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, 2016

Item 1. Report to Shareholders.

TCWFunds
TCW Family of Funds
APRIL 30
2016
SEMI-ANNUAL
R E P O R T
EQUITY FUNDS
TCW Concentrated Value Fund
TCW Global Real Estate Fund
TCW Growth Equities Fund
TCW High Dividend Equities Fund
TCW New America Premier Equities Fund
TCW Relative Value Dividend Appreciation Fund
TCW Relative Value Large Cap Fund
TCW Relative Value Mid Cap Fund
TCW Select Equities Fund
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, 2016

Letter to Shareholders	1
Performance Summary	3
Schedules of Investments:	4
TCW Concentrated Value Fund	4
TCW Conservative Allocation Fund	8
TCW Global Real Estate Fund	10
TCW Growth Equities Fund	13
TCW High Dividend Equities Fund	17
TCW New America Premier Equities Fund	21
TCW Relative Value Dividend Appreciation Fund	24
TCW Relative Value Large Cap Fund	28
TCW Relative Value Mid Cap Fund	32
TCW Select Equities Fund	37
TCW Small Cap Growth Fund	40
TCW SMID Cap Growth Fund	44
Statements of Assets and Liabilities	48
Statements of Operations	51
Statements of Changes in Net Assets	54
Notes to Financial Statements	60
Financial Highlights	80
Shareholder Expenses	104
Investment Advisory and Management Agreement Disclosure	107
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	109

To Our Valued Shareholders

David S. DeVito President, Chief Executive Officer and Director

Dear Valued Investors,

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2016. I would like to express our appreciation for your continued investment in the TCW Funds as well as welcome new shareholders to our fund family. As of April 30, 2016, the TCW Funds held total net assets of approximately $18 billion

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2016 for the TCW Funds’ Equity Funds and the TCW Conservative Allocation Fund.

The U.S. Stock Market

U.S. stocks moved sideways during the period, with the S&P 500 Total Return Index advancing just 0.4% in a market characterized by pronounced volatility. The Fed’s December 2015 decision to hike interest rates for the first time in nearly ten years dominated sentiment, as investors were forced to reconcile hawkish guidance of roughly 4 additional rate hikes in 2016 with Chair Yellen’s dovish comments that monetary policy would remain largely accommodative. At the same time, concerns about a slowdown in global growth, a renewed plunge in oil prices, and a potential “hard landing” of the Chinese economy fueled a sharp 10% decline in U.S. stock prices from the start of the calendar year through mid-February. The inflection point in the market occurred when it became evident that central banks across the globe would respond forcefully to support global risk assets. Japan had announced the adoption of negative interest rates in late January, in an admission that Abenomics was failing to generate adequate growth and inflation. In mid-March, the ECB embraced additional monetary stimulus measures which included a more deeply negative interest rate on deposits as well as the expansion of its bond-buying program to include corporate debt. Finally, a week later the U.S. Fed cited “global economic and financial developments” as part of its decision to refrain from

hiking interest rates, and the Fed also downgraded its growth forecast and anticipated rate hike trajectory. This combination of highly accommodative central bank monetary policy assuaged concerns about a potential hard landing in China as well as the potential for recessions in developing markets, resulting in sharp rebounds in risk assets. U.S. stocks clawed back their losses during the period, driven by sharp turnarounds in small and mid-cap stocks and a pronounced move higher in value-oriented equities, particularly cyclical names that had underperformed because of global growth worries.

With respect to corporate earnings, the first quarter of 2016 proved to be a challenging earnings season characterized by anemic top-line growth and the sixth successive quarter of earnings growth declines driven largely by the plunge in oil prices. Given the defensive, “risk-off” tone of the market, including the dramatic outperformance of bond-like proxies such as utility stocks, our equity funds struggled to keep pace with their respective benchmarks during the period. Our growth-oriented funds were generally hurt by the substantial multiple compression experienced by growth names in the technology and healthcare sectors, while many names in our value-oriented funds were hurt by global growth fears and the impact of a weaker U.S. dollar.

Looking Ahead

In a confirmation of the fragility of the U.S. economy, real GDP growth rose just 0.8% in the first quarter of 2016, hurt by continued weakness in business investment. Yet the resilience of the labor and housing markets signals that the first quarter may possibly mark the trough in both GDP growth and corporate earnings, as higher oil prices and a range-bound dollar potentially transition from headwinds to tailwinds over the remainder of this year. Consensus earnings growth expectations of 6-7% for this calendar year may be a reasonable expectation to the extent the U.S. economy continues to grow on at least a

1

Letter to Shareholders (Continued)

2% trajectory. U.S. equities appear fairly valued at the present juncture, trading at roughly 17 times forward earnings, which is just slightly above the average over the past three decades. We believe that U.S. company fundamentals generally remain strong, and our equity funds continue to identify attractive investment opportunities. Naturally, we acknowledge the prospect for a return of heightened market volatility given the fragility of the U.S. economy and the ongoing uncertainty associated with Fed interest rate policy and the approaching U.S. presidential election.

An Update on the TCW Funds Equity Funds

We are pleased to let you know that we have added a new U.S. equity fund to the TCW Funds family. Effective February 1, 2016, TCW launched the TCW New America Premier Equities Fund (TGUSX/TGUNX). The Fund’s investment objective is to provide long-term capital appreciation by investing in equity securities of U.S. companies. The Fund intends to achieve its objective by investing in a portfolio of companies the portfolio manager believes are enduring, cash generating

businesses whose leaders prudently manage their environmental, social, and financial resources and whose shares are attractively valued relative to the free cash flow generated by the businesses.

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 further correspondence with you through our annual report later this year.

Sincerely,

David S. DeVito

President, Chief Executive Officer and Director

2

TCW Funds, Inc.

Performance Summary (Unaudited) April 30, 2016

	NAV		Six Months Return as of April 30, 2016			Total Return
						Annualized as of April 30, 2016 (1)
						1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Concentrated Value Fund
I Class	$	18.47		(4.08	)%		(6.63	)%		8.32	%		3.20	%		5.15	%		11/01/04
N Class	$	18.28		(4.08	)%		(6.61	)%		8.15	%		3.03	%		5.21	% (2)		07/20/98	(3)
TCW Conservative Allocation Fund
I Class	$	11.92		(0.88	)%		(0.81	)%		4.62	%		N/A			5.12	%		11/16/06
N Class	$	11.90		(1.19	)%		(1.42	)%		4.19	%		N/A			4.89	%		11/16/06
TCW Global Real Estate Fund
I Class	$	9.61		0.67	%		(2.13	)%		N/A			N/A			0.03	%		12/01/14
N Class	$	9.61		0.77	%		(2.13	)%		N/A			N/A			0.03	%		12/01/14
TCW Growth Equities Fund
I Class	$	8.20		(4.74	)%		(13.79	)%		2.66	%		5.00	%		6.29	%		03/01/04
N Class	$	8.12		(4.87	)%		(13.82	)%		2.65	%		4.96	%		6.25	%		03/01/04
TCW High Dividend Equities Fund
I Class	$	8.83		(0.57	)%		(12.07	)%		N/A			N/A			(5.87	)%		12/01/14
N Class	$	8.83		(0.46	)%		(12.07	)%		N/A			N/A			(5.87	)%		12/01/14
TCW New America Premier Equities Fund
I Class	$	10.48		N/A			N/A			N/A			N/A			4.80	% (4)		02/01/16
N Class	$	10.48		N/A			N/A			N/A			N/A			4.80	% (4)		02/01/16
TCW Relative Value Dividend Appreciation Fund
I Class	$	16.29		(0.48	)%		(3.47	)%		9.20	%		5.58	%		6.63	%		11/01/04
N Class	$	16.56		(0.60	)%		(3.77	)%		8.88	%		5.26	% (5)		9.03	% (5)		09/19/86	(3)
TCW Relative Value Large Cap Fund
I Class	$	20.44		(1.90	)%		(5.88	)%		8.55	%		4.98	%		6.91	%		01/02/04
N Class	$	20.39		(2.00	)%		(6.12	)%		8.27	%		4.77	% (5)		5.84	% (5)		01/02/98	(3)
TCW Relative Value Mid Cap Fund
I Class	$	18.69		(3.35	)%		(12.27	)%		6.33	%		4.08	%		9.84	% (6)		11/01/96	(3)
N Class	$	18.22		(3.48	)%		(12.47	)%		6.04	%		3.78	%		6.95	%		11/01/00
TCW Select Equities Fund
I Class	$	25.29		(8.35	)%		(0.42	)%		9.54	%		6.98	%		9.56	% (6)		07/01/91	(3)
N Class	$	23.67		(8.44	)%		(0.69	)%		9.24	%		6.68	%		5.07	%		03/01/99
TCW Small Cap Growth Fund
I Class	$	19.40		(5.87	)%		(16.78	)%		0.70	%		5.41	%		8.48	% (6)		12/01/89	(3)
N Class	$	17.70		(5.85	)%		(16.87	)%		0.45	%		5.11	%		3.19	%		03/01/99
TCW SMID Cap Growth Fund
I Class	$	12.18		(3.02	)%		(14.19	)%		1.39	%		N/A			5.43	%		11/01/10
N Class	$	12.19		(2.94	)%		(14.13	)%		1.41	%		N/A			5.44	%		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, 2016.

(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.

3

TCW Concentrated Value Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Aerospace & Defense (4.4% of Net Assets)
	2,215	Honeywell International, Inc.	$	253,108
	930	TransDigm Group, Inc. (1)		211,919
		Total Aerospace & Defense		465,027
		Banks (13.6%)
	3,845	JPMorgan Chase & Co.		243,004
	3,425	M&T Bank Corp.		405,246
	7,095	US Bancorp		302,885
	9,865	Wells Fargo & Co.		493,053
		Total Banks		1,444,188
		Beverages (2.9%)
	2,520	Anheuser-Busch InBev NV (Belgium) (SP ADR)		312,934
		Biotechnology (6.0%)
	1,940	Amgen, Inc.		307,102
	3,155	Celgene Corp. (1)		326,259
		Total Biotechnology		633,361
		Capital Markets (2.7%)
	1,725	Goldman Sachs Group, Inc. (The)		283,090
		Chemicals (6.3%)
	2,625	Air Products & Chemicals, Inc.		382,961
	2,480	Ecolab, Inc.		285,151
		Total Chemicals		668,112
		Containers & Packaging (3.4%)
	7,530	Sealed Air Corp.		356,621
		Energy Equipment & Services (1.0%)
	1,345	Schlumberger, Ltd.		108,057
		Food & Staples Retailing (3.1%)
	3,325	CVS Health Corp.		334,162
		Food Products (3.5%)
	1,400	Mead Johnson Nutrition Co.		122,010
	5,905	Mondelez International, Inc.		253,679
		Total Food Products		375,689
		Health Care Providers & Services (3.7%)
	2,310	McKesson Corp.		387,664
		Hotels, Restaurants & Leisure (2.3%)
	5,410	Las Vegas Sands Corp.		244,261
		Industrial Conglomerates (5.0%)
	3,625	Danaher Corp.		350,719
	1,035	Roper Technologies, Inc.		182,253
		Total Industrial Conglomerates		532,972

See accompanying notes to financial statements.

4

TCW Concentrated Value Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Insurance (3.2%)
	2,870	Chubb, Ltd. (Switzerland)	$	338,258
		Internet Software & Services (2.8%)
	430	Alphabet, Inc. — Class C (1)		297,994
		Machinery (2.4%)
	3,140	IDEX Corp.		257,166
		Multiline Retail (3.2%)
	4,210	Dollar Tree, Inc. (1)		335,579
		Oil, Gas & Consumable Fuels (7.7%)
	4,425	EOG Resources, Inc.		365,593
	4,270	Occidental Petroleum Corp.		327,296
	6,680	Williams Cos., Inc. (The)		129,525
		Total Oil, Gas & Consumable Fuels		822,414
		Pharmaceuticals (6.3%)
	5,745	AbbVie, Inc.		350,445
	1,482	Allergan plc (Ireland) (1)		320,942
		Total Pharmaceuticals		671,387
		Road & Rail (3.5%)
	4,230	Union Pacific Corp.		368,983
		Software (3.2%)
	3,630	Adobe Systems, Inc. (1)		342,019
		Specialty Retail (2.0%)
	1,330	Advance Auto Parts, Inc.		207,613
		Textiles, Apparel & Luxury Goods (1.6%)
	1,810	PVH Corp.		173,036
		Total Common Stock (Cost: $9,290,583) (93.8%)		9,960,587
		Master Limited Partnership
		Oil, Gas & Consumable Fuels (4.2%)
	2,811	EQT Midstream Partners LP		222,884
	3,098	Magellan Midstream Partners LP		223,273
		Total Oil, Gas & Consumable Fuels		446,157
		Total Master Limited Partnership (Cost: $420,074) (4.2%)		446,157

See accompanying notes to financial statements.

5

TCW Concentrated Value Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Money Market Investments	Value
	77,376	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)	$	77,376
		Total Money Market Investments (Cost: $77,376) (0.7%)		77,376
		Total Investments (Cost: $9,788,033) (98.7%)		10,484,120
		Excess of Other Assets over Liabilities (1.3%)		134,419
		Net Assets (100.0%)	$	10,618,539

Notes to the Schedule of Investments:

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

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.

6

TCW Concentrated Value Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Aerospace & Defense		4.4	%
Banks		13.6
Beverages		2.9
Biotechnology		6.0
Capital Markets		2.7
Chemicals		6.3
Containers & Packaging		3.4
Energy Equipment & Services		1.0
Food & Staples Retailing		3.1
Food Products		3.5
Health Care Providers & Services		3.7
Hotels, Restaurants & Leisure		2.3
Industrial Conglomerates		5.0
Insurance		3.2
Internet Software & Services		2.8
Machinery		2.4
Multiline Retail		3.2
Oil, Gas & Consumable Fuels		11.9
Pharmaceuticals		6.3
Road & Rail		3.5
Software		3.2
Specialty Retail		2.0
Textiles, Apparel & Luxury Goods		1.6
Money Market Investments		0.7
Total		98.7	%

See accompanying notes to financial statements.

7

TCW Conservative Allocation Fund

Schedule of Investments (Unaudited)

Number of Shares		Affiliated Investment Companies	Value
		Diversified U.S. Equity Funds (40.1% of Net Assets)
	187,604	TCW/Gargoyle Hedged Value Fund — I Class (1)	$	1,637,779
	124,749	TCW Global Real Estate Fund — I Class (1)		1,198,834
	179,508	TCW High Dividend Equities Fund — I Class (1)		1,585,052
	145,951	TCW Relative Value Large Cap Fund — I Class (1)		2,983,245
	216,230	TCW Select Equities Fund — I Class (1)		5,468,448
		Total Diversified U.S. Equity Funds		12,873,358
		Diversified U.S. Fixed Income Funds (58.5%)
	642,344	Metropolitan West Total Return Bond Fund — I Class (1)		6,975,855
	1,143,589	TCW Total Return Bond Fund — I Class (1)		11,767,536
		Total Diversified U.S. Fixed Income Funds		18,743,391
		Total Affiliated Investment Companies (Cost: $28,816,026) (98.6%)		31,616,749
		Money Market Investments
	446,931	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)		446,931
		Total Money Market Investments (Cost: $446,931) (1.4%)		446,931
		Total Investments (Cost: $29,262,957) (100.0%)		32,063,680
		Liabilities in Excess of Other Assets (-0.0%)		(924	)
		Net Assets (100.0%)	$	32,062,756

Notes to the Schedule of Investments:

(1) Affiliated issuer.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

8

TCW Conservative Allocation Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Diversified U.S. Equity Funds		40.1
Diversified U.S. Fixed Income Funds		58.5	%
Money Market Investments		1.4
Total		100.0	%

See accompanying notes to financial statements.

9

TCW Global Real Estate Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Australia (5.6% of Net Assets)
	20,364	Scentre Group	$	72,548
	7,676	Westfield Corp.		58,842
		Total Australia (Cost: $112,239)		131,390
		China (3.8%)
	15,000	China Overseas Land & Investment, Ltd.		47,612
	6,832	Link REIT (The)		41,403
		Total China (Cost: $85,147)		89,015
		France (5.8%)
	1,028	Klepierre		48,362
	327	Unibail — Rodamco SE		87,674
		Total France (Cost: $131,846)		136,036
		Germany (Cost: $55,938) (2.9%)
	2,186	Deutsche Wohnen AG		67,044
		Japan (9.6%)
	3,000	Mitsubishi Estate Co., Ltd.		56,691
	2,000	Mitsui Fudosan Co., Ltd.		48,573
	35	Mori Hills REIT Investment Corp.		52,228
	29	Nippon Prologis REIT, Inc.		69,151
		Total Japan (Cost: $212,962)		226,643
		Singapore (Cost: $45,268) (1.7%)
	28,443	Global Logistic Properties, Ltd.		40,358
		United Kingdom (Cost: $95,787) (3.5%)
	7,726	British Land Co. PLC (The)		81,498
		United States (59.8%)
	2,081	American Capital Agency Corp.		38,228
	393	AvalonBay Communities, Inc.		69,479
	473	Boston Properties, Inc.		60,951
	5,270	Chimera Investment Corp.		74,834
	3,673	Colony Capital, Inc.		64,939
	943	Colony Starwood Homes		22,981
	778	Digital Realty Trust, Inc.		68,448
	141	Equinix, Inc.		46,579
	944	Equity Residential		64,258
	1,008	Extra Space Storage, Inc.		85,630
	1,013	Gaming and Leisure Properties, Inc.		33,216
	1,542	General Growth Properties, Inc.		43,222
	886	HCP, Inc.		29,973
	1,474	Hospitality Properties Trust		37,720
	3,516	Host Hotels & Resorts, Inc.		55,623
	535	Macerich Co. (The)		40,703
	3,679	MFA Financial, Inc.		25,422

See accompanying notes to financial statements.

10

TCW Global Real Estate Fund

April 30, 2016

Number of Shares		Common Stock	Value
		United States (Continued)
	1,676	Prologis, Inc.	$	76,107
	255	Public Storage		62,427
	666	Simon Property Group, Inc.		133,979
	1,078	Ventas, Inc.		66,965
	8,753	VEREIT, Inc.		77,727
	590	Vornado Realty Trust		56,481
	982	Welltower, Inc.		68,170
		Total United States (Cost: $1,338,170)		1,404,062
		Total Common Stock (Cost: $2,077,357) (92.7%)		2,176,046
		Preferred Stock
		United States (Cost: $22,461) (1.0%)
	876	Public Storage, 6%		24,063
		Total Preferred Stock (Cost: $22,461) (1.0%)		24,063
		Money Market Investments
	138,540	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (1)		138,540
		Total Money Market Investments (Cost: $138,540) (5.9%)		138,540
		Total Investments (Cost: $2,238,358) (99.6%)		2,338,649
		Excess of Other Assets over Liabilities (0.4%)		8,993
		Total Net Assets (100.0%)	$	2,347,642

Written Options — Exchange Traded
Number of Contracts		Description	Premiums (Received)			Value
	2	Avalonbay Communities, Inc., Call, Strike Price $185, Expires 05/20/2016	$	(678	)	$	(80	)
	3	Boston Properties, Inc., Call, Strike Price $130, Expires 05/20/2016		(657	)		(548	)
	4	Digital Realty Trust, Inc., Call, Strike Price $95, Expires 05/20/2016		(178	)		(20	)
	3	Equity Residential, Call, Strike Price $72.50, Expires 05/20/2016		(297	)		(57	)
	3	Extra Space Storage, Inc., Call, Strike Price $95, Expires 05/20/2016		(312	)		(30	)
	8	General Growth Properties, Inc., Call, Strike Price $30, Expires 05/20/2016		(419	)		(168	)
	1	Public Storage, Call, Strike Price $270, Expires 05/20/2016		(729	)		(11	)
	3	Simon Property Group, Inc., Call, Strike Price $210, Expires 05/20/2016		(876	)		(93	)
	3	Vornado Realty Trust, Call, Strike Price $100, Expires 05/20/2016		(178	)		(69	)
	5	Welltower, Inc., Call, Strike Price $70, Expires 05/20/2016		(670	)		(425	)
			$	(4,994	)	$	(1,501	)

Notes to the Schedule of Investments:

REIT - Real Estate Investment Trust.

(1) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

11

TCW Global Real Estate Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Casino Services		1.4	%
REITS-Apartments		6.7
REITS-Diversified		16.8
REITS-Health Care		7.1
REITS-Hotels		4.0
REITS-Mortgage		8.7
REITS-Office Property		5.9
REITS-Regional Malls		9.2
REITS-Shopping Centers		7.4
REITS-Storage		7.3
REITS-Warehouse/Industrial		6.1
Real Estate Management/Services		5.3
Real Estate Operations/Development		5.8
Web Hosting/Design		2.0
Money Market Investments		5.9
Total		99.6	%

See accompanying notes to financial statements.

12

TCW Growth Equities Fund

Schedule of Investments (Unaudited) April 30, 2016

Number of Shares		Common Stock	Value
		Aerospace & Defense (2.0% of Net Assets)
	3,193	HEICO Corp.	$	195,763
		Beverages (6.5%)
	1,430	Boston Beer Co., Inc. (The) (1)		223,195
	1,290	Constellation Brands, Inc.		201,317
	1,405	Monster Beverage Corp. (1)		202,629
		Total Beverages		627,141
		Biotechnology (2.6%)
	1,790	BioMarin Pharmaceutical, Inc. (1)		151,577
	1,340	Incyte Corp. (1)		96,842
		Total Biotechnology		248,419
		Capital Markets (1.8%)
	16,380	WisdomTree Investments, Inc.		178,378
		Diversified Consumer Services (2.5%)
	1,930	MarketAxess Holdings, Inc.		236,927
		Electrical Equipment (2.2%)
	1,845	Rockwell Automation, Inc.		209,352
		Energy Equipment & Services (1.2%)
	845	Core Laboratories NV (Netherlands)		112,943
		Food & Staples Retailing (4.5%)
	1,881	Pricesmart, Inc.		162,781
	7,640	United Natural Foods, Inc. (1)		272,519
		Total Food & Staples Retailing		435,300
		Food Products (4.3%)
	9,870	Hain Celestial Group, Inc. (The) (1)		413,158
		Health Care Equipment & Supplies (2.0%)
	315	Intuitive Surgical, Inc. (1)		197,303
		Health Care Providers & Services (1.7%)
	5,285	Diplomat Pharmacy, Inc. (1)		160,083
		Health Care Technology (3.5%)
	1,745	athenahealth, Inc. (1)		232,608
	1,885	Cerner Corp. (1)		105,824
		Total Health Care Technology		338,432
		Hotels, Restaurants & Leisure (4.3%)
	8,210	Habit Restaurants, Inc. (The) (1)		137,518
	3,195	Wynn Resorts, Ltd.		282,118
		Total Hotels, Restaurants & Leisure		419,636

See accompanying notes to financial statements.

13

TCW Growth Equities Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Household Durables (4.0%)
	5,010	Harman International Industries, Inc. (1)	$	384,568
		Internet & Catalog Retail (2.0%)
	2,965	TripAdvisor, Inc. (1)		191,509
		Internet Software & Services (6.9%)
	8,685	Cornerstone OnDemand, Inc. (1)		298,330
	5,535	Demandware, Inc. (1)		255,053
	7,675	Twitter, Inc. (1)		112,208
		Total Internet Software & Services		665,591
		Life Sciences Tools & Services (4.4%)
	576	Illumina, Inc. (1)		77,754
	7,295	INC Research Holdings, Inc. (1)		351,109
		Total Life Sciences Tools & Services		428,863
		Machinery (5.7%)
	1,750	Graco, Inc.		137,182
	1,895	Middleby Corp. (The) (1)		207,768
	2,525	Wabtec Corp.		209,398
		Total Machinery		554,348
		Media (1.1%)
	4,940	Lions Gate Entertainment Corp.		109,668
		Pharmaceuticals (5.7%)
	14,395	Horizon Pharma PLC (Ireland) (1)		221,251
	9,755	Valeant Pharmaceuticals International, Inc. (Canada) (1)		325,427
		Total Pharmaceuticals		546,678
		Semiconductors & Semiconductor Equipment (1.0%)
	2,273	ARM Holdings PLC (United Kingdom) (SP ADR)		93,625
		Software (13.9%)
	1,105	ANSYS, Inc. (1)		100,301
	2,090	Imperva, Inc. (1)		97,143
	2,890	Proofpoint, Inc. (1)		168,372
	3,740	ServiceNow, Inc. (1)		267,335
	4,950	Splunk, Inc. (1)		257,301
	4,280	Tableau Software, Inc. (1)		221,276
	3,100	Workday, Inc. (1)		232,438
		Total Software		1,344,166
		Specialty Retail (5.6%)
	3,865	CarMax, Inc. (1)		204,652
	7,265	Dick’s Sporting Goods, Inc.		336,660
		Total Specialty Retail		541,312

See accompanying notes to financial statements.

14

TCW Growth Equities Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Textiles, Apparel & Luxury Goods (8.1%)
	4,040	Kate Spade & Co. (1)	$	103,949
	11,845	Skechers U.S.A., Inc. (1)		391,477
	3,345	Under Armour, Inc. (1)		146,980
	3,345	Under Armour, Inc. — Class C (1)		136,476
		Total Textiles, Apparel & Luxury Goods		778,882
		Total Common Stock (Cost: $7,528,367) (97.5%)		9,412,045
		Money Market Investments
	347,595	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)		347,595
		Total Money Market Investments (Cost: $347,595) (3.6%)		347,595
		Total Investments (Cost: $7,875,962) (101.1%)		9,759,640
		Liabilities in Excess of Other Assets (-1.1%)		(106,739	)
		Net Assets (100.0%)	$	9,652,901

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.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

15

TCW Growth Equities Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Aerospace & Defense		2.0	%
Beverages		6.5
Biotechnology		2.6
Capital Markets		1.8
Diversified Consumer Services		2.5
Electrical Equipment		2.2
Energy Equipment & Services		1.2
Food & Staples Retailing		4.5
Food Products		4.3
Health Care Equipment & Supplies		2.0
Health Care Providers & Services		1.7
Health Care Technology		3.5
Hotels, Restaurants & Leisure		4.3
Household Durables		4.0
Internet & Catalog Retail		2.0
Internet Software & Services		6.9
Life Sciences Tools & Services		4.4
Machinery		5.7
Media		1.1
Pharmaceuticals		5.7
Semiconductors & Semiconductor Equipment		1.0
Software		13.9
Specialty Retail		5.6
Textiles, Apparel & Luxury Goods		8.1
Money Market Investments		3.6
Total		101.1	%

See accompanying notes to financial statements.

16

TCW High Dividend Equities Fund

Schedule of Investments (Unaudited) April 30, 2016

Number of Shares		Common Stock	Value
		Banks (7.4% of Net Assets)
	1,060	M&T Bank Corp.	$	125,419
	2,870	US Bancorp		122,520
	3,275	Wells Fargo & Co.		163,685
		Total Banks		411,624
		Beverages (8.6%)
	5,520	Coca-Cola Co. (The)		247,296
	2,235	PepsiCo, Inc.		230,116
		Total Beverages		477,412
		Biotechnology (2.4%)
	845	Amgen, Inc.		133,763
		Capital Markets (3.7%)
	5,827	Golub Capital BDC, Inc.		102,264
	6,395	TPG Specialty Lending, Inc.		105,070
		Total Capital Markets		207,334
		Commercial Services & Supplies (11.9%)
	6,310	Healthcare Services Group, Inc.		238,834
	4,405	Republic Services, Inc.		207,343
	3,690	Waste Management, Inc.		216,935
		Total Commercial Services & Supplies		663,112
		Diversified Telecommunication Services (4.0%)
	4,380	Verizon Communications, Inc.		223,117
		Electric Utilities (5.8%)
	905	Edison International		63,992
	970	NextEra Energy, Inc.		114,053
	3,800	PPL Corp.		143,032
		Total Electric Utilities		321,077
		Food & Staples Retailing (5.3%)
	2,020	CVS Health Corp.		203,010
	1,395	Wal-Mart Stores, Inc.		93,284
		Total Food & Staples Retailing		296,294
		Food Products (2.5%)
	1,795	Kraft Heinz Co. (The)		140,136
		Health Care Providers & Services (1.9%)
	1,365	Cardinal Health, Inc.		107,098
		Insurance (5.0%)
	1,380	Chubb, Ltd. (Switzerland)		162,647
	3,555	Progressive Corp. (The)		115,893
		Total Insurance		278,540

See accompanying notes to financial statements.

17

TCW High Dividend Equities Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Internet Software & Services (1.2%)
	195	Equinix, Inc.	$	64,418
		Oil, Gas & Consumable Fuels (6.2%)
	5,220	Kinder Morgan, Inc.		92,707
	2,500	Occidental Petroleum Corp.		191,625
	1,500	Targa Resources Corp.		60,690
		Total Oil, Gas & Consumable Fuels		345,022
		Pharmaceuticals (2.2%)
	2,230	Teva Pharmaceutical Industries, Ltd. (Israel) (SP ADR)		121,423
		Professional Services (3.8%)
	4,045	Nielsen Holdings PLC (United Kingdom)		210,906
		REIT (6.8%)
	8,070	Colony Capital, Inc.		142,678
	2,220	Colony Starwood Homes		54,101
	890	Simon Property Group, Inc.		179,041
		Total REIT		375,820
		Tobacco (5.2%)
	4,560	Altria Group, Inc.		285,958
		Total Common Stock (Cost: $4,468,530) (83.9%)		4,663,054
		Preferred Stock
		Banks (3.0%)
	6,310	Bank of America Corp., 6.5%		166,584
		REIT (3.0%)
	6,460	Public Storage, 5.75%		169,963
		Total Preferred Stock (Cost: $329,531) (6.0%)		336,547
		Master Limited Partnership
		Oil, Gas & Consumable Fuels (2.1%)
	1,475	EQT Midstream Partners LP		116,953
		Total Master Limited Partnership (Cost: $110,039) (2.1%)		116,953

See accompanying notes to financial statements.

18

TCW High Dividend Equities Fund

April 30, 2016

Number of Shares		Money Market Investments	Value
	432,563	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (1)	$	432,563
		Total Money Market Investments (Cost: $432,563) (7.8%)		432,563
		Total Investments (Cost: $5,340,663) (99.8%)		5,549,117
		Excess of Other Assets over Liabilities (0.2%)		11,519
		Net Assets (100.0%)	$	5,560,636

Notes to the Schedule of Investments:

BDC - Business Development Company.

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) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

19

TCW High Dividend Equities Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Banks		10.4	%
Beverages		8.6
Biotechnology		2.4
Capital Markets		3.7
Commercial Services & Supplies		11.9
Diversified Telecommunication Services		4.0
Electric Utilities		5.8
Food & Staples Retailing		5.3
Food Products		2.5
Health Care Providers & Services		1.9
Insurance		5.0
Internet Software & Services		1.2
Oil, Gas & Consumable Fuels		8.3
Pharmaceuticals		2.2
Professional Services		3.8
REIT		9.8
Tobacco		5.2
Money Market Investments		7.8
Total		99.8	%

See accompanying notes to financial statements.

20

TCW New America Premier Equities Fund

Schedule of Investments (Unaudited) April 30, 2016

Number of Shares		Common Stock	Value
		Aerospace & Defense (6.9% of Net Assets)
	734	Honeywell International, Inc.	$	83,874
	984	Safran S.A. (France)		67,854
	185	TransDigm Group, Inc. (1)		42,156
		Total Aerospace & Defense		193,884
		Banks (2.6%)
	1,456	Wells Fargo & Co.		72,771
		Beverages (10.1%)
	1,622	Dr Pepper Snapple Group, Inc.		147,456
	1,312	PepsiCo, Inc.		135,084
		Total Beverages		282,540
		Chemicals (10.3%)
	275	Agrium, Inc. (Canada)		23,683
	764	Air Products & Chemicals, Inc.		111,460
	764	Celanese Corp. — Series A		54,015
	473	International Flavors & Fragrances, Inc.		56,509
	149	Sherwin-Williams Co. (The)		42,809
		Total Chemicals		288,476
		Containers & Packaging (4.7%)
	2,791	Sealed Air Corp.		132,182
		Diversified Financial Services (1.8%)
	354	Berkshire Hathaway, Inc. — Class B (1)		51,500
		Electrical Equipment (2.3%)
	1,327	AMETEK, Inc.		63,815
		Electronic Equipment, Instruments & Components (2.5%)
	1,706	Agilent Technologies, Inc.		69,810
		Food & Staples Retailing (2.0%)
	542	CVS Health Corp.		54,471
		Food Products (3.3%)
	1,700	ConAgra Foods, Inc.		75,752
	185	Mead Johnson Nutrition Co.		16,123
		Total Food Products		91,875
		Health Care Providers & Services (2.4%)
	363	Aetna, Inc.		40,754
	351	Express Scripts Holding Co. (1)		25,879
		Total Health Care Providers & Services		66,633
		Household Products (1.8%)
	615	Procter & Gamble Co. (The)		49,274

See accompanying notes to financial statements.

21

TCW New America Premier Equities Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Industrial Conglomerates (12.6%)
	281	3M Co.	$	47,034
	1,776	Danaher Corp.		171,828
	756	Roper Technologies, Inc.		133,124
		Total Industrial Conglomerates		351,986
		Machinery (2.4%)
	627	Illinois Tool Works, Inc.		65,534
		Media (4.6%)
	1,709	Comcast Corp.		103,839
	840	Twenty-First Century Fox, Inc. — Class B		25,301
		Total Media		129,140
		Pharmaceuticals (5.4%)
	843	Johnson & Johnson		94,483
	1,714	Pfizer, Inc.		56,065
		Total Pharmaceuticals		150,548
		Software (12.9%)
	4,098	Activision Blizzard, Inc.		141,258
	2,414	Microsoft Corp.		120,386
	2,482	Oracle Corp.		98,933
		Total Software		360,577
		Specialty Retail (1.8%)
	644	TJX Cos., Inc. (The)		48,828
		Technology Hardware, Storage & Peripherals (1.4%)
	402	Apple, Inc.		37,683
		Total Common Stock (Cost: $2,439,808) (91.8%)		2,561,527
		Money Market Investments
	186,303	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)		186,303
		Total Money Market Investments (Cost: $186,303) (6.7%)		186,303
		Total Investments (Cost: $2,626,111) (98.5%)		2,747,830
		Excess of Other Assets over Liabilities (1.5%)		42,826
		Net Assets (100.0%)	$	2,790,656

Notes to the Schedule of Investments:

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

22

TCW New America Premier Equities Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Aerospace & Defense		6.9	%
Banks		2.6
Beverages		10.1
Chemicals		10.3
Containers & Packaging		4.7
Diversified Financial Services		1.8
Electrical Equipment		2.3
Electronic Equipment, Instruments & Components		2.5
Food & Staples Retailing		2.0
Food Products		3.3
Health Care Providers & Services		2.4
Household Products		1.8
Industrial Conglomerates		12.6
Machinery		2.4
Media		4.6
Pharmaceuticals		5.4
Software		12.9
Specialty Retail		1.8
Technology Hardware, Storage & Peripherals		1.4
Money Market Investments		6.7
Total		98.5	%

See accompanying notes to financial statements.

23

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Aerospace & Defense (1.9% of Net Assets)
	503,885	Textron, Inc.	$	19,490,272
		Air Freight & Logistics (2.0%)
	129,880	FedEx Corp.		21,444,487
		Banks (7.5%)
	620,900	Citigroup, Inc.		28,735,252
	610,304	JPMorgan Chase & Co.		38,571,213
	414,300	Zions Bancorp.		11,401,536
		Total Banks		78,708,001
		Beverages (2.8%)
	285,345	PepsiCo, Inc.		29,379,121
		Biotechnology (1.7%)
	205,400	Gilead Sciences, Inc.		18,118,334
		Capital Markets (4.4%)
	231,571	Ameriprise Financial, Inc.		22,207,659
	389,400	State Street Corp.		24,259,620
		Total Capital Markets		46,467,279
		Chemicals (2.2%)
	347,965	Du Pont (E.I.) de Nemours & Co.		22,934,373
		Commercial Services & Supplies (3.1%)
	358,914	ADT Corp. (The)		15,067,210
	466,505	Tyco International PLC (Ireland)		17,969,772
		Total Commercial Services & Supplies		33,036,982
		Communications Equipment (2.8%)
	1,067,485	Cisco Systems, Inc.		29,345,163
		Consumer Finance (0.9%)
	316,237	Synchrony Financial (1)		9,667,365
		Diversified Financial Services (1.6%)
	70,502	Intercontinental Exchange, Inc.		16,922,595
		Diversified Telecommunication Services (4.1%)
	471,960	AT&T, Inc.		18,321,487
	1,399,800	Deutsche Telekom AG (Germany) (SP ADR)		24,552,492
		Total Diversified Telecommunication Services		42,873,979
		Electric Utilities (1.0%)
	171,200	American Electric Power Co., Inc.		10,871,200
		Electronic Equipment, Instruments & Components (1.4%)
	811,995	Corning, Inc.		15,159,947
		Energy Equipment & Services (4.0%)
	303,200	Baker Hughes, Inc.		14,662,752

See accompanying notes to financial statements.

24

TCW Relative Value Dividend Appreciation Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Energy Equipment & Services (Continued)
	913,892	Nabors Industries, Ltd.	$	8,956,142
	237,100	Schlumberger, Ltd.		19,048,614
		Total Energy Equipment & Services		42,667,508
		Food & Staples Retailing (2.2%)
	514,600	Sysco Corp.		23,707,622
		Food Products (0.9%)
	211,800	ConAgra Foods, Inc.		9,437,808
		Health Care Providers & Services (2.0%)
	284,650	Quest Diagnostics, Inc		21,397,140
		Household Durables (1.4%)
	328,771	Lennar Corp.		14,896,614
		Independent Power and Renewable Electricity Producers (0.8%)
	792,571	AES Corp. (The)		8,845,092
		Industrial Conglomerates (6.6%)
	1,376,496	General Electric Co.		42,327,252
	977,691	Koninklijke Philips Electronics NV (Netherlands) (NYRS)		26,896,279
		Total Industrial Conglomerates		69,223,531
		Insurance (5.3%)
	329,900	Allstate Corp. (The)		21,459,995
	415,580	MetLife, Inc.		18,742,658
	148,000	Travelers Cos., Inc. (The)		16,265,200
		Total Insurance		56,467,853
		Machinery (1.4%)
	256,832	Pentair PLC (United Kingdom)		14,916,803
		Media (5.6%)
	485,462	Comcast Corp.		29,496,671
	728,798	Regal Entertainment Group		15,195,439
	950,836	Time, Inc.		13,977,289
		Total Media		58,669,399
		Multiline Retail (1.4%)
	1,537,884	J.C. Penney Co., Inc. (1)		14,271,564
		Oil, Gas & Consumable Fuels (3.4%)
	353,460	Chevron Corp.		36,116,543
		Pharmaceuticals (7.2%)
	173,300	Johnson & Johnson		19,423,464
	426,870	Merck & Co., Inc.		23,409,551
	82,300	Mylan NV (Netherlands) (1)		3,432,733
	909,500	Pfizer, Inc.		29,749,745
		Total Pharmaceuticals		76,015,493

See accompanying notes to financial statements.

25

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		REIT (2.2%)
	559,200	Kimco Realty Corp.	$	15,724,704
	211,800	Liberty Property Trust		7,391,820
		Total REIT		23,116,524
		Semiconductors & Semiconductor Equipment (6.9%)
	1,426,800	Cypress Semiconductor Corp.		12,884,004
	702,136	Intel Corp.		21,260,678
	686,060	Maxim Integrated Products, Inc.		24,506,063
	287,800	Microchip Technology, Inc.		13,984,202
		Total Semiconductors & Semiconductor Equipment		72,634,947
		Software (3.0%)
	624,775	Microsoft Corp.		31,157,529
		Specialty Retail (3.0%)
	752,065	Gap, Inc. (The)		17,432,867
	108,914	Home Depot, Inc. (The)		14,582,495
		Total Specialty Retail		32,015,362
		Technology Hardware, Storage & Peripherals (1.0%)
	470,865	Seagate Technology PLC (Netherlands)		10,250,731
		Textiles, Apparel & Luxury Goods (1.9%)
	508,209	Coach, Inc.		20,465,576
		Thrifts & Mortgage Finance (1.6%)
	1,153,500	New York Community Bancorp, Inc.		17,337,105
		Total Common Stock (Cost: $872,487,815) (99.2%)		1,048,029,842
		Money Market Investments
	8,406,827	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)		8,406,827
		Total Money Market Investments (Cost: $8,406,827) (0.8%)		8,406,827
		Total Investments (Cost: $880,894,642) (100.0%)		1,056,436,669
		Excess of Other Assets over Liabilities (0.0%)		189,230
		Net Assets (100.0%)	$	1,056,625,899

Notes to the Schedule of Investments:

NYRS - New York Registry Shares.

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

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

26

TCW Relative Value Dividend Appreciation Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Aerospace & Defense		1.9	%
Air Freight & Logistics		2.0
Banks		7.5
Beverages		2.8
Biotechnology		1.7
Capital Markets		4.4
Chemicals		2.2
Commercial Services & Supplies		3.1
Communications Equipment		2.8
Consumer Finance		0.9
Diversified Financial Services		1.6
Diversified Telecommunication Services		4.1
Electric Utilities		1.0
Electronic Equipment, Instruments & Components		1.4
Energy Equipment & Services		4.0
Food & Staples Retailing		2.2
Food Products		0.9
Health Care Providers & Services		2.0
Household Durables		1.4
Independent Power and Renewable Electricity Producers		0.8
Industrial Conglomerates		6.6
Insurance		5.3
Machinery		1.4
Media		5.6
Multiline Retail		1.4
Oil, Gas & Consumable Fuels		3.4
Pharmaceuticals		7.2
REIT		2.2
Semiconductors & Semiconductor Equipment		6.9
Software		3.0
Specialty Retail		3.0
Technology Hardware, Storage & Peripherals		1.0
Textiles, Apparel & Luxury Goods		1.9
Thrifts & Mortgage Finance		1.6
Money Market Investments		0.8
Total		100.0	%

See accompanying notes to financial statements.

27

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Aerospace & Defense (3.4% of Net Assets)
	544,410	Textron, Inc.	$	21,057,779
		Auto Components (1.4%)
	692,770	Dana Holding Corp.		8,957,516
		Banks (8.1%)
	425,600	Citigroup, Inc.		19,696,768
	360,658	JPMorgan Chase & Co.		22,793,586
	303,100	Zions Bancorp.		8,341,312
		Total Banks		50,831,666
		Beverages (2.8%)
	168,300	PepsiCo, Inc.		17,328,168
		Biotechnology (1.8%)
	124,854	Gilead Sciences, Inc.		11,013,371
		Capital Markets (4.4%)
	142,026	Ameriprise Financial, Inc.		13,620,293
	226,900	State Street Corp.		14,135,870
		Total Capital Markets		27,756,163
		Chemicals (0.9%)
	106,800	Dow Chemical Co. (The)		5,618,748
		Commercial Services & Supplies (1.8%)
	298,815	Tyco International PLC (Ireland)		11,510,354
		Communications Equipment (3.1%)
	699,890	Cisco Systems, Inc.		19,239,976
		Consumer Finance (0.9%)
	188,592	Synchrony Financial (1)		5,765,257
		Containers & Packaging (2.9%)
	381,253	Sealed Air Corp.		18,056,142
		Diversified Financial Services (1.9%)
	49,574	Intercontinental Exchange, Inc.		11,899,247
		Diversified Telecommunication Services (1.6%)
	256,700	AT&T, Inc.		9,965,094
		Electric Utilities (1.3%)
	129,250	American Electric Power Co., Inc.		8,207,375
		Electronic Equipment, Instruments & Components (1.8%)
	609,590	Corning, Inc.		11,381,045
		Energy Equipment & Services (3.0%)
	260,050	Baker Hughes, Inc.		12,576,018
	653,025	Nabors Industries, Ltd.		6,399,645
		Total Energy Equipment & Services		18,975,663

See accompanying notes to financial statements.

28

TCW Relative Value Large Cap Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Food & Staples Retailing (2.3%)
	311,100	Sysco Corp.	$	14,332,377
		Food Products (0.9%)
	126,500	ConAgra Foods, Inc.		5,636,840
		Health Care Equipment & Supplies (0.8%)
	109,600	Baxter International, Inc.		4,846,512
		Health Care Providers & Services (5.2%)
	130,984	Anthem, Inc.		18,438,618
	15,800	Cardinal Health, Inc.		1,239,668
	92,706	Cigna Corp.		12,843,489
		Total Health Care Providers & Services		32,521,775
		Household Durables (2.7%)
	370,663	Lennar Corp.		16,794,741
		Independent Power and Renewable Electricity Producers (1.9%)
	1,037,300	AES Corp. (The)		11,576,268
		Industrial Conglomerates (4.3%)
	871,136	General Electric Co.		26,787,432
		Insurance (4.9%)
	375,584	Hartford Financial Services Group, Inc.		16,668,418
	124,670	Travelers Cos., Inc. (The)		13,701,233
		Total Insurance		30,369,651
		Machinery (3.1%)
	161,467	Pentair PLC (United Kingdom)		9,378,003
	419,330	Terex Corp.		10,017,794
		Total Machinery		19,395,797
		Media (4.1%)
	425,255	Comcast Corp.		25,838,494
		Metals & Mining (1.0%)
	378,590	Allegheny Technologies, Inc.		6,186,161
		Multiline Retail (2.5%)
	1,668,134	J.C. Penney Co., Inc. (1)		15,480,284
		Oil, Gas & Consumable Fuels (3.9%)
	194,600	Chevron Corp.		19,884,228
	125,200	Newfield Exploration Co. (1)		4,538,500
		Total Oil, Gas & Consumable Fuels		24,422,728

See accompanying notes to financial statements.

29

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Pharmaceuticals (6.9%)
	89,850	Johnson & Johnson		10,070,388
	253,450	Merck & Co., Inc.		13,899,198
	55,900	Mylan NV (Netherlands) (1)		2,331,589
	517,450	Pfizer, Inc.	$	16,925,789
		Total Pharmaceuticals		43,226,964
		Semiconductors & Semiconductor Equipment (5.1%)
	585,575	Applied Materials, Inc.		11,986,720
	824,400	Cypress Semiconductor Corp.		7,444,332
	331,739	Intel Corp.		10,045,057
	208,200	Micron Technology, Inc. (1)		2,238,150
		Total Semiconductors & Semiconductor Equipment		31,714,259
		Software (3.2%)
	403,190	Microsoft Corp.		20,107,085
		Specialty Retail (4.1%)
	474,720	Gap, Inc. (The)		11,004,010
	108,900	Home Depot, Inc. (The)		14,580,621
		Total Specialty Retail		25,584,631
		Technology Hardware, Storage & Peripherals (1.2%)
	189,340	Western Digital Corp.		7,737,379
		Textiles, Apparel & Luxury Goods (0.7%)
	112,542	Coach, Inc.		4,532,066
		Total Common Stock (Cost: $447,597,931) (99.9%)		624,655,008
		Money Market Investments
	593,673	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)		593,673
		Total Money Market Investments (Cost: $593,673) (0.1%)		593,673
		Total Investments (Cost: $448,191,604) (100.0%)		625,248,681
		Liabilities in Excess of Other Assets (-0.0%)		(171,277	)
		Net Assets (100.0%)	$	625,077,404

Notes to the Schedule of Investments:

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

30

TCW Relative Value Large Cap Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Aerospace & Defense		3.4	%
Auto Components		1.4
Banks		8.1
Beverages		2.8
Biotechnology		1.8
Capital Markets		4.4
Chemicals		0.9
Commercial Services & Supplies		1.8
Communications Equipment		3.1
Consumer Finance		0.9
Containers & Packaging		2.9
Diversified Financial Services		1.9
Diversified Telecommunication Services		1.6
Electric Utilities		1.3
Electronic Equipment, Instruments & Components		1.8
Energy Equipment & Services		3.0
Food & Staples Retailing		2.3
Food Products		0.9
Health Care Equipment & Supplies		0.8
Health Care Providers & Services		5.2
Household Durables		2.7
Independent Power and Renewable Electricity Producers		1.9
Industrial Conglomerates		4.3
Insurance		4.9
Machinery		3.1
Media		4.1
Metals & Mining		1.0
Multiline Retail		2.5
Oil, Gas & Consumable Fuels		3.9
Pharmaceuticals		6.9
Semiconductors & Semiconductor Equipment		5.1
Software		3.2
Specialty Retail		4.1
Technology Hardware, Storage & Peripherals		1.2
Textiles, Apparel & Luxury Goods		0.7
Money Market Investments		0.1
Total		100.0	%

See accompanying notes to financial statements.

31

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Aerospace & Defense (2.4% of Net Assets)
	58,445	Textron, Inc.	$	2,260,653
		Auto Components (2.9%)
	105,050	Dana Holding Corp.		1,358,297
	25,915	Tenneco, Inc. (1)		1,381,269
		Total Auto Components		2,739,566
		Banks (10.9%)
	28,666	Comerica, Inc.		1,272,770
	182,593	KeyCorp		2,244,068
	71,865	Popular, Inc.		2,135,828
	75,329	Synovus Financial Corp.		2,347,252
	67,300	Umpqua Holdings Corp.		1,065,359
	45,900	Zions Bancorp.		1,263,168
		Total Banks		10,328,445
		Capital Markets (5.6%)
	77,400	E*TRADE Financial Corp. (1)		1,948,932
	31,000	Evercore Partners, Inc.		1,600,840
	55,088	Invesco, Ltd.		1,708,279
		Total Capital Markets		5,258,051
		Chemicals (2.3%)
	8,105	Albemarle Corp.		536,227
	35,600	Axiall Corp.		838,380
	11,742	Celanese Corp. — Series A		830,159
		Total Chemicals		2,204,766
		Communications Equipment (2.4%)
	135,400	Brocade Communications Systems, Inc.		1,301,194
	81,760	Polycom, Inc. (1)		977,032
		Total Communications Equipment		2,278,226
		Construction & Engineering (2.3%)
	49,133	Jacobs Engineering Group, Inc. (1)		2,190,349
		Consumer Finance (0.5%)
	69,547	SLM Corp. (1)		470,833
		Containers & Packaging (2.7%)
	53,332	Sealed Air Corp.		2,525,803
		Diversified Telecommunication Services (0.7%)
	80,379	Windstream Holdings, Inc.		697,690
		Energy Equipment & Services (2.8%)
	46,085	Atwood Oceanics, Inc.		445,181
	132,699	Nabors Industries, Ltd.		1,300,450
	190,772	Newpark Resources, Inc. (1)		890,905
		Total Energy Equipment & Services		2,636,536

See accompanying notes to financial statements.

32

TCW Relative Value Mid Cap Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Food & Staples Retailing (1.7%)
	35,300	Sysco Corp.	$	1,626,271
		Food Products (1.1%)
	23,700	ConAgra Foods, Inc.		1,056,072
		Health Care Providers & Services (5.0%)
	2,600	Acadia Healthcare Co., Inc. (1)		164,294
	13,700	Cigna Corp.		1,897,998
	36,200	Quest Diagnostics, Inc.		2,721,154
		Total Health Care Providers & Services		4,783,446
		Household Durables (6.1%)
	102,655	Beazer Homes USA, Inc. (1)		843,824
	113,760	KB Home		1,543,723
	38,200	Lennar Corp.		1,730,842
	60,800	Toll Brothers, Inc. (1)		1,659,840
		Total Household Durables		5,778,229
		Independent Power and Renewable Electricity Producers (2.0%)
	172,700	AES Corp. (The)		1,927,332
		Insurance (3.3%)
	22,986	Arch Capital Group, Ltd. (1)		1,620,283
	57,205	Assured Guaranty, Ltd.		1,479,893
		Total Insurance		3,100,176
		IT Services (1.1%)
	8,688	DST Systems, Inc.		1,048,468
		Machinery (6.3%)
	21,309	Dover Corp.		1,400,001
	30,000	Kennametal, Inc.		701,400
	88,200	Manitowoc Co., Inc. (The)		502,740
	40,455	SPX Corp.		651,326
	41,455	SPX FLOW, Inc. (1)		1,241,992
	63,298	Terex Corp.		1,512,189
		Total Machinery		6,009,648
		Metals & Mining (5.9%)
	78,471	Allegheny Technologies, Inc.		1,282,216
	108,607	Commercial Metals Co.		1,946,238
	62,640	Worthington Industries, Inc.		2,364,660
		Total Metals & Mining		5,593,114
		Multi-Utilities (1.2%)
	27,300	Avista Corp.		1,093,911
		Multiline Retail (3.2%)
	325,300	J.C. Penney Co., Inc. (1)		3,018,784

See accompanying notes to financial statements.

33

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Oil, Gas & Consumable Fuels (1.8%)
	46,400	Newfield Exploration Co. (1)	$	1,682,000
		Pharmaceuticals (0.3%)
	7,400	Mylan NV (Netherlands) (1)		308,654
		Real Estate Management & Development (0.9%)
	7,375	Jones Lang LaSalle, Inc.		849,379
		REIT (4.8%)
	25,408	Geo Group, Inc. (The)		813,818
	17,600	Gramercy Property Trust		149,072
	49,700	Kimco Realty Corp.		1,397,564
	34,665	Liberty Property Trust		1,209,808
	13,975	Welltower, Inc.		970,145
		Total REIT		4,540,407
		Semiconductors & Semiconductor Equipment (8.7%)
	117,000	Cypress Semiconductor Corp.		1,056,510
	17,810	Lam Research Corp.		1,360,684
	65,746	Maxim Integrated Products, Inc.		2,348,447
	31,300	Micron Technology, Inc. (1)		336,475
	20,028	NXP Semiconductors NV (Netherlands) (1)		1,707,988
	77,848	Teradyne, Inc.		1,472,106
		Total Semiconductors & Semiconductor Equipment		8,282,210
		Specialty Retail (2.3%)
	13,535	Asbury Automotive Group, Inc. (1)		820,492
	56,900	Gap, Inc. (The)		1,318,942
		Total Specialty Retail		2,139,434
		Technology Hardware, Storage & Peripherals (2.5%)
	36,400	Seagate Technology PLC (Netherlands)		792,428
	37,880	Western Digital Corp.		1,547,966
		Total Technology Hardware, Storage & Peripherals		2,340,394
		Textiles, Apparel & Luxury Goods (2.8%)
	65,843	Coach, Inc.		2,651,498
		Thrifts & Mortgage Finance (3.6%)
	109,000	EverBank Financial Corp.		1,643,720
	114,925	First Niagara Financial Group, Inc.		1,213,608
	33,700	New York Community Bancorp, Inc.		506,511
		Total Thrifts & Mortgage Finance		3,363,839
		Total Common Stock (Cost: $84,469,339) (100.1%)		94,784,184

See accompanying notes to financial statements.

34

TCW Relative Value Mid Cap Fund

April 30, 2016

Number of Shares		Money Market Investments	Value
	54,181	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)	$	54,181
		Total Money Market Investments (Cost: $54,181) (0.1%)		54,181
		Total Investments (Cost: $84,523,520) (100.2%)		94,838,365
		Liabilities in Excess of Other Assets (-0.2%)		(198,957	)
		Net Assets (100.0%)	$	94,639,408

Notes to the Schedule of Investments:

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

35

TCW Relative Value Mid Cap Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Aerospace & Defense		2.4	%
Auto Components		2.9
Banks		10.9
Capital Markets		5.6
Chemicals		2.3
Communications Equipment		2.4
Construction & Engineering		2.3
Consumer Finance		0.5
Containers & Packaging		2.7
Diversified Telecommunication Services		0.7
Energy Equipment & Services		2.8
Food & Staples Retailing		1.7
Food Products		1.1
Health Care Providers & Services		5.0
Household Durables		6.1
Independent Power and Renewable Electricity Producers		2.0
Insurance		3.3
IT Services		1.1
Machinery		6.3
Metals & Mining		5.9
Multi-Utilities		1.2
Multiline Retail		3.2
Oil, Gas & Consumable Fuels		1.8
Pharmaceuticals		0.3
Real Estate Management & Development		0.9
REIT		4.8
Semiconductors & Semiconductor Equipment		8.7
Specialty Retail		2.3
Technology Hardware, Storage & Peripherals		2.5
Textiles, Apparel & Luxury Goods		2.8
Thrifts & Mortgage Finance		3.6
Money Market Investments		0.1
Total		100.2	%

See accompanying notes to financial statements.

36

TCW Select Equities Fund

Schedule of Investments (Unaudited) April 30, 2016

Number of Shares		Common Stock	Value
		Beverages (2.7% of Net Assets)
	294,900	Monster Beverage Corp. (1)	$	42,530,478
		Biotechnology (9.4%)
	350,972	Alexion Pharmaceuticals, Inc. (1)		48,883,380
	370,913	BioMarin Pharmaceutical, Inc. (1)		31,408,913
	638,180	Celgene Corp. (1)		65,994,194
		Total Biotechnology		146,286,487
		Capital Markets (2.1%)
	1,175,070	Charles Schwab Corp. (The)		33,383,739
		Food & Staples Retailing (6.4%)
	289,644	Costco Wholesale Corp.		42,904,966
	570,400	CVS Health Corp.		57,325,200
		Total Food & Staples Retailing		100,230,166
		Health Care Providers & Services (2.0%)
	504,600	Acadia Healthcare Co., Inc. (1)		31,885,674
		Health Care Technology (6.3%)
	367,662	athenahealth, Inc. (1)		49,009,345
	869,667	Cerner Corp. (1)		48,823,105
		Total Health Care Technology		97,832,450
		Hotels, Restaurants & Leisure (6.1%)
	80,094	Chipotle Mexican Grill, Inc. (1)		33,717,171
	1,085,630	Starbucks Corp.		61,044,975
		Total Hotels, Restaurants & Leisure		94,762,146
		Insurance (4.0%)
	531,490	Chubb, Ltd. (Switzerland)		62,641,411
		Internet & Catalog Retail (7.7%)
	79,575	Amazon.com, Inc. (1)		52,486,874
	49,757	Priceline Group, Inc. (The) (1)		66,856,491
		Total Internet & Catalog Retail		119,343,365
		Internet Software & Services (15.4%)
	146,029	Alphabet, Inc. — Class C (1)		101,199,558
	149,855	Equinix, Inc.		49,504,599
	765,602	Facebook, Inc. (1)		90,019,483
		Total Internet Software & Services		240,723,640
		IT Services (5.5%)
	1,111,304	Visa, Inc.		85,837,121
		Life Sciences Tools & Services (2.6%)
	300,435	Illumina, Inc. (1)		40,555,721

See accompanying notes to financial statements.

37

TCW Select Equities Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Pharmaceuticals (2.7%)
	192,799	Allergan PLC (Ireland) (1)	$	41,752,551
		REIT (5.0%)
	749,272	American Tower Corp.		78,583,647
		Semiconductors & Semiconductor Equipment (2.0%)
	758,409	ARM Holdings PLC (United Kingdom) (SP ADR)		31,238,867
		Software (16.6%)
	286,400	Adobe Systems, Inc. (1)		26,984,608
	1,312,230	Mobileye NV (Netherlands) (1)		50,061,575
	1,185,198	Salesforce.com, Inc. (1)		89,838,008
	680,205	ServiceNow, Inc. (1)		48,621,053
	833,505	Splunk, Inc. (1)		43,325,590
		Total Software		258,830,834
		Textiles, Apparel & Luxury Goods (2.1%)
	388,200	Under Armour, Inc. (1)		17,057,508
	388,200	Under Armour, Inc. — Class C (1)		15,838,560
		Total Textiles, Apparel & Luxury Goods		32,896,068
		Total Common Stock (Cost: $980,724,923) (98.6%)		1,539,314,365
		Money Market Investments
	27,060,746	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)		27,060,746
		Total Money Market Investments (Cost: $27,060,746) (1.8%)		27,060,746
		Total Investments (Cost: $1,007,785,669) (100.4%)		1,566,375,111
		Liabilities in Excess of Other Assets (-0.4%)		(5,596,401	)
		Net Assets (100.0%)	$	1,560,778,710

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.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

38

TCW Select Equities Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Beverages		2.7	%
Biotechnology		9.4
Capital Markets		2.1
Food & Staples Retailing		6.4
Health Care Providers & Services		2.0
Health Care Technology		6.3
Hotels, Restaurants & Leisure		6.1
Insurance		4.0
Internet & Catalog Retail		7.7
Internet Software & Services		15.4
IT Services		5.5
Life Sciences Tools & Services		2.6
Pharmaceuticals		2.7
REIT		5.0
Semiconductors & Semiconductor Equipment		2.0
Software		16.6
Textiles, Apparel & Luxury Goods		2.1
Money Market Investments		1.8
Total		100.4	%

See accompanying notes to financial statements.

39

TCW Small Cap Growth Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Aerospace & Defense (3.8% of Net Assets)
	31,900	BE Aerospace, Inc.	$	1,551,298
	9,810	HEICO Corp.		601,451
		Total Aerospace & Defense		2,152,749
		Auto Components (2.8%)
	16,700	Dorman Products, Inc. (1)		898,293
	18,500	Gentherm, Inc. (1)		679,690
		Total Auto Components		1,577,983
		Beverages (1.7%)
	6,000	Boston Beer Co., Inc. (The) (1)		936,480
		Biotechnology (4.7%)
	24,000	Alkermes PLC (Ireland) (1)		954,000
	9,200	BeiGene, Ltd. (China) (ADR)(1)		255,392
	32,890	Cepheid, Inc. (1)		938,681
	5,600	Ophthotech Corp. (1)		261,744
	4,025	Ultragenyx Pharmaceutical, Inc. (1)		272,170
		Total Biotechnology		2,681,987
		Capital Markets (5.0%)
	29,400	Financial Engines, Inc.		946,974
	34,300	Greenhill & Co., Inc.		755,286
	104,700	WisdomTree Investments, Inc.		1,140,183
		Total Capital Markets		2,842,443
		Commercial Services & Supplies (3.3%)
	20,200	Advisory Board Co. (The) (1)		639,128
	23,500	Healthcare Services Group, Inc.		889,475
	7,600	US Ecology, Inc.		342,228
		Total Commercial Services & Supplies		1,870,831
		Communications Equipment (0.6%)
	5,100	Arista Networks, Inc. (1)		339,762
		Distributors (0.6%)
	4,100	Core-Mark Holding Co., Inc.		334,806
		Diversified Consumer Services (1.6%)
	7,215	MarketAxess Holdings, Inc.		885,713
		Electronic Equipment, Instruments & Components (2.3%)
	14,645	Cognex Corp.		520,337
	25,889	FARO Technologies, Inc. (1)		751,816
		Total Electronic Equipment, Instruments & Components		1,272,153
		Food & Staples Retailing (3.4%)
	8,090	Pricesmart, Inc.		700,109
	34,700	United Natural Foods, Inc. (1)		1,237,749
		Total Food & Staples Retailing		1,937,858

See accompanying notes to financial statements.

40

TCW Small Cap Growth Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Food Products (3.6%)
	47,900	Hain Celestial Group, Inc. (The) (1)	$	2,005,094
		Health Care Equipment & Supplies (1.5%)
	31,600	LDR Holding Corp. (1)		851,620
		Health Care Providers & Services (6.6%)
	43,800	Diplomat Pharmacy, Inc. (1)		1,326,702
	22,200	HealthEquity, Inc. (1)		558,330
	23,600	LHC Group, Inc. (1)		952,024
	19,000	Surgical Care Affiliates, Inc. (1)		918,650
		Total Health Care Providers & Services		3,755,706
		Health Care Technology (1.7%)
	7,100	athenahealth, Inc. (1)		946,430
		Hotels, Restaurants & Leisure (2.5%)
	41,400	Habit Restaurants, Inc. (The) (1)		693,450
	54,800	La Quinta Holdings, Inc. (1)		699,796
		Total Hotels, Restaurants & Leisure		1,393,246
		Household Durables (2.4%)
	17,400	Harman International Industries, Inc.		1,335,624
		Internet & Catalog Retail (1.0%)
	14,800	Wayfair, Inc. (1)		558,700
		Internet Software & Services (7.7%)
	51,340	Cornerstone OnDemand, Inc. (1)		1,763,529
	31,500	Demandware, Inc. (1)		1,451,520
	29,100	Marketo, Inc. (1)		639,909
	9,690	SPS Commerce, Inc. (1)		493,512
		Total Internet Software & Services		4,348,470
		IT Services (1.6%)
	12,600	EPAM Systems, Inc. (1)		918,918
		Life Sciences Tools & Services (2.4%)
	28,300	INC Research Holdings, Inc. (1)		1,362,079
		Machinery (6.1%)
	16,000	CLARCOR, Inc.		940,320
	10,950	John Bean Technologies Corp.		570,933
	15,900	RBC Bearings, Inc. (1)		1,165,470
	9,200	Wabtec Corp.		762,956
		Total Machinery		3,439,679
		Media (1.1%)
	29,100	Lions Gate Entertainment Corp. (1)		646,020
		Oil, Gas & Consumable Fuels (0.6%)
	11,950	RSP Permian, Inc. (1)		365,790

See accompanying notes to financial statements.

41

TCW Small Cap Growth Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Pharmaceuticals (5.5%)
	51,000	Depomed, Inc. (1)	$	886,380
	61,500	Horizon Pharma PLC (Ireland) (1)		945,255
	37,900	Valeant Pharmaceuticals International, Inc. (Canada) (1)		1,264,344
		Total Pharmaceuticals		3,095,979
		Professional Services (1.6%)
	16,800	WageWorks, Inc. (1)		904,848
		Real Estate Management & Development (1.2%)
	18,475	RE/MAX Holdings, Inc.		679,880
		Semiconductors & Semiconductor Equipment (1.3%)
	17,488	Mellanox Technologies, Ltd. (Israel) (1)		756,356
		Software (8.5%)
	12,700	Imperva, Inc. (1)		590,296
	11,750	Proofpoint, Inc. (1)		684,555
	17,350	Qualys, Inc. (1)		436,873
	21,650	Splunk, Inc. (1)		1,125,367
	19,500	Tableau Software, Inc. (1)		1,008,150
	4,770	Ultimate Software Group, Inc. (The) (1)		937,734
		Total Software		4,782,975
		Specialty Retail (3.2%)
	14,300	Asbury Automotive Group, Inc. (1)		866,866
	20,250	Dick’s Sporting Goods, Inc.		938,385
		Total Specialty Retail		1,805,251
		Textiles, Apparel & Luxury Goods (3.6%)
	24,000	Kate Spade & Co. (1)		617,520
	43,300	Skechers U.S.A., Inc. (1)		1,431,065
		Total Textiles, Apparel & Luxury Goods		2,048,585
		Total Common Stock (Cost: $44,434,458) (93.5%)		52,834,015
		Money Market Investments
	3,830,806	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)		3,830,806
		Total Money Market Investments (Cost: $3,830,806) (6.8%)		3,830,806
		Total Investments (Cost: $48,265,264) (100.3%)		56,664,821
		Liabilities in Excess of Other Assets (-0.3%)		(183,385	)
		Net Assets (100.0%)	$	56,481,436

Notes to the Schedule of Investments:

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

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

42

TCW Small Cap Growth Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Aerospace & Defense		3.8	%
Auto Components		2.8
Beverages		1.7
Biotechnology		4.7
Capital Markets		5.0
Commercial Services & Supplies		3.3
Communications Equipment		0.6
Distributors		0.6
Diversified Consumer Services		1.6
Electronic Equipment, Instruments & Components		2.3
Food & Staples Retailing		3.4
Food Products		3.6
Health Care Equipment & Supplies		1.5
Health Care Providers & Services		6.6
Health Care Technology		1.7
Hotels, Restaurants & Leisure		2.5
Household Durables		2.4
Internet & Catalog Retail		1.0
Internet Software & Services		7.7
IT Services		1.6
Life Sciences Tools & Services		2.4
Machinery		6.1
Media		1.1
Oil, Gas & Consumable Fuels		0.6
Pharmaceuticals		5.5
Professional Services		1.6
Real Estate Management & Development		1.2
Semiconductors & Semiconductor Equipment		1.3
Software		8.5
Specialty Retail		3.2
Textiles, Apparel & Luxury Goods		3.6
Money Market Investments		6.8
Total		100.3	%

See accompanying notes to financial statements.

43

TCW SMID Cap Growth Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Aerospace & Defense (4.0% of Net Assets)
	12,800	BE Aerospace, Inc.	$	622,464
	9,450	HEICO Corp.		579,379
		Total Aerospace & Defense		1,201,843
		Auto Components (1.9%)
	10,450	Dorman Products, Inc. (1)		562,106
		Banks (1.9%)
	5,420	SVB Financial Group (1)		565,198
		Beverages (1.5%)
	2,925	Boston Beer Co., Inc. (The) (1)		456,534
		Biotechnology (2.6%)
	16,965	Cepheid, Inc. (1)		484,181
	3,960	Incyte Corp. (1)		286,189
		Total Biotechnology		770,370
		Capital Markets (3.3%)
	13,700	Financial Engines, Inc.		441,277
	49,050	WisdomTree Investments, Inc.		534,155
		Total Capital Markets		975,432
		Diversified Consumer Services (2.0%)
	4,800	MarketAxess Holdings, Inc.		589,248
		Electronic Equipment, Instruments & Components (2.7%)
	10,640	Cognex Corp.		378,039
	14,720	FARO Technologies, Inc. (1)		427,469
		Total Electronic Equipment, Instruments & Components		805,508
		Energy Equipment & Services (1.8%)
	4,125	Core Laboratories NV (Netherlands)		551,348
		Food & Staples Retailing (3.1%)
	5,870	Pricesmart, Inc.		507,990
	11,455	United Natural Foods, Inc. (1)		408,600
		Total Food & Staples Retailing		916,590
		Food Products (3.6%)
	12,450	Blue Buffalo Pet Products, Inc. (1)		308,262
	18,650	Hain Celestial Group, Inc. (The) (1)		780,689
		Total Food Products		1,088,951
		Health Care Equipment & Supplies (2.1%)
	1,000	Intuitive Surgical, Inc. (1)		626,360
		Health Care Providers & Services (1.8%)
	18,010	Diplomat Pharmacy, Inc. (1)		545,523

See accompanying notes to financial statements.

44

TCW SMID Cap Growth Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Health Care Technology (1.9%)
	4,300	athenahealth, Inc. (1)	$	573,190
		Hotels, Restaurants & Leisure (6.4%)
	8,950	Aramark		299,914
	17,750	Habit Restaurants, Inc. (The) (1)		297,313
	36,860	La Quinta Holdings, Inc. (1)		470,702
	9,600	Wynn Resorts, Ltd.		847,680
		Total Hotels, Restaurants & Leisure		1,915,609
		Household Durables (1.5%)
	5,850	Harman International Industries, Inc.		449,046
		Internet & Catalog Retail (2.9%)
	9,500	TripAdvisor, Inc. (1)		613,605
	7,135	Wayfair, Inc. (1)		269,346
		Total Internet & Catalog Retail		882,951
		Internet Software & Services (6.5%)
	26,450	Cornerstone OnDemand, Inc. (1)		908,557
	16,400	Demandware, Inc. (1)		755,712
	20,035	Twitter, Inc. (1)		292,912
		Total Internet Software & Services		1,957,181
		Life Sciences Tools & Services (3.2%)
	2,650	Illumina, Inc. (1)		357,723
	12,235	INC Research Holdings, Inc. (1)		588,871
		Total Life Sciences Tools & Services		946,594
		Machinery (7.6%)
	9,475	CLARCOR, Inc.		556,846
	3,610	Graco, Inc.		282,988
	4,450	Middleby Corp. (The) (1)		487,898
	2,685	WABCO Holdings, Inc. (1)		301,149
	7,685	Wabtec Corp.		637,317
		Total Machinery		2,266,198
		Media (1.1%)
	15,200	Lions Gate Entertainment Corp.		337,440
		Pharmaceuticals (3.7%)
	29,300	Horizon Pharma PLC (Ireland) (1)		450,341
	19,400	Valeant Pharmaceuticals International, Inc. (Canada) (1)		647,184
		Total Pharmaceuticals		1,097,525
		Professional Services (2.2%)
	12,185	WageWorks, Inc. (1)		656,284
		Semiconductors & Semiconductor Equipment (2.0%)
	17,100	NVIDIA Corp.		607,563

See accompanying notes to financial statements.

45

TCW SMID Cap Growth Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Software (14.5%)
	4,900	ANSYS, Inc. (1)	$	444,773
	32,900	FireEye, Inc. (1)		570,815
	8,600	Proofpoint, Inc. (1)		501,036
	7,660	ServiceNow, Inc. (1)		547,537
	13,215	Splunk, Inc. (1)		686,916
	9,250	Tableau Software, Inc. (1)		478,225
	2,850	Tyler Technologies, Inc. (1)		417,268
	9,145	Workday, Inc. (1)		685,692
		Total Software		4,332,262
		Specialty Retail (2.8%)
	6,450	Asbury Automotive Group, Inc. (1)		390,999
	10,025	Dick’s Sporting Goods, Inc.		464,559
		Total Specialty Retail		855,558
		Textiles, Apparel & Luxury Goods (5.3%)
	18,185	Kate Spade & Co. (1)		467,900
	16,200	Skechers U.S.A., Inc. (1)		535,410
	7,060	Under Armour, Inc. (1)		310,216
	7,060	Under Armour, Inc. — Class C (1)		288,048
		Total Textiles, Apparel & Luxury Goods		1,601,574
		Total Common Stock (Cost: $23,969,493) (93.9%)		28,133,986
		Money Market Investments
	2,334,622	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)		2,334,622
		Total Money Market Investments (Cost: $2,334,622) (7.8%)		2,334,622
		Total Investments (Cost: $26,304,115) (101.7%)		30,468,608
		Liabilities in Excess of Other Assets (-1.7%)		(507,794	)
		Net Assets (100.0%)	$	29,960,814

Notes to the Schedule of Investments:

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

46

TCW SMID Cap Growth Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Aerospace & Defense		4.0	%
Auto Components		1.9
Banks		1.9
Beverages		1.5
Biotechnology		2.6
Capital Markets		3.3
Diversified Consumer Services		2.0
Electronic Equipment, Instruments & Components		2.7
Energy Equipment & Services		1.8
Food & Staples Retailing		3.1
Food Products		3.6
Health Care Equipment & Supplies		2.1
Health Care Providers & Services		1.8
Health Care Technology		1.9
Hotels, Restaurants & Leisure		6.4
Household Durables		1.5
Internet & Catalog Retail		2.9
Internet Software & Services		6.5
Life Sciences Tools & Services		3.2
Machinery		7.6
Media		1.1
Pharmaceuticals		3.7
Professional Services		2.2
Semiconductors & Semiconductor Equipment		2.0
Software		14.5
Specialty Retail		2.8
Textiles, Apparel & Luxury Goods		5.3
Money Market Investments		7.8
Total		101.7	%

See accompanying notes to financial statements.

47

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2016

	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)	$	10,484		$	447		$	2,338		$	9,760
Investment in Affiliated Issuers, at Value		—			31,617	(2)		—			—
Receivable for Securities Sold		135			—			—			—
Receivable for Fund Shares Sold		—	(3)		—			—			—	(3)
Dividends Receivable		16			33			2			1
Foreign Tax Reclaims Receivable		2			—			—	(3)		—
Receivable from Investment Advisor		6			1			8			10
Prepaid Expenses		15			17			17			12
Total Assets		10,658			32,115			2,365			9,783
LIABILITIES
Payable for Securities Purchased		—			33			—			72
Payable for Fund Shares Redeemed		—			—			—			16
Accrued Directors’ Fees and Expenses		8			9			8			9
Accrued Management Fees		6			—			1			8
Accrued Distribution Fees		—	(3)		—	(3)		—	(3)		1
Options Written, at Value		—			—			2	(4)		—
Other Accrued Expenses		25			10			6			24
Total Liabilities		39			52			17			130
NET ASSETS	$	10,619		$	32,063		$	2,348		$	9,653
NET ASSETS CONSIST OF:
Paid-in Capital	$	16,483		$	28,801		$	2,732		$	8,105
Accumulated Net Realized Gain (Loss) on Investments, Options Written and Foreign Currency		(6,587	)		479			(497	)		(157	)
Unrealized Appreciation of Investments and Options Written		696			2,801			103			1,884
Undistributed Net Investment Income (Loss)		27			(18	)		10			(179	)
NET ASSETS	$	10,619		$	32,063		$	2,348		$	9,653
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	9,492		$	30,247		$	1,829		$	6,631
N Class Share	$	1,127		$	1,816		$	519		$	3,022
CAPITAL SHARES OUTSTANDING: (5)
I Class Share		513,856			2,537,164			190,328			808,903
N Class Share		61,627			152,654			54,058			372,072
NET ASSET VALUE PER SHARE: (6)
I Class Share	$	18.47		$	11.92		$	9.61		$	8.20
N Class Share	$	18.28		$	11.90		$	9.61		$	8.12

(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, 2016 was $9,788, $447, $2,238 and $7,876, respectively.

(2) The identified cost for investments in affiliated issuers of the TCW Conservative Allocation Fund was $28,816.

(3) Amount rounds to less than $1.

(4) Premium received $5.

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

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

See accompanying notes to financial statements.

48

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2016

	TCW High Dividend Equities Fund			TCW New America Premier Equities Fund			TCW Relative Value Dividend Appreciation Fund			TCW Relative Value Large Cap Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value (1)	$	5,549		$	2,748		$	1,056,437		$	625,249
Receivable for Securities Sold		—			—			1,079			1,302
Receivable for Fund Shares Sold		—			—			541			224
Dividends Receivable		6			3			863			583
Receivable from Investment Advisor		6			22			—			2
Prepaid Expenses		16			29			39			28
Total Assets		5,577			2,802			1,058,959			627,388
LIABILITIES
Payable for Securities Purchased		—			—			521			1,009
Payable for Fund Shares Redeemed		—			—			692			697
Accrued Directors’ Fees and Expenses		8			6			9			9
Accrued Management Fees		3			2			661			393
Accrued Distribution Fees		—	(2)		—	(2)		187			5
Other Accrued Expenses		5			3			263			198
Total Liabilities		16			11			2,333			2,311
NET ASSETS	$	5,561		$	2,791		$	1,056,626		$	625,077
NET ASSETS CONSIST OF:
Paid-in Capital	$	6,169		$	2,675		$	956,520		$	449,258
Accumulated Net Realized Loss on Investments and Options Written		(814	)		(11	)		(76,559	)		(4,139	)
Unrealized Appreciation of Investments		208			122			175,542			177,057
Undistributed Net Investment Income (Loss)		(2	)		5			1,123			2,901
NET ASSETS	$	5,561		$	2,791		$	1,056,626		$	625,077
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	5,058		$	1,743		$	164,877		$	600,369
N Class Share	$	503		$	1,048		$	891,749		$	24,708
CAPITAL SHARES OUTSTANDING: (3)
I Class Share		572,813			166,397			10,118,591			29,367,226
N Class Share		56,909			100,000			53,835,822			1,211,566
NET ASSET VALUE PER SHARE: (4)
I Class Share	$	8.83		$	10.48		$	16.29		$	20.44
N Class Share	$	8.83		$	10.48		$	16.56		$	20.39

(1) The identified cost for the TCW High Dividend Equities Fund, the TCW New America Premier Equities Fund, the TCW Relative Value Dividend Appreciation Fund and the TCW Relative Value Large Cap Fund at April 30, 2016 was $5,341, $2,626, $880,895 and $448,192, respectively.

(2) Amount rounds to less than $1.

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

(4) 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, 2016

	TCW Relative Value Mid Cap Fund			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)	$	94,839		$	1,566,375		$	56,665		$	30,469
Receivable for Fund Shares Sold		4			2,906			11			—
Dividends Receivable		47			558			2			3
Receivable from Investment Advisor		2			—			5			10
Prepaid Expenses		18			53			20			15
Total Assets		94,910			1,569,892			56,703			30,497
LIABILITIES
Payable for Securities Purchased		—			4,244			—			470
Payable for Fund Shares Redeemed		144			3,450			99			—
Accrued Directors’ Fees and Expenses		9			9			9			9
Accrued Management Fees		63			982			47			25
Accrued Distribution Fees		4			39			4			4
Other Accrued Expenses		51			389			63			28
Total Liabilities		271			9,113			222			536
NET ASSETS	$	94,639		$	1,560,779		$	56,481		$	29,961
NET ASSETS CONSIST OF:
Paid-in Capital	$	92,796		$	996,189		$	56,034		$	26,579
Accumulated Net Realized Gain (Loss) on Investments		(8,333	)		9,292			(7,612	)		(338	)
Unrealized Appreciation of Investments		10,315			558,589			8,400			4,165
Undistributed Net Investment Loss		(139	)		(3,291	)		(341	)		(445	)
NET ASSETS	$	94,639		$	1,560,779		$	56,481		$	29,961
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	77,108		$	1,379,859		$	37,243		$	8,757
N Class Share	$	17,531		$	180,920		$	19,238		$	21,204
CAPITAL SHARES OUTSTANDING: (2)
I Class Share		4,126,474			54,552,785			1,919,625			718,739
N Class Share		962,149			7,644,172			1,086,770			1,739,667
NET ASSET VALUE PER SHARE: (3)
I Class Share	$	18.69		$	25.29		$	19.40		$	12.18
N Class Share	$	18.22		$	23.67		$	17.70		$	12.19

(1) The identified cost for the TCW Relative Value Mid Cap Fund, the TCW Select Equities Fund, the TCW Small Cap Growth Fund and the TCW SMID Cap Growth Fund at April 30, 2016 was $84,524, $1,007,786, $48,265 and $26,304, respectively.

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

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

See accompanying notes to financial statements.

50

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2016

	TCW Concentrated Value Fund			TCW Conservative Allocation Fund			TCW Global Real Estate Fund			TCW Growth Equities Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	89	(1)	$	—	(2)	$	90	(1)	$	29	(1)
Dividends from Investment in Affiliated Issuers		—			280			—			—
Total		89			280			90			29
Expenses:
Management Fees		30			—			14			59
Accounting Services Fees		2			3			1			2
Administration Fees		1			1			1			1
Transfer Agent Fees:
I Class		2			2			—	(2)		2
N Class		1			1			—	(2)		2
Custodian Fees		6			2			5			6
Professional Fees		13			9			9			13
Directors’ Fees and Expenses		17			17			17			17
Registration Fees:
I Class		9			9			10			8
N Class		8			8			10			8
Distribution Fees:
N Class		2			2			1			4
Compliance Expense		—	(2)		—	(2)		—	(2)		—	(2)
Shareholder Reporting Expense		1			1			1			2
Other		2			3			1			3
Total		94			58			70			127
Less Expenses Borne by Investment Advisor:
I Class		29			—			31			35
N Class		14			6			15			23
Net Expenses		51			52			24			69
Net Investment Income (Loss)		38			228			66			(40	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(213	)		22			(497	)		46
Investments in Affiliated Issuers		—			(525	)		—			—
Realized Gain Distributed from Affiliated Issuers		—			1,039			—			—
Foreign Currency		—			—			(3	)		—
Options Written		—			—			5			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		153			143			143			(1,025	)
Investments in Affiliated Issuers		—			(1,207	)		—			—
Options Written		—			—			2			—
Net Realized and Unrealized Gain (Loss) on Investments and Options Written		(60	)		(528	)		(350	)		(979	)
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(22	)	$	(300	)	$	(284	)	$	(1,019	)

(1) Net of foreign taxes withheld of $1, $2 and $0 for the TCW Concentrated Value Fund, the TCW Global Real Estate Fund and the TCW Growth Equities Fund, respectively.

(2) Amount rounds to less than $1.

See accompanying notes to financial statements.

51

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2016

	TCW High Dividend Equities Fund			TCW New America Premier Equities Fund (1)			TCW Relative Value Dividend Appreciation Fund			TCW Relative Value Large Cap Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	81	(2)	$	12	(2)	$	13,356		$	7,154
Total		81			12			13,356			7,154
Expenses:
Management Fees		16			5			3,815			2,372
Accounting Services Fees		1			1			52			34
Administration Fees		1			—	(3)		30			20
Transfer Agent Fees:
I Class		—	(3)		—	(3)		54			254
N Class		—	(3)		—	(3)		441			12
Custodian Fees		4			2			10			9
Professional Fees		9			15			24			20
Directors’ Fees and Expenses		17			8			17			17
Registration Fees:
I Class		10			2			11			14
N Class		10			2			18			11
Distribution Fees:
N Class		1			1			1,070			30
Compliance Expense		—	(3)		—	(3)		10			6
Shareholder Reporting Expense		1			9			4			2
Other		1			3			64			43
Total		71			48			5,620			2,844
Less Expenses Borne by Investment Advisor:
I Class		30			23			—			—
N Class		13			18			—			12
Net Expenses		28			7			5,620			2,832
Net Investment Income		53			5			7,736			4,322
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(594	)		(11	)		16,412			(2,008	)
Foreign Currency		—			—	(3)		—			—
Options Written		17			—			—			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		545			122			(30,620	)		(17,264	)
Options Written		—	(3)		—			—			—
Net Realized and Unrealized Gain (Loss) on Investments and Options Written		(32	)		111			(14,208	)		(19,272	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	21		$	116		$	(6,472	)	$	(14,950	)

(1) For the period February 1, 2016 (Commencement of operations) through April 30, 2016.

(2) Net of foreign taxes withheld of $0 and $0 for the TCW High Dividend Equities Fund and the TCW New America Premier 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, 2016

	TCW Relative Value Mid Cap Fund			TCW Select Equities Fund			TCW Small Cap Growth Fund			TCW SMID Cap Growth Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	1,014	(1)	$	4,640		$	195	(1)	$	69	(1)
Total		1,014			4,640			195			69
Expenses:
Management Fees		388			6,453			408			147
Accounting Services Fees		7			81			8			3
Administration Fees		4			49			4			2
Transfer Agent Fees:
I Class		25			685			27			1
N Class		9			119			14			—	(2)
Custodian Fees		5			13			11			6
Professional Fees		15			32			12			14
Directors’ Fees and Expenses		17			17			17			17
Registration Fees:
I Class		10			19			9			8
N Class		9			20			8			8
Distribution Fees:
N Class		22			306			26			26
Compliance Expense		1			17			—	(2)		—	(2)
Shareholder Reporting Expense		2			5			5			2
Other		10			114			19			4
Total		524			7,930			568			238
Less Expenses Borne by Investment Advisor:
I Class		—			—			—			15
N Class		16			—			32			47
Net Expenses		508			7,930			536			176
Net Investment Income (Loss)		506			(3,290	)		(341	)		(107	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(1,050	)		9,901			(3,848	)		(88	)
Change in Unrealized (Depreciation) on:
Investments		(4,065	)		(170,171	)		(4,653	)		(711	)
Net Realized and Unrealized (Loss) on Investments		(5,115	)		(160,270	)		(8,501	)		(799	)
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,609	)	$	(163,560	)	$	(8,842	)	$	(906	)

(1) Net of foreign taxes withheld of $2, $1 and $0 for the TCW Relative Value Mid Cap Fund, the TCW Small Cap Growth Fund and the TCW SMID Cap Growth Fund, respectively.

(2) Amount rounds to less than $1.

See accompanying notes to financial statements.

53

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Concentrated Value Fund						TCW Conservative Allocation Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	38		$	81		$	228		$	325
Net Realized Gain (Loss) on Investments		(213	)		2,083			536			859
Change in Unrealized Appreciation (Depreciation) on Investments		153			(1,946	)		(1,064	)		(6	)
Increase (Decrease) in Net Assets Resulting from Operations		(22	)		218			(300	)		1,178
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(64	)		(42	)		(465	)		(332	)
N Class		(13	)		(9	)		(18	)		(4	)
Distributions from Net Realized Gain:
I Class		—			—			(688	)		(158	)
N Class		—			—			(40	)		(4	)
Total Distributions to Shareholders		(77	)		(51	)		(1,211	)		(498	)
NET CAPITAL SHARE TRANSACTIONS
I Class		127			(720	)		(2,227	)		2,508
N Class		(249	)		(381	)		16			1,044
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(122	)		(1,101	)		(2,211	)		3,552
Increase (Decrease) in Net Assets		(221	)		(934	)		(3,722	)		4,232
NET ASSETS
Beginning of Period		10,840			11,774			35,785			31,553
End of Period	$	10,619		$	10,840		$	32,063		$	35,785
Undistributed Net Investment Income (Loss)	$	27		$	66		$	(18	)	$	237

See accompanying notes to financial statements.

54

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Global Real Estate Fund						TCW Growth Equities Fund
	Six Months Ended April 30, 2016 (Unaudited)			December 1, 2014 (Commencement of Operations) through October 31,  2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income (Loss)	$	66		$	48		$	(40	)	$	(139	)
Net Realized Gain (Loss) on Investments, Options Written and Foreign Currency Transactions		(495	)		3			46			4,059
Change in Unrealized Appreciation (Depreciation) on Investments and Options Written		145			(42	)		(1,025	)		(4,755	)
Increase (Decrease) in Net Assets Resulting from Operations		(284	)		9			(1,019	)		(835	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(47	)		(35	)		—			—
N Class		(8	)		(12	)		—			—
Distributions from Net Realized Gain:
I Class		(6	)		—			(2,459	)		(2,007	)
N Class		(1	)		—			(742	)		(502	)
Total Distributions to Shareholders		(62	)		(47	)		(3,201	)		(2,509	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(2,150	)		4,343			(2,208	)		(7,005	)
N Class		14			525			401			(1,169	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(2,136	)		4,868			(1,807	)		(8,174	)
Increase (Decrease) in Net Assets		(2,482	)		4,830			(6,027	)		(11,518	)
NET ASSETS
Beginning of Period		4,830			—			15,680			27,198
End of Period	$	2,348		$	4,830		$	9,653		$	15,680
Undistributed Net Investment Income (Loss)	$	10		$	(1	)	$	(179	)	$	(139	)

See accompanying notes to financial statements.

55

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW High Dividend Equities Fund						TCW New America Premier Equities Fund
	Six Months Ended April 30, 2016 (Unaudited)			December 1, 2014 (Commencement of Operations) through October 31,  2015			February 1, 2016 (Commencement of Operations) through April 30, 2016 (Unaudited)
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	53		$	100		$	5
Net Realized Loss on Investments and Options Written		(577	)		(237	)		(11	)
Change in Unrealized Appreciation (Gain) on Investments and Options Written		545			(337	)		122
Increase (Decrease) in Net Assets Resulting from Operations		21			(474	)		116
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(52	)		(83	)		—
N Class		(6	)		(14	)		—
Total Distributions to Shareholders		(58	)		(97	)		—
NET CAPITAL SHARE TRANSACTIONS
I Class		1,118			4,479			1,675
N Class		2			570			1,000
Increase in Net Assets Resulting from Net Capital Shares Transactions		1,120			5,049			2,675
Increase in Net Assets		1,083			4,478			2,791
NET ASSETS
Beginning of Period		4,478			—			—
End of Period	$	5,561		$	4,478		$	2,791
Undistributed Net Investment Income (Loss)	$	(2	)	$	3		$	5

See accompanying notes to financial statements.

56

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Relative Value Dividend Appreciation Fund						TCW Relative Value Large Cap Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	7,736		$	17,592		$	4,322		$	8,062
Net Realized Gain (Loss) on Investments		16,412			64,155			(2,008	)		53,805
Change in Unrealized Depreciation on Investments		(30,620	)		(78,953	)		(17,264	)		(57,453	)
Increase (Decrease) in Net Assets Resulting from Operations		(6,472	)		2,794			(14,950	)		4,414
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(1,225	)		(3,223	)		(7,528	)		(6,775	)
N Class		(5,388	)		(13,035	)		(227	)		(214	)
Distributions from Net Realized Gain:
I Class		—			—			(25,919	)		—
N Class		—			—			(975	)		—
Total Distributions to Shareholders		(6,613	)		(16,258	)		(34,649	)		(6,989	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(8,423	)		(17,193	)		(19,539	)		(30,072	)
N Class		23,896			(80,902	)		1,174			(4,385	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		15,473			(98,095	)		(18,365	)		(34,457	)
Increase (Decrease) in Net Assets		2,388			(111,559	)		(67,964	)		(37,032	)
NET ASSETS
Beginning of Period		1,054,238			1,165,797			693,041			730,073
End of Period	$	1,056,626		$	1,054,238		$	625,077		$	693,041
Undistributed Net Investment Income	$	1,123		$	—		$	2,901		$	6,334

See accompanying notes to financial statements.

57

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Relative Value Mid Cap Fund						TCW Select Equities Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income (Loss)	$	506		$	854		$	(3,290	)	$	(1,930	)
Net Realized Gain (Loss) on Investments		(1,050	)		15,816			9,901			162,929
Change in Unrealized Appreciation (Depreciation) on Investments		(4,065	)		(22,175	)		(170,171	)		82,304
Increase (Decrease) in Net Assets Resulting from Operations		(4,609	)		(5,505	)		(163,560	)		243,303
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(644	)		(506	)		—			—
N Class		(81	)		(90	)		—			—
Distributions from Net Realized Gain:
I Class		(11,118	)		(13,135	)		(115,798	)		(50,376	)
N Class		(2,394	)		(3,290	)		(21,972	)		(7,121	)
Total Distributions to Shareholders		(14,237	)		(17,021	)		(137,770	)		(57,497	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(559	)		(3,473	)		2,437			(144,323	)
N Class		1,129			(4,367	)		(43,444	)		23,002
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		570			(7,840	)		(41,007	)		(121,321	)
Increase (Decrease) in Net Assets		(18,276	)		(30,366	)		(342,337	)		64,485
NET ASSETS
Beginning of Period		112,915			143,281			1,903,116			1,838,631
End of Period	$	94,639		$	112,915		$	1,560,779		$	1,903,116
Undistributed Net Investment Income (Loss)	$	(139	)	$	80		$	(3,291	)	$	(1	)

See accompanying notes to financial statements.

58

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Small Cap Growth Fund						TCW SMID Cap Growth Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Loss	$	(341	)	$	(1,365	)	$	(107	)	$	(376	)
Net Realized Gain (Loss) on Investments		(3,848	)		29,359			(88	)		2,150
Change in Unrealized Depreciation on Investments		(4,653	)		(30,338	)		(711	)		(5,298	)
Decrease in Net Assets Resulting from Operations		(8,842	)		(2,344	)		(906	)		(3,524	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Realized Gain:
I Class		(18,762	)		(22,038	)		(555	)		(736	)
N Class		(5,616	)		(5,353	)		(1,326	)		(750	)
Total Distributions to Shareholders		(24,378	)		(27,391	)		(1,881	)		(1,486	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(29,066	)		(24,331	)		(1,035	)		(15,665	)
N Class		2,331			(2,591	)		1,340			710
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(26,735	)		(26,922	)		305			(14,955	)
Decrease in Net Assets		(59,955	)		(56,657	)		(2,482	)		(19,965	)
NET ASSETS
Beginning of Period		116,436			173,093			32,443			52,408
End of Period	$	56,481		$	116,436		$	29,961		$	32,443
Undistributed Net Investment Income (Loss)	$	(341	)	$	—		$	(445	)	$	(338	)

See accompanying notes to financial statements.

59

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 24 no-load mutual funds (each series, a “Fund” and collectively, 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 Advisers Act of 1940. Each Fund has distinct investment objectives. The following are the objectives for the 12 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 high yielding dividend securities of U.S. issuers.
TCW New America Premier Equities Fund	Seeks to provide long-term capital appreciation by investing at least 80% under normal circumstances of the value of its net assets in companies the portfolio manager believes are enduring, cash generating businesses whose leaders prudently manage their environmental, social, and financial resources and whose shares are attractively valued relative to free cash flow generated by the businesses.
TCW Relative Value Dividend Appreciation Fund	Seeks to realize a high level of dividend income consistent with prudent investment management, with 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.

60

TCW Funds, Inc.

April 30, 2016

Note 1 — Organization (Continued)

TCW Fund	Investment Objective
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 MidCap Index.
TCW Select Equities Fund	Seeks to provide long-term capital appreciation by investing primarily in equity securities that the portfolio manager believes to have strong and enduring business models and inherent advantages over their competitors.
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 is a “fund of funds” that invests in affiliated funds which are identified on the Schedule of Investments.

61

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies

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

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

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

Security Valuations:    Securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on that exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ. All other securities 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. OTC options are valued using dealer quotations. Investments in open-end mutual funds are valued based on the NAV per share as reported by the fund companies.

The Company has adopted, after the approval by the Company’s Board of Directors (the “Board” and each member thereof a “Director”), a fair valuation methodology for foreign equity securities (exclusive of certain Latin American and Canadian equity securities). This methodology is designed to address the effect of movements in the U.S. market on the securities traded on foreign exchanges that have been closed for a period of time due to time 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 by the Advisor in good faith under procedures established by and under the general supervision of the Board.

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

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TCW Funds, Inc.

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Note 2 — Significant Accounting Policies (Continued)

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

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

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

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

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

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

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

Equity securities.    Securities are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are generally categorized in Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are categorized in Level 2 or 3 of the fair value hierarchy depending on whether a discount is applied and significant. Restricted securities held 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 and are categorized in Level 2 of the fair value hierarchy.

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

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

63

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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 OTC are fair valued based on pricing models and incorporate various inputs such as interest rate, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-money contracts on a given strike price. To the extent that these inputs are observable and timely, the fair value of OTC option contracts would be categorized in Level 2; otherwise, the fair values would be categorized in Level 3.

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

The Funds, with the exception of the TCW Global Real Estate Fund and the TCW New America Premier Equities Fund, categorized their investments in Level 1, with the corresponding industries as represented in the Schedule of Investments.

The following is a summary of the inputs used as of April 30, 2016 in valuing the TCW Global Real Estate Fund and the TCW New America Premier Equities 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
Internet Software & Services	$	46,579		$	—	$	—	$	46,579
REIT		1,357,483			511,706		—		1,869,189
Real Estate Management & Development		—			260,278		—		260,278
Total Common Stock		1,404,062			771,984		—		2,176,046
Preferred Stock
REIT		24,063			—		—		24,063
Total Preferred Stock		24,063			—		—		24,063
Money Market Investments		138,540			—		—		138,540
Total Investments	$	1,566,665		$	771,984	$	—	$	2,338,649
Liability Derivatives
Written Options
Equity Risk	$	(1,501	)	$	—	$	—	$	(1,501	)
Total	$	(1,501	)	$	—	$	—	$	(1,501	)

64

TCW Funds, Inc.

April 30, 2016

Note 2 — Significant Accounting Policies (Continued)

TCW New America Premier Equities 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	$	126,030	$	67,854	$	—	$	193,884
Banks		72,771		—		—		72,771
Beverages		282,540		—		—		282,540
Chemicals		288,476		—		—		288,476
Containers & Packaging		132,182		—		—		132,182
Diversified Financial Services		51,500		—		—		51,500
Electrical Equipment		63,815		—		—		63,815
Electronic Equipment, Instruments & Components		69,810		—		—		69,810
Food & Staples Retailing		54,471		—		—		54,471
Food Products		91,875		—		—		91,875
Health Care Providers & Services		66,633		—		—		66,633
Household Products		49,274		—		—		49,274
Industrial Conglomerates		351,986		—		—		351,986
Machinery		65,534		—		—		65,534
Media		129,140		—		—		129,140
Pharmaceuticals		150,548		—		—		150,548
Software		360,577		—		—		360,577
Specialty Retail		48,828		—		—		48,828
Technology Hardware, Storage & Peripherals		37,683		—		—		37,683
Total Common Stock		2,493,673		67,854		—		2,561,527
Money Market Investments		186,303		—		—		186,303
Total Investments	$	2,679,976	$	67,854	$	—	$	2,747,830

The Funds held no investments or other financial instruments at April 30, 2016 for which fair value was calculated using Level 3 inputs.

The Funds did not have any transfers in and out of Level 1 and Level 2 of the fair value hierarchy for the period ended April 30, 2016.

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 trusts may include return of capital which is treated as a reduction in the cost basis of those investments. Distributions received, if any, in excess of the cost basis of a security is recognized as capital gain.

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.

65

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

For the period ended April 30, 2016, 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 Number of Contracts):

	Equity Risk			Total
TCW Global Real Estate Fund
Statements of Asset and Liabilities:
Liability Derivatives
Written Options	$	(2	)	$	(2	)
Total Value	$	(2	)	$	(2	)
Statement of Operations:
Realized Gain on
Written Options	$	5		$	5
Total Realized Gain	$	5		$	5
Change in Unrealized Appreciation on:
Written Options	$	2		$	2
Total Change in Unrealized Appreciation	$	2		$	2
Number of Contracts (1)
Written Options		37			37
TCW High Dividend Equities Fund
Statement of Operations:
Realized Gain on
Written Options	$	17		$	17
Total Realized Gain	$	17		$	17
Change in Unrealized Appreciation on:
Written Options	$	—	(2)	$	—	(2)
Total Change in Unrealized Appreciation	$	—		$	—
Number of Contracts (1)
Written Options		109			109

(1) Amount disclosed represent average number of contracts, which are representative of the volume traded for the period ended April 30, 2016.

(2) Amount rounds to less than $1.

Options:    The Funds may purchase and sell put and call options 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.

66

TCW Funds, Inc.

April 30, 2016

Note 2 — Significant Accounting Policies (Continued)

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

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.

67

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

Transactions in written option contracts for the period ended April 30, 2016 were as follows:

TCW Global Real Estate Fund
	Call Contracts			Call Premiums
Options outstanding at October 31, 2015		40		$	4,164
Options written		74			7,401
Options exercised		(3	)		(1,233	)
Options expired		(76	)		(5,338	)
Options outstanding at April 30, 2016		35		$	4,994
TCW High Dividend Equities Fund
	Call Contracts			Call Premiums
Options outstanding at October 31, 2015		26		$	5,353
Options written		433			38,904
Options terminated in closing purchase transactions		(158	)		(18,224	)
Options exercised		(159	)		(19,214	)
Options expired		(142	)		(6,819	)
Options outstanding at April 30, 2016		—		$	—

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 a Fund is not required to pay for when-issued, delayed-delivery or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not maintain liquid assets equal to the face amount of the contract. To guard against the deemed leverage, the Fund monitors the obligations under these transactions and ensures that the Fund has sufficient liquid assets to cover them.

Repurchase Agreements:    The Funds may enter into Repurchase Agreements, under the terms of a Master Repurchase Agreement (“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. There were no repurchase agreements outstanding as of April 30, 2016.

68

TCW Funds, Inc.

April 30, 2016

Note 2 — Significant Accounting Policies (Continued)

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, 2016.

Allocation of Operating Activity for Multiple Classes:    Investment income, common expenses and realized and unrealized gains and losses are allocated among the share classes of the Funds based on the relative net assets of each class. Distribution fees, which are directly attributable to a class of shares, are charged to the operations of 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 for each class, and in turn differences in dividends paid by each class.

Dividends and Distributions:    Dividends and distributions to shareholders are recorded on the ex-dividend date. The TCW Global Real Estate Fund, 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 GAAP. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax differences which will reverse in subsequent periods. Any taxable income or capital gain remaining at fiscal year-end is distributed in the following year. Distributions received from real estate investment trusts may include return of capital which reduces the cost basis of the respective securities. Distributions, if any, in excess of the cost basis of a 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

69

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Risk Considerations (Continued)

Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.

Counterparty Risk:    The Funds may be exposed to counterparty risk, 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.

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, 2016, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows (amounts in thousands):

	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation		Cost of Investments for Federal Income Tax Purposes
TCW Concentrated Value Fund	$	921	$	(285	)	$	636	$	9,848
TCW Conservative Allocation Fund		3,030		(269	)		2,761		29,303
TCW Global Real Estate Fund		157		(62	)		95		2,243
TCW Growth Equities Fund		2,275		(614	)		1,661		8,099
TCW High Dividend Equities Fund		268		(63	)		205		5,344
TCW New America Premier Equities Fund		143		(21	)		122		2,626
TCW Relative Value Dividend Appreciation Fund		205,947		(28,652	)		177,295		879,142
TCW Relative Value Large Cap Fund		189,844		(14,773	)		175,071		450,178
TCW Relative Value Mid Cap Fund		17,710		(8,597	)		9,113		85,726
TCW Select Equities Fund		595,553		(38,756	)		556,797		1,009,578
TCW Small Cap Growth Fund		9,981		(2,670	)		7,311		49,354
TCW SMID Cap Growth Fund		5,883		(1,982	)		3,901		26,568

70

TCW Funds, Inc.

April 30, 2016

Note 4 — Federal Income Taxes (Continued)

At October 31, 2015, 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	$	59	$	—	$	59
TCW Conservative Allocation Fund		238		729		967
TCW Global Real Estate Fund		6		1		7
TCW Growth Equities Fund		—		3,201		3,201
TCW High Dividend Equities Fund		3		—		3
TCW Relative Value Large Cap Fund		6,336		26,895		33,231
TCW Relative Value Mid Cap Fund		80		13,512		13,592
TCW Select Equities Fund		12,885		124,880		137,765
TCW Small Cap Growth Fund		—		21,447		21,447
TCW SMID Cap Growth Fund		—		1,881		1,881

During the year ended October 31, 2015, the tax character of distributions paid was as follows (amounts in thousands):

	Ordinary Income		Long-Term Capital Gain		Total Distributions
TCW Concentrated Value Fund	$	51	$	—	$	51
TCW Conservative Allocation Fund		336		162		498
TCW Global Real Estate Fund		47		—		47
TCW Growth Equities Fund		499		2,010		2,509
TCW High Dividend Equities Fund		97		—		97
TCW Relative Value Dividend Appreciation Fund		16,258		—		16,258
TCW Relative Value Large Cap Fund		6,989		—		6,989
TCW Relative Value Mid Cap Fund		596		16,425		17,021
TCW Select Equities Fund		3,370		54,127		57,497
TCW Small Cap Growth Fund		8,498		18,893		27,391
TCW SMID Cap Growth Fund		—		1,486		1,486

At October 31, 2015, the following Funds had net realized loss carryforwards for federal income tax purposes. These losses were incurred in taxable years prior to December 22, 2010 (amounts in thousands).

	Expiring In
	2016		2017
TCW Concentrated Value Fund	$	—	$	6,357
TCW Relative Value Dividend Appreciation Fund		—		95,517
TCW Relative Value Mid Cap Fund (1)		690		—

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

71

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Federal Income Taxes (Continued)

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 during those future taxable years 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.

The following Fund had net realized loss incurred after December 22, 2010 that will be carried forward indefinitely for federal income tax purposes (amounts in thousands):

	Short-Term Capital Losses
TCW High Dividend Equities Fund	$	226

The Funds did not have any unrecognized tax benefits at April 30, 2016, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2016. 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:

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 New America Premier Equities Fund	0.80	%
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	%

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

In addition to the management fees, the Funds reimbursed, with approval by the Company’s Board, the Advisor’s costs associated in support of the Funds’ Rule 38a-1 compliance program. These amounts are included in the Statements of Operations.

72

TCW Funds, Inc.

April 30, 2016

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

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

TCW 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 New America Premier Equities Fund
I Class	1.04	% (1)
N Class	1.04	% (1)
TCW Relative Value Dividend Appreciation Fund
I Class	1.16	% (2)
N Class	1.16	% (2)
TCW Relative Value Large Cap Fund
I Class	1.12	% (2)
N Class	1.12	% (2)
TCW Relative Value Mid Cap Fund
I Class	1.21	% (1)
N Class	1.21	% (1)
TCW Select Equities Fund
I Class	1.14	% (2)
N Class	1.14	% (2)
TCW Small Cap Growth Fund
I Class	1.34	% (2)
N Class	1.34	% (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, 2016. These limitations are voluntary and terminable in a six month notice.

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

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

73

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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 the TCW Conservative Allocation Fund transactions in the affiliated funds for the period ended April 30, 2016 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		688,594		27,849		(74,099	)		642,344	$	6,976	$	65	$	81
TCW/Gargoyle Hedged Value Fund—I Class		—		192,616		(5,012	)		187,604		1,638		—		—
TCW Global Real Estate Fund—I Class		134,167		4,929		(14,347	)		124,749		1,199		19		2
TCW Growth Equities Fund—I Class		66,589		19,169		(85,758	)		—		—		—		164
TCW High Dividend Equities Fund—I Class		166,698		31,317		(18,507	)		179,508		1,585		18		—
TCW Relative Value Large Cap Fund—I Class		185,015		13,210		(52,274	)		145,951		2,983		46		157
TCW Relative Value Mid Cap Fund—I Class		24,980		3,893		(28,873	)		—		—		4		67
TCW Select Equities Fund—I Class		244,346		22,513		(50,629	)		216,230		5,468		—		493
TCW Total Return Bond Fund—I Class		1,079,823		182,875		(119,109	)		1,143,589		11,768		128		75
Total										$	31,617	$	280	$	1,039

The ownership percentage by the TCW Conservative Allocation Fund in each of the affiliated underlying funds at April 30, 2016 is as follows:

Name of Affiliated Fund	Ownership Percentage (1)
Metropolitan West Total Return Bond Fund		0.01	%
TCW Global Real Estate Fund		51.07	%
TCW High Dividend Equities Fund		28.50	%
TCW Relative Value Large Cap Fund		0.48	%
TCW Select Equities Fund		0.35	%
TCW Total Return Bond Fund		0.12	%
TCW/Gargoyle Hedged Value Fund		2.99	%

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

The financial statements of the Metropolitan West Total Return Bond Fund, the TCW Total Return Bond Fund and the TCW/Gargoyle Hedged Value 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.

74

TCW Funds, Inc.

April 30, 2016

Note 8 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the six months ended April 30, 2016, 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	$	4,064	$	4,368	$	—	$	—
TCW Conservative Allocation Fund		5,171		6,708		—		—
TCW Global Real Estate Fund		380		2,488		—		—
TCW Growth Equities Fund		4,466		9,454		—		—
TCW High Dividend Equities Fund		3,929		2,902		—		—
TCW Premier New American Equities Fund		2,674		223		—		—
TCW Relative Value Large Cap Fund		45,904		78,711		—		—
TCW Relative Value Mid Cap Fund		5,395		17,923		—		—
TCW Relative Value Dividend Appreciation Fund		88,367		79,305		—		—
TCW Select Equities Fund		159,310		274,656		—		—
TCW Small Cap Growth Fund		25,469		79,571		—		—
TCW SMID Cap Growth Fund		5,465		8,316		—		—

Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Concentrated Value Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		194,733		$	3,238			248,452		$	4,959
Shares Issued upon Reinvestment of Dividends		2,922			55			1,992			41
Shares Redeemed		(166,327	)		(3,166	)		(282,615	)		(5,720	)
Net Increase (Decrease)		31,328		$	127			(32,171	)	$	(720	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		989		$	17			123,883		$	2,456
Shares Issued upon Reinvestment of Dividends		688			13			453			9
Shares Redeemed		(15,585	)		(279	)		(142,926	)		(2,846	)
Net Decrease		(13,908	)	$	(249	)		(18,590	)	$	(381	)
TCW Conservative Allocation Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		237,402		$	2,804			458,599		$	5,727
Shares Issued upon Reinvestment of Dividends		94,762			1,131			39,547			484
Shares Redeemed		(507,818	)		(6,162	)		(297,993	)		(3,703	)
Net Increase (Decrease)		(175,654	)	$	(2,227	)		200,153		$	2,508
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		28,590		$	339			359,303		$	4,480
Shares Issued upon Reinvestment of Dividends		4,787			57			632			8
Shares Redeemed		(31,524	)		(380	)		(275,435	)		(3,444	)
Net Increase		1,853		$	16			84,500		$	1,044

75

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Capital Share Transactions (Continued)

TCW Global Real Estate Fund	Six Months Ended April 30, 2016 (Unaudited)						December 1, 2014 (Commencement of Operations) through October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		2,753		$	25			458,267		$	4,477
Shares Issued upon Reinvestment of Dividends		5,498			53			3,584			35
Shares Redeemed		(263,016	)		(2,228	)		(16,758	)		(169	)
Net Increase (Decrease)		(254,765	)	$	(2,150	)		445,093		$	4,343
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		558		$	5			51,405		$	514
Shares Issued upon Reinvestment of Dividends		907			9			1,188			11
Net Increase		1,465		$	14			52,593		$	525
TCW Growth Equities Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		14,714		$	132			96,539		$	1,198
Shares Issued upon Reinvestment of Dividends		271,061			2,325			160,008			1,920
Shares Redeemed		(568,673	)		(4,665	)		(834,043	)		(10,123	)
Net Decrease		(282,898	)	$	(2,208	)		(577,496	)	$	(7,005	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		30,881		$	249			29,125		$	353
Shares Issued upon Reinvestment of Dividends		85,331			725			41,507			494
Shares Redeemed		(60,522	)		(573	)		(164,135	)		(2,016	)
Net Increase (Decrease)		55,690		$	401			(93,503	)	$	(1,169	)
TCW High Dividend Equities Fund	Six Months Ended April 30, 2016 (Unaudited)						December 1, 2014 (Commencement of Operations) through October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		183,824		$	1,577			452,841		$	4,598
Shares Issued upon Reinvestment of Dividends		4,564			40			6,033			57
Shares Redeemed		(57,411	)		(499	)		(17,038	)		(176	)
Net Increase		130,977		$	1,118			441,836		$	4,479
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		1,406		$	12			59,709		$	598
Shares Issued upon Reinvestment of Dividends		683			6			1,477			14
Shares Redeemed		(1,784	)		(16	)		(4,582	)		(42	)
Net Increase		305		$	2			56,604		$	570

76

TCW Funds, Inc.

April 30, 2016

Note 9 — Capital Share Transactions (Continued)

TCW New America Premier Equities Fund	February 1, 2016 (Commencement of Operations) through April 30, 2016 (Unaudited)
I Class	Shares			Amount (in thousands)
Shares Sold		166,397		$	1,675
Net Increase		166,397		$	1,675
N Class	Shares			Amount (in thousands)
Shares Sold		100,000		$	1,000
Net Increase		100,000		$	1,000
TCW Relative Value Dividend Appreciation Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		590,348		$	9,428			1,575,298		$	26,538
Shares Issued upon Reinvestment of Dividends		70,774			1,153			183,083			3,014
Shares Redeemed		(1,197,227	)		(19,004	)		(2,794,008	)		(46,745	)
Net Decrease		(536,105	)	$	(8,423	)		(1,035,627	)	$	(17,193	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		7,012,079		$	113,851			8,160,662		$	139,279
Shares Issued upon Reinvestment of Dividends		323,645			5,363			769,641			12,885
Shares Redeemed		(5,909,461	)		(95,318	)		(13,622,511	)		(233,066	)
Net Increase (Decrease)		1,426,263		$	23,896			(4,692,208	)	$	(80,902	)
TCW Relative Value Large Cap Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		2,382,193		$	47,431			5,555,127		$	125,156
Shares Issued upon Reinvestment of Dividends		1,619,808			32,801			290,398			6,627
Shares Redeemed		(5,009,329	)		(99,771	)		(7,174,838	)		(161,855	)
Net Decrease		(1,007,328	)	$	(19,539	)		(1,329,313	)	$	(30,072	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		235,508		$	4,603			189,992		$	4,291
Shares Issued upon Reinvestment of Dividends		58,635			1,186			9,147			208
Shares Redeemed		(227,246	)		(4,615	)		(396,847	)		(8,884	)
Net Increase (Decrease)		66,897		$	1,174			(197,708	)	$	(4,385	)

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, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		440,896		$	8,829			338,696		$	8,340
Shares Issued upon Reinvestment of Dividends		618,869			11,338			547,757			13,217
Shares Redeemed		(1,094,678	)		(20,726	)		(1,038,994	)		(25,030	)
Net Decrease		(34,913	)	$	(559	)		(152,541	)	$	(3,473	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		64,652		$	1,077			53,145		$	1,279
Shares Issued upon Reinvestment of Dividends		132,387			2,366			136,665			3,227
Shares Redeemed		(127,994	)		(2,314	)		(387,910	)		(8,873	)
Net Increase (Decrease)		69,045		$	1,129			(198,100	)	$	(4,367	)
TCW Select Equities Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		8,638,613		$	228,274			15,387,856		$	425,189
Shares Issued upon Reinvestment of Dividends		1,713,253			47,525			749,179			19,883
Shares Redeemed		(10,744,776	)		(273,362	)		(21,518,847	)		(589,395	)
Net Decrease		(392,910	)	$	2,437			(5,381,812	)	$	(144,323	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		1,930,238		$	50,679			3,438,725		$	90,685
Shares Issued upon Reinvestment of Dividends		832,078			21,617			273,878			6,858
Shares Redeemed		(4,935,674	)		(115,740	)		(2,890,875	)		(74,541	)
Net Increase (Decrease)		(2,173,358	)	$	(43,444	)		821,728		$	23,002
TCW Small Cap Growth Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		313,331		$	6,531			400,913		$	11,955
Shares Issued upon Reinvestment of Dividends		870,355			18,234			741,101			21,432
Shares Redeemed		(2,723,566	)		(53,831	)		(1,918,943	)		(57,718	)
Net Decrease		(1,539,880	)	$	(29,066	)		(776,929	)	$	(24,331	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		55,227		$	997			109,577		$	3,096
Shares Issued upon Reinvestment of Dividends		288,336			5,510			190,980			5,160
Shares Redeemed		(211,591	)		(4,176	)		(388,399	)		(10,847	)
Net Increase (Decrease)		131,972		$	2,331			(87,842	)	$	(2,591	)

78

TCW Funds, Inc.

April 30, 2016

Note 9 — Capital Share Transactions (Continued)

TCW SMID Cap Growth Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		1,038		$	12			25,944		$	387
Shares Issued upon Reinvestment of Dividends		42,534			541			47,296			696
Shares Redeemed		(118,048	)		(1,588	)		(1,185,485	)		(16,748	)
Net Decrease		(74,476	)	$	(1,035	)		(1,112,245	)	$	(15,665	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		3,376		$	46			325		$	5
Shares Issued upon Reinvestment of Dividends		104,283			1,326			50,973			750
Shares Redeemed		(2,467	)		(32	)		(2,987	)		(45	)
Net Increase		105,192		$	1,340			48,311		$	710

Note 10 — Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities at April 30, 2016.

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.

79

TCW Concentrated Value Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	19.45		$	19.37		$	16.02		$	12.20		$	10.83		$	10.99
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.08			0.12			0.09			0.08			0.05			0.04
Net Realized and Unrealized Gain (Loss) on Investments		(0.87	)		0.04			3.34			3.86			1.36			(0.17	)
Total from Investment Operations		(0.79	)		0.16			3.43			3.94			1.41			(0.13	)
Less Distributions:
Distributions from Net Investment Income		(0.19	)		(0.08	)		(0.08	)		(0.12	)		(0.04	)		(0.03	)
Net Asset Value per Share, End of Period	$	18.47		$	19.45		$	19.37		$	16.02		$	12.20		$	10.83
Total Return		(4.08	)% (2)		0.79	%		21.46	%		32.67	%		12.94	%		(1.23	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	9,492		$	9,386		$	9,970		$	7,628		$	7,007		$	22,496
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.81	% (3)		1.46	%		1.60	%		1.95	%		1.19	%		0.96	%
After Expense Reimbursement		1.09	% (3)		1.09	%		1.11	%		1.14	%		1.19	%		N/A
Ratio of Net Investment Income to Average Net Assets		0.83	% (3)		0.62	%		0.52	%		0.56	%		0.43	%		0.31	%
Portfolio Turnover Rate		43.71	% (2)		83.02	%		39.65	%		39.65	%		24.99	%		38.18	%

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

(2) For the six months ended April 30, 2016 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, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	19.25		$	19.17		$	15.85		$	12.11		$	10.71		$	10.95
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.08			0.12			0.09			0.08			0.05			0.00	(2)
Net Realized and Unrealized Gain (Loss) on Investments		(0.86	)		0.04			3.31			3.82			1.35			(0.24	)
Total from Investment Operations		(0.78	)		0.16			3.40			3.90			1.40			(0.24	)
Less Distributions:
Distributions from Net Investment Income		(0.19	)		(0.08	)		(0.08	)		(0.16	)		—			(0.00	) (2)
Net Asset Value per Share, End of Period	$	18.28		$	19.25		$	19.17		$	15.85		$	12.11		$	10.71
Total Return		(4.08	)% (3)		0.80	%		21.50	%		32.61	%		13.07	%		(2.19	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,127		$	1,454		$	1,804		$	921		$	861		$	861
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.33	% (4)		2.39	%		3.66	%		4.15	%		3.29	%		1.18	%
After Expense Reimbursement		1.09	% (4)		1.09	%		1.11	%		1.14	%		1.18	%		N/A
Ratio of Net Investment Income to Average Net Assets		0.84	% (4)		0.63	%		0.50	%		0.58	%		0.45	%		0.01	%
Portfolio Turnover Rate		43.71	% (3)		83.02	%		39.65	%		39.65	%		24.99	%		38.18	%

(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, 2016 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, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	12.50		$	12.24		$	11.66		$	10.91		$	10.51		$	10.79
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.08			0.13			0.11			0.22			0.32			0.21
Net Realized and Unrealized Gain (Loss) on Investments		(0.19	)		0.33			0.67			0.79			0.51			0.17
Total from Investment Operations		(0.11	)		0.46			0.78			1.01			0.83			0.38
Less Distributions:
Distributions from Net Investment Income		(0.19	)		(0.14	)		(0.20	)		(0.26	)		(0.20	)		(0.19	)
Distributions from Net Realized Gain		(0.28	)		(0.06	)		—			—			(0.23	)		(0.47	)
Total Distributions		(0.47	)		(0.20	)		(0.20	)		(0.26	)		(0.43	)		(0.66	)
Net Asset Value per Share, End of Period	$	11.92		$	12.50		$	12.24		$	11.66		$	10.91		$	10.51
Total Return		(0.88	)% (2)		3.88	%		6.66	%		9.42	%		8.35	%		3.63	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	30,247		$	33,909		$	30,746		$	27,121		$	14,705		$	11,356
Ratio of Expenses to Average Net Assets: (3)
Before Expense Reimbursement		0.29	% (4)		0.25	%		0.29	%		0.40	%		0.67	%		1.08	%
After Expense Reimbursement		N/A			N/A			N/A			N/A			N/A			0.85	%
Ratio of Net Investment Income to Average Net Assets		1.42	% (4)		1.01	%		0.94	%		1.96	%		2.98	%		1.97	%
Portfolio Turnover Rate		16.01	% (2)		30.24	%		40.56	%		57.98	%		59.12	%		93.92	%

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

(2) For the six months ended April 30, 2016 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, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	12.44		$	12.17		$	11.61		$	10.89		$	10.51		$	10.79
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.05			0.04			0.05			0.18			0.29			0.21
Net Realized and Unrealized Gain (Loss) on Investments		(0.19	)		0.35			0.66			0.78			0.52			0.17
Total from Investment Operations		(0.14	)		0.39			0.71			0.96			0.81			0.38
Less Distributions:
Distributions from Net Investment Income		(0.12	)		(0.06	)		(0.15	)		(0.24	)		(0.20	)		(0.19	)
Distributions from Net Realized Gain		(0.28	)		(0.06	)		—			—			(0.23	)		(0.47	)
Total Distributions		(0.40	)		(0.12	)		(0.15	)		(0.24	)		(0.43	)		(0.66	)
Net Asset Value per Share, End of Period	$	11.90		$	12.44		$	12.17		$	11.61		$	10.89		$	10.51
Total Return		(1.19	)% (2)		3.31	%		6.07	%		8.97	%		8.09	%		3.63	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,816		$	1,876		$	807		$	1,047		$	815		$	1,149
Ratio of Expenses to Average Net Assets: (3)
Before Expense Reimbursement		1.51	% (4)		1.61	%		3.20	%		2.84	%		2.70	%		3.76	%
After Expense Reimbursement		0.83	% (4)		0.84	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of Net Investment Income to Average Net Assets		0.88	% (4)		0.36	%		0.41	%		1.58	%		2.72	%		1.95	%
Portfolio Turnover Rate		16.01	% (2)		30.24	%		40.56	%		57.98	%		59.12	%		93.92	%

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

(2) For the six months ended April 30, 2016 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

	Six Months Ended April 30, 2016 (Unaudited)			December 1, 2014 (Commencement of Operations) through October 31, 2015
Net Asset Value per Share, Beginning of Period	$	9.71		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.17			0.21
Net Realized and Unrealized Loss on Investments		(0.11	)		(0.27	)
Total from Investment Operations		0.06			(0.06	)
Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.23	)
Distributions from Net Realized Gain		(0.01	)		—
Total Distributions		(0.16	)		(0.23	)
Net Asset Value per Share, End of Period	$	9.61		$	9.71
Total Return		0.67	% (2)		(0.62	)% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,829		$	4,320
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.39	% (4)		5.28	% (4)
After Expense Reimbursement		1.41	% (4)		1.43	% (4)
Ratio of Net Investment Income to Average Net Assets		3.57	% (4)		2.27	% (4)
Portfolio Turnover Rate		10.88	% (2)		23.58	% (3)

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) For the period December 1, 2014 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

84

TCW Global Real Estate Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			December 1, 2014 (Commencement of Operations) through October 31, 2015
Net Asset Value per Share, Beginning of Period	$	9.70		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.19			0.24
Net Realized and Unrealized Loss on Investments		(0.12	)		(0.31	)
Total from Investment Operations		0.07			(0.07	)
Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.23	)
Distributions from Net Realized Gain		(0.01	)		—
Total Distributions		(0.16	)		(0.23	)
Net Asset Value per Share, End of Period	$	9.61		$	9.70
Total Return		0.77	% (2)		(0.72	)% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	519		$	510
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		7.68	% (4)		9.21	% (4)
After Expense Reimbursement		1.41	% (4)		1.43	% (4)
Ratio of Net Investment Income to Average Net Assets		4.00	% (4)		2.58	% (4)
Portfolio Turnover Rate		10.88	% (2)		23.58	% (3)

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) For the period December 1, 2014 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

85

TCW Growth Equities Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	11.15		$	13.10		$	18.86		$	13.87		$	14.66		$	13.95
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.03	)		(0.08	)		(0.08	)		(0.05	)		(0.08	)		(0.11	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.39	)		(0.51	)		1.32			5.24			(0.15	)		0.82
Total from Investment Operations		(0.42	)		(0.59	)		1.24			5.19			(0.23	)		0.71
Less Distributions:
Distributions from Net Investment Income		—			—			—			(0.02	)		—			—
Distributions from Net Realized Gain		(2.53	)		(1.36	)		(7.00	)		(0.18	)		(0.56	)		—
Total Distributions		(2.53	)		(1.36	)		(7.00	)		(0.20	)		(0.56	)		—
Net Asset Value per Share, End of Period	$	8.20		$	11.15		$	13.10		$	18.86		$	13.87		$	14.66
Total Return		(4.74	)% (2)		(5.26	)%		7.06	%		37.96	%		(1.43	)%		5.09	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	6,631		$	12,176		$	21,863		$	23,891		$	66,951		$	91,091
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.99	% (3)		1.47	%		1.42	%		1.32	%		1.21	%		1.20	%
After Expense Reimbursement		1.20	% (3)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of Net Investment Loss to Average Net Assets		(0.71	)% (3)		(0.61	)%		(0.61	)%		(0.35	)%		(0.54	)%		(0.72	)%
Portfolio Turnover Rate		37.54	% (2)		58.06	%		49.03	%		78.65	%		48.75	%		50.74	%

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

(2) For the six months ended April 30, 2016 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, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	11.08		$	13.01		$	18.79		$	13.82		$	14.61		$	13.90
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.03	)		(0.08	)		(0.08	)		(0.06	)		(0.08	)		(0.11	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.40	)		(0.49	)		1.30			5.23			(0.15	)		0.82
Total from Investment Operations		(0.43	)		(0.57	)		1.22			5.17			(0.23	)		0.71
Less Distributions:
Distributions from Net Investment Income		—			—			—			(0.02	)		—			—
Distributions from Net Realized Gain		(2.53	)		(1.36	)		(7.00	)		(0.18	)		(0.56	)		—
Total Distributions		(2.53	)		(1.36	)		(7.00	)		(0.20	)		(0.56	)		—
Net Asset Value per Share, End of Period	$	8.12		$	11.08		$	13.01		$	18.79		$	13.82		$	14.61
Total Return		(4.87	)% (2)		(5.13	)%		7.02	%		37.93	%		(1.44	)%		5.11	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	3,022		$	3,504		$	5,335		$	6,366		$	9,865		$	9,493
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.73	% (3)		2.09	%		2.01	%		1.93	%		1.73	%		1.73	%
After Expense Reimbursement		1.20	% (3)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of Net Investment Loss to Average Net Assets		(0.74	)% (3)		(0.62	)%		(0.61	)%		(0.36	)%		(0.53	)%		(0.73	)%
Portfolio Turnover Rate		37.54	% (2)		58.06	%		49.03	%		78.65	%		48.75	%		50.74	%

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

(2) For the six months ended April 30, 2016 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

	Six Months Ended April 30, 2016 (Unaudited)			December 1, 2014 (Commencement of Operations) through October 31, 2015
Net Asset Value per Share, Beginning of Period	$	8.98		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.09			0.27
Net Realized and Unrealized Gain (Loss) on Investments		(0.13	)		(1.03	)
Total from Investment Operations		(0.04	)		(0.76	)
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.26	)
Net Asset Value per Share, End of Period	$	8.83		$	8.98
Total Return		(0.57	)% (2)		(7.66	)% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	5,058		$	3,969
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.52	% (4)		3.28	% (4)
After Expense Reimbursement		1.16	% (4)		1.17	% (4)
Ratio of Net Investment Income to Average Net Assets		2.19	% (4)		2.94	% (4)
Portfolio Turnover Rate		65.78	% (2)		89.39	% (3)

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) For the period December 1, 2014 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

88

TCW High Dividend Equities Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			December 1, 2014 (Commencement of Operations) through October 31, 2015
Net Asset Value per Share, Beginning of Period	$	8.98		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.10			0.28
Net Realized and Unrealized Gain (Loss) on Investments		(0.14	)		(1.04	)
Total from Investment Operations		(0.04	)		(0.76	)
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.26	)
Net Asset Value per Share, End of Period	$	8.83		$	8.98
Total Return		(0.46	)% (2)		(7.76	)% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	503		$	509
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		6.71	% (4)		7.30	% (4)
After Expense Reimbursement		1.16	% (4)		1.17	% (4)
Ratio of Net Investment Income to Average Net Assets		2.20	% (4)		3.05	% (4)
Portfolio Turnover Rate		65.78	% (2)		89.39	% (3)

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) For the period December 1, 2014 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

89

TCW New America Premier Equities Fund

Financial Highlights — I Class

	February 1, 2016 (Commencement of operations) through April 30, 2016 (Unaudited)
Net Asset Value per Share, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.02
Net Realized and Unrealized Gain on Investments		0.46
Total from Investment Operations		0.48
Net Asset Value per Share, End of Period	$	10.48
Total Return		4.80	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,743
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		7.20	% (3)
After Expense Reimbursement		1.04	% (3)
Ratio of Net Investment Income to Average Net Assets		0.86	% (3)
Portfolio Turnover Rate		9.78	% (2)

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

(2) For the period February 1, 2016 (Commencement of operations) through April 30, 2016.

(3) Annualized.

See accompanying notes to financial statements.

90

TCW New America Premier Equities Fund

Financial Highlights — N Class

	February 1, 2016 (Commencement of operations) through April 30, 2016 (Unaudited)
Net Asset Value per Share, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.02
Net Realized and Unrealized Gain on Investments		0.46
Total from Investment Operations		0.48
Net Asset Value per Share, End of Period	$	10.48
Total Return		4.80	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,048
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		8.16	% (3)
After Expense Reimbursement		1.04	% (3)
Ratio of Net Investment Income to Average Net Assets		0.87	% (3)
Portfolio Turnover Rate		9.78	% (2)

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

(2) For the period February 1, 2016 (Commencement of operations) through April 30, 2016.

(3) Annualized.

See accompanying notes to financial statements.

91

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	16.49		$	16.71		$	15.11		$	11.77		$	10.18		$	9.60
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.14			0.30			0.27			0.25			0.22			0.18
Net Realized and Unrealized Gain (Loss) on Investments		(0.22	)		(0.24	)		1.61			3.36			1.60			0.59
Total from Investment Operations		(0.08	)		0.06			1.88			3.61			1.82			0.77
Less Distributions:
Distributions from Net Investment Income		(0.12	)		(0.28	)		(0.28	)		(0.27	)		(0.23	)		(0.19	)
Net Asset Value per Share, End of Period	$	16.29		$	16.49		$	16.71		$	15.11		$	11.77		$	10.18
Total Return		(0.48	)% (2)		0.40	%		12.49	%		31.06	%		18.03	%		8.05	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	164,877		$	175,694		$	195,400		$	176,226		$	99,787		$	54,367
Ratio of Expenses to Average Net Assets		0.87	% (3)		0.86	%		0.86	%		0.82	%		0.85	%		0.86	%
Ratio of Net Investment Income to Average Net Assets		1.77	% (3)		1.81	%		1.67	%		1.86	%		1.95	%		1.76	%
Portfolio Turnover Rate		7.74	% (2)		17.95	%		17.33	%		18.37	%		23.15	%		37.51	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

92

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	16.76		$	16.99		$	15.34		$	11.92		$	10.29		$	9.68
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.26			0.23			0.22			0.19			0.15
Net Realized and Unrealized Gain (Loss) on Investments		(0.22	)		(0.25	)		1.63			3.41			1.62			0.60
Total from Investment Operations		(0.10	)		0.01			1.86			3.63			1.81			0.75
Less Distributions:
Distributions from Net Investment Income		(0.10	)		(0.24	)		(0.21	)		(0.21	)		(0.18	)		(0.14	)
Net Asset Value per Share, End of Period	$	16.56		$	16.76		$	16.99		$	15.34		$	11.92		$	10.29
Total Return		(0.60	)% (2)		0.10	%		12.19	%		30.71	%		17.68	%		7.73	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	891,749		$	878,544		$	970,397		$	887,435		$	601,397		$	514,153
Ratio of Expenses to Average Net Assets		1.15	% (3)		1.14	%		1.14	%		1.11	%		1.14	%		1.17	%
Ratio of Net Investment Income to Average Net Assets		1.47	% (3)		1.53	%		1.40	%		1.60	%		1.70	%		1.45	%
Portfolio Turnover Rate		7.74	% (2)		17.95	%		17.33	%		18.37	%		23.15	%		37.51	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

93

TCW Relative Value Large Cap Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	21.99		$	22.09		$	19.47		$	14.91		$	13.05		$	12.42
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.14			0.26			0.21			0.19			0.16			0.12
Net Realized and Unrealized Gain (Loss) on Investments		(0.57	)		(0.14	)		2.65			4.53			1.82			0.65
Total from Investment Operations		(0.43	)		0.12			2.86			4.72			1.98			0.77
Less Distributions:
Distributions from Net Investment Income		(0.25	)		(0.22	)		(0.24	)		(0.16	)		(0.12	)		(0.14	)
Distributions from Net Realized Gain		(0.87	)		—			—			—			—			—
Total Distributions		(1.12	)		(0.22	)		(0.24	)		(0.16	)		(0.12	)		(0.14	)
Net Asset Value per Share, End of Period	$	20.44		$	21.99		$	22.09		$	19.47		$	14.91		$	13.05
Total Return		(1.90	)% (2)		0.50	%		14.79	%		31.99	%		15.33	%		6.16	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	600,369		$	667,957		$	700,484		$	543,669		$	741,996		$	396,729
Ratio of Expenses to Average Net Assets		0.89	% (3)		0.88	%		0.88	%		0.87	%		0.89	%		0.92	%
Ratio of Net Investment Income to Average Net Assets		1.38	% (3)		1.14	%		1.02	%		1.13	%		1.14	%		0.90	%
Portfolio Turnover Rate		7.21	% (2)		21.60	%		18.77	%		37.33	%		19.71	%		26.76	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

94

TCW Relative Value Large Cap Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	21.91		$	22.04		$	19.44		$	14.89		$	13.00		$	12.38
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.11			0.19			0.16			0.15			0.13			0.09
Net Realized and Unrealized Gain (Loss) on Investments		(0.56	)		(0.14	)		2.65			4.52			1.83			0.64
Total from Investment Operations		(0.45	)		0.05			2.81			4.67			1.96			0.73
Less Distributions:
Distributions from Net Investment Income		(0.20	)		(0.18	)		(0.21	)		(0.12	)		(0.07	)		(0.11	)
Distributions from Net Realized Gain		(0.87	)		—			—			—			—			—
Total Distributions		(1.07	)		(0.18	)		(0.21	)		(0.12	)		(0.07	)		(0.11	)
Net Asset Value per Share, End of Period	$	20.39		$	21.91		$	22.04		$	19.44		$	14.89		$	13.00
Total Return		(2.00	)% (2)		0.20	%		14.52	%		31.64	%		15.11	%		5.88	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	24,708		$	25,084		$	29,589		$	75,450		$	50,212		$	50,341
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.24	% (3)		1.20	%		1.12	%		1.13	%		1.14	%		1.18	%
After Expense Reimbursement		1.14	% (3)		1.16	%		N/A			N/A			N/A			N/A
Ratio of Net Investment Income to Average Net Assets		1.12	% (3)		0.86	%		0.77	%		0.83	%		0.92	%		0.65	%
Portfolio Turnover Rate		7.21	% (2)		21.60	%		18.77	%		37.33	%		19.71	%		26.76	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

95

TCW Relative Value Mid Cap Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	22.43		$	26.62		$	26.56		$	20.10		$	17.43		$	16.94
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.10			0.17			0.13			0.16			0.15			0.12
Net Realized and Unrealized Gain (Loss) on Investments		(0.91	)		(1.16	)		2.70			6.48			2.63			0.51
Total from Investment Operations		(0.81	)		(0.99	)		2.83			6.64			2.78			0.63
Less Distributions:
Distributions from Net Investment Income		(0.16	)		(0.12	)		(0.14	)		(0.17	)		(0.11	)		(0.14	)
Distributions from Net Realized Gain		(2.77	)		(3.08	)		(2.63	)		(0.01	)		—			—
Total Distributions		(2.93	)		(3.20	)		(2.77	)		(0.18	)		(0.11	)		(0.14	)
Net Asset Value per Share, End of Period	$	18.69		$	22.43		$	26.62		$	26.56		$	20.10		$	17.43
Total Return		(3.35	)% (2)		(4.58	)%		11.09	%		33.30	%		16.04	%		3.67	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	77,108		$	93,356		$	114,823		$	118,138		$	95,698		$	99,211
Ratio of Expenses to Average Net Assets		1.01	% (3)		0.96	%		0.95	%		0.94	%		1.01	%		0.99	%
Ratio of Net Investment Income to Average Net Assets		1.08	% (3)		0.68	%		0.49	%		0.68	%		0.79	%		0.66	%
Portfolio Turnover Rate		5.44	% (2)		23.15	%		21.67	%		28.91	%		32.87	%		89.67	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

96

TCW Relative Value Mid Cap Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	21.90		$	26.08		$	26.07		$	19.74		$	17.06		$	16.61
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.08			0.10			0.06			0.09			0.10			0.05
Net Realized and Unrealized Gain (Loss) on Investments		(0.90	)		(1.12	)		2.65			6.37			2.59			0.50
Total from Investment Operations		(0.82	)		(1.02	)		2.71			6.46			2.69			0.55
Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.08	)		(0.07	)		(0.12	)		(0.01	)		(0.10	)
Distributions from Net Realized Gain		(2.77	)		(3.08	)		(2.63	)		(0.01	)		—			—
Total Distributions		(2.86	)		(3.16	)		(2.70	)		(0.13	)		(0.01	)		(0.10	)
Net Asset Value per Share, End of Period	$	18.22		$	21.90		$	26.08		$	26.07		$	19.74		$	17.06
Total Return		(3.48	)% (2)		(4.78	)%		10.80	%		32.90	%		15.75	%		3.26	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	17,531		$	19,559		$	28,458		$	36,875		$	32,292		$	33,247
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.39	% (3)		1.30	%		1.27	%		1.32	%		1.40	%		1.48	%
After Expense Reimbursement		1.20	% (3)		1.21	%		1.20	%		1.23	%		1.27	%		1.35	%
Ratio of Net Investment Income to Average Net Assets		0.89	% (3)		0.44	%		0.23	%		0.40	%		0.53	%		0.27	%
Portfolio Turnover Rate		5.44	% (2)		23.15	%		21.67	%		28.91	%		32.87	%		89.67	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

97

TCW Select Equities Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	29.65		$	26.71		$	24.84		$	19.81		$	18.17		$	16.18
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		(0.05	)		(0.02	)		(0.03	)		0.03			(0.00	) (2)		(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments		(2.24	)		3.80			2.71			5.34			1.86			2.03
Total from Investment Operations		(2.29	)		3.78			2.68			5.37			1.86			1.99
Less Distributions:
Distributions from Net Investment Income		—			—			(0.00	) (2)		(0.05	)		—			—
Distributions from Net Realized Gain		(2.07	)		(0.84	)		(0.81	)		(0.29	)		(0.22	)		—
Total Distributions		(2.07	)		(0.84	)		(0.81	)		(0.34	)		(0.22	)		—
Net Asset Value per Share, End of Period	$	25.29		$	29.65		$	26.71		$	24.84		$	19.81		$	18.17
Total Return		(8.35	)% (3)		14.54	%		11.01	%		27.53	%		10.37	%		12.30	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,379,859		$	1,629,090		$	1,611,400		$	1,325,609		$	802,524		$	432,203
Ratio of Expenses to Average Net Assets		0.88	% (4)		0.88	%		0.86	%		0.83	%		0.86	%		0.90	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.34	)% (4)		(0.08	)%		(0.11	)%		0.15	%		(0.01	)%		(0.23	)%
Portfolio Turnover Rate		9.39	% (3)		27.19	%		25.79	%		24.55	%		19.74	%		28.13	%

(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, 2016 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

98

TCW Select Equities Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	27.91		$	25.26		$	23.59		$	18.84		$	17.34		$	15.48
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.08	)		(0.09	)		(0.10	)		(0.02	)		(0.06	)		(0.09	)
Net Realized and Unrealized Gain (Loss) on Investments		(2.09	)		3.58			2.58			5.06			1.78			1.95
Total from Investment Operations		(2.17	)		3.49			2.48			5.04			1.72			1.86
Less Distributions:
Distributions from Net Realized Gain		(2.07	)		(0.84	)		(0.81	)		(0.29	)		(0.22	)		—
Net Asset Value per Share, End of Period	$	23.67		$	27.91		$	25.26		$	23.59		$	18.84		$	17.34
Total Return		(8.44	)% (2)		14.22	%		10.73	%		27.14	%		10.06	%		12.02	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	180,920		$	274,026		$	227,231		$	378,026		$	292,448		$	182,151
Ratio of Expenses to Average Net Assets		1.15	% (3)		1.14	%		1.13	%		1.10	%		1.14	%		1.20	%
Ratio of Net Investment Loss to Average Net Assets		(0.62	)%  (3)		(0.33	)%		(0.40	)%		(0.10	)%		(0.31	)%		(0.55	)%
Portfolio Turnover Rate		9.39	% (2)		27.19	%		25.79	%		24.55	%		19.74	%		28.13	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

99

TCW Small Cap Growth Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	26.77		$	33.15		$	35.69		$	26.74		$	27.84		$	26.52
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.09	)		(0.27	)		(0.32	)		(0.20	)		(0.24	)		(0.26	)
Net Realized and Unrealized Gain (Loss) on Investments		(1.02	)		(0.74	)		2.93			9.15			(0.86	)		1.58
Total from Investment Operations		(1.11	)		(1.01	)		2.61			8.95			(1.10	)		1.32
Less Distributions:
Distributions from Net Realized Gain		(6.26	)		(5.37	)		(5.15	)		—			—			—
Net Asset Value per Share, End of Period	$	19.40		$	26.77		$	33.15		$	35.69		$	26.74		$	27.84
Total Return		(5.87	)% (2)		(4.26	)%		7.22	%		33.32	%		(3.95	)%		4.98	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	37,243		$	92,601		$	140,438		$	165,248		$	828,435		$	956,904
Ratio of Expenses to Average Net Assets		1.30	% (3)		1.17	%		1.20	%		1.18	%		1.16	%		1.22	%
Ratio of Net Investment Loss to Average Net Assets		(0.81	)% (3)		(0.88	)%		(0.97	)%		(0.71	)%		(0.89	)%		(0.88	)%
Portfolio Turnover Rate		31.74	% (2)		81.19	%		75.51	%		84.46	%		79.27	%		93.47	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

100

TCW Small Cap Growth Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	24.96		$	31.32		$	34.05		$	25.60		$	26.73		$	25.53
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.09	)		(0.31	)		(0.37	)		(0.29	)		(0.31	)		(0.32	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.91	)		(0.68	)		2.79			8.74			(0.82	)		1.52
Total from Investment Operations		(1.00	)		(0.99	)		2.42			8.45			(1.13	)		1.20
Less Distributions:
Distributions from Net Realized Gain		(6.26	)		(5.37	)		(5.15	)		—			—			—
Net Asset Value per Share, End of Period	$	17.70		$	24.96		$	31.32		$	34.05		$	25.60		$	26.73
Total Return		(5.85	)% (2)		(4.48	)%		6.98	%		32.85	%		(4.23	)%		4.70	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	19,238		$	23,835		$	32,655		$	121,038		$	186,245		$	237,982
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.66	% (3)		1.50	%		1.46	%		1.47	%		1.44	%		1.49	%
After Expense Reimbursement		1.35	% (3)		1.37	%		1.41	%		1.46	%		N/A			N/A
Ratio of Net Investment Loss to Average Net Assets		(0.89	)%  (3)		(1.08	)%		(1.17	)%		(1.02	)%		(1.16	)%		(1.14	)%
Portfolio Turnover Rate		31.74	% (2)		81.19	%		75.51	%		84.46	%		79.27	%		93.47	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

101

TCW SMID Cap Growth Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,												November 1, 2010 (Commencement of  Operations) through October 31, 2011
				2015			2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	13.36		$	15.01		$	14.34		$	10.26		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.04	)		(0.12	)		(0.11	)		(0.09	)		(0.08	)		(0.10	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.33	)		(1.06	)		0.78			4.17			(0.08	)		0.52
Total from Investment Operations		(0.37	)		(1.18	)		0.67			4.08			(0.16	)		0.42
Less Distributions:
Distributions from Net Realized Gain		(0.81	)		(0.47	)		—			—			—			—
Net Asset Value per Share, End of Period	$	12.18		$	13.36		$	15.01		$	14.34		$	10.26		$	10.42
Total Return		(3.02	)% (2)		(8.13	)%		4.67	%		39.77	%		(1.54	)%		4.20	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	8,757		$	10,598		$	28,598		$	31,193		$	22,084		$	23,057
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.53	% (3)		1.27	%		1.23	%		1.34	%		1.36	%		2.16	%
After Expense Reimbursement		1.20	% (3)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of Net Investment Loss to Average Net Assets		(0.72	)% (3)		(0.81	)%		(0.78	)%		(0.72	)%		(0.75	)%		(0.96	)%
Portfolio Turnover Rate		18.84	% (2)		58.72	%		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, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

102

TCW SMID Cap Growth Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,												November 1, 2010 (Commencement of  Operations) through October 31, 2011
				2015			2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	13.36		$	15.01		$	14.34		$	10.27		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.04	)		(0.12	)		(0.12	)		(0.09	)		(0.08	)		(0.10	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.32	)		(1.06	)		0.79			4.16			(0.07	)		0.52
Total from Investment Operations		(0.36	)		(1.18	)		0.67			4.07			(0.15	)		0.42
Less Distributions:
Distributions from Net Realized Gain		(0.81	)		(0.47	)		—			—			—			—
Net Asset Value per Share, End of Period	$	12.19		$	13.36		$	15.01		$	14.34		$	10.27		$	10.42
Total Return		(2.94	)% (2)		(8.13	)%		4.67	%		39.63	%		(1.44	)%		4.20	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	21,204		$	21,845		$	23,810		$	22,968		$	17,116		$	22,927
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.65	% (3)		1.52	%		1.51	%		1.61	%		1.64	%		2.23	%
After Expense Reimbursement		1.20	% (3)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of Net Investment Loss to Average Net Assets		(0.73	)% (3)		(0.83	)%		(0.79	)%		(0.72	)%		(0.76	)%		(0.96	)%
Portfolio Turnover Rate		18.84	% (2)		58.72	%		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, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

103

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, 2015 to April 30, 2016 (182 days).

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

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

TCW Funds, Inc.	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2015 to April 30, 2016)
TCW Concentrated Value Fund
I Class Shares
Actual	$	1,000.00	$	959.20		1.09	%	$	5.31
Hypothetical (5% return before expenses)		1,000.00		1,019.44		1.09	%		5.47
N Class Shares
Actual	$	1,000.00	$	959.20		1.09	%	$	5.31
Hypothetical (5% return before expenses)		1,000.00		1,019.44		1.09	%		5.47
TCW Conservative Allocation Fund
I Class Shares
Actual	$	1,000.00	$	991.20		0.29	% (1)	$	1.44	(1)
Hypothetical (5% return before expenses)		1,000.00		1,023.42		0.29	% (1)		1.46	(1)
N Class Shares
Actual	$	1,000.00	$	988.10		0.83	% (1)	$	4.10	(1)
Hypothetical (5% return before expenses)		1,000.00		1,020.74		0.83	% (1)		4.17	(1)
TCW Global Real Estate Fund
I Class Shares
Actual	$	1,000.00	$	1,006.70		1.41	%	$	7.03
Hypothetical (5% return before expenses)		1,000.00		1,017.85		1.41	%		7.07
N Class Shares
Actual	$	1,000.00	$	1,007.70		1.41	%	$	7.04
Hypothetical (5% return before expenses)		1,000.00		1,017.85		1.41	%		7.07

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TCW Funds, Inc.

TCW Funds, Inc.	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2015 to April 30, 2016)
TCW Growth Equities Fund
I Class Shares
Actual	$	1,000.00	$	952.60		1.20	%	$	5.83
Hypothetical (5% return before expenses)		1,000.00		1,018.90		1.20	%		6.02
N Class Shares
Actual	$	1,000.00	$	951.30		1.20	%	$	5.82
Hypothetical (5% return before expenses)		1,000.00		1,018.90		1.20	%		6.02
TCW High Dividend Equities Fund
I Class Shares
Actual	$	1,000.00	$	994.30		1.16	%	$	5.75
Hypothetical (5% return before expenses)		1,000.00		1,019.10		1.16	%		5.82
N Class Shares
Actual	$	1,000.00	$	995.40		1.16	%	$	5.76
Hypothetical (5% return before expenses)		1,000.00		1,019.10		1.16	%		5.82
TCW New America Premier Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,048.00		1.04	%	$	2.62	(2)
Hypothetical (5% return before expenses)		1,000.00		1,019.69		1.04	%		5.22	(2)
N Class Shares
Actual	$	1,000.00	$	1,048.00		1.04	%	$	2.62	(2)
Hypothetical (5% return before expenses)		1,000.00		1,019.69		1.04	%		5.22	(2)
TCW Relative Value Dividend Appreciation Fund
I Class Shares
Actual	$	1,000.00	$	995.20		0.87	%	$	4.32
Hypothetical (5% return before expenses)		1,000.00		1,020.54		0.87	%		4.37
N Class Shares
Actual	$	1,000.00	$	994.00		1.15	%	$	5.70
Hypothetical (5% return before expenses)		1,000.00		1,019.15		1.15	%		5.77
TCW Relative Value Large Cap Fund
I Class Shares
Actual	$	1,000.00	$	981.00		0.89	%	$	4.38
Hypothetical (5% return before expenses)		1,000.00		1,020.44		0.89	%		4.47
N Class Shares
Actual	$	1,000.00	$	980.00		1.14	%	$	5.61
Hypothetical (5% return before expenses)		1,000.00		1,019.20		1.14	%		5.72
TCW Relative Value Mid Cap Fund
I Class Shares
Actual	$	1,000.00	$	966.50		1.01	%	$	4.94
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.01	%		5.07
N Class Shares
Actual	$	1,000.00	$	965.20		1.20	%	$	5.86
Hypothetical (5% return before expenses)		1,000.00		1,018.90		1.20	%		6.02

105

TCW Funds, Inc.

Shareholder Expenses (Unaudited) (Continued)

TCW Funds, Inc.	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2015 to April 30, 2016)
TCW Select Equities Fund
I Class Shares
Actual	$	1,000.00	$	916.50		0.88	%	$	4.19
Hypothetical (5% return before expenses)		1,000.00		1,020.49		0.88	%		4.42
N Class Shares
Actual	$	1,000.00	$	915.60		1.15	%	$	5.48
Hypothetical (5% return before expenses)		1,000.00		1,019.15		1.15	%		5.77
TCW Small Cap Growth Fund
I Class Shares
Actual	$	1,000.00	$	941.30		1.30	%	$	6.27
Hypothetical (5% return before expenses)		1,000.00		1,018.40		1.30	%		6.52
N Class Shares
Actual	$	1,000.00	$	941.50		1.35	%	$	6.52
Hypothetical (5% return before expenses)		1,000.00		1,018.15		1.35	%		6.77
TCW SMID Cap Growth Fund
I Class Shares
Actual	$	1,000.00	$	969.80		1.20	%	$	5.88
Hypothetical (5% return before expenses)		1,000.00		1,018.90		1.20	%		6.02
N Class Shares
Actual	$	1,000.00	$	970.60		1.20	%	$	5.88
Hypothetical (5% return before expenses)		1,000.00		1,018.90		1.20	%		6.02

(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 February 1, 2016 through April 30, 2016, 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, 2016, multiplied by the number of days in the six month period and divided by the number of days in the year.

106

TCW Funds, Inc.

Approval of Amendment to Investment Advisory and Management Agreement

Approval of Amendment to Investment Advisory and Management Agreement

TCW Funds, Inc. (the “Corporation”) and TCW Investment Management Company (the “Advisor”) are parties to an Investment Advisory and Management Agreement (the “Advisory Agreement”), pursuant to which the Advisor is responsible for managing the investments of each separate investment series of the Corporation (collectively, the “Existing Funds”).

At a meeting held on December 14, 2015, the Board of Directors (the “Board”) of the Corporation approved an amendment to the Advisory Agreement with the Advisor on behalf of the newly organized TCW New America Premier Equities Fund.

Prior to this approval, the Advisor provided materials to the Board for its evaluation. The directors who are not “interested persons” of either the Corporation or the Advisor (the “Independent Directors”) were advised by independent legal counsel with respect to these and other relevant matters.

As a result of these and other meetings, the Board (including a majority of the Independent Directors voting separately) approved the amendment to the Advisory Agreement on behalf of the TCW New America Premier Equities Fund based on the recommendation of the Independent Directors. In deciding to recommend the approval of the amendment to the Advisory Agreement, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board.

Approval of the Amendment to the Advisory Agreement for the TCW New America Premier Equities Fund

Nature, Extent, and Quality of Services.    The Independent Directors considered the general nature, extent, and quality of services provided to the Existing Funds, and those expected to be provided to the TCW New America Premier Equities Fund by the Advisor. The Independent Directors evaluated the Advisor’s experience in serving as a manager of mutual funds, and considered the benefits to shareholders of investing in a fund complex that is served by a large investment management organization where it and its affiliates also serve a variety of other investment advisory clients, including separate accounts, other pooled investment vehicles, registered investment companies and commingled funds. The Independent Directors also considered the ability of the Advisor to provide appropriate levels of support and resources to the TCW New America Premier Equities Fund.

In addition, the Independent Directors took note of the background and experience of the senior management and portfolio management personnel of the Advisor and that the expertise and amounts of attention expected to be given to the TCW New America Premier Equities Fund by the Advisor are substantial. The Independent Directors also noted the previous experience of the proposed portfolio manager of the TCW New America Premier Equities Fund with private investment companies managed by the Advisor. The Independent Directors considered the ability of the Advisor to attract and retain qualified business professionals and its compensation program. The Independent Directors also considered the breadth of the compliance programs of the Advisor, as well as the compliance operations of the Advisor that would be applicable to the TCW New America Premier Equities Fund. The Independent Directors concluded that they were satisfied with the nature, extent and quality of the services anticipated to be provided to the TCW New America Premier Equities Fund by the Advisor under the Advisory Agreement.

Investment Performance.    The Independent Directors noted that the Advisor does not manage similar portfolios, but the Independent Directors regularly review the Advisor’s performance track record with

107

TCW Funds, Inc.

Approval of Amendment to Investment Advisory and Management Agreement (Continued)

respect to other mutual funds managed by the Advisor. The Independent Directors concluded that the Advisor would provide acceptable investment management services to the TCW New America Premier Equities Fund.

Advisory Fees and Profitability.    The Independent Directors considered information prepared by the Advisor comparing the proposed fees and expenses of the TCW New America Premier Equities Fund to the averages of the fees and expenses of other mutual funds with similar investment policies as reported by Broadridge. The Independent Directors noted that the advisory fees proposed to be charged by the Advisor were slightly above the median.

The Independent Directors considered that the Advisor had agreed to reduce its investment advisory fees or pay the operating expenses of the TCW New America Premier Equities Fund in order to maintain the overall expense ratio of the TCW New America Premier Equities Fund at competitive levels and that the Advisor had proposed to enter into a contractual expense limitation agreement with respect to the TCW New America Premier Equities Fund. The Independent Directors also considered the costs of services to be provided and profits to be realized by the Advisor and its affiliates from their relationship with the TCW New America Premier Equities Fund, recognizing the difficulty in evaluating a manager’s projected profitability with respect to a fund that is not yet operational. Based on these various considerations, the Independent Directors concluded that the proposed contractual management fees of the TCW New America Premier Equities Fund under the Advisory Agreement were fair and bore a reasonable relationship to the services to be rendered.

Expenses and Economies of Scale.    The Independent Directors noted that the Advisor had agreed to a contractual expense limitation agreement which was designed to maintain the overall expense ratio of the TCW New America Premier Equities Fund at competitive levels. They noted that the total net expense ratio proposed was at the average for the Broadridge peer group. The Independent Directors concluded that the anticipated expenses were appropriate given the anticipated size and structure of the TCW New America Premier Equities Fund. The Independent Directors also considered the potential of the Advisor to achieve economies of scale as the TCW New America Premier Equities Fund grows in size. Based on all of the information they reviewed, the Independent Directors concluded that the proposed fee structure was reasonable and reflected a sharing of any economies of scale.

Ancillary Benefits.    The Independent Directors considered ancillary benefits to be received by the Advisor and its affiliates as a result of the relationship of the Advisor with the TCW New America Premier Equities Fund, including compensation for certain compliance support services. The Independent Directors noted that, in addition to the fees the Advisor would receive under the Advisory Agreement, the Advisor could receive additional benefits in connection with management of the TCW New America Premier Equities Fund in the form of reports, research and other services from brokers and their affiliates in return for brokerage commissions paid to such brokers. The Independent Directors concluded that any potential benefits to be derived by the Advisor from its relationship with the TCW New America Premier Equities Fund were consistent with the services proposed to be provided by the Advisor to the TCW New America Premier Equities Fund.

Conclusions.    Based on their overall review, including their consideration of each of the factors referred to above (and others), the Board and the Independent Directors approved the amendment to the Advisory Agreement with respect to the TCW New America Premier Equities Fund.

108

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 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).

109

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 LLC
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 LLC
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
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 New America Premier Equities Fund
TCW Relative Value Dividend Appreciation Fund
TCW Relative Value Large Cap Fund
TCW Relative Value Mid Cap Fund
TCW Select Equities Fund
TCW Small Cap Growth Fund
TCW SMID Cap Growth Fund
ALLOCATION FUND
TCW Conservative Allocation Fund
FIXED INCOME FUNDS
TCW Core Fixed Income Fund
TCW Enhanced Commodity Strategy Fund
TCW Global Bond Fund
TCW High Yield Bond Fund
TCW Short Term Bond Fund
TCW Total Return Bond Fund
INTERNATIONAL FUNDS
TCW Developing Markets Equity Fund
TCW Emerging Markets Income Fund
TCW Emerging Markets Local Currency Income Fund
TCW Emerging Markets Multi-Asset Opportunities Fund
TCW International Growth Fund
TCW International Small Cap Fund
FUNDsarEQ0416

TCWFunds
TCW Family of Funds
APRIL 30
2016
SEMI-ANNUAL
R E P O R T
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, 2016

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	35
TCW Short Term Bond Fund	43
TCW Total Return Bond Fund	48
Statements of Assets and Liabilities	66
Statements of Operations	68
Statements of Changes in Net Assets	70
Notes to Financial Statements	73
Financial Highlights	99
Shareholder Expenses	110
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	112

To Our Valued Shareholders

David S. DeVito President, Chief Executive Officer and Director

Dear Valued Investors,

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2016. I would like to express our appreciation for your continued investment in the TCW Funds as well as welcome new shareholders to our fund family. As of April 30, 2016, the TCW Funds held total net assets of approximately $18 billion.

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2016 for the TCW Funds’ Fixed Income Funds.

Economic Review and Market Environment

For a reporting period that saw considerable volatility finally give way to a vigorous, almost one-way rally since March, observers could be forgiven for assuming that a material change in the fundamental data had occurred and a consensus had developed for a vastly improved economic and market outlook. While the case for weakness and, thus, downside volatility was well-informed by sluggish GDP growth, sagging commodity demand, declining corporate profitability, and stingy wage gains (notwithstanding continued payroll expansion), the reversal could boast little in the way of contrasting evidence. So, if not the data, what was it that flipped a more than 10% loss on the S&P 500 Index from January through mid-February into an upturn that by April month-end had erased a 28% deficit experienced in the high yield energy sector? Again, as with seemingly every bout of volatility in memory, look no further than the words and actions of central bankers as they attempt to guide monetary policy in a challenging environment. The European Central Bank (ECB), the Bank of Japan (BoJ), and People’s Bank of China each wielded various instruments of stimulus to bolster their economies. In particular, Japan took interest rates into negative terrain and Europe announced further rate cuts and quantitative easing measures, including the purchase of corporate bonds. For its part, while the Fed had been scaling back

expectations for tightening policy, including halving its December forecast for four rate hikes in 2016 to two, they took a decidedly more hawkish tone in April. Economic data released in April would appear to support the case for a potential rate hike in the near future. At least that is what the latest round of commentary by Fed officials would have you believe. Though with growth projected to be 2% an annualized basis, U.S. growth is barely half the level it was a generation ago and inflation is still trending below target. Despite this, the market re-priced the prospect of rate hikes in June and July to 24% and 54% respectively.

As the risk markets staged their price recovery since March, early-2016 losses in even some of the most challenged sectors in the credit markets were completely turned around by the end of April. High yield corporate bonds, which experienced an average price decline of more than $10 from the end of October to the low in mid-February, actually ended the reporting period nearly flat, posting a return of 2.4%. Investment grade credits did even better, returning 4.3%, while individual sectors such as metals and mining gained over 6%. However, despite the improving market sentiment in March and April, U.S. Treasury yields remained stubbornly low, with the 10-Year at 1.83% at the end of April, almost 40 basis points lower than the start of the report period and only 17 basis points higher than the February turning point. When all was said and done, the lower U.S. Treasury rates and declining risk premiums across the credit market since March produced a 2.8% return for the Barclays Aggregate Index. With the strong U.S. Treasury performance, agency residential mortgage-backed securities (MBS) only just kept pace with U.S. Treasury returns. Somewhat surprisingly, the challenging early-2016 market environment weighed on non-agency MBS despite strong investor demand and steadily improving homeowner equity. Commercial MBS (CMBS), however, largely traded in line with the broader credit markets, recovering from losses in January by the end of April and advancing 2.9%.

1

Letter to Shareholders (Continued)

The Economy and Market Ahead

Notwithstanding the market comeback since March, there are reasons to believe the turnaround in sentiment is not sustainable. First, much of the ebb and flow during the period tracked oil prices. If this correlation holds, oil prices would need to be stable or higher to continue gratifying the markets. However, oil supply is expected to outstrip demand through 2016 and inventories remain high. Further, OPEC’s focus on retaining market share and inability to reach agreement on a production freeze will provide little boost to oil prices, which can only increase through production cuts, especially in the absence of increased global demand. The other reasons are a manifestation of ineffective central bank policies, insofar as fostering economic expansion versus market appreciation. In this regard, the split among FOMC members between the hawks and the doves is causing plenty of confusion in the markets. On the one hand, the Fed finally acknowledged in March that it is following rather than leading the markets as the early year market volatility weighted heavily on their decision to raise rates and justified lowering future rate hike expectations. On the other hand, the Fed’s recent attempts to convince the markets that June is a “live” meeting for a rate hike on the back of data that has not strengthened meaningfully since their last meeting, puts the Fed’s credibility on the line.

Finally, while the Fed has held off on a rate hike, the ECB and the BoJ took aggressive action to ease policy in light of weakening growth and falling inflation. While the rumors of these actions spurred market appreciation, their implementation met with a more muted impact, especially where intended, and the inability to foster price appreciation outside of the financial markets has many rightfully questioning the effectiveness of all central banks’ monetary policies. The sum of these factors poses significant downside risks for the markets, as the data has not altered our view that developed market growth will remain poor, with the U.S. stuck at a muddling pace of 2% or less. Episodic volatility is also likely to come from exogenous conditions: the U.S. Presidential election, a United Kingdom referendum on exiting the European Union and the always-unknown geopolitical developments.

To this view and an altered liquidity environment that demands proactive positioning, the Funds remain defensively oriented and prepared for better risk-adjusted return opportunities. The duration profile remains short, while sector positioning and issue selection have been conservative with yields below what we believe to be fair risk-adjusted value. The relative underweight to corporate credit was reduced on spread widening in January, with additions focused on “bendable” areas of the market – those which we believe have the resilience to withstand potential volatility. Corporate positioning remains focused on financials given limited re-leveraging risk and reasonable yields, while exposure to industrial credit remains selective, favoring asset-heavy companies with stable cash flows and strong balance sheets. High yield credit exposure in the Funds remain modest given the lack of attractive risk-adjusted value and a wariness of increasing defaults, though as this asset class unwinds and sentiment weakens further, opportunities should arise. Structured products continue to offer attractive risk-adjusted returns and protection, therefore representing an overweight position. Non-agency MBS is still among the most desirable asset classes given available yield and solid fundamentals, while CMBS and ABS holdings are focused on the senior most parts of the capital structure and high quality collateral, often with government guarantees. Finally, though agency MBS is a high quality, higher yielding, and fairly liquid alternative to U.S. Treasuries, yield compensation is still relatively small compared to history, thus informing a relative underweight.

Data sources for the discussion above include Barclays, Bloomberg, JPMorgan and Merrill Lynch.

Two TCW Fixed Income Funds Receive 2016 Lipper Fund Awards

On March 31, 2016, two fixed income funds from the TCW Funds family were honored in the 2016 Lipper Fund Awards:

• The TCW Total Return Bond Fund (TGLMX/TGMNX) was named best U.S. mortgage fund for the ten-year period ending 12/31/15.

2

• The TCW Core Fixed Income Fund (TGCFX/TGFNX) was named best core bond fund for the ten-year period ending 12/31/15.

The Lipper Fund Awards honor funds that have excelled in delivering consistently strong risk-adjusted performance relative to peers. The Lipper Fund Awards take place in 23 countries throughout Asia, Europe, MENA and the Americas. The awards are part of the broader Thomson Reuters Awards for Excellence program, which recognizes the world’s top analysts, brokerages, buy-side firms, funds and investor relations teams.

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 further correspondence with you through our annual report later this year.

Sincerely,

David S. DeVito

President, Chief Executive Officer and Director

3

TCW Funds, Inc.

Performance Summary (Unaudited)

	NAV		Six Months Return as of April 30, 2016			Total Return
						Annualized as of April 30, 2016 (1)
						1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Core Fixed Income Fund
I Class	$	11.21		2.43	%		1.91	%		3.65	%		6.18	%		6.34	% (2)		01/01/90	(3)
N Class	$	11.18		2.23	%		1.50	%		3.31	%		5.85	%		5.47	%		03/01/99
TCW Enhanced Commodity Strategy Fund
I Class	$	5.17		(1.89	)%		(17.40	)%		(11.45	)%		N/A			(10.57	)%		04/01/11
N Class	$	5.18		(1.91	)%		(17.39	)%		(11.45	)%		N/A			(10.55	)%		04/01/11
TCW Global Bond Fund
I Class	$	10.02		4.13	%		2.70	%		N/A			N/A			2.94	%		12/01/11
N Class	$	10.02		4.13	%		2.70	%		N/A			N/A			2.94	%		12/01/11
TCW High Yield Bond Fund
I Class	$	6.13		1.12	%		0.82	%		4.08	%		5.92	%		7.25	% (2)		02/01/89	(3)
N Class	$	6.18		0.98	%		0.54	%		3.91	%		5.70	%		5.20	%		03/01/99
TCW Short Term Bond Fund
I Class	$	8.70		0.36	%		0.43	%		0.94	%		2.09	%		4.15	% (2)		02/01/90	(3)
TCW Total Return Bond Fund
I Class	$	10.29		1.95	%		2.27	%		5.11	%		7.12	%		6.80	%		06/17/93
N Class	$	10.61		1.81	%		1.91	%		4.79	%		6.80	%		6.38	%		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, 2016

Principal Amount		Fixed Income Securities	Value
		Corporate Bonds (22.8% of Net Assets)
		Airlines (0.6%)
$	2,066,132	America West Airlines, Inc. Pass-Through Certificates, (01-1), 7.1%, due 10/02/22 (EETC)	$	2,205,596
	43,980	Continental Airlines, Inc. Pass-Through Certificates, (00-2-A1), 7.707%, due 10/02/22 (EETC)		47,705
	1,004,070	Continental Airlines, Inc. Pass-Through Certificates, (07-1-A), 5.983%, due 10/19/23 (EETC)		1,114,518
	720,520	Continental Airlines, Inc. Pass-Through Certificates, (09-2-A1), 7.25%, due 05/10/21 (EETC)		814,638
	898,299	Continental Airlines, Inc. Pass-Through Certificates, (09-2-A1), 9%, due 01/08/18 (EETC)		910,651
	705,589	Continental Airlines, Inc. Pass-Through Certificates, (99-1-A), 6.545%, due 08/02/20 (EETC)		751,011
	498,452	Northwest Airlines LLC Pass-Through Certificates, (01-1-A1), 7.041%, due 10/01/23 (EETC)		548,297
	507,904	US Airways Group, Inc. Pass-Through Certificates, (10-1A), 6.25%, due 10/22/24 (EETC)		571,392
	2,038,584	US Airways Group, Inc. Pass-Through Certificates, (12-1A), 5.9%, due 04/01/26 (EETC)		2,316,341
	829,149	US Airways Group, Inc. Pass-Through Certificates, (12-2-A), 4.625%, due 12/03/26 (EETC)		890,299
		Total Airlines		10,170,448
		Auto Manufacturers (0.6%)
	3,000,000	Ford Motor Credit Co. LLC, 1.569%, due 01/09/18 (1)		2,993,067
	3,000,000	Ford Motor Credit Co. LLC, 1.7%, due 05/09/16		3,000,375
	450,000	Ford Motor Credit Co. LLC, 8%, due 12/15/16		468,775
	1,680,000	General Motors Co., 6.6%, due 04/01/36		1,967,425
	2,500,000	General Motors Financial Co., Inc., 3.1%, due 01/15/19		2,574,000
		Total Auto Manufacturers		11,003,642
		Banks (7.0%)
	1,500,000	Bank of America Corp., 1.495%, due 04/01/19 (1)		1,495,605
	2,675,000	Bank of America Corp., 4.125%, due 01/22/24		2,840,714
	1,100,000	Bank of America Corp., 5.65%, due 05/01/18		1,182,457
	5,395,000	Bank of America Corp., 5.7%, due 01/24/22		6,207,099
	4,000,000	Bank of America Corp., 6.875%, due 04/25/18		4,391,488
	1,000,000	Bank of America N.A., 0.934%, due 06/15/17 (1)		995,307
	1,250,000	Bank of America N.A., 5.3%, due 03/15/17		1,292,588
	5,300,000	Bank of America N.A., 6.1%, due 06/15/17		5,564,098
	4,185,000	Bank of New York Mellon Corp. (The), 2.5%, due 04/15/21		4,276,872
	250,000	Barclays PLC (United Kingdom), 3.65%, due 03/16/25		241,986
	3,695,000	Barclays PLC (United Kingdom), 4.375%, due 01/12/26		3,741,694
	5,450,000	Capital One N.A., 2.35%, due 08/17/18		5,524,406
	1,000,000	Chase Capital VI, 1.24%, due 08/01/28 (1)		787,500
	1,930,000	Citigroup, Inc., 1.598%, due 07/25/16 (1)		1,933,165

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)
$	5,000,000	Credit Suisse Group Funding Guernsey, Ltd., 3.8%, due 09/15/22	$	5,046,640
	2,000,000	Credit Suisse Group Funding Guernsey, Ltd., (144A), 4.55%, due 04/17/26 (2)		2,045,946
	2,666,000	Discover Bank/Greenwood DE, 3.1%, due 06/04/20		2,719,415
	1,500,000	Discover Bank/Greenwood DE, 4.2%, due 08/08/23		1,573,536
	1,495,000	Discover Bank/Greenwood DE, 7%, due 04/15/20		1,695,773
	475,000	First Chicago NBD Institutional Capital I, 1.17%, due 02/01/27 (1)		378,554
	1,500,000	Goldman Sachs Group, Inc. (The), 2.236%, due 11/29/23 (1)		1,494,701
	5,000,000	Goldman Sachs Group, Inc. (The), 2.625%, due 04/25/21		5,030,379
	1,000,000	Goldman Sachs Group, Inc. (The), 3.85%, due 07/08/24		1,042,449
	1,000,000	Goldman Sachs Group, Inc. (The), 5.25%, due 07/27/21		1,131,415
	2,000,000	Goldman Sachs Group, Inc. (The), 5.95%, due 01/18/18		2,140,740
	50,000	Goldman Sachs Group, Inc. (The), 6%, due 06/15/20		57,074
	1,550,000	Goldman Sachs Group, Inc. (The), 6.15%, due 04/01/18		1,675,556
	4,000,000	HBOS PLC (United Kingdom), (144A), 6.75%, due 05/21/18 (2)		4,329,742
	4,100,000	JPMorgan Chase & Co., 2.55%, due 10/29/20		4,160,176
	1,500,000	JPMorgan Chase & Co., 3.15%, due 07/05/16		1,506,569
	475,000	JPMorgan Chase & Co., 7.25%, due 02/01/18		520,409
	2,000,000	JPMorgan Chase Bank N.A., 0.962%, due 06/13/16 (1)		2,000,307
	500,000	JPMorgan Chase Bank N.A., 5.875%, due 06/13/16		502,725
	3,875,000	JPMorgan Chase Bank N.A., 6%, due 10/01/17		4,116,300
	730,000	JPMorgan Chase Capital XIII, 1.579%, due 09/30/34 (1)		532,900
	5,750,000	JPMorgan Chase Capital XXI, 1.587%, due 01/15/87 (1)		4,075,312
	2,000,000	JPMorgan Chase Capital XXIII, 1.618%, due 05/15/77 (1)		1,385,000
	850,000	Lloyds TSB Bank PLC (United Kingdom), (144A), 5.8%, due 01/13/20 (2)		961,421
	2,750,000	Macquarie Bank, Ltd. (Australia), (144A), 6.625%, due 04/07/21 (2)		3,131,991
	1,290,000	Morgan Stanley, 1.083%, due 10/18/16 (1)		1,291,161
	3,495,000	Morgan Stanley, 2.5%, due 04/21/21		3,505,670
	1,500,000	Morgan Stanley, 4.75%, due 03/22/17		1,546,600
	575,000	Morgan Stanley, 5.45%, due 01/09/17		591,872
	600,000	Morgan Stanley, 5.5%, due 07/24/20		671,958
	1,750,000	Morgan Stanley, 5.625%, due 09/23/19		1,950,036
	975,000	Morgan Stanley, 6.625%, due 04/01/18		1,064,086
	375,000	Morgan Stanley, 7.3%, due 05/13/19		432,192
	1,735,000	Royal Bank of Scotland Group PLC (United Kingdom), 4.8%, due 04/05/26		1,774,757
	875,000	Royal Bank of Scotland PLC (The) (United Kingdom), 6.1%, due 06/10/23		910,198
	3,305,000	UBS AG (Switzerland), 1.8%, due 03/26/18		3,317,714
	1,630,000	UBS Group Funding Jersey, Ltd., (144A), 4.125%, due 09/24/25 (2)		1,674,812
	2,355,000	Wells Fargo & Co., 2.6%, due 07/22/20		2,413,890
	6,930,000	Wells Fargo & Co., 3%, due 04/22/26		6,915,676
		Total Banks		121,790,631
		Beverages (0.4%)
	3,108,000	Anheuser-Busch InBev Finance, Inc., 3.65%, due 02/01/26		3,279,029
	2,592,000	Anheuser-Busch InBev Finance, Inc., 4.9%, due 02/01/46		2,951,575
		Total Beverages		6,230,604

See accompanying notes to financial statements.

6

TCW Core Fixed Income Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Biotechnology (0.6%)
$	1,855,000	Amgen, Inc., 5.15%, due 11/15/41	$	2,120,072
	2,450,000	Biogen, Inc., 5.2%, due 09/15/45		2,793,659
	2,400,000	Celgene Corp., 3.875%, due 08/15/25		2,533,287
	3,000,000	Gilead Sciences, Inc., 3.25%, due 09/01/22		3,185,319
		Total Biotechnology		10,632,337
		Chemicals (0.0%)
	101,000	Rohm and Haas Co., 6%, due 09/15/17		107,226
		Commercial Services (0.3%)
	4,185,000	Catholic Health Initiatives, 4.2%, due 08/01/23		4,548,141
		Computers (0.3%)
	4,045,000	Apple, Inc., 4.65%, due 02/23/46		4,459,459
		Diversified Financial Services (0.7%)
	747,000	GE Capital International Funding Co., (144A), 3.373%, due 11/15/25 (2)		798,890
	1,000,000	International Lease Finance Corp., (144A), 6.75%, due 09/01/16 (2)		1,020,000
	4,000,000	International Lease Finance Corp., (144A), 7.125%, due 09/01/18 (2)		4,385,000
	4,000,000	Protective Life Global Funding, (144A), 1.722%, due 04/15/19 (2)		4,007,564
	2,270,000	Visa, Inc., 3.15%, due 12/14/25		2,384,597
		Total Diversified Financial Services		12,596,051
		Electric (2.1%)
	1,500,000	Appalachian Power Co., 4.45%, due 06/01/45		1,559,187
	2,205,000	Berkshire Hathaway Energy Co., 4.5%, due 02/01/45		2,456,723
	1,800,000	Berkshire Hathaway Energy Co., 5.95%, due 05/15/37		2,266,478
	4,000,000	Dominion Resources, Inc., 4.104%, due 04/01/21		4,083,614
	2,250,000	El Paso Electric Co., 3.3%, due 12/15/22		2,216,542
	2,000,000	Entergy Corp., 4.7%, due 01/15/17		2,032,934
	3,000,000	Entergy Mississippi, Inc., 3.1%, due 07/01/23		3,037,665
	2,000,000	Exelon Corp., (144A), 3.95%, due 06/15/25 (2)		2,139,913
	1,585,000	FirstEnergy Transmission LLC, (144A), 4.35%, due 01/15/25 (2)		1,685,278
	1,000,000	Indiana Michigan Power Co., 4.55%, due 03/15/46		1,058,483
	1,100,000	KCP&L Greater Missouri Operations Co., 8.27%, due 11/15/21		1,333,722
	3,300,000	Metropolitan Edison Co., (144A), 3.5%, due 03/15/23 (2)		3,382,378
	1,000,000	Niagara Mohawk Power Corp., (144A), 2.721%, due 11/28/22 (2)		1,007,580
	400,000	NiSource Finance Corp., 6.8%, due 01/15/19		453,277
	150,000	Oncor Electric Delivery Co. LLC, 5.25%, due 09/30/40		173,693
	2,545,000	Public Service Co. of New Mexico, 7.95%, due 05/15/18		2,847,626
	1,980,000	Puget Energy, Inc., 6%, due 09/01/21		2,259,249
	1,000,000	Southwestern Electric Power Co., 6.45%, due 01/15/19		1,107,705
	1,000,000	Tucson Electric Power Co., 5.15%, due 11/15/21		1,109,096
		Total Electric		36,211,143
		Energy-Alternate Sources (0.1%)
	1,199,047	Alta Wind Holdings LLC, (144A), 7%, due 06/30/35 (2)(3)		1,244,523

See accompanying notes to financial statements.

7

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Principal Amount		Fixed Income Securities	Value
		Food (0.2%)
	$  2,467,000	Kraft Heinz Foods Co., (144A), 1.6%, due 06/30/17 (2)	$	2,475,780
	143,000	Kraft Heinz Foods Co., 5.375%, due 02/10/20		160,943
		Total Food		2,636,723
		Gas (0.4%)
	460,000	CenterPoint Energy Resources Corp., 6.15%, due 05/01/16		460,000
	1,750,000	CenterPoint Energy Resources Corp., 6.25%, due 02/01/37		2,048,420
	3,265,000	KeySpan Gas East Corp., (144A), 5.819%, due 04/01/41 (2)		3,908,992
		Total Gas		6,417,412
		Healthcare-Products (0.0%)
	250,000	Covidien International Finance S.A. (Ireland), 6%, due 10/15/17		267,995
		Healthcare-Services (1.3%)
	175,000	Anthem, Inc., 5.875%, due 06/15/17		183,789
	2,545,000	Hartford HealthCare Corp., 5.746%, due 04/01/44		2,972,248
	3,000,000	North Shore Long Island Jewish Health Care, Inc., 4.8%, due 11/01/42		3,105,008
	1,305,000	North Shore Long Island Jewish Health Care, Inc., 6.15%, due 11/01/43		1,707,569
	3,000,000	NYU Hospitals Center, 4.428%, due 07/01/42		3,082,977
	60,000	NYU Hospitals Center, 5.75%, due 07/01/43		72,278
	3,860,000	Providence Health & Services Obligated Group, 1.575%, due 10/01/17 (1)		3,873,103
	3,290,000	Saint Barnabas Health Care System, 4%, due 07/01/28		3,302,338
	2,270,000	Sutter Health, 2.286%, due 08/15/53		2,235,950
	2,460,000	UnitedHealth Group, Inc., 4.625%, due 07/15/35		2,785,479
		Total Healthcare-Services		23,320,739
		Insurance (1.5%)
	2,500,000	Berkshire Hathaway Finance Corp., 4.4%, due 05/15/42		2,733,794
	2,500,000	Berkshire Hathaway, Inc., 3.125%, due 03/15/26		2,605,946
	1,625,000	Farmers Exchange Capital, (144A), 7.2%, due 07/15/48 (2)		1,960,716
	2,250,000	Farmers Exchange Capital II, (144A), 6.151%, due 11/01/53 (1)(2)		2,328,725
	800,000	MetLife, Inc., 4.368%, due 09/15/23		879,338
	300,000	MetLife, Inc., 5.7%, due 06/15/35		356,346
	2,300,000	Metropolitan Life Global Funding I, (144A), 1.158%, due 07/15/16 (1)(2)		2,302,201
	3,460,000	Metropolitan Life Global Funding I, (144A), 3.875%, due 04/11/22 (2)		3,717,393
	4,000,000	Pricoa Global Funding I, (144A), 1.6%, due 05/29/18 (2)		4,018,884
	1,000,000	Prudential Financial, Inc., 4.5%, due 11/15/20		1,099,394
	4,850,000	ZFS Finance USA Trust II, (144A), 6.45%, due 12/15/65 (1)(2)		4,898,500
		Total Insurance		26,901,237
		Media (0.3%)
	4,130,000	CCO Safari II LLC, (144A), 4.908%, due 07/23/25 (2)		4,458,835
	200,000	NBCUniversal Media LLC, 5.15%, due 04/30/20		227,695
		Total Media		4,686,530
		Mining (0.0%)
	300,000	Southern Copper Corp. (Peru), 7.5%, due 07/27/35		324,215

See accompanying notes to financial statements.

8

TCW Core Fixed Income Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Miscellaneous Manufacturers (0.2%)
	$     565,000	General Electric Capital Corp., 1.001%, due 05/05/26 (1)	$	523,762
	3,315,000	General Electric Capital Corp., 1.098%, due 08/15/36 (1)		2,787,375
	287,000	General Electric Capital Corp., 3.15%, due 09/07/22		305,643
		Total Miscellaneous Manufacturers		3,616,780
		Oil & Gas (0.1%)
	250,000	Anadarko Petroleum Corp., 5.95%, due 09/15/16		255,312
	1,000,000	Noble Energy, Inc., 5.05%, due 11/15/44		947,500
	1,250,000	Shell International Finance BV (Netherlands), 4.375%, due 05/11/45		1,331,638
		Total Oil & Gas		2,534,450
		Packaging & Containers (0.1%)
	1,500,000	Amcor Finance USA, Inc., (144A), 3.625%, due 04/28/26 (2)		1,516,420
		Pharmaceuticals (0.5%)
	2,000,000	AbbVie, Inc., 4.7%, due 05/14/45		2,130,952
	1,997,000	Actavis Funding SCS (Luxembourg), 2.45%, due 06/15/19		2,022,265
	1,000,000	Actavis Funding SCS (Luxembourg), 4.55%, due 03/15/35		1,003,447
	2,600,000	Actavis Funding SCS (Luxembourg), 4.75%, due 03/15/45		2,640,240
	1,500,000	Novartis Capital Corp. (Switzerland), 4%, due 11/20/45		1,639,068
		Total Pharmaceuticals		9,435,972
		Pipelines (1.5%)
	1,000,000	El Paso Pipeline Partners Operating Co. LLC, 5%, due 10/01/21		1,036,899
	2,000,000	Enbridge Energy Partners LP, 5.875%, due 10/15/25		2,114,362
	3,500,000	Energy Transfer Partners LP, 5.95%, due 10/01/43		3,208,922
	2,000,000	EnLink Midstream Partners LP, 4.15%, due 06/01/25		1,727,416
	1,125,000	Enterprise Products Operating LLC, 4.9%, due 05/15/46		1,144,049
	2,000,000	Florida Gas Transmission Co. LLC, (144A), 3.875%, due 07/15/22 (2)		1,990,643
	250,000	Florida Gas Transmission Co. LLC, (144A), 7.9%, due 05/15/19 (2)		281,454
	675,000	Panhandle Eastern Pipe Line Co. LP, 7%, due 06/15/18		719,927
	825,000	Panhandle Eastern Pipe Line Co. LP, 8.125%, due 06/01/19		877,214
	2,350,000	Ruby Pipeline LLC, (144A), 6%, due 04/01/22 (2)		2,292,429
	2,590,000	Southern Natural Gas Co. LLC, 7.35%, due 02/15/31		2,605,210
	3,245,000	Spectra Energy Partners LP, 4.5%, due 03/15/45		3,110,157
	2,000,000	TC PipeLines LP, 4.375%, due 03/13/25		1,864,713
	2,090,000	Tennessee Gas Pipeline Co., 8.375%, due 06/15/32		2,156,686
	375,000	TransCanada PipeLines, Ltd. (Canada), 6.1%, due 06/01/40		439,475
		Total Pipelines		25,569,556
		Real Estate (0.1%)
	850,000	Post Apartment Homes LP, 4.75%, due 10/15/17		877,622
		REIT (2.2%)
	2,250,000	Alexandria Real Estate Equities, Inc., 4.6%, due 04/01/22		2,418,438
	3,000,000	AvalonBay Communities, Inc., 2.95%, due 09/15/22		3,057,807
	1,000,000	AvalonBay Communities, Inc., 3.95%, due 01/15/21		1,075,996

See accompanying notes to financial statements.

9

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Principal Amount		Fixed Income Securities	Value
		REIT (Continued)
$	2,200,000	Boston Properties LP, 5.875%, due 10/15/19	$	2,471,689
	4,250,000	Duke Realty LP, 5.95%, due 02/15/17		4,394,440
	2,295,000	HCP, Inc., 3.875%, due 08/15/24		2,272,589
	1,500,000	HCP, Inc., 5.625%, due 05/01/17		1,554,011
	2,900,000	Healthcare Realty Trust, Inc., 5.75%, due 01/15/21		3,242,425
	1,459,000	Highwoods Realty LP, 7.5%, due 04/15/18		1,596,934
	2,440,000	SL Green Realty Corp., 5%, due 08/15/18		2,558,297
	1,000,000	SL Green Realty Corp., 7.75%, due 03/15/20		1,172,707
	1,500,000	Ventas Realty LP / Ventas Capital Corp., 2.7%, due 04/01/20		1,512,662
	3,000,000	Vereit Operating Partnership LP, 2%, due 02/06/17		3,010,500
	2,340,000	WEA Finance LLC / Westfield UK & Europe Finance PLC (Australia), (144A), 1.75%, due 09/15/17 (2)		2,337,615
	605,000	Welltower, Inc., 3.75%, due 03/15/23		612,643
	545,000	Welltower, Inc., 4.95%, due 01/15/21		593,641
	3,400,000	Welltower, Inc., 6.125%, due 04/15/20		3,856,766
		Total REIT		37,739,160
		Retail (0.4%)
	1,960,000	CVS Health Corp., 5.125%, due 07/20/45		2,304,171
	2,100,000	Wal-Mart Stores, Inc., 4.75%, due 10/02/43		2,496,266
	3,000,000	Walgreens Boots Alliance, Inc., 1.068%, due 05/18/16 (1)		3,000,504
		Total Retail		7,800,941
		Software (0.3%)
	3,440,000	Microsoft Corp., 3.125%, due 11/03/25		3,616,886
	2,000,000	Microsoft Corp., 3.75%, due 02/12/45		1,996,404
		Total Software		5,613,290
		Telecommunications (0.9%)
	2,400,000	AT&T, Inc., 4.125%, due 02/17/26		2,580,278
	1,500,000	AT&T, Inc., 4.75%, due 05/15/46		1,517,438
	1,500,000	AT&T, Inc., 5.35%, due 09/01/40		1,621,159
	739,000	AT&T, Inc., 6.5%, due 09/01/37		902,194
	1,500,000	Qwest Corp., 7.25%, due 09/15/25		1,627,759
	2,000,000	Verizon Communications, Inc., 2.382%, due 09/14/18 (1)		2,053,492
	1,439,000	Verizon Communications, Inc., 4.272%, due 01/15/36		1,446,711
	600,000	Verizon Communications, Inc., 4.522%, due 09/15/48		611,476
	2,000,000	Verizon Communications, Inc., 4.862%, due 08/21/46		2,139,994
	1,250,000	Verizon Communications, Inc., 5.15%, due 09/15/23		1,439,346
	125,000	Verizon Communications, Inc., 6.25%, due 04/01/37		150,437
		Total Telecommunications		16,090,284
		Transportation (0.1%)
	1,210,000	Burlington Northern Santa Fe LLC, 4.15%, due 04/01/45		1,284,053
		Total Corporate Bonds (Cost: $383,080,385)		395,627,584

See accompanying notes to financial statements.

10

TCW Core Fixed Income Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Municipal Bonds (0.7%)
$	1,500,000	City of New York, General Obligation Unlimited, 5.047%, due 10/01/24	$	1,761,285
	1,250,000	City of New York, General Obligation Unlimited, 5.517%, due 10/01/37		1,550,212
	790,000	Fiscal Year 2005 Securitization Corp., Special Obligation Bond for the City of New York, 4.93%, due 04/01/20		848,800
	3,000,000	New York City Transitional Finance Authority, Future Tax Secured Revenue Bond, 5.572%, due 11/01/38		3,785,520
	2,000,000	New York City Water & Sewer System, Revenue Bond, 5.882%, due 06/15/44		2,732,600
	730,000	New York State, Build America Bonds, General Obligation Unlimited, 5.817%, due 10/01/31		828,010
		Total Municipal Bonds (Cost: $10,965,471)		11,506,427
		Foreign Government Bonds (Cost: $198,419) (0.0%)
	200,000	Province of Manitoba (Canada), 4.9%, due 12/06/16		204,576
		Asset-Backed Securities (8.1%)
	1,878,635	321 Henderson Receivables I LLC (13-3A-A), (144A), 4.08%, due 01/17/73 (2)		1,946,676
	2,220,595	321 Henderson Receivables I LLC (14-2A-A), (144A), 3.61%, due 01/17/73 (2)		2,181,062
	2,800,000	Academic Loan Funding Trust (12-1A-A2), (144A), 1.539%, due 12/27/44 (1)(2)		2,718,216
	2,830,000	BA Credit Card Trust (14-A3-A), 0.723%, due 01/15/20 (1)		2,833,671
	1,000,000	Babson CLO, Ltd. (14-IIA-A), (144A), 2.023%, due 10/17/26 (1)(2)		994,790
	1,000,000	Babson CLO, Ltd. (15-IA-A), (144A), 2.064%, due 04/20/27 (1)(2)		995,760
	1,600,000	Ballyrock CLO, Ltd. (14-1A-A1), (144A), 2.114%, due 10/20/26 (1)(2)		1,591,053
	1,841,708	Bayview Commercial Asset Trust (06-4A-A1), (144A), 0.669%, due 12/25/36 (1)(2)		1,531,323
	1,461,334	Brazos Education Loan Authority, Inc. (12-1-A1), 1.139%, due 12/26/35 (1)		1,406,782
	646,320	Brazos Higher Education Authority, Inc. (06-2-A9), 0.64%, due 12/26/24 (1)		619,980
	675,000	Brazos Higher Education Authority, Inc. (10-1-A2), 1.829%, due 02/25/35 (1)		635,865
	1,695,000	Brazos Higher Education Authority, Inc. (11-1-A3), 1.679%, due 11/25/33 (1)		1,656,033
	4,160,000	Chase Issuance Trust (15-A6-A6), 0.683%, due 05/15/19 (1)		4,162,962
	4,070,000	Citibank Credit Card Issuance Trust (14-A3-A3), 0.637%, due 05/09/18 (1)		4,070,210
	173,889	College Loan Corp. Trust (05-2-A3), 0.758%, due 04/15/25 (1)		173,514
	3,960,000	Dryden Senior Loan Fund (15-37A-A), (144A), 2.128%, due 04/15/27 (1)(2)		3,960,678
	2,626,166	Educational Funding of the South, Inc. (11-1-A2), 1.288%, due 04/25/35 (1)		2,571,490
	1,235,642	Educational Services of America, Inc. (12-2-A), (144A), 1.169%, due 04/25/39 (1)(2)		1,198,612
	2,500,000	Flatiron CLO, Ltd. (14-1A-A1), (144A), 2.013%, due 07/17/26 (1)(2)		2,490,217
	2,907,079	GCO Education Loan Funding Master Trust (06-2AR-A1RN), (144A), 1.089%, due 08/27/46 (1)(2)		2,666,016
	550,890	GE Business Loan Trust (04-2A-A), (144A), 0.653%, due 12/15/32 (1)(2)		543,247
	2,545,125	Global SC Finance SRL (14-1A-A2), (144A), 3.09%, due 07/17/29 (2)		2,386,341
	2,695,551	Higher Education Funding I (14-1-A), (144A), 1.679%, due 05/25/34 (1)(2)		2,618,755
	598,671	Honda Auto Receivables Owner Trust (13-3-A3), 0.77%, due 05/15/17		598,545
	4,160,000	Honda Auto Receivables Owner Trust (15-4-A2), 0.82%, due 07/23/18		4,152,643
	3,600,000	Limerock CLO II, Ltd. (14-2A-A), (144A), 2.133%, due 04/18/26 (1)(2)		3,583,498
	3,400,000	Magnetite XI, Ltd. (14-11A-A1), (144A), 2.083%, due 01/18/27 (1)(2)		3,398,443
	3,260,000	Magnetite XII, Ltd. (15-12A-A), (144A), 2.128%, due 04/15/27 (1)(2)		3,260,204
	2,400,000	Montana Higher Education Student Assistance Corp. (12-1-A3), 1.489%, due 07/20/43 (1)		2,266,175
	5,018,022	Navient Student Loan Trust (14-2-A), 1.079%, due 03/25/83 (1)		4,740,149

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)
$	5,060,022	Navient Student Loan Trust (14-3-A), 1.059%, due 03/25/83 (1)	$	4,788,398
	2,480,928	Navient Student Loan Trust (14-4-A), 1.059%, due 03/25/83 (1)		2,346,796
	3,998,488	Nelnet Student Loan Trust (11-1A-A), (144A), 1.289%, due 02/25/43 (1)(2)		3,898,223
	2,965,000	Nelnet Student Loan Trust (14-4A-A2), (144A), 1.389%, due 11/25/43 (1)(2)		2,666,835
	7,175,000	Nelnet Student Loan Trust (15-2A-A2), (144A), 1.039%, due 09/25/42 (1)(2)		6,784,806
	4,120,000	Nissan Auto Receivables Owner Trust (15-C-A2A), 0.87%, due 11/15/18		4,113,849
	2,996,005	PHEAA Student Loan Trust (15-1A-A), (144A), 1.039%, due 10/25/41 (1)(2)		2,851,051
	2,188,393	SLC Student Loan Trust (05-3-B), 0.884%, due 06/15/40 (1)		1,818,725
	1,853,031	SLM Student Loan Trust (04-10-A5B), (144A), 1.038%, due 04/25/23 (1)(2)		1,851,467
	1,055,973	SLM Student Loan Trust (05-6-B), 0.928%, due 01/25/44 (1)		893,370
	1,081,136	SLM Student Loan Trust (06-10-B), 0.858%, due 03/25/44 (1)		878,003
	3,400,000	SLM Student Loan Trust (06-2-A6), 0.808%, due 01/25/41 (1)		2,989,185
	3,400,000	SLM Student Loan Trust (06-8-A6), 0.798%, due 01/25/41 (1)		2,970,033
	1,085,495	SLM Student Loan Trust (07-1-B), 0.858%, due 01/27/42 (1)		897,483
	579,594	SLM Student Loan Trust (07-6-B), 1.488%, due 04/27/43 (1)		494,121
	710,000	SLM Student Loan Trust (08-2-B), 1.838%, due 01/25/29 (1)		593,360
	710,000	SLM Student Loan Trust (08-3-B), 1.838%, due 04/25/29 (1)		594,569
	8,380,000	SLM Student Loan Trust (08-4-A4), 2.288%, due 07/25/22 (1)		8,361,704
	710,000	SLM Student Loan Trust (08-4-B), 2.488%, due 04/25/29 (1)		647,946
	710,000	SLM Student Loan Trust (08-5-B), 2.488%, due 07/25/29 (1)		640,794
	5,746,064	SLM Student Loan Trust (08-6-A3), 1.388%, due 01/25/19 (1)		5,738,990
	710,000	SLM Student Loan Trust (08-6-B), 2.488%, due 07/25/29 (1)		654,264
	710,000	SLM Student Loan Trust (08-7-B), 2.488%, due 07/25/29 (1)		628,376
	710,000	SLM Student Loan Trust (08-8-B), 2.888%, due 10/25/29 (1)		677,745
	5,368,485	SLM Student Loan Trust (08-9-A), 2.138%, due 04/25/23 (1)		5,342,038
	710,000	SLM Student Loan Trust (08-9-B), 2.888%, due 10/25/29 (1)		673,567
	2,000,000	SLM Student Loan Trust (11-2-A2), 1.639%, due 10/25/34 (1)		1,927,534
	2,600,000	SLM Student Loan Trust (12-7-A3), 1.089%, due 05/26/26 (1)		2,481,604
	2,039,622	SLM Student Loan Trust (13-4-A), 0.989%, due 06/25/27 (1)		1,944,428
	1,350,000	Toyota Auto Receivables Owner Trust (15-A-A3), 1.12%, due 02/15/19		1,351,287
		Total Asset-Backed Securities (Cost: $143,635,644)		140,453,461
		Commercial Mortgage-Backed Securities — Agency (3.9%)
	3,400,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K151-A3), 3.511%, due 04/25/30		3,635,342
	1,881,960	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (KF02-A3), 1.067%, due 07/25/20 (1)		1,880,652
	705,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (KSCT-A2), 4.285%, due 01/25/20		774,247
	1,173,594	Federal National Mortgage Association, Pool #464959, 4.12%, due 04/01/20		1,276,047
	3,045,000	Federal National Mortgage Association, Pool #467944, 4.25%, due 04/01/21		3,369,900
	1,790,668	Federal National Mortgage Association, Pool #468048, 4.41%, due 05/01/21		1,987,950
	628,175	Federal National Mortgage Association, Pool #745935, 5.775%, due 08/01/16		628,569
	2,305,000	Federal National Mortgage Association, Pool #AE0134, 4.399%, due 02/01/20		2,531,181
	3,497,364	Federal National Mortgage Association, Pool #AE0918, 3.664%, due 10/01/20		3,744,785
	2,011,732	Federal National Mortgage Association, Pool #Al0151, 4.383%, due 04/01/21		2,218,198

See accompanying notes to financial statements.

12

TCW Core Fixed Income Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Commercial Mortgage-Backed Securities — Agency (Continued)
$	5,512,005	Federal National Mortgage Association, Pool #AL6829, 2.965%, due 05/01/27	$	5,764,351
	2,305,000	Federal National Mortgage Association, Pool #AM1551, 2.44%, due 12/01/23		2,363,001
	3,300,000	Federal National Mortgage Association, Pool #AM4125, 3.74%, due 08/01/23		3,630,989
	2,414,800	Federal National Mortgage Association, Pool #FN0000, 3.584%, due 09/01/20		2,591,378
	3,204,870	Federal National Mortgage Association, Pool #FN0001, 3.766%, due 12/01/20		3,477,648
	2,293,203	Federal National Mortgage Association, Pool #FN0003, 4.283%, due 01/01/21		2,523,726
	3,104,001	Federal National Mortgage Association, Pool#AM9536, 3.34%, due 08/01/30		3,283,254
	3,265,000	Federal National Mortgage Association, Pool#AM9793, 3.12%, due 10/01/27		3,432,189
	2,424,334	Federal National Mortgage Association, Pool#AN0245, 3.42%, due 11/01/35		2,532,354
	1,635,000	Federal National Mortgage Association, Pool#AN0564, 3.2%, due 03/01/31		1,695,403
	2,385,000	Federal National Mortgage Association, Pool#AN1032, 2.86%, due 03/01/26		2,477,157
	3,250,000	Federal National Mortgage Association, Pool#AN1089, 2.74%, due 03/01/26		3,348,701
	3,512,000	Federal National Mortgage Association, Pool#AN1282, 3.01%, due 04/01/28		3,706,015
	4,318,625	Federal National Mortgage Association (14-M12 FA), 0.755%, due 10/25/21 (ACES) (1)		4,290,242
	1,354,651	NCUA Guaranteed Notes (11-C1-2A), 0.963%, due 03/09/21 (1)		1,347,472
		Total Commercial Mortgage-Backed Securities — Agency (Cost: $67,780,521)		68,510,751
		Commercial Mortgage-Backed Securities — Non-Agency (2.7%)
	1,630,000	Citigroup Commercial Mortgage Trust (13-375P-A), (144A), 3.251%, due 05/10/35 (2)		1,711,126
	1,515,000	COMM Mortgage Trust (13-300P-A1), (144A), 4.353%, due 08/10/30 (2)		1,698,156
	400,000	COMM Mortgage Trust (14-277P-A), (144A), 3.732%, due 08/10/49 (1)(2)		429,558
	1,650,000	COMM Mortgage Trust (15-3BP-A), (144A), 3.178%, due 02/10/35 (2)		1,713,251
	1,635,000	COMM Mortgage Trust (16-787S-A), (144A), 3.545%, due 02/10/36 (1)(2)		1,722,385
	5,867,000	Commercial Mortgage Asset Trust (99-C2-G), 6%, due 11/17/32		6,160,982
	2,190,000	GE Capital Commercial Mortgage Corp. (07-C1-A4), 5.543%, due 12/10/49		2,237,423
	2,860,346	JPMorgan Chase Commercial Mortgage Securities Trust (06-CB16-A4), 5.552%, due 05/12/45		2,866,964
	1,235,844	JPMorgan Chase Commercial Mortgage Securities Trust (06-LDP8-A1A), 5.397%, due 05/15/45		1,238,873
	71,429	JPMorgan Chase Commercial Mortgage Securities Trust (11-C3-A2), (144A), 3.673%, due 02/15/46 (2)		71,776
	4,570,000	JPMorgan Chase Commercial Mortgage Securities Trust (11-C3-A3), (144A), 4.388%, due 02/15/46 (2)		4,761,942
	1,635,000	Liberty Street Trust (16-225L-A), (144A), 3.597%, due 02/10/36 (2)		1,747,963
	46,174	Morgan Stanley Capital I Trust (07-HQ12-A5), 5.903%, due 04/12/49 (1)		46,200
	632,901	Morgan Stanley Capital I Trust (11-C3-A2), 3.224%, due 07/15/49		634,380
	1,505,000	OBP Depositor LLC Trust (10-OBP-A), (144A), 4.646%, due 07/15/45 (2)		1,655,650
	1,555,000	RBS Commercial Funding, Inc. (13-GSP-A), (144A), 3.961%, due 01/13/32 (1)(2)		1,685,909
	1,710,000	SFAVE Commercial Mortgage Securities Trust (15-5AVE-A1), (144A), 3.872%, due 01/05/43 (1)(2)		1,637,628
	1,250,000	VNDO Mortgage Trust (12-6AVE-A), (144A), 2.996%, due 11/15/30 (2)		1,294,224
	4,300,000	WF-RBS Commercial Mortgage Trust (11-C4-A3), (144A), 4.394%, due 06/15/44 (2)		4,526,746
	3,600,000	WF-RBS Commercial Mortgage Trust (11-C5-A4), 3.667%, due 11/15/44		3,873,051
	2,800,000	WF-RBS Commercial Mortgage Trust (12-C7-A2), 3.431%, due 06/15/45		2,988,484

See accompanying notes to financial statements.

13

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Principal Amount		Fixed Income Securities	Value
		Commercial Mortgage-Backed Securities — Non-Agency (Continued)
$	2,275,000	WF-RBS Commercial Mortgage Trust (12-C8-A3), 3.001%, due 08/15/45	$	2,372,185
		Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $47,214,651)		47,074,856
		Residential Mortgage-Backed Securities — Agency (23.7%)
	247,370	Federal Home Loan Mortgage Corp. (2439-KZ), 6.5%, due 04/15/32		281,647
	615,682	Federal Home Loan Mortgage Corp. (2575-FD), 0.883%, due 02/15/33 (PAC) (1)		616,807
	382,541	Federal Home Loan Mortgage Corp. (2662-MT), 4.5%, due 08/15/33 (TAC)		406,527
	7,062,630	Federal Home Loan Mortgage Corp. (277-30), 3%, due 09/15/42		7,215,923
	137,605	Federal Home Loan Mortgage Corp. (3315-S), 5.977%, due 05/15/37 (I/O) (I/F) (1)		18,157
	811,526	Federal Home Loan Mortgage Corp. (3339-JS), 40.022%, due 07/15/37 (I/F) (1)		1,648,375
	698,167	Federal Home Loan Mortgage Corp. (3351-ZC), 5.5%, due 07/15/37		784,628
	1,098,060	Federal Home Loan Mortgage Corp. (3380-SM), 5.977%, due 10/15/37 (I/O) (I/F) (1)		202,515
	718,312	Federal Home Loan Mortgage Corp. (3382-FL), 1.133%, due 11/15/37 (1)		722,428
	3,457,680	Federal Home Loan Mortgage Corp. (3439-SC), 5.467%, due 04/15/38 (I/O) (I/F) (1)		609,388
	1,530,376	Federal Home Loan Mortgage Corp. (3578-DI), 6.217%, due 04/15/36 (I/O) (I/F) (1)		261,778
	4,486,386	Federal Home Loan Mortgage Corp. (4139-PA), 2.5%, due 11/15/41 (PAC)		4,581,401
	54,955	Federal Home Loan Mortgage Corp., Pool #1A1127, 2.64%, due 01/01/37 (1)		56,276
	3,354,800	Federal Home Loan Mortgage Corp., Pool #A97179, 4.5%, due 03/01/41		3,736,934
	15,021	Federal Home Loan Mortgage Corp., Pool #B15026, 5%, due 06/01/19		15,487
	9,637	Federal Home Loan Mortgage Corp., Pool #B15591, 5%, due 07/01/19		10,040
	22,263	Federal Home Loan Mortgage Corp., Pool #C90526, 5.5%, due 02/01/22		24,753
	3,813,276	Federal Home Loan Mortgage Corp., Pool #G06360, 4%, due 03/01/41		4,154,183
	2,977,569	Federal Home Loan Mortgage Corp., Pool #G06498, 4%, due 04/01/41		3,232,862
	2,093,270	Federal Home Loan Mortgage Corp., Pool #G06499, 4%, due 03/01/41		2,268,418
	1,019,803	Federal Home Loan Mortgage Corp., Pool #G06620, 4.5%, due 07/01/41		1,115,768
	2,214,461	Federal Home Loan Mortgage Corp., Pool #G07849, 3.5%, due 05/01/44		2,340,171
	14,415,062	Federal Home Loan Mortgage Corp., Pool #G07924, 3.5%, due 01/01/45		15,216,809
	9,240,696	Federal Home Loan Mortgage Corp., Pool #G08676, 3.5%, due 11/01/45		9,690,678
	7,308,547	Federal Home Loan Mortgage Corp., Pool #G08677, 4%, due 11/01/45		7,816,449
	3,002,580	Federal Home Loan Mortgage Corp., Pool #G08686, 3%, due 01/01/46		3,077,819
	5,183,130	Federal Home Loan Mortgage Corp., Pool #G08687, 3.5%, due 01/01/46		5,435,526
	11,561,095	Federal Home Loan Mortgage Corp., Pool #G08688, 4%, due 01/01/46		12,364,259
	10,862,225	Federal Home Loan Mortgage Corp., Pool #G08692, 3%, due 02/01/46		11,133,540
	16,424,530	Federal Home Loan Mortgage Corp., Pool #G08693, 3.5%, due 02/01/46		17,224,333
	6,317,782	Federal Home Loan Mortgage Corp., Pool #G08694, 4%, due 02/01/46		6,756,690
	7,925,960	Federal Home Loan Mortgage Corp., Pool #G08697, 3%, due 03/01/46		8,127,738
	10,753,430	Federal Home Loan Mortgage Corp., Pool #G08698, 3.5%, due 03/01/46		11,277,075
	10,445,000	Federal Home Loan Mortgage Corp., Pool #G08701, 3%, due 04/01/46		10,710,894
	14,875,000	Federal Home Loan Mortgage Corp., Pool #G08702, 3.5%, due 04/01/46		15,599,348
	5,355,000	Federal Home Loan Mortgage Corp., Pool #G08703, 4%, due 04/01/46 (4)		5,736,544
	2,443,775	Federal Home Loan Mortgage Corp., Pool #G18582, 3%, due 01/01/31		2,559,663
	3,292,892	Federal Home Loan Mortgage Corp., Pool #G18592, 3%, due 03/01/31		3,447,699
	15,011,725	Federal Home Loan Mortgage Corp., Pool #G60080, 3.5%, due 06/01/45		15,846,657
	5,268,958	Federal Home Loan Mortgage Corp., Pool #G60238, 3.5%, due 10/01/45		5,562,010
	2,058,506	Federal Home Loan Mortgage Corp., Pool #G60344, 4%, due 12/01/45		2,225,645
	3,286,182	Federal Home Loan Mortgage Corp., Pool #Q05261, 3.5%, due 12/01/41		3,479,887

See accompanying notes to financial statements.

14

TCW Core Fixed Income Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Residential Mortgage-Backed Securities — Agency (Continued)
$	5,175,926	Federal Home Loan Mortgage Corp., Pool #Q20178, 3.5%, due 07/01/43	$	5,491,619
	246,287	Federal National Mortgage Association (01-14-SH), 26.289%, due 03/25/30 (I/F) (1)		415,187
	335,154	Federal National Mortgage Association (01-34-FV), 0.939%, due 08/25/31 (1)		339,299
	163	Federal National Mortgage Association (03-62-MA), 3.5%, due 07/25/33		163
	2,000,000	Federal National Mortgage Association (04-W10-A6), 5.75%, due 08/25/34 (PAC)		2,325,390
	1,353,410	Federal National Mortgage Association (07-89-GF), 0.959%, due 09/25/37 (1)		1,358,150
	264,380	Federal National Mortgage Association (08-30-SA), 6.411%, due 04/25/38 (I/O) (I/F) (1)		46,022
	360,659	Federal National Mortgage Association (08-62-SN), 5.761%, due 07/25/38 (I/O) (I/F) (1)		52,734
	3,199,509	Federal National Mortgage Association (09-64-TB), 4%, due 08/25/29		3,355,913
	166,440	Federal National Mortgage Association (09-68-SA), 6.311%, due 09/25/39 (I/O) (I/F) (1)		30,901
	2,601,145	Federal National Mortgage Association (10-26-AS), 5.891%, due 03/25/40 (I/O) (I/F) (1)		416,905
	4,000,000	Federal National Mortgage Association (11-111-DB), 4%, due 11/25/41		4,408,731
	25,414	Federal National Mortgage Association, Pool #254634, 5.5%, due 02/01/23		28,462
	20,435	Federal National Mortgage Association, Pool #596686, 6.5%, due 11/01/31		23,034
	58,866	Federal National Mortgage Association, Pool #725275, 4%, due 03/01/19		61,311
	91,966	Federal National Mortgage Association, Pool #727575, 5%, due 06/01/33		101,235
	106,101	Federal National Mortgage Association, Pool #748751, 5.5%, due 10/01/33		116,182
	1,758,128	Federal National Mortgage Association, Pool #AB2127, 3.5%, due 01/01/26		1,868,842
	1,744,473	Federal National Mortgage Association, Pool #AB3679, 3.5%, due 10/01/41		1,843,835
	3,092,766	Federal National Mortgage Association, Pool #AB3685, 4%, due 10/01/41		3,345,699
	2,462,986	Federal National Mortgage Association, Pool #AB3864, 3.5%, due 11/01/41		2,605,549
	5,118,629	Federal National Mortgage Association, Pool #AB4045, 3.5%, due 12/01/41		5,427,532
	3,796,960	Federal National Mortgage Association, Pool #AC1604, 4%, due 08/01/39		4,136,461
	1,040,162	Federal National Mortgage Association, Pool #AL0209, 4.5%, due 05/01/41		1,158,968
	1,385,256	Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40		1,582,034
	4,787,455	Federal National Mortgage Association, Pool #MA1561, 3%, due 09/01/33		4,995,223
	8,181,198	Federal National Mortgage Association, Pool #MA1584, 3.5%, due 09/01/33		8,692,203
	8,923,817	Federal National Mortgage Association, Pool #MA1608, 3.5%, due 10/01/33		9,481,207
	1,755,000	Federal National Mortgage Association TBA, 2.5% (5)		1,803,708
	5,735,000	Federal National Mortgage Association TBA, 3% (5)		5,991,731
	12,955,000	Federal National Mortgage Association TBA, 3% (5)		13,281,404
	24,670,000	Federal National Mortgage Association TBA, 3.5% (5)		25,855,320
	16,945,000	Federal National Mortgage Association TBA, 4% (5)		18,107,321
	11,985,000	Federal National Mortgage Association TBA, 4.5% (5)		13,051,009
	858,969	Government National Mortgage Association (04-30-UC), 5.5%, due 02/20/34 (PAC)		899,668
	633,712	Government National Mortgage Association (08-27-SI), 6.031%, due 03/20/38 (I/O) (I/F) (1)		117,987
	2,470,972	Government National Mortgage Association (08-81-S), 5.761%, due 09/20/38 (I/O) (I/F) (1)		454,178
	1,050,909	Government National Mortgage Association (09-66-UF), 1.436%, due 08/16/39 (1)		1,071,463
	3,963,113	Government National Mortgage Association (10-1-S), 5.311%, due 01/20/40 (I/O) (I/F) (1)		685,151

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)
$	99,831	Government National Mortgage Association, Pool #608259, 4.5%, due 08/15/33	$	109,733
	250,763	Government National Mortgage Association, Pool #782114, 5%, due 09/15/36		281,358
	1,488,752	Government National Mortgage Association II, Pool #MA3174, 4%, due 10/20/45		1,590,290
	7,382,597	Government National Mortgage Association II, Pool #MA3376, 3.5%, due 01/20/46		7,818,055
	2,837,850	Government National Mortgage Association II, Pool #MA3520, 3%, due 03/20/46		2,944,174
	6,558,575	Government National Mortgage Association II, Pool #MA3521, 3.5%, due 03/20/46		6,945,941
	13,385,000	Government National Mortgage Association II, Pool #MA3596, 3%, due 04/20/46		13,886,488
	5,950,000	Government National Mortgage Association II, Pool #MA3597, 3.5%, due 04/20/46		6,297,703
	12,580,000	Government National Mortgage Association II TBA, 3.5% (5)		13,288,117
	1,872,319	NCUA Guaranteed Notes (10-R1-1A), 0.89%, due 10/07/20 (1)		1,871,775
	999,861	NCUA Guaranteed Notes (10-R2-1A), 0.803%, due 11/06/17 (1)		1,000,036
	930,336	NCUA Guaranteed Notes (10-R3-1A), 1%, due 12/08/20 (1)		932,483
	816,481	NCUA Guaranteed Notes (10-R3-2A), 1%, due 12/08/20 (1)		819,845
	1,075,204	NCUA Guaranteed Notes (11-R1-1A), 0.89%, due 01/08/20 (1)		1,074,974
	1,060,913	NCUA Guaranteed Notes (11-R2-1A), 0.84%, due 02/06/20 (1)		1,061,205
		Total Residential Mortgage-Backed Securities — Agency (Cost: $405,618,067)		412,543,637
		Residential Mortgage-Backed Securities — Non-Agency (6.3%)
	1,349,668	Asset-Backed Securities Corp. Home Equity (05-HE6-M2), 1.204%, due 07/25/35 (1)		1,345,837
	6,295,422	Banc of America Funding Trust (15-R2-9A1), (144A), 0.648%, due 03/27/36 (1)(2)		6,086,848
	1,359,019	Bear Stearns Asset Backed Securities I Trust (06-HE3-A2), 0.619%, due 04/25/36 (1)		1,358,538
	3,937,159	Bear Stearns Asset-Backed Securities Trust (06-HE1-1M1), 0.849%, due 12/25/35 (1)		3,909,229
	407,978	Centex Home Equity (02-C-AF6), 4.5%, due 09/25/32 (1)		410,782
	734,437	Centex Home Equity (03-B-AF6), 3.173%, due 06/25/33 (1)		732,295
	484,376	Citigroup Mortgage Loan Trust, Inc. (05-5-2A2), 5.75%, due 08/25/35 (6)		416,530
	1,423,694	Conseco Financial Corp. (98-6-A8), 6.66%, due 06/01/30		1,535,026
	2,042,555	Countrywide Asset-Backed Certificates (05-11-MV1), 0.909%, due 02/25/36 (1)		2,037,288
	20,928	Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA), 5.75%, due 04/22/33		21,388
	6,426,116	Credit Suisse Mortgage Capital Certificates (15-5R-1A1), (144A), 1.066%, due 09/27/46 (2)		6,277,791
	6,292,291	CSMC Trust (14-7R-8A1), (144A), 2.402%, due 07/27/37 (1)(2)		6,275,649
	648,457	GSAMP Trust (05-HE5-M1), 0.859%, due 11/25/35 (1)		630,620
	1,025,596	HSBC Home Equity Loan Trust USA (07-1-AM), 0.679%, due 03/20/36 (1)		1,024,586
	271,424	HSBC Home Equity Loan Trust USA (07-2-AM), 0.679%, due 07/20/36 (1)		268,121
	1,452,041	HSBC Home Equity Loan Trust USA (07-3-APT), 1.639%, due 11/20/36 (1)		1,451,985
	983,517	HSI Asset Securitization Corp. Trust (06-OPT1-2A3), 0.629%, due 12/25/35 (1)		973,298
	1,400,855	Indymac Index Mortgage Loan Trust (05-AR6-2A1), 0.679%, due 04/25/35 (1)		1,244,829
	4,071,725	JPMorgan Mortgage Acquisition Corp. (05-OPT1-M1), 0.889%, due 06/25/35 (1)		4,064,108
	6,124,343	Merrill Lynch Mortgage Investors Trust (05-2-2A), 2.52%, due 10/25/35 (1)		6,033,174
	1,725,151	Mid-State Trust (04-1-B), 8.9%, due 08/15/37		1,984,241
	1,644,757	Morgan Stanley ABS Capital I, Inc. Trust (05-WMC6-M2), 1.189%, due 07/25/35 (1)		1,671,435
	1,791,039	Morgan Stanley Capital, Inc. (04-WMC2-M1), 1.354%, due 07/25/34 (1)		1,727,373
	6,239,000	Morgan Stanley Home Equity Loan Trust (05-1-M3), 1.219%, due 12/25/34 (1)		6,069,561
	357,689	Morgan Stanley Mortgage Loan Trust (04-3-4A), 5.687%, due 04/25/34 (1)		376,542
	2,248,995	New Century Home Equity Loan Trust (05-1-A2C), 1.139%, due 03/25/35 (1)		2,245,898

See accompanying notes to financial statements.

16

TCW Core Fixed Income Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Residential Mortgage-Backed Securities — Non-Agency (Continued)
$	2,049,480	New Century Home Equity Loan Trust (05-2-M1), 0.869%, due 06/25/35 (1)	$	2,064,213
	1,005,501	New Century Home Equity Loan Trust (05-3-M1), 0.919%, due 07/25/35 (1)		1,006,023
	7,107,984	New Century Home Equity Loan Trust (05-3-M2), 0.929%, due 07/25/35 (1)		6,985,641
	3,430,509	Nomura Resecuritization Trust (14-5R-3A1), (144A), 0.673%, due 05/26/37 (1)(2)		3,344,385
	4,790,588	Nomura Resecuritization Trust (15-1R-6A1), (144A), 0.621%, due 05/26/47 (1)(2)		4,674,179
	5,952,158	Nomura Resecuritization Trust (15-4R-3A1), (144A), 2.666%, due 01/26/36 (1)(2)		6,100,148
	5,867,286	Nomura Resecuritization Trust (15-5R-2A1), (144A), 2.716%, due 03/26/35 (1)(2)		5,964,637
	1,340,635	Park Place Securities, Inc. (05-WCH1-M2), 1.219%, due 01/25/36 (1)		1,336,670
	2,977,853	Park Place Securities, Inc. (05-WHQ4-A2D), 0.809%, due 09/25/35 (1)		2,953,951
	3,165,057	RAMP Trust (06-RZ3-A2), 0.599%, due 08/25/36 (1)		3,160,000
	834,101	Structured Asset Securities Corp. (03-34A-5A4), 2.877%, due 11/25/33 (1)		843,059
	3,188,182	WaMu Mortgage Pass-Through Certificates (05-AR3-A2), 2.799%, due 03/25/35 (1)		3,175,533
	262,088	Wells Fargo Alternative Loan Trust (07-PA3-2A1), 6%, due 07/25/37 (6)		244,515
	8,215,342	Wells Fargo Home Equity Trust (04-2-A33), 1.439%, due 10/25/34 (1)		8,018,667
		Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $107,553,898)		110,044,593
		U.S. Government Agency Obligations (1.2%)
	5,860,000	Federal Farm Credit Bank Funding Corp., 0.457%, due 09/14/16 (1)		5,861,588
	6,065,000	Federal Farm Credit Bank Funding Corp., 0.467%, due 04/26/17 (1)		6,064,727
	8,320,000	Federal Home Loan Bank, 1.25%, due 06/28/30		8,317,679
		Total U.S. Government Agency Obligations (Cost: $20,228,185)		20,243,994
		U.S. Treasury Securities (27.1%)
	66,375,000	U.S. Treasury Bond, 2.5%, due 02/15/46		64,140,021
	11,466,799	U.S. Treasury Inflation Indexed Bond, 0.25%, due 01/15/25 (7)		11,618,573
	4,547,857	U.S. Treasury Inflation Indexed Bond, 0.625%, due 02/15/43 (7)		4,304,729
	709,836	U.S. Treasury Inflation Indexed Bond, 0.75%, due 02/15/45 (7)		691,426
	10,504,536	U.S. Treasury Inflation Indexed Note, 0.125%, due 07/15/24 (7)		10,595,330
	4,119,217	U.S. Treasury Inflation Indexed Note, 0.375%, due 07/15/25 (7)		4,232,166
	22,630,506	U.S. Treasury Inflation Indexed Note, 1.375%, due 02/15/44 (7)		25,462,208
	10,777,595	U.S. Treasury Inflation Indexed Note, 2.5%, due 07/15/16 (7)		10,929,268
	34,000,000	U.S. Treasury Note, 0.492%, due 01/31/18 (1)		34,076,339
	67,633,000	U.S. Treasury Note, 0.75%, due 10/31/17		67,689,798
	81,315,000	U.S. Treasury Note, 0.75%, due 02/28/18		81,311,821
	74,755,000	U.S. Treasury Note, 1.25%, due 03/31/21		74,652,799
	19,350,000	U.S. Treasury Note, 1.25%, due 04/30/21		19,438,436
	36,495,000	U.S. Treasury Note, 1.375%, due 01/31/21		36,675,975
	25,900,000	U.S. Treasury Note, 1.625%, due 02/15/26		25,456,525
		Total U.S. Treasury Securities (Cost: $468,418,352)		471,275,414
		Total Fixed Income Securities (Cost: $1,654,693,593) (96.5%)		1,677,485,293

See accompanying notes to financial statements.

17

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Money Market Investments	Value
	33,963,000	Morgan Stanley Liquidity Fund — Government Portfolio, 0.09% (8)	$	33,963,000
	727,158	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (8)		727,158
		Total Money Market Investments (Cost: $34,690,158) (2.0%)		34,690,158
Principal Amount		Short-Term Investments
		Discount Notes (3.5%)
$	17,290,000	Federal Home Loan Bank, 0.508%, due 09/06/16 (9)		17,267,437
	10,000,000	Federal Home Loan Bank, 0.488%, due 10/19/16 (9)		9,981,110
	32,800,000	Federal Home Loan Mortgage Corp., 0.447%, due 06/06/16 (9)		32,791,242
		Total Discount Notes (Cost: $60,022,030)		60,039,789
		U.S. Treasury Securities (3.0%)
	10,000,000	U.S. Treasury Bill, 0.116%, due 05/12/16 (9)		9,999,620
	535,000	U.S. Treasury Bill, 0.182%, due 07/21/16 (9)(10)		534,782
	1,300,000	U.S. Treasury Bill, 0.228%, due 08/04/16 (9)		1,299,223
	40,710,000	U.S. Treasury Bill, 0.245%, due 08/18/16 (9)		40,680,078
		Total U.S. Treasury Securities (Cost: $52,491,764) (3.0%)		52,513,703
		Total Short-Term Investments (Cost: $112,513,794) (6.5%)		112,553,492
		Total Investments (Cost: $1,801,897,545) (105.0%)		1,824,728,943
		Liabilities in Excess of Other Assets (-5.0%)		(86,097,279	)
		Net Assets (100.0%)	$	1,738,631,664

Futures Contracts
Number of Contracts		Type	Expiration Date		Notional Contract Value		Net Unrealized (Depreciation)
	BUY
	167	2-Year U.S. Treasury Note Futures		06/30/16	$	36,510,375	$	(21,379	)
	450	5-Year U.S. Treasury Note Futures		06/30/16		54,411,328		(66,823	)
					$	90,921,703	$	(88,202	)

See accompanying notes to financial statements.

18

TCW Core Fixed Income Fund

April 30, 2016

Notes to the Schedule of Investments:

ABS - Asset-Backed Securities.

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.

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, 2016.

(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, 2016, the value of these securities amounted to $189,800,849 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) Restricted security (Note 9).

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

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

(6) A portion of the principal balance has 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, 2016.

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

(10) All or a portion of this security is held as collateral for open futures contracts.

See accompanying notes to financial statements.

19

TCW Core Fixed Income Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Airlines		0.6	%
Asset-Backed Securities		8.1
Auto Manufacturers		0.6
Banks		7.0
Beverages		0.4
Biotechnology		0.6
Chemicals		0.0	*
Commercial Mortgage-Backed Securities — Agency		3.9
Commercial Mortgage-Backed Securities — Non-Agency		2.7
Commercial Services		0.3
Computers		0.3
Diversified Financial Services		0.7
Electric		2.1
Energy-Alternate Sources		0.1
Food		0.2
Foreign Government Bonds		0.0	*
Gas		0.4
Healthcare-Products		0.0	*
Healthcare-Services		1.3
Insurance		1.5
Media		0.3
Mining		0.0	*
Miscellaneous Manufacturers		0.2
Municipal Bonds		0.7
Oil & Gas		0.1
Packaging & Containers		0.1
Pharmaceuticals		0.5
Pipelines		1.5
Real Estate		0.1
REIT		2.2
Residential Mortgage-Backed Securities — Agency		23.7
Residential Mortgage-Backed Securities — Non-Agency		6.3
Retail		0.4
Software		0.3
Telecommunications		0.9
Transportation		0.1
U.S. Government Agency Obligations		1.2
U.S. Treasury Securities		27.1
Money Market Investments		2.0
Short Term Investments		6.5
Total		105.0	%

* 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, 2016

Principal Amount		Fixed Income Securities	Value
		Asset-Backed Securities (1.0% of Net Assets)
$	12,356	Educational Services of America, Inc. (12-2-A), (144A), 1.169%, due 04/25/39 (1)(2)	$	11,986
	2,289	Goal Capital Funding Trust (06-1-A3), 0.749%, due 11/25/26 (2)		2,274
	6,275	Nelnet Student Loan Trust (12-5A-A), (144A), 1.039%, due 10/27/36 (1)(2)		5,962
	5,366	Scholar Funding Trust (11-A-A), (144A), 1.521%, due 10/28/43 (1)(2)		5,159
		Total Asset-Backed Securities (Cost: $26,420)		25,381
		Commercial Mortgage-Backed Securities — Agency (1.2%)
	18,523	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (KF05-A), 0.781%, due 09/25/21 (2)		18,492
	12,133	Federal National Mortgage Association (13-M4-ASQ2), 1.451%, due 02/25/18		12,159
		Total Commercial Mortgage-Backed Securities — Agency (Cost: $30,700)		30,651
		Commercial Mortgage-Backed Securities — Non-Agency (0.4%)
	2,368	JPMorgan Chase Commercial Mortgage Securities Trust (07-LD12-ASB), 5.833%, due 02/15/51 (2)		2,389
	6,881	Morgan Stanley Capital I Trust (07-IQ14-A2), 5.61%, due 04/15/49		6,902
		Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $9,501)		9,291
		Residential Mortgage-Backed Securities — Agency (2.1%)
	5,440	Federal Home Loan Mortgage Corp. (3346-FA), 0.663%, due 02/15/19 (2)		5,444
	7,845	Federal Home Loan Mortgage Corp. (242-F29), 0.683%, due 11/15/36 (2)		7,821
	12,109	Federal National Mortgage Association (01-70-OF), 1.389%, due 10/25/31 (2)		12,277
	21,998	Federal National Mortgage Association (05-W3-2AF), 0.659%, due 03/25/45 (2)		21,408
	5,830	Federal National Mortgage Association (93-247-FM), 1.87%, due 12/25/23 (2)		6,000
		Total Residential Mortgage-Backed Securities — Agency (Cost: $52,439)		52,950
		Residential Mortgage-Backed Securities — Non-Agency (14.8%)
	20,315	Banc of America Alternative Loan Trust (03-4-1A5), 5.5%, due 06/25/33		20,227
	14,624	Banc of America Alternative Loan Trust (03-9-1CB5), 5.5%, due 11/25/33		14,963
	7,641	Bear Stearns Alt-A Trust (04-13-A1), 1.179%, due 11/25/34 (2)		7,481
	4,080	Bear Stearns Asset-Backed Securities Trust (05-SD1-1A3), 0.839%, due 08/25/43 (2)		4,032
	13,226	Bombardier Capital Mortgage Securitization Corp. (01-A-A), 6.805%, due 12/15/30 (2)		13,580
	56,358	Centex Home Equity Loan Trust (05-A-AF5), 5.28%, due 01/25/35		58,570
	11,323	Conseco Financial Corp. (97-7-A9), 7.37%, due 07/15/28 (2)		11,648
	13,021	Credit-Based Asset Servicing and Securitization LLC (03-CB5-M1), 1.459%, due 11/25/33 (2)		12,400
	1,673	Credit-Based Asset Servicing and Securitization LLC (05-CB4-AF3), 5.334%, due 07/25/35		1,674
	16,360	First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C), 1.439%, due 08/25/34 (2)		15,410
	7,604	Homestar Mortgage Acceptance Corp. (04-5-A1), 0.889%, due 10/25/34 (2)		7,504
	44,058	JPMorgan Mortgage Trust (05-A6-7A1), 2.739%, due 08/25/35 (2)		41,932
	36,432	MASTR Seasoned Securitization Trust (04-1-4A1), 2.7%, due 10/25/32 (2)		36,090
	30,912	MASTR Seasoned Securitization Trust (05-1-4A1), 2.573%, due 10/25/32 (2)		30,920
	31,818	Mid-State Trust (04-1-M1), 6.497%, due 08/15/37		34,031
	10,904	Morgan Stanley Mortgage Loan Trust (04-6AR-1A), 1.339%, due 07/25/34 (2)		10,558
	22,716	Origen Manufactured Housing (05-A-M1), 5.46%, due 06/15/36 (2)		24,069

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)
$	3,882	Residential Asset Mortgage Products, Inc. (03-RZ3-A6), 3.9%, due 03/25/33	$	3,903
	18,521	Residential Asset Mortgage Products, Inc. (04-SL3-A2), 6.5%, due 12/25/31		18,928
		Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $338,121)		367,920
		Corporate Bonds (22.1%)
		Airlines (3.3%)
	60,202	Continental Airlines, Inc. Pass-Through Certificates (00-1-A1), 8.048%, due 05/01/22 (EETC)		66,107
	14,552	JetBlue Airways Corp. Pass-Through Certificates (04-2-G1), 0.993%, due 02/15/18 (EETC) (2)		14,561
		Total Airlines (Cost: $77,145)		80,668
		Banks (9.9%)
	10,000	Bank of America Corp., 5.625%, due 10/14/16		10,205
	80,000	Bank of America N.A., 0.914%, due 06/15/16 (2)		79,991
	7,000	Citigroup, Inc., 1.179%, due 08/25/36 (2)		4,725
	75,000	Citigroup, Inc., 2.318%, due 05/15/18 (2)		76,178
	75,000	JPMorgan Chase Bank N.A., 0.962%, due 06/13/16 (2)		75,011
		Total Banks (Cost: $245,435)		246,110
		Diversified Financial Services (Cost: $47,549) (2.2%)
	60,000	General Electric Capital Corp., 1.001%, due 05/05/26 (2)		55,621
		Insurance (Cost: $67,844) (2.7%)
	70,000	Nationwide Mutual Insurance Co., (144A), 2.924%, due 12/15/24 (1)(2)		67,550
		REIT (3.4%)
	15,000	HCP, Inc., 3.15%, due 08/01/22		14,574
	70,000	Health Care REIT, Inc., 6.2%, due 06/01/16		70,270
		Total REIT (Cost: $84,939)		84,844
		Retail (Cost: $15,000) (0.6%)
	15,000	Walgreens Boots Alliance, Inc., 1.068%, due 05/18/16 (2)		15,003
		Total Corporate Bonds (Cost: $537,912)		549,796
		U.S. Government Agency Obligations (4.6%)
	20,000	Federal Farm Credit Bank, 0.488%, due 02/27/17 (2)		20,007
	20,000	Federal Farm Credit Bank, 0.5%, due 11/06/17 (2)		19,996
	25,000	Federal Home Loan Mortgage Corp., 0.444%, due 04/20/17 (2)		24,994
	25,000	Federal National Mortgage Association, 0.447%, due 10/05/17 (2)		24,966
	25,000	Federal National Mortgage Association, 0.459%, due 07/20/17 (2)		24,983
		Total U.S. Government Agency Obligations (Cost: $114,983)		114,946
		Total Fixed Income Securities (Cost: $1,110,076) (46.2%)		1,150,935

See accompanying notes to financial statements.

22

TCW Enhanced Commodity Strategy Fund

April 30, 2016

Number of Shares		Money Market Investments	Value
	69,139	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (3)(4)	$	69,139
		Total Money Market Investments (Cost: $69,139) (2.8%)		69,139
Principal Amount		Short-Term Investments
		U.S. Treasury Securities (37.3%)
$	150,000	U.S. Treasury Bill, 0.12%, due 05/12/16 (5)		149,994
	75,000	U.S. Treasury Bill, 0.20%, due 07/28/16 (5)		74,964
	40,000	U.S. Treasury Bill, 0.23%, due 08/04/16 (5)		39,976
	400,000	U.S. Treasury Bill, 0.24%, due 08/18/16 (5)		399,706
	265,000	U.S. Treasury Bill, 0.32%, due 10/06/16 (5)		264,629
		Total Short-Term Investments (Cost: $929,022) (37.3%)		929,269
		Total Investments (Cost: $2,108,237) (86.3%)		2,149,343
		Excess of Other Assets over Liabilities (13.7%)		339,884
		Net Assets (100.0%)	$	2,489,227

Total Return Swaps (4)
Notional Amount	Expiration Date		Counterparty	Payment Made by Fund	Payment Received by Fund	Unrealized Appreciation		Premium Paid		Value
OTC Swaps
$1,381,743		5/24/16	Credit Suisse First Boston Corp.	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index(6)		$  87,946	$	—		$  87,946
957,989		5/24/16	Citigroup Global Markets, Inc.	3-Month U.S. Treasury Bills plus 0.2%	Citi Custom CIVICS H Index(7)		61,059		—		61,059
							$  149,005	$	—		$  149,005

See accompanying notes to financial statements.

23

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Notes to the 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, 2016, the value of these securities amounted to $90,657 or 3.6% 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.

(2) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2016.

(3) Rate disclosed is the 7-day net yield as of April 30, 2016.

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

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

(6) 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.

(7) Custom Index has exposure to the following commodities: Natural Gas, Crude Oil, Coffee, Brent Crude, Soybean Oil, Heating Oil, RBOB Gasoline, Gold, Kansas Wheat, 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

Consolidated Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Airlines		3.3	%
Asset-Backed Securities		1.0
Banks		9.9
Commercial Mortgage-Backed Securities — Agency		1.2
Commercial Mortgage-Backed Securities — Non-Agency		0.4
Diversified Financial Services		2.2
Insurance		2.7
REIT		3.4
Residential Mortgage-Backed Securities — Agency		2.1
Residential Mortgage-Backed Securities — Non-Agency		14.8
Retail		0.6
U.S. Government Agency Obligations		4.6
Money Market Investments		2.8
U.S. Treasury Bills		37.3
Total		86.3	%

See accompanying notes to financial statements.

25

TCW Global Bond Fund

Schedule of Investments (Unaudited)

Principal Amount		Fixed Income Securities	Value
		Corporate Bonds (22.5% of Net Assets)
		Airlines (2.7%)
$	168,031	American Airlines, Inc. Pass-Through Trust (13-2A), 4.95%, due 07/15/24 (EETC)	$	180,949
	56,505	Continental Airlines, Inc. Pass-Through Trust (01-1A-1), 6.703%, due 12/15/22 (EETC)		58,695
	77,478	Delta Air Lines, Inc. Pass-Through Certificates (02-1G1), 6.718%, due 07/02/24 (EETC)		88,131
	33,262	JetBlue Airways Corp. Pass-Through Certificates (04-2-G1), 0.993%, due 02/15/18 (EETC) (1)		33,282
	16,930	US Airways Group, Inc. Pass-Through Certificates (10-1A), 6.25%, due 10/22/24 (EETC)		19,046
	47,967	US Airways Group, Inc. Pass-Through Certificates (12-1A), 5.9%, due 04/01/26 (EETC)		54,502
		Total Airlines		434,605
		Auto Manufacturers (0.6%)
	100,000	Ford Motor Credit Co. LLC, 8%, due 12/15/16		104,172
		Banks (7.9%)
	45,000	Abbey National Treasury Services PLC (United Kingdom), (Reg. S), 1.75%, due 01/15/18 (2)		52,904
	250,000	Bank of America N.A., 6.1%, due 06/15/17		262,457
	50,000	Barclays PLC (United Kingdom), 4.375%, due 01/12/26		50,632
	200,000	BBVA Bancomer S.A. (Mexico), (144A), 6.75%, due 09/30/22 (3)		219,500
	300,000	Chase Capital VI, 1.241%, due 08/01/28 (1)		236,250
	70,000	Citigroup, Inc., 1.179%, due 08/25/36 (1)		47,248
	110,000	Goldman Sachs Group, Inc. (The), 5.95%, due 01/18/18		117,741
	40,000	HBOS PLC (United Kingdom), (144A), 6.75%, due 05/21/18 (3)		43,297
	100,000	Rabobank Nederland Utrecht (Netherlands), 3.375%, due 01/19/17		101,588
	50,000	Royal Bank of Scotland Group PLC (United Kingdom), 6.4%, due 10/21/19		55,930
	85,000	Wells Fargo & Co., 3%, due 04/22/26		84,824
		Total Banks		1,272,371
		Beverages (0.3%)
	14,000	Anheuser-Busch InBev Finance, Inc., 3.65%, due 02/01/26		14,770
	24,000	Anheuser-Busch InBev Finance, Inc., 4.9%, due 02/01/46		27,330
		Total Beverages		42,100
		Biotechnology (0.3%)
	20,000	Amgen, Inc., 5.15%, due 11/15/41		22,858
	20,000	Celgene Corp., 3.875%, due 08/15/25		21,111
		Total Biotechnology		43,969
		Computers (0.2%)
	35,000	Apple, Inc., 4.65%, due 02/23/46		38,586
		Electric (1.8%)
	50,000	AEP Texas Central Co., (144A), 3.85%, due 10/01/25 (3)		52,521
	50,000	FirstEnergy Transmission LLC, (144A), 4.35%, due 01/15/25 (3)		53,163
	75,000	IPALCO Enterprises, Inc., 5%, due 05/01/18		78,407
	40,000	ITC Holdings Corp., 3.65%, due 06/15/24		41,040

See accompanying notes to financial statements.

26

TCW Global Bond Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Electric (Continued)
$	60,000	NextEra Energy Capital Holdings, Inc., 1.586%, due 06/01/17	$	60,155
		Total Electric		285,286
		Insurance (1.1%)
	100,000	Farmers Exchange Capital II, (144A), 6.151%, due 11/01/53 (1)(3)		103,499
	65,000	ZFS Finance USA Trust II, (144A), 6.45%, due 12/15/65 (1)(3)		65,650
		Total Insurance		169,149
		Media (0.5%)
	20,000	21st Century Fox America, Inc., 4.95%, due 10/15/45		22,270
	22,000	CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, due 09/01/23		23,128
	30,000	CCO Safari II LLC, (144A), 6.484%, due 10/23/45 (3)		35,392
		Total Media		80,790
		Miscellaneous Manufacturers (1.0%)
	200,000	General Electric Capital Corp., 1.098%, due 08/15/36 (1)		168,167
		Oil & Gas (0.1%)
	9,000	Devon Energy Corp., 5.85%, due 12/15/25		9,469
		Pharmaceuticals (1.2%)
	50,000	AbbVie, Inc., 4.5%, due 05/14/35		52,175
	20,000	Actavis Funding SCS (Luxembourg), 3.8%, due 03/15/25		20,571
	20,000	Actavis Funding SCS (Luxembourg), 4.75%, due 03/15/45		20,310
	25,000	AstraZeneca PLC (United Kingdom), 3.375%, due 11/16/25		26,101
	20,000	Baxalta, Inc., (144A), 2.875%, due 06/23/20 (3)		20,021
	30,000	Johnson & Johnson, 3.7%, due 03/01/46		31,798
	20,000	Valeant Pharmaceuticals International, Inc. (Canada), (144A), 5.875%, due 05/15/23 (3)		16,850
		Total Pharmaceuticals		187,826
		Pipelines (0.5%)
	40,000	Boardwalk Pipelines LP, 5.875%, due 11/15/16		40,082
	50,000	Energy Transfer Partners LP, 5.15%, due 03/15/45		43,266
		Total Pipelines		83,348
		REIT (2.8%)
	50,000	HCP, Inc., 3.15%, due 08/01/22		48,579
	50,000	Highwoods Realty LP, 5.85%, due 03/15/17		51,776
	100,000	SL Green Realty Corp., 5%, due 08/15/18		104,848
	50,000	Vereit Operating Partnership LP, 2%, due 02/06/17		50,175
	200,000	WEA Finance LLC / Westfield UK & Europe Finance PLC (Australia), (144A), 1.75%, due 09/15/17 (3)		199,796
		Total REIT		455,174
		Retail (0.4%)
	65,000	Walgreens Boots Alliance, Inc., 1.068%, due 05/18/16 (1)		65,011

See accompanying notes to financial statements.

27

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Principal Amount		Fixed Income Securities	Value
		Software (0.2%)
$	25,000	Microsoft Corp., 4.45%, due 11/03/45	$	27,634
		Telecommunications (0.9%)
	45,000	AT&T, Inc., 1.559%, due 06/30/20 (1)		44,787
	25,000	AT&T, Inc., 4.125%, due 02/17/26		26,878
	75,000	Verizon Communications, Inc., 4.862%, due 08/21/46		80,250
		Total Telecommunications		151,915
		Total Corporate Bonds (Cost: $3,400,258)		3,619,572
		Foreign Government Bonds (36.4%)
AUD	186,000	Australia Government Bond, (Reg. S), 2.75%, due 04/21/24 (2)		145,529
EUR	360,000	Bundesrepublik Deutschland (Germany), (Reg. S), 2.25%, due 09/04/21 (2)		468,313
CAD	430,000	Canada Housing Trust No. 1, (144A), 3.35%, due 12/15/20 (3)		375,747
DKK	900,000	Denmark Government Bond, 1.75%, due 11/15/25		154,213
EUR	253,000	France Government Bond OAT, (Reg. S), 2.5%, due 05/25/30 (2)		345,216
EUR	65,000	France Government Bond OAT, (Reg. S), 3.25%, due 10/25/21 (2)		87,952
EUR	55,000	Ireland Government Bond, (Reg. S), 3.4%, due 03/18/24 (2)		75,934
ILS	280,000	Israel Government Bond, 5.5%, due 01/31/22		93,470
EUR	732,000	Italy Buoni Poliennali Del Tesoro, 4.5%, due 03/01/24		1,044,390
JPY	95,800,000	Japan Government Ten-Year Bond, 1%, due 09/20/21		954,105
JPY	27,000,000	Japan Government Thirty-Year Bond, 2%, due 03/20/42		356,595
NOK	1,350,000	Norway Government Bond, (Reg. S), 3.75%, due 05/25/21 (2)		190,814
PLN	265,000	Poland Government Bond, 3.25%, due 07/25/25		71,144
$	250,000	Romanian Government International Bond, (Reg. S), 4.875%, due 01/22/24 (2)		273,950
SGD	350,000	Singapore Government Bond, 2.5%, due 06/01/19		270,979
EUR	245,000	Spain Government Bond, (Reg. S), 2.75%, due 10/31/24 (2)		311,124
SEK	500,000	Sweden Government Bond, 3.5%, due 06/01/22		74,517
GBP	352,000	United Kingdom Gilt, (Reg. S), 2.75%, due 09/07/24 (2)		566,163
		Total Foreign Government Bonds (Cost: $6,207,815)		5,860,155
		Asset-Backed Securities (5.2%)
$	40,000	Dryden Senior Loan Fund, (144A), 2.128%, due 04/15/27 (1)(3)		40,007
	41,268	Educational Funding of the South, Inc. (11-1-A2), 1.288%, due 04/25/35 (1)		40,409
	19,832	GE Business Loan Trust (04-2A-A), (144A), 0.653%, due 12/15/32 (1)(3)		19,557
	40,000	Limerock CLO II, Ltd. (14-2A-A), (144A), 2.133%, due 04/18/26 (1)(3)		39,817
	20,000	Magnetite XI, Ltd. (14-11A-A1), (144A), 2.083%, due 01/18/27 (1)(3)		19,991
	40,000	Magnetite XII, Ltd. (15-12A-A), (144A), 2.128%, due 04/15/27 (1)(3)		40,002
	80,000	Navient Student Loan Trust (14-8-A3), 1.039%, due 05/27/31 (1)		75,272
	50,000	Navient Student Loan Trust (16-2-A3), (144A), 1.939%, due 06/25/65 (1)(3)		50,097
	115,000	Nelnet Education Loan Corp. (04-1A-B1), (144A), 1.382%, due 02/25/36 (1)(3)		101,272
	76,955	SLC Student Loan Trust (08-1-A4A), 2.234%, due 12/15/32 (1)		76,833
	50,000	SLM Student Loan Trust (07-3-A4), 0.698%, due 01/25/22 (1)		46,502
	80,000	SLM Student Loan Trust (07-6-A4), 1.018%, due 10/25/24 (1)		76,630
	17,822	SLM Student Loan Trust (08-9-A), 2.138%, due 04/25/23 (1)		17,735
	50,000	SLM Student Loan Trust (11-2-A2), 1.639%, due 10/25/34 (1)		48,188
	64,956	Spirit Master Funding LLC (14-1A-A1), (144A), 5.05%, due 07/20/40 (3)		65,768

See accompanying notes to financial statements.

28

TCW Global Bond Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Asset-Backed Securities (Continued)
$	50,000	Student Loan Consolidation Center (02-2-B2), (144A), 1.598%, due 07/01/42 (1)(3)	$	38,758
	40,000	Voya CLO, Ltd. (14-4A-A1), (144A), 2.13%, due 10/14/26 (1)(3)		39,848
		Total Asset-Backed Securities (Cost: $824,435)		836,686
		Commercial Mortgage-Backed Securities — Agency (2.0%)
	353,542	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (KSCT-AX), 1.253%, due 01/25/20 (1) (I/O)		12,299
	72,289	Federal National Mortgage Association, Pool #467731, 4.62%, due 04/01/21		81,060
	71,452	Federal National Mortgage Association, Pool #460605, 6.09%, due 01/01/17		73,495
	121,161	Federal National Mortgage Association (12-M10-AFL), 0.889%, due 09/25/22 (1)		120,329
	34,480	Federal National Mortgage Association (14-M12-FA), 0.755%, due 10/25/21 (1)		34,253
		Total Commercial Mortgage-Backed Securities — Agency (Cost: $340,503)		321,436
		Commercial Mortgage-Backed Securities — Non-Agency (1.0%)
	1,861,651	Bank of America-First Union NB Commercial Mortgage (01-3-XC), (144A), 1.438%, due 04/11/37 (I/O) (1)(3)(4)		726
	87,986	Morgan Stanley Capital I Trust (06-IQ12-A4), 5.332%, due 12/15/43		88,548
	1,752,473	Morgan Stanley Capital I Trust (99-RM1-X), (144A), 0.897%, due 12/15/31 (I/O) (1)(3)(4)		7,428
	65,000	WF-RBS Commercial Mortgage Trust (11-C4-A3), (144A), 4.394%, due 06/15/44 (3)		68,428
		Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $184,044)		165,130
		Residential Mortgage-Backed Securities — Agency (11.6%)
	16,267	Federal Home Loan Mortgage Corp. (2990-ND), 15.792%, due 12/15/34 (I/F) (PAC) (1)		19,139
	132,036	Federal Home Loan Mortgage Corp. (3439-SC), 5.467%, due 04/15/38 (I/O) (I/F) (1)		23,270
	68,493	Federal Home Loan Mortgage Corp., Pool #G08682, 4%, due 12/01/45		73,253
	29,646	Federal Home Loan Mortgage Corp., Pool #G08687, 3.5%, due 01/01/46		31,090
	69,427	Federal Home Loan Mortgage Corp., Pool #G08693, 3.5%, due 02/01/46		72,808
	79,344	Federal Home Loan Mortgage Corp., Pool #G08694, 4%, due 02/01/46 (5)		84,856
	109,678	Federal Home Loan Mortgage Corp., Pool #G08698, 3.5%, due 03/01/46 (5)		115,019
	40,000	Federal Home Loan Mortgage Corp., Pool #G08701, 3%, due 04/01/46		41,018
	30,000	Federal Home Loan Mortgage Corp., Pool #G08702, 3.5%, due 04/01/46 (5)		31,461
	14,922	Federal Home Loan Mortgage Corp., Pool #G18592, 3%, due 03/01/31		15,624
	82,534	Federal Home Loan Mortgage Corp., Pool #G60344, 4%, due 12/01/45		89,236
	156,560	Federal National Mortgage Association (07-52-LS), 5.611%, due 06/25/37 (I/O) (I/F) (1)		24,548
	140,637	Federal National Mortgage Association (08-18-SM), 6.561%, due 03/25/38 (I/O) (I/F) (1)		30,173
	99,786	Federal National Mortgage Association (09-115-SB), 5.811%, due 01/25/40 (I/O) (I/F) (1)		18,185
	206,809	Federal National Mortgage Association (10-116-SE), 6.161%, due 10/25/40 (I/O) (I/F) (1)		36,166
	174,447	Federal National Mortgage Association, Pool #AB3679, 3.5%, due 10/01/41		184,384
	194,964	Federal National Mortgage Association, Pool #AB4045, 3.5%, due 12/01/41		206,730
	72,294	Federal National Mortgage Association, Pool #AT5914, 3.5%, due 06/01/43		76,160
	97,644	Federal National Mortgage Association, Pool #MA1527, 3%, due 08/01/33		101,882
	79,965	Federal National Mortgage Association, Pool #MA1652, 3.5%, due 11/01/33		84,959

See accompanying notes to financial statements.

29

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Principal Amount		Fixed Income Securities	Value
		Residential Mortgage-Backed Securities — Agency (Continued)
$	80,000	Federal National Mortgage Association TBA, 2.5% (6)	$	82,220
	35,000	Federal National Mortgage Association TBA, 3% (6)		35,882
	65,000	Federal National Mortgage Association TBA, 3.5% (6)		68,123
	45,000	Federal National Mortgage Association TBA, 4% (6)		48,087
	50,000	Federal National Mortgage Association TBA, 4.5% (6)		54,447
	126,537	Government National Mortgage Association (11-146-EI), 5%, due 11/16/41 (I/O) (PAC)		28,041
	308,676	Government National Mortgage Association (11-69-GI), 5%, due 05/16/40 (I/O)		32,073
	304,709	Government National Mortgage Association (12-7-PI), 3.5%, due 01/20/38 (I/O) (PAC)		18,580
	70,000	Government National Mortgage Association II, Pool #MA3597, 3.5%, due 04/20/46		74,091
	60,000	Government National Mortgage Association II TBA, 3.5% (6)		63,377
		Total Residential Mortgage-Backed Securities — Agency (Cost: $1,843,788)		1,864,882
		Residential Mortgage-Backed Securities — Non-Agency (4.5%)
	112,787	First Horizon Mortgage Pass-Through Trust (05-AR4-2A1), 2.642%, due 10/25/35 (1)(7)		93,432
	48,812	Green Tree Financial Corp. (98-6-A8), 6.66%, due 06/01/30		52,629
	150,159	Lehman XS Trust (06-9-A1B), 0.599%, due 05/25/46 (1)		128,905
	1,251,739	Merrill Lynch Alternative Note Asset Trust (07-A3-A2D), 0.769%, due 04/25/37 (1)		169,696
	117,623	Structured Adjustable Rate Mortgage Loan Trust (04-18-4A1), 2.554%, due 12/25/34 (1)		115,603
	249,411	Structured Asset Mortgage Investments, Inc. (06-AR3-22A1), 2.227%, due 05/25/36 (1)(7)		154,475
		Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $548,995)		714,740
		U.S. Government Agency Obligations (1.5%)
	80,000	Federal Farm Credit Bank, 0.457%, due 09/14/16 (1)		80,022
	80,000	Federal Farm Credit Bank, 0.467%, due 04/26/17 (1)		79,996
	80,000	Federal Farm Credit Bank, 0.486%, due 04/17/17 (1)		80,020
		Total U.S. Government Agency Obligations (Cost: $239,975)		240,038
		U.S. Treasury Securities (10.2%)
	580,000	U.S. Treasury Bond, 2.5%, due 02/15/46		560,470
	160,000	U.S. Treasury Note, 1.25%, due 03/31/21		159,781
	50,000	U.S. Treasury Note, 1.25%, due 04/30/21		50,229
	890,000	U.S. Treasury Note, 1.625%, due 02/15/26		874,761
		Total U.S. Treasury Securities (Cost: $1,645,229)		1,645,241
		Total Fixed Income Securities (Cost: $15,235,042) (94.9%)		15,267,880
Number of Shares		Money Market Investments
	179,340	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (8)		179,340
		Total Money Market Investments (Cost: $179,340) (1.1%)		179,340

See accompanying notes to financial statements.

30

TCW Global Bond Fund

April 30, 2016

Principal Amount		Short-Term Investments	Value
		Discount Notes (3.0%)
$	120,000	Federal Home Loan Bank, 0.401%, due 05/06/16 (9)	$	119,997
	158,000	Federal Home Loan Bank, 0.508%, due 09/06/16 (9)		157,794
	200,000	Federal Home Loan Mortgage Corp., 0.447%, due 06/06/16 (9)		199,946
		Total Discount Notes (Cost: $477,625)		477,737
		U.S. Treasury Securities (2.5%)
	100,000	U.S. Treasury Bill, 0.228%, due 08/04/16 (9)		99,940
	302,000	U.S. Treasury Bill, 0.245%, due 08/18/16 (9)		301,778
		Total U.S. Treasury Securities (Cost: $401,501)		401,718
		Total Short-Term Investments (Cost: $879,126) (5.5%)		879,455
		Total Investments (Cost: $16,293,508) (101.5%)		16,326,675
		Liabilities in Excess of Other Assets (-1.5%)		(234,381	)
		Total Net Assets (100.0%)	$	16,092,294

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		585,000		07/11/16	$	667,418	$	671,457	$	4,039
Barclays Capital	JPY		59,700,000		07/11/16		543,113		559,050		15,937
						$	1,210,531	$	1,230,507	$	19,976
SELL  (11)
Barclays Capital	ILS		360,000		07/11/16		94,644		96,582		(1,938	)
Barclays Capital	SGD		300,000		07/11/16		220,842		222,913		(2,071	)
						$	315,486	$	319,495	$	(4,009	)

See accompanying notes to financial statements.

31

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

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.

NOK - Norwegian Krona.

PLN - Polish Zloty.

SEK - Swedish Krona.

SGD - Singapore Dollar.

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.

TBA - To be Announced.

(1) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2016.

(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, 2016, the value of these securities amounted to $2,517,899 or 15.7% of net assets.

(3) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2016, the value of these securities amounted to $1,717,135 or 10.7% 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.

(4) Restricted security (Note 9).

(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, 2016.

(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.

32

TCW Global Bond Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Airlines		2.7	%
Asset-Backed Securities		5.2
Auto Manufacturers		0.6
Banks		7.9
Beverages		0.3
Biotechnology		0.3
Commercial Mortgage-Backed Securities — Agency		2.0
Commercial Mortgage-Backed Securities — Non-Agency		1.0
Computers		0.2
Electric		1.8
Foreign Government Bonds		36.4
Insurance		1.1
Media		0.5
Miscellaneous Manufacturers		1.0
Oil & Gas		0.1
Pharmaceuticals		1.2
Pipelines		0.5
REIT		2.8
Residential Mortgage-Backed Securities — Agency		11.6
Residential Mortgage-Backed Securities — Non-Agency		4.5
Retail		0.4
Software		0.2
Telecommunications		0.9
U.S. Government Agency Obligations		1.5
U.S. Treasury Securities		10.2
Money Market Investments		1.1
Short Term Investments		5.5
Total		101.5	%

See accompanying notes to financial statements.

33

TCW Global Bond Fund

Investments by Country (Unaudited) April 30, 2016

Country	Percentage of Net Assets
Australia		0.9	%
Canada		2.4
Cayman Islands		1.1
Denmark		1.0
France		2.7
Germany		2.9
Great Britain		4.4
Ireland		0.5
Israel		0.6
Italy		6.5
Japan		8.1
Luxembourg		0.3
Mexico		1.4
Netherlands		0.6
Norway		1.2
Poland		0.4
Romania		1.7
Singapore		1.7
Spain		1.9
Sweden		0.5
United Kingdom		0.6
United States		60.1
Total		101.5	%

See accompanying notes to financial statements.

34

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Bank Loans (5.1% of Net Assets)
		Electric (0.3%)
$	155,151	Lonestar Generation LLC, Term Loan B, 15.851%, due 02/22/21 (1)	$	103,757
		Healthcare-Services (0.2%)
	49,874	Community Health Systems, Inc., Term Loan G, 4.6%, due 12/31/19 (1)		49,229
		Lodging (0.6%)
	188,783	CityCenter Holdings LLC, Term Loan B, 4.345%, due 10/16/20 (1)		189,633
		Media (1.8%)
	570,000	Nexstar Broadcasting, Inc., Bridge Term Loan, 8.31%, due 03/28/17 (1)		570,000
		Packaging & Containers (1.0%)
	201,859	BWAY Holding Co., New Term Loan B, 5.773%, due 08/14/20 (1)		201,657
	124,375	Peacock Engineering Co., LLC, 2015 Term Loan B, 5.877%, due 07/09/22 (1)		123,961
		Total Packaging & Containers		325,618
		Semiconductors (1.2%)
	69,825	NXP B.V., 2015 Term Loan B, 4.242%, due 10/30/20 (1)		70,122
	300,000	ON Semiconductor Corp., Term Loan B, 5.782%, due 03/31/23 (1)		301,813
		Total Semiconductors		371,935
		Total Bank Loans (Cost: $1,651,927)		1,610,172
		Corporate Bonds (80.9%)
		Advertising (0.7%)
	100,000	Lamar Media Corp., (144A), 5.75%, due 02/01/26 (2)		105,875
	100,000	Outfront Media Capital LLC / Outfront Media Capital Corp., 5.25%, due 02/15/22		103,625
		Total Advertising		209,500
		Aerospace/Defense (1.0%)
	79,000	KLX, Inc., (144A), 5.875%, due 12/01/22 (2)		79,197
	75,000	Orbital ATK, Inc., 5.25%, due 10/01/21		78,938
	90,000	Orbital ATK, Inc., (144A), 5.5%, due 10/01/23 (2)		94,500
	50,000	TransDigm, Inc., 5.5%, due 10/15/20		51,000
		Total Aerospace/Defense		303,635
		Airlines (2.5%)
	313,113	American Airlines, Inc. Pass-Through Trust (13-2-B), (144A), 5.6%, due 01/15/22 (EETC) (2)		320,158
	162,285	Continental Airlines, Inc. Pass-Through Certificates (99-1-A), 6.545%, due 08/02/20 (EETC)		172,733
	264,129	Delta Air Lines, Inc. Pass-Through Certificates (02-1-G-1), 6.718%, due 07/02/24 (EETC)		300,446
		Total Airlines		793,337
		Auto Parts & Equipment (0.2%)
	50,000	Tenneco, Inc., 5.375%, due 12/15/24		52,375
		Banks (2.5%)
	100,000	CIT Group, Inc., 3.875%, due 02/19/19		100,750

See accompanying notes to financial statements.

35

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Principal Amount		Fixed Income Securities	Value
		Banks (Continued)
$	350,000	CIT Group, Inc., (144A), 5.5%, due 02/15/19 (2)	$	367,500
	500,000	Citigroup, Inc., 1.179%, due 08/25/36 (3)		337,486
		Total Banks		805,736
		Beverages (1.7%)
	175,000	Constellation Brands, Inc., 6%, due 05/01/22		199,937
	110,000	Cott Beverages, Inc., 6.75%, due 01/01/20		116,050
	195,000	DS Services of America, Inc., (144A), 10%, due 09/01/21 (2)		222,300
		Total Beverages		538,287
		Building Materials (0.8%)
	240,000	Standard Industries, Inc., (144A), 5.125%, due 02/15/21 (2)		250,500
		Chemicals (0.0%)
	75,000	MPM Escrow LLC, 8.875%, due 10/15/20 (4)		—
		Coal (0.0%)
	66,950	Walter Energy, Inc., (144A), 11%, due 04/01/20 (2)(4)		49
		Commercial Services (0.8%)
	165,000	Nielsen Co. Luxembourg SARL (The) (Luxembourg), (144A), 5.5%, due 10/01/21 (2)		172,837
	80,000	United Rentals North America, Inc., 4.625%, due 07/15/23		80,000
		Total Commercial Services		252,837
		Computers (0.2%)
	60,000	IHS, Inc., 5%, due 11/01/22		63,000
		Diversified Financial Services (3.5%)
	505,000	Ally Financial, Inc., 3.25%, due 11/05/18		503,737
	55,000	Ally Financial, Inc., 4.625%, due 05/19/22		56,513
	515,000	International Lease Finance Corp., (144A), 7.125%, due 09/01/18 (2)		564,569
		Total Diversified Financial Services		1,124,819
		Electric (0.8%)
	95,000	Dynegy, Inc., 5.875%, due 06/01/23		86,391
	320,180	Homer City Generation LP, 8.734%, due 10/01/26		178,300
		Total Electric		264,691
		Engineering & Construction (0.5%)
	50,000	SBA Communications Corp., 4.875%, due 07/15/22		50,408
	100,000	SBA Communications Corp., 5.625%, due 10/01/19		104,005
		Total Engineering & Construction		154,413
		Entertainment (3.7%)
	400,000	Carmike Cinemas, Inc., (144A), 6%, due 06/15/23 (2)		410,000
	415,000	Churchill Downs, Inc., (144A), 5.375%, due 12/15/21 (2)		428,487
	325,000	Isle of Capri Casinos, Inc., 5.875%, due 03/15/21		340,438
		Total Entertainment		1,178,925

See accompanying notes to financial statements.

36

TCW High Yield Bond Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Environmental Control (1.2%)
$	45,000	Clean Harbors, Inc., 5.125%, due 06/01/21	$	45,562
	340,000	Clean Harbors, Inc., (144A), 5.125%, due 06/01/21 (2)		345,100
		Total Environmental Control		390,662
		Food (1.6%)
	150,000	Kraft Heinz Foods Co., (144A), 4.875%, due 02/15/25 (2)		166,093
	145,000	Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., (144A), 5.875%, due 01/15/24 (2)		154,063
	175,000	TreeHouse Foods, Inc., (144A), 6%, due 02/15/24 (2)		187,031
		Total Food		507,187
		Food Service (1.5%)
	459,000	Aramark Services, Inc., 5.75%, due 03/15/20		475,065
		Healthcare-Products (0.2%)
	11,000	Hill-Rom Holdings, Inc., (144A), 5.75%, due 09/01/23 (2)		11,433
	55,000	Hologic, Inc., (144A), 5.25%, due 07/15/22 (2)		57,819
		Total Healthcare-Products		69,252
		Healthcare-Services (12.5%)
	46,000	Acadia Healthcare Co., Inc., (144A), 6.5%, due 03/01/24 (2)		48,645
	130,000	Centene Escrow Corp., (144A), 5.625%, due 02/15/21 (2)		137,150
	70,000	Centene Escrow Corp., (144A), 6.125%, due 02/15/24 (2)		73,806
	260,000	CHS / Community Health Systems, Inc., 5.125%, due 08/15/18		265,200
	85,000	DaVita HealthCare Partners, Inc., 5%, due 05/01/25		85,319
	365,000	DaVita HealthCare Partners, Inc., 5.125%, due 07/15/24		374,125
	25,000	Fresenius Medical Care US Finance II, Inc., (144A), 4.125%, due 10/15/20 (2)		25,844
	80,000	Fresenius Medical Care US Finance II, Inc., (144A), 4.75%, due 10/15/24 (2)		83,400
	100,000	Fresenius Medical Care US Finance II, Inc., (144A), 5.875%, due 01/31/22 (2)		110,500
	255,000	Fresenius Medical Care US Finance, Inc., (144A), 5.75%, due 02/15/21 (2)		280,500
	125,000	HCA, Inc., 4.75%, due 05/01/23		128,125
	600,000	HCA, Inc., 6.5%, due 02/15/20		666,000
	200,000	HealthSouth Corp., 5.75%, due 11/01/24		207,500
	40,000	LifePoint Health, Inc., 5.5%, due 12/01/21		41,950
	155,000	Molina Healthcare, Inc., (144A), 5.375%, due 11/15/22 (2)		160,813
	357,000	RegionalCare Hospital Partners Holdings, Inc., (144A), 8.25%, due 05/01/23 (2)		365,925
	230,000	Tenet Healthcare Corp., (144A), 4.134%, due 06/15/20 (2)(3)		231,437
	250,000	Tenet Healthcare Corp., 4.5%, due 04/01/21		255,000
	205,000	Tenet Healthcare Corp., 6%, due 10/01/20		218,325
	185,000	WellCare Health Plans, Inc., 5.75%, due 11/15/20		193,325
		Total Healthcare-Services		3,952,889
		Home Builders (0.2%)
	50,000	Shea Homes LP / Shea Homes Funding Corp., (144A), 6.125%, due 04/01/25 (2)		50,250
		Home Furnishings (0.2%)
	50,000	Tempur Sealy International, Inc., 5.625%, due 10/15/23		52,188

See accompanying notes to financial statements.

37

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Principal Amount		Fixed Income Securities	Value
		Household Products/Wares (0.5%)
$	100,000	Central Garden & Pet Co., 6.125%, due 11/15/23	$	105,500
	40,000	Spectrum Brands, Inc., 5.75%, due 07/15/25		42,528
		Total Household Products/Wares		148,028
		Housewares (0.6%)
	75,000	RSI Home Products, Inc., (144A), 6.5%, due 03/15/23 (2)		77,672
	100,000	Scotts Miracle-Gro Co. (The), (144A), 6%, due 10/15/23 (2)		106,250
		Total Housewares		183,922
		Leisure Time (0.1%)
	40,000	NCL Corp., Ltd. — Class C, (144A), 5.25%, due 11/15/19 (2)		41,300
		Lodging (1.6%)
	225,000	Boyd Gaming Corp., 6.875%, due 05/15/23		234,562
	225,000	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 5.625%, due 10/15/21		234,609
	35,000	MGM Resorts International, 8.625%, due 02/01/19		39,988
		Total Lodging		509,159
		Media (12.9%)
	235,000	Altice Financing S.A. (Luxembourg), (144A), 7.5%, due 05/15/26 (2)		235,881
	200,000	Altice US Finance I Corp. (Luxembourg), (144A), 5.375%, due 07/15/23 (2)		204,960
	280,000	Cable One, Inc., (144A), 5.75%, due 06/15/22 (2)		288,400
	765,000	CCO Holdings LLC / CCO Holdings Capital Corp., 6.5%, due 04/30/21		794,644
	165,000	Cequel Communications Holdings I LLC / Cequel Capital Corp., (144A), 5.125%, due 12/15/21 (2)		156,338
	35,000	CSC Holdings LLC, 6.75%, due 11/15/21		36,203
	40,000	DISH DBS Corp., 5.125%, due 05/01/20		40,600
	125,000	DISH DBS Corp., 7.875%, due 09/01/19		138,594
	140,000	LIN Television Corp., 5.875%, due 11/15/22		143,500
	35,000	Midcontinent Communications & Finance Co., (144A), 6.875%, due 08/15/23 (2)		36,247
	200,000	Neptune Finco Corp., (144A), 6.625%, due 10/15/25 (2)		216,750
	145,000	Nielsen Finance LLC / Nielsen Finance Co., (144A), 5%, due 04/15/22 (2)		147,918
	200,000	Numericable-SFR S.A. (France), (144A), 7.375%, due 05/01/26 (2)		203,250
	270,000	Sinclair Television Group, Inc., 6.125%, due 10/01/22		288,900
	50,000	Sirius XM Radio, Inc., (144A), 4.25%, due 05/15/20 (2)		51,185
	495,000	Sirius XM Radio, Inc., (144A), 5.75%, due 08/01/21 (2)		520,369
	250,000	Univision Communications, Inc., (144A), 5.125%, due 02/15/25 (2)		247,512
	165,000	Virgin Media Secured Finance PLC (United Kingdom), (144A), 5.25%, due 01/15/26 (2)		166,300
	180,000	Virgin Media Secured Finance PLC (United Kingdom), (144A), 5.375%, due 04/15/21 (2)		188,775
		Total Media		4,106,326
		Oil & Gas (0.7%)
	60,000	Chesapeake Energy Corp., 6.625%, due 08/15/20		37,050
	70,000	Concho Resources, Inc., 5.5%, due 04/01/23		70,875
	60,000	Gulfport Energy Corp., 6.625%, due 05/01/23		58,500
	45,000	Range Resources Corp., 4.875%, due 05/15/25		41,906
		Total Oil & Gas		208,331

See accompanying notes to financial statements.

38

TCW High Yield Bond Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Packaging & Containers (4.2%)
$	285,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (Ireland), (144A), 3.634%, due 12/15/19 (2)(3)	$	288,527
	345,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (Ireland), (144A), 3.89%, due 05/15/21 (2)(3)		343,275
	75,000	Ball Corp., 4%, due 11/15/23		74,719
	150,000	Ball Corp., 4.375%, due 12/15/20		156,750
	10,000	Ball Corp., 5%, due 03/15/22		10,489
	80,000	Berry Plastics Corp., 5.125%, due 07/15/23		81,284
	360,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (Luxembourg), 5.75%, due 10/15/20		374,850
	15,000	Sealed Air Corp., (144A), 5.125%, due 12/01/24 (2)		15,787
		Total Packaging & Containers		1,345,681
		Pharmaceuticals (5.0%)
	200,000	Endo, Ltd. / Endo Finance LLC / Endo Finco, Inc., (144A), 6%, due 07/15/23 (2)		197,250
	200,000	Grifols Worldwide Operations, Ltd. (Ireland), 5.25%, due 04/01/22		207,000
	240,000	NBTY, Inc., (144A), 7.625%, due 05/15/21 (2)(5)		245,700
	265,000	Quintiles Transnational Corp., (144A), 4.875%, due 05/15/23 (2)		271,638
	13,000	Valeant Pharmaceuticals International, Inc. (Canada), (144A), 5.375%, due 03/15/20 (2)		11,497
	150,000	Valeant Pharmaceuticals International, Inc. (Canada), (144A), 5.625%, due 12/01/21 (2)		127,133
	354,000	Valeant Pharmaceuticals International, Inc. (Canada), (144A), 5.875%, due 05/15/23 (2)		298,245
	285,000	Valeant Pharmaceuticals International, Inc. (Canada), (144A), 6.125%, due 04/15/25 (2)		238,687
		Total Pharmaceuticals		1,597,150
		Pipelines (1.5%)
	680,000	Energy Transfer Partners LP, 3.633%, due 11/01/66 (3)		391,000
	35,000	Rockies Express Pipeline LLC, (144A), 6.875%, due 04/15/40 (2)		30,975
	70,000	Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 7.5%, due 07/01/21		63,700
		Total Pipelines		485,675
		REIT (0.8%)
	65,000	Crown Castle International Corp., 4.875%, due 04/15/22		70,688
	70,000	DuPont Fabros Technology LP, 5.875%, due 09/15/21		73,850
	105,000	Equinix, Inc., 5.875%, due 01/15/26		111,100
		Total REIT		255,638
		Retail (0.8%)
	250,000	Dollar Tree, Inc., (144A), 5.75%, due 03/01/23 (2)		268,200
		Semiconductors (1.7%)
	310,000	Freescale Semiconductor, Inc., (144A), 5%, due 05/15/21 (2)		322,981
	200,000	NXP BV / NXP Funding LLC (Netherlands), (144A), 3.75%, due 06/01/18 (2)		204,875
		Total Semiconductors		527,856
		Software (2.5%)
	350,000	First Data Corp., (144A), 5%, due 01/15/24 (2)		354,812

See accompanying notes to financial statements.

39

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Principal Amount		Fixed Income Securities	Value
		Software (Continued)
$	50,000	First Data Corp., (144A), 5.375%, due 08/15/23 (2)	$	51,750
	290,000	First Data Corp., (144A), 6.75%, due 11/01/20 (2)		305,406
	25,000	MSCI, Inc., (144A), 5.75%, due 08/15/25 (2)		26,689
	50,000	SS&C Technologies Holdings, Inc., (144A), 5.875%, due 07/15/23 (2)		52,125
		Total Software		790,782
		Telecommunications (11.7%)
	90,000	Frontier Communications Corp., 8.5%, due 04/15/20		96,075
	125,000	Frontier Communications Corp., (144A), 8.875%, due 09/15/20 (2)		132,500
	80,000	Intelsat Jackson Holdings S.A. (Luxembourg), 5.5%, due 08/01/23		50,850
	195,000	Intelsat Jackson Holdings S.A. (Luxembourg), 7.25%, due 04/01/19		160,144
	400,000	Intelsat Jackson Holdings S.A. (Luxembourg), (144A), 8%, due 02/15/24 (2)		413,000
	120,000	Level 3 Financing, Inc., 5.125%, due 05/01/23		122,550
	30,000	Level 3 Financing, Inc., (144A), 5.25%, due 03/15/26 (2)		30,525
	115,000	Level 3 Financing, Inc., 5.375%, due 08/15/22		118,019
	75,000	Qwest Corp., 6.75%, due 12/01/21		81,296
	100,000	Qwest Corp., 7.25%, due 09/15/25		108,517
	190,000	SBA Telecommunications, Inc., 5.75%, due 07/15/20		197,125
	300,000	SoftBank Group Corp. (Japan), (144A), 4.5%, due 04/15/20 (2)		303,585
	25,000	Sprint Communications, Inc., 6%, due 11/15/22		18,625
	670,000	Sprint Communications, Inc., (144A), 9%, due 11/15/18 (2)		710,200
	25,000	Sprint Corp., 7.875%, due 09/15/23		19,500
	130,000	Sprint Nextel Corp., 9.25%, due 04/15/22		127,400
	100,000	T-Mobile USA, Inc., 6.5%, due 01/15/24		106,875
	100,000	T-Mobile USA, Inc., 6.542%, due 04/28/20		103,126
	620,000	T-Mobile USA, Inc., 6.625%, due 11/15/20		638,585
	150,000	T-Mobile USA, Inc., 6.731%, due 04/28/22		158,622
	30,000	Windstream Services LLC, 6.375%, due 08/01/23		23,025
		Total Telecommunications		3,720,144
		Total Corporate Bonds (Cost: $25,596,862)		25,677,789
		Residential Mortgage-Backed Securities — Non-Agency (0.2%)
	85,000	Soundview Home Loan Trust (06-EQ1-A4), 0.689%, due 10/25/36 (3)		59,756
		Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $59,712)		59,756
		Total Fixed Income Securities (Cost: $27,308,501) (86.2%)		27,347,717
Number of Shares		Money Market Investments
	624,336	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (6)		624,336
		Total Money Market Investments (Cost: $624,336) (2.0%)		624,336

See accompanying notes to financial statements.

40

TCW High Yield Bond Fund

April 30, 2016

Principal Amount		Short-Term Investments	Value
		Discount Notes (Cost: $368,344) (1.2%)
$	369,000	Federal Home Loan Bank, 0.315%, due 09/06/16 (7)	$	368,518
		U.S. Treasury Securities
	4,656,000	U.S. Treasury Bill, 0.265%, due 08/18/16 (7)		4,652,578
	690,000	U.S. Treasury Bill, 0.299%, due 10/06/16 (7)		689,033
	600,000	U.S. Treasury Bill, 0.306%, due 10/13/16 (7)		599,065
		Total U.S. Treasury Securities (Cost: $5,938,113) (18.7%)		5,940,676
		Total Short-Term Investments (Cost: $6,306,457) (19.9%)		6,309,194
		Total Investments (Cost: $34,239,294) (108.1%)		34,281,247
		Liabilities in Excess of Other Assets (-8.1%)		(2,557,058	)
		Net Assets (100.0%)	$	31,724,189

Credit Default Swaps — Buy Protection

Notional Amount (8)

Implied Credit Spread (9)

Expiration Date

Counterparty

Fixed Deal Pay Rate

Reference Entity

Unrealized Depreciation

Premium Paid

Value (10)

OTC Swaps

$  250,000

1.69

%

3/20/19

Goldman Sachs International

1%

ALCOA, Inc.

$

(488

)

$  4,842

$  4,354

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, 2016, the value of these securities amounted to $13,640,250 or 43.0% 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, 2016.

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

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

(6) Rate disclosed is the 7-day net yield as of April 30, 2016.

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

(8) 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.

(9) 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.

(10) 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, 2016

Industry	Percentage of Net Assets
Advertising		0.7	%
Aerospace/Defense		1.0
Airlines		2.5
Auto Parts & Equipment		0.2
Banks		2.5
Beverages		1.7
Building Materials		0.8
Chemicals		0.0	*
Coal		0.0	*
Commercial Services		0.8
Computers		0.2
Diversified Financial Services		3.5
Electric		1.1
Engineering & Construction		0.5
Entertainment		3.7
Environmental Control		1.2
Food		1.6
Food Service		1.5
Healthcare-Products		0.2
Healthcare-Services		12.7
Home Builders		0.2
Home Furnishings		0.2
Household Products/Wares		0.5
Housewares		0.6
Leisure Time		0.1
Lodging		2.2
Media		14.7
Oil & Gas		0.7
Packaging & Containers		5.2
Pharmaceuticals		5.0
Pipelines		1.5
REIT		0.8
Residential Mortgage-Backed Securities — Non-Agency		0.2
Retail		0.8
Semiconductors		2.9
Software		2.5
Telecommunications		11.7
Money Market Investments		2.0
U.S. Treasury Investments		18.7
Short Term Investments		1.2
Total		108.1	%

* Value rounds to less than 0.1% of net assets

See accompanying notes to financial statements.

42

TCW Short Term Bond Fund

Schedule of Investments (Unaudited)

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Commercial Mortgage-Backed Securities — Agency (3.6% of Net Assets)
$	115,260	Federal Home Loan Mortgage Corp., Pool #310005, 4.278%, due 11/01/19 (1)	$	115,411
	98,564	Federal National Mortgage Association, Pool #467288, 2.8%, due 03/01/18		100,661
	58,659	Federal National Mortgage Association, Pool #FN0002, 3.292%, due 12/01/17		59,710
		Total Commercial Mortgage-Backed Securities — Agency (Cost: $246,002)		275,782
		Commercial Mortgage-Backed Securities — Non-Agency (3.2%)
	39,844	Bear Stearns Commercial Mortgage Securities Trust (99-CLF1-A4), 7%, due 05/20/30 (1)		41,651
	21,709	JPMorgan Chase Commercial Mortgage Securities Trust (06-LDP9-A3S), (144A), 5.24%, due 05/15/47 (2)		21,708
	2,050	JPMorgan Chase Commercial Mortgage Securities Trust (10-C1-A1), (144A), 3.853%, due 06/15/43 (2)		2,048
	71,424	Morgan Stanley Capital I Trust (07-HQ11-A31), 5.439%, due 02/12/44		71,917
	43,710	Morgan Stanley Capital I Trust (07-IQ14-A2), 5.61%, due 04/15/49		43,841
	49,962	Wachovia Bank Commercial Mortgage Trust (07-C30-A3), 5.246%, due 12/15/43		50,186
	17,577	Wachovia Bank Commercial Mortgage Trust (07-C32-APB), 5.889%, due 06/15/49 (1)		17,602
		Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $253,358)		248,953
		Residential Mortgage-Backed Securities — Agency (27.4%)
	12,220	Federal Home Loan Mortgage Corp. (2550-FI), 0.783%, due 11/15/32 (TAC) (1)		12,257
	94,110	Federal Home Loan Mortgage Corp. (2591-EF), 0.933%, due 03/15/32 (1)		94,110
	78,414	Federal Home Loan Mortgage Corp. (263-F5), 0.933%, due 06/15/42 (1)		78,627
	20,124	Federal Home Loan Mortgage Corp. (2828-TA), 0.833%, due 10/15/30 (1)		20,143
	88,040	Federal Home Loan Mortgage Corp. (2990-DE), 0.813%, due 11/15/34 (1)		88,441
	13,220	Federal Home Loan Mortgage Corp. (3001-HS), 15.668%, due 02/15/35 (I/F) (PAC) (1)		14,238
	80,850	Federal Home Loan Mortgage Corp. (3300-FA), 0.733%, due 08/15/35 (1)		80,427
	96,278	Federal Home Loan Mortgage Corp. (3318-F), 0.683%, due 05/15/37 (1)		96,450
	85,153	Federal Home Loan Mortgage Corp. (3335-FT), 0.583%, due 08/15/19 (1)		84,996
	4,130	Federal Home Loan Mortgage Corp. (3345-FP), 0.633%, due 11/15/36 (1)		4,132
	13,055	Federal Home Loan Mortgage Corp. (3346-FA), 0.663%, due 02/15/19 (1)		13,064
	56,452	Federal Home Loan Mortgage Corp. (3347-PF), 0.783%, due 01/15/36 (PAC) (1)		56,527
	123,628	Federal Home Loan Mortgage Corp. (3767-JF), 0.733%, due 02/15/39 (PAC) (1)		123,588
	41,376	Federal Home Loan Mortgage Corp. (3798-BF), 0.733%, due 06/15/24 (1)		41,409
	92,413	Federal Home Loan Mortgage Corp. (3803-DF), 0.833%, due 11/15/35 (PAC) (1)		92,538
	75,498	Federal Home Loan Mortgage Corp. (3824-FA), 0.583%, due 03/15/26 (1)		75,452
	52,168	Federal Home Loan Mortgage Corp. (3946-FG), 0.783%, due 10/15/39 (PAC) (1)		52,114
	29,722	Federal National Mortgage Association (03-11-FA), 1.439%, due 09/25/32 (1)		30,414
	20,664	Federal National Mortgage Association (03-64-KS), 9.085%, due 07/25/18 (I/F) (1)		22,038
	78,268	Federal National Mortgage Association (06-60-DF), 0.869%, due 04/25/35 (1)		78,712
	33,589	Federal National Mortgage Association (06-84-WF), 0.739%, due 02/25/36 (PAC) (1)		33,654
	78,810	Federal National Mortgage Association (07-64-FA), 0.909%, due 07/25/37 (1)		79,594
	93,060	Federal National Mortgage Association (07-67-FA), 0.689%, due 04/25/37 (1)		93,011
	14,887	Federal National Mortgage Association (08-47-PF), 0.939%, due 06/25/38 (PAC) (1)		14,952
	46,426	Federal National Mortgage Association (09-33-FB), 1.259%, due 03/25/37 (1)		47,125
	101,887	Federal National Mortgage Association (11-75-HP), 2.5%, due 07/25/40 (PAC)		103,570
	24,813	Federal National Mortgage Association, Pool #254548, 5.5%, due 12/01/32		28,064
	54,499	Federal National Mortgage Association, Pool #600187, 7%, due 07/01/31		63,326

See accompanying notes to financial statements.

43

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Principal Amount		Fixed Income Securities	Value
		Residential Mortgage-Backed Securities — Agency (Continued)
$	37,638	Federal National Mortgage Association, Pool #995364, 6%, due 10/01/38	$	43,389
	15,712	Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40		17,944
	56,227	Government National Mortgage Association (10-108-PF), 0.839%, due 02/20/38 (PAC) (1)		56,371
	46,151	Government National Mortgage Association (10-2-FA), 0.939%, due 05/20/37 (1)		46,212
	110,881	Government National Mortgage Association (12-13-KF), 0.739%, due 07/20/38 (1)		110,997
	25,463	Government National Mortgage Association II, Pool #80022, 2%, due 12/20/26 (1)		26,342
	17,702	Government National Mortgage Association II, Pool #80636, 1.875%, due 09/20/32 (1)		18,357
	11,725	Government National Mortgage Association II, Pool #80757, 1.875%, due 10/20/33 (1)		11,963
	106,590	Government National Mortgage Association II, Pool #80797, 1.75%, due 01/20/34 (1)		110,563
	40,097	Government National Mortgage Association II, Pool #80937, 1.75%, due 06/20/34 (1)		41,715
		Total Residential Mortgage-Backed Securities — Agency (Cost: $2,092,876)		2,106,826
		Residential Mortgage-Backed Securities — Non-Agency (3.0%)
	8,161	Bear Stearns Asset-Backed Securities Trust (05-SD1-1A3), 0.839%, due 08/25/43 (1)		8,063
	135,518	Credit Suisse First Boston Mortgage Securities Corp. (02-AR31-6A1), 2.584%, due 11/25/32 (1)		135,423
	32,719	First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C), 1.439%, due 08/25/34 (1)		30,820
	15,008	Homestar Mortgage Acceptance Corp. (04-5-A1), 0.889%, due 10/25/34 (1)		14,811
	15,628	JPMorgan Mortgage Acquisition Corp. (05-WMC1-M1), 1.069%, due 09/25/35 (1)		15,537
	21,807	Morgan Stanley Mortgage Loan Trust (04-6AR-1A), 1.339%, due 07/25/34 (1)		21,115
	5,540	Residential Accredit Loans, Inc. (02-QS16-A2), 0.989%, due 10/25/17 (1)		5,495
		Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $226,920)		231,264
		Corporate Bonds (26.0%)
		Airlines (2.5%)
	87,493	Continental Airlines, Inc. Pass-Through Certificates (99-1-A), 6.545%, due 08/02/20 (EETC)		93,125
	50,000	JetBlue Airways Corp. Pass-Through Trust, (04-2-G2), 1.067%, due 05/15/18 (1) (EETC)		49,813
	48,478	United Airlines, Inc. Pass-Through Trust, (09-2A), 9.75%, due 07/15/18 (EETC)		50,752
		Total Airlines		193,690
		Banks (7.4%)
	250,000	Bank of America N.A., 0.914%, due 06/15/16 (1)		249,971
	30,000	Barclays PLC (United Kingdom), 3.25%, due 01/12/21		30,212
	25,000	Capital One N.A., 2.35%, due 08/17/18		25,341
	75,000	Citigroup, Inc., 1.598%, due 07/25/16 (1)		75,123
	20,000	Goldman Sachs Group, Inc. (The), 2.875%, due 02/25/21		20,352
	50,000	Goldman Sachs Group, Inc. (The), 7.5%, due 02/15/19		57,425
	15,000	Macquarie Bank, Ltd. (Australia), (144A), 1.249%, due 10/27/17 (1)(2)		14,959
	65,000	Morgan Stanley, 1.369%, due 01/05/18 (1)		64,802
	25,000	Royal Bank of Scotland Group PLC (United Kingdom), 6.4%, due 10/21/19		27,965
		Total Banks		566,150
		Beverages (0.5%)
	35,000	Anheuser-Busch InBev Finance, Inc., 1.9%, due 02/01/19		35,518

See accompanying notes to financial statements.

44

TCW Short Term Bond Fund

April 30, 2016

Principal Amount		Fixed Income Securities	Value
		Biotechnology (0.3%)
$	25,000	Amgen, Inc., 2.3%, due 06/15/16	$	25,044
		Computers (0.4%)
	30,000	Apple, Inc., 1.7%, due 02/22/19		30,417
		Electric (1.1%)
	30,000	Duke Energy Progress LLC, 0.836%, due 03/06/17 (1)		29,960
	50,000	Oncor Electric Delivery Co. LLC, 6.8%, due 09/01/18		55,723
		Total Electric		85,683
		Healthcare-Services (1.7%)
	85,000	Providence Health & Services Obligated Group, 1.575%, due 10/01/17 (1)		85,288
	45,000	UnitedHealth Group, Inc., 1.083%, due 01/17/17 (1)		45,072
		Total Healthcare-Services		130,360
		Insurance (0.3%)
	25,000	Reliance Standard Life Global Funding II, (144A), 2.15%, due 10/15/18 (2)		25,096
		Miscellaneous Manufacturers (1.0%)
	75,000	General Electric Capital Corp., 1.281%, due 07/12/16 (1)		75,106
		Pharmaceuticals (0.7%)
	50,000	Mylan, Inc., 1.8%, due 06/24/16		50,016
		Real Estate (0.7%)
	50,000	Post Apartment Homes, LP, 4.75%, due 10/15/17		51,625
		REIT (8.3%)
	75,000	ARC Properties Operating Partnership LP / Clark Acquisition LLC, 2%, due 02/06/17		75,263
	50,000	Duke Realty LP, 5.95%, due 02/15/17		51,699
	50,000	Essex Portfolio LP, 5.5%, due 03/15/17		51,695
	75,000	HCP, Inc., 6%, due 01/30/17		77,345
	20,000	Highwoods Realty LP, 5.85%, due 03/15/17		20,710
	50,000	SL Green Realty Corp., 5%, due 08/15/18		52,424
	75,000	Ventas Realty LP, 1.55%, due 09/26/16		75,127
	200,000	WEA Finance LLC / Westfield UK & Europe Finance PLC (Australia), (144A), 1.75%, due 09/15/17 (2)		199,796
	35,000	Welltower, Inc., 2.25%, due 03/15/18		35,327
		Total REIT		639,386
		Telecommunications (1.1%)
	87,000	Verizon Communications, Inc., 2.164%, due 09/15/16 (1)		87,411
		Total Corporate Bonds (Cost: $2,016,149)		1,995,502
		U.S. Treasury Securities (10.6%)
	200,000	U.S. Treasury Note, 0.388%, due 10/31/17 (1)		200,230
	200,000	U.S. Treasury Note, 0.5%, due 01/31/17		199,976
	409,000	U.S. Treasury Note, 0.875%, due 07/15/17		410,134
		Total U.S. Treasury Securities (Cost: $808,580)		810,340
		Total Fixed Income Securities (Cost: $5,643,885) (73.8%)		5,668,667

See accompanying notes to financial statements.

45

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Money Market Investments	Value
	114,545	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (3)	$	114,545
		Total Money Market Investments (Cost: $114,545) (1.5%)		114,545
Principal Amount		Short-Term Investments
		Discount Notes (Cost: $399,967)(5.2%)
$	400,000	Federal Home Loan Bank, 0.339%, due 05/10/16 (4)		399,978
		U.S. Treasury Securities (20.0%)
	100,000	U.S. Treasury Bill, 0.116%, due 05/12/16 (4)		99,996
	190,000	U.S. Treasury Bill, 0.228%, due 08/04/16 (4)		189,886
	150,000	U.S. Treasury Bill, 0.245%, due 08/18/16 (4)		149,890
	120,000	U.S. Treasury Bill, 0.245%, due 08/18/16 (4)		119,912
	80,000	U.S. Treasury Bill, 0.322%, due 10/06/16 (4)		79,888
	50,000	U.S. Treasury Bill, 0.322%, due 10/06/16 (4)		49,930
	500,000	U.S. Treasury Bill, 0.322%, due 10/06/16 (4)		499,300
	350,000	U.S. Treasury Bill, 0.344%, due 10/13/16 (4)		349,454
		Total U.S. Treasury Securities (Cost: $1,537,994)		1,538,256
		Total Short-Term Investments (Cost: $1,937,961) (25.2%)		1,938,234
		Total Investments (Cost: $7,696,391) (100.5%)		7,721,446
		Liabilities in Excess of Other Assets (-0.5%)		(41,104	)
		Net Assets (100.0%)	$	7,680,342

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, 2016.

(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, 2016, the value of these securities amounted to $263,607 or 3.4% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(3) Rate disclosed is the 7-day net yield as of April 30, 2016.

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

See accompanying notes to financial statements.

46

TCW Short Term Bond Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Airlines		2.5	%
Banks		7.4
Beverages		0.5
Biotechnology		0.3
Commercial Mortgage-Backed Securities — Agency		3.6
Commercial Mortgage-Backed Securities — Non-Agency		3.2
Computers		0.4
Electric		1.1
Healthcare-Services		1.7
Insurance		0.3
Miscellaneous Manufacturers		1.0
Pharmaceuticals		0.7
Real Estate		0.7
REIT		8.3
Residential Mortgage-Backed Securities — Agency		27.4
Residential Mortgage-Backed Securities — Non-Agency		3.0
Telecommunications		1.1
U.S. Treasury Securities		10.6
Money Market Investments		1.5
Discount Notes		5.2
U.S. Treasury Bills		20.0
Total		100.5	%

See accompanying notes to financial statements.

47

TCW Total Return Bond Fund

Schedule of Investments (Unaudited)

	Principal Amount		Fixed Income Securities	Value
			Asset-Backed Securities (3.9% of Net Assets)
$		9,151,327	321 Henderson Receivables I LLC (13-3A-A), (144A), 4.08%, due 01/17/73 (1)	$	9,482,774
		20,000,000	Academic Loan Funding Trust (12-1A-A2), (144A), 1.539%, due 12/27/44 (1)(2)		19,415,832
		7,200,455	ACE Securities Corp. Home Equity Loan Trust (05-HE7-A2D), 1.099%, due 11/25/35 (2)		7,158,933
		14,948,800	Ameriquest Mortgage Securities Trust (06-R2-A1), 0.614%, due 04/25/36 (2)		14,878,390
		18,700,000	Brazos Higher Education Authority, Inc. (11-1-A3), 1.679%, due 11/25/33 (2)		18,270,095
		11,775,000	Brazos Higher Education Authority, Inc. (11-2-A3), 1.638%, due 10/27/36 (2)		11,419,622
		7,225,000	EFS Volunteer No 2 LLC (12-1-A2), (144A), 1.789%, due 03/25/36 (1)(2)		7,050,287
		17,750,000	EFS Volunteer No 3 LLC (12-1-A3), (144A), 1.439%, due 04/25/33 (1)(2)		17,083,709
		11,000,000	Flagship CLO (14-8A-A), (144A), 2.193%, due 01/16/26 (1)(2)		10,887,008
		2,293,817	GE Business Loan Trust (04-2A-A), (144A), 0.653%, due 12/15/32 (1)(2)		2,261,992
		13,501,125	Global SC Finance SRL (14-1A-A2), (144A), 3.09%, due 07/17/29 (1)		12,658,825
		18,000,000	Montana Higher Education Student Assistance Corp. (12-1-A3), 1.489%, due 07/20/43 (2)		16,996,314
		2,709,607	National Collegiate Student Loan Trust (06-3-A3), 0.589%, due 10/25/27 (2)		2,695,942
		33,696,648	Navient Student Loan Trust (14-2-A), 1.079%, due 03/25/83 (2)		31,830,699
		33,978,686	Navient Student Loan Trust (14-3-A), 1.059%, due 03/25/83 (2)		32,154,695
		19,326,218	Navient Student Loan Trust (14-4-A), 1.059%, due 03/25/83 (2)		18,281,342
		30,185,000	Nelnet Student Loan Trust (14-4A-A2), (144A), 1.389%, due 11/25/43 (1)(2)		27,149,553
		3,547,031	SLM Student Loan Trust (04-8-B), 1.098%, due 01/25/40 (2)		3,055,354
		7,534,000	SLM Student Loan Trust (05-5-A5), 1.388%, due 10/25/40 (2)		6,832,617
		5,877,572	SLM Student Loan Trust (07-6-B), 1.488%, due 04/27/43 (2)		5,010,800
		4,188,761	SLM Student Loan Trust (07-8-B), 1.638%, due 04/27/43 (2)		3,506,184
		7,405,000	SLM Student Loan Trust (08-2-B), 1.838%, due 01/25/83 (2)		6,188,497
		6,549,000	SLM Student Loan Trust (08-3-B), 1.838%, due 04/26/83 (2)		5,484,273
		3,270,000	SLM Student Loan Trust (08-4-B), 2.488%, due 04/25/29 (2)		2,984,202
		16,200,000	SLM Student Loan Trust (08-5-B), 2.488%, due 07/25/29 (2)		14,620,925
		6,380,000	SLM Student Loan Trust (08-6-B), 2.488%, due 07/26/83 (2)		5,879,158
		6,380,000	SLM Student Loan Trust (08-7-B), 2.488%, due 07/26/83 (2)		5,646,538
		5,696,000	SLM Student Loan Trust (08-8-B), 2.888%, due 10/25/29 (2)		5,437,232
		15,950,000	SLM Student Loan Trust (08-9-B), 2.888%, due 10/25/29 (2)		15,131,546
		11,800,000	SLM Student Loan Trust (11-1-A2), 1.589%, due 10/25/34 (2)		11,328,765
		17,780,000	SLM Student Loan Trust (11-2-A2), 1.639%, due 10/25/34 (2)		17,135,777
		18,760,000	Voya CLO, Ltd. (14-2A-A1), (144A), 2.083%, due 07/17/26 (1)(2)		18,686,086
			Total Asset-Backed Securities (Cost: $399,398,716)		386,603,966
			Commercial Mortgage-Backed Securities — Agency (3.3%)
		45,330,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K005-A2), 4.317%, due 11/25/19		49,390,806
		24,280,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K007-A2), 4.224%, due 03/25/20		26,562,694
		42,420,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K151-A3), 3.511%, due 04/25/30		45,356,236
		2,615,711	Federal National Mortgage Association, Pool #AE0918, 3.664%, due 10/01/20		2,800,759
		18,842,371	Federal National Mortgage Association, Pool #AL0290, 4.447%, due 04/01/21		20,952,869
		20,237,250	Federal National Mortgage Association, Pool #AL0600, 4.302%, due 07/01/21		22,461,090
		15,689,207	Federal National Mortgage Association, Pool #AL2660, 2.63%, due 10/01/22		16,256,372

See accompanying notes to financial statements.

48

TCW Total Return Bond Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Commercial Mortgage-Backed Securities — Agency (Continued)
$		44,041,392	Federal National Mortgage Association, Pool #AL3366, 2.437%, due 02/01/23	$	45,158,886
		10,728,234	Federal National Mortgage Association, Pool #FN0003, 4.283%, due 01/01/21		11,806,685
		47,641,063	Federal National Mortgage Association (12-M12-1A), 2.937%, due 08/25/22 (ACES) (2)		49,456,931
		34,203,137	Federal National Mortgage Association (12-M15-A), 2.744%, due 10/25/22 (ACES) (2)		35,181,087
			Total Commercial Mortgage-Backed Securities — Agency (Cost: $324,944,105)		325,384,415
			Commercial Mortgage-Backed Securities — Non-Agency (0.6%)
		6,440,000	COMM Mortgage Trust (12-LC4-A4), 3.288%, due 12/10/44		6,825,775
		10,301,320	DBRR Trust (11-LC2-A4A), (144A), 4.537%, due 07/12/44 (1)(2)		11,289,451
		17,505,000	GS Mortgage Securities Corp. II (11-GC5-A4), 3.707%, due 08/10/44		18,816,535
		3,460,000	Morgan Stanley Capital I Trust (11-C3-A4), 4.118%, due 07/15/49		3,776,403
		17,835,000	WF-RBS Commercial Mortgage Trust (11-C5-A4), 3.667%, due 11/15/44		19,187,740
			Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $56,270,229)		59,895,904
			Residential Mortgage-Backed Securities — Agency (48.8%)
		227,236	Federal Home Loan Mortgage Corp. (1829-ZB), 6.5%, due 03/15/26		248,325
		319,144	Federal Home Loan Mortgage Corp. (2367-ZK), 6%, due 10/15/31		361,602
		4,131,001	Federal Home Loan Mortgage Corp. (2514-PZ), 5.5%, due 10/15/32 (PAC)		4,618,627
		10,078,679	Federal Home Loan Mortgage Corp. (2571-PZ), 5.5%, due 02/15/33 (PAC)		11,201,256
		1,031,461	Federal Home Loan Mortgage Corp. (2642-AR), 4.5%, due 07/15/23		1,093,775
		805,643	Federal Home Loan Mortgage Corp. (2647-OV), 0%, due 07/15/33 (P/O) (3)		775,418
		4,220,008	Federal Home Loan Mortgage Corp. (2662-MT), 4.5%, due 08/15/33 (TAC)		4,484,609
		2,340,333	Federal Home Loan Mortgage Corp. (2666-BD), 4.5%, due 08/15/23		2,482,206
		3,313,940	Federal Home Loan Mortgage Corp. (2700-B), 4.5%, due 11/15/23		3,524,987
		33,452,886	Federal Home Loan Mortgage Corp. (2752-GZ), 5%, due 02/15/34 (PAC)		37,124,135
		52,496,917	Federal Home Loan Mortgage Corp. (277-30), 3%, due 09/15/42		53,636,347
		899,178	Federal Home Loan Mortgage Corp. (2882-JH), 4.5%, due 10/15/34 (PAC)		947,014
		647,705	Federal Home Loan Mortgage Corp. (2903-PO), 0%, due 11/15/23 (P/O) (3)		631,067
		4,294,131	Federal Home Loan Mortgage Corp. (3045-HZ), 4.5%, due 10/15/35		4,602,668
		47,386,806	Federal Home Loan Mortgage Corp. (3063-YG), 5.5%, due 11/15/35 (PAC)		52,926,989
		36,348,858	Federal Home Loan Mortgage Corp. (3114-KZ), 5%, due 02/15/36		40,181,096
		9,765,131	Federal Home Loan Mortgage Corp. (3146-GE), 5.5%, due 04/15/26		10,721,225
		9,170,919	Federal Home Loan Mortgage Corp. (3149-OD), 0%, due 05/15/36 (P/O) (PAC) (3)		8,244,167
		6,754,962	Federal Home Loan Mortgage Corp. (3315-S), 5.977%, due 05/15/37 (I/O) (I/F) (2)		891,339
		5,956,984	Federal Home Loan Mortgage Corp. (3376-SX), 5.607%, due 10/15/37 (I/O) (I/F) (2)		1,073,476
		8,742,476	Federal Home Loan Mortgage Corp. (3410-IS), 5.837%, due 02/15/38 (I/O) (I/F)(2)		1,359,010
		7,636,406	Federal Home Loan Mortgage Corp. (3424-BI), 6.367%, due 04/15/38 (I/O) (I/F) (2)		1,666,832
		7,964,490	Federal Home Loan Mortgage Corp. (3512-AY), 4%, due 02/15/24		8,293,958
		2,268,836	Federal Home Loan Mortgage Corp. (3519-SH), 5.067%, due 07/15/37 (I/O) (I/F) (2)		291,058
		13,188,305	Federal Home Loan Mortgage Corp. (3531-SC), 5.867%, due 05/15/39 (I/O) (I/F) (2)		1,776,939
		3,235,182	Federal Home Loan Mortgage Corp. (3541-SA), 6.317%, due 06/15/39 (I/O) (I/F) (2)		587,541

See accompanying notes to financial statements.

49

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		12,596,297	Federal Home Loan Mortgage Corp. (3550-GS), 6.317%, due 07/15/39 (I/O) (I/F) (2)	$	2,700,306
		5,284,131	Federal Home Loan Mortgage Corp. (3551-VZ), 5.5%, due 12/15/32		5,872,836
		11,107,789	Federal Home Loan Mortgage Corp. (3557-KB), 4.5%, due 07/15/29		11,991,360
		25,218,640	Federal Home Loan Mortgage Corp. (3557-NB), 4.5%, due 07/15/29		27,268,235
		12,502,616	Federal Home Loan Mortgage Corp. (3558-KB), 4%, due 08/15/29		13,374,615
		18,498,349	Federal Home Loan Mortgage Corp. (3565-XB), 4%, due 08/15/24		19,697,213
		1,407,549	Federal Home Loan Mortgage Corp. (3575-D), 4.5%, due 03/15/37		1,522,298
		20,115,000	Federal Home Loan Mortgage Corp. (3626-MD), 5%, due 01/15/38 (PAC)		22,061,472
		20,025,406	Federal Home Loan Mortgage Corp. (3719-PJ), 4.5%, due 09/15/40 (PAC)		22,956,681
		33,717,332	Federal Home Loan Mortgage Corp. (3770-ZB), 5%, due 12/15/40		38,006,987
		16,163,065	Federal Home Loan Mortgage Corp. (3788-SB), 6.047%, due 01/15/41 (I/O) (I/F) (2)		3,253,539
		4,131,282	Federal Home Loan Mortgage Corp. (3885-PO), 0%, due 11/15/33 (P/O) (PAC) (3)		3,799,737
		10,470,000	Federal Home Loan Mortgage Corp. (3930-KE), 4%, due 09/15/41 (PAC)		11,818,412
		7,014,901	Federal Home Loan Mortgage Corp. (4030-HS), 6.177%, due 04/15/42 (I/O) (I/F) (2)		1,392,836
		9,101,697	Federal Home Loan Mortgage Corp. (R002-ZA), 5.5%, due 06/15/35		10,177,454
		6,620,632	Federal Home Loan Mortgage Corp., Pool #A88591, 5%, due 09/01/39		7,359,110
		35,684,714	Federal Home Loan Mortgage Corp., Pool #A91162, 5%, due 02/01/40		40,277,450
		10,558,832	Federal Home Loan Mortgage Corp., Pool #A92195, 5%, due 05/01/40		11,839,636
		23,791,132	Federal Home Loan Mortgage Corp., Pool #A97038, 4%, due 02/01/41		25,713,957
		4,527	Federal Home Loan Mortgage Corp., Pool #B15322, 5%, due 07/01/19		4,665
		6,847	Federal Home Loan Mortgage Corp., Pool #B15490, 5%, due 07/01/19		7,055
		37,181	Federal Home Loan Mortgage Corp., Pool #B15557, 5%, due 07/01/19		38,681
		13,502	Federal Home Loan Mortgage Corp., Pool #B15802, 5%, due 07/01/19		13,910
		65,204	Federal Home Loan Mortgage Corp., Pool #C90552, 6%, due 06/01/22		72,867
		246,451	Federal Home Loan Mortgage Corp., Pool #G01959, 5%, due 12/01/35		273,302
		40,685,215	Federal Home Loan Mortgage Corp., Pool #G06173, 4%, due 11/01/40		44,322,149
		12,421,720	Federal Home Loan Mortgage Corp., Pool #G07556, 4%, due 11/01/43		13,546,468
		46,047,661	Federal Home Loan Mortgage Corp., Pool #G07786, 4%, due 08/01/44		49,998,251
		95,181,076	Federal Home Loan Mortgage Corp., Pool #G07848, 3.5%, due 04/01/44		100,788,267
		76,584,515	Federal Home Loan Mortgage Corp., Pool #G07924, 3.5%, due 01/01/45		80,844,045
		60,076,355	Federal Home Loan Mortgage Corp., Pool #G08677, 4%, due 11/01/45		64,251,312
		73,707,591	Federal Home Loan Mortgage Corp., Pool #G08681, 3.5%, due 12/01/45		77,296,829
		53,382,203	Federal Home Loan Mortgage Corp., Pool #G08682, 4%, due 12/01/45		57,092,064
		29,487,513	Federal Home Loan Mortgage Corp., Pool #G08686, 3%, due 01/01/46		30,226,406
		149,266,220	Federal Home Loan Mortgage Corp., Pool #G08687, 3.5%, due 01/01/46		156,534,835
		85,017,774	Federal Home Loan Mortgage Corp., Pool #G08688, 4%, due 01/01/46		90,924,073
		87,398,978	Federal Home Loan Mortgage Corp., Pool #G08692, 3%, due 02/01/46		89,582,016
		158,983,697	Federal Home Loan Mortgage Corp., Pool #G08693, 3.5%, due 02/01/46		166,725,510
		65,310,690	Federal Home Loan Mortgage Corp., Pool #G08694, 4%, due 02/01/46		69,847,943
		142,423,176	Federal Home Loan Mortgage Corp., Pool #G08697, 3%, due 03/01/46		146,048,959
		12,832,327	Federal Home Loan Mortgage Corp., Pool #G08698, 3.5%, due 03/01/46		13,457,205
		45,966,759	Federal Home Loan Mortgage Corp., Pool #G08699, 4%, due 03/01/46 (4)		49,241,896
		44,470,000	Federal Home Loan Mortgage Corp., Pool #G08701, 3%, due 04/01/46		45,602,055

See accompanying notes to financial statements.

50

TCW Total Return Bond Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		133,740,000	Federal Home Loan Mortgage Corp., Pool #G08702, 3.5%, due 04/01/46 (4)	$	140,252,555
		336,148	Federal Home Loan Mortgage Corp., Pool #G11678, 4.5%, due 04/01/20		348,191
		976,759	Federal Home Loan Mortgage Corp., Pool #G12635, 5.5%, due 03/01/22		1,025,019
		1,041,909	Federal Home Loan Mortgage Corp., Pool #G12702, 4.5%, due 09/01/20		1,073,553
		1,467,002	Federal Home Loan Mortgage Corp., Pool #G13390, 6%, due 01/01/24		1,609,387
		59,225,860	Federal Home Loan Mortgage Corp., Pool #G18592, 3%, due 03/01/31		62,010,209
		18,749	Federal Home Loan Mortgage Corp., Pool #G30194, 6.5%, due 04/01/21		20,984
		2,881,922	Federal Home Loan Mortgage Corp., Pool #G30450, 6%, due 01/01/29		3,280,516
		3,118,823	Federal Home Loan Mortgage Corp., Pool #G30452, 6%, due 10/01/28		3,552,354
		4,660,235	Federal Home Loan Mortgage Corp., Pool #G30454, 5%, due 05/01/29		5,133,233
		79,354,358	Federal Home Loan Mortgage Corp., Pool #G60080, 3.5%, due 06/01/45		83,767,942
		88,731,888	Federal Home Loan Mortgage Corp., Pool #G60440, 3.5%, due 03/01/46		93,698,046
		633,942	Federal Home Loan Mortgage Corp., Pool #H82001, 5.5%, due 07/01/37		701,422
		5,893,109	Federal Home Loan Mortgage Corp., Pool #N70081, 5.5%, due 07/01/38		6,538,214
		6,282,261	Federal Home Loan Mortgage Corp., Pool #P51350, 5%, due 03/01/36		6,924,499
		34,324,863	Federal Home Loan Mortgage Corp., Pool #V80284, 3.5%, due 08/01/43		36,348,470
		45,996,835	Federal Home Loan Mortgage Corp., Pool #V80353, 3%, due 08/01/43		47,383,426
		380,540	Federal National Mortgage Association (01-40-Z), 6%, due 08/25/31		427,384
		873,434	Federal National Mortgage Association (03-117-TG), 4.75%, due 08/25/33 (PAC)		948,368
		1,007,713	Federal National Mortgage Association (04-52-SW), 6.661%, due 07/25/34 (I/O) (I/F) (2)		201,103
		2,425,286	Federal National Mortgage Association (04-65-LT), 4.5%, due 08/25/24		2,567,314
		2,606,163	Federal National Mortgage Association (04-68-LC), 5%, due 09/25/29		2,860,835
		9,386,585	Federal National Mortgage Association (05-117-LC), 5.5%, due 11/25/35 (PAC)		10,129,450
		512,911	Federal National Mortgage Association (05-74-CP), 23.141%, due 05/25/35 (I/F) (PAC) (2)		791,877
		3,626,570	Federal National Mortgage Association (07-20-SI), 6.011%, due 03/25/37 (I/O) (I/F) (2)		587,942
		3,541,577	Federal National Mortgage Association (07-21-SE), 6.001%, due 03/25/37 (I/O) (I/F) (2)		563,317
		4,146,094	Federal National Mortgage Association (07-56-SG), 5.971%, due 06/25/37 (I/O) (I/F) (2)		693,567
		10,542,910	Federal National Mortgage Association (07-58-SV), 6.311%, due 06/25/37 (I/O) (I/F) (2)		1,811,757
		2,537,523	Federal National Mortgage Association (07-65-S), 6.161%, due 07/25/37 (I/O) (I/F) (2)		442,729
		1,314,118	Federal National Mortgage Association (07-88-FY), 0.899%, due 09/25/37 (2)		1,319,991
		11,576,736	Federal National Mortgage Association (07-103-AI), 6.061%, due 03/25/37 (I/O) (I/F) (2)		1,549,092
		26,210,942	Federal National Mortgage Association (07-B2-ZA), 5.5%, due 06/25/37		29,696,295
		10,810,776	Federal National Mortgage Association (08-1-AI), 5.811%, due 05/25/37 (I/O) (I/F) (2)		2,075,180
		8,040,225	Federal National Mortgage Association (08-13-SB), 5.801%, due 03/25/38 (I/O) (I/F) (2)		1,460,363
		14,737,115	Federal National Mortgage Association (08-23-SB), 6.411%, due 04/25/38 (I/O) (I/F) (2)		2,796,359

See accompanying notes to financial statements.

51

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		1,560,817	Federal National Mortgage Association (08-35-SD), 6.011%, due 05/25/38 (I/O) (I/F) (2)	$	307,291
		21,546,985	Federal National Mortgage Association (08-66-SG), 5.631%, due 08/25/38 (I/O) (I/F) (2)		3,185,948
		8,344,679	Federal National Mortgage Association (08-68-SA), 5.531%, due 08/25/38 (I/O) (I/F) (2)		1,246,214
		5,327,918	Federal National Mortgage Association (09-3-SH), 5.017%, due 06/25/37 (I/O) (I/F) (2)		776,160
		2,085,435	Federal National Mortgage Association (09-47-SV), 6.311%, due 07/25/39 (I/O) (I/F) (2)		435,015
		8,205,393	Federal National Mortgage Association (09-51-SA), 6.311%, due 07/25/39 (I/O) (I/F) (2)		1,590,716
		4,114,767	Federal National Mortgage Association (09-6-SD), 5.111%, due 02/25/39 (I/O) (I/F) (2)		668,276
		10,537,429	Federal National Mortgage Association (09-68-KB), 4%, due 09/25/24		11,031,562
		24,117,397	Federal National Mortgage Association (09-71-LB), 4%, due 09/25/29		25,625,248
		31,445,450	Federal National Mortgage Association (09-72-AC), 4%, due 09/25/29		33,622,788
		2,309,533	Federal National Mortgage Association (09-72-JS), 6.811%, due 09/25/39 (I/O) (I/F) (2)		426,128
		20,937,000	Federal National Mortgage Association (10-136-CX), 4%, due 08/25/39 (PAC)		22,781,864
		50,000,000	Federal National Mortgage Association (11-111-DB), 4%, due 11/25/41		55,109,135
		11,738,000	Federal National Mortgage Association (12-128-UY), 2.5%, due 11/25/42 (PAC)		11,296,141
		43,657,879	Federal National Mortgage Association (12-133-GC), 2.5%, due 08/25/41 (PAC)		44,550,243
		18,346,977	Federal National Mortgage Association (12-153-PC), 2%, due 05/25/42 (PAC)		18,282,258
		10,454,770	Federal National Mortgage Association (13-101-BO), 0%, due 10/25/43 (P/O) (3)		8,419,500
		24,448,575	Federal National Mortgage Association (13-101-CO), 0%, due 10/25/43 (P/O) (3)		19,799,404
		25,523,827	Federal National Mortgage Association (13-21-EC), 2%, due 12/25/38 (I/O)		25,599,030
		21,400,000	Federal National Mortgage Association (13-95-PN), 3%, due 01/25/43 (PAC)		21,991,359
		106,846	Federal National Mortgage Association (93-202-SZ), 10%, due 11/25/23 (I/F) (PAC) (2)		122,068
		596,239	Federal National Mortgage Association (95-21-C), 0%, due 05/25/24 (P/O) (3)		566,589
		46,006	Federal National Mortgage Association (G92-29-J), 8%, due 07/25/22		51,814
		30,663	Federal National Mortgage Association, Pool #254442, 5.5%, due 09/01/17		31,365
		203,310	Federal National Mortgage Association, Pool #254634, 5.5%, due 02/01/23		227,694
		2,637,045	Federal National Mortgage Association, Pool #257536, 5%, due 01/01/29		2,916,164
		1,487,433	Federal National Mortgage Association, Pool #310033, 6%, due 07/01/47		1,679,308
		6,291,738	Federal National Mortgage Association, Pool #555424, 5.5%, due 05/01/33		7,101,560
		405,161	Federal National Mortgage Association, Pool #555811, 4%, due 10/01/18		421,986
		50,044	Federal National Mortgage Association, Pool #661856, 2.511%, due 10/01/32 (2)		49,903
		205,176	Federal National Mortgage Association, Pool #671133, 2.037%, due 02/01/33 (2)		212,258
		93,155	Federal National Mortgage Association, Pool #672272, 2.44%, due 12/01/32 (2)		97,877
		160,277	Federal National Mortgage Association, Pool #687847, 2.616%, due 02/01/33 (2)		169,451
		841,844	Federal National Mortgage Association, Pool #692104, 2.292%, due 02/01/33 (2)		872,131
		443,983	Federal National Mortgage Association, Pool #699866, 2.362%, due 04/01/33 (2)		464,214
		175,580	Federal National Mortgage Association, Pool #704454, 2.412%, due 05/01/33 (2)		181,991
		243,256	Federal National Mortgage Association, Pool #708820, 2.512%, due 06/01/33 (2)		243,904
		206,031	Federal National Mortgage Association, Pool #725275, 4%, due 03/01/19		214,587

See accompanying notes to financial statements.

52

TCW Total Return Bond Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Agency (Continued)
$		230,606	Federal National Mortgage Association, Pool #728824, 2.333%, due 07/01/33 (2)	$	244,719
		734,378	Federal National Mortgage Association, Pool #734384, 5.5%, due 07/01/33		813,099
		17,175	Federal National Mortgage Association, Pool #785677, 5%, due 07/01/19		17,926
		847,146	Federal National Mortgage Association, Pool #888593, 7%, due 06/01/37		996,612
		586,147	Federal National Mortgage Association, Pool #934103, 5%, due 07/01/38		630,758
		1,661,908	Federal National Mortgage Association, Pool #979563, 5%, due 04/01/28		1,837,813
		935,821	Federal National Mortgage Association, Pool #995040, 5%, due 06/01/23		1,003,804
		4,840,759	Federal National Mortgage Association, Pool #995425, 6%, due 01/01/24		5,321,991
		3,013,744	Federal National Mortgage Association, Pool #995573, 6%, due 01/01/49		3,336,387
		7,641,909	Federal National Mortgage Association, Pool #995953, 6%, due 11/01/28		8,706,587
		4,183,287	Federal National Mortgage Association, Pool #995954, 6%, due 03/01/29		4,766,106
		4,137,723	Federal National Mortgage Association, Pool #AA3303, 5.5%, due 06/01/38		4,630,981
		52,664,397	Federal National Mortgage Association, Pool #AB1617, 4%, due 10/01/40		57,406,249
		41,519,494	Federal National Mortgage Association, Pool #AB6210, 3%, due 09/01/42		42,690,270
		5,844,948	Federal National Mortgage Association, Pool #AC1602, 4.5%, due 09/01/29		6,464,841
		12,987,035	Federal National Mortgage Association, Pool #AE0588, 6%, due 08/01/37		14,959,600
		9,906,283	Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40		11,313,487
		7,222,141	Federal National Mortgage Association, Pool #AL1594, 6%, due 07/01/40		8,261,759
		61,319,511	Federal National Mortgage Association, Pool #AL4597, 4%, due 01/01/44		66,811,921
		15,219,769	Federal National Mortgage Association, Pool #MA0843, 4.5%, due 09/01/41		16,613,083
		65,847,454	Federal National Mortgage Association, Pool #MA1561, 3%, due 09/01/33		68,705,128
		49,082,576	Federal National Mortgage Association, Pool #MA1584, 3.5%, due 09/01/33		52,148,321
		54,997,792	Federal National Mortgage Association, Pool #MA1608, 3.5%, due 10/01/33		58,433,007
		194,755,000	Federal National Mortgage Association TBA, 2.5% (5)		200,160,176
		54,520,000	Federal National Mortgage Association TBA, 3% (5)		56,960,623
		84,645,000	Federal National Mortgage Association TBA, 3% (5)		86,777,650
		252,095,000	Federal National Mortgage Association TBA, 3.5% (5)		264,207,414
		229,420,000	Federal National Mortgage Association TBA, 4% (5)		245,156,778
		99,135,000	Federal National Mortgage Association TBA, 4.5% (5)		107,952,587
		1,200,778	Government National Mortgage Association (03-42-SH), 6.111%, due 05/20/33 (I/O) (I/F) (2)		245,630
		15,214,700	Government National Mortgage Association (11-70-BO), 0%, due 05/20/41 (P/O) (3)		12,639,083
		16,480,830	Government National Mortgage Association (15-42-ZB), 3%, due 03/20/45		16,256,165
		37,325,347	Government National Mortgage Association (15-43-DM), 2.5%, due 03/20/45		35,930,424
		11,152,724	Government National Mortgage Association (15-44-Z), 3%, due 03/20/45		11,092,604
		9,842,801	Government National Mortgage Association (15-52-EZ), 3%, due 04/16/45		9,565,910
		393,011	Government National Mortgage Association II, Pool #80963, 1.875%, due 07/20/34 (2)		406,411
		75,790,024	Government National Mortgage Association II, Pool #MA3377, 4%, due 01/20/46		81,095,329
		62,502,405	Government National Mortgage Association II, Pool #MA3454, 3.5%, due 02/20/46		66,193,950
		81,385,928	Government National Mortgage Association II, Pool #MA3520, 3%, due 03/20/46		84,435,167

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)
$		137,356,016	Government National Mortgage Association II, Pool #MA3521, 3.5%, due 03/20/46	$	145,468,599
		67,230,000	Government National Mortgage Association II, Pool #MA3596, 3%, due 04/20/46		69,748,867
		115,005,000	Government National Mortgage Association II TBA, 3.5% (5)		121,478,531
			Total Residential Mortgage-Backed Securities — Agency (Cost: $4,724,646,524)		4,810,416,997
			Residential Mortgage-Backed Securities — Non-Agency (20.3%)
		14,613,422	ACE Securities Corp. (06-ASP1-A2D), 0.749%, due 12/25/35 (2)		14,337,732
		18,245,446	ACE Securities Corp. (07-ASP1-A2C), 0.699%, due 03/25/37 (2)		10,826,164
		9,806,733	ACE Securities Corp. (07-ASP1-A2D), 0.819%, due 03/25/37 (2)		5,899,241
		1,963,488	Adjustable Rate Mortgage Trust (04-5-3A1), 2.835%, due 04/25/35 (2)		1,938,062
		19,119,098	Ameriquest Mortgage Securities, Inc. (05-R10-A2C), 0.769%, due 01/25/36 (2)		18,872,159
		4,604,683	Asset-Backed Funding Certificates (05-HE2-M2), 1.189%, due 06/25/35 (2)		4,574,374
		8,747,000	Asset-Backed Funding Certificates (07-NC1-A2), (144A), 0.739%, due 05/25/37 (1)(2)		6,316,725
		19,837,089	Asset-Backed Funding Certificates (07-WMC1-A2A), 1.189%, due 06/25/37 (2)		14,535,847
		994,901	Asset-Backed Securities Corp. Home Equity (05-HE5-M2), 1.099%, due 06/25/35 (2)		992,163
		43,421,959	Asset-Backed Securities Corp. Home Equity (07-HE1-A4), 0.579%, due 12/25/36 (2)		35,239,073
		2,257,612	Banc of America Alternative Loan Trust (03-3-A4), 5.75%, due 05/25/33		2,276,282
		737,444	Banc of America Alternative Loan Trust (03-4-1A5), 5.5%, due 06/25/33		734,244
		13,307,919	Banc of America Alternative Loan Trust (03-9-1CB5), 5.5%, due 11/25/33		13,615,938
		793,457	Banc of America Funding Corp. (04-B-3A1), 3.024%, due 12/20/34 (2)		410,533
		125,685	Banc of America Funding Corp. (06-D-2A1), 3.25%, due 05/20/36 (2)(6)		111,673
		6,266,327	Banc of America Funding Corp. (06-D-3A1), 2.985%, due 05/20/36 (2)(6)		5,524,614
		13,032,822	Banc of America Funding Corp. (06-G-2A1), 0.659%, due 07/20/36 (2)		12,132,650
		9,291,862	Banc of America Funding Corp. (15-R8-1A1), (144A), 1.161%, due 11/26/46 (1)(2)		8,741,214
		1,617,990	Banc of America Funding Trust (06-3-4A14), 6%, due 03/25/36		1,616,567
		6,705,782	Banc of America Funding Trust (06-3-5A3), 5.5%, due 03/25/36 (6)		6,260,529
		2,096,423	BCAP LLC Trust (07-AA1-1A2), 0.599%, due 02/25/47 (2)(6)		1,983,858
		25,358,785	BCAP LLC Trust (08-IND2-A1), 2.089%, due 04/25/38 (2)		25,025,634
		197,558	BCAP LLC Trust (09-RR1-21A1), (144A), 2.749%, due 11/26/34 (1)(2)		198,262
		898,942	BCAP LLC Trust (09-RR1-22A1), (144A), 2.794%, due 05/26/35 (1)(2)		901,338
		544,587	BCAP LLC Trust (09-RR1-23A1), (144A), 2.841%, due 05/26/35 (1)(2)		547,703
		882,090	BCAP LLC Trust (11-RR3-1A5), (144A), 2.908%, due 05/27/37 (1)(2)		876,480
		1,512,053	BCAP LLC Trust (11-RR3-5A3), (144A), 5.094%, due 11/27/37 (1)(2)		1,469,143
		5,539,481	BCAP LLC Trust (11-RR4-2A3), (144A), 3.248%, due 06/26/47 (1)(2)		5,507,184
		5,838,765	BCAP LLC Trust (11-RR4-3A3), (144A), 2.751%, due 07/26/36 (1)(2)		5,747,231
		7,260,369	BCAP LLC Trust (11-RR5-1A3), (144A), 2.533%, due 03/26/37 (1)(2)		7,161,374
		14,088,828	BCAP LLC Trust (11-RR9-7A1), (144A), 2.024%, due 04/26/37 (1)(2)		13,992,392
		4,940,265	BCAP LLC Trust (12-RR2-9A3), (144A), 2.874%, due 03/26/35 (1)(2)		4,922,767
		1,160,324	BCAP LLC Trust (12-RR7-1A1), (144A), 0.605%, due 08/26/36 (1)(2)		1,158,624
		9,885,571	BCAP LLC Trust (12-RR8-3A1), (144A), 2.708%, due 08/26/36 (1)(2)		9,779,994
		691,080	BCAP LLC Trust (12-RR8-5A3), (144A), 0.715%, due 05/26/37 (1)(2)		686,878
		3,104,143	BCAP LLC Trust (12-RR9-1A1), (144A), 0.615%, due 07/26/35 (1)(2)		3,045,572

See accompanying notes to financial statements.

54

TCW Total Return Bond Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		6,293,887	BCAP LLC Trust (13-RR2-6A1), (144A), 2.944%, due 06/26/37 (1)(2)	$	6,275,880
		1,966,297	Bear Stearns Alt-A Trust (04-13-A1), 1.179%, due 11/25/34 (2)		1,925,145
		7,620	Bear Stearns Alt-A Trust (05-2-2A4), 2.702%, due 04/25/35 (2)		7,260
		9,649,200	Bear Stearns Alt-A Trust (05-4-23A1), 2.893%, due 05/25/35 (2)		9,300,066
		761,884	Bear Stearns Alt-A Trust (06-4-32A1), 2.87%, due 07/25/36 (2)(6)		550,181
		1,453,745	Bear Stearns ARM Trust (04-12-1A1), 2.85%, due 02/25/35 (2)		1,319,786
		12,301,067	Bear Stearns ARM Trust (05-10-A3), 2.902%, due 10/25/35 (2)		12,173,426
		3,616,737	Bear Stearns ARM Trust (06-2-2A1), 2.973%, due 07/25/36 (2)(6)		3,132,561
		440,394	Bear Stearns ARM Trust (07-1-2A1), 2.93%, due 02/25/47 (2)(6)		364,371
		2,041,994	Bear Stearns ARM Trust (07-5-3A1), 4.565%, due 08/25/47 (2)(6)		1,875,679
		2,569,048	Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A3), 5.5%, due 09/25/35 (2)		2,569,581
		5,493,062	Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A4), 5.4%, due 09/25/35 (2)		5,488,990
		7,678,970	Bear Stearns Asset-Backed Securities I Trust (06-HE9-1A2), 0.589%, due 11/25/36 (2)		6,514,604
		913,941	Bear Stearns Mortgage Funding Trust (06-AR3-1A1), 0.619%, due 10/25/36 (2)		737,502
		981,297	BNC Mortgage Loan Trust (07-3-A2), 0.499%, due 07/25/37 (2)		979,686
		13,162,729	Carrington Mortgage Loan Trust (05-NC5-A3), 0.859%, due 10/25/35 (2)		12,857,690
		1,447,249	Chase Mortgage Finance Corp. (06-A1-2A1), 2.677%, due 09/25/36 (2)(6)		1,295,118
		7,773,552	Chase Mortgage Finance Corp. (07-A1-8A1), 2.763%, due 02/25/37 (2)		7,839,249
		4,784,729	Chaseflex Trust (05-1-1A5), 6.5%, due 02/25/35		4,599,184
		24,079,342	Chaseflex Trust (06-1-A3), 4.706%, due 06/25/36 (2)		23,916,330
		31,180,536	CIM Trust (15-3AG-A1), (144A), 2.188%, due 10/25/57 (1)(2)		30,806,067
		41,288,856	CIM Trust (15-4AG-A1), (144A), 2.438%, due 10/25/57 (1)(2)		40,507,180
		1,047,785	Citicorp Mortgage Securities Trust, Inc. (07-4-3A1), 5.5%, due 05/25/37		1,032,165
		5,133,369	Citicorp Residential Mortgage Trust, Inc. (06-2-A4), 5.775%, due 09/25/36		5,350,710
		7,602,756	Citigroup Mortgage Loan Trust, Inc. (06-AR5-1A1A), 2.816%, due 07/25/36 (2)(6)		6,608,765
		3,231,236	Citigroup Mortgage Loan Trust, Inc. (06-AR9-1A2), 0.609%, due 11/25/36 (2)		3,221,843
		3,819,918	Citigroup Mortgage Loan Trust, Inc. (06-WFH2-A2A), 0.589%, due 08/25/36 (2)		3,734,319
		4,904,809	Citigroup Mortgage Loan Trust, Inc. (07-12-2A1), (144A), 6.5%, due 10/25/36 (1)(6)		3,826,058
		3,619,246	Citigroup Mortgage Loan Trust, Inc. (08-AR4-1A1A), (144A), 2.984%, due 11/25/38 (1)(2)		3,647,598
		1,847,201	Citigroup Mortgage Loan Trust, Inc. (09-5-7A1), (144A), 0.785%, due 07/25/36 (1)(2)		1,780,207
		1,733,185	Citigroup Mortgage Loan Trust, Inc. (10-4-4A5), (144A), 5%, due 10/25/35 (1)		1,764,930
		6,905,598	Citigroup Mortgage Loan Trust, Inc. (14-10-2A1), (144A), 0.685%, due 07/25/37 (1)(2)		6,683,341
		2,146,497	Citigroup Mortgage Loan Trust, Inc. (14-2-3A1), (144A), 0.575%, due 08/25/37 (1)(2)		2,135,766
		1,107,201	CitiMortgage Alternative Loan Trust (05-A1-2A1), 5%, due 07/25/20		1,119,933
		4,782,692	Conseco Financial Corp. (99-2-A7), 6.44%, due 12/01/30		5,005,670
		1,034,573	Countrywide Alternative Loan Trust (05-20CB-4A1), 5.25%, due 07/25/20 (6)		1,021,517
		434,698	Countrywide Alternative Loan Trust (05-84-1A1), 2.759%, due 02/25/36 (2)(6)		333,539
		1,491,857	Countrywide Alternative Loan Trust (05-J1-2A1), 5.5%, due 02/25/25		1,491,305
		21,929,586	Countrywide Alternative Loan Trust (06-HY12-A5), 3.576%, due 08/25/36 (2)		20,924,002
		1,030,645	Countrywide Alternative Loan Trust (06-J3-3A1), 5.5%, due 04/25/21		1,038,455
		14,111,579	Countrywide Home Loans Mortgage Pass-Through Trust (04-13-1A3), 5.5%, due 08/25/34		14,786,556
		18,448,439	Countrywide Home Loans Mortgage Pass-Through Trust (05-9-1A1), 0.739%, due 05/25/35 (2)		15,862,717
		57,193	Countrywide Home Loans Mortgage Pass-Through Trust (05-HYB5-4A1), 2.781%, due 09/20/35 (2)(6)		50,704

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 — Non-Agency (Continued)
$		17,723	Countrywide Home Loans Mortgage Pass-Through Trust (07-HY5-1A1), 2.87%, due 09/25/47 (2)(6)	$	15,788
		68,036	Countrywide Home Loans Mortgage Pass-Through Trust (07-HYB1-1A1), 2.777%, due 03/25/37 (2)(6)		55,980
		83,710	Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA), 5.75%, due 04/22/33		85,554
		3,062,806	Credit Suisse First Boston Mortgage Securities Corp. (05-11-1A1), 6.5%, due 12/25/35 (6)		2,332,860
		12,109,410	Credit Suisse First Boston Mortgage Securities Corp. (05-12-1A1), 6.5%, due 01/25/36		8,398,344
		292,784	Credit Suisse Mortgage Capital Certificates (10-1R-7A1), (144A), 2.68%, due 07/27/36 (1)(2)		292,645
		14,221,418	Credit Suisse Mortgage Capital Certificates (15-5R-2A1), (144A), 0.715%, due 04/27/47 (1)(2)		13,659,183
		5,613,346	Credit Suisse Mortgage Trust (13-7R-4A1), (144A), 0.595%, due 07/26/36 (1)(2)		5,172,664
		5,157,540	Credit-Based Asset Servicing and Securitization LLC (06-CB1-AF2), 3.395%, due 01/25/36		3,820,804
		36,260,523	Credit-Based Asset Servicing and Securitization LLC (06-CB7-A4), 0.599%, due 10/25/36 (2)		24,390,579
		19,994,160	Credit-Based Asset Servicing and Securitization LLC (06-CB9-A4), 0.669%, due 11/25/36 (2)		10,879,902
		4,761,339	Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2B), 4.499%, due 02/25/37		3,446,705
		16,378,088	Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2C), 4.499%, due 02/25/37		11,854,496
		11,192,847	CSMC Mortgage-Backed Trust (06-8-3A1), 6%, due 10/25/21 (6)		10,787,549
		6,317,335	CSMC Mortgage-Backed Trust (06-9-5A1), 5.5%, due 11/25/36		6,061,806
		14,454,885	CSMC Mortgage-Backed Trust (07-2-3A4), 5.5%, due 03/25/37		13,235,620
		10,927,564	CSMC Mortgage-Backed Trust (14-11R-11A1), (144A), 2.188%, due 06/27/47 (1)(2)		10,932,930
		675,109	Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (06-AR6-A6), 0.629%, due 02/25/37 (2)(6)		505,713
		4,609,314	DSLA Mortgage Loan Trust (05-AR6-2A1A), 0.726%, due 10/19/45 (2)		3,904,423
		38,553,092	DSLA Mortgage Loan Trust (06-AR2-2A1A), 0.636%, due 10/19/36 (2)		31,144,576
		11,939,285	DSLA Mortgage Loan Trust (07-AR1-2A1A), 0.576%, due 04/19/47 (2)		9,535,427
		274,941	EquiFirst Mortgage Loan Trust (04-2-1A1), 0.999%, due 10/25/34 (2)		274,962
		5,486,729	Fieldstone Mortgage Investment Corp. (07-1-2A2), 0.709%, due 04/25/47 (2)		3,858,091
		33,868,302	First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2C), 0.599%, due 12/25/37 (2)		21,790,768
		19,874,738	First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2D), 0.649%, due 12/25/37 (2)		12,891,830
		6,951,053	First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2C), 0.573%, due 01/25/38 (2)		4,280,856
		29,151,986	First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2D), 0.653%, due 01/25/38 (2)		19,054,280
		5,068,000	First Franklin Mortgage Loan Trust (06-FF9-2A4), 0.689%, due 06/25/36 (2)		3,001,725
		8,078,893	First Horizon Alternative Mortgage Securities Trust (05-AA3-3A1), 2.706%, due 05/25/35 (2)		7,505,117

See accompanying notes to financial statements.

56

TCW Total Return Bond Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		5,704,083	First Horizon Alternative Mortgage Securities Trust (05-AA7-1A1), 2.495%, due 09/25/35 (2)(6)	$	4,843,625
		5,809,517	First Horizon Alternative Mortgage Securities Trust (05-AA7-2A1), 2.477%, due 09/25/35 (2)(6)		5,145,159
		19,693,463	First Horizon Alternative Mortgage Securities Trust (06-AA7-A1), 2.377%, due 01/25/37 (2)(6)		15,962,658
		15,007,692	Fremont Home Loan Trust (05-E-2A4), 0.769%, due 01/25/36 (2)		12,345,488
		5,205,138	Fremont Home Loan Trust (06-1-2A3), 0.619%, due 04/25/36 (2)		4,112,491
		4,546,152	GMAC Mortgage Loan Trust (05-AR5-2A1), 3.174%, due 09/19/35 (2)		4,019,632
		789,361	GreenPoint Mortgage Funding Trust (05-AR3-1A1), 0.679%, due 08/25/45 (2)		645,861
		15,162,196	GreenPoint Mortgage Funding Trust (06-AR5-A2A2), 0.589%, due 10/25/46 (2)(6)		14,816,818
		1,283,891	GS Mortgage Securities Corp. (09-1R-3A1), (144A), 2.853%, due 11/25/35 (1)(2)		1,294,525
		3,270,723	GSAA Home Equity Trust (05-7-AF5), 4.611%, due 05/25/35		3,389,532
		1,916,497	GSAA Home Equity Trust (05-9-2A3), 0.809%, due 08/25/35 (2)		1,871,983
		5,508,428	GSR Mortgage Loan Trust (04-9-3A1), 2.74%, due 08/25/34 (2)		5,475,453
		1,047,326	GSR Mortgage Loan Trust (05-4F-4A3), 5.5%, due 05/25/35		1,059,235
		21,289,455	GSR Mortgage Loan Trust (07-3F-3A7), 6%, due 05/25/37		20,417,675
		1,914,002	GSR Mortgage Loan Trust (07-AR2-2A1), 2.781%, due 05/25/37 (2)(6)		1,725,979
		3,278,413	GSR Mortgage Loan Trust (07-AR2-5A1A), 5.191%, due 05/25/37 (2)(6)		2,887,215
		3,728,491	Harborview Mortgage Loan Trust (05-9-2A1A), 0.779%, due 06/20/35 (2)		3,454,475
		26,935,817	Harborview Mortgage Loan Trust (06-8-2A1A), 0.631%, due 07/21/36 (2)		21,665,576
		6,109,054	Home Equity Asset Trust (05-8-2A4), 0.799%, due 02/25/36 (2)		6,075,870
		3,518,806	Homestar Mortgage Acceptance Corp. (04-3-AV2C), 1.019%, due 07/25/34 (2)		3,482,631
		975,724	Homestar Mortgage Acceptance Corp. (04-5-A1), 0.889%, due 10/25/34 (2)		962,910
		1,483,111	HSI Asset Loan Obligation Trust (07-2-2A12), 6%, due 09/25/37		1,355,485
		11,802	Impac CMB Trust (04-5-1A1), 1.159%, due 10/25/34 (2)		11,216
		1,828,960	Impac CMB Trust (05-1-1A1), 0.959%, due 04/25/35 (2)		1,652,827
		9,438,151	Impac CMB Trust (05-5-A2), 0.879%, due 08/25/35 (2)		8,205,329
		10,592,669	Indymac Index Mortgage Loan Trust (04-AR4-2A), 2.652%, due 08/25/34 (2)		10,435,896
		1,945,181	Indymac Index Mortgage Loan Trust (04-AR9-4A), 2.553%, due 11/25/34 (2)		1,775,816
		7,089,146	Indymac Index Mortgage Loan Trust (05-AR17-3A1), 2.589%, due 09/25/35 (2)(6)		6,095,703
		5,893,063	Indymac Index Mortgage Loan Trust (05-AR23-2A1), 2.67%, due 11/25/35 (2)(6)		5,002,535
		6,933,076	Indymac Index Mortgage Loan Trust (05-AR23-6A1), 2.94%, due 11/25/35 (2)(6)		5,652,100
		3,860,628	Indymac Index Mortgage Loan Trust (05-AR25-2A1), 2.756%, due 12/25/35 (2)(6)		3,412,561
		5,091,189	Indymac Index Mortgage Loan Trust (05-AR7-2A1), 2.61%, due 06/25/35 (2)		4,233,646
		6,516,007	Indymac Index Mortgage Loan Trust (06-AR19-4A1), 2.82%, due 08/25/36 (2)(6)		4,935,985
		13,540,347	Indymac Index Mortgage Loan Trust (06-AR39-A1), 0.619%, due 02/25/37 (2)		11,053,875
		31,834	Indymac Index Mortgage Loan Trust (07-AR11-1A1), 2.573%, due 06/25/37 (2)(6)		24,137
		24,118,578	Indymac Index Mortgage Loan Trust (07-AR5-2A1), 3.034%, due 05/25/37 (2)(6)		18,629,552
		5,999,633	Indymac Index Mortgage Loan Trust (07-AR7-1A1), 2.9%, due 11/25/37 (2)		5,588,075
		15,199,248	Indymac Index Mortgage Loan Trust (07-FLX1-A2), 0.619%, due 02/25/37 (2)		14,418,826
		453,569	Jefferies & Co., Inc. (09-R3-1A1), (144A), 2.595%, due 12/26/35 (1)(2)		453,954
		10,854,171	JPMorgan Alternative Loan Trust (06-A2-5A1), 3.462%, due 05/25/36 (2)(6)		7,469,164
		9,391,413	JPMorgan Alternative Loan Trust (06-A4-A8), 3.937%, due 09/25/36 (2)(6)		9,281,088
		9,071,283	JPMorgan Mortgage Acquisition Corp. (06-CH2-AF4), 5.763%, due 10/25/36		6,812,162
		29,015,000	JPMorgan Mortgage Acquisition Corp. (07-CH4-A4), 0.599%, due 01/25/36 (2)		26,890,501

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 — Non-Agency (Continued)
$		771,870	JPMorgan Mortgage Trust (05-A6-7A1), 2.739%, due 08/25/35 (2)	$	734,620
		5,200,980	JPMorgan Mortgage Trust (06-A2-5A3), 2.68%, due 11/25/33 (2)		5,164,613
		886,140	JPMorgan Mortgage Trust (06-A4-1A4), 2.848%, due 06/25/36 (2)(6)		796,603
		42,990	JPMorgan Mortgage Trust (06-A7-2A4R), 2.779%, due 01/25/37 (2)(6)		38,072
		1,650,122	JPMorgan Mortgage Trust (06-S2-2A2), 5.875%, due 06/25/21 (6)		1,577,644
		130,535	JPMorgan Resecuritization Trust Series (10-4-1A1), (144A), 2.807%, due 07/26/36 (1)(2)		130,381
		565,675	JPMorgan Resecuritization Trust Series (10-5-3A1), (144A), 2.543%, due 08/26/36 (1)(2)		564,381
		6,351,921	JPMorgan Resecuritization Trust Series (12-3-A3), (144A), 0.605%, due 11/26/36 (1)(2)		6,183,351
		9,556,315	JPMorgan Resecuritization Trust Series (14-6-3A1), (144A), 0.645%, due 07/27/46 (1)(2)		8,937,921
		1,127,035	Lehman Mortgage Trust (05-1-6A1), 5%, due 11/25/20		899,577
		3,643,905	Lehman Mortgage Trust (06-4-4A1), 6%, due 08/25/21 (6)		3,564,424
		2,012,301	Lehman Mortgage Trust (07-10-4A1), 6%, due 01/25/27 (6)		1,480,196
		24,076,706	Lehman XS Trust (06-10N-1A3A), 0.649%, due 07/25/46 (2)(6)		18,817,503
		3,134	Lehman XS Trust (06-12N-A2A1), 0.589%, due 08/25/46 (2)(6)		3,141
		8,284,296	Lehman XS Trust (06-12N-A31A), 0.639%, due 08/25/46 (2)(6)		6,308,417
		8,288,627	Lehman XS Trust (06-13-1A2), 0.609%, due 09/25/36 (2)		7,429,257
		17,326,016	Lehman XS Trust (06-9-A1B), 0.599%, due 05/25/46 (2)		14,873,600
		33	Lehman XS Trust (06-GP1-A2A), 0.609%, due 05/25/46 (2)(6)		33
		5,561,664	Lehman XS Trust (06-GP4-3A2A), 0.599%, due 08/25/46 (2)(6)		5,398,590
		404,745	Lehman XS Trust (07-4N-1A1), 0.563%, due 03/25/47 (2)(6)		402,607
		12,591,242	Long Beach Mortgage Loan Trust (06-WL1-1A3), 0.769%, due 01/25/46 (2)		11,889,379
		14,950,000	Long Beach Mortgage Loan Trust (06-WL1-2A4), 0.779%, due 01/25/46 (2)		12,263,877
		5,313,771	Luminent Mortgage Trust (07-2-1A3), 0.659%, due 05/25/37 (2)(6)		4,942,872
		9,523,809	Madison Avenue Manufactured Housing Contract (02-A-B1), 3.689%, due 03/25/32 (2)		9,706,119
		11,374,357	MASTR Adjustable Rate Mortgages Trust (04-9-M1), 1.019%, due 11/25/34 (2)		11,271,366
		218,059	MASTR Adjustable Rate Mortgages Trust (07-2-A2), 0.549%, due 03/25/47 (2)		214,598
		7,818,372	MASTR Alternative Loans Trust (05-4-1A1), 6.5%, due 05/25/35		7,720,002
		77,949	MASTR Alternative Loans Trust (06-2-2A1), 0.839%, due 03/25/36 (2)(6)		17,276
		168,878	MASTR Asset Securitization Trust (03-8-1A1), 5.5%, due 09/25/33		174,711
		70,091	MASTR Asset Securitization Trust (06-3-2A1), 0.889%, due 10/25/36 (2)(6)		39,763
		1,084,178	MASTR Asset-Backed Securities Trust (06-AB1-A2), 0.669%, due 02/25/36 (2)		1,082,633
		2,899,954	MASTR Asset-Backed Securities Trust (06-AB1-A4), 5.719%, due 02/25/36		2,831,440
		6,002,940	MASTR Asset-Backed Securities Trust (06-HE1-A4), 0.729%, due 01/25/36 (2)		5,801,012
		25,532,787	MASTR Asset-Backed Securities Trust (06-HE5-A3), 0.599%, due 11/25/36 (2)		15,799,949
		13,085	MASTR Seasoned Securitization Trust (04-1-4A1), 2.7%, due 10/25/32 (2)		12,962
		2,462,204	Merrill Lynch Alternative Note Asset Trust (07-A1-A2C), 0.669%, due 01/25/37 (2)		1,116,946
		1,266,558	Merrill Lynch Alternative Note Asset Trust (07-A1-A3), 0.599%, due 01/25/37 (2)		578,274
		9,664,295	Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2B), 0.609%, due 04/25/37 (2)		5,096,511
		33,820,951	Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2C), 0.689%, due 04/25/37 (2)		18,088,561
		8,335,366	Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2D), 0.779%, due 04/25/37 (2)		4,524,487

See accompanying notes to financial statements.

58

TCW Total Return Bond Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		7,632,141	Merrill Lynch First Franklin Mortgage Loan Trust (07-2-A2C), 0.679%, due 05/25/37 (2)	$	4,069,752
		3,739,465	Merrill Lynch First Franklin Mortgage Loan Trust (07-3-A2B), 0.569%, due 06/25/37 (2)		2,642,936
		46,002,315	Merrill Lynch First Franklin Mortgage Loan Trust (07-4-2A3), 0.599%, due 07/25/37 (2)		28,435,659
		3,441,931	Merrill Lynch Mortgage-Backed Securities Trust (07-2-1A1), 3.01%, due 08/25/36 (2)(6)		3,179,987
		4,319,827	Mid-State Trust (05-1-A), 5.745%, due 01/15/40		4,668,343
		1,068,505	Morgan Stanley ABS Capital I, Inc. Trust (04-NC8-M2), 1.399%, due 09/25/34 (2)		1,027,072
		5,687,000	Morgan Stanley ABS Capital I, Inc. Trust (05-HE3-M3), 1.234%, due 07/25/35 (2)		5,555,426
		3,008,562	Morgan Stanley Home Equity Loan Trust (05-2-M3), 1.114%, due 05/25/35 (2)		3,013,034
		4,742,188	Morgan Stanley Home Equity Loan Trust (06-2-A4), 0.719%, due 02/25/36 (2)		4,381,608
		4,752,731	Morgan Stanley Mortgage Loan Trust (05-6AR-1A1), 0.719%, due 11/25/35 (2)		4,594,370
		1,262,270	Morgan Stanley Mortgage Loan Trust (07-3XS-2A6), 5.763%, due 01/25/47		734,406
		4,537,028	Morgan Stanley Mortgage Loan Trust (07-7AX-2A1), 0.559%, due 04/25/37 (2)		2,138,949
		14,862,522	Morgan Stanley REREMIC Trust (13-R2-1A), (144A), 2.049%, due 10/26/36 (1)(2)		14,800,204
		3,400,060	Morgan Stanley REREMIC Trust (13-R3-12A), (144A), 2.916%, due 01/26/47 (1)(2)		3,383,671
		14,023,211	Morgan Stanley Resecuritization Trust (14-R2-2A), (144A), 2.189%, due 12/26/46 (1)(2)		14,058,646
		11,513,481	MortgageIT Trust (05-3-A1), 0.739%, due 08/25/35 (2)		10,642,645
		5,749,069	MortgageIT Trust (05-4-A1), 0.719%, due 10/25/35 (2)		5,250,571
		10,000,000	Nationstar Home Equity Loan Trust (07-B-2AV3), 0.689%, due 04/25/37 (2)		8,838,771
		7,490,800	New Century Home Equity Loan Trust (05-1-A1SS), 0.959%, due 03/25/35 (2)		7,486,262
		5,590,577	Nomura Resecuritization Trust (12-3R-1A1), (144A), 0.608%, due 01/26/37 (1)(2)		5,416,261
		15,622,926	Nomura Resecuritization Trust (15-1R-2A1), (144A), 0.872%, due 10/26/36 (1)(2)		15,513,114
		10,035,841	Nomura Resecuritization Trust (15-2R-1A1), (144A), 1.321%, due 08/26/46 (1)(2)		9,932,382
		16,589,266	Nomura Resecuritization Trust (15-4R-2A1), (144A), 0.575%, due 10/26/36 (1)(2)		16,036,435
		10,692,307	Nomura Resecuritization Trust (15-4R-3A1), (144A), 2.659%, due 01/26/36 (1)(2)		10,958,153
		17,888,180	Nomura Resecuritization Trust (15-5R-2A1), (144A), 2.711%, due 03/26/35 (1)(2)		18,184,986
		7,807,025	Nomura Resecuritization Trust (15-7R-2A1), (144A), 2.427%, due 08/26/36 (1)(2)		7,920,021
		4,222,983	Oakwood Mortgage Investors, Inc. (02-A-A4), 6.97%, due 03/15/32 (2)		4,562,860
		6,153,278	Oakwood Mortgage Investors, Inc. (99-E-A1), 7.608%, due 03/15/30 (2)		5,868,392
		13,183,970	Opteum Mortgage Acceptance Corp. (06-1-2A1), 5.75%, due 04/25/36 (2)		13,329,304
		927,561	Origen Manufactured Housing Contract Trust (05-A-B), 6.55%, due 06/15/36 (2)		1,000,813
		757,192	Origen Manufactured Housing Contract Trust (05-A-M2), 5.86%, due 06/15/36 (2)		816,659
		19,300,000	Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D), 0.709%, due 03/25/37 (2)		14,366,553
		21,550,076	Ownit Mortgage Loan Asset-Backed Certificates (06-6-A2C), 0.599%, due 09/25/37 (2)		12,677,659
		4,803,717	Park Place Securities, Inc. (05-WCH1-M2), 1.219%, due 01/25/36 (2)		4,789,511
		4,768,682	Prime Mortgage Trust (06-1-1A1), 5.5%, due 06/25/36 (6)		4,455,860
		5,965,385	RAAC Series Trust (05-SP1-4A1), 7%, due 09/25/34		6,442,141
		3,118,726	RAAC Series Trust (07-SP1-A3), 0.919%, due 03/25/37 (2)		3,025,303
		1,294,082	RALI Trust (05-QA13-2A1), 3.766%, due 12/25/35 (2)(6)		1,079,284
		5,598,160	RALI Trust (05-QA7-A21), 3.071%, due 07/25/35 (2)(6)		4,976,540

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)
$		11,163,072	RALI Trust (06-QA3-A1), 0.639%, due 04/25/36 (2)(6)	$	10,261,902
		9,858,370	Residential Accredit Loans, Inc. (05-QA8-CB21), 3.383%, due 07/25/35 (2)(6)		7,970,785
		1,856,893	Residential Accredit Loans, Inc. (05-QS7-A1), 5.5%, due 06/25/35 (6)		1,643,578
		31,524	Residential Accredit Loans, Inc. (06-QA1-A21), 3.931%, due 01/25/36 (2)(6)		24,957
		25,997,925	Residential Accredit Loans, Inc. (06-QA10-A2), 0.619%, due 12/25/36 (2)(6)		19,517,755
		38,435	Residential Accredit Loans, Inc. (06-QA2-1A1), 0.689%, due 02/25/36 (2)(6)		26,841
		8,927,227	Residential Accredit Loans, Inc. (06-QO1-3A1), 0.709%, due 02/25/46 (2)(6)		5,165,134
		68,980,332	Residential Accredit Loans, Inc. (06-QS10-AV), 0.565%, due 08/25/36 (I/O) (2)		1,663,488
		68,224,383	Residential Accredit Loans, Inc. (06-QS11-AV), 0.343%, due 08/25/36 (I/O) (2)		1,003,567
		5,679,987	Residential Accredit Loans, Inc. (06-QS5-A5), 6%, due 05/25/36 (6)		4,860,405
		93,478,329	Residential Accredit Loans, Inc. (06-QS6-1AV), 0.757%, due 06/25/36 (I/O) (2)		2,851,351
		20,256,789	Residential Accredit Loans, Inc. (06-QS7-AV), 0.646%, due 06/25/36 (I/O) (2)		488,248
		4,678,975	Residential Accredit Loans, Inc. (07-QS1-2AV), 0.164%, due 01/25/37 (I/O) (2)		33,861
		35,566,862	Residential Accredit Loans, Inc. (07-QS2-AV), 0.321%, due 01/25/37 (I/O) (2)		487,666
		135,005,852	Residential Accredit Loans, Inc. (07-QS3-AV), 0.334%, due 02/25/37 (I/O) (2)		2,035,551
		15,889,699	Residential Accredit Loans, Inc. (07-QS4-3AV), 0.381%, due 03/25/37 (I/O) (2)		221,685
		22,025,178	Residential Accredit Loans, Inc. (07-QS5-AV), 0.248%, due 03/25/37 (I/O) (2)		276,480
		5,095,420	Residential Accredit Loans, Inc. (07-QS6-A45), 5.75%, due 04/25/37 (6)		4,024,872
		32,328,447	Residential Accredit Loans, Inc. (07-QS8-AV), 0.394%, due 06/25/37 (I/O) (2)		480,653
		48,010	Residential Funding Mortgage Securities I (05-SA5-2A), 3.317%, due 11/25/35 (2)(6)		42,189
		3,300,574	Residential Funding Mortgage Securities I (06-S10-1A1), 6%, due 10/25/36 (6)		2,946,361
		1,115,352	Residential Funding Mortgage Securities I (06-S9-A3), 5.75%, due 09/25/36 (PAC) (6)		1,013,400
		12,782,792	Residential Funding Mortgage Securities I (07-S2-A9), 6%, due 02/25/37 (6)		11,645,521
		41,626	Residential Funding Mortgage Securities I (07-SA2-2A2), 3.398%, due 04/25/37 (2)(6)		35,420
		14,061,715	Saxon Asset Securities Trust (06-2-A2), 0.569%, due 09/25/36 (2)		13,479,779
		18,239,111	Saxon Asset Securities Trust (06-3-A3), 0.609%, due 10/25/46 (2)		14,997,387
		24,067,232	Saxon Asset Securities Trust (07-2-A2D), 0.739%, due 05/25/47 (2)		16,317,558
		3,742,736	Securitized Asset-Backed Receivables LLC Trust (07-BR1-A2C), 0.779%, due 02/25/37 (2)		2,059,380
		48,780,321	Securitized Asset-Backed Receivables LLC Trust (07-BR2-A2), 0.669%, due 02/25/37 (2)		24,064,127
		22,124,045	Securitized Asset-Backed Receivables LLC Trust (07-NC2-A2B), 0.579%, due 01/25/37 (2)		14,045,979
		1,300,885	Sequoia Mortgage Trust (03-8-A1), 1.079%, due 01/20/34 (2)		1,193,700
		3,775,976	SG Mortgage Securities Trust (05-OPT1-A3), 0.789%, due 10/25/35 (2)		3,751,837
		26,718,896	SG Mortgage Securities Trust (07-NC1-A2), (144A), 0.679%, due 12/25/36 (1)(2)		15,760,248
		11,843,122	Soundview Home Equity Loan Trust (06-2-A4), 0.709%, due 03/25/36 (2)		11,752,023
		10,400,000	Soundview Home Equity Loan Trust (06-OPT4-2A4), 0.669%, due 06/25/36 (2)		7,353,816
		4,000,000	Soundview Home Equity Loan Trust (07-OPT3-2A4), 0.689%, due 08/25/37 (2)		2,764,948
		1,297,279	Specialty Underwriting & Residential Finance (05-BC4-A2C), 0.789%, due 09/25/36 (2)		1,293,675
		24,216	Specialty Underwriting & Residential Finance (06-AB3-A2B), 0.589%, due 09/25/37 (2)		14,015
		3,973,525	Structured Adjustable Rate Mortgage Loan Trust (04-12-2A), 2.77%, due 09/25/34 (2)		3,915,463

See accompanying notes to financial statements.

60

TCW Total Return Bond Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Residential Mortgage-Backed Securities — Non-Agency (Continued)
$		6,710,922	Structured Adjustable Rate Mortgage Loan Trust (04-14-2A), 2.855%, due 10/25/34 (2)	$	6,844,562
		9,386,997	Structured Adjustable Rate Mortgage Loan Trust (05-16XS-A2A), 1.389%, due 08/25/35 (2)		9,182,848
		768,106	Structured Adjustable Rate Mortgage Loan Trust (06-2-5A1), 3.165%, due 03/25/36 (2)(6)		624,604
		3,099,935	Structured Adjustable Rate Mortgage Loan Trust (06-4-5A1), 3.51%, due 05/25/36 (2)(6)		2,613,268
		7,856,580	Structured Adjustable Rate Mortgage Loan Trust (06-5-1A1), 2.851%, due 06/25/36 (2)(6)		6,642,609
		5,685,832	Structured Adjustable Rate Mortgage Loan Trust (07-1-1A1), 2.898%, due 02/25/37 (2)(6)		4,917,002
		324,288	Structured Asset Investment Loan Trust (05-3-M1), 1.009%, due 04/25/35 (2)		325,048
		235,669	Structured Asset Mortgage Investments, Inc. (06-AR3-24A1), 2.728%, due 05/25/36 (2)		132,320
		682,154	Structured Asset Securities Corp. (05-2XS-1A5B), 4.65%, due 02/25/35		688,688
		17,230,564	Structured Asset Securities Corp. (06-EQ1A-A4), (144A), 0.589%, due 07/25/36 (1)(2)		16,869,303
		13,150,336	Structured Asset Securities Corp. (06-WF2-A4), 0.749%, due 07/25/36 (2)		12,505,992
		406,829	Suntrust Adjustable Rate Mortgage Loan Trust (07-2-2A1), 3.064%, due 04/25/37 (2)(6)		337,648
		18,530	Suntrust Adjustable Rate Mortgage Loan Trust (07-3-1A1), 2.899%, due 06/25/37 (2)(6)		16,478
		1,451,111	Suntrust Adjustable Rate Mortgage Loan Trust (07-S1-2A1), 2.93%, due 01/25/37 (2)		1,436,305
		11,897,837	Wachovia Mortgage Loan Trust LLC (06-AMN1-A3), 0.679%, due 08/25/36 (2)		7,533,594
		11,658,794	WaMu Mortgage Pass-Through Certificates (04-AR14-A1), 2.587%, due 01/25/35 (2)		11,668,698
		12,880,479	WaMu Mortgage Pass-Through Certificates (05-AR13-A1A1), 0.729%, due 10/25/45 (2)		12,066,979
		1,038,001	WaMu Mortgage Pass-Through Certificates (05-AR13-A1A2), 1.827%, due 10/25/45 (2)		1,017,689
		2,530,913	WaMu Mortgage Pass-Through Certificates (05-AR14-2A1), 2.593%, due 12/25/35 (2)		2,329,576
		4,117,207	WaMu Mortgage Pass-Through Certificates (05-AR18-1A1), 2.506%, due 01/25/36 (2)		3,897,437
		385,203	WaMu Mortgage Pass-Through Certificates (05-AR2-2A1A), 0.749%, due 01/25/45 (2)		355,814
		10,093,617	WaMu Mortgage Pass-Through Certificates (05-AR9-A1A), 1.079%, due 07/25/45 (2)		9,591,094
		27,834,356	WaMu Mortgage Pass-Through Certificates (06-AR1-2A1A), 1.447%, due 01/25/46 (2)		26,527,009
		7,060,869	WaMu Mortgage Pass-Through Certificates (06-AR11-1A), 1.337%, due 09/25/46 (2)		5,859,861
		7,531,993	WaMu Mortgage Pass-Through Certificates (06-AR17-1A1A), 1.16%, due 12/25/46 (2)		6,727,236

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)
$		143,201	Washington Mutual Alternative Mortgage Pass-Through Certificates (02-AR1-1A1), 2.472%, due 11/25/30 (2)	$	142,704
		1,910,417	Washington Mutual Alternative Mortgage Pass-Through Certificates (06-1-3A2), 5.75%, due 02/25/36 (6)		1,760,195
		3,501,301	Washington Mutual Alternative Mortgage Pass-Through Certificates (06-5-1A1), 1.039%, due 07/25/36 (2)(6)		2,044,983
		6,250,445	Washington Mutual Alternative Mortgage Pass-Through Certificates (06-AR10-A2A), 0.609%, due 12/25/36 (2)		4,817,587
		2,473,808	Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA3-5A), 1.92%, due 04/25/47 (2)		1,876,972
		7,357,153	Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OC2-A3), 0.749%, due 06/25/37 (2)(6)		5,940,054
		11,691,000	Washington Mutual Asset-Backed Certificates (06-HE1-2A4), 0.719%, due 04/25/36 (2)		10,215,807
		14,467,452	Wells Fargo Home Equity Asset-Backed Securities (06-3-A2), 0.589%, due 01/25/37 (2)		13,526,194
		5,521,000	Wells Fargo Home Equity Asset-Backed Securities (07-1-A3), 0.759%, due 03/25/37 (2)		3,968,739
		8,374,539	Wells Fargo Mortgage Loan Trust (11-RR3-A1), (144A), 2.879%, due 03/27/37 (1)(2)		8,270,069
		6,787,622	Wells Fargo Mortgage Loan Trust (12-RR2-1A1), (144A), 0.637%, due 09/27/47 (1)(2)		6,581,245
		5,109,632	Wells Fargo Mortgage-Backed Securities Trust (04-DD-2A6), 2.832%, due 01/25/35 (2)		5,064,537
		9,420,144	Wells Fargo Mortgage-Backed Securities Trust (06-AR11-A6), 2.758%, due 08/25/36 (2)(6)		8,709,607
		6,321,727	Wells Fargo Mortgage-Backed Securities Trust (06-AR6-4A1), 2.821%, due 03/25/36 (2)		6,270,319
		3,845,543	Wells Fargo Mortgage-Backed Securities Trust (06-AR7-2A4), 3.031%, due 05/25/36 (2)(6)		3,535,115
		7,280,253	Wells Fargo Mortgage-Backed Securities Trust (07-10-1A32), 6%, due 07/25/37 (6)		7,248,773
		696,687	Wells Fargo Mortgage-Backed Securities Trust (07-AR4-A1), 2.821%, due 08/25/37 (2)(6)		634,896
		3,238,654	Wells Fargo Mortgage-Backed Securities Trust (08-1-4A1), 5.75%, due 02/25/38		3,398,474
			Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $1,727,130,473)		1,999,568,004
			U.S. Government Agency Obligation (Cost: $44,320,080) (0.5%)
		44,400,000	Federal Home Loan Bank, 1.25%, due 06/28/30		44,387,612
			U.S. Treasury Securities (18.6%)
		743,265,000	U.S. Treasury Bond, 2.5%, due 02/15/46		718,237,781
		452,930,000	U.S. Treasury Note, 1.25%, due 03/31/21		452,310,777
		69,505,000	U.S. Treasury Note, 1.25%, due 04/30/21		69,822,662
		145,350,000	U.S. Treasury Note, 1.375%, due 01/31/21		146,070,777
		366,655,000	U.S. Treasury Note, 1.625%, due 02/15/26		360,376,917
		80,935,000	U.S. Treasury Note, 2.625%, due 08/15/20		85,721,577
			Total U.S. Treasury Securities (Cost: $1,828,163,923)		1,832,540,491
			Total Fixed Income Securities (Cost: $9,104,874,050) (96.0%)		9,458,797,389

See accompanying notes to financial statements.

62

TCW Total Return Bond Fund

April 30, 2016

	Number of Shares		Money Market Investments	Value
		231,532,000	Morgan Stanley Liquidity Fund — Government Portfolio, 0.09% (7)	$	231,532,000
		3,477,726	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (7)		3,477,726
			Total Money Market Investments (Cost: $235,009,726) (2.4%)		235,009,726
	Principal Amount		Short-Term Investments
			Discount Notes (2.2%)
$		18,000,000	Federal Home Loan Bank, 0.34%, due 05/10/16 (8)		17,999,046
		94,378,000	Federal Home Loan Bank, 0.401%, due 05/06/16 (8)		94,375,452
		6,000,000	Federal Home Loan Bank, 0.488%, due 10/19/16 (8)		5,988,666
		96,210,000	Federal Home Loan Bank, 0.508%, due 09/06/16 (8)		96,084,446
			Total Discount Notes (Cost: $214,396,595)		214,447,610
			U.S. Treasury Securities (10.0%)
		3,970,000	U.S. Treasury Bill, 0.182%, due 07/21/16 (8)(9)		3,968,384
		99,000,000	U.S. Treasury Bill, 0.322%, due 10/06/16 (8)		98,861,301
		5,000,000	U.S. Treasury Bill, 0.199%, due 07/28/16 (8)		4,997,580
		144,000,000	U.S. Treasury Bill, 0.228%, due 08/04/16 (8)		143,913,888
		207,000,000	U.S. Treasury Bill, 0.344%, due 10/13/16 (8)		206,677,287
		527,790,000	U.S. Treasury Bill, 0.245%, due 08/18/16 (8)		527,402,074
			Total U.S. Treasury Securities (Cost: $985,463,462)		985,820,514
			Total Short-Term Investments (Cost: $1,199,860,057) (12.2%)		1,200,268,124
			Total Investments (Cost: $10,539,743,833) (110.6%)		10,894,075,239
			Liabilities in Excess of Other Assets (-10.6%)		(1,046,663,127	)
			Net Assets (100.0%)	$	9,847,412,112

Futures Contracts
Number of Contracts		Type	Expiration Date		Notional Contract Value		Net Unrealized Appreciation (Depreciation)
	BUY
	4,420	2-Year U.S. Treasury Note Futures		06/30/16	$	966,322,500	$	(148,109	)
	2,450	90-Day Eurodollar Futures		12/19/16		607,201,875		1,279,856
					$	1,573,524,375	$	1,131,747

See accompanying notes to financial statements.

63

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

ABS - Asset-Backed Securities.

ACES - Alternative Credit Enhancement Securities.

ARM - Adjustable Rate Mortgage.

CLO - Collateralized Loan Obligation.

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

I/O -  Interest Only Security.

PAC - Planned Amortization Class.

P/O - Principal Only Security.

TAC - Target Amortization Class.

TBA - To be Announced.

(1) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2016, the value of these securities amounted to $515,752,098 or 5.2% 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, 2016.

(3) As of April 30, 2016, security is not accruing interest.

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

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

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

(7) Rate disclosed is the 7-day net yield as of April 30, 2016.

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

(9) All or a portion of this security is held as collateral for open futures contracts.

See accompanying notes to financial statements.

64

TCW Total Return Bond Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Asset-Backed Securities		3.9	%
Commercial Mortgage-Backed Securities — Agency		3.3
Commercial Mortgage-Backed Securities — Non-Agency		0.6
Residential Mortgage-Backed Securities — Agency		48.8
Residential Mortgage-Backed Securities — Non-Agency		20.3
U.S. Government Agency Obligations		0.5
U.S. Treasury Securities		18.6
Money Market Investments		2.4
Short Term Investments		12.2
Total		110.6	%

See accompanying notes to financial statements.

65

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2016

	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)	$	1,824,729	$	2,149		$	16,327
Receivable for Securities Sold		15,949		—	(3)		—
Receivable for When-Issued Securities		41,730		—			213
Receivable for Fund Shares Sold		4,772		—			—
Interest and Dividends Receivable		6,732		7			113
Receivable from Investment Advisor		18		19			9
Unrealized Appreciation on Open Forward Foreign Currency Contracts		—		—			20
Receivable for Daily Variation Margin on Open Financial Futures Contracts		53		—			—
Cash Collateral Held for Brokers		—		207			—
Open Swap Agreements, at Value		—		149			—
Prepaid Expenses		46		18			18
Total Assets		1,894,029		2,549			16,700
LIABILITIES
Distributions Payable		296		—			—
Interest Payable on Swap Agreements		—		—	(3)		—
Payable for Securities Purchased		21,039		—			50
Payable for When-Issued Securities		124,040		—			525
Payable for Fund Shares Redeemed		9,026		—			—	(3)
Accrued Directors’ Fees and Expenses		9		9			9
Accrued Management Fees		573		1			7
Accrued Distribution Fees		109		—	(3)		2
Unrealized Depreciation on Open Forward Foreign Currency Contracts		—		—			4
Other Accrued Expenses		305		50			11
Total Liabilities		155,397		60			608
NET ASSETS	$	1,738,632	$	2,489		$	16,092
NET ASSETS CONSIST OF:
Paid-in Capital	$	1,707,738	$	4,166		$	15,898
Accumulated Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Agreements and Foreign Currency		7,804		(1,834	)		79
Unrealized Appreciation of Investments, Futures Contracts, Swap Agreements and Foreign Currency		22,743		190			51
Undistributed (Overdistributed) Net Investment Income		347		(33	)		64
NET ASSETS	$	1,738,632	$	2,489		$	16,092
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	1,217,974	$	1,359		$	8,225
N Class Share	$	520,658	$	1,130		$	7,867
CAPITAL SHARES OUTSTANDING: (4)
I Class Share		108,686,878		262,876			820,772
N Class Share		46,562,076		218,361			785,145
NET ASSET VALUE PER SHARE: (5)
I Class Share	$	11.21	$	5.17		$	10.02
N Class Share	$	11.18	$	5.18		$	10.02

(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, 2016 was $1,801,898, $2,108 and $16,294, respectively.

(3) Amount rounds to less than $1.

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

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

See accompanying notes to financial statements.

66

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2016

	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)	$	34,281		$	7,721		$	10,894,075
Receivable for Securities Sold		865			6			34,933
Receivable for When-Issued Securities		—			—			143,508
Receivable for Fund Shares Sold		19			—	(2)		36,795
Interest and Dividends Receivable		395			16			23,498
Receivable from Investment Advisor		14			15			787
Receivable for Daily Variation Margin on Open Financial Futures Contracts		—			—			276
Open Swap Agreements, at Value		4			—			—
Prepaid Expenses		26			9			222
Total Assets		35,604			7,767			11,134,094
LIABILITIES
Distributions Payable		19			1			4,567
Payable for Securities Purchased		3,534			35			69,567
Payable for When-Issued Securities		240			—			1,194,067
Payable for Fund Shares Redeemed		27			1			12,163
Accrued Directors’ Fees and Expenses		9			9			9
Accrued Management Fees		12			2			4,007
Accrued Distribution Fees		2			—			549
Other Accrued Expenses		37			39			1,753
Total Liabilities		3,880			87			1,286,682
NET ASSETS	$	31,724		$	7,680		$	9,847,412
NET ASSETS CONSIST OF:
Paid-in Capital	$	33,198		$	15,253		$	9,334,856
Accumulated Net Realized Gain (Loss) on Investments, Futures Contracts and Swap Agreements		(1,539	)		(7,602	)		87,956
Unrealized Appreciation of Investments and Futures Contracts		42			25			355,463
Undistributed Net Investment Income		23			4			69,137
NET ASSETS	$	31,724		$	7,680		$	9,847,412
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	21,089		$	7,680		$	7,139,009
N Class Share	$	10,635					$	2,708,403
CAPITAL SHARES OUTSTANDING: (3)
I Class Share		3,441,402			883,122			693,805,042
N Class Share		1,721,747						255,175,169
NET ASSET VALUE PER SHARE: (4)
I Class Share	$	6.13		$	8.70		$	10.29
N Class Share	$	6.18					$	10.61

⁽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, 2016 was $34,239, $7,696 and $10,539,744, respectively.

⁽²⁾  Amount rounds to less than $1.

⁽³⁾  The number of authorized shares, with a par value of $0.001 per share, is 4,000,000,000 for each of the I Class and N Class shares.

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

See accompanying notes to financial statements.

67

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2016

	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund (1)			TCW Global Bond Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Interest	$	18,010		$	22		$	243
Total		18,010			22			243
Expenses:
Management Fees		3,330			9			42
Accounting Services Fees		77			13			2
Administration Fees		46			19			1
Transfer Agent Fees:
I Class		300			2			—	(2)
N Class		284			1			—	(2)
Custodian Fees		41			15			12
Professional Fees		55			26			19
Directors’ Fees and Expenses		17			17			17
Registration Fees:
I Class		14			8			9
N Class		12			8			9
Distribution Fees:
N Class		666			1			9
Compliance Expense		9			—	(2)		—	(2)
Shareholder Reporting Expense		4			1			1
Other		65			3			7
Total		4,920			123			128
Less Expenses Borne by Investment Advisor:
I Class		13			62			19
N Class		78			53			28
Net Expenses		4,829			8			81
Net Investment Income		13,181			14			162
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		6,705			—	(2)		61
Foreign Currency		—			—			13
Futures Contracts		1,634			—			—
Swap Agreements		—			(270	)		—
Change in Unrealized Appreciation (Depreciation) on:
Investments		17,335			(14	)		346
Foreign Currency		—			—			50
Futures Contracts		(88	)		—			—
Swap Agreements		—			219			—
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Futures Contracts and Swap Agreements		25,586			(65	)		470
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	38,767		$	(51	)	$	632

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

(2) Amount rounds to less than $1.

See accompanying notes to financial statements.

68

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2016

	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	14		$	—		$	—
Interest		621			52			151,570
Total		635			52			151,570
Expenses:
Management Fees		66			16			22,905
Accounting Services Fees		13			1			407
Administration Fees		1			—	(1)		243
Transfer Agent Fees:
I Class		4			3			2,112
N Class		3			—			1,091
Custodian Fees		14			13			98
Professional Fees		18			42			190
Directors’ Fees and Expenses		17			17			17
Registration Fees:
I Class		11			11			49
N Class		8			—			57
Distribution Fees:
N Class		12			—			3,119
Compliance Expense		—	(1)		—	(1)		60
Shareholder Reporting Expense		2			—	(1)		10
Other		3			3			401
Total		172			106			30,759
Less Expenses Borne by Investment Advisor:
I Class		51			86			3,525
N Class		28			—			1,044
Net Expenses		93			20			26,190
Net Investment Income		542			32			125,380
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(351	)		(3	)		86,249
Futures Contracts		—			—			1,548
Swap Agreements		32			—			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		232			(3	)		(37,477	)
Futures Contracts		—			—			1,132
Swap Agreements		(10	)		—			—
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Agreements		(97	)		(6	)		51,452
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	445		$	26		$	176,832

(1) Amount rounds to less than $1.

See accompanying notes to financial statements.

69

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, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	13,181		$	23,235		$	14		$	26
Net Realized Gain (Loss) on Investments, Futures Contracts and Swap Agreements		8,339			16,934			(270	)		(811	)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Swap Agreements		17,247			(23,857	)		205			(102	)
Increase (Decrease) in Net Assets Resulting from Operations		38,767			16,312			(51	)		(887	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(9,566	)		(17,232	)		(7	)		(15	)
N Class		(3,903	)		(8,343	)		(6	)		(12	)
Distributions from Net Realized Gain:
I Class		(9,987	)		(2,547	)		—			—
N Class		(5,013	)		(1,706	)		—			—
Total Distributions to Shareholders		(28,469	)		(29,828	)		(13	)		(27	)
NET CAPITAL SHARE TRANSACTIONS
I Class		100,837			472,774			(49	)		18
N Class		(24,236	)		(62,026	)		6			12
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		76,601			410,748			(43	)		30
Increase (Decrease) in Net Assets		86,899			397,232			(107	)		(884	)
NET ASSETS
Beginning of Period		1,651,733			1,254,501			2,596			3,480
End of Period	$	1,738,632		$	1,651,733		$	2,489		$	2,596
Undistributed (Overdistributed) Net Investment Income	$	347		$	635		$	(33	)	$	(34	)

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

See accompanying notes to financial statements.

70

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Global Bond Fund						TCW High Yield Bond Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	162		$	296		$	542		$	1,171
Net Realized Gain (Loss) on Investments, Swap Agreements and Foreign Currency Transactions		74			44			(319	)		(495	)
Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		396			(794	)		222			(174	)
Increase (Decrease) in Net Assets Resulting from Operations		632			(454	)		445			502
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(72	)		(74	)		(391	)		(867	)
N Class		(68	)		(69	)		(160	)		(422	)
Distributions from Net Realized Gain:
I Class		(111	)		(13	)		—			—
N Class		(103	)		(12	)		—			—
Total Distributions to Shareholders		(354	)		(168	)		(551	)		(1,289	)
NET CAPITAL SHARE TRANSACTIONS
I Class		205			62			266			662
N Class		373			93			(5,137	)		3,622
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		578			155			(4,871	)		4,284
Increase (Decrease) in Net Assets		856			(467	)		(4,977	)		3,497
NET ASSETS
Beginning of Period		15,236			15,703			36,701			33,204
End of Period	$	16,092		$	15,236		$	31,724		$	36,701
Undistributed Net Investment Income	$	64		$	42		$	23		$	32

See accompanying notes to financial statements.

71

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Short Term Bond Fund						TCW Total Return Bond Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	32		$	77		$	125,380		$	208,247
Net Realized Gain (Loss) on Investments and Futures Contracts		(3	)		(15	)		87,797			75,966
Change in Unrealized Depreciation on Investments and Futures Contracts		(3	)		(20	)		(36,345	)		(105,944	)
Increase in Net Assets Resulting from Operations		26			42			176,832			178,269
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(21	)		(139	)		(77,078	)		(135,970	)
N Class		—			—			(25,866	)		(42,556	)
Distributions from Net Realized Gain:
I Class		—			—			(44,612	)		(25,108	)
N Class		—			—			(16,251	)		(8,273	)
Total Distributions to Shareholders		(21	)		(139	)		(163,807	)		(211,907	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(1,939	)		(11,369	)		768,799			254,924
N Class		—			—			305,443			232,273
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(1,939	)		(11,369	)		1,074,242			487,197
Increase (Decrease) in Net Assets		(1,934	)		(11,466	)		1,087,267			453,559
NET ASSETS
Beginning of Period		9,614			21,080			8,760,145			8,306,586
End of Period	$	7,680		$	9,614		$	9,847,412		$	8,760,145
Undistributed (Overdistributed) Net Investment Income	$	4		$	(7	)	$	69,137		$	46,701

See accompanying notes to financial statements.

72

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) April 30, 2016

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 24 no-load mutual funds (each series, a “Fund” and collectively, 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 Advisers 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 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.

73

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies

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).

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

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

Principles of Consolidation:    The TCW Cayman Enhanced Commodity Fund, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the TCW Enhanced Commodity Strategy Fund (the “Parent”) in order to effect certain investments for the Parent consistent with the Parent’s investment objectives and policies as specified in its prospectus and statement of additional information. The accompanying financial statements are consolidated and include the accounts of the Subsidiary. The Parent may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at April 30, 2016 were $346,084 or 13.9% of the Parent’s consolidated net assets. Intercompany balances and transactions have been eliminated in consolidation.

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

Security Valuations:    Securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on that exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ. All other securities including short-term securities traded over the counter (“OTC”) for which market quotations are readily available are valued with prices furnished by independent pricing services or by broker dealers.

Securities for which market quotations are not readily available, including circumstances under which it is determined by the Advisor that prices received are not reflective of a security’s market value, are valued by the Advisor in good faith under procedures established by and under the general supervision of Company’s Board of Directors (the “Board”).

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

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Note 2 — Significant Accounting Policies (Continued)

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

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

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy. The inputs or 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.

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

Asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”).    The fair value of ABS and MBS is estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise, they would be categorized in Level 3.

Bank loans.    The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized in Level 2 of the fair value hierarchy.

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

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Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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.

Government and agency securities.    Government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, government and agency securities are normally categorized in Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

Money market funds.    Money market funds are open-ended mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported net asset value, they are categorized in Level 1 of the fair value hierarchy.

Municipal bonds.    Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid wants lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized in Level 2; otherwise, the fair values would be categorized in Level 3.

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

Short-term investments.    Short-term investments are valued using market price quotations, and are reflected in Level 2 of the fair value hierarchy.

Total return swaps.    Total return swaps are fair valued using pricing models that take into account, among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of the total return swaps would be categorized in Level 2; otherwise, the fair values would be categorized in Level 3.

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Note 2 — Significant Accounting Policies (Continued)

The following is a summary of the inputs used as of April 30, 2016 in valuing the 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*	$	—		$	394,383,061	$	1,244,523	$	395,627,584
Municipal Bonds		—			11,506,427		—		11,506,427
Foreign Government Bonds		—			204,576		—		204,576
Asset-Backed Securities		—			140,453,461		—		140,453,461
Commercial Mortgage-Backed Securities — Agency		—			68,510,751		—		68,510,751
Commercial Mortgage-Backed Securities — Non-Agency		—			47,074,856		—		47,074,856
Residential Mortgage-Backed Securities — Agency		—			412,543,637		—		412,543,637
Residential Mortgage-Backed Securities — Non-Agency		—			110,044,593		—		110,044,593
U.S. Government Agency Obligations		—			20,243,994		—		20,243,994
U.S. Treasury Securities		403,441,714			67,833,700		—		471,275,414
Total Fixed Income Securities		403,441,714			1,272,799,056		1,244,523		1,677,485,293
Money Market Investments		34,690,158			—		—		34,690,158
Short-Term Investments		52,513,703			60,039,789		—		112,553,492
Total Investments	$	490,645,575		$	1,332,838,845	$	1,244,523	$	1,824,728,943
Liability Derivatives
Futures
Interest Rate Risk	$	(88,202	)	$	—	$	—	$	(88,202	)
Total	$	(88,202	)	$	—	$	—	$	(88,202	)

* 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	$	—	$	25,381	$	—	$	25,381
Commercial Mortgage-Backed Securities — Agency		—		30,651		—		30,651
Commercial Mortgage-Backed Securities — Non-Agency		—		9,291		—		9,291
Residential Mortgage-Backed Securities — Agency		—		52,950		—		52,950
Residential Mortgage-Backed Securities — Non-Agency		—		367,920		—		367,920
Corporate Bonds*		—		549,796		—		549,796
U.S. Government Agency Obligations		—		114,946		—		114,946
Total Fixed Income Securities		—		1,150,935		—		1,150,935
Money Market Investments		69,139		—		—		69,139
Short-Term Investments		929,269		—		—		929,269
Total Investments		998,408		1,150,935		—		2,149,343
Asset Derivatives
Swap Agreements
Commodity Risk		—		149,005		—		149,005
Total	$	998,408	$	1,299,940	$	—	$	2,298,348

* See Schedule of Investments for corresponding industries.

77

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (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*	$	—	$	3,619,572		$	—	$	3,619,572
Foreign Government Bonds		—		5,860,155			—		5,860,155
Asset-Backed Securities		—		836,686			—		836,686
Commercial Mortgage-Backed Securities — Agency		—		321,436			—		321,436
Commercial Mortgage-Backed Securities — Non-Agency		—		156,976			8,154		165,130
Residential Mortgage-Backed Securities — Agency		—		1,864,882			—		1,864,882
Residential Mortgage-Backed Securities — Non-Agency		—		545,044			169,696		714,740
U.S. Government Agency Obligations		—		240,038			—		240,038
U.S. Treasury Securities		1,645,241		—			—		1,645,241
Total Fixed Income Securities		1,645,241		13,444,789			177,850		15,267,880
Money Market Investments		179,340		—			—		179,340
Short-Term Investments		401,718		477,737			—		879,455
Total Investments		2,226,299		13,922,526			177,850		16,326,675
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		19,976			—		19,976
Total Investments	$	2,226,299	$	13,942,502		$	177,850	$	16,346,651
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(4,009	)	$	—	$	(4,009	)
Total	$	—	$	(4,009	)	$	—	$	(4,009	)

* 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*	$	—	$	936,415	$	673,757	$	1,610,172
Corporate Bonds*		—		25,499,489		178,300		25,677,789
Residential Mortgage-Backed Securities — Non-Agency		—		59,756		—		59,756
Total Fixed Income Securities		—		26,495,660		852,057		27,347,717
Money Market Investments		624,336		—		—		624,336
Short-Term Investments*		5,940,676		368,518		—		6,309,194
Total Investments		6,565,012		26,864,178		852,057		34,281,247
Asset Derivatives
Swap Agreements
Credit Risk		—		4,354		—		4,354
Total	$	6,565,012	$	26,868,532	$	852,057	$	34,285,601

* See Schedule of Investments for corresponding industries.

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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	$	—	$	275,782	$	—	$	275,782
Commercial Mortgage-Backed Securities — Non-Agency		—		248,953		—		248,953
Residential Mortgage-Backed Securities — Agency		—		2,106,826		—		2,106,826
Residential Mortgage-Backed Securities — Non-Agency		—		231,264		—		231,264
Corporate Bonds*		—		1,995,502		—		1,995,502
U.S. Treasury Securities		810,340		—		—		810,340
Total Fixed Income Securities		810,340		4,858,327		—		5,668,667
Money Market Investments		114,545		—		—		114,545
Short-Term Investments*		1,268,454		669,780		—		1,938,234
Total Investments	$	2,193,339	$	5,528,107	$	—	$	7,721,446

* 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	$	—		$	386,603,966	$	—	$	386,603,966
Commercial Mortgage-Backed Securities — Agency		—			325,384,415		—		325,384,415
Commercial Mortgage-Backed Securities — Non-Agency		—			59,895,904		—		59,895,904
Residential Mortgage-Backed Securities — Agency		—			4,810,416,997		—		4,810,416,997
Residential Mortgage-Backed Securities — Non-Agency		—			1,990,008,178		9,559,826		1,999,568,004
U.S. Government Agency Obligation		—			44,387,612		—		44,387,612
U.S. Treasury Securities		1,832,540,491			—		—		1,832,540,491
Total Fixed Income Securities		1,832,540,491			7,616,697,072		9,559,826		9,458,797,389
Money Market Investments		235,009,726			—		—		235,009,726
Short-Term Investments*		985,820,514			214,447,610		—		1,200,268,124
Total Investments		3,053,370,731			7,831,144,682		9,559,826		10,894,075,239
Asset Derivatives
Futures
Interest Rate Risk		1,279,856			—		—		1,279,856
Total	$	3,054,650,587		$	7,831,144,682	$	9,559,826	$	10,895,355,095
Liability Derivatives
Futures
Interest Rate Risk	$	(148,109	)	$	—	$	—	$	(148,109	)
Total	$	(148,109	)	$	—	$	—	$	(148,109	)

* See Schedule of Investments for corresponding industries.

79

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

The Funds did not have any transfers in and out of Level 1 and Level 2 of the fair value hierarchy during the six months ended April 30, 2016.

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

	TCW Core Fixed Income Fund			TCW Global Bond Fund			TCW High Yield Bond Fund			TCW Total Return Bond Fund
Balance as of October 31, 2015	$	—		$	198,523		$	186,140		$	10,674,961
Accrued Discounts (Premiums)		(785	)		6,599			—			(708,285	)
Realized Gain (Loss)		(1,594	)		(1,205	)		(13,747	)		922
Change in Unrealized Appreciation		(52,831	)		(26,067	)		(144,991	)		(405,783	)
Purchases		—			—			570,000			9
Sales		(32,419	)		—			(71,829	)		(1,998	)
Transfers in to Level 3 (1)		1,332,152			—			326,484			—
Transfers out of Level 3 (1)		—			—			—			—
Balance as of April 30, 2016	$	1,244,523		$	177,850		$	852,057		$	9,559,826
Change in Unrealized Appreciation from Investments Still
Held at April 30, 2016	$	(52,831	)	$	(26,067	)	$	162,203		$	405,782

(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, 2016 are as follows:

Description	Fair Value at 04/30/2016		Valuation Techniques*	Unobservable Input	Price or Price Range
TCW Core Fixed Income Fund
Corporate Bonds	$	1,244,523	Third-party Vendor	Vendor Price	$103.793
TCW Global Bond Fund
Commercial Mortgage-Backed Securities — Non-Agency	$	8,155	Third-party Vendor	Vendor Prices	$0.039–$0.424
Residential Mortgage-Backed Securities — Non-Agency	$	169,695	Third-party Vendor	Vendor Prices	$13.557
TCW High Yield Bond Fund
Bank Loans	$	673,757	Third-party Vendor	Vendor Prices	$66.875–$100
Corporate Bonds	$	178,300	Third-party Vendor	Vendor Prices	$55.688
TCW Total Return Bond Fund
Residential Mortgage-Backed Securities — Non-Agency	$	17,276	Third-party Vendor	Vendor Prices	$22.163
Residential Mortgage-Backed Securities — Non-Agency (Interest Only, Collateral Strip Rate Securities)	$	9,542,550	Third-party Vendor	Vendor Prices	$0.724–$3.05

* 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, and under the general oversight of the Board. 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

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Note 2 — Significant Accounting Policies (Continued)

Board 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 Company’s President, General Counsel, Chief Compliance Officer, Treasurer, Assistant Treasurer, Secretary, and a representative from the portfolio management team, as well as alternate members as the Board 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.

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 denominated securities and other assets and liabilities stated in foreign currencies are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statements of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in, or are a reduction of, ordinary income for federal income tax purposes.

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

Derivative Instruments:    Derivatives are financial instruments 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.

81

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

For the six months ended April 30, 2016, the Funds had the following derivatives and transactions in derivatives, grouped in the following risk categories (amounts in thousands except Notional Amounts or number of contracts):

	Commodity Risk			Foreign Currency Risk			Interest Rate Risk			Total
TCW Core Fixed Income Fund
Schedule of Investments:
Liabilities Derivatives
Futures Contracts (1)	$	—		$	—		$	(88	)	$	(88	)
Total Value	$	—		$	—		$	(88	)	$	(88	)
Statement of Operations:
Realized Gain on
Futures Contracts	$	—		$	—		$	1,634		$	1,634
Total Realized Gain	$	—		$	—		$	1,634		$	1,634
Change in Unrealized Depreciation on:
Futures Contracts	$	—		$	—		$	(88	)	$	(88	)
Total Change in Unrealized Depreciation	$	—		$	—		$	(88	)	$	(88	)
Number of Contracts (2)
Futures Contracts		—			—			579			579
TCW Enhanced Commodity Strategy Fund
Statements of Asset and Liabilities:
Asset Derivatives
Open Swap Agreements, at Value	$	149		$	—		$	—		$	149
Total Value	$	149		$	—		$	—		$	149
Statement of Operations:
Realized Loss on
Swap Agreements	$	(270	)	$	—		$	—		$	(270	)
Total Realized Loss	$	(270	)	$	—		$	—		$	(270	)
Change in Unrealized Appreciation on:
Swap Agreements	$	219		$	—		$	—		$	219
Total Change in Unrealized Appreciation	$	219		$	—		$	—		$	219
Notional Amounts (2)
Swap Agreements	$	2,277,410		$	—		$	—		$	2,277,410
TCW Global Bond Fund
Statements of Asset and Liabilities:
Asset Derivatives
Forward Currency Contracts	$	—		$	20		$	—		$	20
Total Value	$	—		$	20		$	—		$	20
Liability Derivatives
Forward Currency Contracts	$	—		$	(4	)	$	—		$	(4	)
Total Value	$	—		$	(4	)	$	—		$	(4	)
Statement of Operations:
Realized Gain on
Forward Currency Contracts	$	—		$	13		$	—		$	13
Total Realized Loss	$	—		$	13		$	—		$	13

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April 30, 2016

Note 2 — Significant Accounting Policies (Continued)

	Credit Risk			Foreign Currency Risk		Interest Rate Risk			Total
TCW Global Bond Fund (Continued)
Change in Unrealized Appreciation on:
Forward Currency Contracts	$	—		$	47	$	—		$	47
Total Change in Unrealized Appreciation	$	—		$	47	$	—		$	47
Notional Amounts (2)
Forward Currency Contracts	$	—		$	1,620,058	$	—		$	1,620,058
TCW High Yield Bond Fund
Statements of Asset and Liabilities:
Asset Derivatives
Open Swap Agreements, at Value	$	4		$	—	$	—		$	4
Total Value	$	4		$	—	$	—		$	4
Statement of Operations:
Realized Gain on
Swap Agreements	$	32		$	—	$	—		$	32
Total Realized Loss	$	32		$	—	$	—		$	32
Change in Unrealized Depreciation on:
Swap Agreements	$	(10	)	$	—	$	—		$	(10	)
Total Change in Unrealized Depreciation	$	(10	)	$	—	$	—		$	(10	)
Notional Amounts (2)
Swap Agreements	$	275,000		$	—	$	—		$	275,000
TCW Total Return Bond Fund
Schedule of Investments:
Asset Derivatives
Futures Contracts (1)	$	—		$	—	$	1,280		$	1,280
Total Value	$	—		$	—	$	1,280		$	1,280
Liabilities Derivatives
Futures Contracts (1)	$	—		$	—	$	(148	)	$	(148	)
Total Value	$	—		$	—	$	(148	)	$	(148	)
Statement of Operations:
Realized Gain on
Futures Contracts	$	—		$	—	$	1,548		$	1,548
Total Realized Gain	$	—		$	—	$	1,548		$	1,548
Change in Unrealized Appreciation on:
Futures Contracts	$	—		$	—	$	1,132		$	1,132
Total Change in Unrealized Appreciation	$	—		$	—	$	1,132		$	1,132
Number of Contracts (2)
Futures Contracts		—			—		5,410			5,410

(1) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2016 is reported within the Statement of Assets and Liabilities.

(2) Amount disclosed represent average number of contracts or notional amounts, which is representative of the volume traded for the period ended April 30, 2016.

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

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

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

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have implemented the disclosure requirements pursuant to FASB ASU No. 2013-01, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

The following table presents the Funds’ OTC derivatives assets and liabilities by counterparty net of amounts available for offset under an ISDA Master agreement or Master Repurchase Agreement and net of the related collateral received by the Funds as of April 30, 2016 (in thousands):

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)	$	61	$	—	$	61	$	—	$	61
Credit Suisse First Boston Corp. (Derivatives)		88		—		88		—		88
Total	$	149	$	—	$	149	$	—	$	149

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

TCW Global Bond Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)		Net Amount (1)
Barclays Capital (Derivatives)	$	20	$	(4	)	$	16	$	—	$	16
Total	$	20	$	(4	)	$	16	$	—	$	16

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

TCW High Yield Bond Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)		Net Amount (1)
Goldman Sachs International (Derivatives)	$	4	$	—	$	4	$	—	$	4
Total	$	4	$	—	$	4	$	—	$	4

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

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 unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Outstanding foreign currency forward contracts at April 30, 2016 are disclosed in the Schedule of Investments.

Futures Contracts:    The Funds may enter into futures contracts. A Fund may seek to manage a variety of different risks through the use of futures contracts, such as interest rate risk, equity price risk, and currency

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risk. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk. Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by a Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of a Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The TCW Core Fixed Income Fund and the TCW Total Return Bond Fund utilized futures during the current year to help manage interest rate duration of the Funds. Futures contracts outstanding at April 30, 2016 are listed on the Schedule of Investments.

Swap Agreements.    The Funds may enter into swap agreements. Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so called market access transactions).

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the

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notional principal amount may decline (or amortize) over time. A Fund’s maximum risk of loss from counterparty default is the discounted net asset value of the cash flows paid to the counterparty over the interest rate swap’s remaining life.

A Fund may enter into credit default swap transactions as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds (or other obligations of the reference entity with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.

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

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on 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, 2016, 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.

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Options:    The Funds may purchase and sell put and call options 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 put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If a Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund ultimately wants to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit a Fund might have realized had it bought the underlying security at the time it purchased the call option.

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 the expiring series, and opening transactions in existing series may be prohibited.

The Funds may purchase or write (sell) put and call swaptions. Swaption contracts give the purchaser the right (or option), but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

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

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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, 2016, the Funds have not purchased or written any options.

Mortgage-Backed Securities:    The Funds may invest in mortgage-backed 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-backed 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 MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs.

Inflation-Indexed Bonds:    The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten, twenty, or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate.

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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 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, with market. 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 the deemed leverage, the Fund monitors the obligations under these transactions and ensures that the Fund has sufficient liquid assets to cover them.

Dollar Roll Transactions:    The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the 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, 2016.

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Repurchase Agreements:    The Funds may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”). The MRA permits a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from 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 Funds 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. There were no repurchase agreements outstanding as of April 30, 2016.

Reverse Repurchase Agreements:    The Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells portfolio assets subject to an agreement by the Fund to repurchase the same assets at an agreed upon price and date. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. During the term of the reverse repurchase agreement, the Funds continue to receive the principal and interest payments on the securities sold. There were no reverse repurchase agreements outstanding during the period ended April 30, 2016.

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, 2016.

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

Dividends and Distributions:    Dividends and distributions to shareholders are recorded on the ex-dividend date. The TCW Enhanced Commodity Strategy Fund declares and pays, or reinvests, dividends from net investment income quarterly. The other Fixed Income Funds declare and pay, or reinvest, dividends from net investment income monthly. 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 GAAP. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in

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capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in subsequent periods. Any taxable income or capital gain remaining at fiscal year-end is distributed in the following year.

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 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.

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April 30, 2016

Note 3 — Risk Considerations (Continued)

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

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

Counterparty Risk:    The Funds may be exposed to counterparty risk, 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.

93

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Federal Income Taxes (Continued)

At April 30, 2016, 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	$	30,274	$	(9,093	)	$	21,181		$	1,803,548
TCW Enhanced Commodity Strategy Fund		46		(1,902	)		(1,856	)		4,005
TCW Global Bond Fund		515		(436	)		79			16,248
TCW High Yield Bond Fund		638		(527	)		111			34,170
TCW Short Term Bond Fund		28		(48	)		(20	)		7,741
TCW Total Return Bond Fund		475,930		(87,704	)		388,226			10,505,849

At October 31, 2015, 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	$	18,009	$	1,054	$	19,063
TCW Enhanced Commodity Strategy Fund		4		—		4
TCW Global Bond Fund		67		146		213
TCW High Yield Bond Fund		167		—		167
TCW Total Return Bond		66,932		23,089		90,021

During the year ended October 31, 2015, 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	$	29,209	$	619	$	29,828
TCW Enhanced Commodity Strategy Fund		27		—		27
TCW Global Bond Fund		142		26		168
TCW High Yield Bond Fund		1,289		—		1,289
TCW Short Term Bond Fund		139		—		139
TCW Total Return Bond		186,037		25,870		211,907

At October 31, 2015, the following Fund had net realized loss carryforwards for federal income tax purposes which were incurred prior to December 22, 2010 (amounts in thousands):

	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 during those future taxable years 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.

94

TCW Funds, Inc.

April 30, 2016

Note 4 — Federal Income Taxes (Continued)

Therefore, in addition to the above table, the following Funds had net realized losses incurred after December 22, 2010 that will be carried forward indefinitely for federal income tax purposes (amounts in thousands):

	Short-Term Capital Losses		Long-Term Capital Losses			Total
TCW Enhanced Commodity Strategy Fund	$	—	$	—	(1)	$	—	(1)
TCW High Yield Bond Fund		1,089		225			1,314
TCW Short Term Bond Fund		89		104			193

(1) Amount rounds to less than $1.

The Funds did not have any unrecognized tax benefits at April 30, 2016, nor were there any increases or decreases in unrecognized tax benefits for the six months ended April 30, 2016. 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.

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:

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 reimbursed, with approval by the Company’s Board, a portion of the Advisor’s costs associated in support of the Funds’ Rule 38a-1 compliance obligations. These amounts 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. Limitation is set to the lower of average expense ratio as reported by Lipper, Inc. (which is subject to change on a monthly basis) or the expense limitation agreement between the Advisor and Company.

TCW Core Fixed Income Fund
I Class	0.49	% (1)
N Class	0.76	% (2)
TCW Enhanced Commodity Strategy Fund
I Class	0.70	% (1)
N Class	0.75	% (1)
TCW Global Bond Fund
I Class	1.05	% (2)
N Class	1.05	% (2)
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.

(2) Limitation based on average expense ratio as reported by Lipper, Inc.

95

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

Note 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, 2016 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	$	145,848	$	114,436	$	1,935,578	$	1,961,490
TCW Enhanced Commodity Strategy Fund		1		65		12		11
TCW Global Bond Fund		1,373		495		7,558		7,811
TCW High Yield Bond Fund		39,157		38,201		—		—
TCW Short Term Bond Fund		330		750		809		877
TCW Total Return Bond Fund		23,884		524,604		13,083,784		12,349,828

Note 8 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Core Fixed Income Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		22,653,825		$	251,398			60,112,141		$	676,421
Shares Issued upon Reinvestment of Dividends		1,806,468			19,910			1,612,372			18,111
Shares Redeemed		(15,354,064	)		(170,471	)		(19,758,909	)		(221,758	)
Net Increase		9,106,229		$	100,837			41,965,604		$	472,774
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		5,294,584		$	58,617			9,500,132		$	106,708
Shares Issued upon Reinvestment of Dividends		669,145			7,354			724,638			8,131
Shares Redeemed		(8,139,418	)		(90,207	)		(15,762,483	)		(176,865	)
Net Decrease		(2,175,689	)	$	(24,236	)		(5,537,713	)	$	(62,026	)

96

TCW Funds, Inc.

April 30, 2016

Note 8 — Capital Share Transactions (Continued)

TCW Enhanced Commodity Strategy Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		—		$	—			397		$	2
Shares Issued upon Reinvestment of Dividends		1,506			7			2,590			16
Shares Redeemed		(10,921	)		(56	)		—			—
Net Increase (Decrease)		(9,415	)	$	(49	)		2,987		$	18
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		—		$	—			—		$	—
Shares Issued upon Reinvestment of Dividends		1,204			6			1,995			12
Shares Redeemed		—			—			—			—
Net Increase		1,204		$	6			1,995		$	12
TCW Global Bond Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		516		$	5			793		$	8
Shares Issued upon Reinvestment of Dividends		20,733			200			6,806			69
Shares Redeemed		—			—			(1,496	)		(15	)
Net Increase		21,249		$	205			6,103		$	62
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		21,917		$	215			3,420		$	34
Shares Issued upon Reinvestment of Dividends		19,390			187			6,333			64
Shares Redeemed		(3,013	)		(29	)		(485	)		(5	)
Net Increase		38,294		$	373			9,268		$	93
TCW High Yield Bond Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		3,982,772		$	23,893			5,065,713		$	31,742
Shares Issued upon Reinvestment of Dividends		58,080			353			102,211			641
Shares Redeemed		(3,965,972	)		(23,980	)		(5,051,287	)		(31,721	)
Net Increase		74,880		$	266			116,637		$	662
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		3,086,188		$	18,740			4,744,408		$	29,937
Shares Issued upon Reinvestment of Dividends		27,718			170			56,020			355
Shares Redeemed		(3,947,098	)		(24,047	)		(4,205,055	)		(26,670	)
Net Increase (Decrease)		(833,192	)	$	(5,137	)		595,373		$	3,622
TCW Short Term Bond Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		124,619		$	1,083			443,509		$	3,863
Shares Issued upon Reinvestment of Dividends		2,457			21			14,688			128
Shares Redeemed		(350,529	)		(3,043	)		(1,760,685	)		(15,360	)
Net Decrease		(223,453	)	$	(1,939	)		(1,302,488	)	$	(11,369	)

97

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 8 — Capital Share Transactions (Continued)

TCW Total Return Bond Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		160,062,564		$	1,641,354			225,857,764		$	2,334,444
Shares Issued upon Reinvestment of Dividends		8,943,834			91,282			10,694,643			110,417
Shares Redeemed		(94,012,067	)		(963,837	)		(211,973,390	)		(2,189,937	)
Net Increase		74,994,331		$	768,799			24,579,017		$	254,924
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		57,198,638		$	605,559			84,931,354		$	905,877
Shares Issued upon Reinvestment of Dividends		4,072,173			42,861			4,340,686			46,242
Shares Redeemed		(32,435,162	)		(342,977	)		(67,581,644	)		(719,846	)
Net Increase		28,835,649		$	305,443			21,690,396		$	232,273

Note 9 — Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Restricted securities outstanding at April 30, 2016 are listed below:

TCW Core Fixed Income Fund
Issuer Description	Acquisition Date		Acquisition Cost		Aggregate Value		Percentage of Net Assets
Alta Wind Holdings LLC, (144A), 7%, due 06/30/35		7/14/10	$	1,257,461	$	1,244,523		0.07	%
TCW Global Bond Fund
Issuer Description	Acquisition Date		Acquisition Cost		Aggregate Value		Percentage of Net Assets
Bank of America-First Union NB Commercial Mortgage (01-3-XC), (144A), 1.438%, due 04/11/37		3/26/15	$	6,847	$	726		0.00	%
Morgan Stanley Capital I Trust (99-RM1-X), (144A), 0.896%, due 12/15/31		3/26/15		9,924		7,428		0.05	%
			$	16,771	$	8,154		0.05	%

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.

98

TCW Core Fixed Income Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Net Asset Value per Share, Beginning of Period	$	11.14		$	11.22		$	10.97		$	11.34		$	10.90		$	11.01
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.09			0.18			0.21			0.21			0.24			0.36
Net Realized and Unrealized Gain (Loss) on Investments		0.17			(0.04	)		0.24			(0.27	)		0.57			0.17
Total from Investment Operations		0.26			0.14			0.45			(0.06	)		0.81			0.53
Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.19	)		(0.20	)		(0.20	)		(0.28	)		(0.42	)
Distributions from Net Realized Gain		(0.10	)		(0.03	)		—			(0.11	)		(0.09	)		(0.22	)
Total Distributions		(0.19	)		(0.22	)		(0.20	)		(0.31	)		(0.37	)		(0.64	)
Net Asset Value per Share, End of Period	$	11.21		$	11.14		$	11.22		$	10.97		$	11.34		$	10.90
Total Return		2.43	% (2)		1.25	%		4.14	%		(0.49	)%		7.57	%		5.06	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,217,974		$	1,109,630		$	646,372		$	589,911		$	501,448		$	264,366
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.49	% (3)		0.50	%		0.49	%		0.48	%		0.49	%		0.55	%
After Expense Reimbursement		0.49	% (3)(4)		0.49	%		0.47	%		0.44	%		0.44	%		0.44	%
Ratio of Net Investment Income to Average Net Assets		1.68	% (3)		1.57	%		1.92	%		1.89	%		2.20	%		3.35	%
Portfolio Turnover Rate		127.48	% (2)		332.85	%		249.94	%		197.42	%		213.82	%		280.49	%

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

(2) For the six months ended April 30, 2016 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.

99

TCW Core Fixed Income Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Net Asset Value per Share, Beginning of Period	$	11.12		$	11.20		$	10.97		$	11.34		$	10.91		$	11.03
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.08			0.14			0.18			0.17			0.21			0.33
Net Realized and Unrealized Gain (Loss) on Investments		0.16			(0.03	)		0.22			(0.25	)		0.56			0.17
Total from Investment Operations		0.24			0.11			0.40			(0.08	)		0.77			0.50
Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.16	)		(0.17	)		(0.18	)		(0.25	)		(0.40	)
Distributions from Net Realized Gain		(0.10	)		(0.03	)		—			(0.11	)		(0.09	)		(0.22	)
Total Distributions		(0.18	)		(0.19	)		(0.17	)		(0.29	)		(0.34	)		(0.62	)
Net Asset Value per Share, End of Period	$	11.18		$	11.12		$	11.20		$	10.97		$	11.34		$	10.91
Total Return		2.23	% (2)		1.00	%		3.68	%		(0.74	)%		7.21	%		4.76	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	520,658		$	542,103		$	608,129		$	698,223		$	530,935		$	207,882
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.80	% (3)		0.79	%		0.80	%		0.77	%		0.79	%		0.85	%
After Expense Reimbursement		0.77	% (3)		0.79	% (4)		N/A			0.77	% (4)		0.78	%		0.78	%
Ratio of Net Investment Income to Average Net Assets		1.39	% (3)		1.25	%		1.59	%		1.56	%		1.86	%		3.00	%
Portfolio Turnover Rate		127.48	% (2)		332.85	%		249.94	%		197.42	%		213.82	%		280.49	%

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

(2) For the six months ended April 30, 2016 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.

100

TCW Enhanced Commodity Strategy Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			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	$	5.30		$	7.18		$	7.61		$	8.58		$	8.73		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.03			0.05			0.10			0.16			0.16			0.08
Net Realized and Unrealized Loss on Investments		(0.13	)		(1.87	)		(0.39	)		(0.92	)		(0.11	)		(1.26	)
Total from Investment Operations		(0.10	)		(1.82	)		(0.29	)		(0.76	)		0.05			(1.18	)
Less Distributions:
Distributions from Net Investment Income		(0.03	)		(0.06	)		(0.11	)		(0.16	)		(0.18	)		(0.09	)
Distributions from Net Realized Gain		—			—			(0.03	)		(0.05	)		(0.02	)		—
Total Distributions		(0.03	)		(0.06	)		(0.14	)		(0.21	)		(0.20	)		(0.09	)
Net Asset Value per Share, End of Period	$	5.17		$	5.30		$	7.18		$	7.61		$	8.58		$	8.73
Total Return		(1.89	)% (3)		(25.47	)%		(3.90	)%		(9.05	)%		0.55	%		(11.80	)% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,359		$	1,443		$	1,934		$	2,013		$	2,218		$	2,647
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		10.43	% (4)		7.82	%		5.90	%		5.67	%		5.94	%		5.54	% (4)
After Expense Reimbursement		0.70	% (4)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	% (4)
Ratio of Net Investment Income to Average Net Assets		1.24	% (4)		0.88	%		1.30	%		2.01	%		1.95	%		1.51	% (4)
Portfolio Turnover Rate		1.08	% (3)		10.68	%		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, 2016 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

101

TCW Enhanced Commodity Strategy Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			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	$	5.31		$	7.18		$	7.61		$	8.58		$	8.73		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.03			0.05			0.10			0.16			0.16			0.08
Net Realized and Unrealized Loss on Investments		(0.13	)		(1.86	)		(0.39	)		(0.92	)		(0.11	)		(1.26	)
Total from Investment Operations		(0.10	)		(1.81	)		(0.29	)		(0.76	)		0.05			(1.18	)
Less Distributions:
Distributions from Net Investment Income		(0.03	)		(0.06	)		(0.11	)		(0.16	)		(0.18	)		(0.09	)
Distributions from Net Realized Gain		—			—			(0.03	)		(0.05	)		(0.02	)		—
Total Distributions		(0.03	)		(0.06	)		(0.14	)		(0.21	)		(0.20	)		(0.09	)
Net Asset Value per Share, End of Period	$	5.18		$	5.31		$	7.18		$	7.61		$	8.58		$	8.73
Total Return		(1.91	)% (3)		(25.36	)%		(3.92	)%		(9.05	)%		0.55	%		(11.80	)% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,130		$	1,153		$	1,546		$	1,609		$	1,773		$	1,764
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		10.93	% (4)		8.32	%		6.45	%		6.14	%		6.30	%		5.95	% (4)
After Expense Reimbursement		0.75	% (4)		0.75	%		0.73	%		0.70	%		0.70	%		0.70	% (4)
Ratio of Net Investment Income to Average Net Assets		1.19	% (4)		0.83	%		1.27	%		2.01	%		1.94	%		1.50	% (4)
Portfolio Turnover Rate		1.08	% (3)		10.68	%		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, 2016 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

102

TCW Global Bond Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			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	$	9.85		$	10.26		$	10.45		$	10.97		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.10			0.19			0.22			0.35			0.27
Net Realized and Unrealized Gain (Loss) on Investments		0.30			(0.49	)		(0.20	)		(0.40	)		0.99
Total from Investment Operations		0.40			(0.30	)		0.02			(0.05	)		1.26
Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.09	)		(0.13	)		(0.16	)		(0.29	)
Distributions from Net Realized Gain		(0.14	)		(0.02	)		(0.08	)		(0.31	)		—
Total Distributions		(0.23	)		(0.11	)		(0.21	)		(0.47	)		(0.29	)
Net Asset Value per Share, End of Period	$	10.02		$	9.85		$	10.26		$	10.45		$	10.97
Total Return		4.13	% (3)		(2.96	)%		0.21	%		(0.46	)%		12.74	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	8,225		$	7,878		$	8,138		$	11,170		$	11,253
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.53	% (4)		1.37	%		1.39	%		1.38	%		1.42	% (4)
After Expense Reimbursement		1.06	% (4)		1.08	%		1.12	%		1.14	%		1.15	% (4)
Ratio of Net Investment Income to Average Net Assets		2.11	% (4)		1.92	%		2.11	%		3.31	%		2.80	% (4)
Portfolio Turnover Rate		56.43	% (3)		147.16	%		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, 2016 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

103

TCW Global Bond Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			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	$	9.85		$	10.26		$	10.45		$	10.97		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.10			0.19			0.22			0.35			0.27
Net Realized and Unrealized Gain (Loss) on Investments		0.30			(0.49	)		(0.20	)		(0.40	)		0.99
Total from Investment Operations		0.40			(0.30	)		0.02			(0.05	)		1.26
Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.09	)		(0.13	)		(0.16	)		(0.29	)
Distributions from Net Realized Gain		(0.14	)		(0.02	)		(0.08	)		(0.31	)		—
Total Distributions		(0.23	)		(0.11	)		(0.21	)		(0.47	)		(0.29	)
Net Asset Value per Share, End of Period	$	10.02		$	9.85		$	10.26		$	10.45		$	10.97
Total Return		4.13	% (3)		(2.96	)%		0.21	%		(0.46	)%		12.74	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	7,867		$	7,358		$	7,565		$	11,746		$	11,602
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.80	% (4)		1.64	%		1.67	%		1.62	%		1.68	% (4)
After Expense Reimbursement		1.06	% (4)		1.08	%		1.12	%		1.14	%		1.15	% (4)
Ratio of Net Investment Income to Average Net Assets		2.11	%  (4)		1.92	%		2.12	%		3.30	%		2.79	% (4)
Portfolio Turnover Rate		56.43	% (3)		147.16	%		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, 2016 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

104

TCW High Yield Bond Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Net Asset Value per Share, Beginning of Period	$	6.18		$	6.35		$	6.33		$	6.30		$	5.99		$	6.45
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.11			0.26			0.29			0.33			0.33			0.44
Net Realized and Unrealized Gain (Loss) on Investments		(0.04	)		(0.15	)		0.04			0.06			0.37			(0.42	)
Total from Investment Operations		0.07			0.11			0.33			0.39			0.70			0.02
Less Distributions:
Distributions from Net Investment Income		(0.12	)		(0.28	)		(0.31	)		(0.36	)		(0.37	)		(0.48	)
Distributions from Net Realized Gain		—			—			—			—			(0.02	)		—
Total Distributions		(0.12	)		(0.28	)		(0.31	)		(0.36	)		(0.39	)		(0.48	)
Net Asset Value per Share, End of Period	$	6.13		$	6.18		$	6.35		$	6.33		$	6.30		$	5.99
Total Return		1.12	% (2)		1.74	%		5.25	%		6.44	%		12.03	%		0.24	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	21,089		$	20,791		$	20,649		$	26,102		$	35,006		$	39,648
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.06	% (3)		1.03	%		0.90	%		1.00	%		1.14	%		1.06	%
After Expense Reimbursement		0.55	% (3)		0.55	%		0.53	%		0.63	%		N/A	%		N/A	%
Ratio of Net Investment Income to Average Net Assets		3.77	% (3)		4.11	%		4.60	%		5.14	%		5.39	%		6.93	%
Portfolio Turnover Rate		163.76	% (2)		195.97	%		145.14	%		114.95	%		111.02	%		154.82	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

105

TCW High Yield Bond Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Net Asset Value per Share, Beginning of Period	$	6.23		$	6.41		$	6.37		$	6.35		$	6.02		$	6.49
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.11			0.25			0.28			0.32			0.33			0.45
Net Realized and Unrealized Gain (Loss) on Investments		(0.05	)		(0.17	)		0.05			0.06			0.38			(0.44	)
Total from Investment Operations		0.06			0.08			0.33			0.38			0.71			0.01
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.26	)		(0.29	)		(0.36	)		(0.36	)		(0.48	)
Distributions from Net Realized Gain		—			—			—			—			(0.02	)		—
Total Distributions		(0.11	)		(0.26	)		(0.29	)		(0.36	)		(0.38	)		(0.48	)
Net Asset Value per Share, End of Period	$	6.18		$	6.23		$	6.41		$	6.37		$	6.35		$	6.02
Total Return		0.98	% (2)		1.34	%		5.24	%		6.12	%		12.11	%		0.04	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	10,635		$	15,910		$	12,555		$	14,620		$	20,498		$	14,507
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.40	% (3)		1.38	%		1.39	%		1.34	%		1.51	%		1.38	%
After Expense Reimbursement		0.80	% (3)		0.80	%		0.78	%		0.83	%		1.17	%		1.20	%
Ratio of Net Investment Income to Average Net Assets		3.55	% (3)		3.87	%		4.30	%		4.96	%		5.34	%		6.87	%
Portfolio Turnover Rate		163.76	% (2)		195.97	%		145.14	%		114.95	%		111.02	%		154.82	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

106

TCW Short Term Bond Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Net Asset Value per Share, Beginning of Period	$	8.69		$	8.75		$	8.80		$	8.85		$	8.77		$	8.94
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.03			0.05			0.06			0.09			0.11			0.17
Net Realized and Unrealized Gain (Loss) on Investments		(0.00	) (2)		(0.03	)		0.00	(2)		(0.03	)		0.13			(0.09	)
Total from Investment Operations		0.03			0.02			0.06			0.06			0.24			0.08
Less Distributions:
Distributions from Net Investment Income		(0.02	)		(0.08	)		(0.11	)		(0.11	)		(0.15	)		(0.25	)
Distributions from Return of Capital		—			—			—			—			(0.01	)		—
Total Distributions		(0.02	)		(0.08	)		(0.11	)		(0.11	)		(0.16	)		(0.25	)
Net Asset Value per Share, End of Period	$	8.70		$	8.69		$	8.75		$	8.80		$	8.85		$	8.77
Total Return		0.36	% (3)		0.25	%		0.65	%		0.67	%		2.74	%		0.84	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	7,680		$	9,614		$	21,080		$	15,202		$	12,814		$	6,874
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.37	% (4)		1.57	%		1.23	%		1.33	%		1.63	%		0.84	%
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		0.74	% (4)		0.53	%		0.70	%		1.01	%		1.21	%		1.96	%
Portfolio Turnover Rate		19.40	% (3)		8.51	%		67.27	%		71.48	%		81.91	%		57.84	%

(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, 2016 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

107

TCW Total Return Bond Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Net Asset Value per Share, Beginning of Period	$	10.28		$	10.31		$	10.13		$	10.27		$	9.76		$	10.37
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.14			0.25			0.27			0.27			0.52			0.65
Net Realized and Unrealized Gain (Loss) on Investments		0.06			(0.02	)		0.18			0.06			0.64			(0.31	)
Total from Investment Operations		0.20			0.23			0.45			0.33			1.16			0.34
Less Distributions:
Distributions from Net Investment Income		(0.12	)		(0.22	)		(0.27	)		(0.33	)		(0.63	)		(0.68	)
Distributions from Net Realized Gain		(0.07	)		(0.04	)		—			—			(0.02	)		(0.27	)
Distributions from Return of Capital		—			—			—			(0.14	)		—			—
Total Distributions		(0.19	)		(0.26	)		(0.27	)		(0.47	)		(0.65	)		(0.95	)
Net Asset Value per Share, End of Period	$	10.29		$	10.28		$	10.31		$	10.13		$	10.27		$	9.76
Total Return		1.95	% (2)		2.24	%		4.49	%		3.26	%		12.35	%		3.44	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	7,139,009		$	6,360,295		$	6,129,426		$	5,085,781		$	5,837,581		$	3,256,269
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.59	% (3)		0.60	%		0.59	%		0.57	%		0.57	%		0.60	%
After Expense Reimbursement		0.49	% (3)		0.49	%		0.47	%		0.44	%		0.44	%		0.44	%
Ratio of Net Investment Income to Average Net Assets		2.82	% (3)		2.46	%		2.65	%		2.60	%		5.21	%		6.48	%
Portfolio Turnover Rate		138.75	% (2)		287.85	%		201.30	%		190.79	%		123.43	%		141.33	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

108

TCW Total Return Bond Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Net Asset Value per Share, Beginning of Period	$	10.60		$	10.64		$	10.45		$	10.61		$	10.09		$	10.72
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.13			0.23			0.25			0.24			0.52			0.64
Net Realized and Unrealized Gain (Loss) on Investments		0.06			(0.04	)		0.19			0.07			0.65			(0.32	)
Total from Investment Operations		0.19			0.19			0.44			0.31			1.17			0.32
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.19	)		(0.25	)		(0.33	)		(0.63	)		(0.68	)
Distributions from Net Realized Gain		(0.07	)		(0.04	)		—			—			(0.02	)		(0.27	)
Distributions from Return of Capital		—			—			—			(0.14	)		—			—
Total Distributions		(0.18	)		(0.23	)		(0.25	)		(0.47	)		(0.65	)		(0.95	)
Net Asset Value per Share, End of Period	$	10.61		$	10.60		$	10.64		$	10.45		$	10.61		$	10.09
Total Return		1.81	% (2)		1.83	%		4.24	%		2.96	%		12.03	%		3.12	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	2,708,403		$	2,399,850		$	2,177,160		$	2,492,073		$	2,342,406		$	2,081,438
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.87	% (3)		0.88	%		0.87	%		0.83	%		0.83	%		0.86	%
After Expense Reimbursement		0.79	% (3)		0.79	%		0.77	%		0.73	%		0.73	%		0.74	%
Ratio of Net Investment Income to Average Net Assets		2.52	% (3)		2.17	%		2.36	%		2.31	%		5.02	%		6.19	%
Portfolio Turnover Rate		138.75	% (2)		287.85	%		201.30	%		190.79	%		123.43	%		141.33	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

109

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, 2015 to April 30, 2016 (182 days).

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

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

TCW Funds, Inc.	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2015 to April 30, 2016)
TCW Core Fixed Income Fund
I Class Shares
Actual	$	1,000.00	$	1,024.30		0.49	%	$	2.47
Hypothetical (5% return before expenses)		1,000.00		1,022.43		0.49	%		2.46
N Class Shares
Actual	$	1,000.00	$	1,022.30		0.77	%	$	3.87
Hypothetical (5% return before expenses)		1,000.00		1,021.03		0.77	%		3.87
TCW Enhanced Commodity Strategy Fund
I Class Shares
Actual	$	1,000.00	$	981.10		0.70	%	$	3.45
Hypothetical (5% return before expenses)		1,000.00		1,000.00		0.70	%		3.52
N Class Shares
Actual	$	1,000.00	$	980.90		0.75	%	$	3.69
Hypothetical (5% return before expenses)		1,000.00		1,000.00		0.75	%		3.77
TCW Global Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,041.30		1.06	%	$	5.38
Hypothetical (5% return before expenses)		1,000.00		1,019.59		1.06	%		5.32
N Class Shares
Actual	$	1,000.00	$	1,041.30		1.06	%	$	5.38
Hypothetical (5% return before expenses)		1,000.00		1,019.59		1.06	%		5.32

110

TCW Funds, Inc.

Shareholder Expenses (Unaudited) (Continued)

TCW Funds, Inc.	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2015 to April 30, 2016)
TCW High Yield Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,011.20		0.55	%	$	2.75
Hypothetical (5% return before expenses)		1,000.00		1,022.13		0.55	%		2.77
N Class Shares
Actual	$	1,000.00	$	1,009.80		0.80	%	$	4.00
Hypothetical (5% return before expenses)		1,000.00		1,020.89		0.80	%		4.02
TCW Short Term Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,003.60		0.44	%	$	2.19
Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.44	%		2.21
TCW Total Return Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,019.50		0.49	%	$	2.46
Hypothetical (5% return before expenses)		1,000.00		1,022.43		0.49	%		2.46
N Class Shares
Actual	$	1,000.00	$	1,018.10		0.79	%	$	3.96
Hypothetical (5% return before expenses)		1,000.00		1,020.94		0.79	%		3.97

111

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 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).

112

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 LLC
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 LLC
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
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 New America Premier Equities Fund
TCW Relative Value Dividend Appreciation Fund
TCW Relative Value Large Cap Fund
TCW Relative Value Mid Cap Fund
TCW Select Equities Fund
TCW Small Cap Growth Fund
TCW SMID Cap Growth Fund
ASSET ALLOCATION FUND
TCW Conservative Allocation Fund
FIXED INCOME FUNDS
TCW Core Fixed Income Fund
TCW Enhanced Commodity Strategy Fund
TCW Global Bond Fund
TCW High Yield Bond Fund
TCW Short Term Bond Fund
TCW Total Return Bond Fund
INTERNATIONAL FUNDS
TCW Developing Markets Equity Fund
TCW Emerging Markets Income Fund
TCW Emerging Markets Local Currency Income Fund
TCW Emerging Markets Multi-Asset Opportunities Fund
TCW International Growth Fund
TCW International Small Cap Fund
FUNDsarFI0416

TCWFunds
TCW Family of Funds
APRIL 30
2016
SEMI-ANNUAL
R E P O R T
INTERNATIONAL FUNDS
TCW Developing Markets Equity Fund
TCW Emerging Markets Income Fund
TCW Emerging Markets Local Currency Income Fund
TCW Emerging Markets Multi-Asset Opportunities Fund
TCW International Growth Fund
TCW International Small Cap Fund

TCW Funds, Inc.

Table of Contents April 30, 2016

Letter to Shareholders	1
Performance Summary	3
Schedules of Investments:	4
TCW Developing Markets Equity Fund	4
TCW Emerging Markets Income Fund	10
TCW Emerging Markets Income Local Currency Income Fund	17
TCW Emerging Markets Multi-Asset Opportunities Fund	22
TCW International Growth Fund	33
TCW International Small Cap Fund	40
Statements of Assets and Liabilities	47
Statements of Operations	49
Statements of Changes in Net Assets	51
Notes to Financial Statements	54
Financial Highlights	84
Shareholder Expenses	96
Investment Advisory and Management Agreement Disclosure	98
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	100

To Our Valued Shareholders

David S. DeVito President, Chief Executive Officer and Director

Dear Valued Investors,

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2016. I would like to express our appreciation for your continued investment in the TCW Funds as well as welcome new shareholders to our fund family. As of April 30, 2016, the TCW Funds held total net assets of approximately $18 billion.

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2016 for the TCW Funds’ International Fixed Income and Equity Funds.

The International Fixed Income and Equity Markets

The last six months have been characterized by several key macro events that have contributed to a notable positive shift in sentiment towards international markets, emerging markets in particular. During this period, concerns about a growth slowdown and significant currency devaluation in China have abated. In addition, oil rebounded off the lows, as supply/demand imbalances began to adjust. Global central banks remained accommodative but certainly contributed to volatility. For example, the Fed initiated its hiking cycle in December 2015, but followed this with dovish commentary as financial conditions tightened and recessionary fears increased. The Bank of Japan pursued an aggressive negative rates policy, but this was followed by yen strength as further QE was delayed. The ECB continued to remain accommodative, expanding its bond-purchasing program.

In terms of market performance, emerging markets debt and equities fared the best. During this period, we performed in line with the index in our flagship TCW Emerging Markets Income Fund, but underperformed in our local currency fund as we were more defensively positioned at the start of the year. However, the underperformance was limited to the beginning of the period.

Our international and emerging markets equity funds underperformed during this period, as we were more defensively positioned heading into the rally that started in mid-February. The equity portfolios are focused on quality and growth at attractive valuations, which led us to have a lower beta relative to the benchmark and significant underweights to oil, metals & mining and other commodity producers. Given the extent of the rally and improving near term fundamentals for oil, we did increase exposure to these sectors and are starting to see improved relative performance.

Looking Ahead

With average yields in the 6% area, we continue to see value in emerging markets debt, especially considering that over 70% of the global fixed income universe trades with yields below 2%. EM growth is expected to stabilize this year (after several years of declining growth rates), and the differential between EM and DM growth is likely to begin to expand once again. That bodes well for EM currencies. If we start to see signs of a meaningful pickup in global or EM growth, we would look to add more risk in EM local currency and equities and to shift our weights in the equity portfolio toward more cyclical sectors.

We are more cautious on international equities given Brexit risks, stagnant growth in Japan, and the overall low growth environment. There could be some consolidation around a Brexit vote, which might present opportunities to add risk.

We continue to believe that there will be greater differentiation in the performance of international assets over the next few years. Country and security selection will be crucial to performance, driven by factors such as terms of trade, reform momentum, and the central bank reaction function. In our view, there will be significant opportunities for an actively managed portfolio to capture attractive

1

Letter to Shareholders (Continued)

returns in those countries and sectors best positioned to perform well in the current environment.

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 further correspondence with you through our annual report later this year.

Sincerely,

David S. DeVito

President, Chief Executive Officer and Director

2

TCW Funds, Inc.

Performance Summary (Unaudited)

	NAV		Six Months Return as of April 30, 2016			Total Return Annualized as of April 30, 2016 (1)
						1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Developing Markets Equity Fund
I Class	$	8.19		(4.93	)%		N/A			N/A			N/A			(18.05	)%		07/01/15
N Class	$	8.19		(4.93	)%		N/A			N/A			N/A			(18.05	)%		07/01/15
TCW Emerging Markets Income Fund
I Class	$	7.90		5.44	%		3.08	%		3.61	%		7.77	%		9.53	% (2)		09/04/96	(3)
N Class	$	10.18		5.27	%		2.75	%		3.33	%		7.54	%		7.96	%		03/01/04
TCW Emerging Markets Local Currency Income Fund
I Class	$	8.78		7.46	%		(2.77	)%		(1.84	)%		N/A			(0.17	)%		12/15/10
N Class	$	8.78		7.47	%		(2.77	)%		(1.88	)%		N/A			(0.21	)%		12/15/10
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class	$	9.41		0.30	%		(10.89	)%		N/A			N/A			(0.31	)%		07/01/13
N Class	$	9.37		0.29	%		(10.95	)%		N/A			N/A			(0.46	)%		07/01/13
TCW International Growth Fund
I Class	$	9.63		(3.06	)%		(11.36	)%		N/A			N/A			4.03	%		11/01/12
N Class	$	9.60		(3.18	)%		(11.58	)%		N/A			N/A			3.73	%		11/01/12
TCW International Small Cap Fund
I Class	$	8.10		(1.34	)%		(3.48	)%		(1.34	)%		N/A			(1.63	)%		02/28/11
N Class	$	8.10		(1.46	)%		(3.59	)%		(1.44	)%		N/A			(1.70	)%		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.

3

TCW Developing Markets Equity Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Argentina (1.0% of Net Assets)
	875	Grupo Financiero Galicia S.A. (ADR)	$	24,911
	170	MercadoLibre, Inc.		21,232
		Total Argentina (Cost: $43,153)		46,143
		Brazil (3.3%)
	6,160	Banco Bradesco S.A. (ADR)		46,015
	1,400	BRF S.A. (ADR)		19,908
	5,400	Cia Hering		22,002
	3,000	Petroleo Brasileiro S.A. (SP ADR) (1)		23,130
	2,300	Raia Drogasil S.A.		36,685
		Total Brazil (Cost: $134,623)		147,740
		China (23.9%)
	1,145	Alibaba Group Holding, Ltd. (SP ADR) (1)		88,096
	78,000	Bank of China, Ltd. — Class H		31,581
	200	China Biologic Products, Inc. (1)		23,400
	100,600	China Construction Bank Corp. — Class H		63,891
	24,250	China Minsheng Banking Corp., Ltd. — Class H		22,746
	2,000	China Mobile, Ltd.		22,961
	5,725	China Overseas Land & Investment, Ltd.		18,172
	8,480	China Resources Land, Ltd.		20,810
	12,500	China Shenhua Energy Co., Ltd. — Class H		21,079
	755	CNOOC, Ltd. (SP ADR)		93,190
	59,700	Cosmo Lady China Holdings Co., Ltd.		46,332
	25,000	Country Garden Holdings Co., Ltd.		9,832
	26,000	CT Environmental Group, Ltd.		7,583
	600	Franco-Nevada Corp.		42,096
	16,350	Guangdong Investment, Ltd.		23,086
	13,000	Haitong Securities Co., Ltd. — Class H		21,483
	46,000	HKT Trust & HKT, Ltd. — Class SS		66,534
	100,000	Industrial & Commercial Bank of China, Ltd. — Class H		53,538
	16,000	Jiangxi Copper Co., Ltd. — Class H		19,554
	5,500	MTR Corp., Ltd.		27,226
	12,000	PICC Property & Casualty Co., Ltd. — Class H		21,767
	6,650	Ping An Insurance Group Co. of China, Ltd. — Class H		31,208
	54,000	Shenzhen Investment, Ltd.		21,712
	3,950	Shenzhou International Group Holdings, Ltd.		20,394
	9,000	Sunac China Holdings, Ltd.		5,742
	10,800	Tencent Holdings, Ltd.		219,753
	64,000	Zijin Mining Group Co., Ltd. — Class H		21,268
		Total China (Cost: $1,126,368)		1,065,034
		Czech Republic (Cost: $65,945) (1.4%)
	295	Komercni banka as		60,683
		Egypt (1.5%)
	10,075	Commercial International Bank Egypt SAE (GDR)		37,580

See accompanying notes to financial statements.

4

TCW Developing Markets Equity Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Egypt (Continued)
	1,420	Eastern Tobacco	$	29,583
		Total Egypt (Cost: $95,885)		67,163
		Hungary (3.7%)
	27,600	Magyar Telekom Telecommunications PLC (1)		48,003
	410	MOL Hungarian Oil & Gas PLC		25,085
	3,515	OTP Bank PLC		93,260
		Total Hungary (Cost: $130,867)		166,348
		India (5.9%)
	7,910	Aurobindo Pharma, Ltd.		90,142
	621	HDFC Bank, Ltd. (ADR)		39,042
	3,000	ICICI Bank, Ltd. (SP ADR)		21,150
	13,489	ITC, Ltd.		66,170
	1,050	Mahindra & Mahindra, Ltd.		21,035
	4,910	TVS Motor Co., Ltd.		23,602
		Total India (Cost: $258,434)		261,141
		Indonesia (2.4%)
	31,900	Matahari Department Store Tbk PT		45,740
	573,200	Sumber Alfaria Trijaya Tbk PT		26,078
	128,100	Telekomunikasi Indonesia Persero Tbk PT		34,369
		Total Indonesia (Cost: $96,332)		106,187
		Israel (Cost: $21,519) (0.4%)
	9,350	Bezeq The Israeli Telecommunication Corp., Ltd.		19,725
		Kenya (Cost: $97,335) (2.2%)
	577,700	Safari.com, Ltd.		97,199
		Malaysia (Cost: $30,420) (1.0%)
	86,100	My EG Services BHD		44,249
		Mexico (5.7%)
	10,400	Controladora Vuela Cia de Aviacion S.A.B. de C.V. (1)		21,839
	450	Fomento Economico Mexicano S.A.B. de C.V. (SP ADR)		41,944
	16,800	Gentera S.A.B. de C.V.		33,484
	575	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (ADR)		26,697
	260	Grupo Aeroportuario del Pacifico S.A.B. de C.V. (ADR)		24,549
	13,900	Grupo Financiero Banorte S.A.B. de C.V. — Class O		79,379
	1,795	Industrias Penoles SAB de C.V.		28,167
		Total Mexico (Cost: $225,476)		256,059
		Pakistan (Cost: $52,059) (0.9%)
	22,550	Habib Bank, Ltd.		40,586
		Philippines (Cost: $20,510) (0.5%)
	4,801	Universal Robina Corp.		21,319

See accompanying notes to financial statements.

5

TCW Developing Markets Equity Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Russia (5.9%)
	1,650	Lukoil PJSC (SP ADR)	$	70,125
	7,050	Mobile TeleSystems PJSC		27,789
	250	NovaTek OAO (GDR)		24,000
	13,860	Rosneft OAO		75,147
	19,770	Sberbank of Russia		37,777
	1,425	Yandex N.V. (1)		29,170
		Total Russia (Cost: $229,861)		264,008
		South Africa (5.1%)
	2,290	Coronation Fund Managers, Ltd.		11,944
	7,500	FirstRand, Ltd.		24,198
	2,500	Foschini Group, Ltd. (The)		26,960
	4,575	Gold Fields, Ltd.		21,248
	1,850	Mr Price Group, Ltd.		23,609
	330	Naspers, Ltd. — N Shares		45,586
	5,300	Sanlam, Ltd.		25,838
	5,264	Standard Bank Group, Ltd.		47,454
		Total South Africa (Cost: $216,360)		226,837
		South Korea (10.9%)
	200	CJ CGV Co., Ltd.		20,029
	315	Daelim Industrial Co., Ltd.		24,929
	115	Hyundai Mobis Co., Ltd.		26,209
	185	Hyundai Motor Co.		23,212
	1,075	KB Financial Group, Inc.		32,892
	550	Kia Motors Corp.		23,068
	1,340	Korea Electric Power Corp.		72,787
	80	LG Chem, Ltd.		20,751
	1,800	LG Display Co., Ltd. (ADR)		18,450
	69	LG Household & Health Care, Ltd.		60,752
	2,050	Partron Co., Ltd.		19,962
	130	Samsung Electronics Co., Ltd.		141,678
		Total South Korea (Cost: $469,327)		484,719
		Taiwan (7.8%)
	1,640	Chunghwa Telecom Co., Ltd. (SP ADR)		55,924
	10,000	Powertech Technology, Inc.		20,182
	2,000	President Chain Store Corp.		14,141
	8,970	Taiwan Semiconductor Manufacturing Co., Ltd. (SP ADR)		211,602
	13,950	Vanguard International Semiconductor Corp.		21,256
	1,550	Voltronic Power Technology Corp.		24,401
		Total Taiwan (Cost: $339,208)		347,506
		Thailand (5.8%)
	34,200	Bangkok Dusit Medical Services PCL (NVDR)		23,280
	170,000	Beauty Community PCL (NVDR)		26,956
	292,200	Chularat Hospital PCL (NVDR)		23,902

See accompanying notes to financial statements.

6

TCW Developing Markets Equity Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Thailand (Continued)
	116,500	Digital Telecommunications Infrastructure Fund	$	50,029
	98,700	Home Product Center PCL (NVDR)		22,693
	13,600	KCE Electronics PCL (NVDR)		30,502
	22,495	Minor International PCL (NVDR)		23,942
	15,800	PTT Exploration & Production PCL (NVDR)		33,943
	1,623	Silergy Corp.		21,554
		Total Thailand (Cost: $239,504)		256,801
		Turkey (2.4%)
	10,400	Dogus Otomotiv Servis ve Ticaret A.S.		44,937
	12,160	Turkiye Garanti Bankasi A.S.		37,481
	15,150	Yapi ve Kredi Bankasi A.S. (1)		23,194
		Total Turkey (Cost: $104,086)		105,612
		United Arab Emirates (Cost: $20,912) (0.4%)
	5,800	First Gulf Bank PJSC		20,300
		United Kingdom (Cost: $59,095) (1.4%)
	15,750	Tullow Oil PLC (1)		64,887
		United States (Cost: $21,576) (0.6%)
	4,375	Bizlink Holding, Inc.		24,832
		Total Common Stock (Cost: $4,098,855) (94.1%)		4,195,078
		Exchange-Traded Funds
		Brazil (Cost: $42,519) (1.1%)
	1,700	iShares MSCI Brazil Capped ETF		50,167
		Total Exchange-Traded Funds (Cost: $42,519) (1.1%)		50,167
		Preferred Stock
		Brazil (1.7%)
	1,600	Cia Brasileira de Distribuicao, 0.97% (ADR)		23,440
	5,300	Itau Unibanco Holding S.A., 4.07% (ADR)		50,509
		Total Brazil (Cost: $67,932)		73,949
		Total Preferred Stock (Cost: $67,932) (1.7%)		73,949
		Participation Notes
		Taiwan (Cost: $83,940) (1.2%)
	49,200	Cathay Financial Holding Co. (HSBC) (expires 7/2/18)		55,094
		Total Participation Notes (Cost: $83,940) (1.2%)		55,094

See accompanying notes to financial statements.

7

TCW Developing Markets Equity Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Money Market Investments	Value
	72,467	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)	$	72,467
		Total Money Market Investments (Cost: $72,467) (1.6%)		72,467
		Total Investments (Cost: $4,365,713) (99.7%)		4,446,755
		Excess of Other Assets over Liabilities (0.3%)		11,539
		Total Net Assets (100.0%)	$	4,458,294

Notes to the Schedule of Investments:

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

ETF - Exchange Traded Fund.

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.

NVDR - Non-Voting Depository Receipt.

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) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

See accompanying notes to financial statements.

8

TCW Developing Markets Equity Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Airlines		0.5	%
Auto Components		0.6
Automobiles		2.0
Banks		19.3
Beverages		0.9
Biotechnology		0.5
Capital Markets		0.8
Chemicals		0.5
Construction & Engineering		0.6
Consumer Finance		0.8
Distributors		1.0
Diversified Financial Services		0.5
Diversified Telecommunication Services		5.1
Electric Utilities		1.6
Electrical Equipment		1.1
Electronic Equipment, Instruments & Components		0.8
Electronics		0.7
Exchange-Traded Fund (ETF)		1.1
Food & Staples Retailing		2.2
Food Products		1.0
Health Care Providers & Services		1.0
Hotels, Restaurants & Leisure		0.6
Household Products		1.4
Insurance		3.0
Internet Software & Services		8.1
IT Services		1.0
Media		1.5
Metals & Mining		2.9
Multiline Retail		1.0
Oil, Gas & Consumable Fuels		9.7
Pharmaceuticals		2.0
Real Estate Management & Development		1.7
Road & Rail		0.6
Semiconductors & Semiconductor Equipment		6.2
Specialty Retail		2.7
Technology Hardware, Storage & Peripherals		3.2
Telephone Communications, exc. Radio		1.1
Textiles, Apparel & Luxury Goods		1.5
Tobacco		2.2
Transportation Infrastructure		1.1
Water Utilities		0.7
Wireless Telecommunication Services		3.3
Money Market Investments		1.6
Total		99.7	%

See accompanying notes to financial statements.

9

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited)

	Principal Amount		Fixed Income Securities	Value
			Angola (Cost: $22,213,375) (0.8% of Net Assets)
$		22,380,000	Angolan Government International Bond, (144A), 9.5%, due 11/12/25 (1)	$	22,016,325
			Argentina (10.5%)
EUR		72,018,793	Argentine Republic Government International Bond, 5.45%, due 12/31/33		83,105,333
$		31,000,000	Argentine Republic Government International Bond, (144A), 6.25%, due 04/22/19 (1)		32,224,500
		42,320,000	Argentine Republic Government International Bond, (144A), 6.875%, due 04/22/21 (1)		43,822,360
		18,000,000	Argentine Republic Government International Bond, (144A), 7.5%, due 04/22/26 (1)		18,315,000
		20,870,000	Argentine Republic Government International Bond, (144A), 7.625%, due 04/22/46 (1)		20,577,820
		75,871,286	Argentine Republic Government International Bond, 8.28%, due 12/31/33		79,854,529
		10,500,000	YPF S.A., (144A), 8.5%, due 03/23/21 (1)		10,998,750
			Total Argentina (Cost: $267,252,288)		288,898,292
			Azerbaijan (1.1%)
		20,905,000	Republic of Azerbaijan International Bond, (Reg. S), 4.75%, due 03/18/24 (2)		20,330,113
		10,900,000	Southern Gas Corridor CJSC, (144A), 6.875%, due 03/24/26 (1)		11,322,375
			Total Azerbaijan (Cost: $30,366,667)		31,652,488
			Brazil (8.7%)
		29,316,000	Brazil Minas SPE via State of Minas Gerais, (Reg. S), 5.333%, due 02/15/28 (2)		25,468,275
BRL		35,800,000	Brazil Notas do Tesouro Nacional, Series B, 6%, due 08/15/50		29,144,081
$		34,505,000	Brazilian Government International Bond, 2.625%, due 01/05/23		30,019,350
		30,320,000	Brazilian Government International Bond, 4.25%, due 01/07/25		28,235,500
		37,220,000	Brazilian Government International Bond, 5%, due 01/27/45		30,192,864
		27,260,000	Brazilian Government International Bond, 5.625%, due 01/07/41		24,056,950
		13,605,000	Gerdau Trade, Inc., (Reg. S), 4.75%, due 04/15/23 (2)		11,734,312
		18,326,000	Petrobras Global Finance BV, 3%, due 01/15/19		16,498,898
		37,064,000	Petrobras Global Finance BV, 5.875%, due 03/01/18		36,647,030
		6,670,000	Petrobras Global Finance BV, 6.25%, due 03/17/24		5,866,265
			Total Brazil (Cost: $232,479,373)		237,863,525
			Cameroon (Cost: $7,381,950) (0.3%)
		7,500,000	Republic of Cameroon International Bond, (144A), 9.5%, due 11/19/25 (1)		7,387,500
			Chile (Cost: $27,243,000) (0.9%)
		27,243,000	Latam Airlines Group S.A., Pass-Through Trust (2015-1), (144A), 4.2%, due 08/15/29 (1)		24,723,023
			Colombia (3.9%)
		26,500,000	Colombia Government International Bond, 4%, due 02/26/24		26,741,150
		41,325,000	Colombia Government International Bond, 4.5%, due 01/28/26		42,527,557
		28,845,000	Colombia Government International Bond, 5%, due 06/15/45		27,619,088
		11,200,000	GrupoSura Finance S.A., (144A), 5.5%, due 04/29/26 (1)		11,424,000
			Total Colombia (Cost: $103,102,037)		108,311,795

See accompanying notes to financial statements.

10

TCW Emerging Markets Income Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Costa Rica (1.9%)
$		12,705,000	Banco Nacional de Cost Rica, (144A), 5.875%, due 04/25/21 (1)	$	12,762,172
		24,595,000	Costa Rica Government International Bond, (Reg. S), 7%, due 04/04/44 (2)		22,904,094
		17,600,000	Costa Rica Government International Bond, (Reg. S), 7.158%, due 03/12/45 (2)		16,478,000
			Total Costa Rica (Cost: $52,241,999)		52,144,266
			Croatia (3.5%)
		29,730,000	Croatia Government International Bond, (Reg. S), 5.5%, due 04/04/23 (2)		31,629,747
		26,325,000	Croatia Government International Bond, (Reg. S), 6%, due 01/26/24 (2)		28,891,687
		33,091,000	Hrvatska Elektroprivreda, (144A), 5.875%, due 10/23/22 (1)		34,411,331
			Total Croatia (Cost: $92,560,742)		94,932,765
			Dominican Republic (3.1%)
		37,780,000	Dominican Republic International Bond, (144A), 6.875%, due 01/29/26 (1)		40,660,725
		43,330,000	Dominican Republic International Bond, (Reg. S), 5.875%, due 04/18/24 (2)		44,738,225
			Total Dominican Republic (Cost: $83,487,281)		85,398,950
			Ecuador (Cost: $24,143,183) (1.0%)
		30,110,000	Ecuador Government International Bond, (Reg. S), 10.5%, due 03/24/20 (2)		28,604,500
			Egypt (Cost: $6,818,400) (0.2%)
		7,500,000	Egypt Government International Bond, (Reg. S), 5.875%, due 06/11/25 (2)		6,787,500
			El Salvador (0.4%)
		6,500,000	El Salvador Government International Bond, (Reg. S), 5.875%, due 01/30/25 (2)		5,723,900
		6,450,000	El Salvador Government International Bond, (Reg.S), 7.75%, due 01/24/23 (2)		6,466,125
			Total El Salvador (Cost: $11,886,800)		12,190,025
			Ghana (Cost: $10,072,026) (0.3%)
		10,735,000	Ghana Government International Bond, (Reg. S), 7.875%, due 08/07/23 (2)		8,641,675
			Greece (Cost: $50,390,775) (2.0%)
EUR		52,372,000	Hellenic Republic Government Bond, (144A), 4.75%, due 04/17/19 (1)		54,141,775
			Guatemala (1.3%)
$		12,300,000	Comcel Trust via Comunicaciones Celulares S.A., (Reg. S), 6.875%, due 02/06/24 (2)		11,731,125
		12,460,000	Guatemala Government International Bond, (144A), 4.5%, due 05/03/26 (1)		12,491,150
		12,450,000	Industrial Senior Trust, (144A), 5.5%, due 11/01/22 (1)		12,074,010
			Total Guatemala (Cost: $38,015,368)		36,296,285
			Hungary (2.4%)
		30,116,000	Hungary Government International Bond, 5.75%, due 11/22/23		34,106,370
		30,300,000	Magyar Export-Import Bank Zrt, (144A), 4%, due 01/30/20 (1)		30,868,125
			Total Hungary (Cost: $61,508,924)		64,974,495
			Indonesia (6.6%)
		20,250,000	Indonesia Government International Bond, (144A), 5.125%, due 01/15/45 (1)		20,628,675
		24,000,000	Indonesia Government International Bond, (Reg. S), 3.375%, due 04/15/23 (2)		23,868,000

See accompanying notes to financial statements.

11

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Indonesia (Continued)
$		26,190,000	Pertamina Persero PT, (Reg. S), 4.3%, due 05/20/23 (2)	$	26,085,240
		33,220,000	Pertamina Persero PT, (Reg. S), 5.625%, due 05/20/43 (2)		30,825,037
		33,900,000	Perusahaan Penerbit SBSN Indonesia III, (144A), 4.35%, due 09/10/24 (1)		34,679,700
		14,350,000	Perusahaan Penerbit SBSN Indonesia III, (144A), 4.55%, due 03/29/26 (1)		14,692,965
		30,350,000	Perusahaan Penerbit SBSN Indonesia III, (Reg. S), 4.325%, due 05/28/25 (2)		30,917,545
			Total Indonesia (Cost: $176,167,746)		181,697,162
			Ivory Coast (Cost: $27,479,746) (1.0%)
		28,345,000	Ivory Coast Government International Bond, (144A), 6.375%, due 03/03/28 (1)		27,012,785
			Kazakhstan (2.3%)
		26,650,000	Kazakhstan Government International Bond, (144A), 5.125%, due 07/21/25 (1)		28,268,987
		30,745,000	Kazakhstan Government International Bond, (Reg. S), 6.5%, due 07/21/45 (2)		33,681,978
			Total Kazakhstan (Cost: $57,277,449)		61,950,965
			Kenya (Cost: $17,779,600) (0.6%)
		17,450,000	Kenya Government International Bond, (Reg. S), 5.875%, due 06/24/19 (2)		17,319,125
			Mexico (9.0%)
		10,391,000	BBVA Bancomer S.A., (Reg.S), 6.008%, due 05/17/22 (2)(3)		10,586,351
		12,000,000	Cemex SAB de C.V., (Reg. S), 5.7%, due 01/11/25 (2)		11,580,000
		9,405,000	Cemex SAB de C.V., (Reg. S), 6.125%, due 05/05/25 (2)		9,263,925
		6,138,000	Controladora Mabe S.A. de C.V., (Reg. S), 7.875%, due 10/28/19 (2)		6,882,539
		12,499,000	Metalsa S.A. de C.V., (Reg. S), 4.9%, due 04/24/23 (2)		11,966,543
		28,175,000	Mexico Government International Bond, 4%, due 10/02/23		29,634,465
		23,470,000	Mexico Government International Bond, 4.125%, due 01/21/26		24,742,074
		22,226,000	Mexico Government International Bond, 4.75%, due 03/08/44		22,552,722
		34,480,000	Petroleos Mexicanos, 5.625%, due 01/23/46		30,827,189
		22,125,000	Petroleos Mexicanos, (144A), 6.375%, due 02/04/21 (1)		23,945,445
		46,450,000	Petroleos Mexicanos, 6.625%, due 06/15/35		47,077,075
		17,950,000	Sigma Alimentos S.A. de C.V., (144A), 4.125%, due 05/02/26 (1)		17,976,925
			Total Mexico (Cost: $233,589,482)		247,035,253
			Mongolia (0.8%)
		12,852,000	Mongolia Government International Bond, (Reg. S), 4.125%, due 01/05/18 (2)		12,084,671
		12,540,000	Mongolia Government International Bond, (Reg. S), 5.125%, due 12/05/22 (2)		9,926,664
			Total Mongolia (Cost: $21,932,675)		22,011,335
			Pakistan (0.8%)
		12,200,000	Pakistan Government International Bond, (144A), 7.25%, due 04/15/19 (1)		12,834,949
		8,707,000	Pakistan Government International Bond, (Reg. S), 8.25%, due 04/15/24 (2)		9,213,199
			Total Pakistan (Cost: $21,175,838)		22,048,148
			Panama (1.6%)
		25,410,000	AES Panama SRL, (144A), 6%, due 06/25/22 (1)		25,441,763
		17,475,000	Global Bank Corp., (144A), 5.125%, due 10/30/19 (1)		17,807,025
			Total Panama (Cost: $42,924,862)		43,248,788

See accompanying notes to financial statements.

12

TCW Emerging Markets Income Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Paraguay (3.4%)
$		18,290,000	Banco Continental SAECA, (144A), 8.875%, due 10/15/17 (1)	$	18,747,250
		15,850,000	Banco Regional SAECA, (144A), 8.125%, due 01/24/19 (1)		16,544,230
		12,000,000	Paraguay Government International Bond, (144A), 5%, due 04/15/26 (1)		12,360,000
		8,275,000	Paraguay Government International Bond, (Reg.S), 4.625%, due 01/25/23 (2)		8,444,638
		23,522,000	Paraguay Government International Bond, (Reg.S), 6.1%, due 08/11/44 (2)		24,110,050
		12,800,000	Telefonica Celular del Paraguay S.A., (Reg. S), 6.75%, due 12/13/22 (2)		12,672,000
			Total Paraguay (Cost: $91,263,051)		92,878,168
			Peru (2.9%)
		10,125,000	Banco Internacional del Peru SAA Interbank, (Reg. S), 6.625%, due 03/19/29 (2)(3)		10,681,875
		8,525,000	BBVA Banco Continental S.A., (144A), 5.25%, due 09/22/29 (1)(3)		8,724,485
		24,400,000	Corp. Financiera de Desarrollo S.A., (144A), 5.25%, due 07/15/29 (1)(3)		24,949,000
		4,338,000	Inkia Energy, Ltd., (Reg. S), 8.375%, due 04/04/21 (2)		4,500,675
		15,903,000	Lima Metro Line 2 Finance, Ltd., (144A), 5.875%, due 07/05/34 (1)		16,362,597
		14,450,000	Union Andina de Cementos SAA, (144A), 5.875%, due 10/30/21 (1)		14,805,470
			Total Peru (Cost: $78,306,110)		80,024,102
			Russia (5.6%)
		31,900,000	Gazprom OAO via Gaz Capital S.A., (Reg. S), 6.51%, due 03/07/22 (2)		34,651,375
		7,860,000	GTH Finance BV, (144A), 6.25%, due 04/26/20 (1)		7,938,600
		7,340,000	GTH Finance BV, (144A), 7.25%, due 04/26/23 (1)		7,440,925
		20,200,000	Russian Foreign Bond — Eurobond, (Reg. S), 4.5%, due 04/04/22 (2)		21,121,120
		16,600,000	Russian Foreign Bond — Eurobond, (Reg. S), 4.875%, due 09/16/23 (2)		17,720,500
		14,800,000	Russian Foreign Bond — Eurobond, (Reg. S), 5%, due 04/29/20 (2)		15,688,001
		32,200,000	Sberbank of Russia via SB Capital S.A., (Reg. S), 5.25%, due 05/23/23 (2)		31,314,500
		17,500,000	Sberbank of Russia via SB Capital SA, (Reg. S), 5.5%, due 02/26/24 (2)(3)		17,084,375
			Total Russia (Cost: $146,115,150)		152,959,396
			Serbia (3.7%)
		60,900,000	Serbia International Bond, (Reg. S), 4.875%, due 02/25/20 (2)		62,471,220
		34,014,000	Serbia International Bond, (Reg.S), 7.25%, due 09/28/21 (2)		38,609,291
			Total Serbia (Cost: $100,395,629)		101,080,511
			South Africa (2.1%)
		16,462,000	Gold Fields Orogen Holdings BVI Ltd., (Reg. S), 4.875%, due 10/07/20 (2)		15,474,280
		12,100,000	Myriad International Holdings BV, (144A), 5.5%, due 07/21/25 (1)		12,447,875
		15,440,000	South Africa Government International Bond, 4.665%, due 01/17/24		15,574,328
		12,500,000	South Africa Government International Bond, 5.875%, due 09/16/25		13,562,500
			Total South Africa (Cost: $56,542,056)		57,058,983
			Sri Lanka (2.8%)
		21,700,000	Sri Lanka Government International Bond, (Reg. S), 6%, due 01/14/19 (2)		22,175,230
		46,550,000	Sri Lanka Government International Bond, (Reg. S), 6.25%, due 07/27/21 (2)		46,619,825
		9,650,000	Sri Lanka Government International Bond, (Reg. S), 6.85%, due 11/03/25 (2)		9,471,475
			Total Sri Lanka (Cost: $79,149,775)		78,266,530

See accompanying notes to financial statements.

13

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Turkey (4.8%)
$		24,200,000	Export Credit Bank of Turkey, (Reg. S), 5%, due 09/23/21 (2)	$	24,631,196
		30,630,000	Hazine Mustesarligi Varlik Kiralama AS, (144A), 4.489%, due 11/25/24 (1)		30,781,925
		14,450,000	TC Ziraat Bankasi AS, (144A), 4.75%, due 04/29/21 (1)		14,567,406
		23,750,000	Turkey Government International Bond, 5.125%, due 03/25/22		25,261,687
		18,800,000	Turkiye Is Bankasi AS, (144A), 5.375%, due 10/06/21 (1)		19,123,360
		15,600,000	Yapi ve Kredi Bankasi AS, (144A), 8.5%, due 03/09/26 (1)(3)		16,885,440
			Total Turkey (Cost: $130,133,739)		131,251,014
			Ukraine (Cost: $9,399,783) (0.2%)
		20,773,000	Ukraine Government International Bond, (144A), 0%, due 05/31/40 (1)(3)		6,591,065
			Uruguay (Cost: $23,597,385) (0.9%)
		23,020,000	Uruguay Government International Bond, 4.375%, due 10/27/27		23,779,660
			Venezuela (3.6%)
		80,845,000	Petroleos de Venezuela S.A., (Reg. S), 5.375%, due 04/12/27 (2)		28,619,130
		5,700,000	Petroleos de Venezuela S.A., (Reg. S), 9.75%, due 05/17/35 (2)		2,300,805
		47,260,000	Venezuela Government International Bond, 9.25%, due 09/15/27		20,326,526
		21,525,000	Venezuela Government International Bond, (Reg. S), 7.75%, due 10/13/19 (2)		8,744,531
		105,415,000	Venezuela Government International Bond, (Reg. S), 8.25%, due 10/13/24 (2)		39,931,202
			Total Venezuela (Cost: $119,123,467)		99,922,194
			Total Fixed Income Securities (Cost: $2,553,517,731) (95.0%)		2,611,100,368
	Number of Shares		Equity Securities
			Mexico (0.0%)
		2,703,366	Corp. GEO S.A.B. de C.V.		—
		240,079	Hipotecaria Su Casita S.A. de C.V., SOFOM E.N.R.		—
			Total Mexico (Cost: $0)		—
			Total Equity Securities (Cost: $0) (0.0%)		—
	Notional Amount		Currency Options
$		26,025,000	USD Call / TRY Put, Strike Price TRY 3.08, Expires 11/16/16 (4)		546,551
			Total Currency Options (Cost: $1,341,589) (0.0%)		546,551

See accompanying notes to financial statements.

14

TCW Emerging Markets Income Fund

April 30, 2016

Number of Shares		Money Market Investments	Value
	90,172,165	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (5)	$	90,172,165
		Total Money Market Investments (Cost: $90,172,165) (3.3%)		90,172,165
		Total Investments (Cost: $2,645,031,485) (98.3%)		2,701,819,084
		Excess of Other Assets over Liabilities (1.7%)		45,869,192
		Total Net Assets (100.0%)	$	2,747,688,276

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 (6)
Bank of America		BRL		99,036,000		05/02/16	$	26,200,000	$	28,699,432	$	2,499,432
Citibank N.A.		BRL		228,568,400		05/02/16		64,934,935		66,236,351		1,301,416
							$	91,134,935	$	94,935,783	$	3,800,848
SELL (7)
Citibank N.A.		BRL		228,568,400		05/02/16	$	56,900,000	$	66,236,351	$	(9,336,351	)
Citibank N.A.		BRL		110,222,210		06/22/16		30,700,000		31,436,653		(736,653	)
Citibank N.A.		EUR		88,998,586		12/08/16		99,043,586		102,702,724		(3,659,138	)
Morgan Stanley & Co.		EUR		25,300,000		12/08/16		28,664,900		29,195,732		(530,832	)
							$	215,308,486	$	229,571,460	$	(14,262,974	)

Written Options — OTC
Notional Amount		Description	Premiums (Received)			Value
$	26,025,000	USD Call / TRY Put, Strike Price TRY 3.33, Expires 11/16/16 (4)	$	(713,423	)	$	(246,327	)

Notes to the Schedule of Investments:

BRL  - Brazilian Real.

EUR  - Euro Currency.

MXN  - Mexican Peso.

TRY  - New Turkish Lira.

OTC  Over the Counter.

(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, 2016, the value of these securities amounted to $851,779,788 or 31.0% 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) 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, 2016, the value of these securities amounted to $1,011,367,389 or 36.8% of net assets.

(3) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2016.

(4) Over-the-counter traded option; Counterparty — Bank of America.

(5) Rate disclosed is the 7-day net yield as of April 30, 2016.

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

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

See accompanying notes to financial statements.

15

TCW Emerging Markets Income Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Airlines		0.9	%
Auto Parts & Equipment		0.4
Banks		8.5
Building Materials		1.2
Electric		2.4
Financial		0.4
Food		0.7
Foreign Government Bonds		64.2
Government Regional/Local		0.9
Household Products/Wares		0.3
Iron & Steel		0.4
Media		0.4
Mining		0.6
Miscellaneous Manufacturers		0.0	*
Oil & Gas		11.2
Pipelines		0.4
Telecommunications		1.5
Transportation		0.6
Currency Options		0.0	*
Money Market Investments		3.3
Total		98.3	%

* Value rounds to less than 0.1% of net assets

See accompanying notes to financial statements.

16

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Argentina (1.9%)
ARS		21,000,000	Letras del Banco Central de la Republica Argentina, 0%, due 05/18/16 (1)	$	1,444,577
ARS		21,800,000	Letras del Banco Central de la Republica Argentina, 0%, due 06/01/16 (1)		1,485,847
			Total Argentina (Cost: $2,945,921)		2,930,424
			Brazil (15.5% of Net Assets)
BRL		16,160,000	Brazil Letras do Tesouro Nacional, Series F, 0%, due 01/01/19 (1)		3,412,716
BRL		5,020,000	Brazil Notas do Tesouro Nacional, Series B, 6%, due 08/15/50		4,086,686
BRL		8,000,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/25		2,022,324
BRL		6,850,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/27		1,710,119
BRL		21,400,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/19		5,901,995
BRL		22,880,000	Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/21		6,112,386
EUR		750,000	Petrobras Global Finance BV, 4.875%, due 03/07/18		826,198
			Total Brazil (Cost: $19,875,082)		24,072,424
			Colombia (8.2%)
COP		12,363,500,000	Colombian TES (Treasury) Bond, 6%, due 04/28/28		3,623,207
COP		9,417,700,000	Colombian TES (Treasury) Bond, 7%, due 09/11/19		3,255,848
COP		8,131,900,000	Colombian TES (Treasury) Bond, 7%, due 05/04/22		2,759,016
COP		7,982,000,000	Colombian TES (Treasury) Bond, 10%, due 07/24/24		3,156,981
			Total Colombia (Cost: $11,314,974)		12,795,052
			Greece (Cost: $3,116,883) (2.2%)
EUR		3,250,000	Hellenic Republic Government Bond, (Reg. S), 4.75%, due 04/17/19 (2)		3,359,825
			Hungary (0.7%)
HUF		220,880,000	Hungary Government Bond, 3%, due 06/26/24		808,313
HUF		71,440,000	Hungary Government Bond, 7%, due 06/24/22		328,892
			Total Hungary (Cost: $1,025,543)		1,137,205
			Indonesia (13.2%)
IDR		10,649,000,000	Indonesia Treasury Bond, 5.625%, due 05/15/23		722,679
IDR		27,827,000,000	Indonesia Treasury Bond, 7.875%, due 04/15/19		2,146,950
IDR		79,688,000,000	Indonesia Treasury Bond, 8.375%, due 03/15/24		6,327,123
IDR		21,669,000,000	Indonesia Treasury Bond, 8.375%, due 09/15/26		1,724,483
IDR		24,200,000,000	Indonesia Treasury Bond, 8.375%, due 03/15/34		1,925,752
IDR		94,091,000,000	Indonesia Treasury Bond, 9%, due 03/15/29		7,777,633
			Total Indonesia (Cost: $18,867,394)		20,624,620
			Malaysia (8.5%)
MYR		1,500,000	Malaysia Government Bond, 3.58%, due 09/28/18		387,047
MYR		11,178,000	Malaysia Government Bond, 3.659%, due 10/15/20		2,881,704
MYR		8,687,000	Malaysia Government Bond, 3.795%, due 09/30/22		2,231,513
MYR		7,514,000	Malaysia Government Bond, 3.955%, due 09/15/25		1,934,025
MYR		5,875,000	Malaysia Government Bond, 4.16%, due 07/15/21		1,539,997
MYR		5,376,000	Malaysia Government Bond, 4.181%, due 07/15/24		1,403,003
MYR		10,537,000	Malaysia Government Bond, 4.378%, due 11/29/19		2,781,725
			Total Malaysia (Cost: $12,069,205)		13,159,014

See accompanying notes to financial statements.

17

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)

	Principal Amount		Fixed Income Securities	Value
			Mexico (9.3%)
MXN		39,672,500	Mexican BONOS Government Bond, 7.75%, due 05/29/31	$	2,642,836
MXN		24,100,000	Mexican BONOS Government Bond, 7.75%, due 11/23/34		1,612,787
MXN		23,000,000	Mexican BONOS Government Bond, 8%, due 12/07/23		1,537,027
MXN		96,300,000	Mexican BONOS Government Bond, 8.5%, due 05/31/29		6,795,266
MXN		25,470,000	Mexican BONOS Government Bond, 10%, due 12/05/24		1,914,489
			Total Mexico (Cost: $13,731,069)		14,502,405
			Peru (2.2%)
PEN		8,331,000	Peruvian Government International Bond, (Reg. S), 6.95%, due 08/12/31 (2)		2,605,596
PEN		2,253,000	Peruvian Government International Bond, (Reg. S), 8.2%, due 08/12/26 (2)		792,805
			Total Peru (Cost: $3,032,638)		3,398,401
			Poland (3.2%)
PLN		6,200,000	Poland Government Bond, 2.5%, due 07/25/26		1,542,777
PLN		12,668,000	Poland Government Bond, 3.25%, due 07/25/25		3,400,972
			Total Poland (Cost: $4,826,941)		4,943,749
			Romania (3.5%)
RON		8,370,000	Romania Government Bond, 5.75%, due 04/29/20		2,417,653
RON		10,200,000	Romania Government Bond, 5.8%, due 07/26/27		3,031,421
			Total Romania (Cost: $5,345,259)		5,449,074
			Russia (6.0%)
RUB		271,037,000	Russian Federal Bond — OFZ, 6.8%, due 12/11/19		3,913,710
RUB		62,714,000	Russian Federal Bond — OFZ, 6.4%, due 05/27/20		889,583
RUB		90,056,000	Russian Federal Bond — OFZ, 7.5%, due 03/15/18		1,353,990
RUB		221,165,000	Russian Federal Bond — OFZ, 7.5%, due 08/18/21		3,227,773
			Total Russia (Cost: $8,810,008)		9,385,056
			Serbia (Cost: $3,515,301) (2.4%)
RSD		346,900,000	Serbia Treasury Bond, 10%, due 02/05/22		3,761,833
			South Africa (11.0%)
ZAR		33,569,985	South Africa Government Bond, 6.75%, due 03/31/21		2,200,872
ZAR		24,800,000	South Africa Government Bond, 7.75%, due 02/28/23		1,656,056
ZAR		38,390,595	South Africa Government Bond, 8%, due 01/31/30		2,427,266
ZAR		37,440,267	South Africa Government Bond, 8.5%, due 01/31/37		2,373,160
ZAR		85,294,062	South Africa Government Bond, 10.5%, due 12/21/26		6,634,901
ZAR		27,980,000	South Africa Government Bond, 8.25%, due 03/31/32		1,775,590
			Total South Africa (Cost: $16,338,081)		17,067,845
			Turkey (10.1%)
TRY		11,670,816	Turkey Government Bond, 7.1%, due 03/08/23		3,767,339
TRY		17,191,148	Turkey Government Bond, 8.3%, due 06/20/18		6,075,317
TRY		16,295,708	Turkey Government Bond, 9.4%, due 07/08/20		5,923,910
			Total Turkey (Cost: $14,573,890)		15,766,566
			Total Fixed Income Securities (Cost: $139,388,189) (97.9%)		152,353,493

See accompanying notes to financial statements.

18

TCW Emerging Markets Local Currency Income Fund

April 30, 2016

	Notional Amount		Currency Options	Value
$		2,975,000	USD Call / TRY Put, Strike Price TRY 3.08, Expires 09/15/16 (3)	$	34,171
		1,538,000	USD Call / ZAR Put, Strike Price ZAR 16.25, Expires 06/21/16 (3)		4,208
			Total Currency Options (Cost: $152,141) (—%)		38,379
	Number of Shares		Money Market Investments
		1,760,648	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (4)		1,760,648
			Total Money Market Investments (Cost: $1,760,648) (1.1%)		1,760,648
			Total Investments (Cost: $141,300,978) (99.0%)		154,152,520
			Excess of Other Assets over Liabilities (1.0%)		1,495,267
			Total Net Assets (100.0%)	$	155,647,787

Written Options — OTC
Notional Amount		Description	Premiums (Received)			Value
$	3,050,000	USD Call / CNH Put, Strike Price CNH 7.72, Expires 02/14/17 (5)	$	(47,443	)	$	(14,070	)
	2,975,000	USD Call / TRY Put, Strike Price TRY 3.33, Expires 09/15/16 (3)		(51,467	)		(11,882	)
	1,538,000	USD Call / ZAR Put, Strike Price ZAR 17.00, Expires 06/21/16 (3)		(25,531	)		(1,644	)
			$	(124,441	)	$	(27,596	)

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 (6)
Bank of America		IDR		45,606,000,000		05/03/16	$	3,331,337	$	3,458,144	$	126,807
Bank of America		INR		416,355,000		06/28/16		6,150,000		6,211,270		61,270
Bank of America		MXN		55,215,000		05/23/16		3,094,144		3,217,009		122,865
Bank of America		MYR		7,475,740		05/12/16		1,931,217		1,912,453		(18,764	)
Bank of America		PEN		6,100,000		06/30/16		1,853,540		1,854,766		1,226
Bank of America		PHP		31,633,600		06/29/16		680,000		672,582		(7,418	)
Bank of America		THB		493,402,000		05/09/16		14,000,000		14,124,151		124,151
Citibank N.A.		PLN		4,680,000		06/22/16		1,237,751		1,223,943		(13,808	)
Citibank N.A.		BRL		27,467,950		05/02/16		7,401,186		7,959,878		558,692
Citibank N.A.		COP		4,932,840,000		06/03/16		1,549,989		1,720,975		170,986
Citibank N.A.		MXN		40,028,050		05/04/16		2,300,000		2,336,591		36,591
Citibank N.A.		MYR		9,306,680		06/10/16		2,397,393		2,375,572		(21,821	)
Citibank N.A.		RUB		150,385,500		09/02/16		2,070,000		2,254,126		184,126
Citibank N.A.		TRY		3,460,520		07/13/16		1,190,000		1,214,980		24,980
Citibank N.A.		ZAR		7,003,125		05/23/16		450,000		491,956		41,956
Goldman Sachs International		HUF		456,210,000		07/14/16		1,665,000		1,675,440		10,440
Morgan Stanley & Co.		PEN		5,433,083		05/09/16		1,554,975		1,661,091		106,116
							$	52,856,532	$	54,364,927	$	1,508,395

See accompanying notes to financial statements.

19

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)

Forward Currency Contracts (continued)
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL (7)
Bank of America		CNH		20,596,650		02/13/17	$	3,050,000	$	3,122,426	$	(72,426	)
Bank of America		EUR		930,000		12/08/16		1,049,056		1,073,203		(24,147	)
Bank of America		IDR		45,606,000,000		05/03/16		3,300,000		3,458,144		(158,144	)
Bank of America		INR		128,370,000		06/28/16		1,909,131		1,915,050		(5,919	)
Bank of America		KRW		3,509,400,000		05/31/16		3,000,000		3,078,843		(78,843	)
Bank of America		MXN		55,215,000		05/23/16		3,000,000		3,217,009		(217,009	)
Bank of America		MYR		7,475,740		05/12/16		1,910,000		1,912,452		(2,452	)
Bank of America		MYR		9,306,680		06/10/16		2,260,000		2,375,572		(115,572	)
Bank of America		SGD		4,058,190		07/01/16		3,000,000		3,015,871		(15,871	)
Citibank N.A.		BRL		27,467,950		05/02/16		6,900,000		7,959,879		(1,059,879	)
Citibank N.A.		BRL		9,251,300		06/22/16		2,530,000		2,638,578		(108,578	)
Citibank N.A.		CNH		30,123,270		08/19/16		4,540,000		4,620,796		(80,796	)
Citibank N.A.		COP		4,932,840,000		06/03/16		1,480,000		1,720,975		(240,975	)
Citibank N.A.		EUR		1,902,002		12/08/16		2,100,000		2,194,875		(94,875	)
Citibank N.A.		PEN		2,448,833		05/09/16		695,000		748,697		(53,697	)
Citibank N.A.		PEN		7,783,200		06/30/16		2,300,000		2,366,559		(66,559	)
Citibank N.A.		RUB		150,385,500		09/02/16		1,798,224		2,254,126		(455,902	)
Goldman Sachs International		PHP		31,633,600		06/29/16		677,960		672,583		5,377
Morgan Stanley & Co.		EUR		880,000		12/08/16		997,040		1,015,504		(18,464	)
Morgan Stanley & Co.		PEN		2,984,250		05/09/16		845,000		912,394		(67,394	)
Morgan Stanley & Co.		ZAR		47,195,700		05/23/16		3,000,000		3,315,409		(315,409	)
							$	50,341,411	$	53,588,945	$	(3,247,534	)

Notes to the Schedule of Investments:

ARS  - Argentine Peso.

BRL  - Brazilian Real.

CNH  - Chinese Yuan Renminbi.

COP  - Colombian Peso.

EUR  - Euro Currency.

HUF  - Hungarian Forint.

IDR  - Indonesian Rupiah.

INR  - Indian Rupee.

KRW  - South Korean Won.

MXN  - Mexican Peso.

MYR  - Malaysian Ringgit.

PEN  - Peruvian Nouveau Sol.

PHP  - Philippines Peso.

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.

OTC  - Over the Counter.

(1) As of April 30, 2016 security is not accuring interest.

(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, 2016, the value of these securities amounted to $6,758,226 or 4.3% of net assets.

(3) Over-the-counter traded option; Counterparty — Bank of America.

(4) Rate disclosed is the 7-day net yield as of April 30, 2016.

(5) Over-the-counter traded option; Counterparty — Citigroup Global Market, Inc.

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

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

See accompanying notes to financial statements.

20

TCW Emerging Markets Local Currency Income Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Foreign Government Bonds		97.9	%
Currency Options		0.0	*
Money Market Investments		1.1
Total		99.0	%

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

See accompanying notes to financial statements.

21

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited)

	Principal Amount		Fixed Income Securities	Value
			Angola (Cost: $200,000) (0.5% of Net Assets)
$		200,000	Angolan Government International Bond, (144A), 9.5%, due 11/12/25 (1)	$	196,750
			Argentina (5.9%)
		200,000	Argentine Republic Government International Bond, (144A), 6.25%, due 04/22/19 (1)		207,900
		660,000	Argentine Republic Government International Bond, (144A), 6.875%, due 04/22/21 (1)		683,430
		200,000	Argentine Republic Government International Bond, (144A), 7.5%, due 04/22/26 (1)		203,500
		170,000	Argentine Republic Government International Bond, (144A), 7.625%, due 04/22/46 (1)		167,620
EUR		555,797	Argentine Republic Government International Bond, 7.82%, due 12/31/33		641,356
$		280,408	Argentine Republic Government International Bond, 8.28%, due 12/31/33		295,129
		100,000	YPF Sociedad Anonima, (144A), 8.5%, due 03/23/21 (1)		104,750
			Total Argentina (Cost: $2,212,444)		2,303,685
			Azerbaijan (1.0%)
		200,000	Republic of Azerbaijan International Bond, (Reg. S), 4.75%, due 03/18/24 (2)		194,500
		200,000	Southern Gas Corridor CJSC, (144A), 6.875%, due 03/24/26 (1)		207,750
			Total Azerbaijan (Cost: $391,222)		402,250
			Brazil (4.3%)
		200,000	Brazil Minas SPE via State of Minas Gerais, (Reg. S), 5.333%, due 02/15/28 (2)		173,750
BRL		280,000	Brazil Notas do Tesouro Nacional, Series B, 6%, due 08/15/50		227,942
$		200,000	Brazilian Government International Bond, 4.25%, due 01/07/25		186,250
		425,000	Brazilian Government International Bond, 5%, due 01/27/45		344,760
		200,000	Gerdau Trade, Inc., (Reg. S), 4.75%, due 04/15/23 (2)		172,500
		395,000	Petrobras Global Finance BV, 3%, due 01/15/19		355,618
EUR		100,000	Petrobras Global Finance BV, 4.875%, due 03/07/18		110,160
$		52,000	Petrobras Global Finance BV, 5.875%, due 03/01/18		51,415
		51,000	Petrobras Global Finance BV, 6.25%, due 03/17/24		44,855
			Total Brazil (Cost: $1,566,127)		1,667,250
			Chile (Cost: $113,000) (0.3%)
		113,000	Latam Airlines Group S.A., Pass-Through Trust (2015-1), (144A), 4.2%, due 11/15/27 (1)		102,548
			Colombia (3.1%)
		600,000	Colombia Government International Bond, 4.5%, due 01/28/26		617,460
		400,000	Colombia Government International Bond, 5%, due 06/15/45		383,000
		200,000	GrupoSura Finance S.A., (144A), 5.5%, due 04/29/26 (1)		204,000
			Total Colombia (Cost: $1,166,110)		1,204,460
			Costa Rica (Cost: $367,365) (1.0%)
		400,000	Costa Rica Government International Bond, (Reg. S), 7%, due 04/04/44 (2)		372,500
			Croatia (1.6%)
		200,000	Croatia Government International Bond, (Reg. S), 6%, due 01/26/24 (2)		219,500
		400,000	Hrvatska Elektroprivreda, (144A), 5.875%, due 10/23/22 (1)		415,960
			Total Croatia (Cost: $618,675)		635,460

See accompanying notes to financial statements.

22

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			Dominican Republic (1.5%)
$		440,000	Dominican Republic International Bond, (144A), 6.875%, due 01/29/26 (1)	$	473,550
		100,000	Dominican Republic International Bond, (Reg. S), 5.875%, due 04/18/24 (2)		103,250
			Total Dominican Republic (Cost: $554,015)		576,800
			Ecuador (Cost: $157,318) (0.5%)
		200,000	Ecuador Government International Bond, (Reg. S), 10.5%, due 03/24/20 (2)		190,000
			Egypt (Cost: $182,047) (0.5%)
		200,000	Egypt Government International Bond, (Reg. S), 5.875%, due 06/11/25 (2)		181,000
			El Salvador (Cost: $42,695) (0.1%)
		50,000	El Salvador Government International Bond, (Reg. S), 6.375%, due 01/18/27 (2)		44,250
			Greece (Cost: $330,222) (0.9%)
EUR		339,000	Hellenic Republic Government Bond, (Reg. S), 4.75%, due 04/17/19 (2)		350,456
			Guatemala (1.3%)
$		250,000	Comcel Trust via Comunicaciones Celulares S.A., (Reg. S), 6.875%, due 02/06/24 (2)		238,438
		200,000	Guatemala Government Bond, (144A), 4.5%, due 05/03/26 (1)		200,500
		80,000	Industrial Senior Trust, (144A), 5.5%, due 11/01/22 (1)		77,584
			Total Guatemala (Cost: $539,901)		516,522
			Hungary (1.1%)
		130,000	Hungary Government International Bond, 5.375%, due 03/25/24		144,625
		275,000	Magyar Export-Import Bank Zrt, (144A), 4%, due 01/30/20 (1)		280,156
			Total Hungary (Cost: $423,059)		424,781
			Indonesia (4.2%)
		200,000	Indonesia Government International Bond, (144A), 5.125%, due 01/15/45 (1)		203,740
		200,000	Indonesia Government International Bond, (Reg. S), 3.375%, due 04/15/23 (2)		198,900
		200,000	Pertamina Persero PT, (Reg. S), 4.3%, due 05/20/23 (2)		199,200
		200,000	Pertamina Persero PT, (Reg. S), 5.625%, due 05/20/43 (2)		185,581
		200,000	Perusahaan Penerbit SBSN Indonesia III, (Reg. S), 4.325%, due 05/28/25 (2)		203,740
		425,000	Perusahaan Penerbit SBSN Indonesia III, (144A), 4.35%, due 09/10/24 (1)		434,775
		200,000	Perusahaan Penerbit SBSN Indonesia III, (144A), 4.55%, due 03/29/26 (1)		204,780
			Total Indonesia (Cost: $1,548,445)		1,630,716
			Ivory Coast (Cost: $195,910) (0.5%)
		200,000	Ivory Coast Government International Bond, (144A), 6.375%, due 03/03/28 (1)		190,600
			Kazakhstan (1.6%)
		400,000	Kazakhstan Government International Bond, (144A), 5.125%, due 07/21/25 (1)		424,300
		200,000	Kazakhstan Government International Bond, (Reg. S), 6.5%, due 07/21/45 (2)		219,105
			Total Kazakhstan (Cost: $590,851)		643,405
			Mexico (4.4%)
		100,000	BBVA Bancomer S.A., (Reg.S), 6.008%, due 05/17/22 (2)(3)		101,880
		200,000	Cemex S.A.B. de C.V., (144A), 6.5%, due 12/10/19 (1)		211,250
		100,000	Controladora Mabe S.A. de C.V., (Reg. S), 7.875%, due 10/28/19 (2)		112,130

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
			Mexico (Continued)
$		150,000	Metalsa S.A. de C.V., (Reg. S), 4.9%, due 04/24/23 (2)	$	143,610
		200,000	Mexico Government International Bond, 4.125%, due 01/21/26		210,840
		260,000	Mexico Government International Bond, 4.75%, due 03/08/44		263,822
		205,000	Petroleos Mexicanos, 5.625%, due 01/23/46		183,282
		100,000	Petroleos Mexicanos, (144A), 6.375%, due 02/04/21 (1)		108,228
		365,000	Petroleos Mexicanos, 6.625%, due 06/15/35		369,928
			Total Mexico (Cost: $1,590,652)		1,704,970
			Mongolia (Cost: $187,818) (0.5%)
		200,000	Mongolia Government International Bond, (Reg. S), 4.125%, due 01/05/18 (2)		188,059
			Pakistan (Cost: $199,000) (0.5%)
		200,000	Pakistan Government International Bond, (144A), 8.25%, due 04/15/24 (1)		211,627
			Panama (Cost: $249,130) (0.7%)
		250,000	Global Bank Corp., (144A), 5.125%, due 10/30/19 (1)		254,750
			Paraguay (2.0%)
		150,000	Banco Continental SAECA, (144A), 8.875%, due 10/15/17 (1)		153,750
		150,000	Banco Regional SAECA, (144A), 8.125%, due 01/24/19 (1)		156,570
		250,000	Paraguay Government International Bond, (144A), 5%, due 04/15/26 (1)		257,500
		200,000	Republic of Paraguay, (Reg. S), 6.1%, due 08/11/44 (2)		205,000
			Total Paraguay (Cost: $746,956)		772,820
			Peru (1.6%)
		100,000	Banco Internacional del Peru SAA Interbank, (Reg. S), 6.625%, due 03/19/29 (2)(3)		105,500
		100,000	BBVA Banco Continental S.A., (144A), 5.25%, due 09/22/29 (1)(3)		102,340
		250,000	Corp. Financiera de Desarrollo S.A., (144A), 5.25%, due 07/15/29 (1)(3)		255,625
		150,000	Union Andina de Cementos SAA, (144A), 5.875%, due 10/30/21 (1)		153,690
			Total Peru (Cost: $598,548)		617,155
			Russia (3.7%)
		200,000	Gazprom OAO via Gaz Capital S.A., (Reg. S), 4.95%, due 07/19/22 (2)		202,700
		200,000	GTH Finance BV, (144A), 7.25%, due 04/26/23 (1)		202,750
		600,000	Russian Foreign Bond — Eurobond, (Reg. S), 4.875%, due 09/16/23 (2)		640,500
		200,000	Russian Foreign Bond — Eurobond, (Reg. S), 5%, due 04/29/20 (2)		212,000
		200,000	Sberbank of Russia via SB Capital S.A., (Reg. S), 5.25%, due 05/23/23 (2)		194,500
			Total Russia (Cost: $1,400,941)		1,452,450
			Serbia (2.3%)
		200,000	Serbia International Bond, (Reg. S), 4.875%, due 02/25/20 (2)		205,160
		600,000	Serbia International Bond, (Reg.S), 7.25%, due 09/28/21 (2)		681,060
			Total Serbia (Cost: $879,187)		886,220
			South Africa (1.6%)
		200,000	Gold Fields Orogen Holdings BVI Ltd., (Reg. S), 4.875%, due 10/07/20 (2)		188,000
		200,000	Myriad International Holdings BV, (144A), 5.5%, due 07/21/25 (1)		205,750
		100,000	South Africa Government International Bond, 4.665%, due 01/17/24		100,870

See accompanying notes to financial statements.

24

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2016

	Principal Amount		Fixed Income Securities	Value
			South Africa (Continued)
$		125,000	South Africa Government International Bond, 5.875%, due 09/16/25	$	135,625
			Total South Africa (Cost: $624,803)		630,245
			Sri Lanka (1.7%)
		300,000	Sri Lanka Government International Bond, (144A), 6.125%, due 06/03/25 (1)		282,960
		200,000	Sri Lanka Government International Bond, (Reg. S), 6.25%, due 07/27/21 (2)		200,300
		200,000	Sri Lanka Government International Bond, (Reg. S), 6.85%, due 11/03/25 (2)		196,300
			Total Sri Lanka (Cost: $670,695)		679,560
			Turkey (2.6%)
		200,000	Hazine Mustesarligi Varlik Kiralama AS, (144A), 4.489%, due 11/25/24 (1)		200,992
		350,000	Turkey Government International Bond, 5.125%, due 03/25/22		372,278
		200,000	Turkiye Is Bankasi, (144A), 5.375%, due 10/06/21 (1)		203,440
		200,000	Yapi ve Kredi Bankasi A.S., (144A), 8.5%, due 03/09/26 (1)(3)		216,480
			Total Turkey (Cost: $969,105)		993,190
			Ukraine (0.1%)
		115,000	Ukraine Government International Bond, (144A), 0%, due 05/31/40 (1)(3)		36,488
		350	Ukraine Government International Bond, (144A), 7.75%, due 09/01/19 (1)		335
			Total Ukraine (Cost: $52,373)		36,823
			Uruguay (Cost: $236,964) (0.6%)
		230,000	Uruguay Government International Bond, 4.375%, due 10/27/27		237,590
			Venezuela (1.7%)
		650,000	Petroleos de Venezuela S.A., (Reg. S), 5.375%, due 04/12/27 (2)		230,100
		50,000	Petroleos de Venezuela S.A., (Reg. S), 9.75%, due 05/17/35 (2)		20,183
		105,000	Venezuela Government International Bond, 9.25%, due 09/15/27		45,160
		185,000	Venezuela Government International Bond, (Reg. S), 7.75%, due 10/13/19 (2)		75,156
		335,000	Venezuela Government International Bond, (Reg. S), 8.25%, due 10/13/24 (2)		126,898
		450,000	Venezuela Government International Bond, (Reg. S), 9%, due 05/07/23 (2)		175,725
			Total Venezuela (Cost: $710,182)		673,222
			Total Fixed Income Securities (Cost: $20,315,760) (53.9%)		20,972,114
	Number of Shares		Preferred Stock
			Brazil (0.8%)
		6,100	Cia Brasileira de Distribuicao, 1.08% (ADR)		89,365
		23,400	Itau Unibanco Holding S.A., 3.27% (SP ADR)		223,002
			Total Preferred Stock (Cost: $285,771) (0.8%)		312,367

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
		Argentina (0.6%)
	4,640	Grupo Financiero Galicia S.A. (ADR)	$	132,101
	780	MercadoLibre, Inc.		97,414
		Total Argentina (Cost: $214,587)		229,515
		Brazil (1.5%)
	24,530	Banco Bradesco S.A. (ADR)		183,239
	5,400	BRF S.A. (ADR)		76,788
	18,900	Cia Hering		77,007
	11,900	Petroleo Brasileiro S.A. (SP ADR) (4)		91,749
	8,800	Raia Drogasil S.A.		140,359
		Total Brazil (Cost: $519,908)		569,142
		China (10.7%)
	4,415	Alibaba Group Holding, Ltd. (SP ADR) (4)		339,690
	317,000	Bank of China, Ltd. — Class H		128,346
	439,551	China Construction Bank Corp. — Class H		279,160
	13,820	China Mobile, Ltd.		158,658
	28,000	China Overseas Land & Investment, Ltd.		88,876
	34,000	China Resources Land, Ltd.		83,437
	55,500	China Shenhua Energy Co., Ltd. — Class H		93,592
	2,200	CNOOC, Ltd. (SP ADR)		271,546
	235,200	Cosmo Lady China Holdings Co., Ltd.		182,533
	104,500	CT Environmental Group, Ltd.		30,479
	2,500	Franco-Nevada Corp.		175,400
	96,700	Guangdong Investment, Ltd.		136,541
	223,216	HKT Trust & HKT, Ltd.		322,859
	534,360	Industrial & Commercial Bank of China, Ltd. — Class H		286,086
	70,000	Jiangxi Copper Co., Ltd. — Class H		85,551
	30,750	MTR Corp., Ltd.		152,217
	54,000	PICC Property & Casualty Co., Ltd. — Class H		97,950
	46,150	Ping An Insurance Group Co. of China, Ltd. — Class H		216,577
	236,000	Shenzhen Investment, Ltd.		94,890
	80,000	Sunac China Holdings, Ltd.		51,042
	38,512	Tencent Holdings, Ltd.		783,624
	280,000	Zijin Mining Group Co., Ltd. — Class H		93,047
		Total China (Cost: $3,833,067)		4,152,101
		Czech Republic (Cost: $318,144) (0.7%)
	1,405	Komercni banka as		289,016
		Egypt (0.9%)
	36,421	Commercial International Bank Egypt SAE		188,669
	8,350	Eastern Tobacco		173,959
		Total Egypt (Cost: $382,811)		362,628
		Hungary (1.2%)
	1,800	MOL Hungarian Oil & Gas PLC		110,127

See accompanying notes to financial statements.

26

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Hungary (Continued)
	13,758	OTP Bank PLC	$	365,029
		Total Hungary (Cost: $357,540)		475,156
		India (2.5%)
	26,200	Aurobindo Pharma, Ltd.		298,573
	10,969	Housing Development Finance Corp., Ltd.		180,007
	26,300	ICICI Bank, Ltd. (SP ADR)		185,415
	52,298	ITC, Ltd.		256,547
	2,020	Mahindra & Mahindra, Ltd.		40,468
		Total India (Cost: $1,037,252)		961,010
		Indonesia (0.6%)
	109,100	Matahari Department Store Tbk PT		156,434
	304,800	Telekomunikasi Indonesia Persero Tbk PT		81,776
		Total Indonesia (Cost: $210,681)		238,210
		Kenya (Cost: $260,821) (1.0%)
	2,287,700	Safari.com, Ltd.		384,909
		Malaysia (Cost: $134,380) (0.5%)
	382,708	My EG Services BHD		196,684
		Mexico (2.4%)
	54,250	Controladora Vuela Cia de Aviacion S.A.B. de C.V. (4)		113,921
	1,525	Fomento Economico Mexicano S.A.B. de C.V. (SP ADR)		142,145
	65,000	Gentera S.A.B. de C.V.		129,550
	76,350	Grupo Financiero Banorte S.A.B. de C.V.		436,012
	7,525	Industrias Penoles SAB de CV		118,081
		Total Mexico (Cost: $898,062)		939,709
		Pakistan (Cost: $142,272) (0.4%)
	85,799	Habib Bank, Ltd.		154,425
		Philippines (Cost: $112,618) (0.3%)
	25,484	Universal Robina Corp.		113,165
		Russia (2.5%)
	5,900	Lukoil PJSC (SP ADR)		250,750
	25,470	Mobile TeleSystems PJSC		100,395
	673	NOVATEK OAO (GDR)		64,608
	52,460	Rosneft OAO		284,430
	75,225	Sberbank of Russia PAO		143,744
	5,670	Yandex N.V. (4)		116,065
		Total Russia (Cost: $816,535)		959,992
		South Africa (2.5%)
	11,910	Coronation Fund Managers, Ltd.		62,117
	29,350	FirstRand, Ltd.		94,697
	9,800	Foschini Group, Ltd. (The)		105,682

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
		South Africa (Continued)
	17,200	Gold Fields, Ltd.	$	79,884
	7,900	Mr Price Group, Ltd.		100,816
	1,550	Naspers, Ltd. — N Shares		214,117
	23,000	Sanlam, Ltd.		112,126
	20,731	Standard Bank Group, Ltd.		186,887
		Total South Africa (Cost: $797,832)		956,326
		South Korea (5.0%)
	830	Daelim Industrial Co., Ltd.		65,685
	2,730	Hyundai Engineering & Construction Co., Ltd.		95,636
	410	Hyundai Mobis		93,440
	870	Hyundai Motor Co.		109,160
	7,080	KB Financial Group, Inc.		216,628
	2,600	Kia Motors Corp.		109,048
	5,300	Korea Electric Power Corp.		287,889
	360	LG Chem, Ltd.		93,382
	7,200	LG Display Co., Ltd. (ADR)		73,800
	248	LG Household & Health Care, Ltd.		218,356
	8,100	Partron Co., Ltd.		78,874
	471	Samsung Electronics Co., Ltd.		513,310
		Total South Korea (Cost: $1,970,658)		1,955,208
		Taiwan (4.8%)
	268,230	Cathay Financial Holding Co., Ltd.		300,361
	6,370	Chunghwa Telecom Co., Ltd. (SP ADR)		217,217
	40,000	Powertech Technology, Inc.		80,728
	11,000	President Chain Store Corp.		77,774
	176,612	Taiwan Semiconductor Manufacturing Co., Ltd.		811,420
	8,500	Taiwan Semiconductor Manufacturing Co., Ltd. (SP ADR)		200,515
	9,900	Voltronic Power Technology Corp.		155,852
		Total Taiwan (Cost: $1,671,717)		1,843,867
		Thailand (2.1%)
	960,000	Beauty Community PCL Class N (NVDR)		152,221
	221,100	Digital Telecommunications Infrastructure Fund — Series F		94,947
	353,500	Home Product Center PCL Class N (NVDR)		81,276
	80,800	KCE Electronics PCL (NVDR)		181,216
	105,500	Minor International PCL Class N (NVDR)		112,284
	60,500	PTT Exploration & Production PCL Class N (NVDR)		129,973
	6,000	Silergy Corp.		79,683
		Total Thailand (Cost: $749,933)		831,600
		Turkey (1.0%)
	40,950	Dogus Otomotiv Servis ve Ticaret A.S.		176,941
	42,500	Turkiye Garanti Bankasi A.S.		130,997
	60,000	Yapi ve Kredi Bankasi A.S. (4)		91,858
		Total Turkey (Cost: $374,542)		399,796

See accompanying notes to financial statements.

28

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2016

	Number of Shares		Common Stock	Value
			United Arab Emirates (Cost: $90,710) (0.2%)
		25,200	First Gulf Bank PJSC	$	88,199
			United Kingdom (Cost: $233,797) (0.7%)
		62,150	Tullow Oil PLC (4)		256,045
			Total Common Stocks (Cost: $15,127,867) (42.1%)		16,356,703
			Exchange-Traded Funds
			Brazil (Cost: $192,585) (0.6%)
		7,700	iShares MSCI Brazil Capped ETF		227,227
			Total Exchange-Traded Funds (Cost: $192,585) (0.6%)		227,227
	Notional Amount		Currency Options
$		210,000	USD Call / TRY Put, Strike Price TRY 3.08, Expires 11/16/16 (5)		4,410
			Total Currency Options (Cost: $10,825) (0.0%)		4,410
	Number of Shares		Money Market Investments
		582,120	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (6)		582,120
			Total Money Market Investments (Cost: $582,120) (1.5%)		582,120
			Total Investments (Cost: $36,514,928) (98.9%)		38,454,941
			Excess of Other Assets over Liabilities (1.1%)		408,653
			Total Net Assets (100.0%)	$	38,863,594

See accompanying notes to financial statements.

29

TCW Emerging Markets Multi-Asset Opportunities 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 (7)
Bank of America		BRL		850,500		05/02/16	$	225,000	$	246,464	$	21,464
Citibank N.A.		BRL		1,423,166		05/02/16		405,009		412,417		7,408
							$	630,009	$	658,881	$	28,872
SELL (8)
Bank of America		BRL		850,500		05/02/16	$	243,056	$	246,465	$	(3,409	)
Citibank N.A.		BRL		1,423,166		05/02/16		353,000		412,416		(59,416	)
Citibank N.A.		BRL		466,739		06/22/16		130,000		133,119		(3,119	)
Citibank N.A.		EUR		997,641		12/08/16		1,117,473		1,151,259		(33,786	)
Morgan Stanley & Co.		EUR		92,000		12/08/16		104,236		106,166		(1,930	)
							$	1,947,765	$	2,049,425	$	(101,660	)

Written Options — OTC
Notional Amount		Description	Premiums (Received)			Value
$	210,000	USD Call / TRY Put, Strike Price TRY 3.33, Expires 11/16/16 (5)	$	(5,757	)	$	(1,988	)

Notes to the Schedule of Investments:

BRL - Brazilian Real.

EUR - Euro Currency.

TRY - New Turkish Lira.

USD - U.S. Dollar.

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

ETF - Exchange Traded Fund.

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.

NVDR - Non-Voting Depository Receipt.

OTC - Over the Counter.

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 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, 2016, the value of these securities amounted to $8,198,718 or 21.1% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(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, 2016, the value of these securities amounted to $7,451,431 or 19.2% of net assets.

(3) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2016.

(4) Non-income producing security.

(5) Over-the-counter traded option; Counterparty — Bank of America.

(6) Rate disclosed is the 7-day net yield as of April 30, 2016.

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

(8) 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, 2016

Industry	Percentage of Net Assets
Agriculture		1.0	%
Airlines		0.6
Apparel		0.5
Auto Manufacturers		0.7
Auto Parts & Equipment		0.6
Banks		14.1
Beverages		0.4
Building Materials		0.9
Chemicals		0.2
Coal		0.2
Cosmetics/Personal Care		1.0
Diversified Financial Services		1.3
Electric		1.8
Electrical Components & Equipment		0.4
Electronics		0.9
Engineering & Construction		0.4
Environmental Control		0.1
Equity Fund		0.6
Food		0.7
Foreign Government Bonds		36.5
Government Regional/Local		0.5
Household Products/Wares		0.3
Insurance		2.0
Internet		4.0
Investment Companies		0.5
Iron & Steel		0.4
Media		1.0
Mining		1.9
Miscellaneous Manufacturers		0.0	*
Oil & Gas		9.3
Pharmaceuticals		0.8
Pipelines		0.5
Real Estate		0.8
Retail		2.6
Semiconductors		4.1
Telecommunications		4.8
Textiles		0.2
Transportation		0.4
Water		0.4
Currency Options		0.0	*
Money Market Investments		1.5
Total		98.9	%

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

See accompanying notes to financial statements.

31

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Industry (Unaudited) April 30, 2016

Country	Percentage of Net Assets
Angola		0.5	%
Argentina		6.5
Azerbaijan		1.0
Brazil		7.2
Chile		0.3
China		10.7
Colombia		3.1
Costa Rica		1.0
Croatia		1.6
Czech Republic		0.7
Dominican Republic		1.5
Ecuador		0.5
Egypt		1.4
El Salvador		0.1
Greece		0.9
Guatemala		1.3
Hungary		2.3
India		2.5
Indonesia		4.8
Ivory Coast		0.5
Kazakhstan		1.6
Kenya		1.0
Malaysia		0.5
Mexico		6.8
Mongolia		0.5
Pakistan		0.9
Panama		0.7
Paraguay		2.0
Peru		1.6
Philippines		0.3
Russia		6.2
Serbia		2.3
South Africa		4.1
South Korea		5.0
Sri Lanka		1.7
Taiwan		4.8
Thailand		2.1
Turkey		3.6
Ukraine		0.1
United Arab Emirates		0.2
United Kingdom		0.7
United States		1.5
Uruguay		0.6
Venezuela		1.7
Total		98.9	%

See accompanying notes to financial statements.

32

TCW International Growth Fund

Schedule of Investments (Unaudited) April 30, 2016

Number of Shares		Common Stock	Value
		Argentina (1.1% of Net Assets)
	460	Grupo Financiero Galicia S.A. (ADR)	$	13,096
	110	MercadoLibre, Inc.		13,738
		Total Argentina (Cost: $25,009)		26,834
		Australia (4.6%)
	3,860	Challenger, Ltd.		26,207
	200	Commonwealth Bank of Australia		11,207
	210	Macquarie Group, Ltd.		10,097
	1,270	Magellan Financial Group, Ltd.		20,677
	6,740	Santos, Ltd.		24,370
	9,800	St Barbara, Ltd. (1)		17,503
		Total Australia (Cost: $110,332)		110,061
		Brazil (Cost: $11,872) (0.5%)
	1,540	Banco Bradesco S.A. (ADR)		11,504
		Canada (7.7%)
	310	Alimentation Couche-Tard, Inc. — Class B		13,612
	300	Bank of Nova Scotia (The)		15,759
	900	Barrick Gold Corp.		17,433
	700	Crescent Point Energy Corp.		11,814
	215	Dollarama, Inc.		15,527
	3,400	Encana Corp.		26,044
	25	Fairfax Financial Holdings, Ltd.		13,422
	200	Franco-Nevada Corp.		14,032
	250	Loblaw Cos., Ltd.		13,817
	300	Toronto-Dominion Bank (The)		13,350
	370	Winpak, Ltd.		12,787
	3,500	Yamana Gold, Inc.		17,380
		Total Canada (Cost: $159,645)		184,977
		China (5.5%)
	40,000	China Animal Healthcare, Ltd. (1)		—
	110	China Biologic Products, Inc. (1)		12,870
	4,000	China Overseas Land & Investment, Ltd.		12,697
	4,000	China Resources Land, Ltd.		9,816
	10,000	CNOOC, Ltd.		12,353
	110	CNOOC, Ltd. (SP ADR)		13,577
	6,900	Haitong Securities Co., Ltd. — Class H		11,403
	6,000	PICC Property & Casualty Co., Ltd. — Class H		10,883
	16,000	Sunac China Holdings, Ltd.		10,208
	1,373	Tencent Holdings, Ltd.		27,937
	34,000	Zijin Mining Group Co., Ltd. — Class H		11,299
		Total China (Cost: $171,088)		133,043
		Denmark (1.7%)
	10	AP Moeller — Maersk A/S — B Shares		14,078

See accompanying notes to financial statements.

33

TCW International Growth Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Denmark (Continued)
	479	Novo Nordisk A/S (SP ADR)	$	26,723
		Total Denmark (Cost: $40,292)		40,801
		Egypt (Cost: $14,958) (0.4%)
	500	Eastern Tobacco		10,417
		Finland (1.1%)
	435	Amer Sports OYJ		12,881
	731	UPM-Kymmene OYJ		13,996
		Total Finland (Cost: $25,988)		26,877
		France (7.2%)
	253	Atos SE		22,525
	500	AXA S.A.		12,628
	300	BNP Paribas S.A.		15,892
	2,400	Bollore S.A.		9,507
	135	Cap Gemini S.A.		12,605
	197	Ingenico Group S.A.		23,228
	1,635	Orange S.A.		27,171
	125	Renault S.A.		12,064
	350	SCOR SE		11,926
	2,300	Vallourec S.A.		11,980
	590	Veolia Environnement S.A.		14,497
		Total France (Cost: $173,894)		174,023
		Germany (5.3%)
	960	alstria office REIT-AG		13,484
	160	BASF SE		13,240
	145	Deutsche Boerse AG		11,935
	720	Deutsche Telekom AG		12,642
	375	Fresenius Medical Care AG & Co., KGaA		32,647
	190	Merck KGaA		17,898
	240	ProSiebenSat.1 Media SE		12,264
	390	Vonovia SE		13,150
		Total Germany (Cost: $126,273)		127,260
		Hungary (Cost: $12,414) (0.7%)
	635	OTP Bank PLC		16,848
		India (1.5%)
	1,800	ICICI Bank, Ltd. (SP ADR)		12,690
	1,725	LIC Housing Finance, Ltd.		12,010
	575	Mahindra & Mahindra, Ltd.		11,520
		Total India (Cost: $36,399)		36,220
		Ireland (3.6%)
	429	Allegion PLC		28,078
	450	CRH PLC (SP ADR)		13,099

See accompanying notes to financial statements.

34

TCW International Growth Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Ireland (Continued)
	307	Ryanair Holdings PLC (SP ADR)	$	24,852
	105	Shire PLC (ADR)		19,679
		Total Ireland (Cost: $89,864)		85,708
		Israel (Cost: $11,879) (0.4%)
	5,000	Bezeq The Israeli Telecommunication Corp., Ltd.		10,548
		Italy (1.7%)
	210	Ei Towers SpA		12,331
	5,150	Intesa Sanpaolo SpA		14,320
	2,400	Snam SpA		14,681
		Total Italy (Cost: $44,939)		41,332
		Japan (19.0%)
	200	Ain Holdings, Inc.		9,662
	800	Alfresa Holdings Corp.		15,320
	4,000	ANA Holdings, Inc.		11,107
	500	Capcom Co., Ltd.		11,454
	1,200	Dai Nippon Printing Co., Ltd.		11,192
	1,100	Dai-ichi Life Insurance Co., Ltd. (The)		13,148
	85	Daito Trust Construction Co., Ltd.		11,955
	459	Dentsu, Inc.		23,192
	1,300	Dip Corp.		30,477
	100	East Japan Railway Co.		8,749
	300	FamilyMart Co., Ltd.		15,744
	300	Fuji Heavy Industries, Ltd.		9,796
	340	GMO Payment Gateway, Inc.		21,605
	1,000	Haseko Corp.		8,992
	300	Japan Airlines Co., Ltd.		10,738
	1,200	Japan Exchange Group, Inc.		17,772
	920	M3, Inc.		24,680
	300	Makita Corp.		18,820
	2,212	Mitsubishi Electric Corp.		23,377
	550	Nippon Telegraph & Telephone Corp.		24,476
	800	ORIX Corp.		11,253
	900	Santen Pharmaceutical Co., Ltd.		12,827
	2,000	Sanyo Chemical Industries, Ltd.		15,359
	200	Shin-Etsu Chemical Co., Ltd.		11,139
	300	Shionogi & Co., Ltd.		15,227
	1,200	Showa Shell Sekiyu KK		12,453
	400	Sony Corp.		9,635
	6,000	Sumitomo Mitsui Trust Holdings, Inc.		18,341
	200	Sysmex Corp.		12,438
	2,000	Toray Industries, Inc.		16,613
		Total Japan (Cost: $422,711)		457,541

See accompanying notes to financial statements.

35

TCW International Growth Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Malaysia (Cost: $12,076) (0.5%)
	23,700	My EG Services BHD	$	12,180
		Mexico (1.5%)
	10,000	Controladora Vuela Cia de Aviacion S.A.B. de C.V. (1)		20,999
	1,000	Industrias Penoles SAB de C.V.		15,692
		Total Mexico (Cost: $25,211)		36,691
		Netherlands (2.9%)
	132	ASML Holding NV		12,762
	100	Core Laboratories NV		13,366
	3,300	Koninklijke KPN NV		12,971
	580	Royal Dutch Shell PLC — B Shares		15,267
	400	Wolters Kluwer NV		15,241
		Total Netherlands (Cost: $60,769)		69,607
		Russia (1.7%)
	320	Lukoil PJSC (SP ADR)		13,600
	4,820	Rosneft OAO		26,133
		Total Russia (Cost: $36,790)		39,733
		South Africa (1.1%)
	4,000	FirstRand, Ltd.		12,906
	1,600	Standard Bank Group, Ltd.		14,424
		Total South Africa (Cost: $25,730)		27,330
		South Korea (2.1%)
	150	Daelim Industrial Co., Ltd.		11,871
	240	Korea Electric Power Corp.		13,036
	45	LG Chem, Ltd.		11,673
	16	LG Household & Health Care, Ltd.		14,087
		Total South Korea (Cost: $47,869)		50,667
		Spain (4.6%)
	217	Aena S.A. (1)		31,008
	450	Amadeus IT Holding S.A.		20,525
	1,600	Banco Bilbao Vizcaya Argentaria S.A. (SP ADR)		11,024
	875	Hispania Activos Inmobiliarios S.A. (1)		12,853
	400	Industria de Diseno Textil S.A.		12,878
	892	Melia Hotels International S.A.		11,258
	963	Merlin Properties Socimi S.A.		11,212
		Total Spain (Cost: $100,699)		110,758
		Sweden (1.3%)
	420	Intrum Justitia AB		15,112
	490	Svenska Cellulosa AB — B Shares		15,476
		Total Sweden (Cost: $26,199)		30,588

See accompanying notes to financial statements.

36

TCW International Growth Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Switzerland (5.1%)
	90	Actelion, Ltd.	$	14,599
	400	Gategroup Holding AG		22,078
	2,800	Glencore PLC (ADR)		13,300
	159	Lonza Group AG		26,541
	135	Roche Holding AG		34,185
	200	Wolseley PLC		11,231
		Total Switzerland (Cost: $110,892)		121,934
		Taiwan (0.9%)
	5,000	Powertech Technology, Inc.		10,091
	800	Voltronic Power Technology Corp.		12,594
		Total Taiwan (Cost: $25,099)		22,685
		Thailand (1.7%)
	85,400	Beauty Community PCL — N Shares (NVDR)		13,541
	7,100	KCE Electronics PCL (NVDR)		15,924
	5,600	PTT Exploration & Production PCL — N Shares (ADR)		12,031
		Total Thailand (Cost: $36,812)		41,496
		United Kingdom (11.5%)
	2,910	Aberdeen Asset Management PLC		12,764
	1,640	Aviva PLC		10,417
	2,420	BP PLC		13,367
	360	BT Group PLC (SP ADR)		11,808
	940	Essentra PLC		11,208
	545	Imperial Tobacco Group PLC		29,710
	1,350	International Consolidated Airlines Group S.A.		10,406
	1,330	John Wood Group PLC		12,198
	4,300	Lookers PLC		8,786
	3,760	Moneysupermarket.com Group PLC		17,316
	2,750	National Express Group PLC		13,093
	125	Reckitt Benckiser Group PLC		12,209
	1,800	Royal Bank of Scotland Group PLC (SP ADR) (1)		12,186
	385	Severn Trent PLC		12,583
	790	Sky PLC		10,887
	1,570	Standard Chartered PLC		12,722
	3,450	Tullow Oil PLC		14,213
	6,000	Tullow Oil PLC (ADR) (1)		12,102
	295	Unilever PLC		13,215
	345	Vodafone Group PLC (SP ADR)		11,295
	570	WPP PLC		13,351
		Total United Kingdom (Cost: $282,093)		275,836
		United States (2.2%)
	250	Carnival Corp.		12,262
	100	Facebook, Inc. (1)		11,758
	130	MasterCard, Inc.		12,609

See accompanying notes to financial statements.

37

TCW International Growth Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		United States (Continued)
	200	Visa, Inc.	$	15,448
		Total United States (Cost: $51,252)		52,077
		Total Common Stock (Cost: $2,319,048) (99.1%)		2,385,576
		Preferred Stock
		Brazil (Cost: $11,568) (0.5%)
	1,200	Itau Unibanco Holding S.A., 3.9% (SP ADR)		11,436
		Total Preferred Stock (Cost: $11,568) (0.5%)		11,436
		Money Market Investments
	3,467	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)		3,467
		Total Money Market Investments (Cost: $3,467) (0.1%)		3,467
		Total Investments (Cost: $2,334,083) (99.7%)		2,400,479
		Excess of Other Assets over Liabilities (0.3%)		7,410
		Total Net Assets (100.0%)	$	2,407,889

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		15,209,262		11/07/16	$	130,002	$	143,015	$	13,013
Bank of America		JPY		43,087,191		11/17/16		372,295		405,334		33,039
							$	502,297	$	548,349	$	46,052
SELL (4)
Bank of America		JPY		15,209,262		11/07/16	$	130,000	$	143,015	$	(13,015	)
Bank of America		JPY		43,087,191		11/17/16		365,000		405,334		(40,334	)
							$	495,000	$	548,349	$	(53,349	)

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.

NVDR - Non-Voting Depository Receipt.

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) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

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

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

See accompanying notes to financial statements.

38

TCW International Growth Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Air Freight & Logistics		0.4	%
Airlines		3.2
Automobiles		1.4
Banks		8.6
Biotechnology		1.1
Building Products		1.2
Capital Markets		2.3
Chemicals		3.4
Commercial Services & Supplies		2.0
Communications Equipment		0.5
Construction & Engineering		0.5
Construction Materials		0.6
Consumer Finance		0.5
Containers & Packaging		0.5
Diversified Financial Services		2.8
Diversified Telecommunication Services		4.1
Electric Utilities		0.5
Electrical Equipment		1.5
Electronic Equipment, Instruments & Components		1.0
Energy Equipment & Services		1.6
Food & Staples Retailing		2.2
Gas Utilities		0.6
Health Care Equipment & Supplies		0.5
Health Care Providers & Services		2.0
Health Care Technology		1.0
Hotels, Restaurants & Leisure		1.0
Household Durables		1.6
Household Products		1.1
Insurance		2.9

Industry	Percentage of Net Assets
Internet Software & Services		4.3	%
IT Services		4.8
Leisure Products		0.5
Life Sciences Tools & Services		1.1
Marine		0.6
Media		3.2
Metals & Mining		4.4
Miscellaneous		1.1
Multi-Utilities		0.6
Multiline Retail		0.6
Oil, Gas & Consumable Fuels		8.7
Paper & Forest Products		1.3
Personal Products		0.6
Pharmaceuticals		5.1
REIT		1.1
Real Estate Management & Development		2.3
Road & Rail		0.9
Semiconductors & Semiconductor Equipment		0.9
Software		0.5
Specialty Retail		1.5
Thrifts & Mortgage Finance		0.5
Tobacco		1.6
Trading Companies & Distributors		0.5
Transportation Infrastructure		1.3
Water Utilities		0.5
Wireless Telecommunication Services		0.5
Money Market Investments		0.1
Total		99.7	%

See accompanying notes to financial statements.

39

TCW International Small Cap Fund

Schedule of Investments (Unaudited)

Number of Shares		Common Stock	Value
		Argentina (Cost: $46,811) (0.5% of Net Assets)
	1,590	Grupo Financiero Galicia S.A. (ADR)	$	45,267
		Australia (4.4%)
	12,950	Cedar Woods Properties, Ltd.		42,020
	11,000	Estia Health, Ltd.		48,293
	2,500	Magellan Financial Group, Ltd.		40,704
	15,000	OceanaGold Corp.		53,768
	22,750	Orora, Ltd.		45,514
	23,960	Santos, Ltd.		86,634
	33,800	St Barbara, Ltd. (1)		60,367
		Total Australia (Cost: $366,193)		377,300
		Austria (Cost: $45,036) (0.6%)
	2,850	Wienerberger AG		56,307
		Brazil (Cost: $42,604) (0.5%)
	10,700	Cia Hering		43,596
		Canada (6.7%)
	8,100	Baytex Energy Corp.		41,515
	19,000	Bonavista Energy Corp.		47,932
	2,000	Brookfield Canada Office Properties		44,052
	7,100	Encana Corp.		54,386
	12,500	Lundin Mining Corp. (1)		49,198
	2,625	MTY Food Group, Inc.		69,680
	1,200	Parkland Fuel Corp.		22,925
	30,700	Pengrowth Energy Corp.		50,489
	9,200	Precision Drilling Corp.		47,814
	1,100	ShawCor, Ltd.		29,770
	14,451	Torex Gold Resources, Inc. (1)		24,680
	7,400	Trilogy Energy Corp. (1)		32,197
	12,900	Yamana Gold, Inc.		64,057
		Total Canada (Cost: $491,305)		578,695
		China (3.4%)
	338,522	China Animal Healthcare, Ltd. (1)		—
	400	China Biologic Products, Inc. (1)		46,800
	74,000	Haitong International Securities Group, Ltd.		42,588
	59,000	Lee & Man Paper Manufacturing, Ltd.		38,820
	92,400	Shenzhen Expressway Co., Ltd. — Class H		82,002
	58,000	Sunac China Holdings, Ltd.		37,006
	50,500	Zhaojin Mining Industry Co., Ltd. — Class H		43,635
		Total China (Cost: $577,229)		290,851
		Finland (Cost: $42,285) (0.5%)
	1,500	Amer Sports OYJ		44,417

See accompanying notes to financial statements.

40

TCW International Small Cap Fund

April 30, 2016

Number of Shares		Common Stock	Value
		France (4.1%)
	7,100	Air France-KLM (1)	$	63,627
	2,700	Bourbon S.A.		39,831
	8,928	Havas S.A.		74,878
	750	Orpea		61,890
	780	Teleperformance		70,080
	8,150	Vallourec S.A.		42,452
		Total France (Cost: $321,012)		352,758
		Germany (7.3%)
	4,110	alstria office REIT-AG		57,727
	1,880	Carl Zeiss Meditec AG		61,429
	1,650	CompuGroup Medical AG		64,860
	8,500	DIC Asset AG		78,401
	1,447	Gerresheimer AG		107,948
	1,042	Indus Holding AG		53,188
	790	Krones AG		90,252
	1,770	PATRIZIA Immobilien AG (1)		41,061
	2,250	VTG AG		69,898
		Total Germany (Cost: $546,679)		624,764
		Hungary (Cost: $42,996) (0.5%)
	26,700	Magyar Telekom Telecommunications PLC (1)		46,438
		Ireland (Cost: $68,471) (0.8%)
	1,060	ICON PLC (1)		71,635
		Italy (8.0%)
	43,600	A2A SpA		62,336
	9,100	Amplifon SpA		83,821
	2,573	Banca Generali SpA		76,585
	71,800	Beni Stabili SpA SIIQ		53,322
	6,950	Davide Campari-Milano SpA		67,249
	1,200	DiaSorin SpA		70,166
	930	Ei Towers SpA (1)		54,609
	11,650	Hera SpA		35,099
	6,887	Infrastrutture Wireless Italiane SpA (1)		35,372
	34,050	Iren SpA		63,068
	2,410	La Doria SpA		35,127
	7,650	OVS SpA (1)		50,087
		Total Italy (Cost: $606,179)		686,841
		Japan (22.3%)
	1,000	Ain Holdings, Inc.		48,308
	1,300	Ariake Japan Co., Ltd.		71,623
	5,433	Benefit One, Inc.		122,512
	1,800	Capcom Co., Ltd.		41,233
	2,300	Cocokara fine, Inc.		101,886
	4,400	Daicel Corp.		54,659

See accompanying notes to financial statements.

41

TCW International Small Cap Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		Japan (Continued)
	4,650	Daifuku Co., Ltd.	$	82,702
	2,485	Daiichikosho Co., Ltd.		103,596
	6	Daiwa Office Investment Corp.		38,339
	2,528	Dip Corp.		59,265
	10,500	Financial Products Group Co., Ltd.		124,658
	1,355	GMO Payment Gateway, Inc.		86,103
	1,500	Horiba, Ltd.		56,301
	900	Hoshizaki Electric Co., Ltd.		75,111
	49	Japan Hotel REIT Investment Corp.		43,955
	22,000	Kawasaki Kisen Kaisha, Ltd.		46,648
	1,800	Kewpie Corp.		46,725
	8,996	Nichias Corp.		57,948
	7,900	Nichiha Corp.		119,752
	2,200	Nifco, Inc.		104,430
	1,100	Obic Co., Ltd.		57,495
	1,180	Pola Orbis Holdings, Inc.		93,321
	7,000	Senko Co., Ltd.		44,532
	4,000	Showa Shell Sekiyu KK		41,511
	4,300	Sun Frontier Fudousan Co., Ltd.		39,538
	3,900	Temp Holdings Co., Ltd.		58,220
	8,000	Tosoh Corp.		36,363
	600	Tsuruha Holdings, Inc.		57,229
		Total Japan (Cost: $1,445,034)		1,913,963
		Luxembourg (2.3%)
	285	Eurofins Scientific SE		105,770
	1,300	Globant S.A. (1)		46,137
	2,000	Grand City Properties S.A.		44,261
		Total Luxembourg (Cost: $162,413)		196,168
		Malaysia (Cost: $42,501) (0.5%)
	78,500	My EG Services BHD		40,343
		Mexico (1.5%)
	30,600	Grupo Aeromexico SAB de CV (1)		70,117
	3,560	Industrias Penoles SAB de CV		55,863
		Total Mexico (Cost: $95,449)		125,980
		Netherlands (1.6%)
	1,601	Euronext NV (1)		67,695
	2,550	GrandVision NV (1)		70,052
		Total Netherlands (Cost: $133,718)		137,747
		Pakistan (Cost: $42,261) (0.5%)
	41,600	Hub Power Co., Ltd. (The)		42,972
		Portugal (Cost: $44,842) (0.5%)
	13,650	REN — Redes Energeticas Nacionais SGPS SA		40,948

See accompanying notes to financial statements.

42

TCW International Small Cap Fund

April 30, 2016

Number of Shares		Common Stock	Value
		Russia (Cost: $44,159) (0.5%)
	38,700	Aeroflot — Russian Airlines PJSC (1)	$	46,158
		Singapore (Cost: $41,353) (0.5%)
	43,000	Frasers Commercial Trust		41,382
		South Africa (Cost: $47,713) (0.5%)
	3,670	Mr Price Group, Ltd.		46,835
		South Korea (2.1%)
	583	Daelim Industrial Co., Ltd.		46,138
	706	Dongbu Insurance Co., Ltd.		43,274
	1,766	Poongsan Corp.		49,174
	402	SK Materials Co., Ltd.		41,783
		Total South Korea (Cost: $169,799)		180,369
		Spain (2.1%)
	1,790	Grupo Catalana Occidente SA		56,801
	5,680	Hispania Activos Inmobiliarios SA (1)		83,433
	3,400	Merlin Properties Socimi SA		39,585
		Total Spain (Cost: $187,331)		179,819
		Sweden (4.1%)
	3,800	Bilia AB — A Shares		91,102
	2,100	Holmen AB — B Shares		72,485
	2,050	Intrum Justitia AB		73,763
	784	NetEnt AB		49,421
	3,200	Wihlborgs Fastigheter AB		65,083
		Total Sweden (Cost: $283,637)		351,854
		Switzerland (1.8%)
	1,200	BKW AG		52,206
	50	Flughafen Zuerich AG		45,972
	175	Straumann Holding AG		60,808
		Total Switzerland (Cost: $138,762)		158,986
		Taiwan (0.9%)
	21,000	Powertech Technology, Inc.		42,382
	2,000	Voltronic Power Technology Corp.		31,485
		Total Taiwan (Cost: $77,701)		73,867
		Thailand (1.5%)
	371,000	Beauty Community PCL (NVDR)		58,827
	30,900	KCE Electronics PCL (NVDR)		69,302
		Total Thailand (Cost: $107,409)		128,129
		Turkey (Cost: $44,524) (0.5%)
	10,700	Dogus Otomotiv Servis ve Ticaret A/S		46,234

See accompanying notes to financial statements.

43

TCW International Small Cap Fund

Schedule of Investments (Unaudited) (Continued)

Number of Shares		Common Stock	Value
		United Kingdom (15.3%)
	6,050	Abcam PLC	$	52,471
	10,630	Aberdeen Asset Management PLC		46,624
	8,200	Beazley PLC		39,184
	2,540	Berendsen PLC		43,998
	5,850	Crest Nicholson Holdings PLC		44,756
	3,450	EMIS Group PLC		48,214
	6,070	GVC Holdings PLC		48,194
	8,593	Howden Joinery Group PLC		62,318
	5,080	John Wood Group PLC		46,592
	10,800	Jupiter Fund Management PLC		66,751
	36,380	Lookers PLC		74,334
	11,150	Moneysupermarket.com Group PLC		51,350
	19,327	National Express Group PLC		92,019
	7,750	Playtech PLC		91,501
	25,550	Redde PLC		57,976
	38,445	Rentokil Initial PLC		99,326
	750	Rightmove PLC		42,495
	3,800	St James’s Place PLC		48,360
	2,050	SuperGroup PLC (1)		36,642
	28,191	Taylor Wimpey PLC		76,242
	24,915	Tullow Oil PLC (1)		102,645
	4,450	UNITE Group PLC (The)		41,255
		Total United Kingdom (Cost: $1,278,656)		1,313,247
		Total Common Stock (Cost: $7,584,062) (96.3%)		8,283,870
		Preferred Stock
		Germany
	462	Jungheinrich AG, 1.27%		43,599
	260	Sartorius AG, 0.5%		64,269
		Total Germany (Cost: $99,173)		107,868
		Total Preferred Stock (Cost: $99,173) (1.3%)		107,868
		Warrants
		Canada (0.0%)
	625,000	Petro-Victory Energy Corp., Strike Price CAD 0.50, Expires 07/22/16 (1)		—
		Total Warrants (Cost: $0) (0.0%)		—
		Money Market Investments
	70,509	State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.23% (2)		70,509
		Total Money Market Investments (Cost: $70,509) (0.8%)		70,509
		Total Investments (Cost: $7,753,744) (98.4%)		8,462,247
		Excess of Other Assets over Liabilities (1.6%)		135,673
		Total Net Assets (100.0%)	$	8,597,920

See accompanying notes to financial statements.

44

TCW International Small Cap Fund

April 30, 2016

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		240,122,484		11/07/16	$	2,067,939	$	2,257,901	$	189,962
							$	2,067,939	$	2,257,901	$	189,962
SELL (4)
Bank of America		JPY		240,122,484		11/07/16	$	2,120,000	$	2,257,901	$	(137,901	)
							$	2,120,000	$	2,257,901	$	(137,901	)

Notes to the Schedule of Investments:    

CAD - Canadian Dollar.

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.

NVDR - Non-Voting Depository Receipt.

PJSC - Private Joint-Stock Company.

REIT - Real Estate Investment Trust.

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2016.

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

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

See accompanying notes to financial statements.

45

TCW International Small Cap Fund

Investments by Industry (Unaudited) April 30, 2016

Industry	Percentage of Net Assets
Basic Materials		6.5	%
Communications		5.6
Consumer, Cyclical		16.6
Consumer, Non-cyclical		19.6
Energy		7.5
Financial		17.3
Industrial		15.7
Technology		5.4
Utilities		3.4
Money Market Investments		0.8
Total		98.4	%

See accompanying notes to financial statements.

46

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2016

	TCW Developing Markets Equity Fund			TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value (1)	$	4,447		$	2,701,819		$	154,153
Foreign Currency, at Value (2)		27			—	(3)		265
Receivable for Securities Sold		113			96,177			4,559
Receivable for Fund Shares Sold		—			8,110			63
Interest and Dividends Receivable		9			58,580			3,256
Receivable from Investment Advisor		10			5			26
Unrealized Appreciation on Open Forward Foreign Currency Contracts		—			3,801			1,576
Cash Collateral Held for Brokers		—			12,210			1,280
Prepaid Expenses		17			67			46
Total Assets		4,623			2,880,769			165,224
LIABILITIES
Distributions Payable		—			1,758			—
Payable for Securities Purchased		124			106,015			5,370
Payable for Fund Shares Redeemed		—			5,592			398
Accrued Capital Gain Withholding Taxes		—			—			165
Accrued Directors’ Fees and Expenses		8			8			9
Accrued Management Fees		3			1,659			95
Accrued Distribution Fees		—	(3)		100			6
Options Written, at Value		—			246	(4)		28	(4)
Payable to Broker for Collateral Pledged		—			2,150			—
Unrealized Depreciation on Open Forward Foreign Currency Contracts		—			14,263			3,315
Other Accrued Expenses		30			1,290			190
Total Liabilities		165			133,081			9,576
NET ASSETS	$	4,458		$	2,747,688		$	155,648
NET ASSETS CONSIST OF:
Paid-in Capital	$	5,432		$	3,537,213		$	204,750
Accumulated Net Realized Loss on Investments, Futures Contracts, Options Written and Foreign Currency		(1,053	)		(871,775	)		(67,098	)
Unrealized Appreciation of Investments, Futures Contracts, Options Written and Foreign Currency		79			47,039			11,152
Undistributed Net Investment Income		—			35,211			6,844
NET ASSETS	$	4,458		$	2,747,688		$	155,648
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	3,225		$	2,248,653		$	130,759
N Class Share	$	1,233		$	499,035		$	24,889
CAPITAL SHARES OUTSTANDING: (5)
I Class Share		393,785			284,773,463			14,885,762
N Class Share		150,645			49,044,919			2,835,640
NET ASSET VALUE PER SHARE: (6)
I Class Share	$	8.19		$	7.90		$	8.78
N Class Share	$	8.19		$	10.18		$	8.78

(1) The identified cost for the TCW Developing Markets Equity Fund, the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund at April 30, 2016 was $4,366, $2,645,031 and $141,301, respectively.

(2) The identified cost for the TCW Developing Markets Equity Fund, the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund at April 30, 2016 was $29, $0 and $278, respectively.

(3) Amount rounds to less than $1.

(4) Premium received for the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund at April 30, 2016 was $713 and $125, respectively.

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

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

See accompanying notes to financial statements.

47

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2016

	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)	$	38,455		$	2,400		$	8,463
Foreign Currency, at Value (2)		350			9			3
Cash		—			—	(3)		—
Receivable for Securities Sold		1,910			58			136
Receivable for Fund Shares Sold		20			—			3
Interest and Dividends Receivable		446			9			28
Foreign Tax Reclaims Receivable		4			1			4
Receivable from Investment Advisor		19			14			10
Unrealized Appreciation on Open Forward Foreign Currency Contracts		29			46			190
Cash Collateral Held for Brokers		—			—			100
Prepaid Expenses		10			27			20
Total Assets		41,243			2,564			8,957
LIABILITIES
Payable for Securities Purchased		2,159			77			68
Payable for Fund Shares Redeemed		—			—			6
Accrued Capital Gain Withholding Taxes		19			—	(3)		1
Accrued Directors’ Fees and Expenses		9			9			9
Accrued Management Fees		30			2			5
Accrued Distribution Fees		1			—	(3)		1
Options Written, at Value		2	(4)		—			—
Payable to Broker for Collateral Pledged		—			—			100
Unrealized Depreciation on Open Forward Foreign Currency Contracts		102			53			138
Other Accrued Expenses		57			15			31
Total Liabilities		2,379			156			359
NET ASSETS	$	38,864		$	2,408		$	8,598
NET ASSETS CONSIST OF:
Paid-in Capital	$	43,101		$	2,515		$	11,547
Accumulated Net Realized Loss on Investments, Options Written and Foreign Currency		(6,599	)		(163	)		(3,582	)
Unrealized Appreciation of Investments, Options Written and Foreign Currency		1,843			58			762
Undistributed (Overdistributed) Net Investment Income		519			(2	)		(129	)
NET ASSETS	$	38,864		$	2,408		$	8,598
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	34,574		$	1,273		$	5,440
N Class Share	$	4,290		$	1,135		$	3,158
CAPITAL SHARES OUTSTANDING: (5)
I Class Share		3,675,211			132,167			671,872
N Class Share		457,733			118,265			389,653
NET ASSET VALUE PER SHARE: (6)
I Class Share	$	9.41		$	9.63		$	8.10
N Class Share	$	9.37		$	9.60		$	8.10

(1) The identified cost for the TCW Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund at April 30, 2016 was $36,515, $2,334 and $7,754, respectively.

(2) The identified cost for the TCW Emerging Markets Multi-Asset Opportunities Fund, the TCW International Growth Fund and the TCW International Small Cap Fund at April 30, 2016 was $384, $10 and $3, respectively.

(3) Amount rounds to less than $1.

(4) Premium received $6.

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

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

See accompanying notes to financial statements.

48

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2016

	TCW Developing Markets Equity Fund			TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	29	(1)	$	—		$	—
Interest		—			123,715	(2)		6,879	(2)
Total		29			123,715			6,879
Expenses:
Management Fees		17			10,392			747
Accounting Services Fees		1			182			6
Administration Fees		—	(3)		107			4
Transfer Agent Fees:
I Class		—	(3)		1,074			28
N Class		—	(3)		259			32
Custodian Fees		13			295			162
Professional Fees		10			56			21
Directors’ Fees and Expenses		17			17			17
Registration Fees:
I Class		11			23			11
N Class		11			36			10
Distribution Fees:
N Class		2			602			113
Compliance Expense		—	(3)		26			2
Shareholder Reporting Expense		—	(3)		9			2
Other		1			271			18
Total		83			13,349			1,173
Less Expenses Borne by Investment Advisor:
I Class		35			—			46
N Class		21			71			140
Net Expenses		27			13,278			987
Net Investment Income		2			110,437			5,892
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(723	)		(204,155	) (4)		(37,111	) (4)
Foreign Currency		(3	)		55			835
Futures Contracts		—			1,701			—
Options Written		—			36			106
Change in Unrealized Appreciation on:
Investments		495			228,895			36,553	(5)
Foreign Currency		(2	)		(8,553	)		(701	)
Futures Contracts		—			(191	)		—
Options Written		—			467			97
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Options Written and Foreign Currency Transactions		(233	)		18,255			(221	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(231	)	$	128,692		$	5,671

(1) Net of foreign taxes withheld of $5 for the TCW Developing Markets Equity Fund.

(2) Net of foreign taxes withheld of $4 and $89 for the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund, respectively.

(3) Amount rounds to less than $1.

(4) Net of capital gain withholding taxes of $400 and $77 for the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund, respectively.

(5) Net of capital gain withholding tax of $163 for the TCW Emerging Markets Local Currency Income Fund.

See accompanying notes to financial statements.

49

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2016

	TCW Emerging Markets Multi-Asset Opportunities Fund			TCW International Growth Fund			TCW International Small Cap Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	128		$	22	(1)	$	67	(1)
Interest		770	(2)		—			—
Total		898			22			67
Expenses:
Management Fees		185			10			33
Accounting Services Fees		2			1			1
Administration Fees		1			—	(3)		1
Transfer Agent Fees:
I Class		3			—	(3)		1
N Class		—	(3)		—	(3)		1
Custodian Fees		73			21			24
Professional Fees		18			10			14
Directors’ Fees and Expenses		17			17			17
Registration Fees:
I Class		8			3			8
N Class		8			2			8
Distribution Fees:
N Class		5			1			4
Shareholder Reporting Expense		1			1			2
Other		14			8			9
Total		335			74			123
Less Expenses Borne by Investment Advisor:
I Class		74			33			33
N Class		21			28			26
Net Expenses		240			13			64
Net Investment Income		658			9			3
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(3,428	) (4)		(115	) (4)		(261	)
Foreign Currency		(10	)		1			2
Options Written		—	(3)		—			—
Change in Unrealized Appreciation on:
Investments		2,785			42			189
Foreign Currency		(93	)		(16	)		(59	)
Options Written		4			—			—
Net Realized and Unrealized Gain (Loss) on Investments, Options Written and Foreign Currency Transactions		(742	)		(88	)		(129	)
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(84	)	$	(79	)	$	(126	)

(1) Net of foreign taxes withheld of $26, $3 and $6 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 $0 for the TCW Emerging Markets Multi-Asset Opportunities Fund.

(3) Amount rounds to less than $1.

(4) Net of capital gain withholding taxes of $23 and $0 for the TCW Emerging Markets Multi-Asset Opportunities Fund and the TCW International Growth Fund, respectively.

See accompanying notes to financial statements.

50

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Developing Markets Equity Fund						TCW Emerging Markets Income Fund
	Six Months Ended April 30, 2016 (Unaudited)			July 1, 2015 through October 31, 2015  (1)			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	2		$	4		$	110,437		$	206,848
Net Realized Loss on Investments, Futures Contracts, Options Written and Foreign Currency Transactions		(726	)		(331	)		(202,363	)		(374,459	)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Options Written and Foreign Currency Transactions		493			(414	)		220,618			(153,869	)
Increase (Decrease) in Net Assets Resulting from Operations		(231	)		(741	)		128,692			(321,480	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(2	)		—			(53,142	)		(180,472	)
N Class		(1	)		—			(10,873	)		(29,061	)
Return of Capital:
I Class		—			—			—			(9,011	)
N Class		—			—			—			(1,462	)
Total Distributions to Shareholders		(3	)		—			(64,015	)		(220,006	)
NET CAPITAL SHARE TRANSACTIONS
I Class		2			3,930			(537,029	)		(1,404,328	)
N Class		1			1,500			(35,052	)		(183,685	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		3			5,430			(572,081	)		(1,588,013	)
Increase (Decrease) in Net Assets		(231	)		4,689			(507,404	)		(2,129,499	)
NET ASSETS
Beginning of Period		4,689			—			3,255,092			5,384,591
End of Period	$	4,458		$	4,689		$	2,747,688		$	3,255,092
Undistributed Net Investment Income (Loss)	$	—		$	1		$	35,211		$	(11,211	)

(1) Commencement of Operations.

See accompanying notes to financial statements.

51

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW Emerging Markets Local Currency Income Fund						TCW Emerging Markets Multi-Asset Opportunities Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	5,892		$	13,674		$	658		$	1,184
Net Realized Loss on Investments, Options Written and Foreign Currency Transactions		(36,170	)		(40,928	)		(3,438	)		(2,899	)
Change in Unrealized Appreciation (Depreciation) on Investments, Options Written and Foreign Currency Transactions		35,949			(14,135	)		2,696			(3,907	)
Increase (Decrease) in Net Assets Resulting from Operations		5,671			(41,389	)		(84	)		(5,622	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		—			—			(931	)		(937	)
N Class		—			—			(103	)		(77	)
Return of Capital:
I Class		—			(450	)		—			—
N Class		—			(335	)		—			—
Total Distributions to Shareholders		—			(785	)		(1,034	)		(1,014	)
NET CAPITAL SHARE TRANSACTIONS
I Class		18,451			(51,829	)		(4,129	)		(7,610	)
N Class		(123,778	)		115,451			265			4,351
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(105,327	)		63,622			(3,864	)		(3,259	)
Increase (Decrease) in Net Assets		(99,656	)		21,448			(4,982	)		(9,895	)
NET ASSETS
Beginning of Period		255,304			233,856			43,846			53,741
End of Period	$	155,648		$	255,304		$	38,864		$	43,846
Undistributed Net Investment Income	$	6,844		$	952		$	519		$	895

See accompanying notes to financial statements.

52

TCW Funds, Inc.

Statements of Changes in Net Assets

	TCW International Growth Fund						TCW International Small Cap Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	9		$	12		$	3		$	47
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(114	)		34			(259	)		(641	)
Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		26			(172	)		130			385
Decrease in Net Assets Resulting from Operations		(79	)		(126	)		(126	)		(209	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(27	)		(22	)		(245	)		(118	)
N Class		(21	)		(17	)		(145	)		(50	)
Distributions from Net Realized Gain:
I Class		—			(155	)		—			—
N Class		—			(140	)		—			—
Total Distributions to Shareholders		(48	)		(334	)		(390	)		(168	)
NET CAPITAL SHARE TRANSACTIONS
I Class		25			175			(1,516	)		(12,156	)
N Class		21			157			(84	)		(5,976	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		46			332			(1,600	)		(18,132	)
Decrease in Net Assets		(81	)		(128	)		(2,116	)		(18,509	)
NET ASSETS
Beginning of Period		2,489			2,617			10,714			29,223
End of Period	$	2,408		$	2,489		$	8,598		$	10,714
Undistributed Net Investment Income (Loss)	$	(2	)	$	37		$	(129	)	$	258

See accompanying notes to financial statements.

53

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) April 30, 2016

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 24 no-load mutual funds (each series, a “Fund” and collectively, 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 Advisers Act of 1940. Each Fund has distinct investment objectives. The following are the objectives for the 6 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 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 Developing Markets Equity Fund	Seeks long-term capital appreciation by investing primarily in equity securities of companies and financial institutions domiciled or with primary business operations in, or with the majority of their net assets in or revenues or net income deriving from, developing market countries.
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.

54

TCW Funds, Inc.

April 30, 2016

Note 1 — Organization (Continued)

TCW Fund	Investment Objective
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).

Note 2 — Significant Accounting Policies

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

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

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

Security Valuations:    Securities listed or traded on the New York Stock Exchange and other stock exchanges are valued at the latest sale price on that exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ. All other securities traded over-the-counter (“OTC”) for which market quotations are readily available, including short-term securities are valued with prices furnished by independent pricing services or by broker dealers. Exchange traded derivatives are valued at the last sale price. OTC options are valued using dealer quotations.

The Company has adopted, after the approval by the Company’s Board of Directors (the “Board” and each member thereof a “Director”), a fair valuation methodology for foreign equity securities (exclusive of certain Latin American and Canadian equity securities). This methodology is designed to address the effect of movements in the U.S. market on the securities traded on foreign exchanges that have been closed for a period of time due to time 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 by the Advisor in good faith under procedures established by and under the general supervision of the Company’s Board.

Fair value is defined as the price that a fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose investments in a three-tier hierarchy. This hierarchy is utilized to establish classification

55

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

of fair value measurements based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in 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.

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

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

56

TCW Funds, Inc.

April 30, 2016

Note 2 — Significant Accounting Policies (Continued)

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 insignificant, 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 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 and are categorized in Level 2 of the fair value hierarchy.

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

Foreign currency contracts.    The fair value of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. 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 NAV, they are categorized in Level 1 of the fair value hierarchy.

Options contracts.    Exchange listed options 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 OTC are fair valued based on pricing models and incorporate various inputs such as interest rate, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-money contracts on a given strike price. To the extent that these inputs are observable and timely, the fair value of OTC option contracts would be categorized in Level 2; otherwise, the fair values would be categorized in Level 3.

Participation notes.    Participation notes are fair valued based on underlying equity security valuations. Valuation of underlying equity securities is derived from the market exchange or quotations from dealers. Participation Notes are generally categorized in Level 2 of the fair value hierarchy.

Restricted securities.    Restricted securities, including illiquid Rule 144A securities, held in non-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently, and therefore, the inputs are unobservable. Any other restricted securities valued similar to publicly traded securities may be categorized 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.

U.S. and foreign government and agency securities.    Government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. and foreign government and agency securities are normally categorized in Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

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

57

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

The following is a summary of the inputs used as of April 30, 2016 in valuing the Funds:

TCW Developing Markets Equity 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
Airlines	$	21,839	$	—	$	—	$	21,839
Auto Components		—		26,209		—		26,209
Automobiles		—		90,917		—		90,917
Banks		248,077		565,384		—		813,461
Beverages		41,944		—		—		41,944
Biotechnology		23,400		—		—		23,400
Capital Markets		—		33,427		—		33,427
Chemicals		—		20,752		—		20,752
Construction & Engineering		—		24,929		—		24,929
Consumer Finance		33,484		—		—		33,484
Distributors		—		44,937		—		44,937
Diversified Financial Services		—		24,198		—		24,198
Diversified Telecommunication Services		122,458		102,097		—		224,555
Electric Utilities		—		72,787		—		72,787
Electrical Equipment		—		49,233		—		49,233
Electronic Equipment, Instruments & Components		18,450		19,962		—		38,412
Electronics		—		30,502		—		30,502
Food & Staples Retailing		62,763		14,141		—		76,904
Food Products		19,908		21,319		—		41,227
Health Care Providers & Services		—		47,182		—		47,182
Hotels, Restaurants & Leisure		—		23,941		—		23,941
Household Products		—		60,752		—		60,752
Insurance		—		78,812		—		78,812
Internet Software & Services		138,498		219,753		—		358,251
IT Services		—		44,249		—		44,249
Media		—		65,615		—		65,615
Metals & Mining		70,263		62,070		—		132,333
Multiline Retail		—		45,740		—		45,740
Oil, Gas & Consumable Fuels		210,445		220,140		—		430,585
Pharmaceuticals		—		90,142		—		90,142
Real Estate Management & Development		—		76,268		—		76,268
Road & Rail		—		27,226		—		27,226
Semiconductors & Semiconductor Equipment		211,603		62,992		—		274,595
Specialty Retail		22,002		100,217		—		122,219
Technology Hardware, Storage & Peripherals		—		141,678		—		141,678
Telephone Communications, exc. Radio		50,029		—		—		50,029
Textiles, Apparel & Luxury Goods		—		66,725		—		66,725
Tobacco		29,584		66,170		—		95,754
Transportation Infrastructure		51,246		—		—		51,246
Water Utilities		—		30,670		—		30,670
Wireless Telecommunication Services		—		147,949		—		147,949
Total Common Stock		1,375,993		2,819,085		—		4,195,078
Exchange-Traded Funds		50,167		—		—		50,167

58

TCW Funds, Inc.

April 30, 2016

Note 2 — Significant Accounting Policies (Continued)

TCW Developing Markets Equity 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
Preferred Stock
Banks	$	50,509	$	—	$	—	$	50,509
Food & Staples Retailing		23,440		—		—		23,440
Total Preferred Stock		73,949		—		—		73,949
Participation Notes
Insurance		—		55,094		—		55,094
Total Participation Notes		—		55,094		—		55,094
Money Markets Investments		72,467		—		—		72,467
Total Investments	$	1,572,576	$	2,874,179	$	—	$	4,446,755

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
Airlines	$	—		$	24,723,022	$	—	$	24,723,022
Auto Parts & Equipment		—			11,966,543		—		11,966,543
Banks		—			231,851,480		—		231,851,480
Building Materials		—			35,649,395		—		35,649,395
Electric		—			64,353,768		—		64,353,768
Financial		—			11,424,000		—		11,424,000
Food		—			17,976,925		—		17,976,925
Foreign Government Bonds		—			1,766,846,943		—		1,766,846,943
Government Regional/Local		—			25,468,275		—		25,468,275
Household Products/Wares		—			6,882,539		—		6,882,539
Iron & Steel		—			11,734,312		—		11,734,312
Media		—			12,447,875		—		12,447,875
Mining		—			15,474,280		—		15,474,280
Oil & Gas		—			306,833,389		—		306,833,389
Pipelines		—			11,322,375		—		11,322,375
Telecommunications		—			39,782,650		—		39,782,650
Transportation		—			16,362,597		—		16,362,597
Total Fixed Income Securities		—			2,611,100,368		—		2,611,100,368
Equity Securities
Miscellaneous Manufacturers		—	*		—		—		—	*
Total Equity Securities		—	*		—		—		—	*
Currency Options		—			546,551		—		546,551
Money Market Investments		90,172,165			—		—		90,172,165
Total Investments		90,172,165			2,611,646,919		—		2,701,819,084
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			3,800,848		—		3,800,848
Total	$	90,172,165		$	2,615,447,767	$	—	$	2,705,619,932

59

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
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(14,262,974	)	$	—	$	(14,262,974	)
Written Options
Foreign Currency Risk		—		(246,327	)		—		(246,327	)
Total	$	—	$	(14,509,301	)	$	—	$	(14,509,301	)

* 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
Foreign Government Bonds	$	—	$	152,353,493		$	—	$	152,353,493
Total Fixed Income Securities		—		152,353,493			—		152,353,493
Currency Options		—		38,379			—		38,379
Money Market Investments		1,760,648		—			—		1,760,648
Total Investments		1,760,648		152,391,872			—		154,152,520
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		1,575,583			—		1,575,583
Total	$	1,760,648	$	153,967,455		$	—	$	155,728,103
Liability Derivatives
Written Options
Foreign Currency Risk	$	—	$	(27,596	)	$	—	$	(27,596	)
Forward Currency Contracts
Foreign Currency Risk		—		(3,314,722	)		—		(3,314,722	)
Total	$	—	$	(3,342,318	)	$	—	$	(3,342,318	)

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	$	—	$	102,548	$	—	$	102,548
Auto Parts & Equipment		—		143,610		—		143,610
Banks		—		1,822,419		—		1,822,419
Building Materials		—		364,940		—		364,940
Electric		—		415,960		—		415,960
Foreign Government Bonds		—		14,251,569		—		14,251,569

60

TCW Funds, Inc.

April 30, 2016

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
Fixed Income Securities (continued)
Government Regional/Local	$	—	$	173,750	$	—	$	173,750
Household Products/Wares		—		112,130		—		112,130
Investment Companies		—		204,000		—		204,000
Iron & Steel		—		172,500		—		172,500
Media		—		205,750		—		205,750
Mining		—		188,000		—		188,000
Oil & Gas		—		2,166,000		—		2,166,000
Pipelines		—		207,750		—		207,750
Telecommunications		—		441,188		—		441,188
Total Fixed Income Securities		—		20,972,114		—		20,972,114
Preferred Stock
Banks		223,002		—		—		223,002
Food		89,365		—		—		89,365
Total Preferred Stock		312,367		—		—		312,367
Common Stocks
Agriculture		173,959		256,547		—		430,506
Airlines		113,921		—		—		113,921
Apparel		—		182,533		—		182,533
Auto Manufacturers		—		258,677		—		258,677
Auto Parts & Equipment		—		93,440		—		93,440
Banks		1,254,985		2,238,443		—		3,493,428
Beverages		142,145		—		—		142,145
Chemicals		—		93,382		—		93,382
Coal		—		93,592		—		93,592
Cosmetics/Personal Care		—		370,577		—		370,577
Diversified Financial Services		—		458,751		—		458,751
Electric		—		287,889		—		287,889
Electrical Components & Equipment		—		155,852		—		155,852
Electronics		73,800		260,899		—		334,699
Engineering & Construction		—		161,321		—		161,321
Environmental Control		—		30,479		—		30,479
Food		76,788		113,165		—		189,953
Insurance		—		727,013		—		727,013
Internet		553,169		980,308		—		1,533,477
Media		—		214,117		—		214,117
Mining		293,481		258,482		—		551,963
Oil & Gas		678,653		780,575		—		1,459,228
Pharmaceuticals		—		298,573		—		298,573
Real Estate		—		318,245		—		318,245
Retail		140,360		811,208		—		951,568
Semiconductors		200,515		1,405,459		—		1,605,974
Telecommunications		635,023		804,612		—		1,439,635
Textiles		77,006		—		—		77,006
Transportation		—		152,218		—		152,218
Water		—		136,541		—		136,541
Total Common Stocks		4,413,805		11,942,898		—		16,356,703

61

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
Exchange-Traded Funds	$	227,227	$	—		$	—	$	227,227
Currency Options		—		4,410			—		4,410
Money Market Investments		582,120		—			—		582,120
Total Investments		5,535,519		32,919,422			—		38,454,941
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		28,872			—		28,872
Total	$	5,535,519	$	32,948,294		$	—	$	38,483,813
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(101,660	)	$	—	$	(101,660	)
Written Options
Foreign Currency Risk		—		(1,988	)		—		(1,988	)
Total	$	—	$	(103,648	)	$	—	$	(103,648	)

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	$	—	$	9,507	$	—	$	9,507
Airlines		45,851		32,251		—		78,102
Automobiles		—		33,379		—		33,379
Banks		89,609		103,753		—		193,362
Biotechnology		12,870		14,599		—		27,469
Building Products		28,078		—		—		28,078
Capital Markets		—		54,941		—		54,941
Chemicals		—		79,232		—		79,232
Commercial Services & Supplies		—		48,382		—		48,382
Communications Equipment		—		12,331		—		12,331
Construction & Engineering		—		11,871		—		11,871
Construction Materials		13,099		—		—		13,099
Consumer Finance		—		11,253		—		11,253
Containers & Packaging		12,787		—		—		12,787
Diversified Financial Services		—		68,820		—		68,820
Diversified Telecommunication Services		11,808		87,808		—		99,616
Electric Utilities		—		13,037		—		13,037
Electrical Equipment		—		35,971		—		35,971
Electronic Equipment, Instruments & Components		—		23,228		—		23,228
Energy Equipment & Services		13,366		24,179		—		37,545
Food & Staples Retailing		27,429		25,406		—		52,835
Gas Utilities		—		14,681		—		14,681
Health Care Equipment & Supplies		—		12,438		—		12,438
Health Care Providers & Services		—		47,967		—		47,967

62

TCW Funds, Inc.

April 30, 2016

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
Common Stock (Continued)
Health Care Technology	$	—	$	24,680		$	—	$	24,680
Hotels, Restaurants & Leisure		12,263		11,258			—		23,521
Household Durables		—		37,447			—		37,447
Household Products		—		26,296			—		26,296
Insurance		13,422		59,003			—		72,425
Internet Software & Services		25,496		75,730			—		101,226
IT Services		28,057		89,440			—		117,497
Leisure Products		—		12,881			—		12,881
Life Sciences Tools & Services		—		26,541			—		26,541
Marine		—		14,078			—		14,078
Media		—		74,934			—		74,934
Metals & Mining		77,837		28,801			—		106,638
Miscellaneous		—		28,777			—		28,777
Multi-Utilities		—		14,497			—		14,497
Multiline Retail		15,527		—			—		15,527
Oil, Gas & Consumable Fuels		77,137		130,187			—		207,324
Paper & Forest Products		—		29,472			—		29,472
Personal Products		—		13,215			—		13,215
Pharmaceuticals		46,402		80,138			—		126,540
REIT		—		24,696			—		24,696
Real Estate Management & Development		—		57,826			—		57,826
Road & Rail		—		21,842			—		21,842
Semiconductors & Semiconductor Equipment		—		22,853			—		22,853
Software		—		11,454			—		11,454
Specialty Retail		—		35,205			—		35,205
Thrifts & Mortgage Finance		—		12,010			—		12,010
Tobacco		10,417		29,709			—		40,126
Trading Companies & Distributors		—		11,231			—		11,231
Transportation Infrastructure		—		31,008			—		31,008
Water Utilities		—		12,583			—		12,583
Wireless Telecommunication Services		11,295		—			—		11,295
Total Common Stock		572,750		1,812,826			—		2,385,576
Preferred Stock
Banks		11,436		—			—		11,436
Total Preferred Stock		11,436		—			—		11,436
Money Market Investments		3,467		—			—		3,467
Total Investments		587,653		1,812,826			—		2,400,479
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		46,052			—		46,052
Total	$	587,653	$	1,858,878		$	—	$	2,446,531
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(53,349	)	$	—	$	(53,349	)
Total	$	—	$	(53,349	)	$	—	$	(53,349	)

63

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
Airlines	$	70,117	$	109,784	$	—	$	179,901
Auto Components		—		104,430		—		104,430
Banks		45,267		—		—		45,267
Beverages		—		67,249		—		67,249
Biotechnology		46,800		52,471		—		99,271
Building Products		—		234,007		—		234,007
Capital Markets		—		273,252		—		273,252
Chemicals		—		132,805		—		132,805
Commercial Services & Supplies		—		217,087		—		217,087
Communications Equipment		—		54,609		—		54,609
Construction & Engineering		—		46,138		—		46,138
Containers & Packaging		—		45,514		—		45,514
Distributors		—		46,234		—		46,234
Diversified Financial Services		—		192,353		—		192,353
Diversified Telecommunication Services		—		81,810		—		81,810
Electric Utilities		52,207		—		—		52,207
Electrical Equipment		—		31,485		—		31,485
Electronic Equipment, Instruments & Components		—		56,301		—		56,301
Electronics		—		69,302		—		69,302
Energy Equipment & Services		117,415		89,044		—		206,459
Food & Staples Retailing		—		207,423		—		207,423
Food Products		—		153,475		—		153,475
Health Care Equipment & Supplies		—		192,403		—		192,403
Health Care Providers & Services		—		194,004		—		194,004
Health Care Technology		48,214		64,860		—		113,074
Hotels, Restaurants & Leisure		117,874		—		—		117,874
Household Durables		—		120,998		—		120,998
Independent Power and Renewable Electricity Producers		42,972		—		—		42,972
Industrial Conglomerates		—		53,188		—		53,188
Insurance		—		187,619		—		187,619
Internet Software & Services		—		160,036		—		160,036
IT Services		—		183,941		—		183,941
Leisure Products		—		44,417		—		44,417
Life Sciences Tools & Services		71,635		213,717		—		285,352
Machinery		—		248,065		—		248,065
Marine		—		46,648		—		46,648
Media		—		220,970		—		220,970
Metals & Mining		247,565		153,176		—		400,741
Multi-Utilities		—		201,451		—		201,451
Oil, Gas & Consumable Fuels		249,444		230,790		—		480,234
Paper & Forest Products		—		111,306		—		111,306
Personal Products		—		93,321		—		93,321
Pharmaceuticals		—		—		—		—
Professional Services		—		250,811		—		250,811
REIT		44,053		274,310		—		318,363
Real Estate Management & Development		—		261,283		—		261,283
Real Estate		—		210,775		—		210,775
Road & Rail		—		264,425		—		264,425

64

TCW Funds, Inc.

April 30, 2016

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
Common Stock (continued)
Semiconductors & Semiconductor Equipment	$	—	$	42,382		$	—	$	42,382
Software		46,137		132,734			—		178,871
Specialty Retail		43,596		440,110			—		483,706
Textiles, Apparel & Luxury Goods		—		50,087			—		50,087
Transportation Infrastructure		—		127,974			—		127,974
Total Common Stock		1,243,296		7,040,574			—		8,283,870
Preferred Stock
Health Care Equipment & Supplies		—		64,269			—		64,269
Machinery		—		43,599			—		43,599
Total Preferred Stock		—		107,868			—		107,868
Warrants
Oil, Gas & Consumable Fuels		—		—			—		—
Total Warrants		—		—			—		—
Money Market Investments		70,509		—			—		70,509
Total Investments		1,313,805		7,148,442			—		8,462,247
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		189,962			—		189,962
Total	$	1,313,805	$	7,338,404		$	—	$	8,652,209
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(137,901	)	$	—	$	(137,901	)
Total	$	—	$	(137,901	)	$	—	$	(137,901	)

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 Developing Markets Equity Fund	$	218,880	$	—
TCW Emerging Markets Multi-Asset Opportunities Fund		1,243,080		592,516
TCW International Growth Fund		12,716		—
TCW International Small Cap Fund		148,474		—

* 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 six months ended April 30, 2016 were due to changes in valuation to/from the exchange closing price from/to the fair value price.

65

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

	TCW Emerging Markets Income Fund			TCW Emerging Markets  Multi- Asset Opportunities Fund			TCW International Growth Fund			TCW International Small Cap Fund
Balance as of October 31, 2015	$	1,275,000		$	40,527		$	2,374		$	20,088
Accrued Discounts (Premiums)		—			—			—			—
Realized Gain (Loss)		—			(118,636	)		—			—
Change in Unrealized Appreciation		62,524,375			136,135			(2,374	)		(20,088	)
Purchases		—			—			—			—
Sales		(63,799,375	)		(58,026	)		—			—
Transfers in to Level 3 (1)		—			—			—			—
Transfers out of Level 3 (1)		—			—			—			—
Balance as of April 30, 2016	$	—		$	—		$	—		$	—
Change in Unrealized Appreciation from Investments Still Held at April 30, 2016	$	—		$	—		$	(2,374	)	$	(20,088	)

(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, 2016 are as follows:

	Fair Value at 4/30/16		Valuation Techniques*	Unobservable Input		Input
TCW International Growth Fund
Common Stock	$	0	Internal Model		Discount Applied		100	%
TCW International Small Cap Fund
Common Stock	$	0	Internal Model		Discount Applied		100	%

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, and under the general oversight of the Board. 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 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 Company’s President, General Counsel, Chief Compliance Officer, Treasurer, Assistant Treasurer, Secretary, and a representative from the portfolio management team, as well as alternate members as the Board 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.

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.

66

TCW Funds, Inc.

April 30, 2016

Note 2 — Significant Accounting Policies (Continued)

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

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 six months ended April 30, 2016, the Funds had the following derivatives and transactions in derivatives, grouped in the following risk categories (Amounts in Thousands except Notional Amounts or Number of Contracts):

	Foreign Currency Risk			Interest Rate Risk		Total
TCW Emerging Markets Income Fund
Statements of Asset and Liabilities:
Asset Derivatives
Investments (1)	$	547		$	—	$	547
Forward Currency Contracts		3,801			—		3,801
Total Value	$	4,348		$	—	$	4,348
Liability Derivatives
Forward Currency Contracts	$	(14,263	)	$	—	$	(14,263	)
Written Options		(246	)		—		(246	)
Total Value	$	(14,509	)	$	—	$	(14,509	)
Statement of Operations:
Realized Gain (Loss) on
Forward Currency Contracts	$	1,068		$	—	$	1,068
Futures Contracts		—			1,701		1,701
Investments (2)		(1,770	)		—		(1,770	)
Written Options		36			—		36
Total Realized Gain (Loss)	$	(666	)	$	1,701	$	1,035

67

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

	Foreign Currency Risk			Interest Rate Risk			Total
TCW Emerging Markets Income Fund (Continued)
Change in Unrealized Appreciation (Depreciation) on:
Forward Currency Contracts	$	(8,854	)	$	—		$	(8,854	)
Futures Contracts		—			(191	)		(191	)
Investments (3)		(480	)		—			(480	)
Written Options		467			—			467
Total Change in Unrealized Appreciation (Depreciation)	$	(8,867	)	$	(191	)	$	(9,058	)
Notional Amounts or Number of Contracts (5)
Forward Currency Contracts	$	245,929,442		$	—		$	245,929,442
Futures Contracts		—			1,781			1,781
Purchased Options	$	42,624,000		$	—		$	42,624,000
Written Options	$	21,850,000		$	—		$	21,850,000
TCW Emerging Markets Local Currency Income Fund
Statements of Asset and Liabilities:
Asset Derivatives
Investments (1)	$	38		$	—		$	38
Forward Currency Contracts		1,576			—			1,576
Total Value	$	1,614		$	—		$	1,614
Liability Derivatives
Forward Currency Contracts	$	(3,315	)	$	—		$	(3,315	)
Options Written		(28	)		—			(28	)
Total Value	$	(3,343	)	$	—		$	(3,343	)
Statement of Operations:
Realized Gain (Loss) on
Investments (2)	$	(399	)	$	—		$	(399	)
Forward Currency Contracts		1,374			—			1,374
Options Written		106			—			106
Total Realized Gain	$	1,081		$	—		$	1,081
Change in Unrealized Appreciation (Depreciation) on:
Investments (3)	$	(49	)	$	—		$	(49	)
Forward Currency Contracts		(875	)		—			(875	)
Options Written		97			—			97
Total Change in Unrealized Depreciation	$	(827	)	$	—		$	(827	)
Notional Amounts or Number of Contracts (5)
Forward Currency Contracts	$	160,472,283		$	—		$	160,472,283
Purchased Options	$	6,534,000		$	—		$	6,534,000
Written Options	$	8,821,500		$	—		$	8,821,500
TCW Emerging Markets Multi-Asset Opportunities Fund
Statements of Asset and Liabilities:
Asset Derivatives
Investments (1)	$	4		$	—		$	4
Forward Currency Contracts		29			—			29
Total Value	$	33		$	—		$	33

68

TCW Funds, Inc.

April 30, 2016

Note 2 — Significant Accounting Policies (Continued)

	Foreign Currency Risk			Total
TCW Emerging Markets Multi-Asset Opportunities Fund (Continued)
Liability Derivatives
Forward Currency Contracts	$	(102	)	$	(102	)
Written Options		(2	)		(2	)
Total Value	$	(104	)	$	(104	)
Statement of Operations:
Realized Gain on
Investments (2)	$	10		$	10
Forward Currency Contracts		7			7
Written Options		—	(4)		—	(4)
Total Realized Gain	$	17		$	17
Change in Unrealized Appreciation (Depreciation) on:
Investments (3)	$	(5	)	$	(5	)
Forward Currency Contracts		(65	)		(65	)
Written Options		4			4
Total Change in Unrealized Depreciation	$	(66	)	$	(66	)
Notional Amounts (5)
Forward Currency Contracts	$	1,744,671		$	1,744,671
Purchased Options	$	266,000		$	266,000
Written Options	$	170,000		$	170,000
TCW International Growth Fund
Statements of Asset and Liabilities:
Asset Derivatives
Forward Currency Contracts	$	46		$	46
Total Value	$	46		$	46
Liability Derivatives
Forward Currency Contracts	$	(53	)	$	(53	)
Total Value	$	(53	)	$	(53	)
Statement of Operations:
Realized Gain on
Forward Currency Contracts	$	2		$	2
Total Realized Gain	$	2		$	2
Change in Unrealized Appreciation on:
Forward Currency Contracts	$	(15	)	$	(15	)
Total Change in Unrealized Appreciation	$	(15	)	$	(15	)
Notional Amounts (5)
Forward Currency Contracts	$	942,783		$	942,783
TCW International Small Cap Fund
Statements of Asset and Liabilities:
Forward Currency Contracts	$	190		$	190
Total Value	$	190		$	190
Liability Derivatives
Forward Currency Contracts	$	(138	)	$	(138	)
Total Value	$	(138	)	$	(138	)

69

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

	Foreign Currency Risk			Total
TCW International Small Cap Fund (Continued)
Statement of Operations:
Realized Gain on
Forward Currency Contracts	$	4		$	4
Total Realized Gain	$	4		$	4
Change in Unrealized Appreciation on:
Forward Currency Contracts	$	(62	)	$	(62	)
Total Change in Unrealized Appreciation	$	(62	)	$	(62	)
Notional Amounts (5)
Forward Currency Contracts	$	3,954,605		$	3,954,605

(1) Represents purchased options, at value.

(2) Represents realized gain (loss) for purchased options.

(3) Represents change in unrealized depreciation for purchased options during the period.

(4) Amount less than $1.

(5) Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2016.

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

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

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

70

TCW Funds, Inc.

April 30, 2016

Note 2 — Significant Accounting Policies (Continued)

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 GAAP more comparable to those prepared under International Financial Reporting Standards.

The following table presents the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under ISDA Master Agreement or Master Repurchase Agreement (“MRA”) and net of the related collateral received by the Funds as of April 30, 2016 (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)	$	3,046	$	(246	)	$	2,800		$	(2,150	)	$	650
Citibank N.A. (Derivatives)		1,301		(13,732	)		(12,431	)		10,060			(2,371	)
Morgan Stanley & Co. (Derivatives)		—		(531	)		(531	)		—			(531	)
Total	$	4,347	$	(14,509	)	$	(10,162	)	$	7,910		$	(2,252	)

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

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)	$	475	$	(731	)	$	(256	)	$	256	(2)	$	—
Citibank N.A. (Derivatives)		1,017		(2,211	)		(1,194	)		260			(934	)
Goldman Sachs International (Derivatives)		16		—			16			—			16
Morgan Stanley & Co. (Derivatives)		106		(401	)		(295	)		—			(295	)
Total	$	1,614	$	(3,343	)	$	(1,729	)	$	516		$	(1,213	)

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

(2) Amount does not include excess collateral pledged or received.

71

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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)	$	26	$	(6	)	$	20		$	—	$	20
Citibank N.A. (Derivatives)		7		(96	)		(89	)		—		(89	)
Morgan Stanley & Co. (Derivatives)		—		(2	)		(2	)		—		(2	)
Total	$	33	$	(104	)	$	(71	)	$	—	$	(71	)

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

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)	$	46	$	(53	)	$	(7	)	$	—	$	(7	)
Total	$	46	$	(53	)	$	(7	)	$	—	$	(7	)

(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)	$	190	$	(138	)	$	52	$	(52	) (2)	$	—
Total	$	190	$	(138	)	$	52	$	(52	)	$	—

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

(2) Amount does not include excess collateral pledged or received.

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 unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Outstanding foreign currency forward contracts at April 30, 2016 are disclosed in the Schedule of Investments.

Futures Contracts:    The Funds may enter into futures contracts. A Fund may seek to manage a variety of different risks through the use of futures contracts, such as interest rate risk, equity price risk, and currency risk. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk. Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into

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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 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 during the period ended April 30, 2016. However, there are no futures contracts outstanding at April 30, 2016 for any of the Funds.

Options:    The Funds may purchase and sell put and call options 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 put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If a Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund ultimately wants to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit a Fund might have realized had it bought the underlying security at the time it purchased the call option.

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

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Note 2 — Significant Accounting Policies (Continued)

Corporation, new series of options on that security will no longer be opened to replace the expiring series, and opening transactions in existing series may be prohibited.

OTC options are options not traded on exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by a Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. During the period ended April 30, 2016, the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund had purchased and written options.

Transactions in written option contracts during the period ended April 30, 2016 were as follows:

TCW Emerging Markets Income Fund

	Call Contracts			Call Premiums
Options outstanding at October 31, 2015		—		$	—
Options written		39,525,000			749,873
Options terminated in closing purchase transactions		—			—
Options exercised		—			—
Options expired		(13,500,000	)		(36,450	)
Options outstanding at April 30, 2016		26,025,000		$	713,423

TCW Emerging Markets Local Currency Income Fund

	Call Contracts			Call Premiums
Options outstanding at October 31, 2015		—		$	—
Options written		19,673,000			243,268
Options terminated in closing purchase transactions		(1,490,000	)		(24,996	)
Options exercised		—			—
Options expired		(10,620,000	)		(93,831	)
Options outstanding at April 30, 2016		7,563,000		$	124,441

TCW Emerging Markets Multi-Asset Opportunities Fund

	Call Contracts			Call Premiums
Options outstanding at October 31, 2015		—		$	—
Options written		300,000			6,000
Options terminated in closing purchase transactions		—			—
Options exercised		—			—
Options expired		(90,000	)		(243	)
Options outstanding at April 30, 2016		210,000		$	5,757

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

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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.

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

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Note 2 — Significant Accounting Policies (Continued)

Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on 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, 2016, 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 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, with market. 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 Fund monitors the obligations under these transactions and ensures that the Fund has sufficient liquid assets to cover them.

Repurchase Agreements:    The Funds may enter into repurchase agreements, under the terms of 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. There were no repurchase agreements outstanding as of April 30, 2016.

Participation Notes:    The Funds may invest in participation notes of equity-linked instruments (collectively, participation notes), through which counterparty provides exposure to common stock, in the

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form of an unsecured interest, in markets where direct investment by a Fund is not possible. Participation notes provide the economic benefit of common stock ownership to a Fund, while legal ownership and voting rights are retained by the counterparty. Although participation notes are usually structured with a defined maturity or termination date, early redemption may be possible. Risks associated with participation notes include possible failure of the counterparty to perform in accordance with the terms of the agreement, inability to transfer or liquidate the notes, potential delays or an inability to redeem before maturity under certain market conditions, and limited legal recourse against the issuer of the underlying common stock. The TCW Developing Markets Equity Fund held participation notes as of April 30, 2016, 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, 2016.

Allocation of Operating Activity for Multiple Classes:    Investment income, common expenses and realized and unrealized gains and losses are allocated among the share classes of the Funds based on the relative net assets of each class. Distribution fees, which are directly attributable to a class of shares, are charged to the operations of 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 in turn differences in dividends paid by each class.

Dividends and Distributions:    Dividends and distributions to shareholders are recorded on the ex-dividend date. The TCW 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 GAAP. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in 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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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 applicable to regulated investment companies and to distribute all of its net taxable income,

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including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required.

At April 30, 2016, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows (amounts in thousands):

	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation		Cost of Investments for Federal Income Tax Purposes
TCW Developing Markets Equity Fund	$	271	$	(191	)	$	80	$	4,367
TCW Emerging Markets Income Fund		85,812		(39,702	)		46,110		2,655,709
TCW Emerging Markets Local Currency Income Fund		5,926		(198	)		5,728		148,425
TCW Emerging Markets Multi-Asset Opportunities Fund		2,476		(659	)		1,817		36,638
TCW International Growth Fund		187		(125	)		62		2,338
TCW International Small Cap Fund		1,113		(423	)		690		7,773

At October 31, 2015, 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 Developing Markets Equity Fund	$	3	$	—	$	3
TCW Emerging Markets Multi-Asset Opportunities Fund		891		—		891
TCW International Growth Fund		49		—		49
TCW International Small Cap Fund		389		—		389

For the year ended October 31, 2015, 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	$	209,533	$	—	$	10,473	$	220,006
TCW Emerging Markets Local Currency Income Fund		—		—		785		785
TCW Emerging Markets Multi-Asset Opportunities Fund		1,014		—		—		1,014
TCW International Growth Fund		201		133		—		334
TCW International Small Cap Fund		168		—		—		168

The Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Capital losses that are carried forward 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 Developing Markets Equity Fund	$	326	$	—	$	326
TCW Emerging Markets Income Fund		437,731		220,435		658,166
TCW Emerging Markets Income Local Currency Income Fund		16,135		8,667		24,802
TCW Emerging Markets Multi-Asset Opportunities Fund		3,107		—		3,107
TCW International Growth Fund		47		—		47
TCW International Small Cap Fund		2,458		863		3,321

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Note 4 — Federal Income Taxes (Continued)

The Funds did not have any unrecognized tax benefits at April 30, 2016, nor were there any increases or decreases in unrecognized tax benefits for the six months ended April 30, 2016. 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.

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:

TCW Developing Markets Equity Fund	0.80	%
TCW Emerging Markets Income Fund	0.75	%
TCW Emerging Markets Local Currency Income Fund	0.75	%
TCW Emerging Markets Multi-Asset Opportunities Fund	0.95	%
TCW International Growth Fund	0.85	%
TCW International Small Cap Fund	0.75	%

In addition to the management fees, the Funds reimbursed, with approval by the Company’s Board, a portion of the Advisor’s costs associated with operating of the Funds’ Rule 38a-1 compliance program. These amounts 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 Developing Markets Equity Fund
I Class	1.25	% (1)
N Class	1.25	% (1)
TCW Emerging Markets Income Fund
I Class	1.16	% (2)
N Class	1.16	% (2)
TCW Emerging Markets Local Currency Income Fund
I Class	0.99	% (1)
N Class	0.99	% (1)
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class	1.23	% (1)
N Class	1.23	% (1)
TCW International Growth Fund
I Class	1.04	% (1)
N Class	1.34	% (1)
TCW International Small Cap Fund
I Class	1.44	% (1)
N Class	1.44	% (1)

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

(2) Limitation based on average expense ratio as reported by Lipper, Inc., which is subject to change on a monthly basis. This ratio was in effect as of April 30, 2016. These limitations are voluntary and terminable in a six months notice.

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

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

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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, 2016 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 Developing Markets Equity Fund	$	3,594	$	3,320	$	—	$	—
TCW Emerging Markets Income Fund		2,154,366		2,676,761		—		—
TCW Emerging Markets Local Currency Income Fund		225,899		314,334		—		—
TCW Emerging Markets Multi-Asset Opportunities Fund		37,622		40,066		—		—
TCW International Growth Fund		1,295		1,189		—		—
TCW International Small Cap Fund		4,380		5,759		—		—

Note 8 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Developing Markets Equity Fund	Six Months Ended April 30, 2016 (Unaudited)				July 1, 2015 (Commencement of Operations) through October 31, 2015
I Class	Shares		Amount (in thousands)		Shares			Amount (in thousands)
Shares Sold		—	$	—		470,559		$	4,680
Shares Issued upon Reinvestment of Dividends		228		2		—			—
Shares Redeemed		—		—		(77,002	)		(750	)
Net Increase		228	$	2		393,557		$	3,930
N Class	Shares		Amount (in thousands)		Shares			Amount (in thousands)
Shares Sold		—	$	—		227,559		$	2,250
Shares Issued upon Reinvestment of Dividends		88		1		—			—
Shares Redeemed		—		—		(77,002	)		(750	)
Net Increase		88	$	1		150,557		$	1,500

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Note 8 — Capital Share Transactions (Continued)

TCW Emerging Markets Income Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		47,520,335		$	358,465			154,075,797		$	1,236,388
Shares Issued upon Reinvestment of Dividends		6,758,317			51,417			18,882,517			150,848
Shares Redeemed		(125,802,853	)		(946,911	)		(353,578,949	)		(2,791,564	)
Net Decrease		(71,524,201	)	$	(537,029	)		(180,620,635	)	$	(1,404,328	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		7,557,156		$	73,693			20,642,802		$	211,811
Shares Issued upon Reinvestment of Dividends		1,274,078			12,494			2,901,700			29,898
Shares Redeemed		(12,508,102	)		(121,239	)		(41,598,472	)		(425,394	)
Net Decrease		(3,676,868	)	$	(35,052	)		(18,053,970	)	$	(183,685	)
TCW Emerging Markets Local Currency Income Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		7,954,385		$	62,279			5,444,329		$	48,888
Shares Issued upon Reinvestment of Dividends		—			—			45,913			424
Shares Redeemed		(5,546,698	)		(43,828	)		(11,459,346	)		(101,141	)
Net Increase		2,407,687		$	18,451			(5,969,104	)	$	(51,829	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		4,819,192		$	37,758			21,800,094		$	189,022
Shares Issued upon Reinvestment of Dividends		—			—			36,326			335
Shares Redeemed		(20,746,584	)		(161,536	)		(8,754,907	)		(73,906	)
Net Decrease		(15,927,392	)	$	(123,778	)		13,081,513		$	115,451
TCW Emerging Markets Multi-Asset Opportunities Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		38,772		$	350			247,559		$	2,570
Shares Issued upon Reinvestment of Dividends		97,656			886			77,170			793
Shares Redeemed		(588,869	)		(5,365	)		(1,089,497	)		(10,973	)
Net Decrease		(452,441	)	$	(4,129	)		(764,768	)	$	(7,610	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		24,238		$	218			418,378		$	4,335
Shares Issued upon Reinvestment of Dividends		11,379			102			7,546			77
Shares Redeemed		(6,090	)		(55	)		(5,893	)		(61	)
Net Increase		29,527		$	265			420,031		$	4,351

82

TCW Funds, Inc.

April 30, 2016

Note 8 — Capital Share Transactions (Continued)

TCW International Growth Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		—		$	—			2,370		$	25
Shares Issued upon Reinvestment of Dividends		2,740			27			17,271			175
Shares Redeemed		(222	)		(2	)		(2,289	)		(25	)
Net Increase		2,518		$	25			17,352		$	175
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		—		$	—			—		$	—
Shares Issued upon Reinvestment of Dividends		2,162			21			15,472			157
Net Increase		2,162		$	21			15,472		$	157
TCW International Small Cap Fund	Six Months Ended April 30, 2016 (Unaudited)						Year Ended October 31, 2015
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		17,623		$	140			154,931		$	1,322
Shares Issued upon Reinvestment of Dividends		29,232			244			14,610			118
Shares Redeemed		(223,636	)		(1,900	)		(1,590,440	)		(13,596	)
Net Decrease		(176,781	)	$	(1,516	)		(1,420,899	)	$	(12,156	)
N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		2,546		$	20			72,940		$	624
Shares Issued upon Reinvestment of Dividends		17,179			144			6,103			49
Shares Redeemed		(31,076	)		(248	)		(760,336	)		(6,649	)
Net Decrease		(11,351	)	$	(84	)		(681,293	)	$	(5,976	)

Note 9 — Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities at April 30, 2016.

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.

83

TCW Developing Markets Equity Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			July 1, 2015 (Commencement of Operations) through October 31, 2015
Net Asset Value per Share, Beginning of Period	$	8.62		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.00	(2)		0.01
Net Realized and Unrealized Gain (Loss) on Investments		(0.43	)		(1.39	)
Total from Investment Operations		(0.43	)		(1.38	)
Less Distributions:
Distributions from Net Investment Income		(0.00	) (2)		—
Net Asset Value per Share, End of Period	$	8.19		$	8.62
Total Return		(4.93	)% (4)		(13.80	)% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	3,225		$	3,392
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.49	% (5)		7.09	% (5)
After Expense Reimbursement		1.25	% (5)		1.25	% (5)
Ratio of Net Investment Income to Average Net Assets		0.08	% (5)		0.30	% (5)
Portfolio Turnover Rate		79.43	% (4)		54.34	% (3)

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

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

(3) For the period July 1, 2015 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(5) Annualized.

See accompanying notes to financial statements.

84

TCW Developing Markets Equity Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			July 1, 2015 (Commencement of Operations) through October 31, 2015
Net Asset Value per Share, Beginning of Period	$	8.62		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.00	(2)		0.01
Net Realized and Unrealized Gain (Loss) on Investments		(0.43	)		(1.39	)
Total from Investment Operations		(0.43	)		(1.38	)
Less Distributions:
Distributions from Net Investment Income		(0.00	) (2)		—
Net Asset Value per Share, End of Period	$	8.19		$	8.62
Total Return		(4.93	)% (4)		(13.80	)% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,233		$	1,297
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		4.82	% (5)		8.39	% (5)
After Expense Reimbursement		1.25	% (5)		1.25	% (5)
Ratio of Net Investment Income to Average Net Assets		0.08	% (5)		0.29	% (5)
Portfolio Turnover Rate		79.43	% (4)		54.34	% (3)

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

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

(3) For the period July 1, 2015 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(5) Annualized.

See accompanying notes to financial statements.

85

TCW Emerging Markets Income Fund

Financial Highlights — I Class

	Six Months Ended April  30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	7.67		$	8.57		$	8.53		$	9.30		$	8.43		$	8.84
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.30			0.38			0.47			0.55			0.64			0.65
Net Realized and Unrealized Gain (Loss) on Investments		0.11			(0.87	)		(0.01	)		(0.59	)		0.75			(0.36	)
Total from Investment Operations		0.41			(0.49	)		0.46			(0.04	)		1.39			0.29
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.39	)		(0.42	)		(0.44	)		(0.52	)		(0.59	)
Distributions from Net Realized Gain		—			—			—			(0.22	)		—			(0.11	)
Distributions from Return of Capital		—			(0.02	)		—			(0.07	)		—			—
Total Distributions		(0.18	)		(0.41	)		(0.42	)		(0.73	)		(0.52	)		(0.70	)
Net Asset Value per Share, End of Period	$	7.90		$	7.67		$	8.57		$	8.53		$	9.30		$	8.43
Total Return		5.44	% (2)		(5.75	)%		5.52	%		(0.68	)%		16.99	%		3.35	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	2,248,653		$	2,733,679		$	4,602,207		$	4,260,067		$	4,223,485		$	1,861,675
Ratio of Expenses to Average Net Assets		0.91	% (3)		0.88	%		0.85	%		0.83	%		0.84	%		0.87	%
Ratio of Net Investment Income to Average Net Assets		8.00	% (3)		4.79	%		5.44	%		6.09	%		7.24	%		7.49	%
Portfolio Turnover Rate		81.12	% (2)		172.93	%		165.55	%		150.21	%		174.98	%		137.87	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

86

TCW Emerging Markets Income Fund

Financial Highlights — N Class

	Six Months Ended April  30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net Asset Value per Share, Beginning of Period	$	9.89		$	11.05		$	11.01		$	11.93		$	10.81		$	11.31
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.38			0.46			0.57			0.68			0.81			0.80
Net Realized and Unrealized Gain (Loss) on Investments		0.13			(1.11	)		(0.02	)		(0.76	)		0.93			(0.45	)
Total from Investment Operations		0.51			(0.65	)		0.55			(0.08	)		1.74			0.35
Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.48	)		(0.51	)		(0.53	)		(0.62	)		(0.74	)
Distributions from Net Realized Gain		—			—			—			(0.22	)		—			(0.11	)
Distributions from Return of Capital		—			(0.03	)		—			(0.09	)		—			—
Total Distributions		(0.22	)		(0.51	)		(0.51	)		(0.84	)		(0.62	)		(0.85	)
Net Asset Value per Share, End of Period	$	10.18		$	9.89		$	11.05		$	11.01		$	11.93		$	10.81
Total Return		5.27	% (2)		(5.96	)%		5.11	%		(0.86	)%		16.64	%		3.13	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	499,035		$	521,413		$	782,384		$	1,419,298		$	1,286,033		$	975,772
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.19	% (3)		1.16	%		1.13	%		1.10	%		1.11	%		1.15	%
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		7.85	% (3)		4.50	%		5.21	%		5.83	%		7.23	%		7.18	%
Portfolio Turnover Rate		81.12	% (2)		172.93	%		165.55	%		150.21	%		174.98	%		137.87	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

87

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — I Class

	Six Months Ended April  30, 2016 (Unaudited)			Year Ended October 31,												December 15, 2010 (Commencement of Operations) through October 31, 2011
				2015			2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	8.18		$	9.69		$	10.14		$	10.52		$	9.89		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.23			0.46			0.55			0.54			0.64			0.51
Net Realized and Unrealized Gain (Loss) on Investments		0.37			(1.94	)		(0.88	)		(0.62	)		0.23			(0.08	)
Total from Investment Operations		0.60			(1.48	)		(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	$	8.78		$	8.18		$	9.69		$	10.14		$	10.52		$	9.89
Total Return		7.46	% (3)		(15.35	)%		(3.29	)%		(0.89	)%		9.02	%		4.25	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	130,759		$	102,034		$	178,828		$	237,695		$	122,196		$	99,529
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.08	% (4)		1.00	%		0.95	%		0.90	%		0.96	%		1.05	% (4)
After Expense Reimbursement		0.99	%		0.99	%		N/A			N/A			N/A			0.99	% (4)
Ratio of Net Investment Income to Average Net Assets		5.77	% (4)		5.20	%		5.61	%		5.19	%		6.39	%		5.64	% (4)
Portfolio Turnover Rate		122.33	% (3)		250.10	%		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, 2016 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

88

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — N Class

	Six Months Ended April  30, 2016 (Unaudited)			Year Ended October 31,												December 15, 2015 (Commencement of Operations) through October 31, 2011
				2015			2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	8.17		$	9.69		$	10.13		$	10.52		$	9.89		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.24			0.46			0.58			0.54			0.62			0.51
Net Realized and Unrealized Gain (Loss) on Investments		0.37			(1.95	)		(0.91	)		(0.64	)		0.25			(0.08	)
Total from Investment Operations		0.61			(1.49	)		(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	$	8.78		$	8.17		$	9.69		$	10.13		$	10.52		$	9.89
Total Return		7.47	% (3)		(15.37	)%		(3.37	)%		(0.91	)%		8.92	%		4.25	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	24,889		$	153,270		$	55,028		$	113,380		$	89,410		$	68,560
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.30	% (4)		1.25	%		1.24	%		1.15	%		1.25	%		1.48	% (4)
After Expense Reimbursement		0.99	% (4)		0.99	%		0.99	%		0.99	%		0.99	%		0.99	% (4)
Ratio of Net Investment Income to Average Net Assets		6.10	% (4)		5.29	%		5.87	%		5.15	%		6.20	%		5.68	% (4)
Portfolio Turnover Rate		122.33	% (3)		250.10	%		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, 2016 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

89

TCW Emerging Markets Multi-Asset Opportunities Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,						July 1, 2013 (Commencement of Operations) through October 31, 2013
				2015			2014
Net Asset Value per Share, Beginning of Period	$	9.63		$	10.97		$	10.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.15			0.24			0.22			0.07
Net Realized and Unrealized Gain (Loss) on Investments		(0.13	)		(1.38	)		0.14			0.61
Total from Investment Operations		0.02			(1.14	)		0.36			0.68
Less Distributions:
Distributions from Net Investment Income		(0.24	)		(0.20	)		(0.07	)		—
Net Asset Value per Share, End of Period	$	9.41		$	9.63		$	10.97		$	10.68
Total Return		0.30	% (3)		(10.53	)%		3.43	%		6.80	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	34,574		$	39,739		$	53,652		$	40,903
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.65	% (4)		1.47	%		1.43	%		1.72	% (4)
After Expense Reimbursement		1.23	% (4)		1.23	%		1.21	%		1.26	% (4)
Ratio of Net Investment Income to Average Net Assets		3.37	% (4)		2.31	%		2.04	%		2.06	% (4)
Portfolio Turnover Rate		98.85	% (3)		145.86	%		151.61	%		52.53	% (2)

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

(2) For the period July 1, 2013 (Commencement of Operations) through October 31, 2013 and is not indicative of a full year’s operating results.

(3) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

90

TCW Emerging Markets Multi-Asset Opportunities Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,						July 1, 2013 (Commencement of Operations) through October 31, 2013
				2015			2014
Net Asset Value per Share, Beginning of Period	$	9.59		$	10.92		$	10.62		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.16			0.24			0.22			0.06
Net Realized and Unrealized Gain (Loss) on Investments		(0.14	)		(1.37	)		0.15			0.56
Total from Investment Operations		0.02			(1.13	)		0.37			0.62
Less Distributions:
Distributions from Net Investment Income		(0.24	)		(0.20	)		(0.07	)		—
Net Asset Value per Share, End of Period	$	9.37		$	9.59		$	10.92		$	10.62
Total Return		0.29	% (3)		(10.50	)%		3.54	%		6.20	% (2)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	4,290		$	4,107		$	89		$	31
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.27	% (4)		2.15	%		48.38	%		480.73	% (4)
After Expense Reimbursement		1.23	% (4)		1.23	%		1.21	%		1.26	% (4)
Ratio of Net Investment Income to Average Net Assets		3.48	% (4)		2.38	%		2.01	%		1.72	% (4)
Portfolio Turnover Rate		98.85	% (3)		145.86	%		151.61	%		52.53	% (2)

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

(2) For the period July 1, 2013 (Commencement of Operations) through October 31, 2013 and is not indicative of a full year’s operating results.

(3) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying notes to financial statements.

91

TCW International Growth Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,						November 1, 2012 (Commencement of Operations) through October 31, 2013
				2015			2014
Net Asset Value per Share, Beginning of Period	$	10.15		$	12.31		$	12.04		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.04			0.07			0.10			0.05
Net Realized and Unrealized Gain (Loss) on Investments		(0.34	)		(0.65	)		0.30			1.99
Total from Investment Operations		(0.30	)		(0.58	)		0.40			2.04
Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.19	)		(0.09	)		—
Distributions from Net Realized Gain		—			(1.39	)		(0.04	)		—
Total Distributions		(0.22	)		(1.58	)		(0.13	)		—
Net Asset Value per Share, End of Period	$	9.63		$	10.15		$	12.31		$	12.04
Total Return		(3.06	)% (2)		(4.74	)%		3.27	%		20.40	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,273		$	1,316		$	1,383		$	1,341
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		6.37	% (3)		5.05	%		4.95	%		7.74	%
After Expense Reimbursement		1.04	% (3)		1.04	%		1.04	%		1.04	%
Ratio of Net Investment Income to Average Net Assets		0.87	% (3)		0.63	%		0.82	%		0.46	%
Portfolio Turnover Rate		51.88	% (2)		223.01	%		318.07	%		309.74	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

92

TCW International Growth Fund

Financial Highlights — N Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,						November 1, 2012 (Commencement of Operations) through October 31, 2013
				2015			2014
Net Asset Value per Share, Beginning of Period	$	10.10		$	12.27		$	12.01		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.03			0.03			0.06			0.02
Net Realized and Unrealized Gain (Loss) on Investments		(0.35	)		(0.64	)		0.30			1.99
Total from Investment Operations		(0.32	)		(0.61	)		0.36			2.01
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.17	)		(0.06	)		—
Distributions from Net Realized Gain		—			(1.39	)		(0.04	)		—
Total Distributions		(0.18	)		(1.56	)		(0.10	)		—
Net Asset Value per Share, End of Period	$	9.60		$	10.10		$	12.27		$	12.01
Total Return		(3.18	)% (2)		(5.03	)%		2.92	%		20.10	%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,135		$	1,173		$	1,234		$	1,201
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		6.40	% (3)		5.18	%		5.23	%		7.99	%
After Expense Reimbursement		1.33	% (3)		1.34	%		1.34	%		1.34	%
Ratio of Net Investment Income to Average Net Assets		0.57	% (3)		0.32	%		0.52	%		0.15	%
Portfolio Turnover Rate		51.88	% (2)		223.01	%		318.07	%		309.74	%

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

(2) For the six months ended April 30, 2016 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying notes to financial statements.

93

TCW International Small Cap Fund

Financial Highlights — I Class

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,												February 8, 2011 (Commencement of  Operations) October 31, 2011
				2015			2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	8.57		$	8.72		$	8.92		$	7.83		$	7.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		0.00	(2)		0.01			0.01			(0.01	)		0.09			(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.10	)		(0.11	)		(0.13	)		1.55			0.13			(2.28	)
Total from Investment Operations		(0.10	)		(0.10	)		(0.12	)		1.54			0.22			(2.32	)
Less Distributions:
Distributions from Net Investment Income		(0.37	)		(0.05	)		(0.08	)		(0.45	)		(0.07	)		—
Net Asset Value per Share, End of Period	$	8.10		$	8.57		$	8.72		$	8.92		$	7.83		$	7.68
Total Return		(1.34	)% (4)		(1.07	)%		(1.39	)%		20.77	%		2.92	%		(23.20	)% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	5,440		$	7,274		$	19,786		$	24,266		$	18,354		$	12,988
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.61	% (5)		1.67	%		1.37	%		1.36	%		1.32	%		1.60	% (5)
After Expense Reimbursement		1.44	% (5)		1.44	%		N/A			N/A			N/A			1.44	% (5)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.05	% (5)		0.17	%		0.12	%		(0.17	)%		1.16	%		(0.69	)% (5)
Portfolio Turnover Rate		50.45	% (4)		243.88	%		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, 2016 and is not indicative of a full year’s operating results.

(5) Annualized.

See accompanying notes to financial statements.

94

TCW International Small Cap Fund

Financial Highlights — N Class

	Six Months Ended April  30, 2016 (Unaudited)			Year Ended October 31,												February 8, 2011 (Commencement of  Operations) through October 31, 2011
				2015			2014			2013			2012
Net Asset Value per Share, Beginning of Period	$	8.58		$	8.72		$	8.92		$	7.82		$	7.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		0.00	(2)		0.03			0.00	(2)		(0.02	)		0.08			(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.11	)		(0.12	)		(0.13	)		1.56			0.12			(2.28	)
Total from Investment Operations		(0.11	)		(0.09	)		(0.13	)		1.54			0.20			(2.32	)
Less Distributions:
Distributions from Net Investment Income		(0.37	)		(0.05	)		(0.07	)		(0.44	)		(0.06	)		—
Net Asset Value per Share, End of Period	$	8.10		$	8.58		$	8.72		$	8.92		$	7.82		$	7.68
Total Return		(1.46	)% (4)		(1.03	)%		(1.52	)%		20.77	%		2.75	%		(23.20	)% (3)
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	3,158		$	3,440		$	9,437		$	11,847		$	11,715		$	11,192
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.09	% (5)		2.09	%		1.75	%		1.67	%		1.64	%		1.94	% (5)
After Expense Reimbursement		1.44	% (5)		1.44	%		1.44	%		1.44	%		1.44	%		1.44	% (5)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.10	% (5)		0.40	%		0.04	%		(0.23	)%		1.00	%		(0.65	)% (5)
Portfolio Turnover Rate		50.45	% (4)		243.88	%		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, 2016 and is not indicative of a full year’s operating results.

(5) Annualized.

See accompanying notes to financial statements.

95

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, 2015 to April 30, 2016 (182 days).

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

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

TCW Funds, Inc.	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2015 to April 30, 2016)
TCW Developing Markets Equity Fund
I Class Shares
Actual	$	1,000.00	$	950.70		1.25	%	$	6.06
Hypothetical (5% return before expenses)		1,000.00		1,018.65		1.25	%		6.27
N Class Shares
Actual	$	1,000.00	$	950.70		1.25	%	$	6.06
Hypothetical (5% return before expenses)		1,000.00		1,018.65		1.25	%		6.27
TCW Emerging Markets Income Fund
I Class Shares
Actual	$	1,000.00	$	1,054.40		0.91	%	$	4.65
Hypothetical (5% return before expenses)		1,000.00		1,020.34		0.91	%		4.57
N Class Shares
Actual	$	1,000.00	$	1,052.70		1.16	%	$	5.92
Hypothetical (5% return before expenses)		1,000.00		1,019.10		1.16	%		5.82
TCW Emerging Markets Local Currency Income Fund
I Class Shares
Actual	$	1,000.00	$	1,074.60		0.99	%	$	5.11
Hypothetical (5% return before expenses)		1,000.00		1,019.94		0.99	%		4.97
N Class Shares
Actual	$	1,000.00	$	1,074.70		0.99	%	$	5.11
Hypothetical (5% return before expenses)		1,000.00		1,019.94		0.99	%		4.97

96

TCW Funds, Inc.

TCW Funds, Inc.	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2015 to April 30, 2016)
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class Shares
Actual	$	1,000.00	$	1,003.00		1.23	%	$	6.13
Hypothetical (5% return before expenses)		1,000.00		1,018.75		1.23	%		6.17
N Class Shares
Actual	$	1,000.00	$	1,002.90		1.23	%	$	6.13
Hypothetical (5% return before expenses)		1,000.00		1,018.75		1.23	%		6.17
TCW International Growth Fund
I Class Shares
Actual	$	1,000.00	$	969.40		1.04	%	$	5.09
Hypothetical (5% return before expenses)		1,000.00		1,019.69		1.04	%		5.22
N Class Shares
Actual	$	1,000.00	$	968.20		1.33	%	$	6.51
Hypothetical (5% return before expenses)		1,000.00		1,018.25		1.33	%		6.67
TCW International Small Cap Fund
I Class Shares
Actual	$	1,000.00	$	986.60		1.44	%	$	7.11
Hypothetical (5% return before expenses)		1,000.00		1,017.70		1.44	%		7.22
N Class Shares
Actual	$	1,000.00	$	985.40		1.44	%	$	7.11
Hypothetical (5% return before expenses)		1,000.00		1,017.70		1.44	%		7.22

97

TCW Funds, Inc.

Approval of Amendment to Investment Advisory and Management Agreement

TCW Funds, Inc. (the “Corporation”) and TCW Investment Management Company (the “Advisor”) are parties to an Investment Advisory and Management Agreement (the “Advisory Agreement”), pursuant to which the Advisor is responsible for managing the investments of each separate investment series of the Corporation (collectively, the “Existing Funds”).

At a meeting held on June 8, 2015, the Board of Directors (the “Board”) of the Corporation approved an amendment to the Advisory Agreement with the Advisor on behalf of the newly organized TCW Developing Markets Equity Fund.

Prior to this approval, the Advisor provided materials to the Board for its evaluation. The directors who are not “interested persons” of either the Corporation or the Advisor (the “Independent Directors”) were advised by independent legal counsel with respect to these and other relevant matters.

As a result of these and other meetings, the Board (including a majority of the Independent Directors voting separately) approved the amendment to the Advisory Agreement on behalf of the TCW Developing Markets Equity Fund based on the recommendation of the Independent Directors. In deciding to recommend the approval of the amendment to the Advisory Agreement, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board.

Approval of the Amendment to the Advisory Agreement for the TCW Developing Markets Equity Fund

Nature, Extent, and Quality of Services    The Independent Directors considered the general nature, extent, and quality of services provided to the Existing Funds, and those expected to be provided to the TCW Developing Markets Equity Fund by the Advisor. The Independent Directors evaluated the Advisor’s experience in serving as a manager of mutual funds, and considered the benefits to shareholders of investing in a fund complex that is served by a large investment management organization where it and its affiliates also serve a variety of other investment advisory clients, including separate accounts, other pooled investment vehicles, registered investment companies and commingled funds. The Independent Directors also considered the ability of the Advisor to provide appropriate levels of support and resources to the TCW Developing Markets Equity Fund.

In addition, the Independent Directors took note of the background and experience of the senior management and portfolio management personnel of the Advisor and that the expertise and amounts of attention expected to be given to the TCW Developing Markets Equity Fund by the Advisor are substantial. The Independent Directors also noted the previous experience of the proposed portfolio managers of the TCW Developing Markets Equity Fund with private investment companies managed by the Advisor. The Independent Directors considered the ability of the Advisor to attract and retain qualified business professionals and its compensation program. The Independent Directors also considered the breadth of the compliance programs of the Advisor, as well as the compliance operations of the Advisor that would be applicable to the TCW Developing Markets Equity Fund. The Independent Directors concluded that they were satisfied with the nature, extent and quality of the services anticipated to be provided to the TCW Developing Markets Equity Fund by the Advisor under the Advisory Agreement.

Investment Performance The Independent Directors     noted that the Advisor does not manage similar portfolios, but the Independent Directors regularly review the Advisor’s performance track record with

98

TCW Funds, Inc.

respect to other mutual funds managed by the Advisor. The Independent Directors concluded that the Advisor would provide acceptable investment management services to the TCW Developing Markets Equity Fund.

Advisory Fees and Profitability    The Independent Directors considered information prepared by the Advisor comparing the proposed fees and expenses of the TCW Developing Markets Equity Fund to the averages of the fees and expenses of other mutual funds with similar investment policies as reported by Broadridge. The Independent Directors noted that the advisory fees proposed to be charged by the Advisor were below the median.

The Independent Directors considered that the Advisor had agreed to reduce its investment advisory fees or pay the operating expenses of the TCW Developing Markets Equity Fund in order to maintain the overall expense ratio of the TCW Developing Markets Equity Fund at competitive levels and that the Advisor had proposed to enter into a contractual expense limitation agreement with respect to the TCW Developing Markets Equity Fund. The Independent Directors also considered the costs of services to be provided and profits to be realized by the Advisor and its affiliates from their relationship with the TCW Developing Markets Equity Fund, recognizing the difficulty in evaluating a manager’s projected profitability with respect to a fund that is not yet operational. Based on these various considerations, the Independent Directors concluded that the proposed contractual management fees of the TCW Developing Markets Equity Fund under the Advisory Agreement were fair and bore a reasonable relationship to the services to be rendered.

Expenses and Economies of Scale    The Independent Directors noted that the Advisor had agreed to a contractual expense limitation agreement which was designed to maintain the overall expense ratio of the TCW Developing Markets Equity Fund at competitive levels. They noted that the total net expense ratio proposed was at the average for the Broadridge peer group. The Independent Directors concluded that the anticipated expenses were appropriate given the anticipated size and structure of the TCW Developing Markets Equity Fund. The Independent Directors also considered the potential of the Advisor to achieve economies of scale as the TCW Developing Markets Equity Fund grows in size. Based on all of the information they reviewed, the Independent Directors concluded that the proposed fee structure was reasonable and reflected a sharing of any economies of scale.

Ancillary Benefits    The Independent Directors considered ancillary benefits to be received by the Advisor and its affiliates as a result of the relationship of the Advisor with the TCW Developing Markets Equity Fund, including compensation for certain compliance support services. The Independent Directors noted that, in addition to the fees the Advisor would receive under the Advisory Agreement, the Advisor could receive additional benefits in connection with management of the TCW Developing Markets Equity Fund in the form of reports, research and other services from brokers and their affiliates in return for brokerage commissions paid to such brokers. The Independent Directors concluded that any potential benefits to be derived by the Advisor from its relationship with the TCW Developing Markets Equity Fund were consistent with the services proposed to be provided by the Advisor to the TCW Developing Markets Equity Fund.

Conclusions    Based on their overall review, including their consideration of each of the factors referred to above (and others), the Board and the Independent Directors approved the amendment to the Advisory Agreement with respect to the TCW Developing Markets Equity Fund.

99

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 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).

100

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 LLC
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 LLC
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
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 New America Premier Equities Fund
TCW Relative Value Dividend Appreciation Fund
TCW Relative Value Large Cap Fund
TCW Relative Value Mid Cap Fund
TCW Select Equities Fund
TCW Small Cap Growth Fund
TCW SMID Cap Growth Fund
ALLOCATION FUND
TCW Conservative Allocation Fund
FIXED INCOME FUNDS
TCW Core Fixed Income Fund
TCW Enhanced Commodity Strategy Fund
TCW Global Bond Fund
TCW High Yield Bond Fund
TCW Short Term Bond Fund
TCW Total Return Bond Fund
INTERNATIONAL FUNDS
TCW Developing Markets Equity Fund
TCW Emerging Markets Income Fund
TCW Emerging Markets Local Currency Income Fund
TCW Emerging Markets Multi-Asset Opportunities Fund
TCW International Growth Fund
TCW International Small Cap Fund
FUNDsarINT0416

Item 2. Code of Ethics.

Not required for this filing.

Item 3. Audit Committee Financial Expert.

Not required for this filing.

Item 4. Principal Accountant Fees and Services.

Not required for this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and 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, as amended (the “1940 Act”)) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal half-year 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.

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 applicable.

(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 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 27, 2016

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 27, 2016
By (Signature and Title)
	/s/ Richard M. Villa
	Richard M. Villa
	Chief Financial Officer
Date	June 27, 2016