, Ltd., (Reg. S), 6.375%, due 04/30/22 (2)(4)		209,189
INR		9,500,000	India Government Bond, 7.28%, due 06/03/19		147,686
INR		13,000,000	Power Finance Corp., Ltd., 8.98%, due 10/08/24		209,177
$		200,000	Reliance Industries, Ltd., (144A), 4.125%, due 01/28/25 (3)		203,900
			Total India (Cost: $1,016,698)		1,014,475
			Indonesia (2.8%)
		400,000	Indonesia Government International Bond, (144A), 4.125%, due 01/15/25 (3)		408,250
		200,000	Indonesia Government International Bond, (Reg. S), 3.75%, due 04/25/22 (2)		204,300
		200,000	Indonesia Government International Bond, (Reg. S), 5.25%, due 01/17/42 (2)		210,260
IDR		1,500,000,000	Indonesia Treasury Bond, 5.625%, due 05/15/23		101,138
$		200,000	Pertamina Persero PT, (Reg. S), 4.3%, due 05/20/23 (2)		199,950
		200,000	Perusahaan Gas Negara Persero Tbk PT, (144A), 5.125%, due 05/16/24 (3)		210,000
		200,000	Perusahaan Penerbit SBSN Indonesia III, (144A), 4.35%, due 09/10/24 (3)		205,450
			Total Indonesia (Cost: $1,523,865)		1,539,348

See accompanying notes to financial statements.

22

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Israel (0.6%)
$		110,000	Delek & Avner Tamar Bond, Ltd., (144A), 5.412%, due 12/30/25 (3)	$	112,893
		200,000	Israel Government International Bond, 4.5%, due 01/30/43		210,500
			Total Israel (Cost: $329,460)		323,393
			Ivory Coast (Cost: $195,910) (0.4%)
		200,000	Ivory Coast Government International Bond, (144A), 6.375%, due 03/03/28 (3)		202,000
			Kenya (Cost: $203,713) (0.4%)
		200,000	Kenya Government International Bond, (Reg. S), 5.875%, due 06/24/19 (2)		207,366
			Lebanon (0.4%)
		100,000	Lebanon Government International Bond, (Reg. S), 5.8%, due 04/14/20 (2)		101,730
		115,000	Lebanon Government International Bond, (Reg. S), 6%, due 05/20/19 (2)		118,623
			Total Lebanon (Cost: $220,467)		220,353
			Mexico (3.7%)
		250,000	BBVA Bancomer S.A., (144A), 4.375%, due 04/10/24 (3)		262,350
		168,000	BBVA Bancomer S.A., (144A), 6.75%, due 09/30/22 (3)		192,041
		200,000	Cemex S.A.B. de C.V., (144A), 6.5%, due 12/10/19 (3)		214,760
		100,000	Controladora Mabe S.A. de C.V., (Reg. S), 7.875%, due 10/28/19 (2)		113,941
		300,000	Mexico Government International Bond, 3.6%, due 01/30/25 (6)		304,920
		500,000	Mexico Government International Bond, 3.625%, due 03/15/22 (6)		517,875
		250,000	Mexico Government International Bond, 4.6%, due 01/23/46		250,312
		200,000	Petroleos Mexicanos, (Reg. S), 5.5%, due 06/27/44 (2)		198,260
			Total Mexico (Cost: $2,024,597)		2,054,459
			Nigeria (Cost: $206,711) (0.4%)
		200,000	Nigeria Government International Bond, (Reg. S), 6.375%, due 07/12/23 (2)		210,500
			Oman (Cost: $200,005) (0.4%)
		200,000	Lamar Funding, Ltd., (144A), 3.958%, due 05/07/25 (3)(7)		202,510
			Pakistan (Cost: $199,000) (0.4%)
		200,000	Pakistan Government International Bond, (144A), 8.25%, due 04/15/24 (3)		219,000
			Panama (1.2%)
		200,000	Global Bank Corp., (144A), 4.75%, due 10/05/17 (3)		206,398
		250,000	Global Bank Corp., (144A), 5.125%, due 10/30/19 (3)		259,075
		200,000	Panama Government International Bond, 3.75%, due 03/16/25		205,160
			Total Panama (Cost: $644,864)		670,633
			Paraguay (0.6%)
		150,000	Banco Continental SAECA, (144A), 8.875%, due 10/15/17 (3)		157,125
		150,000	Banco Regional SAECA, (144A), 8.125%, due 01/24/19 (3)		161,135
			Total Paraguay (Cost: $305,640)		318,260

See accompanying notes to financial statements.

23

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Peru (2.0%)
$		200,000	BBVA Banco Continental S.A., (144A), 5.25%, due 09/22/29 (3)(4)	$	206,730
		250,000	Corp. Financiera de Desarrollo S.A., (144A), 5.25%, due 07/15/29 (3)(4)		262,825
		200,000	Fondo MIVIVIENDA S.A., (Reg. S), 3.5%, due 01/31/23 (2)		197,940
		150,000	InRetail Consumer, (Reg. S), 5.25%, due 10/10/21 (2)		155,070
		180,000	Southern Copper Corp., 5.875%, due 04/23/45		177,894
		115,000	Volcan Cia Minera SAA, (Reg. S), 5.375%, due 02/02/22 (2)		113,160
			Total Peru (Cost: $1,087,440)		1,113,619
			Romania (0.6%)
		100,000	Romanian Government International Bond, (Reg. S), 4.375%, due 08/22/23 (2)		106,500
		200,000	Romanian Government International Bond, (Reg. S), 4.875%, due 01/22/24 (2)		220,750
			Total Romania (Cost: $330,996)		327,250
			Russia (2.9%)
		200,000	Gazprom OAO via Gaz Capital S.A., (Reg. S), 4.95%, due 07/19/22 (2)		186,500
		115,000	Mobile Telesystems OJSC via MTS International Funding, Ltd., (Reg. S), 8.625%, due 06/22/20 (2)		125,493
RUB		10,115,000	Russian Federal Bond — OFZ, 7.4%, due 06/14/17		184,694
$		400,000	Russian Foreign Bond — Eurobond, (Reg. S), 4.5%, due 04/04/22 (2)		390,928
		400,000	Russian Foreign Bond — Eurobond, (Reg. S), 4.875%, due 09/16/23 (2)		394,000
		300,000	Russian Foreign Bond — Eurobond, (Reg. S), 5%, due 04/29/20 (2)		305,625
			Total Russia (Cost: $1,601,564)		1,587,240
			Serbia (0.8%)
		200,000	Republic of Serbia, (Reg. S), 4.875%, due 02/25/20 (2)(6)		205,880
		200,000	Republic of Serbia, (Reg. S), 5.875%, due 12/03/18 (2)		212,880
			Total Serbia (Cost: $404,049)		418,760
			Slovenia (Cost: $231,390) (0.4%)
		200,000	Slovenia Government International Bond, (Reg. S), 5.5%, due 10/26/22 (2)(6)		231,538
			South Africa (1.1%)
		100,000	AngloGold Ashanti Holdings PLC, 5.375%, due 04/15/20		101,143
ZAR		2,000,000	South Africa Government Bond, 10.5%, due 12/21/26		199,513
$		100,000	South Africa Government International Bond, 5.5%, due 03/09/20		110,000
		200,000	ZAR Sovereign Capital Fund Propriety, Ltd., (Reg. S), 3.903%, due 06/24/20 (2)		205,320
			Total South Africa (Cost: $632,162)		615,976
			Tunisia (Cost: $198,130) (0.4%)
		200,000	Banque Centrale de Tunisie S.A., (144A), 5.75%, due 01/30/25 (3)		207,250

See accompanying notes to financial statements.

24

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2015

	Principal Amount		Fixed Income Securities	Value
			Turkey (1.6%)
$		300,000	Hazine Mustesarligi Varlik Kiralama AS, (144A), 4.489%, due 11/25/24 (3)	$	301,500
		250,000	Turkey Government International Bond, 3.25%, due 03/23/23		235,000
		350,000	Turkey Government International Bond, 5.125%, due 03/25/22		371,000
			Total Turkey (Cost: $930,710)		907,500
			Ukraine (Cost: $545,623) (0.5%)
		575,000	Ukraine Government International Bond, (Reg. S), 6.875%, due 09/23/15 (2)		299,000
			United Arab Emirates (Cost: $226,713) (0.4%)
		200,000	DP World, Ltd., (Reg. S), 6.85%, due 07/02/37 (2)		225,440
			Uruguay (Cost: $563,640) (1.0%)
		550,000	Uruguay Government International Bond, 5.1%, due 06/18/50		563,063
			Venezuela (1.4%)
		900,000	Petroleos de Venezuela S.A., (Reg. S), 6%, due 11/15/26 (2)(6)		376,920
		450,000	Venezuela Government International Bond, (Reg. S), 6%, due 12/09/20 (2)		193,500
		100,000	Venezuela Government International Bond, (Reg. S), 7.75%, due 10/13/19 (2)		46,750
		350,000	Venezuela Government International Bond, (Reg. S), 8.25%, due 10/13/24 (2)		154,875
			Total Venezuela (Cost: $1,201,507)		772,045
			Vietnam (Cost: $210,776) (0.4%)
		200,000	Vietnam Government International Bond, (144A), 4.8%, due 11/19/24 (3)		209,250
			Zambia (Cost: $187,064) (0.3%)
		200,000	Zambia Government International Bond, (Reg. S), 5.375%, due 09/20/22 (2)		186,366
			Total Fixed Income Securities (Cost: $23,876,062) (42.6%)		23,548,531
	Number of Shares		Preferred Stock
			Brazil (Cost: $275,305) (0.6%)
		25,200	Itau Unibanco Holding S.A., 4.07% (ADR)		323,064
			Total Preferred Stock (Cost: $275,305) (0.6%)		323,064
			Common Stock
			Argentina (Cost: $376,389) (0.8%)
		14,730	YPF S.A. (SP ADR)		449,854
			Brazil (1.1%)
		48,700	Ambev S.A. (ADR)		308,271
		56,500	CCR S.A.		312,732
			Total Brazil (Cost: $674,991)		621,003

See accompanying notes to financial statements.

25

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		China (17.9%)
	56,200	AIA Group, Ltd.	$	373,728
	2,850	Alibaba Group Holding, Ltd. (SP ADR) (8)		231,676
	156,000	AviChina Industry & Technology Co., Ltd. — Class H		178,129
	344,000	Beijing Enterprises Water Group, Ltd. (8)		294,888
	845,000	China Construction Bank Corp. — Class H		820,207
	184,500	China Everbright International, Ltd.		344,021
	48,000	China Everbright, Ltd.		158,052
	35,219	China Life Insurance Co., Ltd. — Class H		171,141
	239,000	China Minsheng Banking Corp., Ltd.		350,178
	73,120	China Mobile, Ltd.		1,042,426
	185,000	Chongqing Rural Commercial Bank Co., Ltd. — Class H		166,198
	209,000	CNOOC, Ltd.		355,277
	579,000	Cosmo Lady China Holdings Co., Ltd. (8)		484,994
	436,000	CT Environmental Group, Ltd. (8)		610,787
	23,900	Hengan International Group Co., Ltd.		294,830
	330,916	HKT Trust & HKT, Ltd.		444,071
	1,179,460	Industrial & Commercial Bank of China, Ltd. — Class H		1,026,092
	9,500	JD.com, Inc. (ADR) (8)		318,820
	24,750	Ping An Insurance Group Co. of China, Ltd. — Class H		355,199
	108,700	SAIC Motor Corp., Ltd.		473,332
	237,700	Sihuan Pharmaceutical Holdings Group, Ltd.		135,239
	61,612	Tencent Holdings, Ltd.		1,271,504
		Total China (Cost: $8,088,009)		9,900,789
		Egypt (1.2%)
	39,126	Commercial International Bank Egypt SAE		284,147
	8,350	Eastern Tobacco		213,400
	24,500	ElSwedy Electric Co. (8)		152,102
		Total Egypt (Cost: $558,436)		649,649
		Hungary (Cost: $175,946) (0.4%)
	9,000	OTP Bank PLC		199,005
		India (2.9%)
	89,375	Bharti Infratel, Ltd.		562,859
	17,500	Divi’s Laboratories, Ltd.		473,242
	85,000	ITC, Ltd.		432,528
	5,725	Lupin, Ltd.		160,029
		Total India (Cost: $1,398,940)		1,628,658
		Indonesia (1.5%)
	589,000	Bank Rakyat Indonesia Persero Tbk PT		525,859
	4,630,000	Multipolar Tbk PT		286,681
		Total Indonesia (Cost: $871,608)		812,540
		Japan (Cost: $229,828) (0.5%)
	1,345	FANUC Corp.		295,182

See accompanying notes to financial statements.

26

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Kenya (Cost: $361,886) (1.0%)
	2,973,000	Safari.com, Ltd.	$	547,997
		Malaysia (Cost: $242,604) (0.4%)
	332,129	My EG Services BHD		235,212
		Mexico (1.2%)
	4,300	Fomento Economico Mexicano S.A.B. de C.V. (SP ADR) (8)		389,107
	46,700	Grupo Financiero Banorte S.A.B. de C.V.		264,587
		Total Mexico (Cost: $699,115)		653,694
		Nigeria (Cost: $225,525) (0.4%)
	297,594	Nigerian Breweries PLC		235,047
		Pakistan (1.7%)
	54,500	Engro Corp., Ltd.		169,098
	105,010	Fauji Fertilizer Co., Ltd.		146,888
	238,939	Habib Bank, Ltd.		468,902
	31,000	Lucky Cement, Ltd.		148,773
		Total Pakistan (Cost: $859,255)		933,661
		Russia (4.4%)
	10,256	Lukoil OAO (SP ADR)		525,620
	9,515	Magnit PJSC (Reg. S) (GDR) (2)		524,752
	105,844	Mobile TeleSystems OJSC		540,315
	263,525	Sberbank of Russia		391,099
	22,127	Yandex N.V. (8)		425,724
		Total Russia (Cost: $2,282,570)		2,407,510
		South Africa (3.5%)
	8,860	Aspen Pharmacare Holdings, Ltd. (8)		268,079
	32,371	MTN Group, Ltd. (7)		646,718
	4,100	Naspers, Ltd. — N Shares		640,009
	25,300	Shoprite Holdings, Ltd.		360,177
		Total South Africa (Cost: $1,624,006)		1,914,983
		South Korea (5.2%)
	3,490	Coway Co., Ltd.		293,100
	410	Hyundai Mobis		90,150
	1,985	Hyundai Motor Co.		311,528
	12,580	KB Financial Group, Inc.		479,729
	1,277	Samsung Electronics Co., Ltd.		1,675,237
		Total South Korea (Cost: $2,716,988)		2,849,744
		Taiwan (6.1%)
	31,223	Advantech Co., Ltd.		257,207
	270,170	Cathay Financial Holding Co., Ltd.		471,993
	118,000	Chailease Holding Co., Ltd.		323,413
	7,417	Hermes Microvision, Inc.		521,547

See accompanying notes to financial statements.

27

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

	Number of Shares		Common Stock	Value
			Taiwan (Continued)
		3,965	Largan Precision Co., Ltd.	$	397,317
		12,500	Taiwan Semiconductor Manufacturing Co., Ltd. (SP ADR)		305,500
		191,012	Taiwan Semiconductor Manufacturing Co., Ltd.		919,584
		272,500	Yuanta Financial Holding Co., Ltd.		158,385
			Total Taiwan (Cost: $2,683,965)		3,354,946
			Turkey (1.9%)
		74,500	Akbank TAS		216,852
		199,000	Global Yatirim Holding A.S. (8)		190,343
		151,500	Turkiye Garanti Bankasi A.S.		481,576
		30,000	Turkiye Halk Bankasi A.S.		151,830
			Total Turkey (Cost: $1,212,609)		1,040,601
			United Arab Emirates (Cost: $181,196) (0.3%)
		430,500	Air Arabia PJSC		191,076
			Total Common Stocks (Cost: $25,463,866) (52.4%)		28,921,151
			Participation Notes
			Saudi Arabia (1.8%)
		10,250	Al Mouwasat Medical Services (HSBC) (expires 4/16/18)		367,116
		2,650	Bupa Arabia For Cooperative Insurance (HSBC) (expires 2/6/19)		156,104
		10,152	Saudi Airlines Catering Co. (HSBC) (expires 1/07/16)		469,297
			Total Saudi Arabia (Cost: $1,023,034)		992,517
			Total Participation Notes (Cost: $1,023,034) (1.8%)		992,517
	Principal Amount		Short-Term Investments
			Repurchase Agreement (Cost: $928,200) (1.7%)
$		928,200	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $960,000 Federal Home Loan Mortgage Corp., 2%, due 11/02/22 valued at $948,478) (Total Amount to be Received Upon Repurchase $928,200)		928,200
			Total Investments (Cost: $51,566,467) (99.1%)		54,713,463
			Excess of Other Assets over Liabilities (0.9%)		474,830
			Total Net Assets (100.0%)	$	55,188,293

See accompanying notes to financial statements.

28

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2015

Forward Currency Contracts
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY (9)
Bank of America		EUR		396,026		06/08/15	$	427,307	$	443,957	$	16,650
Bank of America		EUR		246,382		06/16/15		269,215		276,231		7,016
Bank of America		EUR		318,007		06/22/15		351,762		356,563		4,801
Bank of America		HUF		63,812,350		06/08/15		235,988		235,655		(333	)
Bank of America		SGD		313,582		06/03/15		233,511		236,604		3,093
Bank of America		SGD		314,456		06/12/15		234,127		237,230		3,103
Citibank N.A.		INR		14,936,220		06/10/15		233,197		233,297		100
Citibank N.A.		TRY		567,525		05/04/15		213,387		212,147		(1,240	)
							$	2,198,494	$	2,231,684	$	33,190
SELL (10)
Bank of America		BRL		377,695		06/30/15	$	115,000	$	123,598	$	(8,598	)
Bank of America		EUR		396,026		06/08/15		440,000		443,956		(3,956	)
Bank of America		EUR		246,382		06/16/15		262,000		276,231		(14,231	)
Bank of America		EUR		318,007		06/22/15		340,500		356,563		(16,063	)
Bank of America		HUF		63,812,350		06/08/15		230,000		235,655		(5,655	)
Bank of America		RUB		12,456,080		07/24/15		236,000		234,537		1,463
Bank of America		SGD		313,582		06/03/15		230,000		236,604		(6,604	)
Bank of America		SGD		314,456		06/12/15		226,000		237,230		(11,230	)
Bank of America		TRY		653,018		07/28/15		235,000		238,215		(3,215	)
Citibank N.A.		BRL		359,280		07/31/15		120,000		116,351		3,649
Citibank N.A.		INR		14,936,220		06/10/15		234,000		233,297		703
Citibank N.A.		TRY		567,525		05/04/15		230,000		212,147		17,853
Citibank N.A.		TRY		604,125		06/12/15		225,000		223,267		1,733
Citibank N.A.		TRY		641,339		07/31/15		235,000		233,761		1,239
							$	3,358,500	$	3,401,412	$	(42,912	)

See accompanying notes to financial statements.

29

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

BRL - Brazilian Real.

EUR - Euro Currency.

HUF - Hungarian Forint.

IDR - Indonesian Rupiah.

INR - Indian Rupee.

RUB - Russian Ruble.

SGD - Singapore Dollar.

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) 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 April 30, 2015, the value of these securities amounted to $8,657,422 or 15.9% 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 April 30, 2015, the value of these securities amounted to $6,967,491 or 12.6% 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.

(4) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2015.

(5) Perpetual Maturity.

(6) All or a portion of this security is segregated to cover when-issued, delayed-delivery or forward commitments. (Note 2)

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

(8) Non-income producing security.

(9) Fund buys foreign currency, sells U.S. Dollar.

(10) Fund sells foreign currency, buys U.S. Dollar.

See accompanying notes to financial statements.

30

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Industry (Unaudited)

April 30, 2015

Industry	Percentage of Net Assets
Aerospace/Defense		0.3	%
Agriculture		1.2
Airlines		0.7
Apparel		0.9
Auto Manufacturers		1.5
Auto Parts & Equipment		0.2
Banks		15.9
Beverages		1.6
Building Materials		0.7
Chemicals		0.6
Commercial Services		1.0
Computers		1.0
Diversified Financial Services		3.8
Electric		0.8
Electrical Compo & Equip		1.2
Environmental Control		1.7
Food		1.5
Food Service		0.8
Foreign Government Bonds		25.0
Gas		0.4
Government Regional/Local		0.7
Healthcare-Products		1.0
Healthcare-Services		0.7
Holding Companies-Diversified		0.3
Home Furnishings		0.5
Household Products/Wares		0.2
Insurance		2.8
Internet		5.2
Machinery-Diversified		0.5
Media		1.2
Mining		0.7
Miscellaneous Manufacturers		0.7
Oil & Gas		6.7
Pharmaceuticals		1.4
Retail		0.3
Semiconductors		5.2
Telecommunications		8.0
Water		0.5
Short-Term Investments		1.7
Total		99.1	%

See accompanying notes to financial statements.

31

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Country (Unaudited) April 30, 2015

Country	Percentage of Net Assets
Argentina		2.3	%
Brazil		5.9
Chile		0.9
China		19.1
Colombia		2.9
Croatia		0.4
Dominican Republic		1.1
Egypt		1.2
El Salvador		0.4
Ghana		0.3
Guatemala		0.8
Honduras		0.4
Hungary		2.0
India		4.7
Indonesia		4.3
Israel		0.6
Ivory Coast		0.4
Japan		0.5
Kenya		1.4
Lebanon		0.4
Malaysia		0.4
Mexico		4.9
Nigeria		0.8
Oman		0.4
Pakistan		2.1
Panama		1.2
Paraguay		0.6
Peru		2.0
Romania		0.6
Russia		7.3
Saudi Arabia		1.8
Serbia		0.8
Slovenia		0.4
South Africa		4.6
South Korea		5.2
Taiwan		6.1
Tunisia		0.4
Turkey		3.5
Ukraine		0.5
United Arab Emirates		0.7
United States		1.7
Uruguay		1.0
Venezuela		1.4
Vietnam		0.4
Zambia		0.3
Total		99.1	%

See accompanying notes to financial statements.

32

TCW International Growth Fund

Schedule of Investments (Unaudited) April 30, 2015

Number of Shares		Common Stock	Value
		Argentina (Cost: $26,491) (1.1% of Net Assets)
	970	YPF S.A. (SP ADR)	$	29,624
		Belgium (Cost: $26,492) (1.0%)
	181	Solvay S.A.		26,597
		China (14.8%)
	40,000	China Animal Healthcare, Ltd. (1)		26,835
	16,000	China Gas Holdings, Ltd.		28,185
	7,000	China Life Insurance Co., Ltd. — Class H		34,015
	12,000	China Merchants Bank Co., Ltd. — Class H		36,247
	180	CNOOC, Ltd. (SP ADR)		30,825
	25,000	Cosmo Lady China Holdings Co., Ltd. (2)		20,941
	5,240	Great Wall Motor Co., Ltd. — Class H		39,756
	20,343	HKT Trust & HKT, Ltd.		27,299
	875	JD.com, Inc. (ADR) (2)		29,365
	3,000	Ping An Insurance Group Co. of China, Ltd. — Class H		43,054
	8,000	Shanghai Fosun Pharmaceutical Group Co., Ltd.		30,342
	1,373	Tencent Holdings, Ltd.		28,335
	15,400	Travelsky Technology, Ltd. — Class H (1)		29,978
		Total China (Cost: $343,780)		405,177
		Denmark (3.0%)
	1,174	GN Store Nord A/S		25,306
	479	Novo Nordisk A/S (SP ADR)		26,953
	300	Pandora A/S		30,959
		Total Denmark (Cost: $77,918)		83,218
		Egypt (1.7%)
	3,528	Commercial International Bank Egypt SAE (1)		25,622
	850	Eastern Tobacco		21,723
		Total Egypt (Cost: $45,337)		47,345
		Finland (Cost: $26,447) (0.9%)
	1,341	UPM-Kymmene OYJ		24,215
		France (6.1%)
	380	Atos SE		29,640
	395	Dassault Systemes (1)		30,375
	145	LVMH Moet Hennessy Louis Vuitton SE		25,304
	1,635	Orange S.A.		26,875
	341	Publicis Groupe S.A.		28,541
	525	Sanofi (ADR)		26,539
		Total France (Cost: $160,029)		167,274
		Germany (5.5%)
	261	BASF SE		25,877
	200	Bayerische Motoren Werke AG		23,544
	235	Fresenius Medical Care AG & Co., KGaA (1)		19,709

See accompanying notes to financial statements.

33

TCW International Growth Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Germany (Continued)
	331	HeidelbergCement AG	$	25,356
	530	ProSiebenSat.1 Media AG		27,042
	225	Wacker Chemie AG		27,849
		Total Germany (Cost: $151,550)		149,377
		Hungary (Cost: $13,978) (0.6%)
	715	OTP Bank PLC		15,810
		India (Cost: $22,614) (1.0%)
	1,500	Housing Development Finance Corp.		27,825
		Indonesia (2.2%)
	30,000	Bank Central Asia Tbk PT (1)		31,062
	21,000	Matahari Department Store Tbk PT		28,243
		Total Indonesia (Cost: $54,377)		59,305
		Ireland (2.9%)
	429	Allegion PLC		26,233
	2,289	James Hardie Industries PLC (ADR)		26,204
	105	Shire PLC (ADR)		25,569
		Total Ireland (Cost: $78,399)		78,006
		Israel (Cost: $25,085) (1.3%)
	3,000	Plus500, Ltd. (1)		34,600
		Italy (Cost: $28,774) (1.2%)
	4,500	FinecoBank Banca Fineco SpA (1)(2)		33,902
		Japan (20.7%)
	1,082	Alps Electric Co., Ltd. (1)		26,817
	432	COOKPAD, Inc.		18,349
	600	CyberAgent, Inc. (1)		28,807
	1,800	Dai-ichi Life Insurance Co., Ltd. (The)		29,518
	609	Dentsu, Inc. (1)		28,324
	119	FANUC Corp. (1)		26,116
	970	GMO Payment Gateway, Inc. (1)		24,860
	10,009	Ichigo Group Holdings Co., Ltd. (1)		27,439
	1,000	Japan Exchange Group, Inc. (1)		28,827
	1,329	Komatsu, Ltd.		26,678
	5,000	Leopalace21 Corp. (2)		28,772
	2,000	M3, Inc. (1)		37,706
	2,212	Mitsubishi Electric Corp.		28,823
	4,000	Mitsubishi UFJ Financial Group, Inc. (SP ADR)		28,400
	397	Nidec Corp.		29,630
	400	Nippon Telegraph & Telephone Corp.		26,949
	1,780	NSK, Ltd.		27,737
	400	ORIX Corp. (SP ADR) (2)		30,820

See accompanying notes to financial statements.

34

TCW International Growth Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Japan (Continued)
	2,000	Rakuten, Inc. (1)(2)	$	34,862
	6,000	Sumitomo Mitsui Trust Holdings, Inc.		26,352
		Total Japan (Cost: $523,382)		565,786
		Netherlands (Cost: $26,079) (1.0%)
	245	ASML Holding NV (1)		26,311
		Nigeria (Cost: $15,053) (0.5%)
	18,652	Nigerian Breweries PLC		14,732
		Norway (Cost: $28,574) (1.1%)
	1,400	Statoil ASA (SP ADR)		29,722
		Pakistan (2.0%)
	4,850	Engro Corp., Ltd		15,048
	8,800	Fauji Fertilizer Co., Ltd.		12,309
	7,000	Habib Bank, Ltd.		13,737
	2,750	Lucky Cement, Ltd.		13,198
		Total Pakistan (Cost: $50,896)		54,292
		Russia (4.7%)
	565	Lukoil OAO (SP ADR)		28,956
	585	Magnit PJSC (GDR) (3)		32,263
	25,000	Sberbank of Russia		37,103
	1,500	Yandex NV (2)		28,860
		Total Russia (Cost: $114,250)		127,182
		South Africa (2.7%)
	2,600	Coronation Fund Managers, Ltd. (1)		19,766
	1,300	Mondi PLC		26,353
	1,409	MTN Group, Ltd.		28,149
		Total South Africa (Cost: $76,667)		74,268
		South Korea (2.5%)
	335	Coway Co., Ltd.		28,134
	30	Samsung Electronics Co., Ltd. (1)		39,356
		Total South Korea (Cost: $64,281)		67,490
		Spain (3.5%)
	427	Aena S.A. (1)(2)		40,149
	610	Amadeus IT Holding S.A.		27,748
	600	Bolsas y Mercados Espanoles SHMSF S.A. (1)		26,787
		Total Spain (Cost: $89,772)		94,684
		Sweden (Cost: $25,667) (1.0%)
	840	Atlas Copco AB (1)		26,165

See accompanying notes to financial statements.

35

TCW International Growth Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Switzerland (4.0%)
	6,000	Glencore PLC (1)(2)	$	28,536
	340	Nestle S.A.		26,268
	100	Roche Holding AG		28,495
	160	Schindler Holding AG		26,541
		Total Switzerland (Cost: $104,474)		109,840
		Taiwan (Cost: $33,036) (1.3%)
	365	Largan Precision Co., Ltd.		36,575
		Turkey (1.5%)
	3,350	Turkiye Garanti Bankasi A.S.		10,649
	4,000	Ulker Biskuvi Sanayi AS (1)		30,536
		Total Turkey (Cost: $41,649)		41,185
		United Kingdom (5.8%)
	3,675	Aberdeen Asset Management PLC (1)		26,716
	533	ARM Holdings PLC (SP ADR)		27,178
	385	BT Group PLC (SP ADR) (1)		26,904
	7,008	ITV PLC		27,240
	650	London Stock Exchange Group PLC		25,330
	1,100	WPP PLC (1)		25,683
		Total United Kingdom (Cost: $153,683)		159,051
		Total Common Stock (Cost: $2,428,734) (95.6%)		2,609,558
		Preferred Stock
		Brazil (Cost: $26,161) (1.1%)
	2,395	Itau Unibanco Holding S.A., 4.07% (ADR)		30,704
		Total Preferred Stock (Cost: $26,161) (1.1%)		30,704
		Total Investments (Cost: $2,454,895) (96.7%)		2,640,262
		Excess of Other Assets over Liabilities (3.3%)		89,900
		Total Net Assets (100.0%)	$	2,730,162

See accompanying notes to financial statements.

36

TCW International Growth Fund

April 30, 2015

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		JPY		14,100,000		09/24/15	$	119,709	$	118,057	$	(1,652	)
							$	119,709	$	118,057	$	(1,652	)
SELL (5)
Bank of America		JPY		68,044,515		09/24/15	$	630,000	$	569,724	$	60,276
Bank of America		JPY		5,069,034		11/07/16		45,000		43,074		1,926
							$	675,000	$	612,798	$	62,202

Notes to the Schedule of Investments:

JPY - Japanese Yen.

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.

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) All or a portion of this security is segregated to cover for forward commitments.

(2) Non-income producing security.

(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 April 30, 2015, the value of these securities amounted to $32,263 or 1.2% of net assets.

(4) Fund buys foreign currency, sells U.S. Dollar.

(5) Fund sells foreign currency, buys U.S. Dollar.

See accompanying notes to financial statements.

37

TCW International Growth Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Air Freight & Logistics		1.1	%
Automobiles		2.3
Banks		10.6
Beverages		0.5
Building Products		1.0
Capital Markets		2.7
Chemicals		3.9
Construction Materials		2.4
Diversified Financial Services		5.4
Diversified Telecommunication Services		4.0
Electrical Equipment		2.1
Electronic Equipment, Instruments & Components		2.3
Food & Staples Retailing		1.2
Food Products		2.1
Gas Utilities		1.0
Health Care Equipment & Supplies		0.9
Health Care Providers & Services		0.7
Health Care Technology		1.4
Household Durables		1.0
Insurance		3.9
Internet & Catalog Retail		2.4
Internet Software & Services		2.8
IT Services		4.1
Machinery		4.9
Media		6.1
Metals & Mining		1.0
Multiline Retail		1.0
Oil, Gas & Consumable Fuels		3.3
Paper & Forest Products		1.9
Pharmaceuticals		6.0
Real Estate Management & Development		1.1
Semiconductors & Semiconductor Equipment		2.0
Software		1.1
Technology Hardware, Storage & Peripherals		1.4
Textiles, Apparel & Luxury Goods		2.8
Thrifts & Mortgage Finance		1.0
Tobacco		0.8
Transportation Infrastructure		1.5
Wireless Telecommunication Services		1.0
Total		96.7	%

See accompanying notes to financial statements.

38

TCW International Small Cap Fund

Schedule of Investments (Unaudited) April 30, 2015

Number of Shares		Common Stock	Value
		Australia (4.1% of Net Assets)
	5,150	Ansell, Ltd. (1)	$	105,640
	18,400	Challenger, Ltd.		101,835
	26,934	Charter Hall Group		108,444
	98,000	Drillsearch Energy, Ltd. (2)		92,931
	10,500	Invocare, Ltd. (1)		110,598
	13,654	M2 Group, Ltd.		117,771
	2,492	Perpetual, Ltd. (1)		105,776
		Total Australia (Cost: $726,038)		742,995
		Austria (2.4%)
	2,122	ams AG (1)		114,881
	8,500	CA Immobilien Anlagen AG (2)		153,941
	10,000	Wienerberger AG (1)		162,424
		Total Austria (Cost: $421,227)		431,246
		Belgium (0.6%)
	1,474	Befimmo S.A. (1)		101,520
	3	Cofinimmo S.A.		331
		Total Belgium (Cost: $106,191)		101,851
		Canada (2.2%)
	14,500	Algonquin Power & Utilities Corp. (1)		117,676
	8,057	Amaya, Inc. (1)(2)		187,780
	1,250	Concordia Healthcare Corp.		87,307
		Total Canada (Cost: $443,335)		392,763
		China (6.9%)
	10,460	ASM Pacific Technology, Ltd.		116,872
	338,522	China Animal Healthcare, Ltd. (1)		227,104
	27,300	China Everbright, Ltd.		89,892
	15,000	Chlitina Holding, Ltd.		92,101
	147,000	Cosmo Lady China Holdings Co., Ltd. (2)		123,133
	306,579	Travelsky Technology, Ltd. — Class H (1)		596,783
		Total China (Cost: $981,282)		1,245,885
		Denmark (1.2%)
	4,567	GN Store Nord A/S (1)		98,441
	3,424	Sydbank A/S		128,325
		Total Denmark (Cost: $209,939)		226,766
		France (1.6%)
	1,717	Groupe Crit		92,255
	5,207	Haulotte Group S.A.		101,057
	11,528	Havas S.A.		96,108
		Total France (Cost: $276,562)		289,420

See accompanying notes to financial statements.

39

TCW International Small Cap Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Germany (5.9%)
	2,493	Aareal Bank AG (1)	$	107,009
	11,000	DIC Asset AG (1)		110,570
	958	Duerr AG		97,858
	7,160	Freenet AG (1)		231,438
	1,877	Gerresheimer AG (1)		106,014
	2,800	Grammer AG (1)		107,317
	2,257	Indus Holding AG		117,821
	1,020	Krones AG		112,338
	1,400	Leoni AG		89,473
		Total Germany (Cost: $1,048,246)		1,079,838
		India (Cost: $133,448) (0.7%)
	26,539	Sadbhav Engineering, Ltd.		124,795
		Indonesia (2.6%)
	223,467	Matahari Department Store Tbk PT		300,543
	1,300,000	Summarecon Agung Tbk PT (1)		177,610
		Total Indonesia (Cost: $452,541)		478,153
		Ireland (1.6%)
	24,250	Beazley PLC (1)		104,408
	6,037	Smurfit Kappa Group PLC		184,406
		Total Ireland (Cost: $284,459)		288,814
		Israel (Cost: $176,969) (1.3%)
	21,164	Plus500, Ltd. (1)		244,091
		Italy (6.3%)
	16,700	Amplifon SpA (1)		129,810
	3,570	Azimut Holding SpA (1)		104,574
	3,323	Banca Generali SpA (1)		111,299
	204,885	Banca Popolare di Milano Scarl (1)(2)		210,686
	15,250	Davide Campari-Milano SpA		117,699
	1,980	Ei Towers SpA (1)(2)		120,031
	15,064	FinecoBank Banca Fineco SpA (2)		113,489
	45,256	Hera SpA		119,133
	23,300	Mediaset SpA (1)(2)		119,508
		Total Italy (Cost: $1,040,393)		1,146,229
		Japan (21.6%)
	8,400	Alps Electric Co., Ltd. (1)		208,189
	1,600	Asahi Intecc Co., Ltd. (1)		98,311
	3,881	Azbil Corp.		102,003
	13,483	Benefit One, Inc. (1)		195,597
	3,700	CyberAgent, Inc. (1)		177,645
	3,185	Daiichikosho Co., Ltd.		102,490
	26,200	Denki Kagaku Kogyo KK		106,738

See accompanying notes to financial statements.

40

TCW International Small Cap Fund

April 30, 2015

Number of Shares		Common Stock	Value
		Japan (Continued)
	34,001	DIC Corp.	$	102,637
	979	Disco Corp.		88,953
	23,400	Ebara Corp. (1)		103,791
	22,200	Financial Products Group Co., Ltd. (1)		228,789
	8,293	GMO Internet, Inc. (1)		104,018
	8,811	GMO Payment Gateway, Inc. (1)		225,816
	79,838	Ichigo Group Holdings Co., Ltd. (1)		218,869
	10,700	Infomart Corp.		105,507
	35,300	Kawasaki Kisen Kaisha, Ltd.		90,978
	50,000	Kenedix, Inc. (1)(2)		198,658
	4,400	Kewpie Corp.		107,111
	39,940	Leopalace21 Corp. (1)(2)		229,832
	2,850	Nifco, Inc.		100,709
	7,225	Nippon Shokubai Co., Ltd.		99,528
	4,904	Obic Co., Ltd.		204,674
	26,100	Sapporo Holdings, Ltd.		102,218
	1,700	Sawai Pharmaceutical Co., Ltd.		96,555
	22,177	Sun Frontier Fudousan Co., Ltd. (1)		210,833
	26,820	Tokai Tokyo Financial Holdings, Inc. (1)		205,620
	11,428	Zuken, Inc. (1)		102,027
		Total Japan (Cost: $3,608,772)		3,918,096
		Luxembourg (Cost: $212,519) (1.2%)
	770	Eurofins Scientific SE (1)		216,453
		Netherlands (1.1%)
	3,350	Aalberts Industries NV (1)		103,646
	2,511	Euronext NV (2)		105,198
		Total Netherlands (Cost: $210,289)		208,844
		New Zealand (Cost: $103,505) (0.6%)
	21,500	Fisher & Paykel Healthcare Corp., Ltd. (1)		106,212
		Pakistan (2.2%)
	41,000	Engro Corp., Ltd.		127,211
	118,455	Fauji Fertilizer Co., Ltd.		165,695
	23,000	Lucky Cement, Ltd.		110,380
		Total Pakistan (Cost: $376,677)		403,286
		Russia (Cost: $298,866) (2.1%)
	259,573	Moscow Exchange MICEX-RTS OAO		388,221
		Singapore (Cost: $105,085) (0.6%)
	94,900	Mapletree Industrial Trust		115,239
		South Africa (1.9%)
	23,331	Famous Brands, Ltd. (1)		238,068
	5,200	Mondi PLC (1)		105,411
		Total South Africa (Cost: $331,455)		343,479

See accompanying notes to financial statements.

41

TCW International Small Cap Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		South Korea (Cost: $162,368) (1.0%)
	3,480	CJ E&M Corp. (2)	$	190,186
		Spain (2.1%)
	6,465	Bolsas y Mercados Espanoles S.A. (1)		288,631
	6,900	Gamesa Corp. Tecnologica S.A. (2)		92,081
		Total Spain (Cost: $362,073)		380,712
		Sweden (4.7%)
	6,500	BillerudKorsnas AB (1)		112,286
	3,800	Intrum Justitia AB (1)		119,427
	9,464	Net Entertainment NE AB (1)(2)		357,091
	5,600	Trelleborg AB (1)		109,521
	8,180	Wihlborgs Fastigheter AB (1)		157,997
		Total Sweden (Cost: $773,267)		856,322
		Switzerland (2.5%)
	4,972	GAM Holding AG		111,700
	152	Georg Fischer AG		107,057
	180	Kaba Holding AG		117,720
	700	Rieter Holding AG (1)(2)		114,820
		Total Switzerland (Cost: $417,221)		451,297
		Taiwan (1.0%)
	17,000	Hu Lane Associate, Inc.		86,162
	29,000	Taiwan Secom Co., Ltd.		87,263
		Total Taiwan (Cost: $175,378)		173,425
		Turkey (1.8%)
	157,000	Global Yatirim Holding A.S. (1)(2)		150,170
	20,300	TAV Havalimanlari Holding AS		178,305
		Total Turkey (Cost: $268,775)		328,475
		United Kingdom (13.1%)
	3,639	Bellway PLC (1)		110,760
	6,150	Berendsen PLC (1)		97,881
	11,000	Bovis Homes Group PLC (1)		156,801
	9,424	BTG PLC (2)		104,104
	4,350	Close Brothers Group PLC (1)		101,799
	8,300	Greene King PLC (1)		105,646
	49,449	Henderson Group PLC (1)		211,240
	30,342	Howden Joinery Group PLC (1)		216,245
	14,000	Jupiter Fund Management PLC		92,284
	47,080	Lookers PLC		113,115
	25,027	National Express Group PLC		110,344
	26,851	Optimal Payments PLC (1)(2)		122,159
	15,000	Playtech, PLC		188,656
	49,745	Rentokil Initial PLC		102,428

See accompanying notes to financial statements.

42

TCW International Small Cap Fund

April 30, 2015

Number of Shares		Common Stock	Value
		United Kingdom (Continued)
	2,362	Rightmove PLC	$	114,473
	21,100	Senior PLC		101,434
	91,441	Taylor Wimpey PLC (1)		232,450
	13,770	Vesuvius PLC (1)		95,873
		Total United Kingdom (Cost: $2,261,558)		2,377,692
		Total Common Stock (Cost: $15,968,438) (94.9%)		17,250,785
		Rights
		Belgium (Cost: $0.0) (0.0%)
	903	Cofinimmo S.A., Strike Price EUR 95, Expires 05/06/15 (2)		536
		Total Rights (Cost: $0) (0.0%)		536
		Warrants
		Canada (Cost: $0.0) (0.0%)
	625,000	Petro-Victory Energy Corp., Strike Price CAD 0.50, Expires 07/22/16 (2)		—
		Total Warrants (Cost: $0) (0.0%)		—
Principal Amount		Short-Term Investments
		Repurchase Agreement (Cost: $139,835) (0.8%)
$	139,835	State Street Bank & Trust Company, 0%, due 05/01/15 (collateralized by $145,000 U.S. Treasury Note, 0.75%, due 12/31/17 valued at $145,151) (Total Amount to be Received Upon Repurchase $139,835)		139,835
		Total Investments (Cost: $16,108,273) (95.7%)		17,391,156
		Excess of Other Assets over Liabilities (4.3%)		779,313
		Total Net Assets (100.0%)	$	18,170,469

See accompanying notes to financial statements.

43

TCW International Small Cap Fund

Schedule of Investments (Unaudited) (Continued)

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 (3)
Bank of America		JPY		58,900,000		09/24/15	$	500,062	$	493,159	$	(6,903	)
							$	500,062	$	493,159	$	(6,903	)
SELL (4)
Bank of America		JPY		533,638,290		09/24/15	$	4,950,000	$	4,468,052	$	481,948
Bank of America		JPY		209,701,800		11/07/16		1,865,000		1,781,921		83,079
							$	6,815,000	$	6,249,973	$	565,027

Notes to the Schedule of Investments:

CAD - Canadian Dollar.

EUR - Euro Currency.

JPY - Japanese Yen.

(1) All or a portion of this security is segregated to cover for forward commitments.

(2) Non-income producing security.

(3) Fund buys foreign currency, sells U.S. Dollar.

(4) Fund sells foreign currency, buys U.S. Dollar.

See accompanying notes to financial statements.

44

TCW International Small Cap Fund

Investments by Industry (Unaudited) April 30, 2015

Industry	Percentage of Net Assets
Aerospace & Defense		0.5	%
Auto Components		2.1
Banks		2.5
Beverages		1.2
Building Products		0.9
Capital Markets		7.5
Chemicals		3.3
Commercial Services & Supplies		2.9
Communications Equipment		0.7
Construction & Engineering		0.7
Construction Materials		0.6
Containers & Packaging		1.6
Diversified Consumer Services		0.6
Diversified Financial Services		8.2
Diversified Telecommunication Services		0.6
Electrical Equipment		0.5
Electronic Equipment, Instruments & Components		1.7
Food Products		0.6
Health Care Equipment & Supplies		2.2
Health Care Providers & Services		0.7
Hotels, Restaurants & Leisure		2.9
Household Durables		2.8
Independent Power and Renewable Electricity Producers		0.7
Industrial Conglomerates		0.6
Insurance		0.6
Internet Software & Services		3.2
IT Services		6.9
Life Sciences Tools & Services		1.8
Machinery		5.2
Marine		0.5
Media		4.4
Multi-Utilities		0.6
Multiline Retail		1.6
Oil, Gas & Consumable Fuels		0.5
Paper & Forest Products		0.6
Personal Products		0.5
Pharmaceuticals		2.8
Professional Services		1.6
REIT		1.8
Real Estate Management & Development		7.0
Road & Rail		0.6
Semiconductors & Semiconductor Equipment		1.7
Software		1.0
Specialty Retail		1.8
Textiles, Apparel & Luxury Goods		0.7
Thrifts & Mortgage Finance		0.6
Transportation Infrastructure		1.0
Wireless Telecommunication Services		1.3
Short-Term Investments		0.8
Total		95.7	%

See accompanying notes to financial statements.

45

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2015

	TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund		TCW Emerging Markets Multi-Asset Opportunities Fund			TCW International Growth Fund			TCW International Small  Cap Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value (1)	$	4,417,650		$	263,222	$	54,713		$	2,640		$	17,391
Foreign Currency, at Value (2)		—	(3)		502		365			83			536
Cash		1,352			—		—			—			—
Receivable for Securities Sold		86,180			517		894			—			—
Receivable for Fund Shares Sold		11,295			2,297		8			—			16
Interest and Dividends Receivable		59,412			6,200		333			8			70
Foreign Tax Reclaims Receivable		—			—		1			—	(3)		6
Receivable from Investment Advisor		—			22		22			10			12
Unrealized Appreciation on Open Forward Foreign Currency Contracts		11,793			1,506		61			62			565
Receivable for Daily Variation Margin on Open Financial Futures Contracts		268			—		—			—			—
Cash Collateral Held for Brokers		—			60		—			—			560
Prepaid Expenses		105			49		17			5			24
Total Assets		4,588,055			274,375		56,414			2,808			19,180
LIABILITIES
Distributions Payable		3,577			—		—			—			—
Payable for Securities Purchased		77,006			951		674			5			354
Payable for When-Issued Securities		32,000			—		349			—			—
Payable for Fund Shares Redeemed		9,329			3,401		—			—			9
Accrued Capital Gain Withholding Taxes		292			151		45			1			13
Disbursements in Excess of Available Cash		—			—		—			39			—
Accrued Directors’ Fees and Expenses		8			7		9			7			8
Accrued Compliance Expense		22			2		—	(3)		—	(3)		—	(3)
Accrued Management Fees		2,745			176		43			2			12
Accrued Distribution Fees		130			27		1			—	(3)		2
Payable to Broker for Collateral Pledged		—			60		—			—			560
Unrealized Depreciation on Open Forward Foreign Currency Contracts		13,085			1,679		71			2			7
Other Accrued Expenses		1,377			103		34			22			45
Total Liabilities		139,571			6,557		1,226			78			1,010
NET ASSETS	$	4,448,484		$	267,818	$	55,188		$	2,730		$	18,170

See accompanying notes to financial statements.

46

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) (Continued) April 30, 2015

	TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund			TCW Emerging Markets Multi-Asset Opportunities Fund			TCW International Growth Fund			TCW International Small  Cap Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
NET ASSETS CONSIST OF:
Paid-in Capital	$	5,105,887		$	314,758		$	52,273		$	2,476		$	20,394
Accumulated Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency		(484,845	)		(32,715	)		(512	)		31			(3,825	)
Unrealized Appreciation (Depreciation) of Investments, Futures Contracts and Foreign Currency		(157,264	)		(20,275	)		3,094			246			1,840
Undistributed (Overdistributed) Net Investment Income		(15,294	)		6,050			333			(23	)		(239	)
NET ASSETS	$	4,448,484		$	267,818		$	55,188		$	2,730		$	18,170
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	3,814,827		$	132,928		$	50,883		$	1,446		$	9,532
N Class Share	$	633,657		$	134,890		$	4,305		$	1,284		$	8,638
CAPITAL SHARES OUTSTANDING: (4)
I Class Share		473,622,100			14,700,067			4,695,780			130,308			1,087,606
N Class Share		60,993,555			14,933,630			398,806			116,103			984,699
NET ASSET VALUE PER SHARE: (5)
I Class Share	$	8.05		$	9.04		$	10.84		$	11.10		$	8.76
N Class Share	$	10.39		$	9.03		$	10.80		$	11.06		$	8.77

(1) The identified cost for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund, the TCW Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund at April 30, 2015 was $4,571,210, $283,060, $51,566, $2,455 and $16,108, respectively.

(2) The identified cost for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund, the TCW Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund at April 30, 2015 was $0, $519, $365, $83 and $536, respectively.

(3) Amount rounds to less than $1.

(4) The number of authorized shares with a par value of $0.001 per share, for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund, the TCW Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund is 2,000,000,000 for each of the I Class and N Class shares.

(5) Represents offering price and redemption price per share.

See accompanying notes to financial statements.

47

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2015

	TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund			TCW Emerging Markets Multi-Asset Opportunities Fund			TCW International Growth Fund			TCW International Small Cap Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	—		$	—		$	154	(1)	$	17	(1)	$	152	(1)
Interest		156,540			8,161	(2)		734	(2)		—			—
Total		156,540			8,161			888			17			152
Expenses:
Management Fees		17,624			996			250			11			94
Accounting Services Fees		235			5			2			1			2
Administration Fees		143			4			1			—			1
Transfer Agent Fees:
I Class		1,719			52			5			2			6
N Class		342			12			2			2			5
Custodian Fees		290			134			53			18			23
Professional Fees		64			19			17			9			17
Directors’ Fees and Expenses		13			13			14			12			13
Registration Fees:
I Class		39			9			8			1			8
N Class		29			8			6			—	(3)		7
Distribution Fees:
N Class		847			130			4			2			11
Compliance Expense		55			3			1			—	(3)		—	(3)
Shareholder Reporting Expense		10			3			2			1			2
Other		365			14			14			11			18
Total		21,775			1,402			379			70			207
Less Expenses Borne by Investment Advisor:
I Class		—			—			42			29			5
N Class		—			105			12			25			21
Net Expenses		21,775			1,297			325			16			181
Net Investment Income (Loss)		134,765			6,864			563			1			(29	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(269,717	) (4)		(18,507	) (4)		(440	) (4)		51	(4)		(1,905	) (4)
Foreign Currency		67,393			5,096			249			13			342
Futures Contracts		(8,601	)		—			—			—			—
Change in Unrealized (Depreciation) on:
Investments		(122,173	) (5)		(8,284	) (5)		90	(5)		1	(5)		1,201	(5)
Foreign Currency		(16,745	)		(1,329	)		(50	)		41			392
Futures contracts		1,364			—			—			—			—
Net Realized and Unrealized Gain (Loss) on Investments, Future Contracts and Foreign Currency Transactions		(348,479	)		(23,024	)		(151	)		106			30
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(213,714	)	$	(16,160	)	$	412		$	107		$	1

(1) Net of foreign taxes withheld of $22, $3 and $16 for the TCW Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund, respectively.

(2) Net of foreign taxes withheld of $346 and $1 for the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund.

(3) Amount rounds to less than $1.

(4) Net of capital gain withholding taxes of $158, $82, $49, $24 and $455 for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund, the TCW Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund, respectively.

(5) Net of capital gain withholding tax of $292, $151, $43, $0 and $2 for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund, the TCW Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund, respectively.

See accompanying notes to financial statements.

48

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Emerging Markets Income Fund						TCW Emerging Markets Local Currency Income Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
OPERATIONS
Net Investment Income	$	134,765		$	283,261		$	6,864		$	14,670
Net Realized Loss on Investments, Swap Agreements, Futures Contracts and Foreign Currency Transactions		(210,925	)		(155,204	)		(13,411	)		(30,488	)
Change in Unrealized Appreciation (Depreciation) on Investments, Swap Agreements, Futures Contracts and Foreign Currency Transactions		(137,554	)		131,273			(9,613	)		3,007
Increase (Decrease) in Net Assets Resulting from Operations		(213,714	)		259,330			(16,160	)		(12,811	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(104,099	)		(200,178	)		—			—
N Class		(16,401	)		(53,495	)		—			—
Distributions from Return of Capital:
I Class		—			—			(450	)		(2,220	)
N Class		—			—			(335	)		(1,195	)
Total Distributions to Shareholders		(120,500	)		(253,673	)		(785	)		(3,415	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(500,860	)		348,897			(33,796	)		(46,169	)
N Class		(101,033	)		(649,328	)		84,703			(54,824	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(601,893	)		(300,431	)		50,907			(100,993	)
Increase (Decrease) in Net Assets		(936,107	)		(294,774	)		33,962			(117,219	)
NET ASSETS
Beginning of Period		5,384,591			5,679,365			233,856			351,075
End of Period	$	4,448,484		$	5,384,591		$	267,818		$	233,856
Undistributed (Overdistributed) Net Investment Income	$	(15,294	)	$	(29,559	)	$	6,050		$	(814	)

See accompanying notes to financial statements.

49

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Emerging Markets Multi-Asset Opportunities  Fund						TCW International Growth Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
OPERATIONS
Net Investment Income	$	563		$	965		$	1		$	17
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(191	)		(274	)		64			311
Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		40			843			42			(250	)
Increase in Net Assets Resulting from Operations		412			1,534			107			78
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(937	)		(296	)		(21	)		(10	)
N Class		(77	)		—	(1)		(17	)		(5	)
Distributions from Net Realized Gain:
I Class		—			—			(155	)		(4	)
N Class		—			—			(140	)		(4	)
Total Distributions to Shareholders		(1,014	)		(296	)		(333	)		(23	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(2,013	)		11,510			182			12
N Class		4,062			59			157			8
Increase in Net Assets Resulting from Net Capital Shares Transactions		2,049			11,569			339			20
Increase in Net Assets		1,447			12,807			113			75
NET ASSETS
Beginning of Period		53,741			40,934			2,617			2,542
End of Period	$	55,188		$	53,741		$	2,730		$	2,617
Undistributed (Overdistributed) Net Investment Income	$	333		$	784		$	(23	)	$	14

(1) Amount rounds to less than $1.

See accompanying notes to financial statements.

50

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW International Small Cap Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
OPERATIONS
Net Investment Income (Loss)	$	(29	)	$	29
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,563	)		3,478
Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		1,593			(3,996	)
Increase (Decrease) in Net Assets Resulting from Operations		1			(489	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(119	)		(191	)
N Class		(50	)		(75	)
Total Distributions to Shareholders		(169	)		(266	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(10,064	)		(3,942	)
N Class		(821	)		(2,193	)
Decrease in Net Assets Resulting from Net Capital Shares Transactions		(10,885	)		(6,135	)
Decrease in Net Assets		(11,053	)		(6,890	)
NET ASSETS
Beginning of Period		29,223			36,113
End of Period	$	18,170		$	29,223
Undistributed Net Investment Loss	$	(239	)	$	(41	)

See accompanying notes to financial statements.

51

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

Note 1 — Organization

TCW Funds, Inc., a Maryland corporation (the “Company”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), that currently offers 22 no-load mutual funds (the “Funds”). TCW Investment Management Company (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisors Act of 1940. Each Fund has distinct investment objectives. The following are the objectives for the 5 International Funds that are covered in this report:

TCW Fund	Investment Objective
Diversified Fixed Income Fund
TCW Emerging Markets Income Fund	Seeks high total return from current income and capital appreciation by investing at least 80% of the value of its net assets in debt securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries.
Non-Diversified Fixed Income Fund
TCW Emerging Markets Local Currency Income Fund	Seeks to provide high total return from current income and capital appreciation through investment in debt securities denominated in the local currencies of various emerging market countries and by investing at least 80% of the value of its net assets in debt securities issued or guaranteed by non-financial companies, financial institutions and government entities in emerging market countries denominated in the local currencies of the issuer and in derivative instruments that provide investment exposure to such securities.
Diversified International Equity Fund
TCW International Small Cap Fund	Seeks long-term capital appreciation by investing at least 80% of its net assets in equity securities of small capitalization companies that are generally outside the United States or whose primary business operations are outside the United States.
Non-Diversified International Equity Fund
TCW International Growth Fund	Seeks long-term capital appreciation by investing primarily in equity securities of companies across all market capitalizations that are domiciled outside the United States or whose primary business operations are outside the United States.
Non-Diversified Balanced Fund
TCW Emerging Markets Multi-Asset Opportunities Fund	Seeks current income and long term capital appreciation by investing at least 80% of the value of its net assets in debt and equity securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries.

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

52

TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies

The following is a summary of significant accounting policies, which are in conformity with accounting principles generally accepted in the United States of America and which are consistently followed by the Funds in the preparation of their financial statements.

Principles of Accounting:    The Funds use the accrual method of accounting for financial reporting purposes. Each Fund is considered an investment company under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 946, Financial Services — Investment Companies.

Net Asset Value:    The Net Asset Value of each Class of a Fund is determined by dividing the Fund’s net assets attributable to each class by the number of shares issued and outstanding of that Class at the close of the New York Stock Exchange (the “NYSE”) (generally 4:00 p.m. Eastern Time or 1:00 p.m. Pacific Time, but the NYSE sometimes closes earlier) on each day that the NYSE is open for trading.

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 mean price for purchased and written options, and the last ask price for swaps and futures. Over the counter options are valued using dealer quotations.

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 inputs market participants would use in pricing the asset or

53

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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:

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 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. Certain foreign securities that 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.

54

TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

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. The value of each of the Funds’ futures contracts is marked daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. As such they are categorized in Level 1.

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.

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.

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

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

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

The following is a summary of the inputs used as of April 30, 2015 in valuing the TCW Funds:

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	$	—	$	7,742,500	$	—	$	7,742,500
Airlines		—		54,596,625		—		54,596,625
Banks		—		411,878,737		—		411,878,737
Building Materials		—		73,517,250		—		73,517,250
Commercial Services		—		27,052,800		—		27,052,800
Diversified Financial Services		—		136,215,299		—		136,215,299
Electric		—		114,689,447		—		114,689,447
Food		—		22,658,000		—		22,658,000
Foreign Government Bonds		—		2,598,206,692		—		2,598,206,692
Government Regional/Local		—		51,072,250		—		51,072,250
Holding Companies — Diversified		—		39,995,000		—		39,995,000
Household Products/Wares		—		11,497,736		—		11,497,736
Internet		—		42,597,353		—		42,597,353
Mining		—		111,002,687		—		111,002,687

55

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW Emerging Markets Income Fund (Continued)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Oil & Gas	$	—		$	451,086,167		$	—	$	451,086,167
Real Estate		—			9,752,500			—		9,752,500
Retail		—			18,019,134			—		18,019,134
Telecommunications		—			126,653,096			—		126,653,096
Transportation		—			9,690,800			—		9,690,800
Total Fixed Income Securities		—			4,317,924,073			—		4,317,924,073
Equity Securities
Diversified Financial Services		—	*		—			—		—	*
Total Equity Securities		—	*		—			—		—	*
Short-Term Investments		2,405,000			97,321,336			—		99,726,336
Total Investments		2,405,000			4,415,245,409			—		4,417,650,409
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			11,793,096			—		11,793,096
Total	$	2,405,000		$	4,427,038,505		$	—	$	4,429,443,505
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—		$	(13,085,347	)	$	—	$	(13,085,347	)
Futures
Interest Rate Risk		(2,089,778	)		—			—		(2,089,778	)
Total	$	(2,089,778	)	$	(13,085,347	)	$	—	$	(15,175,125	)

* 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	$	—	$	2,363,723	$	—	$	2,363,723
Diversified Financial Services		—		1,609,055		—		1,609,055
Electric		—		7,429,666		—		7,429,666
Foreign Government Bonds		—		246,823,441		—		246,823,441
Oil & Gas		—		2,518,820		—		2,518,820
Total Fixed Income Securities		—		260,744,705		—		260,744,705
Short-Term Investments		—		2,477,774		—		2,477,774
Total Investments		—		263,222,479		—		263,222,479
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		1,506,226		—		1,506,226
Total	$	—	$	264,728,705	$	—	$	264,728,705

56

TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

TCW Emerging Markets Local Currency Income Fund (Continued)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(1,679,134	)	$	—	$	(1,679,134	)
Total	$	—	$	(1,679,134	)	$	—	$	(1,679,134	)

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	$	—	$	201,000	$	—	$	201,000
Banks		—		3,057,068		—		3,057,068
Building Materials		—		214,760		—		214,760
Commercial Services		—		225,440		—		225,440
Diversified Financial Services		—		933,217		—		933,217
Electric		—		455,010		—		455,010
Foreign Government Bonds		—		13,915,819		—		13,915,819
Gas		—		210,000		—		210,000
Government Regional/Local		—		394,000		—		394,000
Household Products/Wares		—		113,940		—		113,940
Internet		—		400,916		—		400,916
Mining		—		392,197		—		392,197
Oil & Gas		—		2,281,311		—		2,281,311
Retail		—		155,070		—		155,070
Telecommunications		—		598,783		—		598,783
Total Fixed Income Securities		—		23,548,531		—		23,548,531
Preferred Stock
Banks		323,064		—		—		323,064
Total Preferred Stock		323,064		—		—		323,064
Common Stocks
Aerospace/Defense		—		178,129		—		178,129
Agriculture		645,927		—		—		645,927
Airlines		—		191,076		—		191,076
Apparel		—		484,994		—		484,994
Auto Manufacturers		473,333		311,528		—		784,861
Auto Parts & Equipment		—		90,150		—		90,150
Banks		733,489		4,613,043		—		5,346,532
Beverages		697,378		235,047		—		932,425
Building Materials		148,773		—		—		148,773
Chemicals		169,098		146,888		—		315,986
Commercial Services		312,732		—		—		312,732
Computers		—		543,888		—		543,888
Diversified Financial Services		—		1,119,580		—		1,119,580
Electrical Compo & Equip		—		673,649		—		673,649
Environmental Control		—		954,808		—		954,808

57

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW Emerging Markets Multi-Asset Opportunities Fund (Continued)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Food	$	524,752	$	360,177		$	—	$	884,929
Healthcare-Products		—		562,909			—		562,909
Holding Companies — Diversified		—		190,343			—		190,343
Home Furnishings		—		293,100			—		293,100
Insurance		—		1,372,061			—		1,372,061
Internet		976,220		1,506,716			—		2,482,936
Machinery-Diversified		—		295,182			—		295,182
Media		—		640,009			—		640,009
Miscellaneous Manufacturers		—		397,317			—		397,317
Oil & Gas		975,474		355,277			—		1,330,751
Pharmaceuticals		135,239		633,271			—		768,510
Semiconductors		305,500		2,594,821			—		2,900,321
Telecommunications		1,110,856		2,673,529			—		3,784,385
Water		—		294,888			—		294,888
Total Common Stocks		7,208,771		21,712,380			—		28,921,151
Participation Notes
Food Service		—		469,297			—		469,297
Healthcare-Services		—		367,116			—		367,116
Insurance		—		156,104			—		156,104
Total Participation Notes		—		992,517			—		992,517
Short-Term Investments		—		928,200			—		928,200
Total Investments		7,531,835		47,181,628			—		54,713,463
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		61,403			—		61,403
Total	$	7,531,835	$	47,243,031		$	—	$	54,774,866
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(71,125	)	$	—	$	(71,125	)
Total	$	—	$	(71,125	)	$	—	$	(71,125	)

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
Air Freight & Logistics	$	29,624	$	—	$	—	$	29,624
Automobiles		—		63,300		—		63,300
Banks		42,137		216,746		—		258,883
Beverages		—		14,732		—		14,732
Building Products		26,233		—		—		26,233
Capital Markets		—		73,921		—		73,921
Chemicals		15,048		92,632		—		107,680

58

TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

TCW International Growth Fund (Continued)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Construction Materials	$	13,197	$	51,560		$	—	$	64,757
Diversified Financial Services		65,420		80,944			—		146,364
Diversified Telecommunication Services		26,904		81,123			—		108,027
Electrical Equipment		—		58,453			—		58,453
Electronic Equipment, Instruments & Components		—		63,392			—		63,392
Food & Staples Retailing		32,263		—			—		32,263
Food Products		—		56,803			—		56,803
Gas Utilities		—		28,185			—		28,185
Health Care Equipment & Supplies		—		25,306			—		25,306
Health Care Providers & Services		—		19,709			—		19,709
Health Care Technology		—		37,706			—		37,706
Household Durables		—		28,134			—		28,134
Insurance		—		106,588			—		106,588
Internet & Catalog Retail		29,365		34,862			—		64,227
Internet Software & Services		28,860		46,684			—		75,544
IT Services		—		112,226			—		112,226
Machinery		—		133,238			—		133,238
Media		—		165,637			—		165,637
Metals & Mining		—		28,536			—		28,536
Multiline Retail		—		28,243			—		28,243
Oil, Gas & Consumable Fuels		89,503		—			—		89,503
Paper & Forest Products		—		50,568			—		50,568
Pharmaceuticals		105,895		58,837			—		164,732
Real Estate Management & Development		—		28,772			—		28,772
Semiconductors & Semiconductor Equipment		27,178		26,311			—		53,489
Software		—		30,375			—		30,375
Technology Hardware, Storage & Peripherals		—		39,356			—		39,356
Textiles, Apparel & Luxury Goods		—		77,204			—		77,204
Thrifts & Mortgage Finance		—		27,826			—		27,826
Tobacco		21,723		—			—		21,723
Transportation Infrastructure		40,149		—			—		40,149
Wireless Telecommunication Services		—		28,150			—		28,150
Total Common Stock		593,499		2,016,059			—		2,609,558
Preferred Stock
Banks		30,704		—			—		30,704
Total Preferred Stock		30,704		—			—		30,704
Total Investments		624,203		2,016,059			—		2,640,262
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		62,202			—		62,202
Total	$	624,203	$	2,078,261		$	—	$	2,702,464
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(1,652	)	$	—	$	(1,652	)
Total	$	—	$	(1,652	)	$	—	$	(1,652	)

59

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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
Aerospace & Defense	$	—	$	101,434	$	—	$	101,434
Auto Components		—		383,660		—		383,660
Banks		—		452,501		—		452,501
Beverages		—		219,916		—		219,916
Building Products		162,424		—		—		162,424
Capital Markets		—		1,353,054		—		1,353,054
Chemicals		127,212		474,598		—		601,810
Commercial Services & Supplies		—		524,719		—		524,719
Communications Equipment		120,031		—		—		120,031
Construction & Engineering		—		124,795		—		124,795
Construction Materials		110,380		—		—		110,380
Containers & Packaging		—		296,693		—		296,693
Diversified Consumer Services		—		110,598		—		110,598
Diversified Financial Services		244,091		1,262,844		—		1,506,935
Diversified Telecommunication Services		—		117,771		—		117,771
Electrical Equipment		—		92,080		—		92,080
Electronic Equipment, Instruments & Components		—		310,192		—		310,192
Food Products		—		107,111		—		107,111
Health Care Equipment & Supplies		—		408,604		—		408,604
Health Care Providers & Services		—		129,810		—		129,810
Hotels, Restaurants & Leisure		425,848		105,646		—		531,494
Household Durables		—		500,011		—		500,011
Independent Power and Renewable Electricity Producers		117,676		—		—		117,676
Industrial Conglomerates		—		117,821		—		117,821
Insurance		—		104,408		—		104,408
Internet Software & Services		—		566,615		—		566,615
IT Services		—		1,251,459		—		1,251,459
Life Sciences Tools & Services		—		322,467		—		322,467
Machinery		101,057		844,904		—		945,961
Marine		—		90,978		—		90,978
Media		96,108		704,302		—		800,410
Multi-Utilities		—		119,133		—		119,133
Multiline Retail		—		300,543		—		300,543
Oil, Gas & Consumable Fuels		—		92,931		—		92,931
Paper & Forest Products		—		105,410		—		105,410
Personal Products		—		92,101		—		92,101
Pharmaceuticals		314,410		200,659		—		515,069
Professional Services		92,255		195,597		—		287,852
REIT		—		325,534		—		325,534
Real Estate Management & Development		—		1,239,442		—		1,239,442
Road & Rail		—		110,344		—		110,344
Semiconductors & Semiconductor Equipment		—		320,707		—		320,707
Software		—		188,656		—		188,656
Specialty Retail		—		329,360		—		329,360
Textiles, Apparel & Luxury Goods		—		123,133		—		123,133
Thrifts & Mortgage Finance		—		107,009		—		107,009
Transportation Infrastructure		—		178,305		—		178,305
Wireless Telecommunication Services		—		231,438		—		231,438
Total Common Stock		1,911,492		15,339,293		—		17,250,785

60

TCW Funds, Inc.

April 30, 2015

Note 2 — Significant Accounting Policies (Continued)

TCW International Small Cap Fund (Continued)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Rights
Real Estate Management & Development	$	536	$	—		$	—	$	536
Total Rights		536		—			—		536
Warrants
Oil, Gas & Consumable Fuels		—		—			—		—
Total Warrants		—		—			—		—
Short-Term Investments		—		139,835			—		139,835
Total Investments		1,912,028		15,479,128			—		17,391,156
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		565,027			—		565,027
Total	$	1,912,028	$	16,044,155		$	—	$	17,956,183
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		(6,903	)		—		(6,903	)
Total	$	—	$	(6,903	)	$	—	$	(6,903	)

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	$	—	$	1,443,358
TCW International Growth Fund		—		34,600
TCW International Small Cap Fund		—		244,091

* The Funds recognized transfers between the Levels as of the beginning of the period.

The transfers between Level 1 and Level 2 of the fair value hierarchy during the period ended April 30, 2015, were due to utilization of exchange closing prices rather than “fair value” prices.

The Funds held no investments or other financial instruments at April 30, 2015 whose fair value was calculated using Level 3 inputs.

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

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

61

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

Derivative Instruments:    Derivatives are financial instruments 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 April 30, 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):

	Foreign Currency Risk			Interest Rate Risk			Total
TCW Emerging Markets Income Fund
Statements of Asset and Liabilities:
Asset Derivatives
Forward Currency Contracts	$	11,793		$	—		$	11,793
Total Value	$	11,793		$	—		$	11,793
Liability Derivatives
Forward Currency Contracts	$	(13,085	)	$	—		$	(13,085	)
Futures Contracts (1)		—			(2,090	)		(2,090	)
Total Value	$	(13,085	)	$	(2,090	)	$	(15,175	)
Statement of Operations:
Realized Gain (Loss) on
Forward Currency Contracts	$	67,399		$	—		$	67,399
Futures Contracts		—			(8,601	)		(8,601	)
Total Realized Gain (Loss)	$	67,399		$	(8,601	)	$	58,798
Change in Unrealized Appreciation (Depreciation) on:
Forward Currency Contracts	$	(16,817	)	$	—		$	(16,817	)
Futures Contracts		—			1,364			1,364
Total Change in Unrealized Appreciation (Depreciation)	$	(16,817	)	$	1,364		$	(15,453	)
Notional Amounts or Shares/Units (2)
Forward Currency Contracts	$	944,484,546		$	—		$	944,484,546
Futures Contracts		—			2,949			2,949
TCW Emerging Markets Local Currency Income Fund
Statements of Asset and Liabilities:
Asset Derivatives
Forward Currency Contracts	$	1,506		$	—		$	1,506
Total Value	$	1,506		$	—		$	1,506
Liability Derivatives
Forward Currency Contracts	$	(1,679	)	$	—		$	(1,679	)
Total Value	$	(1,679	)	$	—		$	(1,679	)

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	Foreign Currency Risk			Interest Rate Risk		Total
TCW Emerging Markets Local Currency Income Fund (Continued)
Statement of Operations:
Realized Gain on
Forward Currency Contracts	$	7,145		$	—	$	7,145
Total Realized Gain	$	7,145		$	—	$	7,145
Statement of Operations:
Change in Unrealized Depreciation on:
Forward Currency Contracts	$	(1,309	)	$	—	$	(1,309	)
Total Change in Unrealized Appreciation	$	(1,309	)	$	—	$	(1,309	)
Notional Amounts or Shares/Units (2)
Forward Currency Contracts	$	114,601,210		$	—	$	114,601,210
TCW Emerging Markets Multi-Asset Opportunities Fund
Statements of Asset and Liabilities:
Asset Derivatives
Forward Currency Contracts	$	61		$	—	$	61
Total Value	$	61		$	—	$	61
Liability Derivatives
Forward Currency Contracts	$	(71	)	$	—	$	(71	)
Total Value	$	(71	)	$	—	$	(71	)
Statement of Operations:
Realized Gain on
Forward Currency Contracts	$	257		$	—	$	257
Total Realized Gain	$	257		$	—	$	257
Change in Unrealized Depreciation on:
Forward Currency Contracts	$	(50	)	$	—	$	(50	)
Total Change in Unrealized Depreciation	$	(50	)	$	—	$	(50	)
Notional Amounts or Shares/Units (2)
Forward Currency Contracts	$	3,890,792		$	—	$	3,890,792
TCW International Growth Fund
Statements of Asset and Liabilities:
Asset Derivatives
Forward Currency Contracts	$	62		$	—	$	62
Total Value	$	62		$	—	$	62
Liability Derivatives
Forward Currency Contracts	$	(2	)	$	—	$	(2	)
Total Value	$	(2	)	$	—	$	(2	)
Statement of Operations:
Realized Gain on
Investments (2)	$	—		$	—	$	—
Forward Currency Contracts		17			—		17
Total Realized Gain	$	17		$	—	$	17
Change in Unrealized Appreciation on:
Investments (3)	$	—		$	—	$	—
Forward Currency Contracts		40			—		40
Total Change in Unrealized Appreciation	$	40		$	—	$	40

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Note 2 — Significant Accounting Policies (Continued)

	Foreign Currency Risk			Interest Rate Risk		Total
TCW International Growth Fund (Continued)
Notional Amounts or Shares/Units (2)
Forward Currency Contracts	$	1,086,524		$	—	$	1,086,524
Purchased Options		—			—		—
TCW International Small Cap Fund
Statements of Asset and Liabilities:
Forward Currency Contracts	$	565		$	—	$	565
Total Value	$	565		$	—	$	565
Liability Derivatives
Forward Currency Contracts	$	(7	)	$	—	$	(7	)
Total Value	$	(7	)	$	—	$	(7	)
Statement of Operations:
Realized Gain on
Forward Currency Contracts	$	356		$	—	$	356
Total Realized Gain	$	356		$	—	$	356
Change in Unrealized Appreciation on:
Forward Currency Contracts	$	389		$	—	$	389
Total Change in Unrealized Appreciation	$	389		$	—	$	389
Notional Amounts or Shares/Units (2)
Forward Currency Contracts	$	12,485,417		$	—	$	12,485,417

(1) Includes cumulative (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2015 is reported within the Statement of Assets and Liabilities.

(2) Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2015.

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

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

With exchange traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds. In order to better define its contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master

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

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

Cash collateral that has been pledged to cover obligations of a Fund is reported separately on the Statement of Assets and Liabilities. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold typically $250,000 or $500,000, before a transfer is required, which is determined at the close of each business day and the collateral is transferred on the next business day. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that Advisor believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The Funds have implemented the disclosure requirements pursuant to FASB ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards.

Repurchase Agreements:    The Funds may enter into repurchase agreements, under the terms of Master Repurchase Agreements (“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.

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Note 2 — Significant Accounting Policies (Continued)

The following table presents the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under ISDA Master Agreement or MRA and net of the related collateral received by the Funds as of April 30, 2015 (in thousands):

TCW Emerging Markets Income Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount (1)
Bank of America (Derivatives)	$	6,854	$	(12,840	)	$	(5,986	)	$	—		$	(5,986	)
Citibank N.A. (Derivatives)		4,939		(245	)		4,694			—			4,694
State Street Bank & Trust Company (Repurchase Agreement)		97,321		—			97,321			(97,321	) (2)		—
Total	$	109,114	$	(13,085	)	$	96,029		$	(97,321	)	$	(1,292	)

(1) Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2) Collateral with a value of $99,272 has been received in connection with a master repurchase agreement. Excess collateral received from the individual master repurchase agreement is not shown for financial reporting purposes.

TCW Emerging Markets Local Currency Income Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount (1)
Bank of America (Derivatives)	$	994	$	(1,272	)	$	(278	)	$	(60	)	$	(338	)
Citibank N.A. (Derivatives)		512		(407	)		105			—			105
State Street Bank & Trust Company (Repurchase Agreement)		1,299		—			1,299			(1,299	) (2)		—
Total	$	2,805	$	(1,679	)	$	1,126		$	(1,359	)	$	(233	)

(1) Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2) Collateral with a value of $1,326 has been received in connection with a master repurchase agreement. Excess collateral received from the individual master repurchase agreement is not shown for financial reporting purposes.

TCW Emerging Markets Multi-Asset Opportunities Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount (1)
Bank of America (Derivatives)	$	36	$	(70	)	$	(34	)	$	—		$	(34	)
Citibank N.A. (Derivatives)		25		(1	)		24			—			24
State Street Bank & Trust Company (Repurchase Agreement)		928		—			928			(928	) (2)		—
Total	$	989	$	(71	)	$	918		$	(928	)	$	(10	)

(1) Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2) Collateral with a value of $948 has been received in connection with a master repurchase agreement. Excess collateral received from the individual master repurchase agreement is not shown for financial reporting purposes.

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TCW International Growth Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)		Net Amount (1)
Bank of America (Derivatives)	$	62	$	(2	)	$	60	$	—	$	60
Total	$	62	$	(2	)	$	60	$	—	$	60

(1) Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

TCW International Small Cap Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)			Net Amount (1)
Bank of America (Derivatives)	$	565	$	(7	)	$	558	$	(560	)	$	(2	)
State Street Bank & Trust Company (Repurchase Agreement)		140		—			140		(140	) (2)		—
Total	$	705	$	(7	)	$	698	$	(700	)	$	(2	)

(1) Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

(2) Collateral with a value of $145 has been received in connection with a master repurchase agreement. Excess collateral received from the individual master repurchase agreement is not shown for financial reporting purposes.

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 each Fund as an unrealized gain or loss in the Statement of Assets and Liabilities. When the contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Forward foreign currency contracts outstanding at April 30, 2015 are listed in each of the Fund’s Schedule of Investments.

Future 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 each Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of a Fund that is the

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Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The TCW Emerging Markets Income Fund utilized futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at April 30, 2015 are listed in the Schedules of Investments.

Options:    The Funds 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

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Note 2 — Significant Accounting Policies (Continued)

perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. During the period ended April 30, 2015, the Funds did not purchase or write any options.

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).

A Fund may enter into total return swaps. 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). A Fund may enter into enter into an interest rate swap agreement. 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. The 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.

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Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. A Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When a Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded as realized gains and losses, respectively. During the period ended April 30, 2015, the Funds did not enter into such agreements.

When-Issued, Delayed-Delivery, and Forward Commitment Transactions:    The Funds may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of each Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, or forward commitment basis, there may be a loss, and 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 the Fund is not required to pay for when-issued, delayed-delivery, or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not maintain liquid assets equal to the face amount of the contract. To guard against this deemed leverage, the Funds segregate cash and/or securities in an 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 a counterparty provides exposure to common stock, in the form of an unsecured interest, in markets where direct investment by a Fund is not possible. Participation

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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 April 30, 2015, which are listed on the Fund’s Schedule of Investments.

Security Lending:    The Funds may lend their securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Funds can accept money market instruments or U.S. Government securities with a market value at least equal to the market value of the securities on loan. As with any extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Funds earn additional income for lending their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended April 30, 2015.

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

Dividends and Distributions:    Dividends and distributions to shareholders are recorded on the ex-dividend date. The TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund declare and pay, or reinvest, dividends from net investment income monthly. The other Funds declare and pay, or reinvest, dividends from net investment income annually. Distribution of any net long term and net short-term capital gains earned by a fund will be distributed at least annually.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal year end is distributed in the following year.

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

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Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Risk Considerations

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

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

Interest Rate Risk:    The values of the Funds’ investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of a Fund’s investment portfolio, the greater the change in value.

Derivatives Risk:    Use of derivatives, which at times is an important part of the Funds’ investment strategy, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will engage in these transactions to reduce exposure to other risks when that would be beneficial.

Credit Risk:    The values of any of the Funds’ investments may also decline in response to events affecting the issuer or its credit rating. The lower rated debt securities in which a Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions.

Counterparty Risk:    The Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The exposure to credit and counterparty risks with respect to these financial assets is reflected in fair value recorded in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Risk:    The Funds may be exposed to the risk that the value of the Funds’ investments denominated in foreign currencies will decline in value because the foreign currency has declined in value relative to the U.S. dollar.

Foreign Investing Risk:    The Funds may be exposed to the risk that the Funds share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

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

Note 4 — Federal Income Taxes

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

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TCW Funds, Inc.

April 30, 2015

Note 4 — Federal Income Taxes (Continued)

At April 30, 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 Emerging Markets Income Fund	$	80,884	$	(234,807	)	$	(153,923	)	$	4,571,573
TCW Emerging Markets Local Currency Income Fund		3,217		(26,074	)		(22,857	)		286,079
TCW Emerging Markets Multi-Asset Opportunities Fund		4,554		(1,527	)		3,027			51,686
TCW International Growth Fund		213		(34	)		179			2,461
TCW International Small Cap Fund		1,622		(382	)		1,240			16,151

At October 31, 2014, the components of distributable earnings on a tax basis were as follows (amounts in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Emerging Markets Income Fund	$	7,943	$	—	$	7,943
TCW Emerging Markets Multi-Asset Opportunities Fund		825		—		825
TCW International Growth Fund		200		133		333
TCW International Small Cap Fund		168		—		168

For the year ended October 31, 2014, the tax character of distributions paid was as follows (amounts in thousands):

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
TCW Emerging Markets Income Fund	$	253,673	$	—	$	—	$	253,673
TCW Emerging Markets Local Currency Income Fund		—		—		3,415		3,415
TCW Emerging Markets Multi-Asset Opportunities Fund		296		—		—		296
TCW International Growth Fund		23		—		—		23
TCW International Small Cap Fund		266		—		—		266

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. These losses will retain their character as either short-term or long-term capital losses.

The following Funds had net realized losses that will be carried forward indefinitely for federal income tax purposes (amounts in thousands):

	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Emerging Markets Income Fund	$	196,332	$	81,668	$	278,000
TCW Emerging Markets Local Currency Income Fund		15,255		3,718		18,973
TCW Emerging Markets Multi-Asset Opportunities Fund		191		—		191
TCW International Small Cap Fund		972		637		1,609

There were no capital losses carryforward by the Funds that were incurred prior to December 22, 2010.

The Funds did not have any unrecognized tax benefits at April 30, 2015, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2015. The Funds are subject to

73

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Federal Income Taxes (Continued)

examination by U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

Note 5 — Fund Management Fees and Other Expenses

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

	Management Fee %
TCW Emerging Markets Income Fund		0.75%
TCW Emerging Markets Local Currency Income Fund		0.75%
TCW Emerging Markets Multi-Asset Opportunities Fund		0.95%
TCW International Growth Fund		0.85%
TCW International Small Cap Fund		0.75%

In addition to the management fees, the Funds reimburse, with approval by the Company’s Board of Directors, the Advisor’s costs associated in support of the Funds’ Rule 38a-1 compliance obligations. These amounts are allocated to each Fund based on the management fees paid and are included in the Statements of Operations.

The Advisor limits the operating expenses of the Funds not to exceed the following expense ratios relative to the Funds’ average daily net assets:

TCW Emerging Markets Income Fund
I Class	1.17%	(1)
N Class	1.17%	(1)
TCW Emerging Markets Local Currency Income Fund
I Class	0.99%	(2)
N Class	0.99%	(2)
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class	1.23%	(2)
N Class	1.23%	(2)
TCW International Growth Fund
I Class	1.04%	(2)
N Class	1.34%	(2)
TCW International Small Cap Fund
I Class	1.44%	(2)
N Class	1.44%	(2)

(1) Limitation based on average expense ratio as reported by Lipper, Inc., which is subject to change on a monthly basis. This ratio was in effect as of April 30, 2015. These limitations are voluntary and terminable in a six months notice.

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

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

Note 6 — Distribution Plan

TCW Funds Distributors (“Distributor”), an affiliate of the Advisor and the Funds, serves as the nonexclusive distributor of each class of the Funds’ shares. The Funds have a distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to the N Class shares of each Fund. Under the terms of the

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TCW Funds, Inc.

April 30, 2015

Note 6 — Distribution Plan (Continued)

plan, each Fund compensates the Distributor at a rate equal to 0.25% of the average daily net assets of the Fund attributable to its N Class shares for distribution and related services.

Note 7 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2015, were as follows (amounts in thousands):

	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Emerging Markets Income Fund	$	4,586,057	$	4,980,636	$	—	$	—
TCW Emerging Markets Local Currency Income Fund		318,285		255,903		—		—
TCW Emerging Markets Multi-Asset Opportunities Fund		43,199		39,749		—		—
TCW International Growth Fund		3,842		3,785		—		—
TCW International Small Cap Fund		35,574		45,221		—		—

Note 8 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Emerging Markets Income Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		104,247,232		$	847,050			252,134,294		$	2,166,670
Shares Issued upon Reinvestment of Dividends		11,268,042			91,742			17,423,555			148,759
Shares Redeemed		(178,811,473	)		(1,439,652	)		(231,815,647	)		(1,966,532	)
Net Increase (Decrease)		(63,296,199	)	$	(500,860	)		37,742,202		$	348,897
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		12,009,181		$	124,685			42,900,671		$	470,506
Shares Issued upon Reinvestment of Dividends		1,752,022			18,400			4,911,888			54,027
Shares Redeemed		(23,543,405	)		(244,118	)		(106,000,303	)		(1,173,861	)
Net Decrease		(9,782,202	)	$	(101,033	)		(58,187,744	)	$	(649,328	)
TCW Emerging Markets Local Currency Income Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		3,982,721		$	36,529			12,890,363		$	127,596
Shares Issued upon Reinvestment of Dividends		45,913			424			219,510			2,119
Shares Redeemed		(7,775,746	)		(70,749	)		(18,096,617	)		(175,884	)
Net Decrease		(3,747,112	)	$	(33,796	)		(4,986,744	)	$	(46,169	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		11,140,034		$	101,934			5,636,002		$	55,023
Shares Issued upon Reinvestment of Dividends		36,326			335			123,381			1,188
Shares Redeemed		(1,924,249	)		(17,566	)		(11,271,492	)		(111,035	)
Net Increase (Decrease)		9,252,111		$	84,703			(5,512,109	)	$	(54,824	)

75

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 8 — Capital Share Transactions (Continued)

TCW Emerging Markets Multi-Asset Opportunities Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		173,546		$	1,828			2,319,276		$	24,870
Shares Issued upon Reinvestment of Dividends		77,170			793			22,231			238
Shares Redeemed		(447,356	)		(4,634	)		(1,278,816	)		(13,598	)
Net Increase (Decrease)		(196,640	)	$	(2,013	)		1,062,691		$	11,510
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		388,410		$	4,041			11,784		$	128
Shares Issued upon Reinvestment of Dividends		7,546			77			24			—	(1)
Shares Redeemed		(5,325	)		(56	)		(6,554	)		(69	)
Net Increase		390,631		$	4,062			5,254		$	59
TCW International Growth Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		2,345		$	25			1		$	—	(1)
Shares Issued upon Reinvestment of Dividends		17,271			175			943			12
Shares Redeemed		(1,605	)		(18	)		—			—
Net Increase		18,011		$	182			944		$	12
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		—		$	—			—		$	—
Shares Issued upon Reinvestment of Dividends		15,472			157			631			8
Shares Redeemed		—			—			—			—
Net Increase		15,472		$	157			631		$	8
TCW International Small Cap Fund	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		85,010		$	712			423,275		$	3,948
Shares Issued upon Reinvestment of Dividends		14,610			118			20,632			187
Shares Redeemed		(1,281,567	)		(10,894)			(893,892	)		(8,077	)
Net Decrease		(1,181,947	)	$	(10,064	)		(449,985	)	$	(3,942)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		53,064		$	448			185,019		$	1,742
Shares Issued upon Reinvestment of Dividends		6,103			49			7,891			71
Shares Redeemed		(156,765	)		(1,318	)		(439,079	)		(4,006	)
Net Decrease		(97,598	)	$	(821	)		(246,169	)	$	(2,193	)

(1) Amount rounds to less than $1.

Note 9 — 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 April 30, 2015.

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TCW Funds, Inc.

April 30, 2015

Note 10 — Indemnifications

Under the Company’s organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Company. In addition, the Company entered into an agreement with each of the Directors which provides that the Company will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by any Director in any proceeding arising out of or in connection with the Director’s services to the Company, to the fullest extent permitted by the Company’s Articles of Incorporation and By-Laws, the Maryland General Corporation Law, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Company enters into agreements with service providers that may contain indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. The Company has not accrued any liability in connection with such indemnification.

Note 11 — 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.

77

TCW Emerging Markets Income Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	8.57		$	8.53		$	9.30		$	8.43		$	8.84		$	7.60
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.23			0.47			0.55			0.64			0.65			0.60
Net Realized and Unrealized Gain (Loss) on Investments		(0.54	)		(0.01	)		(0.59	)		0.75			(0.36	)		1.19
Total from Investment Operations		(0.31	)		0.46			(0.04	)		1.39			0.29			1.79
Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.42	)		(0.44	)		(0.52	)		(0.59	)		(0.54	)
Distributions from Net Realized Gain		—			—			(0.22	)		—			(0.11	)		(0.01	)
Distributions from Return of Capital		—			—			(0.07	)		—			—			—
Total Distributions		(0.21	)		(0.42	)		(0.73	)		(0.52	)		(0.70	)		(0.55	)
Net Asset Value per Share, End of Period	$	8.05		$	8.57		$	8.53		$	9.30		$	8.43		$	8.84
Total Return		(3.59	)% (2)		5.52	%		(0.68	)%		16.99	%		3.35	%		24.44	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	3,814,827		$	4,602,207		$	4,260,067		$	4,223,485		$	1,861,675		$	622,371
Ratio of Expenses to Average Net Assets		0.89	%(3)		0.85	%		0.83	%		0.84	%		0.87	%		0.92	%
Ratio of Net Investment Income to Average Net Assets		5.78	% (3)		5.44	%		6.09	%		7.24	%		7.49	%		7.22	%
Portfolio Turnover Rate		100.52	% (2)		165.55	%		150.21	%		174.98	%		137.87	%		172.75	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

78

TCW Emerging Markets Income Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,
				2014			2013			2012			2011			2010
Net Asset Value per Share, Beginning of Period	$	11.05		$	11.01		$	11.93		$	10.81		$	11.31		$	9.72
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.28			0.57			0.68			0.81			0.80			0.74
Net Realized and Unrealized Gain (Loss) on Investments		(0.68	)		(0.02	)		(0.76	)		0.93			(0.45	)		1.52
Total from Investment Operations		(0.40	)		0.55			(0.08	)		1.74			0.35			2.26
Less Distributions:
Distributions from Net Investment Income		(0.26	)		(0.51	)		(0.53	)		(0.62	)		(0.74	)		(0.66	)
Distributions from Net Realized Gain		—			—			(0.22	)		—			(0.11	)		(0.01	)
Distributions from Return of Capital		—			—			(0.09	)		—			—			—
Total Distributions		(0.26	)		(0.51	)		(0.84	)		(0.62	)		(0.85	)		(0.67	)
Net Asset Value per Share, End of Period	$	10.39		$	11.05		$	11.01		$	11.93		$	10.81		$	11.31
Total Return		(3.64	)% (2)		5.11	%		(0.86	)%		16.64	%		3.13	%		24.03	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	633,657		$	782,384		$	1,419,298		$	1,286,033		$	975,772		$	498,489
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.17	% (3)		1.13	%		1.10	%		1.11	%		1.15	%		1.25	%
Ratio of Net Investment Income to Average Net Assets		5.49	% (3)		5.21	%		5.83	%		7.23	%		7.18	%		6.88	%
Portfolio Turnover Rate		100.52	% (2)		165.55	%		150.21	%		174.98	%		137.87	%		172.75	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

79

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,									December 15, 2010 (Commencement of Operations) through October 31, 2011
				2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	9.69		$	10.14		$	10.52		$	9.89		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.23			0.55			0.54			0.64			0.51
Net Realized and Unrealized Gain (Loss) on Investments		(0.85	)		(0.88	)		(0.62	)		0.23			(0.08	)
Total from Investment Operations		(0.62	)		(0.33	)		(0.08	)		0.87			0.43
Less Distributions:
Distributions from Net Investment Income		—			—			(0.06	)		(0.18	)		(0.54	)
Distributions from Return of Capital		(0.03	)		(0.12	)		(0.24	)		(0.06	)		—
Total Distributions		(0.03	)		(0.12	)		(0.30	)		(0.24	)		(0.54	)
Net Asset Value per Share, End of Period	$	9.04		$	9.69		$	10.14		$	10.52		$	9.89
Total Return		(6.46	)% (3)		(3.29	)%		(0.89	)%		9.02	%		4.25	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	132,928		$	178,828		$	237,695		$	122,196		$	99,529
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.97	% (4)		0.95	%		0.90	%		0.96	%		1.05	% (4)
After Expense Reimbursement		N/A			N/A			N/A			N/A			0.99	% (4)
Ratio of Net Investment Income to Average Net Assets		5.15	% (4)		5.61	%		5.19	%		6.39	%		5.64	% (4)
Portfolio Turnover Rate		101.35	% (3)		223.55	%		290.24	%		252.93	%		191.66	% (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period December 15, 2010 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

80

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,									December 15, 2010 (Commencement of Operations) through October 31, 2011
				2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	9.69		$	10.13		$	10.52		$	9.89		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.23			0.58			0.54			0.62			0.51
Net Realized and Unrealized Gain (Loss) on Investments		(0.86	)		(0.91	)		(0.64	)		0.25			(0.08	)
Total from Investment Operations		(0.63	)		(0.33	)		(0.10	)		0.87			0.43
Less Distributions:
Distributions from Net Investment Income		—			—			(0.05	)		(0.18	)		(0.54	)
Distributions from Return of Capital		(0.03	)		(0.11	)		(0.24	)		(0.06	)		—
Total Distributions		(0.03	)		(0.11	)		(0.29	)		(0.24	)		(0.54	)
Net Asset Value per Share, End of Period	$	9.03		$	9.69		$	10.13		$	10.52		$	9.89
Total Return		(6.46	)% (3)		(3.37	)%		(0.91	)%		8.92	%		4.25	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	134,890		$	55,028		$	113,380		$	89,410		$	68,560
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.19	% (4)		1.24	%		1.15	%		1.25	%		1.48	% (4)
After Expense Reimbursement		0.99	% (4)		0.99	%		0.99	%		0.99	%		0.99	% (4)
Ratio of Net Investment Income to Average Net Assets		5.20	% (4)		5.87	%		5.15	%		6.20	%		5.68	% (4)
Portfolio Turnover Rate		101.35	% (3)		223.55	%		290.24	%		252.93	%		191.66	% (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period December 15, 2010 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

81

TCW Emerging Markets Multi-Asset Opportunities Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			July 1, 2013 (Commencement of Operations) through October 31, 2013
Net Asset Value per Share, Beginning of Period	$	10.97		$	10.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.11			0.22			0.07
Net Realized and Unrealized Gain (Loss) on Investments		(0.04	)		0.14			0.61
Total from Investment Operations		0.07			0.36			0.68
Less Distributions:
Distributions from Net Investment Income		(0.20	)		(0.07	)		—
Net Asset Value per Share, End of Period	$	10.84		$	10.97		$	10.68
Total Return		0.71	% (2)		3.43	%		6.80	% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	50,883		$	53,652		$	40,903
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.40	% (4)		1.43	%		1.72	% (4)
After Expense Reimbursement		1.23	% (4)		1.21	%		1.26	% (4)
Ratio of Net Investment Income to Average Net Assets		2.14	% (4)		2.04	%		2.06	% (4)
Portfolio Turnover Rate		79.03	% (2)		151.61	%		52.53	% (3)

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) For the period July 1, 2013 (Commencement of Operations) through October 31, 2013 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

82

TCW Emerging Markets Multi-Asset Opportunities Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			July 1, 2013 (Commencement of Operations) through October 31, 2013
Net Asset Value per Share, Beginning of Period	$	10.92		$	10.62		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.11			0.22			0.06
Net Realized and Unrealized Gain (Loss) on Investments		(0.03	)		0.15			0.56
Total from Investment Operations		0.08			0.37			0.62
Less Distributions:
Distributions from Net Investment Income		(0.20	)		(0.07	)		—
Net Asset Value per Share, End of Period	$	10.80		$	10.92		$	10.62
Total Return		0.80	% (2)		3.54	%		6.20	% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	4,305		$	89		$	31
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.08	% (4)		48.38	%		480.73	% (4)
After Expense Reimbursement		1.23	% (4)		1.21	%		1.26	% (4)
Ratio of Net Investment Income to Average Net Assets		2.13	% (4)		2.01	%		1.72	% (4)
Portfolio Turnover Rate		79.03	% (2)		151.61	%		52.53	% (3)

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) For the period July 1, 2013 (Commencement of Operations) through October 31, 2013 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

83

TCW International Growth Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			November 1, 2012 (Commencement of Operations) through October 31, 2013
Net Asset Value per Share, Beginning of Period	$	12.31		$	12.04		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.02			0.10			0.05
Net Realized and Unrealized Gain on Investments		0.35			0.30			1.99
Total from Investment Operations		0.37			0.40			2.04
Less Distributions:
Distributions from Net Investment Income		(0.19	)		(0.09	)		—
Distributions from Net Realized Gain		(1.39	)		(0.04	)		—
Total Distributions		(1.58	)		(0.13	)		—
Net Asset Value per Share, End of Period	$	11.10		$	12.31		$	12.04
Total Return		4.17	% (2)		3.27	%		20.40	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,446		$	1,383		$	1,341
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		5.27	% (3)		4.95	%		7.74	%
After Expense Reimbursement		1.04	% (3)		1.04	%		1.04	%
Ratio of Net Investment Income to Average Net Assets		0.31	% (3)		0.82	%		0.46	%
Portfolio Turnover Rate		149.80	% (2)		318.07	%		309.74	%

(1) Computed using average shares outstanding throughout the period.

(2) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

84

TCW International Growth Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			November 1, 2012 (Commencement of Operations) through October 31, 2013
Net Asset Value per Share, Beginning of Period	$	12.27		$	12.01		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.00	(2)		0.06			0.02
Net Realized and Unrealized Gain on Investments		0.35			0.30			1.99
Total from Investment Operations		0.35			0.36			2.01
Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.06	)		—
Distributions from Net Realized Gain		(1.39	)		(0.04	)		—
Total Distributions		(1.56	)		(0.10	)		—
Net Asset Value per Share, End of Period	$	11.06		$	12.27		$	12.01
Total Return		4.00	% (3)		2.92	%		20.10	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,284		$	1,234		$	1,201
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		5.49	% (4)		5.23	%		7.99	%
After Expense Reimbursement		1.34	% (4)		1.34	%		1.34	%
Ratio of Net Investment Income to Average Net Assets		0.01	% (4)		0.52	%		0.15	%
Portfolio Turnover Rate		149.80	% (3)		318.07	%		309.74	%

(1) Computed using average shares outstanding throughout the period.

(2) Amount rounds to less than $0.01 per share.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

85

TCW International Small Cap Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,									February 28, 2011 (Commencement of Operations) through October 31, 2011
				2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	8.72		$	8.92		$	7.83		$	7.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		(0.01	)		0.01			(0.01	)		0.09			(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments		0.10			(0.13	)		1.55			0.13			(2.28	)
Total from Investment Operations		0.09			(0.12	)		1.54			0.22			(2.32	)
Less Distributions:
Distributions from Net Investment Income		(0.05	)		(0.08	)		(0.45	)		(0.07	)		—
Net Asset Value per Share, End of Period	$	8.76		$	8.72		$	8.92		$	7.83		$	7.68
Total Return		1.12	% (3)		(1.39	)%		20.77	%		2.92	%		(23.20	)% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	9,532		$	19,786		$	24,266		$	18,354		$	12,988
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.50	% (4)		1.37	%		1.36	%		1.32	%		1.60	% (4)
After Expense Reimbursement		1.44	% (4)		N/A			N/A			N/A			1.44	% (4)
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.28	)% (4)		0.12	%		(0.17	)%		1.16	%		(0.69	)% (4)
Portfolio Turnover Rate		147.47	% (3)		259.88	%		301.86	%		139.84	%		86.04	% (2)

(1) Computed using average shares outstanding throughout the period.

(2) For the period February 28, 2011 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results.

(3) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

86

TCW International Small Cap Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31,									February 28, 2011 (Commencement of Operations) through October 31, 2011
				2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	8.72		$	8.92		$	7.82		$	7.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		(0.00	) (2)		0.00	(2)		(0.02	)		0.08			(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments		0.10			(0.13	)		1.56			0.12			(2.28	)
Total from Investment Operations		0.10			(0.13	)		1.54			0.20			(2.32	)
Less Distributions:
Distributions from Net Investment Income		(0.05	)		(0.07	)		(0.44	)		(0.06	)		—
Net Asset Value per Share, End of Period	$	8.77		$	8.72		$	8.92		$	7.82		$	7.68
Total Return		1.16	% (4)		(1.52	)%		20.77	%		2.75	%		(23.20	)% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	8,638		$	9,437		$	11,847		$	11,715		$	11,192
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.93	% (5)		1.75	%		1.67	%		1.64	%		1.94	% (5)
After Expense Reimbursement		1.44	% (5)		1.44	%		1.44	%		1.44	%		1.44	% (5)
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.11	)% (5)		0.04	%		(0.23	)%		1.00	%		(0.65	)% (5)
Portfolio Turnover Rate		147.47	% (4)		259.88	%		301.86	%		139.84	%		86.04	% (3)

(1) Computed using average shares outstanding throughout the period.

(2) Amount rounds to less than $0.01 per share.

(3) For the period February 28, 2011 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results.

(4) For the six months ended April 30, 2015 and is not indicative of a full year’s operating results.

(5) Annualized.

See accompanying notes to financial statements.

87

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2014 to April 30, 2015 (181 days).

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

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

TCW Funds, Inc.	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2014 to April 30, 2015)
TCW Emerging Markets Income Fund
I Class Shares
Actual	$	1,000.00	$	964.10		0.89	%	$	4.33
Hypothetical (5% return before expenses)		1,000.00		1,020.38		0.89	%		4.46
N Class Shares
Actual	$	1,000.00	$	963.60		1.17	%	$	5.70
Hypothetical (5% return before expenses)		1,000.00		1,018.99		1.17	%		5.86
TCW Emerging Markets Local Currency Income Fund
I Class Shares
Actual	$	1,000.00	$	935.40		0.97	%	$	4.65
Hypothetical (5% return before expenses)		1,000.00		1,019.98		0.97	%		4.86
N Class Shares
Actual	$	1,000.00	$	935.40		0.99	%	$	4.75
Hypothetical (5% return before expenses)		1,000.00		1,019.89		0.99	%		4.96

88

TCW Funds, Inc.

TCW Funds, Inc.	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2014 to April 30, 2015)
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class Shares
Actual	$	1,000.00	$	1,007.10		1.23	%	$	6.12
Hypothetical (5% return before expenses)		1,000.00		1,018.70		1.23	%		6.16
N Class Shares
Actual	$	1,000.00	$	1,008.00		1.23	%	$	6.12
Hypothetical (5% return before expenses)		1,000.00		1,018.70		1.23	%		6.16
TCW International Growth Fund
I Class Shares
Actual	$	1,000.00	$	1,041.70		1.04	%	$	5.26
Hypothetical (5% return before expenses)		1,000.00		1,019.64		1.04	%		5.21
N Class Shares
Actual	$	1,000.00	$	1,040.00		1.34	%	$	6.78
Hypothetical (5% return before expenses)		1,000.00		1,018.15		1.34	%		6.71
TCW International Small Cap Fund
I Class Shares
Actual	$	1,000.00	$	1,011.20		1.44	%	$	7.18
Hypothetical (5% return before expenses)		1,000.00		1,017.65		1.44	%		7.20
N Class Shares
Actual	$	1,000.00	$	1,011.60		1.44	%	$	7.18
Hypothetical (5% return before expenses)		1,000.00		1,017.65		1.44	%		7.20

89

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

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

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

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

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

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

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

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

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

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

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

Availability of Quarterly Portfolio Schedule

The Company files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form N-Q. The Form N-Q is available by calling 800-FUND-TCW (800-386-3829) to obtain a hard copy. You may also obtain the Company’s Form N-Q:

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

2. By visiting the SEC’s Public Reference Room in Washington, D.C. and photocopying it (Phone 1-800-SEC-0330 for information on the operation of the SEC’s Public Reference Room).

90

TCWFunds TCW Family of Funds TCW Funds, Inc. 865 South Figueroa Street Los Angeles, California 90017 800 FUND TCW (800 386 3829) www.TCW.com Investment Advisor TCW Investment Management Company 865 South Figueroa Street Los Angeles, California 90017 Transfer Agent U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, Wisconsin 53202 Independent Registered Public Accounting Firm Deloitte & Touche, LLP 555 West 5th Street Los Angeles, California 90013 Custodian & Administrator State Street Bank & Trust Company One Lincoln Street Boston, Massachusetts 02111 Distributor TCW Funds Distributors 865 South Figueroa Street Los Angeles, California 90017 Directors Patrick C. Haden Director and Chairman of the Board Samuel P. Bell Director David S. DeVito Director John A. Gavin Director Janet E. Kerr Director Peter McMillan Director Charles A. Parker Director Victoria B. Rogers Director Marc I. Stern Director Andrew Tarica Director Officers David S. DeVito President and Chief Executive Officer Meredith S. Jackson Senior Vice President, General Counsel and Secretary Richard M. Villa Treasurer and Chief Financial Officer Jeffrey A. Engelsman Chief Compliance Officer Peter A. Brown Senior Vice President Patrick W. Dennis Assistant Secretary George N. Winn Assistant Treasurer TCW FAMILY OF FUNDS Equity Funds TCW Concentrated Value Fund TCW Global Real Estate Fund TCW Growth Equities Fund TCW High Dividend Equities Fund TCW Relative Value Dividend Appreciation Fund TCW Relative Value Large Cap Fund TCW Relative Value Mid Cap Fund TCW Select Equities Fund TCW Small Cap Growth Fund TCW SMID Cap Growth Fund TCW Allocation Fund TCW Conservative Allocation Fund Fixed Income Funds TCW Core Fixed Income Fund TCW Enhanced Commodity Strategy Fund TCW Global Bond Fund TCW High Yield Bond Fund TCW Short Term Bond Fund TCW Total Return Bond Fund International Funds TCW Emerging Markets Income Fund TCW Emerging Markets Local Currency Income Fund TCW Emerging Markets Multi-Asset Opportunities Fund TCW International Growth Fund TCW International Small Cap Fund FUNDsarINT0415

Item 2. Code of Ethics.

Not required for this filing.

Item 3. Audit Committee Financial Expert.

Not required for this filing.

Item 4. Principal Accountant Fees and Services.

Not required for this filing.

Item 5. Audit of Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Schedule of Investments is included as part of Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes have been made to registrant’s procedures by which shareholders may recommend nominees to registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and Chief Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and 15d-15(b) under the Exchange Act.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

2

Item 12. Exhibits.

(a)(1) Not required for this filing.

(a)(2) The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(3) Not required for this filing.

(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.

3

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
	Chief Executive Officer
Date	June 26, 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
	Chief Executive Officer
Date	June 26, 2015
By (Signature and Title)	/s/ Richard M. Villa
	Richard M. Villa
	Chief Financial Officer
Date	June 26, 2015

4